Power Integrations (Nasdaq: POWI) designs high-voltage power-conversion semiconductors used in appliances, chargers, industrial equipment, renewable energy and electric vehicles. Manufacturing is predominantly outsourced, and the company reports one operating segment.
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A snapshot of what POWER INTEGRATIONS INC owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000833640-24-000030 | Feb 12, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000833640-25-000043 | Feb 7, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000833640-26-000037 | Feb 6, 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.
Power Integrations’ industrial recovery has not yet restored its earlier earnings strength. Revenue recovered to $443.5 million in 2025, roughly its 2023 level, but GAAP operating income fell as employee-litigation and former-CEO compensation charges outweighed better gross margins. Operating cash flow improved, although noncash compensation and working-capital movements contributed materially, while substantial repurchases reduced cash-plus-investment resources. After the February 2026 annual filing, industrial growth continued, but first-half gross margin and operating cash flow weakened. GAAP earnings improved partly because the prior-year litigation charge did not recur; adjusted operating income declined slightly. A larger replacement revolver adds conditional financing capacity, not cash. Longer supply agreements help continuity without eliminating concentrated manufacturing risk. Higher-voltage GaN products offer expansion opportunities, but commercial adoption, restructuring savings and future earnings remain uncertain.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05
Power Integrations combines switching, control and protection functions that customers might otherwise assemble from separate components. Management says this reduces component counts, design effort, space and energy losses. Products include AC-DC power-supply ICs, motor drivers and high-voltage gate drivers. Consumer, industrial, computer and communications are sales categories—not separately reported operating segments—and their individual profitability is unavailable. Growth depends on winning applications and increasing penetration in markets where component-price declines have historically offset much of unit growth. Engineering and selling expenditure can precede volume shipments by a year or more, without guaranteeing sales.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31
The downturn affected every end market in 2023. In 2024, increased use of Chinese components in smartphone chargers and separate handset-and-charger purchasing depressed communications sales, despite growth elsewhere. Revenue recovered from $419.0 million in 2024 to $443.5 million in 2025, primarily through industrial demand. Management attributed the 2025 gross-margin improvement to manufacturing efficiencies, production volumes and favorable end-market mix. Nevertheless, GAAP operating income fell to $10.2 million from $17.9 million: $11.3 million of employee-litigation expense and $8.4 million of former-CEO award-modification expense contributed to operating costs rising faster than gross profit. Net income declined to $22.1 million. Lower diluted average shares cushioned, rather than reversed, the EPS decline.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31 · 10-K · 2025-12-31
Operating cash flow rose to $111.5 million in 2025 despite falling profit. Noncash stock compensation and depreciation, together with receivable and accrued-liability movements, explain much of the difference. Receivable improvement was not simply better collection: higher distributor price-adjustment allowances also reduced the net balance. Cash capital expenditure was $24.4 million, while cash repurchases of $98.1 million and dividends of $47.2 million exceeded operating cash flow after equipment purchases. Investment sales and maturities helped fund cash needs. Year-end cash was $58.8 million and separately reported securities were $190.8 million; their combined balance declined. Repurchase authorization was exhausted.
Sources: 10-K · 2025-12-31
Distributors generated approximately 69% of 2025 revenue, and the ten largest customers accounted for 81%. Their downstream customers diversify exposure, but orders are generally cancelable and distributors have no minimum-purchase requirements. Revenue is recognized when control of the product transfers to the customer, typically at shipment. Revenue from sales to distributors does not establish end-user consumption. Manufacturing depends heavily on Lapis, Epson and X-FAB; replacement wafer production could take 12–24 months to qualify. Longer disclosed contract terms do not guarantee supply or yields. Yen-linked wafer pricing, Chinese competition, tariffs and export restrictions can affect margins and demand. Odyssey’s acquired vertical-GaN technology remained unfinished, with no established commercialization date or separately quantified revenue.
Sources: 10-K · 2025-12-31
The August 6, 2026 quarterly filing reported first-half revenue of $227.2 million versus $221.4 million, with management attributing growth to industrial sales. Gross margin fell to 53.5% from 55.2% because of less favorable product/customer mix and yen effects, plus a restructuring charge. GAAP operating income improved to $10.4 million, substantially helped by the prior-year litigation comparison; company-adjusted operating income instead slipped to $33.0 million from $33.6 million. Operating cash flow fell to $42.0 million. No first-half repurchases occurred, and June cash and investments were $70.6 million and $192.0 million, respectively.
The company reported replacing its $75 million Wells Fargo facility with a $100 million PNC revolver and reported compliance and no advances at June 30—not unrestricted availability or cash receipts. The patent dispute closed without payment in April; the employment judgment remained under appeal. August guidance anticipated third-quarter revenue of $122–130 million, but supplied evidence does not establish the outcome. The August 14 filing recorded an operations executive’s notice of an August 25 departure, not subsequent confirmation of completion.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05 · 8-K · 2026-08-11
USD 443.504 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 443.504 m | 5.9% |
| 2024 | USD 418.973 m | -5.8% |
| 2023 | USD 444.538 m | — |
Consolidated product revenue, net of returns and allowances.
Sources: 10-K · 2025-12-31
USD 22.093 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 22.093 m | -31.5% |
| 2024 | USD 32.234 m | -42.2% |
| 2023 | USD 55.735 m | — |
Consolidated GAAP income after income taxes.
Sources: 10-K · 2025-12-31
USD 111.518 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 111.518 m | 37.4% |
| 2024 | USD 81.181 m | 23.5% |
| 2023 | USD 65.759 m | — |
GAAP operating cash flow; not net income.
Sources: 10-K · 2025-12-31
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