MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2025 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 fourth quarter and fiscal year ended December 31, 2025.
Fourth Quarter Financial Highlights
GAAP basis:
Non-GAAP basis:
Fiscal Year 2025 Financial Highlights
Management Commentary
“Our fourth quarter and fiscal year results reflect strong sequential and year-over-year growth in our business,” said Kishore Seendripu, PhD, Chairman and CEO. “Our new products gained solid traction in the market, and we are on a strong path for sustained revenue growth and market share expansion in 2026 and 2027. We are executing against a focused strategy that is working and will drive sustained strong growth even as we continue to invest in high‑value, multi‑year growth markets where performance, power efficiency, and integration matter most. These include data center connectivity, wireless infrastructure, PON broadband access, Wi‑Fi 7, Ethernet, and storage accelerator end markets. With solid execution, we also delivered profitability and positive free cash flow ahead of our plan. During the fourth quarter, we repurchased $20 million of our common stock, reflecting our confidence in our sustained growth expectations and market momentum.”
First Quarter 2026 Business Outlook
The company expects net revenue in the first quarter of 2026 to be approximately $130 million to $140 million. The Company also estimates the following:
Webcast and Conference Call
MaxLinear will host its fourth quarter financial results conference call today, January 29, 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 February 12, 2026. A replay of the conference call will also be available until February 12, 2026 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13757781.
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 include, among others, statements concerning our future financial performance (including our current guidance for first 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); our potential growth and expansion, our ability to continue to grow our revenues and profitability; statements regarding our ability to broaden customer traction; statements related to new and increased content opportunities; settlement of bonus awards for our 2025 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 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 other 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, and the impact of excess inventory in the channel on our customers’ expected demand for certain of our products and on our revenue; 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 our Current Reports on Form 8-K, as well as the information to be set forth under the caption "Risk Factors" in MaxLinear's Annual Report on Form 10-K for the year ended December 31, 2025. All forward-looking statements are based on the estimates, projections and assumptions of management as of January 29, 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, non-GAAP net income (loss), non-GAAP basic and diluted earnings (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 2025, which we intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2024, which we settled in shares of common stock in February 2025; (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; (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 2024 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2025. We currently expect that a substantial portion of bonus awards under our fiscal 2025 program will be settled in common stock in the first quarter of fiscal 2026.
Expenses incurred in relation to acquisitions include amortization of purchased intangible assets and 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.
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 first 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
December 31, 2025
September 30, 2025
