Monolithic Power Systems, Inc. (Nasdaq: MPWR) designs power-management semiconductors, modules and related solutions for computing, data centers, vehicles, communications, industrial equipment and consumer electronics. It outsources manufacturing and reports one operating segment.
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A snapshot of what MONOLITHIC POWER SYSTEMS, INC. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001437749-24-006133 | Feb 29, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001437749-25-005903 | Mar 3, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001437749-26-006113 | Feb 27, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
MPS's operating business strengthened in 2025 and accelerated further in the first half of 2026, but headline earnings require careful interpretation. Storage, computing and automotive led 2025 growth; enterprise data declined before becoming the principal growth engine again in 2026. Operating margins improved mainly because expenses grew more slowly than revenue, not because gross margins expanded materially. The apparent collapse in 2025 net income largely reflects comparison with an exceptional, subsequently restated 2024 deferred-tax benefit. Cash generation remained substantial, although first-half 2026 operating cash flow declined as working-capital requirements increased. Liquidity grew, but so did capital spending and purchase commitments. As of October 24, 2026, the supplied evidence still leaves tax-control remediation incomplete, litigation exposure unquantified and future capacity expansion and tax-incentive realization conditional.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
MPS sells integrated circuits, power modules and dies that convert and manage electrical power. Its six end markets describe applications, not separately reported businesses with disclosed profits. Management attributes differentiation to proprietary process and packaging technology, integration, efficiency and compact size. Those are company assessments rather than independently verified competitive rankings. Outsourcing wafer fabrication and assembly reduces fixed manufacturing costs, but proprietary processes must be installed and qualified at partners, and MPS still funds equipment, testing and development. Long product lives coexist with declining industry selling prices and lengthy design-to-revenue cycles.
Sources: 10-K · 2025-12-31
Fiscal 2025 revenue reached $2.790 billion, with management attributing growth primarily to higher shipment volume. Storage and computing and automotive supplied most of the increase, supported by memory, storage, notebooks, graphics cards, driver-assistance systems and infotainment. Enterprise-data revenue instead declined 2.0% to $701.846 million; no specific cause was disclosed. That category includes servers, workstations and AI systems, so its movement is not an AI-only sales measure.
Operating income increased to $728.636 million and operating margin to 26.1%, as expenses grew more slowly than sales. Gross margin slipped to 55.2%: higher warranty expense outweighed lower inventory write-downs relative to revenue. Net income nevertheless fell to $621.483 million from restated 2024 earnings of $1.592 billion. The main distortion was 2024's exceptional deferred-tax benefit, not declining operating profit. All dollar amounts here are U.S. dollars; earnings are GAAP unless explicitly labeled otherwise.
Sources: 10-K · 2025-12-31
Operating cash flow was $838.202 million in 2025, versus $788.410 million in 2024. Receivables and inventory absorbed cash, while noncash stock compensation and other reconciliation items helped explain why cash flow exceeded profit. Cash purchases of property and equipment rose to $172.013 million. MPS paid $284.797 million in dividends and dividend equivalents and $7.686 million for repurchases, compared with $636.244 million of repurchase cash spending in 2024. Reduced repurchasing was therefore an important reason liquidity rebuilt. Year-end cash and equivalents of $1.099 billion were separate from $157.243 million of short-term investments. Neither deferred-tax assets nor repurchase authorizations are spendable cash.
Sources: 10-K · 2025-12-31
The three largest distributors represented 54% of 2025 revenue, while Asian ship-to destinations represented 92%; shipment geography does not identify ultimate consumption. Customer orders can be cancelled or rescheduled, whereas supplier commitments can persist. Proprietary manufacturing processes, Asian production concentration and qualification requirements limit immediate substitution. Export restrictions can also affect demand indirectly through customers' AI systems. Management reported no material trade-restriction impact through the latest quarterly filing, but this does not remove prospective exposure. Separately, realization of the large foreign tax incentive depends on future taxable income and tax rules; undisclosed contractual conditions prevent treating its value as guaranteed.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Following the February 27, 2026 annual filing, first-quarter revenue reached $804.185 million and second-quarter revenue $980.642 million. First-half revenue was $1.785 billion, led overwhelmingly by enterprise data and communications. Management cited AI and server applications, optical modules and switches, plus a richer mix of higher-priced power solutions. First-half operating margin reached 30.5%, helped by slower expense growth and lower stock-compensation expense. Yet operating cash flow declined to $478.159 million from $494.024 million as working-capital needs increased. Cash and short-term investments together rose to $1.414 billion at June 30, even though cash alone declined.
The July release raised capacity ambitions beyond $6 billion and announced another $500 million of repurchase authorization, not executed spending. Its September-quarter revenue forecast was $1.140–1.160 billion; supplied evidence does not establish that quarter's actual results. The September 10 dividend announcement maintained $2.00 per share, scheduled for October 15, without confirming payment. Tax controls remained unremediated at June 30. Conversely, the April proxy completed the restatement-related compensation review and concluded that no recovery was required.
Sources: EX-99.1 · 2026-04-30 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30 · 8-K · 2026-09-10 · DEF 14A · 2026-06-11
USD 2.790459 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.790459 bn | — |
| 2023 | USD 1.821072 bn | — |
Consolidated revenue recognized under U.S. GAAP.
Sources: 10-K · 2025-12-31
USD 2.2071 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · presentation: as_restated
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 2.2071 bn | — |
Consolidated revenue recognized under U.S. GAAP.
Sources: 10-K · 2025-12-31
USD 621.483 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 621.483 m | — |
| 2023 | USD 427.374 m | — |
Consolidated GAAP net income after income taxes.
Sources: 10-K · 2025-12-31
USD 1.592058 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · presentation: as_restated
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 1.592058 bn | — |
Consolidated GAAP net income after the deferred-tax correction; includes the foreign-incentive benefit.
Sources: 10-K · 2025-12-31
USD 838.202 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 838.202 m | — |
| 2023 | USD 638.213 m | — |
GAAP operating cash flow; not net income.
Sources: 10-K · 2025-12-31
USD 788.41 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · presentation: as_restated
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 788.41 m | — |
GAAP operating cash flow; total unchanged by the deferred-tax restatement.
Sources: 10-K · 2025-12-31
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