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.
Price Chart
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
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
Investment Themes
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 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 21d ago | Press Release | $1,234.46 $1,217.80 | ▼ −1.35% | ▼ −1.13% | $1,452.76 (+17.68%) |
Aug 26, 2026 5w ago | Insider Cluster | $1,311.08 $1,213.65 | ▼ −7.43% | ▼ −7.70% | $1,452.76 (+10.81%) |
Aug 26, 2026 5w ago | Insider Cluster | $1,311.08 $1,219.36 | ▼ −7.00% | ▼ −6.23% | $1,452.76 (+10.81%) |
Aug 24, 2026 5w ago | Court Ruling | $1,285.03 $1,261.99 | ▼ −1.79% | ▼ −2.26% | $1,452.76 (+13.05%) |
Aug 13, 2026 7w ago | Insider Cluster | $1,362.55 $1,310.60 | ▼ −3.81% | ▼ −1.85% | $1,452.76 (+6.62%) |
Aug 6, 2026 8w ago | Insider Cluster | $1,350.21 $1,358.05 | ▲ +0.58% | ▼ −0.63% | $1,452.76 (+7.60%) |
Jul 30, 2026 9w ago | 8-K | $1,426.03 $1,391.91 | ▼ −2.39% | ▼ −5.90% | $1,452.76 (+1.87%) |
Jun 12, 2026 15w ago | Press Release | $1,652.29 $1,537.88 | ▼ −6.92% | ▼ −5.54% | $1,452.76 (−12.08%) |
Jun 3, 2026 17w ago | Insider Cluster | $1,650.98 $1,589.55 | ▼ −3.72% | ▼ −1.17% | $1,452.76 (−12.01%) |
May 29, 2026 17w ago | Insider Cluster | $1,537.90 $1,481.05 | ▼ −3.70% | ▼ −0.95% | $1,452.76 (−5.54%) |
US Market Status
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