Revenue surged 55.2% year-over-year to $168.8M in 2026Q2, with gross margin expanding 670 basis points to 57.8%, yet operating income remained negative at -$4.2M, highlighting that fixed R&D costs are still outpacing revenue growth.
MaxLinear, Inc. (MXL) annual income statement — 19-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 568.93M | 467.64M | 360.53M | 693.26M | 1.12B | 892.4M | 478.6M | 317.18M | 385M | 420.32M | 387.83M | 300.36M | 133.11M | 119.65M | 97.73M | 71.94M | 68.7M | 51.35M | 31.33M | 9.7M |
| Revenue Growth % | 50.5% | 29.71% | -48% | -38.12% | 25.53% | 86.46% | 50.89% | -17.61% | -8.4% | 8.38% | 29.12% | 125.64% | 11.25% | 22.43% | 35.85% | 4.71% | 33.79% | 63.9% | 223.13% | - |
| Cost of Goods Sold | 242.28M | 201.83M | 168.11M | 310.48M | 482.44M | 420.19M | 289.33M | 172.58M | 208.35M | 241.73M | 157.84M | 144.94M | 51.15M | 45.58M | 37.02M | 26.62M | 21.56M | 17.05M | 12.68M | 4.9M |
| COGS % of Revenue | - | 43.16% | 46.63% | 44.79% | 43.07% | 47.09% | 60.45% | 54.41% | 54.12% | 57.51% | 40.7% | 48.25% | 38.43% | 38.1% | 37.88% | 37% | 31.38% | 33.2% | 40.46% | 50.5% |
| Gross Profit | 326.65M | 265.81M | 192.42M | 382.78M | 637.81M | 472.2M | 189.26M | 144.6M | 176.65M | 178.59M | 229.99M | 155.42M | 81.96M | 74.06M | 60.71M | 45.32M | 47.14M | 34.3M | 18.66M | 4.8M |
| Gross Margin % | 57.42% | 56.84% | 53.37% | 55.21% | 56.93% | 52.91% | 39.55% | 45.59% | 45.88% | 42.49% | 59.3% | 51.75% | 61.57% | 61.9% | 62.12% | 63% | 68.62% | 66.8% | 59.54% | 49.5% |
| Gross Profit Growth % | - | 38.15% | -49.73% | -39.99% | 35.07% | 149.49% | 30.89% | -18.14% | -1.08% | -22.35% | 47.98% | 89.64% | 10.66% | 22% | 33.95% | -3.86% | 37.43% | 83.87% | 288.67% | - |
| Operating Expenses | 392.49M | 392.7M | 361.15M | 398.78M | 452.49M | 404.75M | 272.24M | 164.02M | 189.71M | 178.73M | 156.48M | 157.76M | 90.52M | 84.06M | 73.62M | 60.33M | 43.64M | 29.71M | 20.67M | 14.22M |
| OpEx % of Revenue | - | 83.98% | 100.17% | 57.52% | 40.39% | 45.36% | 56.88% | 51.71% | 49.28% | 42.52% | 40.35% | 52.52% | 68% | 70.26% | 75.33% | 83.87% | 63.52% | 57.86% | 65.96% | 146.66% |
| Selling, General & Admin | 177.49M | 159.58M | 135.96M | 129.28M | 156.05M | 126.32M | 92.25M | 65.73M | 69.81M | 67M | 58.73M | 72.35M | 33.89M | 30.93M | 27.23M | 20.18M | 15.91M | 9.92M | 6.36M | 4.3M |
| SG&A % of Revenue | - | 34.12% | 37.71% | 18.65% | 13.93% | 14.15% | 19.28% | 20.72% | 18.13% | 15.94% | 15.14% | 24.09% | 25.46% | 25.85% | 27.86% | 28.05% | 23.16% | 19.32% | 20.29% | 44.31% |
| Research & Development | 215.14M | 208.6M | 225.19M | 269.5M | 296.44M | 278.44M | 179.99M | 98.3M | 119.9M | 111.73M | 97.75M | 85.41M | 56.63M | 53.13M | 46.39M | 40.16M | 27.73M | 19.79M | 14.31M | 9.92M |
| R&D % of Revenue | - | 44.61% | 62.46% | 38.87% | 26.46% | 31.2% | 37.61% | 30.99% | 31.14% | 26.58% | 25.2% | 28.43% | 42.54% | 44.41% | 47.47% | 55.82% | 40.36% | 38.54% | 45.67% | 102.35% |
