Power Integrations, Inc. (POWI) Income Statement

30Y historyFree accessUpdated daily

Revenue has plateaued near $100M per quarter, with Q2 2026 growth of only 2.7% YoY, while gross margin held at 54.3% but operating margin fell to 7.5% from 9.8% in Q4 2025, indicating negative operating leverage.

Annual statement

POWI Income Statement

Power Integrations, Inc. (POWI) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	449.37M	443.5M	418.97M	444.54M	651.14M	703.28M	488.32M	420.67M	415.95M	431.75M	387.39M	343.99M	348.8M	347.09M	305.37M	298.74M	299.8M	215.7M	201.71M	191.04M	162.4M	143.07M	136.64M	125.71M	108.18M	94.09M	111.51M	104.07M	70.01M	44.8M	23.3M
Revenue Growth %	1.56%	5.85%	-5.75%	-31.73%	-7.41%	44.02%	16.08%	1.13%	-3.66%	11.45%	12.62%	-1.38%	0.49%	13.66%	2.22%	-0.35%	38.99%	6.94%	5.58%	17.64%	13.51%	4.71%	8.69%	16.2%	14.97%	-15.62%	7.16%	48.65%	56.27%	92.27%	-
Cost of Goods Sold	208.34M	201.85M	194.22M	215.58M	284.23M	342.64M	244.73M	207.27M	201.17M	218.09M	196.23M	170.6M	159.23M	163.85M	154.87M	158.09M	147.26M	107.63M	96.68M	87.56M	73.79M	72.98M	71.41M	62.81M	60.72M	51.25M	53.88M	46.79M	36.64M	24M	13.7M
COGS % of Revenue	-	45.51%	46.36%	48.5%	43.65%	48.72%	50.12%	49.27%	48.36%	50.51%	50.65%	49.6%	45.65%	47.21%	50.71%	52.92%	49.12%	49.9%	47.93%	45.83%	45.44%	51.01%	52.26%	49.97%	56.13%	54.47%	48.31%	44.97%	52.33%	53.57%	58.8%
Gross Profit	241.03M	241.65M	224.75M	228.96M	366.91M	360.64M	243.59M	213.4M	214.79M	213.66M	191.16M	173.39M	189.57M	183.24M	150.5M	140.65M	152.54M	108.07M	105.03M	103.48M	88.61M	70.09M	65.23M	62.89M	47.46M	42.84M	57.64M	57.27M	33.37M	20.8M	9.6M
Gross Margin %	53.64%	54.49%	53.64%	51.5%	56.35%	51.28%	49.88%	50.73%	51.64%	49.49%	49.35%	50.4%	54.35%	52.79%	49.29%	47.08%	50.88%	50.1%	52.07%	54.17%	54.56%	48.99%	47.74%	50.03%	43.87%	45.53%	51.69%	55.03%	47.67%	46.43%	41.2%
Gross Profit Growth %	-	7.52%	-1.84%	-37.6%	1.74%	48.05%	14.15%	-0.65%	0.53%	11.77%	10.25%	-8.54%	3.46%	21.75%	7.01%	-7.8%	41.15%	2.89%	1.49%	16.79%	26.42%	7.46%	3.71%	32.51%	10.78%	-25.67%	0.64%	71.63%	60.43%	116.67%	-
Operating Expenses	205.42M	220.2M	206.82M	193.9M	186.5M	185.58M	173.1M	-3.62M	150.62M	156.03M	143.32M	133.28M	132.97M	129.17M	113.02M	97.43M	92.61M	79.46M	102.02M	76.36M	84.78M	51.09M	39.54M	38.77M	35.45M	34.94M	31.93M	30.61M	19.34M	16.1M	10.9M