December 31, 2024
Net revenue
$
136,436
$
126,459
$
92,167
Cost of net revenue
57,879
54,558
40,919
Gross profit
78,557
71,901
51,248
Operating expenses:
Research and development
51,691
54,252
51,278
Selling, general and administrative
41,956
47,674
38,087
Restructuring charges (credits)
(198
)
11,264
3,056
Total operating expenses
93,449
113,190
92,421
Loss from operations
(14,892
)
(41,289
)
(41,173
)
Interest income
835
874
1,040
Interest expense
(2,391
)
(2,649
)
(2,802
)
Other income (expense), net
(1,355
)
(324
)
2,113
Total other income (expense), net
(2,911
)
(2,099
)
351
Loss before income taxes
(17,803
)
(43,388
)
(40,822
)
Income tax provision (benefit)
(2,906
)
2,097
17,016
Net loss
$
(14,897
)
$
(45,485
)
$
(57,838
)
Net loss per share:
Basic
$
(0.17
)
$
(0.52
)
$
(0.68
)
Diluted
$
(0.17
)
$
(0.52
)
$
(0.68
)
Shares used to compute net loss per share:
Basic
87,243
87,186
84,485
Diluted
87,243
87,186
84,485
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Twelve Months Ended
December 31, 2025
December 31, 2024
Net revenue
$
467,641
$
360,528
Cost of net revenue
201,827
165,746
Gross profit
265,814
194,782
Operating expenses:
Research and development
208,599
225,189
Selling, general and administrative
159,580
138,329
Impairment losses
—
1,237
Restructuring charges
24,525
53,379
Total operating expenses
392,704
418,134
Loss from operations
(126,890
)
(223,352
)
Interest income
3,385
6,386
Interest expense
(10,056
)
(10,874
)
Other income (expense), net
(7,333
)
(10,877
)
Total other income (expense), net
(14,004
)
(15,365
)
Loss before income taxes
(140,894
)
(238,717
)
Income tax provision (benefit)
(4,213
)
6,481
Net loss
$
(136,681
)
$
(245,198
)
Net loss per share:
Basic
$
(1.58
)
$
(2.93
)
Diluted
$
(1.58
)
$
(2.93
)
Shares used to compute net loss per share:
Basic
86,588
83,600
Diluted
86,588
83,600
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
December 31, 2025
September 30, 2025
December 31, 2024
Operating Activities
Net loss
$
(14,897
)
$
(45,485
)
$
(57,838
)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Amortization and depreciation
10,788
10,838
11,714
Impairment of other assets
700
—
—
Amortization of debt issuance costs and accretion of discount on debt and leases
451
477
548
Stock-based compensation
19,593
21,511
18,813
Deferred income taxes
(2,515
)
275
13,884
Loss on disposal of property and equipment
86
261
—
Impairment of leased right-of-use assets
—
—
2,140
Gain on extinguishment of lease liabilities
(521
)
—
(1
)
(Gain) loss on foreign currency and other
487
211
(2,226
)
Excess tax (benefits) deficiencies on stock-based awards
(492
)
1,931
262
Changes in operating assets and liabilities:
Accounts receivable, net
6,812
52,884
(37,534
)
Inventory
8,225
(298
)
5,720
Prepaid expenses and other assets
(17,527
)
1,173
6,742
Accounts payable, accrued expenses and other current liabilities
3,062
(40,139
)
17,448
Accrued compensation
7,866
15,047
(2,092
)
Accrued price protection liability
(7,346
)
(5,681
)
(1,071
)
Lease liabilities
(2,792
)
(2,928
)
(2,889
)
Other long-term liabilities
(1,574
)
47
(1,458
)
Net cash provided by (used in) operating activities
10,406
10,124
(27,838
)
Investing Activities
Purchases of property and equipment
(3,708
)
(5,729
)
(2,193
)
Purchases of intangible assets
22
(1,012
)
(805
)
Net cash used in investing activities
(3,686
)
(6,741
)
(2,998
)
Financing Activities
Net proceeds from issuance of common stock
1,391
27
2,512
Minimum tax withholding paid on behalf of employees for restricted stock units
(4
)
(12
)
(1,091
)
Repurchase of common stock
(20,000
)
—
—
Net cash provided by (used in) financing activities
(18,613
)
15
1,421
Effect of exchange rate changes on cash, cash equivalents and restricted cash
42
(388
)
(474
)
Increase (decrease) in cash, cash equivalents and restricted cash
(11,851
)
3,010
(29,889
)
