The massive beat and raised guidance confirm accelerating AI infrastructure demand. The $500M buyback authorization adds a floor. Watch for continued Enterprise Data momentum and any tariff/geopolitical commentary on the earnings call. The stock is likely to gap up significantly.
Price Chart
Executive Summary
Monolithic Power Systems (MPWR) reported a massive Q2 2026 beat, with revenue of $980.6M (+47.6% YoY) and non-GAAP EPS of $6.50, far exceeding the $5.88 consensus. The standout was Enterprise Data revenue surging 164% YoY to $380.6M, driven by AI and server power solutions. The company guided Q3 revenue to $1.14-$1.16B, well above the $1.03B consensus, and authorized a $500M buyback, signaling strong demand momentum in AI infrastructure.
Key Financial Metrics
Key Facts
- Q2 2026 revenue was $980.6M, up 47.6% YoY and 21.9% QoQ, a record.
- Non-GAAP diluted EPS was $6.50, beating the $5.88 consensus by 10.5%.
- Enterprise Data revenue hit $380.6M, up 164.3% YoY, representing 38.8% of total revenue.
- Q3 2026 revenue guidance of $1.14B-$1.16B is well above the $1.03B consensus.
- Board authorized an additional $500M for stock repurchases, bringing total authorization to $1B.
- All end markets grew sequentially, with Communications up 18% and Storage & Computing up 14.6%.
- GAAP operating margin expanded to 31.0% from 24.8% YoY; non-GAAP operating margin was 37.5%.
- Operating cash flow was $227.9M, and cash & investments totaled $1.41B.
Financial Impact
Revenue beat consensus by ~$77M (8.6%), EPS beat by $0.62 (10.5%). Q3 guidance midpoint of $1.15B is ~$120M above consensus.
Risk Factors
- Geopolitical/tariff risks on China exposure
- Inventory build ($675.8M, up 9% QoQ) could signal future normalization
- Consumer and Storage & Computing end markets remain soft YoY
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-051029 |
| Document: mpwr-20260730.htm | 0001628280-26-051029 |
| Document: 0001628280-26-051029-index-headers.html | 0001628280-26-051029 |
| Document: 0001628280-26-051029-index.html | 0001628280-26-051029 |
| Document: 0001628280-26-051029.txt | 0001628280-26-051029 |
| 8-K Data (Synthetic) | 0001628280-26-051029 |
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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