OpEx % of Revenue	-	49.65%	49.36%	43.62%	28.64%	26.39%	35.45%	-0.86%	36.21%	36.14%	37%	38.75%	38.12%	37.22%	37.01%	32.61%	30.89%	36.84%	50.58%	39.97%	52.2%	35.71%	28.94%	30.85%	32.76%	37.13%	28.63%	29.41%	27.63%	35.94%	46.78%
Selling, General & Admin	105.57M	110.65M	106.03M	97.83M	91.23M	100.65M	91.39M	91.88M	78.14M	85.38M	78.56M	73.51M	74.79M	72.99M	64.28M	57.13M	56.73M	48.98M	63.19M	51.19M	60.36M	33.98M	23.38M	22.33M	20.74M	20.46M	19.4M	19.84M	12.11M	8.5M	5.5M
SG&A % of Revenue	-	24.95%	25.31%	22.01%	14.01%	14.31%	18.72%	21.84%	18.78%	19.77%	20.28%	21.37%	21.44%	21.03%	21.05%	19.12%	18.92%	22.71%	31.33%	26.79%	37.17%	23.75%	17.11%	17.77%	19.17%	21.75%	17.4%	19.07%	17.3%	18.97%	23.61%
Research & Development	104.45M	101.12M	100.79M	96.07M	93.89M	84.93M	81.71M	73.47M	70.58M	68.5M	62.31M	57M	54.98M	51.65M	45.71M	40.3M	35.89M	30.47M	36.87M	25.18M	24.41M	17.11M	16.16M	16.44M	14.71M	14.47M	12.52M	10.76M	7.23M	5.3M	3.5M
R&D % of Revenue	-	22.8%	24.06%	21.61%	14.42%	12.08%	16.73%	17.46%	16.97%	15.87%	16.08%	16.57%	15.76%	14.88%	14.97%	13.49%	11.97%	14.13%	18.28%	13.18%	15.03%	11.96%	11.83%	13.08%	13.59%	15.38%	11.23%	10.34%	10.33%	11.83%	15.02%
Other Operating Expenses	-478K	8.43M	0	0	1.37M	0	0	-168.97M	4.12M	2.66M	1.08M	425K	1.02M	864K	801K	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	35.62M	21.45M	17.93M	35.06M	180.41M	175.06M	70.49M	217.02M	55.65M	57.64M	47.84M	38.99M	55.8M	54.07M	11.35M	43.22M	59.93M	28.61M	3.01M	25.75M	3.83M	19M	25.69M	24.12M	12.02M	7.91M	25.71M	26.66M	14.03M	4.7M	-1.3M
Operating Margin %	7.93%	4.84%	4.28%	7.89%	27.71%	24.89%	14.43%	51.59%	13.38%	13.35%	12.35%	11.34%	16%	15.58%	3.72%	14.47%	19.99%	13.26%	1.49%	13.48%	2.36%	13.28%	18.8%	19.19%	11.11%	8.4%	23.06%	25.62%	20.04%	10.49%	-5.58%
Operating Income Growth %	-	19.62%	-48.86%	-80.57%	3.06%	148.35%	-67.52%	289.99%	-3.45%	20.47%	22.7%	-30.12%	3.2%	376.27%	-73.73%	-27.88%	109.46%	850.18%	-88.31%	571.62%	-79.82%	-26.03%	6.52%	100.71%	51.97%	-69.25%	-3.57%	90.05%	198.51%	461.54%	-
EBITDA	55.69M	49.47M	52.51M	72.44M	217.76M	210.01M	98.59M	241.43M	79.83M	82.09M	71.32M	62.5M	77.75M	77.56M	31.77M	59.53M	72.94M	38.95M	12.83M	33.26M	10.93M	25.27M	32.57M	30.96M	18.7M	14.85M	29.9M	29.89M	17.06M	7M	600K