Cash, cash equivalents and restricted cash at beginning of period
113,263
110,253
149,492
Cash, cash equivalents and restricted cash at end of period
$
101,412
$
113,263
$
119,603
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Twelve Months Ended
December 31, 2025
December 31, 2024
Operating Activities
Net loss
$
(136,681
)
$
(245,198
)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Amortization and depreciation
43,992
54,140
Impairment of intangible assets
—
1,237
Impairment of investments and other assets
700
14,000
Amortization of debt issuance costs and accretion of discount on debt and leases
1,929
2,538
Stock-based compensation
77,128
66,021
Deferred income taxes
(8,595
)
826
Loss on disposal of property and equipment
1,247
1,068
Impairment of leased right-of-use assets
427
5,555
Gain on extinguishment of lease liabilities
(521
)
(555
)
Gain (loss) on foreign currency and other
6,159
(1,253
)
Excess tax deficiencies on stock-based awards
3,713
3,250
Changes in operating assets and liabilities:
Accounts receivable, net
39,342
85,155
Inventory
12,239
9,565
Prepaid expenses and other assets
(11,874
)
(1,873
)
Accounts payable, accrued expenses and other current liabilities
(12,484
)
(4,569
)
Accrued compensation
34,762
919
Accrued price protection liability
(16,908
)
(28,283
)
Lease liabilities
(11,497
)
(10,695
)
Other long-term liabilities
(3,459
)
2,857
Net cash provided by (used in) operating activities
19,619
(45,295
)
Investing Activities
Purchases of property and equipment
(12,598
)
(17,680
)
Purchases of intangible assets
(7,197
)
(5,766
)
Net cash used in investing activities
(19,795
)
(23,446
)
Financing Activities
Net proceeds from issuance of common stock
3,558
4,091
Minimum tax withholding paid on behalf of employees for restricted stock units
(2,217
)
(2,805
)
Repurchase of common stock
(20,000
)
—
Net cash provided by (used in) financing activities
(18,659
)
1,286
Effect of exchange rate changes on cash, cash equivalents and restricted cash
644
(1,298
)
Decrease in cash, cash equivalents and restricted cash
(18,191
)
(68,753
)
Cash, cash equivalents and restricted cash at beginning of period
119,603
188,356
Cash, cash equivalents and restricted cash at end of period
$
101,412
$
119,603
MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, 2025
September 30, 2025
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
72,806
$
111,859
$
118,575
Short-term restricted cash
1,419
1,380
1,003
Accounts receivable, net
46,122
52,934
85,464
Inventory
78,104
86,329
90,343
Prepaid expenses and other current assets
50,390
31,630
28,057
Total current assets
248,841
284,132
323,442
Long-term restricted cash
27,187
24
25
Property and equipment, net
48,873
50,865
59,300
Leased right-of-use assets
15,506
14,624
18,184
Intangible assets, net
48,892
52,066
55,008
Goodwill
318,588
318,588
318,588
Deferred tax assets
77,268
74,764
68,662
Other long-term assets
11,241
13,070
21,430
Total assets
$
796,396
$
808,133
$
864,639
Liabilities and stockholders’ equity
Current liabilities
$
186,020
$
183,551
$
182,284
Long-term lease liabilities
12,313
12,133
16,952
Long-term debt
123,618
123,461
122,996
Other long-term liabilities
22,550
24,261
26,124
Stockholders’ equity
451,895
464,727
516,283
Total liabilities and stockholders’ equity
$
796,396
$
808,133
$
864,639
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
Three Months Ended
December 31, 2025
September 30, 2025
December 31, 2024
GAAP gross profit
$
78,557
$
71,901
$
51,248
Stock-based compensation
121
164
186
Performance-based equity
84
136
8
Amortization of purchased intangible assets
2,583
2,582
2,990
Non-GAAP gross profit
81,345
74,783
54,432
GAAP R&D expenses
51,691
54,252
51,278
Stock-based compensation
(9,443
)
(9,750
)
(10,862
)
Performance-based equity
(5,148
)
(7,361
)
(743
)
Non-GAAP R&D expenses
37,100
37,141
39,673
GAAP SG&A expenses
41,956
47,674
38,087
Stock-based compensation
