Monolithic Power Systems, Inc. (MPWR) Earnings
Monolithic Power Systems, Inc. is expected to report next earnings on October 29, 2026 (in NaN days), with a consensus EPS estimate of $7.66. MPWR has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +4.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $5.86 | $6.50 | +11.0% | $981M | +9.0% |
| Apr 30, 2026 | $4.90 | $5.10 | +4.0% | $804M | +2.7% |
| Feb 5, 2026 | $4.75 | $4.79 | +0.8% | $751M | +0.7% |
| Oct 30, 2025 | $4.64 | $4.73 | +1.9% | $737M | +2.0% |
| Jul 31, 2025 | $4.12 | $4.21 | +2.2% | $665M | +1.9% |
| May 1, 2025 | $4.01 | $4.04 | +0.7% | $638M | +0.5% |
| Feb 6, 2025 | $4.01 | $4.09 | +2.0% | $622M | +2.2% |
| Oct 30, 2024 | $3.97 | $4.06 | +2.3% | $620M | +3.3% |
| Aug 1, 2024 | $3.07 | $3.17 | +3.3% | $507M | +3.4% |
| May 1, 2024 | $2.66 | $2.81 | +5.6% | $458M | +2.3% |
| Feb 7, 2024 | $2.85 | $2.88 | +1.1% | $454M | +0.4% |
| May 4, 2023 | $2.98 | $3.00 | +0.6% | $451M | -0.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Overall Company Strategy & Core Positioning * The company maintains a diversified market and supply chain strategy to enable consistent growth across market cycles and adapt to changing geopolitical and macroeconomic conditions * The company is executing a long-term transition from a chip-only semiconductor supplier to a full-service silicon-based solution provider * The board of directors authorized an additional $500 million in stock repurchases, increasing the total current repurchase authorization to $1 billion - Product & Operational Milestones * Extended total long-term capacity goals significantly beyond $6 billion to support future revenue growth and the company's solution provider transformation * Received initial customer orders for high-speed DDR5 memory components, expected to grow serviceable addressable market (SAM) into 2027 * Began sampling high voltage AC-to-DC products for 800 volt data center architectures, expanding the company's offering beyond core AI and server power solutions * Developed in-house gallium nitride (GaN) technology, and the new 800 volt data center solutions rely on the company's own silicon carbide devices * Gained CPU server power market share past the 30% threshold the company set as a performance target, and is broadly indexed across both x86 and ARM CPU players * Entered the RCD automotive market and is currently sampling products, with small initial revenue already achieved
Guidance
- The company maintained its prior expectation that automotive segment revenue will ramp in the second half of 2026, with full-year 2026 year-over-year growth in the mid-teens percentage range - For 2026, the company raised the lower bound of full-year enterprise data segment growth forecast from 85% to 130%, reflecting stronger than expected Q2 performance - Heading into Q3 2026, growth will continue to be led by the data-centric enterprise data and communications segments; industrial will see mild market-aligned growth, while consumer and notebook segments will remain soft - Gross margins are expected to remain near current levels (near the low end of management's target range) in the near term, with a slight upward trajectory; operating margin is expanding as revenue grows and operating expenditure leverage improves - Enterprise data structural growth drivers remain solid heading into 2027, but management views 2027 full-year guidance as too early to provide specific numerical forecasts at this time - RCD market entry will not be a material revenue contributor in 2026
Segment performance
Total company Q2 2026 revenue hit a record $981 million, growing 22% sequentially from Q1 2026 and 48% year-over-year from Q2 2025. All end markets grew sequentially: 1) Enterprise Data: grew 45% sequentially, adding nearly $120 million in revenue in Q2, and is the company's current fastest growing segment; 2) Communications: grew 80% sequentially, driven by both optical module power solutions (the larger current contributor) and growing demand from power solutions for switches, TPUs, and NIC cards; 3) Automotive: grew year-over-year, with 1,500 new design sockets shipped year-to-date, with broad-based growth across ADAS, 48-volt systems, battery management, and LiDAR; 4) Industrial: growing slightly in line with the broader market, with 2026 focused primarily on accumulating new design sockets that will generate future revenue; 5) Consumer: continues to lag broader growth and remains a cautious area for the company; 6) Notebook (within Storage and Compute): demand remains weak and the company maintains caution heading into the second half of 2026.
Risks & headwinds
The call did not contain explicit discussion of material realized operational failures or updated downside risk factors beyond standard safe harbor disclosure noting that forward-looking statements are subject to inherent uncertainties that could cause actual results to differ from projections. Geopolitical and macroeconomic fluidity is noted as an ongoing operating condition that the company manages through its diversified business model.
Analyst Q&A
Q: What is driving the strong 80% sequential growth in communications, and will momentum continue into Q3? What is the update on 48-volt vertical power modules? /
A: Communications growth is driven by both optical module power solutions (the larger current contributor, which has been ramping since last year) and growing contributions from power solutions for switches, TPUs, top-of-rack switches and NIC cards. Management expects 48-volt vertical power modules to become an increasingly important part of the business over the next several years, with more customers adding designs after initial shipments to early clients.
Q: What is driving the massive sequential growth in enterprise data, and is growth sustainable? What is the opportunity for DDR5 technology? /
A: Growth comes from ramping existing and new customers, increasing module content per system, and platform refreshes, with very low channel inventory confirming growth is end-demand driven. DDR5 high-speed interface technology is new to the company, builds core analog high-speed design know-how that can expand to other communication applications, but it is too early to forecast revenue, as the company is still in early innings proving its capabilities in this new market.
Q: How do you expect Q3 segment growth to look, and when will 800-volt data center solutions generate revenue? What technology do they use? /
A: Q3 growth will remain led by enterprise data and communications, with mild industrial growth and continued softness in consumer and notebook segments. The 800-volt solutions use the company's in-house developed gallium nitride (GaN) and own silicon carbide devices; revenue will ramp in line with broader data center architecture transitions, which the market will signal as they occur.
Q: Has pricing driven recent sequential revenue growth, and what is the company's pricing approach? /
A: Sequential growth is entirely volume-driven from product demand, not pricing. The company follows a consistent long-term pricing approach: it does not gouge prices during supply shortages or cut prices excessively during oversupply. Limited price increases have only been implemented to offset higher input costs, cover expedite fees, or cover extra costs for non-China supply chain requests.