The Q3 beat and Q4 guidance raise confirm accelerating AI-driven demand in Enterprise Data, which now dominates revenue mix. Watch for continued Enterprise Data momentum into 2027 and capacity expansion to $8B annual revenue support by H2 2027. The CFO/CAO appointments are routine internal moves and should not distract from the strong fundamental trajectory.
Price Chart
Executive Summary
Monolithic Power Systems (MPWR) reported Q3 2026 revenue of $1.2024B (up 63.1% YoY) and non-GAAP EPS of $8.19, both well above consensus of $1.16B and $7.75. Enterprise Data revenue surged 164.6% YoY to $506.7M, now 42.1% of total revenue. Q4 guidance of $1.315B-$1.385B revenue implies continued acceleration. Separately, the company appointed Tony Balow as CFO and Robert Dean as CAO, both internal promotions, which is a routine organizational change.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $1.2024B, up 63.1% YoY and 22.6% QoQ, exceeding $1B quarterly revenue for the first time
- Non-GAAP diluted EPS of $8.19, up 73.2% YoY and 26.0% QoQ
- Enterprise Data revenue of $506.7M, up 164.6% YoY and 33.2% QoQ, now 42.1% of total revenue
- Q4 2026 revenue guidance of $1.315B-$1.385B, midpoint $1.35B above consensus of $1.16B
- GAAP gross margin 55.4%, non-GAAP gross margin 55.7%, both stable to slightly up
- Operating cash flow of $289.9M in Q3, up from $227.9M in Q2
- Repurchased $453.4M of stock in Q3; Board authorized additional $500M for buybacks in October 2026
- Tony Balow appointed CFO and Robert Dean appointed CAO, both internal promotions effective October 27, 2026
Financial Impact
Revenue beat consensus by ~$42M (3.7%); non-GAAP EPS beat consensus by $0.44 (5.7%); Q4 guidance midpoint of $1.35B is 16.4% above consensus
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Enterprise Data | $506.7M | +164.6% |
| Storage Computing | $192.2M | +3.0% |
| Communications | $187.4M | +134.7% |
| Automotive | $180.7M | +19.2% |
| Industrial | $71.4M | +29.0% |
| Consumer | $64.0M | -11.6% |
Risk Factors
- Stock-based compensation surged to $106.3M in Q3 from $53.5M in Q2, significantly outpacing revenue growth
- Accounts receivable rose to $461.6M (35 DSO) from $343.6M (32 DSO), indicating potential collection pressure
- Cash and short-term investments declined to $1.091B from $1.414B due to $453.4M in buybacks
- Storage and Computing revenue declined 3.8% QoQ, and Consumer revenue fell 11.6% YoY
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068202 |
| Document: mpwr-20261027.htm | 0001628280-26-068202 |
| Document: mpwr-20260930xexx992.htm | 0001628280-26-068202 |
| Document: 0001628280-26-068202-index-headers.html | 0001628280-26-068202 |
| Document: 0001628280-26-068202-index.html | 0001628280-26-068202 |
| Document: 0001628280-26-068202.txt | 0001628280-26-068202 |
| 8-K Data (Synthetic) | 0001628280-26-068202 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 3 | $1,184.00 | awaiting T+20 | awaiting T+20 | $1,211.63 (+2.33%) |
Oct 29, 2026 3d ago | 8-K | $1,222.44 | awaiting T+20 | awaiting T+20 | $1,211.63 (−0.88%) |
Sep 10, 2026 7w ago | Press Release | $1,234.46 $1,386.29 | ▲ +12.30% | ▲ +10.43% | $1,211.63 (−1.85%) |
Aug 26, 2026 9w ago | Insider Cluster | $1,311.08 $1,335.55 | ▲ +1.87% | ▲ +2.37% | $1,211.63 (−7.59%) |
Aug 26, 2026 9w ago | Insider Cluster | $1,311.08 $1,363.11 | ▲ +3.97% | ▲ +4.07% | $1,211.63 (−7.59%) |
Aug 24, 2026 9w ago | Court Ruling | $1,304.15 $1,355.47 | ▲ +3.94% | ▲ +3.69% | $1,211.63 (−7.09%) |
Aug 13, 2026 11w ago | Insider Cluster | $1,402.01 $1,143.24 | ▼ −18.46% | ▼ −16.47% | $1,211.63 (−13.58%) |
Aug 6, 2026 12w ago | Insider Cluster | $1,401.54 $1,223.86 | ▼ −12.68% | ▼ −12.28% | $1,211.63 (−13.55%) |
Jul 30, 2026 13w ago | 8-K | $1,426.03 $1,251.58 | ▼ −12.23% | ▼ −15.22% | $1,211.63 (−15.03%) |
Jun 12, 2026 20w ago | Press Release | $1,652.29 $1,291.38 | ▼ −21.84% | ▼ −21.09% | $1,211.63 (−26.67%) |
US Market Status
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