MaxLinear, Inc. Announces Second Quarter 2026 Financial Results
CARLSBAD, Calif.--( BUSINESS WIRE)--MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the second quarter ended June 30, 2026.
Second Quarter Financial Summary
($ in thousands, except per share amounts)
GAAP
Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
Q/Q
Y/Y
Net revenue
$
168,847
$
137,188
$
108,813
23
%
55
%
Gross Margin
57.8
%
57.5
%
56.5
%
30 bps
130 bps
Operating Expenses
$
101,848
$
96,093
$
86,140
6
%
18
%
Operating Margin
(2.5
)%
(12.5
)%
(22.6
)%
1,000 bps
2,010 bps
Diluted Net Income (Loss) Per Share
$
0.02
$
(0.52
)
$
(0.31
)
104
%
106
%
Non-GAAP
Three Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
Q/Q
Y/Y
Gross Margin
59.5
%
59.5
%
59.1
%
— bps
40 bps
Operating Expenses
$
62,798
$
59,916
$
56,555
5
%
11
%
Operating Margin
22.3
%
15.9
%
7.2
%
640 bps
1,510 bps
Diluted Net Income Per Share
$
0.35
$
0.22
$
0.02
59
%
1650
%
Management Commentary
“Q2 results underscore the ongoing significant inflection in MaxLinear’s overall business as we delivered 55% year-over-year revenue growth, including 145% growth year over year in our data center-oriented infrastructure revenue,” said Kishore Seendripu, Chairman and Chief Executive Officer of MaxLinear. “The strong momentum in our optical AI data center business reflects the ramp of our Keystone PAM4 DSP platform for 800G applications, as well as the strength of our expanding infrastructure portfolio and roadmap for 1.6T- capable products. With the convergence of multiple growth drivers over the next two years, and with our continued focus on innovation, operational excellence, and disciplined execution, we believe MaxLinear is well-positioned to deliver sustained growth, expanding profitability, and long-term value for our shareholders.”
Third Quarter 2026 Business Outlook
The Company estimates the following (in millions):
GAAP
Non-GAAP
(except for revenue)
Revenue
$210 - $220
$210 - $220
Gross Margin
57.0% - 60.0%
58.5% - 61.5%
Operating Expenses
$98 - $104
$66 - $71
Interest and Other Expense, Net
$3.8 - $4.2
$3.7 - $4.1
Income Tax Provision (Benefit)
$1.5
$1.0
Fully Diluted Share Count
99
99
Webcast and Conference Call
MaxLinear will host its second quarter financial results conference call today, July 23, 2026 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://investors.maxlinear.com and will be archived and available after the call at https://investors.maxlinear.com until August 6, 2026. A replay of the conference call will also be available until August 6, 2026 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13761549.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “target,” “seek,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements include, among others, statements concerning our future financial performance (including our current guidance for third quarter 2026, including net revenue and GAAP and non-GAAP amounts for each of the following: gross margins, operating expenses, interest and other expenses, income tax provision (benefit), and diluted share counts); the start of a multi-year growth phase and our potential for sustained growth and increasing profitability in 2026 and beyond; statements regarding an inflection point in, and anticipated step-function or accelerating revenue growth from, our optical data center and infrastructure businesses; statements regarding the momentum, traction, and production ramps of our optical data center and other connectivity products, including at hyperscale customers and across scale-up and scale-out AI platforms; statements regarding the ramp of our Keystone PAM4 DSP platform for 800G applications and the development, roadmap, and anticipated availability of our 1.6T-capable products; statements regarding momentum and improving visibility throughout our portfolio; statements regarding continued customer engagement and demand in high-value markets; statements relating to the timing of new products ramping into production; statements related to new and increased products; settlement of bonus awards for our 2026 performance period; statements related to growth trends in the markets in which we operate; and statements by our Chairman and CEO. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements and our future financial performance and operating results forecasts generally. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions. Additional risks and uncertainties affecting our business, future operating results and financial condition include, without limitation, risks relating to: our dependence on the ramp of our optical data center and related connectivity products and the concentration of our anticipated growth in a limited number of hyperscale customers and scale-up and scale-out AI-platform programs, and the risk that adoption, program timing, qualification, or demand for AI and data center infrastructure does not develop or continue as anticipated; our terminated merger with Silicon Motion and related arbitration and class action complaint and the risks related to potential payment of damages; the effect of intense and increasing competition; increased tariffs, export controls or imposition of additional trade barriers; impacts of global economic conditions; the cyclical nature of the semiconductor industry; a significant variance in our operating results and impact on volatility in our stock price, and our ability to sustain our current level of revenue, which has previously declined, and/or manage future growth effectively; escalating trade wars, military conflicts and other geopolitical and economic tensions among the countries in which we conduct business; international geopolitical and military conflicts; our ability to obtain or retain government authorization to export certain of our products