10-Q · April 23, 2026
MaxLinear reported net revenue of $137.188 million for Q1 2026, up $41.255 million or 43% year-over-year versus $95.933 million in Q1 2025, with gross profit of $78.884 million (58% of revenue). Operating loss narrowed…
Earnings analysis · 10-Q
MXL earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
MaxLinear delivered a strong Q3, with revenue of $218.057 million and diluted EPS of $0.62, both above consensus, while GAAP operating margin improved to 13.9%. Infrastructure growth of 210% year over year was the…
Read full summary
MaxLinear delivered a strong Q3, with revenue of $218.057 million and diluted EPS of $0.62, both above consensus, while GAAP operating margin improved to 13.9%. Infrastructure growth of 210% year over year was the principal disclosed segment driver, and Q4 revenue guidance of $240 million-$260 million implies continued sequential growth. The main offsets are variable-rate debt exposure and the need to manage financing obligations, although the filing reports no material changes to previously disclosed risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.62
- Operating margin
- 13.9%
- Segment
- Infrastructure revenue grew 210% year over year; segment revenue dollars were not disclosed in the provided filing extract.
What stood out
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Revenue accelerated and beat consensus
Revenue was $218.057 million, up approximately 29.0% from $169 million in Q2 2026 and 73.1% from $126 million in Q3 2025; revenue also exceeded the $211.195 million consensus estimate.
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EPS materially exceeded estimates
Reported diluted EPS was $0.62 versus $0.02 in Q2 2026 and $(0.52) in Q3 2025, and exceeded the $0.51 consensus estimate by $0.11.
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Operating margin turned strongly positive
GAAP operating margin improved to 13.9% from negative 2.5% in Q2 2026 and negative 32.6% in Q3 2025, representing sequential and year-over-year expansions of 16.4 and 46.5 percentage points, respectively.
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Infrastructure growth remained exceptional
Infrastructure growth was 210% year over year, making it the clearest disclosed segment growth driver in the filing materials.
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Q4 outlook points to further growth
Management provided Q4 2026 revenue guidance of $240 million-$260 million, implying sequential growth of approximately 10.1%-19.2% from Q3 revenue of $218.057 million.
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Management expects sustained margins
Q4 guidance includes GAAP gross margin of 58.0%-61.0% and non-GAAP gross margin of 59.0%-62.0%, indicating management expects profitability to remain elevated.
What to watch
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Variable-rate debt exposure
The company has variable-rate borrowings under its Credit Agreement and states that a 10% increase in SOFR during the nine months ended September 30, 2026 would have caused an immaterial increase in interest expense; higher rates could nevertheless affect debt service and financing access.
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Foreign currency translation risk
A hypothetical 100-basis-point change in foreign exchange rates during the nine months ended September 30, 2026 would have changed the translation gain in accumulated other comprehensive income by approximately $0.8 million.
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Credit agreement and refinancing risk
The company entered into Amendment No. 3 to its Credit Agreement on October 16, 2026, highlighting ongoing reliance on and potential changes to its lending arrangements.
Management's outlook
The filing discusses Q4 2026 revenue guidance of $240 million-$260 million, with GAAP gross margin guidance of 58.0%-61.0% and non-GAAP gross margin guidance of 59.0%-62.0%. No prior numeric outlook was provided for comparison.
Earlier filings 4
10-Q · July 23, 2025
MaxLinear reported Q2 net revenue of $108,813 (thousands), up from $91,990 in Q2 2024, with gross profit of $61,525 and gross margin expanding to 56.5%. Operating loss narrowed to $(24,615) versus $(40,820) a year…
10-Q · July 24, 2024
MaxLinear reported Q2 net revenue of $91.99M and a gross margin of ~54.6%, but results deteriorated materially year-over-year with operating loss widening to $(40.82)M and diluted EPS of $(0.47). Six‑month operating…
10-Q · October 25, 2023
MaxLinear reported Q3 net revenue of $135.53 million and a GAAP net loss of $39.83 million (diluted loss per share $0.49). Gross profit was $73.94 million (≈54.6% margin) while operating loss was $17.82 million, driven…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.