EBITDA Margin %	12.39%	11.15%	12.53%	16.29%	33.44%	29.86%	20.19%	57.39%	19.19%	19.01%	18.41%	18.17%	22.29%	22.35%	10.4%	19.93%	24.33%	18.06%	6.36%	17.41%	6.73%	17.66%	23.84%	24.63%	17.29%	15.78%	26.81%	28.73%	24.37%	15.63%	2.58%
EBITDA Growth %	6.79%	-5.79%	-27.51%	-66.74%	3.69%	113.01%	-59.16%	202.41%	-2.75%	15.11%	14.12%	-19.62%	0.25%	144.11%	-46.63%	-18.38%	87.27%	203.66%	-61.43%	204.23%	-56.74%	-22.43%	5.19%	65.58%	25.92%	-50.33%	0.02%	75.19%	143.77%	1066.67%	-
D&A (Non-Cash Add-back)	20.07M	28.03M	34.58M	37.38M	37.34M	34.95M	28.1M	24.4M	24.18M	24.46M	23.48M	23.5M	21.96M	23.49M	20.42M	16.32M	13.02M	10.34M	9.82M	7.5M	7.1M	6.26M	6.88M	6.85M	6.68M	6.94M	4.19M	3.23M	3.03M	2.3M	1.9M
EBIT	20.24M	20.98M	30.75M	45.91M	183.43M	176.13M	70.49M	48.05M	55.65M	60.3M	48.87M	38.91M	55.8M	55.45M	-20.78M	45.09M	61.81M	30.53M	10.73M	27.12M	3.83M	19M	25.32M	14.04M	12.02M	7.91M	25.71M	26.66M	14.03M	5.97M	-585K
Net Interest Income	0	0	0	0	0	0	0	0	0	0	0	1.02M	1.2M	713K	1.75M	2.05M	2.09M	2.17M	7.6M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0	0	1.02M	1.2M	736K	1.75M	2.05M	2.1M	2.17M	7.61M	8.51M	0	0	1.81M	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0	0	0	0	23K	2K	0	3K	3K	9K	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-10.71M	-467K	12.82M	10.85M	3.01M	1.08M	4.76M	5.39M	4.12M	2.66M	1.08M	425K	1.02M	1.36M	-32.13M	1.88M	1.88M	1.91M	7.71M	8.8M	5.92M	3.15M	1.05M	1M	1.67M	1.75M	2.52M	2.15M	1.25M	-683K	-726K
Pretax Income	24.9M	20.98M	30.75M	45.91M	183.43M	176.13M	75.25M	222.41M	59.76M	60.3M	48.92M	39.42M	56.81M	55.43M	-20.78M	45.09M	61.8M	30.52M	10.72M	34.55M	9.76M	22.15M	26.74M	25.12M	13.68M	9.66M	28.24M	28.81M	15.28M	5.3M	-600K
Pretax Margin %	5.54%	4.73%	7.34%	10.33%	28.17%	25.04%	15.41%	52.87%	14.37%	13.97%	12.63%	11.46%	16.29%	15.97%	-6.81%	15.1%	20.62%	14.15%	5.32%	18.09%	6.01%	15.48%	19.57%	19.98%	12.65%	10.26%	25.32%	27.68%	21.82%	11.83%	-2.58%
Income Tax	-165K	-1.11M	-1.48M	-9.83M	12.57M	11.72M	4.08M	28.95M	-10.22M	32.69M	1.03M	271K	-2.73M	-1.84M	13.62M	10.8M	12.34M	7.25M	8.92M	7.93M	333K	6.45M	6.38M	7.03M	4.1M	2.93M	8.47M	4.33M	2.6M	500K	0
Effective Tax Rate %	-0.66%	-5.31%	-4.81%	-21.41%	6.86%	6.66%	5.42%	13.01%	-17.1%	54.21%	2.11%	0.69%	-4.81%	-3.32%	-65.55%	23.96%	19.97%	23.77%	83.19%	22.94%	3.41%	29.13%	23.84%	28%	30%	30.34%	30%	15.04%	17.02%	9.43%	0%