| Other Operating Expenses | -134K | 24.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -65.84M | -126.89M | -168.74M | -16M | 185.32M | 67.45M | -82.98M | -19.42M | -13.06M | -147K | 73.51M | -2.33M | -8.56M | -10M | -12.91M | -15.01M | 3.5M | 4.59M | -2.01M | -9.42M |
| Operating Margin % | -11.57% | -27.13% | -46.8% | -2.31% | 16.54% | 7.56% | -17.34% | -6.12% | -3.39% | -0.03% | 18.95% | -0.78% | -6.43% | -8.36% | -13.21% | -20.87% | 5.1% | 8.94% | -6.42% | -97.15% |
| Operating Income Growth % | - | 24.8% | -954.8% | -108.63% | 174.75% | 181.29% | -327.25% | -48.69% | -8785.03% | -100.2% | 3250.92% | 72.74% | 14.42% | 22.53% | 14.02% | -528.45% | -23.69% | 328.46% | 78.66% | - |
| EBITDA | -29.72M | -82.9M | -122.58M | 46.64M | 257.22M | 151.86M | -10.36M | 44.89M | 65.97M | 66.59M | 100.21M | 38.31M | -3.45M | -6.29M | -9.38M | -11.85M | 5.38M | 5.43M | -1.4M | -8.95M |
| EBITDA Margin % | -5.22% | -17.73% | -34% | 6.73% | 22.96% | 17.02% | -2.16% | 14.15% | 17.13% | 15.84% | 25.84% | 12.75% | -2.59% | -5.25% | -9.59% | -16.48% | 7.83% | 10.58% | -4.48% | -92.34% |
| EBITDA Growth % | 68.26% | 32.38% | -362.84% | -81.87% | 69.38% | 1565.93% | -123.07% | -31.94% | -0.94% | -33.55% | 161.6% | 1210.06% | 45.09% | 32.97% | 20.9% | -320.46% | -1.03% | 486.97% | 84.32% | - |
| D&A (Non-Cash Add-back) | 36.12M | 43.99M | 46.15M | 62.63M | 71.9M | 84.41M | 72.62M | 64.31M | 79.03M | 66.74M | 26.7M | 40.64M | 5.11M | 3.71M | 3.53M | 3.16M | 1.87M | 841K | 606K | 467K |
| EBIT | -76.22M | -102.36M | -227.84M | -53.11M | 183.97M | 60.87M | -101.9M | -21.35M | -18.6M | -23.62M | 63.79M | -42.81M | -8.86M | -12.35M | -12.86M | -14.96M | 3.77M | 4.61M | -1.84M | -8.63M |
| Net Interest Income | -6.69M | -6.67M | -4.49M | -4.65M | -9.52M | -12.92M | -12.54M | -10.36M | -14.18M | -10.1M | 468K | 175K | 221K | 218K | 229K | 223K | 297K | -1K | 105K | 576K |
| Interest Income | 2.82M | 3.38M | 6.39M | 6.05M | 245K | 78K | 409K | 775K | 78K | 274K | 572K | 275K | 236K | 222K | 282K | 292K | 326K | 51K | 179K | 654K |
| Interest Expense | 9.51M | 10.06M | 10.87M | 10.7M | 9.77M | 13M | 12.95M | 11.13M | 14.26M | 10.38M | 104K | 100K | 15K | 4K | 53K | 69K | 29K | 52K | 74K | 78K |
| Other Income/Expense | -20.56M | -14M | -69.98M | -47.81M | -11.12M | -19.58M | -31.88M | -13.06M | -19.79M | -33.85M | -9.82M | -40.57M | -187K | -2.33M | -3K | -18K | 239K | -33K | 96K | 711K |
| Pretax Income | -86.39M | -140.89M | -238.72M | -63.81M | 174.2M | 47.87M | -114.85M | -32.48M | -32.85M | -34M | 63.69M | -42.91M | -8.74M | -12.33M | -12.91M | -15.03M | 3.74M | 4.56M | -1.91M | -8.71M |
| Pretax Margin % | -15.19% | -30.13% | -66.21% | -9.2% | 15.55% | 5.36% | -24% | -10.24% | -8.53% | -8.09% | 16.42% | -14.28% | -6.57% | -10.31% | -13.21% | -20.89% | 5.45% | 8.88% | -6.11% | -89.82% |
| Income Tax | 17.37M | -4.21M | 6.48M | 9.34M | 49.16M | 5.9M | -16.26M | -12.59M | -6.65M | -24.81M | 2.4M | -575K | -1.7M | 402K | 341K | 6.99M | -6.37M | 230K | 0 | 78K |