(10,030
)
(11,597
)
(7,766
)
Performance-based equity
(3,512
)
(3,750
)
(811
)
Amortization of purchased intangible assets
(206
)
(350
)
(592
)
Acquisition and integration costs
(6,093
)
(9,572
)
(7,261
)
Non-GAAP SG&A expenses
22,115
22,405
21,657
GAAP restructuring expenses (credits)
(198
)
11,264
3,056
Restructuring charges
198
(11,264
)
(3,056
)
Non-GAAP restructuring expenses
—
—
—
GAAP loss from operations
(14,892
)
(41,289
)
(41,173
)
Total non-GAAP adjustments
37,022
56,526
34,275
Non-GAAP income (loss) from operations
22,130
15,237
(6,898
)
GAAP interest and other income (expense), net
(2,911
)
(2,099
)
351
Non-recurring interest and other income (expense), net
146
298
326
Non-GAAP interest and other income (expense), net
(2,765
)
(1,801
)
677
GAAP loss before income taxes
(17,803
)
(43,388
)
(40,822
)
Total non-GAAP adjustments
37,168
56,824
34,601
Non-GAAP income (loss) before income taxes
19,365
13,436
(6,221
)
GAAP income tax provision (benefit)
(2,906
)
2,097
17,016
Adjustment for non-cash tax benefits/expenses
4,906
(797
)
(16,016
)
Non-GAAP income tax provision
2,000
1,300
1,000
GAAP net loss
(14,897
)
(45,485
)
(57,838
)
Total non-GAAP adjustments before income taxes
37,168
56,824
34,601
Less: total tax adjustments
4,906
(797
)
(16,016
)
Non-GAAP net income (loss)
$
17,365
$
12,136
$
(7,221
)
Shares used in computing GAAP and non-GAAP basic net income (loss) per share
87,243
87,186
84,485
Shares used in computing GAAP diluted net loss per share
87,243
87,186
84,485
Dilutive common stock equivalents
3,399
671
—
Shares used in computing non-GAAP diluted net income (loss) per share
90,642
87,857
84,485
Non-GAAP basic net income (loss) per share
$
0.20
$
0.14
$
(0.09
)
Non-GAAP diluted net income (loss) per share
$
0.19
$
0.14
$
(0.09
)
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
Twelve Months Ended
December 31, 2025
December 31, 2024
GAAP gross profit
$
265,814
$
194,782
Stock-based compensation
722
621
Performance-based equity
331
24
Amortization of purchased intangible assets
10,329
19,798
Non-GAAP gross profit
277,196
215,225
GAAP R&D expenses
208,599
225,189
Stock-based compensation
(41,474
)
(38,814
)
Performance-based equity
(20,833
)
(3,108
)
Research and development funded by others
(1,000
)
2,000
Non-GAAP R&D expenses
145,292
185,267
GAAP SG&A expenses
159,580
138,329
Stock-based compensation
(34,933
)
(26,586
)
Performance-based equity
(11,546
)
(2,132
)
Amortization of purchased intangible assets
(1,739
)
(2,366
)
Acquisition and integration costs
(22,953
)
(8,828
)
Non-GAAP SG&A expenses
88,409
98,417
GAAP impairment losses
—
1,237
Impairment losses
—
(1,237
)
Non-GAAP impairment losses
—
—
GAAP restructuring expenses
24,525
53,379
Restructuring charges
(24,525
)
(53,379
)
Non-GAAP restructuring expenses
—
—
GAAP loss from operations
(126,890
)
(223,352
)
Total non-GAAP adjustments
170,385
154,893
Non-GAAP income (loss) from operations
43,495
(68,459
)
GAAP interest and other income (expense), net
(14,004
)
(15,365
)
Non-recurring interest and other income (expense), net
835
12,233
Non-GAAP interest and other income (expense), net
(13,169
)
(3,132
)
GAAP loss before income taxes
(140,894
)
(238,717
)
Total non-GAAP adjustments
171,220
167,126
Non-GAAP income (loss) before income taxes
30,326
(71,591
)
GAAP income tax provision (benefit)
(4,213
)
6,481
Adjustment for non-cash tax benefits/expenses
7,653
(2,481
)
Non-GAAP income tax provision
3,440
4,000
GAAP net loss
(136,681
)
(245,198
)
Total non-GAAP adjustments before income taxes
171,220
167,126
Less: total tax adjustments
7,653
(2,481
)
Non-GAAP net income (loss)
$
26,886
$
(75,591
)
Shares used in computing GAAP and non-GAAP basic net income (loss) per share
86,588
83,600
Shares used in computing GAAP diluted net loss per share
86,588
83,600
Dilutive common stock equivalents
1,300
—
Shares used in computing non-GAAP diluted net income (loss) per share
