MPWR MONOLITHIC POWER SYSTEMS INC
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Executive Summary
Monolithic Power Systems reported Q1 2026 revenue of $804.2M (+26.1% YoY) and non-GAAP diluted EPS of $5.10, beating the $4.90 consensus by 4.1%. The company guided Q2 2026 revenue to $890M-$910M, well above the $782.1M consensus for the prior quarter, driven by accelerating Enterprise Data (+97.7% YoY) and Communications (+55.5% YoY) end markets. This is a strong beat with raised guidance, signaling sustained momentum in AI and data center power solutions.
Key Financial Metrics
Actionable Insight
The strong beat and raised guidance, particularly the 97.7% YoY growth in Enterprise Data (AI/server power), confirm accelerating demand. The Q2 guidance midpoint of $900M significantly exceeds the $782.1M prior consensus, suggesting upside to forward estimates. Traders should watch for potential analyst upgrades and price target increases. The 28% dividend increase signals management confidence in sustained cash flow generation.
Key Facts
- Q1 2026 revenue of $804.2M, up 26.1% YoY and 7.1% QoQ, a record quarterly high
- Non-GAAP diluted EPS of $5.10, beating consensus of $4.90 by 4.1%
- Enterprise Data revenue surged 97.7% YoY to $262.8M, now 32.7% of total revenue
- Communications revenue grew 55.5% YoY to $111.5M, driven by optical modules and switches
- Q2 2026 revenue guidance of $890M-$910M, implying ~13% sequential growth at midpoint
- GAAP operating margin expanded 350bps YoY to 30.0%, demonstrating operating leverage
- Operating cash flow improved to $250.3M from $104.9M in Q4 2025
- Quarterly dividend increased 28% to $2.00 per share from $1.56
Financial Impact
Revenue beat consensus by $22.1M (+2.8%); EPS beat by $0.20 (+4.1%); Q2 guidance midpoint of $900M implies ~12% sequential growth and ~27% YoY growth
Risk Factors
- Geopolitical and tariff risks, particularly exposure to China-based manufacturing and supply chain
- Inventory buildup: days of inventory rose to 157 from 153 QoQ, though next-quarter DOIs improved to 140
- Storage & Computing revenue declined 7.5% YoY, indicating mixed demand in non-AI segments
- Consumer and Industrial segments saw sequential declines of 17.5% and 11.2% respectively
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-014182 |
| Document: mpwr20260305_8k.htm | 0001437749-26-014182 |
| Document: 0001437749-26-014182-index-headers.html | 0001437749-26-014182 |
| Document: 0001437749-26-014182-index.html | 0001437749-26-014182 |
| Document: 0001437749-26-014182.txt | 0001437749-26-014182 |
| 8-K Data (Synthetic) | 0001437749-26-014182 |
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Jun 3, 2026
6d ago
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Insider Cluster
| $1,650.98 $1,476.57 | ▼ −10.56% | ▼ −7.97% | $1,531.98 (−7.21%) |
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May 29, 2026
11d ago
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Insider Cluster
| $1,537.90 $1,625.47 | ▲ +5.69% | ▲ +5.55% | $1,531.98 (−0.38%) |
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May 29, 2026
11d ago
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Insider Cluster
| $1,537.90 $1,625.47 | ▲ +5.69% | ▲ +5.55% | $1,531.98 (−0.38%) |
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May 28, 2026
12d ago
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Insider Cluster
| $1,562.07 $1,537.90 | ▼ −1.55% | ▼ −1.81% | $1,531.98 (−1.93%) |
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May 27, 2026
13d ago
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Insider Cluster
| $1,632.36 $1,562.07 | ▼ −4.31% | ▼ −4.55% | $1,531.98 (−6.15%) |
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May 27, 2026
13d ago
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| $1,632.36 $1,562.07 | ▼ −4.31% | ▼ −4.55% | $1,531.98 (−6.15%) |
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May 21, 2026
20d ago
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Insider Cluster
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May 20, 2026
20d ago
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| $1,553.55 $1,588.88 | ▲ +2.27% | ▲ +1.83% | $1,531.98 (−1.39%) |
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May 8, 2026
4w ago
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Insider Cluster
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May 8, 2026
4w ago
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Insider Cluster
| $1,653.69 $1,592.75 | ▼ −3.69% | ▼ −3.55% | $1,531.98 (−7.36%) |
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