or technology; the loss of, or a significant reduction in orders from major customers; legal proceedings or potential violations of regulations; information technology failures; a decrease in the average selling prices of our products; failure to penetrate new applications and markets; development delays and consolidation trends in our industry; inability to make substantial and productive research and development investments; delays or expenses caused by undetected defects or bugs in our products; substantial quarterly and annual fluctuations in our revenue and operating results; failure to timely develop and introduce new or enhanced products; order and shipment uncertainties and differences between our estimates of customer demand and product mix and our actual results; failure to accurately predict our future revenue and appropriately budget expenses; lengthy and expensive customer qualification processes; customer product plan cancellations; failure to maintain compliance with government regulations; failure to attract and retain qualified personnel; any adverse impact of rising interest rates on us, our customers, and our distributors and related demand; risks related to compliance with privacy, data protection and cybersecurity laws and regulations; risks related to conforming our products to industry standards; risks related to business acquisitions and investments; claims of intellectual property infringement; our ability to protect our intellectual property; security vulnerabilities of our products; use of open source software in our products; failure to manage our relationships with, or negative impacts from, third parties; and future decisions relating to our stock repurchase program. In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and our Current Reports on Form 8-K, as updated (if applicable) in MaxLinear's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. All forward-looking statements are based on the estimates, projections and assumptions of management as of July 23, 2026, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including, but not limited to, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses as a percentage of net revenue, non-GAAP income (loss) from operations, non-GAAP income (loss) from operations as percentage of revenue, non-GAAP income (loss) before income taxes, non-GAAP interest and other income (expense), non-GAAP income tax provision (benefit), non-GAAP net income (loss), non-GAAP basic and diluted earnings or income (loss) per share, and non-GAAP diluted share count. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance-based bonus plan for 2026, which we intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2025, which we settled in shares of common stock in February 2026; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions, if any, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion; (vii) impairment losses, if any; (viii) severance and other restructuring charges; (ix) other non-recurring interest and other income (expenses), net, attributable to acquisitions; and (x) non-cash income tax benefits and expenses. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations and should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that we believe are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.
The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:
Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income or loss.
Performance-based equity consists of accruals related to our executive and non-executive bonus programs and have been excluded from our non-GAAP net income or loss for all periods reported. Bonus payments for the 2025 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2026. We currently expect that a substantial portion of bonus awards under our fiscal 2026 program will be settled in common stock in the first quarter of fiscal 2027.
Expenses incurred in relation to acquisitions and other include amortization of purchased intangible assets resulting from acquisitions, acquisition and integration costs primarily consisting of professional and consulting fees, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion, and professional fees and expenses incurred in relation to our intellectual property litigation.
Research and development funded by others represents proceeds received under contracts for jointly funded R&D projects to develop technology that may be commercialized into a product in the future. Initially such proceeds may not yet be recognized in GAAP results if, pursuant to contract terms, the Company may be required to repay all or a portion of the funds provided by the other party under certain conditions. Management believes it is not probable that it will trigger such conditions. Once such conditions have been resolved, the proceeds are recognized in GAAP results, and accordingly, reversed from non-GAAP results.
Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities and cancellation of contracts.
Other expense includes accretion of discounts on obligations recorded as a result of abandoned leased facilities for which we continue to be obligated to pay but from which we will receive no future benefit.
Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.
Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, we are also unable to predict their probable significance, particularly related to stock-based compensation and its related tax effects as well as potential impairments, a quantitative reconciliation is not available without unreasonable efforts and accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided a reconciliation for non-GAAP guidance provided for the third quarter 2026.
About MaxLinear, Inc.
MaxLinear, Inc. (Nasdaq:MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.
MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Net revenue
$
168,847
$
137,188
$
108,813
$
306,035
$
204,746
Cost of net revenue
71,184
58,304
47,288
129,488
89,390
Gross profit
97,663
78,884
61,525
176,547
115,356
Operating expenses:
Research and development
56,033
53,162
47,199
109,195
102,656
Selling, general and administrative
45,751
42,457
33,361
88,208
69,950
Restructuring charges
64
474
5,580
538
13,459
Total operating expenses
101,848
96,093
86,140
197,941
186,065
Loss from operations
(4,185
)
(17,209
)
(24,615
)
(21,394
)
(70,709
)
Interest income
474
633
812
1,107
1,676
Interest expense
(2,269
)
(2,197
)
(2,512
)
(4,466
)
(5,016
)
Other income (expense), net
(570
)
121
(4,386
)
(449
)
(5,654
)
Total other income (expense), net
(2,365
)
(1,443
)
(6,086
)
(3,808
)
(8,994
)
Loss before income taxes
(6,550
)
(18,652
)
(30,701
)
(25,202
)
(79,703
)
Income tax provision (benefit)
(8,310
)
26,485
(4,115
)
18,175
(3,404
)
Net income (loss)
$
1,760
$
(45,137
)
$
(26,586
)
$
(43,377
)
$
(76,299
)
Net income (loss) per share:
Basic
$
0.02
$
(0.52
)
$
(0.31
)
$
(0.49
)
$
(0.89
)
Diluted
$
0.02
$
(0.52
)
$
(0.31
)
$
(0.49
)
$
(0.89
)
Shares used to compute net income (loss) per share:
Basic
90,043
87,595
86,626
88,826
85,952
Diluted
97,333
87,595
86,626
88,826
85,952
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
GAAP gross profit
$
97,663
$
78,884
$
61,525
$
176,547
$
115,356
Stock-based compensation
130
151
156
281
437
Performance-based equity
84
55
73
139
111
Amortization of purchased intangible assets
2,529
2,582
2,582
5,111
5,164
Non-GAAP gross profit
100,406
81,672
64,336
182,078
121,068
GAAP gross margin
57.8
%
57.5
%
56.5
%
57.7
%
56.3
%
Non-GAAP gross margin
59.5
%
59.5
%
59.1
%
59.5
%
59.1
%
GAAP operating expenses
101,848
96,093
86,140
197,941
186,065
Stock-based compensation
(27,348
)
(19,877
)
(12,958
)
(47,225
)
(35,587
)
Performance-based equity
(9,214
)
(8,595
)
(6,376
)
(17,809
)
(12,608
)
Amortization of purchased intangible assets
(207
)
(206
)
(592
)
(413
)
(1,183
)
Acquisition and integration and other costs
(2,217
)
(6,525
)
(4,079
)
(8,742
)
(7,288
)
Research and development funded by others
—
(500
)
—
(500
)
(1,000
)
Restructuring charges
(64
)
(474
)
(5,580
)
(538
)
(13,459
)
Non-GAAP operating expenses
62,798
59,916
56,555
122,714
114,940
GAAP loss from operations
(4,185
)
(17,209
)
(24,615
)
(21,394
)
(70,709
)
Total non-GAAP adjustments
41,793
38,965
32,396
80,758
76,837
Non-GAAP income from operations
37,608
21,756
7,781
59,364
6,128
GAAP operating margin
(2.5
)%
(12.5
)%
(22.6
)%
(7.0
)%
(34.5
)%
Non-GAAP operating margin
22.3
%
15.9
%
7.2
%
19.4
%
3.0
%
GAAP interest and other income (expense), net
(2,365
)
(1,443
)
(6,086
)
(3,808
)
(8,994
)
Non-recurring interest and other income (expense), net
62
104
201
166
391
Non-GAAP interest and other income (expense), net
(2,303
)
(1,339
)
(5,885
)
(3,642
)
(8,603
)
GAAP loss before income taxes
(6,550
)
(18,652
)
(30,701
)
(25,202
)
(79,703
)
Total non-GAAP adjustments
41,855
39,069
32,597
80,924
77,228
Non-GAAP income (loss) before income taxes
35,305
20,417
1,896
55,722
(2,475
)
GAAP income tax provision (benefit)
(8,310
)
26,485
(4,115
)
18,175
(3,404
)
Adjustment for non-cash tax benefits/expenses
9,310
(25,485
)
4,255
(16,175
)
3,544
Non-GAAP income tax provision
1,000
1,000
140
2,000
140
GAAP net income (loss)
1,760
(45,137
)
(26,586
)
(43,377
)
(76,299
)
Total non-GAAP adjustments before income taxes
41,855
39,069
32,597
80,924
77,228
Less: total tax adjustments
9,310
(25,485
)
4,255
(16,175
)
3,544
Non-GAAP net income (loss)
$
34,305
$
19,417
$
1,756
$
53,722
$
(2,615
)
Shares used in computing GAAP and non-GAAP basic net income (loss) per share
90,043
87,595
86,626
88,826
85,952
Shares used in computing GAAP diluted net income (loss) per share
97,333
87,595
86,626
88,826
85,952
Dilutive common stock equivalents
—
2,266
163
4,777
—
Shares used in computing non-GAAP diluted net income (loss) per share
97,333
89,861
86,789
93,603
85,952
Non-GAAP basic net income (loss) per share
$
0.38
$
0.22
$
0.02
$
0.60
$
(0.03
)
Non-GAAP diluted net income (loss) per share