| Effective Tax Rate % | -20.1% | 2.99% | -2.71% | -14.63% | 28.22% | 12.33% | 14.16% | 38.75% | 20.25% | 72.98% | 3.77% | 1.34% | 19.49% | -3.26% | -2.64% | -46.52% | -170.21% | 5.04% | 0% | -0.9% |
| Net Income | -103.76M | -136.68M | -245.2M | -73.15M | 125.04M | 41.97M | -98.59M | -19.9M | -26.2M | -9.19M | 61.29M | -42.33M | -7.04M | -12.73M | -13.25M | -22.02M | 10.11M | 4.33M | -1.91M | -8.71M |
| Net Margin % | -18.24% | -29.23% | -68.01% | -10.55% | 11.16% | 4.7% | -20.6% | -6.27% | -6.8% | -2.19% | 15.8% | -14.09% | -5.29% | -10.64% | -13.56% | -30.62% | 14.72% | 8.43% | -6.11% | -89.82% |
| Net Income Growth % | 50.57% | 44.26% | -235.21% | -158.5% | 197.93% | 142.57% | -395.49% | 24.05% | -185.17% | -114.99% | 244.79% | -501.21% | 44.7% | 3.92% | 39.83% | -317.76% | 133.63% | 326.18% | 78.02% | - |
| Net Income (Continuing) | -103.76M | -136.68M | -245.2M | -73.15M | 125.04M | 41.97M | -98.59M | -19.9M | -26.2M | -9.19M | 61.29M | -42.33M | -7.04M | -12.73M | -13.25M | -22.02M | 10.11M | 4.33M | -1.91M | -8.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.17 | -1.58 | -2.93 | -0.91 | 1.55 | 0.53 | -1.35 | -0.28 | -0.38 | -0.14 | 0.91 | -0.79 | -0.19 | -0.37 | -0.40 | -0.68 | 0.30 | 0.06 | -0.19 | -0.76 |
| EPS Growth % | 51.82% | 46.08% | -221.98% | -158.71% | 192.45% | 139.26% | -382.14% | 26.32% | -171.43% | -115.38% | 215.19% | -315.79% | 48.65% | 7.5% | 41.18% | -326.67% | 400% | 131.58% | 75% | - |
| EPS (Basic) | - | -1.58 | -2.93 | -0.91 | 1.60 | 0.55 | -1.35 | -0.28 | -0.38 | -0.14 | 0.96 | -0.79 | -0.19 | -0.37 | -0.40 | -0.68 | 0.33 | 0.06 | -0.19 | -0.86 |
| Diluted Shares Outstanding | 88.83M | 86.59M | 83.6M | 80.72M | 80.85M | 79.68M | 73.13M | 71M | 68.49M | 66.25M | 67.65M | 53.38M | 36.47M | 34.01M | 33.2M | 32.57M | 29.48M | 11.51M | 10.2M | 11.51M |
| Basic Shares Outstanding | 88.83M | 86.59M | 83.6M | 80.72M | 78.04M | 76.04M | 73.13M | 71M | 68.49M | 66.25M | 63.78M | 53.38M | 36.47M | 34.01M | 33.13M | 32.57M | 26.74M | 10.13M | 9.91M | 10.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MXL stock.
For fiscal year 2025, MaxLinear, Inc. (MXL) reported total revenue of $467.6M. This represents a 4723.0% increase compared to $9.7M in 2007.
MaxLinear, Inc. (MXL) reported a net loss of $136.7M for the fiscal year ending 2025.
MaxLinear, Inc. (MXL) reported an operating income of $-126.9M, resulting in an operating profit margin of -27.1%. This margin reflects the operational efficiency of the business before interest and taxes.
MaxLinear, Inc. (MXL) generated $265.8M in gross profit for the year, representing a gross profit margin of 56.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Inflection Accelerates Sharply
MaxLinear's revenue surged 55.2% year-over-year in 2026Q2 to $168.8M, marking the fourth consecutive quarter of accelerating growth, according to the latest income statement data.