Net Income	25.07M	22.09M	32.23M	55.73M	170.85M	164.41M	71.18M	193.47M	69.98M	27.61M	47.89M	39.15M	59.54M	57.27M	-34.4M	34.29M	49.46M	23.27M	1.8M	26.62M	9.43M	15.7M	20.37M	18.09M	9.58M	6.73M	19.77M	24.48M	12.68M	4.8M	-1.3M
Net Margin %	5.58%	4.98%	7.69%	12.54%	26.24%	23.38%	14.58%	45.99%	16.82%	6.39%	12.36%	11.38%	17.07%	16.5%	-11.27%	11.48%	16.5%	10.79%	0.89%	13.94%	5.8%	10.97%	14.91%	14.39%	8.85%	7.15%	17.72%	23.52%	18.11%	10.71%	-5.58%
Net Income Growth %	-25.37%	-31.46%	-42.17%	-67.38%	3.92%	131%	-63.21%	176.45%	153.48%	-42.35%	22.33%	-34.26%	3.98%	266.45%	-200.33%	-30.67%	112.57%	1190.57%	-93.23%	182.48%	-39.96%	-22.92%	12.62%	88.82%	42.4%	-65.97%	-19.25%	93.07%	164.13%	469.23%	-
Net Income (Continuing)	25.07M	22.09M	32.23M	55.73M	170.85M	164.41M	71.18M	193.47M	69.98M	27.61M	48.9M	39.15M	59.54M	57.27M	-34.4M	34.29M	49.46M	23.27M	1.8M	26.62M	9.43M	15.7M	20.37M	11.44M	9.58M	6.73M	19.77M	24.48M	12.68M	4.76M	-1.34M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	0.46	0.39	0.56	0.97	2.93	2.67	1.17	3.24	1.16	0.45	0.83	0.66	0.97	0.94	-0.60	0.57	0.84	0.41	0.03	0.43	0.16	0.26	0.32	0.18	0.07	0.01	0.35	0.44	0.19	0.07	-0.19
EPS Growth %	-23.87%	-30.36%	-42.27%	-66.89%	9.74%	128.21%	-63.89%	179.31%	157.78%	-45.78%	25.76%	-31.96%	3.19%	256.67%	-205.26%	-32.14%	104.88%	1266.67%	-93.02%	168.75%	-38.46%	-18.75%	77.78%	157.14%	-	-98.57%	-20.45%	131.58%	192.31%	134.21%	-
EPS (Basic)	-	0.39	0.57	0.97	2.96	2.73	1.19	3.31	1.19	0.47	0.85	0.68	1.00	0.98	-0.60	0.60	0.89	0.43	0.03	0.46	0.16	0.27	0.34	0.20	0.07	0.01	0.37	0.47	0.13	0.32	-0.19
Diluted Shares Outstanding	54.63M	56.32M	57.13M	57.62M	58.37M	61.47M	60.84M	59.63M	60.29M	61.09M	59.24M	59.39M	61.66M	60.84M	57.27M	59.93M	59.11M	56.59M	63.51M	62.51M	61.64M	61.69M	64.46M	62.98M	58.68M	57.12M	57.55M	56.39M	65.55M	74.71M	6.85M
Basic Shares Outstanding	54.63M	56.06M	56.82M	57.2M	57.8M	60.33M	59.66M	58.53M	58.91M	59.35M	57.85M	58M	59.95M	58.84M	57.27M	57.22M	55.67M	53.84M	60.2M	57.94M	58.12M	59.14M	61.6M	58.95M	56.72M	55.43M	54.36M	51.92M	74.87M	15.1M	6.85M
Dividend Payout Ratio	-	213.51%	142.82%	78.96%	24.29%	19.83%	35.24%	10.6%	26.9%	60.25%	31.43%	35.55%	22.11%	16.5%	-	16.69%	11.27%	11.58%	40.49%	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeStable

ProfitabilityStable

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Revenue stagnation and margin volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Growth Stalls Near $100M

POWI's revenue has hovered between $92M and $119M over the past ten quarters, with recent growth of only 2.7% year-over-year in Q2 2026, indicating a plateau.

Revenue growth has been erratic, with quarterly swings from -13.8% to +17.6% year-over-year, but the overall trend is flat. The most recent quarter (Q2 2026) shows a modest 2.7% increase, suggesting the company is struggling to gain momentum. This stagnation may reflect cyclical demand in the semiconductor industry, but it also highlights a lack of clear growth drivers.

Gross Margin Stability Masks Underlying Pressure

Gross margin has remained relatively stable around 52-55% over the past ten quarters, but operating margin has been volatile, ranging from -1.2% to 10.0%, indicating cost control challenges.

Gross margin has been consistent, hovering between 52.1% and 55.2%, which suggests stable pricing and product mix. However, operating margin has swung widely, from -1.2% in Q2 2025 to 10.0% in Q3 2024, implying that operating expenses are not scaling smoothly with revenue. This volatility may indicate that the company lacks pricing power to offset cost increases, or that its cost structure is not well-aligned with revenue fluctuations.

Operating Leverage Absent as Costs Outpace Revenue

Operating income has not consistently scaled with revenue; for instance, Q2 2026 saw a 2.7% revenue increase but operating income fell to $8.9M from $10.2M in Q4 2025, indicating negative operating leverage.

Despite stable gross margins, operating income has been volatile, with quarters of losses (Q2 2025) and sharp swings. This suggests that SG&A and R&D expenses are not being managed efficiently relative to revenue changes. The lack of operating leverage is concerning, as it implies that the company cannot translate revenue growth into proportional profit growth, potentially due to fixed cost structures or investment cycles.

Earnings Quality Clouded by SBC and Tax Anomalies

Net income has been erratic, with Q3 2025 showing a net loss of $1.4M despite positive operating income, while SBC averaged $10M per quarter, suggesting earnings quality is affected by non-cash charges.

The discrepancy between operating income and net income in several quarters (e.g., Q3 2025) points to non-operating items, possibly tax adjustments or other income/expenses. Additionally, stock-based compensation (SBC) has been substantial, averaging around $10M per quarter, which reduces reported earnings but is non-cash. Investors should monitor the impact of SBC on diluted EPS, as it may understate the true economic profitability.

R&D and SG&A Costs Remain Sticky

R&D and SG&A expenses have remained relatively constant, averaging $25M and $27M respectively over the past ten quarters, despite revenue fluctuations, indicating a high fixed-cost base.

Both R&D and SG&A have shown little variation, even as revenue dipped to $91.7M in Q1 2024 and rose to $118.9M in Q3 2025. This stickiness suggests that the company is maintaining its investment levels regardless of short-term revenue changes, which may be intentional for long-term product development but also pressures operating margins during downturns. The lack of cost flexibility could be a concern if revenue continues to stagnate.

What Could Invalidate the Base Case

The most significant risk is that POWI's revenue growth remains stagnant while operating margins stay volatile, potentially leading to continued earnings misses and a de-rating versus peers like MPWR.

Short-sellers might argue that POWI's revenue has been flat for over two years, and its operating margin is far below peers (e.g., MPWR's 26.1% vs. POWI's 7.5% in Q2 2026). The company's inability to achieve operating leverage despite stable gross margins suggests structural inefficiencies. Additionally, the high SBC and erratic net income could indicate that reported earnings are not sustainable. If revenue does not accelerate, the stock may remain range-bound, and any negative surprise could trigger a sell-off.

POWI — Frequently Asked Questions

Quick answers to the most common questions about buying POWI stock.

What was Power Integrations, Inc.'s (POWI) revenue in 2025?

For fiscal year 2025, Power Integrations, Inc. (POWI) reported total revenue of $443.5M. This represents a 1803.5% increase compared to $23.3M in 1996.

Is Power Integrations, Inc. (POWI) profitable?

Power Integrations, Inc. (POWI) is profitable, generating $22.1M in net income for the fiscal year ending 2025 with a net profit margin of 5.0%.

What is Power Integrations, Inc.'s operating profit margin?

Power Integrations, Inc. (POWI) reported an operating income of $21.4M, resulting in an operating profit margin of 4.8%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Power Integrations, Inc.'s gross profit and gross margin?

Power Integrations, Inc. (POWI) generated $241.6M in gross profit for the year, representing a gross profit margin of 54.5%. This demonstrates the company's core pricing power and production efficiency.