$
0.35
$
0.22
$
0.02
$
0.57
$
(0.03
)
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
Six Months Ended
June 30, 2026
March 31, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Operating Activities
Net income (loss)
$
1,760
$
(45,137
)
$
(26,586
)
$
(43,377
)
$
(76,299
)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Amortization and depreciation
9,011
9,119
9,329
18,130
18,582
Amortization of debt issuance costs and accretion of discount on debt and leases
425
414
491
839
1,001
Stock-based compensation
27,479
20,027
13,113
47,506
36,024
Deferred income taxes
(10,231
)
25,133
(5,677
)
14,902
(6,355
)
Loss on disposal of property and equipment
200
—
900
200
900
Reduction in the carrying amount of leased right-of-use assets
1,795
1,820
1,888
3,615
3,784
Impairment of leased right-of-use assets
—
233
449
233
427
Gain on extinguishment of lease liabilities
(328
)
—
—
(328
)
—
(Gain) loss on foreign currency and other
466
(219
)
4,277
247
5,461
Excess tax (benefits) deficiencies on stock-based awards
(11,585
)
970
(3,849
)
(10,615
)
(2,274
)
Changes in operating assets and liabilities:
Accounts receivable, net
(10,182
)
5,267
(6,893
)
(4,915
)
(20,354
)
Inventory
(19,651
)
(7,735
)
(26
)
(27,386
)
4,312
Prepaid expenses and other assets
(14,763
)
(7,738
)
8,204
(22,501
)
4,480
Accounts payable, accrued expenses and other current liabilities
18,251
(18,960
)
24,952
(709
)
29,141
Accrued compensation
11,690
9,521
3,132
21,211
11,849
Accrued price protection liability
3,660
1,039
(8,163
)
4,699
(3,881
)
Lease liabilities
(2,748
)
(2,737
)
(2,960
)
(5,485
)
(5,777
)
Other long-term liabilities
(440
)
111
(2,092
)
(329
)
(1,932
)
Net cash provided by (used in) operating activities
4,809
(8,872
)
10,489
(4,063
)
(911
)
Investing Activities
Purchases of property and equipment
(2,338
)
(1,384
)
(1,172
)
(3,722
)
(3,161
)
Purchases of intangible assets
(810
)
(855
)
(6,207
)
(1,665
)
(6,207
)
Proceeds from convertible notes receivable
—
(2,000
)
—
(2,000
)
—
Net cash used in investing activities
(3,148
)
(4,239
)
(7,379
)
(7,387
)
(9,368
)
Financing Activities
Proceeds from borrowings under revolving credit facility
20,000
—
—
20,000
—
Repayment of borrowings under revolving credit facility
(20,000
)
—
—
(20,000
)
—
Proceeds from funding arrangement
2,000
6,000
—
8,000
—
Payment of debt issuance costs
(479
)
—
—
(479
)
—
Net proceeds from issuance of common stock, net of costs
3,804
—
2,150
3,804
2,140
Minimum tax withholding paid on behalf of employees for restricted stock units
(3,716
)
(3,722
)
(71
)
(7,438
)
(2,201
)
Net cash provided by (used in) financing activities
1,609
2,278
2,079
3,887
(61
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
530
(647
)
999
(117
)
990
Increase (decrease) in cash, cash equivalents and restricted cash
3,800
(11,480
)
6,188
(7,680
)
(9,350
)
Cash, cash equivalents and restricted cash at beginning of period
89,932
101,412
104,065
101,412
119,603
Cash, cash equivalents and restricted cash at end of period
$
93,732
$
89,932
$
110,253
$
93,732
$
110,253
MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, 2026
March 31, 2026
June 30, 2025
Assets
Current assets:
Cash and cash equivalents
$
64,814
$
61,077
$
108,618
Short-term restricted cash
1,492
1,426
—
Accounts receivable, net
51,037
40,855
105,818
Inventory
105,490
85,839
86,031
Prepaid expenses and other current assets
75,829
60,253
29,682
Total current assets
298,662
249,450
330,149
Long-term restricted cash
27,426
27,429
1,635
Property and equipment, net
41,207
44,362
51,125
Leased right-of-use assets
19,724
21,938
16,528
Intangible assets, net
43,780
46,412
54,359
Goodwill
318,588
318,588
318,588
Deferred tax assets
62,361
52,132
75,037
Other long-term assets
10,823
10,956
16,316
Total assets
$
822,571
$
771,267
$
863,737
Liabilities and stockholders’ equity
Current liabilities
$
168,124
$
146,658
$
213,492
Long-term lease liabilities
15,465
17,987
14,397
Long-term debt
123,926
123,773
123,305
Other long-term liabilities
30,216
28,658
24,212
Stockholders’ equity
484,840
454,191
488,331
Total liabilities and stockholders’ equity
$
822,571
$
771,267
$
863,737