The sequential climb from $92.2M in 2024Q4 to $168.8M in 2026Q2 represents a compound quarterly growth rate of roughly 16%, with the most recent quarter showing the largest absolute increase of $31.6M. This acceleration appears driven by the ramp of PAM4 optical DSPs for data centers, as noted in recent context, and suggests the company is successfully diversifying beyond its legacy broadband business. However, the sustainability of this trajectory depends on the durability of data center demand and the company's ability to convert design wins into volume shipments against larger competitors like Broadcom and Marvell.
Gross Margin Expansion Reflects Mix Shift
Gross margin improved from 51.1% in 2024Q1 to 57.8% in 2026Q2, a 670 basis point expansion, as reported in financial statements, indicating a favorable product mix toward higher-value optical and infrastructure solutions.
The steady quarterly improvement in gross margin, despite revenue volatility, suggests that the company is not merely cutting prices to drive volume but is benefiting from a structural shift toward more complex, higher-margin products. The 57.8% gross margin now approaches the 58.2% of peer Silicon Laboratories, indicating that MaxLinear's integration capabilities are translating into competitive unit economics. Investors should monitor whether this margin level is sustainable as the company scales production and faces potential pricing pressure in the optical market.
Operating Leverage Still Elusive
Despite a 55% revenue surge, operating income remained negative at -$4.2M in 2026Q2, with operating margin at -2.5%, based on reported figures, highlighting that fixed R&D costs are still outpacing revenue growth.
The operating loss narrowed dramatically from -$52.0M in 2024Q1 to -$4.2M in 2026Q2, but the company has yet to achieve positive operating leverage. R&D expenses have remained relatively flat around $52-56M per quarter, while SG&A has increased from $29.6M to $45.8M, likely due to higher sales commissions and marketing costs associated with the growth. The path to operating profitability appears to require either further revenue growth to absorb these fixed costs or a reduction in the R&D intensity, which could compromise future product development.
Net Income Boosted by Non-Operating Items
In 2026Q2, net income turned positive at $1.8M despite an operating loss of -$4.2M, as per the income statement, suggesting that non-operating gains or tax benefits, not core operations, drove the bottom line.
The divergence between operating and net income in 2026Q2 warrants scrutiny; the $6.0M swing from operating loss to net profit likely includes interest income, tax credits, or other one-time items. Additionally, stock-based compensation of $27.5M in the quarter is substantial relative to revenue, representing over 16% of sales, which inflates reported expenses but is non-cash. Investors should adjust for SBC to assess true cash earnings power, which remains negative, and monitor the sustainability of any non-operating income.
R&D Discipline Amid Revenue Recovery
R&D spending has been held nearly constant at roughly $52-56M per quarter over the past two years, as shown in the data, even as revenue grew 83% from trough, indicating a deliberate focus on cost containment.
The stability of R&D expenses, despite the significant revenue rebound, suggests management is prioritizing margin recovery over aggressive reinvestment, which may be prudent given the uncertain demand environment. However, this could also indicate underinvestment in next-generation technologies like 1.6T optical or Wi-Fi 7, which are critical for long-term competitiveness. SG&A has grown more rapidly, from $29.6M in 2024Q3 to $45.8M in 2026Q2, reflecting increased selling efforts and possibly higher legal costs related to the terminated Silicon Motion merger.
2025Q3 Marks Turning Point
The most significant inflection occurred in 2025Q3, when revenue growth accelerated to 55.9% year-over-year and gross margin jumped to 56.6%, as reported, signaling the start of a sustained recovery from the 2024 trough.
Prior to 2025Q3, revenue had been declining year-over-year for five consecutive quarters, bottoming at $81.1M in 2024Q3. The subsequent rebound, driven by data center optical demand, reversed this trend and has continued to strengthen. This inflection appears to be the result of successful design wins in PAM4 DSPs, which have begun to contribute meaningfully to revenue. The lasting impact is a more diversified revenue base, but the company still faces the challenge of converting this growth into sustainable profitability.
Profitability Remains the Achilles' Heel
Despite the impressive revenue growth, MaxLinear has posted negative operating income for ten consecutive quarters, with cumulative operating losses exceeding $300M, based on the income statement data, raising questions about the quality of the recovery.
Short-sellers would likely argue that the company's revenue growth is not translating into earnings power, and the high stock-based compensation masks the true cost structure. The negative operating margin of -2.5% in the latest quarter, even with 55% growth, suggests that the business model may require a much larger scale to achieve profitability, or that pricing in the optical market is more competitive than expected. Additionally, the legal overhang from the terminated Silicon Motion merger could result in unexpected costs, further pressuring margins. Investors should demand evidence of operating leverage before assigning a growth premium to the stock.