87,888
83,600
Non-GAAP basic net income (loss) per share
$
0.31
$
(0.90
)
Non-GAAP diluted net income (loss) per share
$
0.31
$
(0.90
)
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE
Three Months Ended
December 31, 2025
September 30, 2025
December 31, 2024
GAAP gross margin
57.6
%
56.9
%
55.6
%
Stock-based compensation
0.1
%
0.1
%
0.2
%
Performance-based equity
0.1
%
0.1
%
—
%
Amortization of purchased intangible assets
1.9
%
2.0
%
3.2
%
Non-GAAP gross margin
59.6
%
59.1
%
59.1
%
GAAP R&D expenses
37.9
%
42.9
%
55.6
%
Stock-based compensation
(6.9
)%
(7.7
)%
(11.8
)%
Performance-based equity
(3.8
)%
(5.8
)%
(0.8
)%
Non-GAAP R&D expenses
27.2
%
29.4
%
43.0
%
GAAP SG&A expenses
30.8
%
37.7
%
41.3
%
Stock-based compensation
(7.4
)%
(9.2
)%
(8.4
)%
Performance-based equity
(2.6
)%
(3.0
)%
(0.9
)%
Amortization of purchased intangible assets
(0.2
)%
(0.3
)%
(0.6
)%
Acquisition and integration costs
(4.5
)%
(7.6
)%
(7.9
)%
Non-GAAP SG&A expenses
16.2
%
17.7
%
23.5
%
GAAP restructuring expenses (credits)
(0.2
)%
8.9
%
3.3
%
Restructuring charges
0.2
%
(8.9
)%
(3.3
)%
Non-GAAP restructuring expenses
—
%
—
%
—
%
GAAP loss from operations
(10.9
)%
(32.7
)%
(44.7
)%
Total non-GAAP adjustments
27.1
%
44.7
%
37.2
%
Non-GAAP income (loss) from operations
16.2
%
12.1
%
(7.5
)%
GAAP interest and other income (expense), net
(2.1
)%
(1.7
)%
0.4
%
Non-recurring interest and other income (expense), net
0.1
%
0.2
%
0.4
%
Non-GAAP interest and other income (expense), net
(2.0
)%
(1.4
)%
0.7
%
GAAP loss before income taxes
(13.1
)%
(34.3
)%
(44.3
)%
Total non-GAAP adjustments
27.2
%
44.9
%
37.5
%
Non-GAAP income (loss) before income taxes
14.2
%
10.6
%
(6.8
)%
GAAP income tax provision (benefit)
(2.1
)%
1.7
%
18.5
%
Adjustment for non-cash tax benefits/expenses
3.6
%
(0.6
)%
(17.4
)%
Non-GAAP income tax provision
1.5
%
1.0
%
1.1
%
GAAP net loss
(10.9
)%
(36.0
)%
(62.8
)%
Total non-GAAP adjustments before income taxes
27.2
%
44.9
%
37.5
%
Less: total tax adjustments
3.6
%
(0.6
)%
(17.4
)%
Non-GAAP net income (loss)
12.7
%
9.6
%
(7.8
)%
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE
Twelve Months Ended
December 31, 2025
December 31, 2024
GAAP gross margin
56.8
%
54.0
%
Stock-based compensation
0.2
%
0.2
%
Performance-based equity
0.1
%
—
%
Amortization of purchased intangible assets
2.2
%
5.5
%
Non-GAAP gross margin
59.3
%
59.7
%
GAAP R&D expenses
44.6
%
62.5
%
Stock-based compensation
(8.9
)%
(10.8
)%
Performance-based equity
(4.5
)%
(0.9
)%
Research and development funded by others
(0.2
)%
0.6
%
Non-GAAP R&D expenses
31.1
%
51.4
%
GAAP SG&A expenses
34.1
%
38.4
%
Stock-based compensation
(7.5
)%
(7.4
)%
Performance-based equity
(2.5
)%
(0.6
)%
Amortization of purchased intangible assets
(0.4
)%
(0.7
)%
Acquisition and integration costs
(4.9
)%
(2.5
)%
Non-GAAP SG&A expenses
18.9
%
27.3
%
GAAP impairment losses
—
%
0.3
%
Impairment losses
—
%
(0.3
)%
Non-GAAP impairment losses
—
%
—
%
GAAP restructuring expenses
5.2
%
14.8
%
Restructuring charges
(5.2
)%
(14.8
)%
Non-GAAP restructuring expenses
—
%
—
%
GAAP loss from operations
(27.1
)%
(62.0
)%
Total non-GAAP adjustments
36.4
%
43.0
%
Non-GAAP income (loss) from operations
9.3
%
(19.0
)%
GAAP interest and other income (expense), net
(3.0
)%
(4.3
)%
Non-recurring interest and other income (expense), net
0.2
%
3.4
%
Non-GAAP interest and other income (expense), net
(2.8
)%
(0.9
)%
GAAP loss before income taxes
(30.1
)%
(66.2
)%
Total non-GAAP adjustments
36.6
%
46.4
%
Non-GAAP income (loss) before income taxes
6.5
%
(19.9
)%
GAAP income tax provision (benefit)
(0.9
)%
1.8
%
Adjustment for non-cash tax benefits/expenses
1.6
%
(0.7
)%
Non-GAAP income tax provision
0.7
%
1.1
%
GAAP net loss
(29.2
)%
(68.0
)%
Total non-GAAP adjustments before income taxes
36.6
%
46.4
%
Less: total tax adjustments
1.6
%
(0.7
)%
Non-GAAP net income (loss)
5.8
%
(21.0
)%