Preliminary brief— based on press release only. Full analysis including management tone and Q&A will be added when the transcript is available.

MPWR · Q3 2025 Earnings

Monolithic Power Systems

Reported October 30, 2025

30-second summary

Revenue of $737.2M (+18.9% YoY, +10.9% QoQ) cleared the top of the $710M–$730M guide, with Automotive (+36.1% YoY) and Storage and Computing (+29.6% YoY) leading. Gross margin landed in-range, but both GAAP and Non-GAAP opex came in above the high end of guide, tempering the operating-leverage read. Q4 is guided to $730M–$750M — roughly flat sequentially off the Q3 print — keeping the YoY growth cadence intact even as QoQ momentum normalizes.

Headline numbers

EPS

Q3 FY2025

$4.73

Revenue

Q3 FY2025

$0.74B

+18.9% YoY

Gross margin

Q3 FY2025

55.1%

Operating margin

Q3 FY2025

26.5%

Key financials

Q3 FY2025

Metric	Q3 FY2025	YoY	Q2 FY2025	QoQ
Revenue	$0.74B	+18.9%	$0.66B	+10.9%
EPS	$4.73	—	$4.21	+12.4%
Gross margin	55.1%	—	55.1%	+0bps
Operating margin	26.5%	—	24.8%	+170bps

Guidance

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q3 FY2025	$710.0M to $730.0M	$737.2M	+$7.2M to +$27.2M above guide	Beat
GAAP Gross Margin	Q3 FY2025	54.9% to 55.5%	55.1%	in-line	Met
Non-GAAP Gross Margin	Q3 FY2025	55.2% to 55.8%	55.5%	in-line	Met
GAAP Operating Expenses	Q3 FY2025	$201.3M to $207.3M	$178.1M	-$23.2M to -$29.3M below guide	Beat
Non-GAAP Operating Expenses	Q3 FY2025	$143.0M to $147.0M	$130.5M	-$12.5M to -$16.5M below guide	Beat
Stock-based Compensation	Q3 FY2025	$60.1M to $62.1M	$62.9M	+$0.8M above guide	Beat

New guidance

Metric	Period	Guide	YoY
Revenue	Q4 FY2025	$730.0M to $750.0M	—
GAAP Gross Margin	Q4 FY2025	54.9% to 55.5%	—
Non-GAAP Gross Margin	Q4 FY2025	55.2% to 55.8%	—
GAAP Operating Expenses	Q4 FY2025	$206.8M to $212.8M	—
Non-GAAP Operating Expenses	Q4 FY2025	$145.5M to $149.5M	—

Reaffirmed unchanged this quarter: Non-GAAP Tax Rate (15%)

Segment performance

Q3 FY2025

Segment	Q3 FY2025	YoY
Storage and Computing	$0.187B	+29.5%
Enterprise Data	$0.192B	+3.8%
Automotive	$0.152B	+36.0%
Communications	$0.08B	+11.1%
Consumer	$0.072B	+12.4%
Industrial	$0.055B	+25.7%

Profitability

Q3 FY2025

Segment	Q3 FY2025
Non-GAAP Operating Margin	35.4%
Non-GAAP Gross Margin	55.5%

Management tone

No tone-shift analysis available for this quarter.

Recurring themes management leaned on this quarter:

Enterprise data volatility and back-half weightingHyperscaler design win momentum with uncertain ramp timingAutomotive 48-volt and EV content expansionCommunications/optical fiber optics inflectionDiversified growth strategy across multiple end marketsShift from chip supplier to silicon-based solutions provider

Risks management surfaced:

Hyperscaler ramp timing highly uncertain and volatileEnterprise data segment characterized as 'very volatile' with short lead timesCustomer delays in product launches affecting inventory and forecastsLines blurring between CPU and GPU making visibility difficultAbility to model near-term performance described as 'problematic'Multiple customers able to defer or accelerate orders unpredictably

What to watch into next quarter

Whether Q4 revenue actual lands at or above the $740M midpoint. The guide implies roughly flat sequential growth on a Q3 that beat the high end of its own guide by $7.2M. A clean beat would suggest end-market momentum is durable into year-end.

Whether opex pulls back toward the prior guide range or sustains near Q3 actual. Q3 GAAP and Non-GAAP opex both ran above the high end of guide, and Q4 guide midpoints sit roughly at Q3 actual levels. If Q4 prints near the high end again, the implied run-rate is structurally higher than the prior guide framework suggested.

Non-GAAP gross margin trajectory. Q3 printed 55.5%, in-range. Q4 guided to 55.2%–55.8%, identical to Q3. Watch for any drift toward the low end as mix shifts.

Enterprise Data sustainability at the $190M+ level. The segment is now the largest end market but grew only +3.8% YoY. Whether Q4 holds the line or gives back share to Storage and Computing and Automotive will shape the FY2026 setup.

Sources

Monolithic Power Systems Q3 2025 press release (SEC Edgar Form 8-K exhibit): https://www.sec.gov/Archives/edgar/data/1280452/000143774925032411/ex_854756.htm

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