$MPWR

MONOLITHIC POWER SYSTEMS INC

CIK:0001280452|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 980,642	$ 664,574	$ 1,784,827	$ 1,302,128
Cost of revenue	439,572	298,558	798,692	582,882
Gross profit	541,070	366,016	986,135	719,246
Operating expenses:
Research and development	118,618	96,266	219,184	188,493
Selling, general and administrative	118,558	104,992	221,905	197,236
Total operating expenses	237,176	201,258	441,089	385,729
Operating income	303,894	164,758	545,046	333,517
Other income, net	17,835	12,220	23,865	17,351
Income before income taxes	321,729	176,978	568,911	350,868
Income tax expense	64,431	41,969	118,387	80,807
Net income	$ 257,298	$ 135,009	$ 450,524	$ 270,061
Net income per share:
Basic (in dollars per share)	$ 5.24	$ 2.82	$ 9.17	$ 5.64
Diluted (in dollars per share)	$ 5.22	$ 2.81	$ 9.15	$ 5.62
Weighted-average shares outstanding:
Basic (in shares)	49,138	47,887	49,118	47,869
Diluted (in shares)	49,260	48,019	49,251	48,012

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 450,524	$ 270,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32,173	24,569
Amortization of discount on available-for-sale securities	(484)	(2,885)
Gain on deferred compensation plan investments	(7,343)	(4,230)
Deferred taxes, net	(125)	14,496
Stock-based compensation expense	94,282	112,904
Other	(1,102)	29
Changes in operating assets and liabilities:
Accounts receivable	(88,002)	(22,264)
Inventories	(111,194)	(71,018)
Other assets	17,320	83,395
Accounts payable	33,276	36,627
Accrued compensation and related benefits	6,983	15,584
Income tax liabilities	32,640	33,798
Other accrued liabilities	19,211	2,958
Net cash provided by operating activities	478,159	494,024
Cash flows from investing activities:
Purchases of property and equipment	(153,272)	(88,485)
Purchases of investments	(263,797)	(393,010)
Maturities and sales of investments	14,591	211,227
Other	5,621	(3,015)
Net cash used in investing activities	(396,857)	(273,283)
Cash flows from financing activities:
Property and equipment purchased on extended payment terms	(897)	(1,902)
Proceeds from common stock issued	5,830	5,335
Repurchases of common stock	(4,048)	(3,687)
Dividends and dividend equivalents paid	(179,496)	(135,073)
Net cash used in financing activities	(178,611)	(135,327)
Effect of change in exchange rates	3,591	10,169
Net increase (decrease) in cash, cash equivalents and restricted cash	(93,718)	95,583
Cash, cash equivalents and restricted cash, beginning of period	1,099,521	691,941
Cash, cash equivalents and restricted cash, end of period	1,005,803	787,524
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	1,005,587	787,382
Restricted cash included in other long-term assets	216	142
Total cash, cash equivalents, and restricted cash	1,005,803	787,524
Supplemental disclosures for cash flow information:
Cash paid for income taxes, net	88,705	17,007
Non-cash investing and financing activities:
Liability accrued for property and equipment purchases	26,997	6,108
Liability accrued for dividends and dividend equivalents	$ 100,326	$ 77,193

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,005,587	$ 1,099,302
Short-term investments	408,174	157,243
Accounts receivable, net	343,620	255,626
Inventories	675,849	564,649
Other current assets	44,156	106,982
Total current assets	2,477,386	2,183,802
Property and equipment, net	774,549	627,689
Acquisition-related intangible assets, net	8,216	8,790
Goodwill	25,944	25,944
Deferred tax assets, net	1,182,833	1,182,883
Other long-term assets	217,279	165,091
Total assets	4,686,207	4,194,199
Current liabilities:
Accounts payable	182,224	138,272
Accrued compensation and related benefits	93,635	85,963
Other accrued liabilities	222,075	145,130
Total current liabilities	497,934	369,365
Income tax liabilities	75,022	75,022
Deferred tax liabilities	90,316	90,480
Other long-term liabilities	127,511	127,835
Total liabilities	790,783	662,702
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 49,142 and 48,709, respectively	1,033,062	936,998
Retained earnings	2,861,853	2,609,651
Accumulated other comprehensive income (loss)	509	(15,152)
Total stockholders’ equity	3,895,424	3,531,497
Total liabilities and stockholders’ equity	$ 4,686,207	$ 4,194,199