Short answer
MAXLINEAR, INC (MXL) filed its fiscal 2025 10-K annual report with the SEC on Jan 29, 2026. It reported revenue of $468M (+29.7% year over year) and net income of −$137M.
- Top risk flagged: Legal risk from terminated merger with Silicon Motion, including arbitration filed Oct 5, 2023, and potential class action lawsuits alleging material misrepresentations
FY2025 key financial metrics · XBRL
- Revenue
- $468M
- +29.7% YoY
- Net income
- −$137M
- +44.3% YoY
- Operating margin
- -27.1%
- +34.8 pp YoY
- Gross margin
- 56.8%
- +2.8 pp YoY
- EPS (diluted)
- −$1.58
- +46.1% YoY
- ROE
- -30.2%
- +17.2 pp YoY
- Operating cash flow
- $20M
- +143.3% YoY
Source: XBRL data from the MAXLINEAR, INC (MXL) FY2025 10-K on SEC EDGAR. USD.
MAXLINEAR, INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Fabless design of integrated communication SoCs combining RF, analog, mixed-signal, DSP, and embedded processors for broadband, mobile, data center, and industrial markets
- Emphasis on advanced full spectrum capture (FSCTM) receiver SoCs processing entire RF spectrum for improved broadband gateway and 5G infrastructure applications
- Strategic focus shift toward enabling next-gen data center interconnect speeds from 400G to 800/1600Gbps and innovative 5G MMIMO transceiver integration
- Investment highlighted in R&D for low-power, highly integrated SoCs addressing power, size, and heat dissipation challenges in cloud data centers and wireless networks
- Noteworthy: Industry trend of data traffic growth inside data centers significantly outpacing external data flows driving need for ultra-high bandwidth, low-latency networking SoCs
Management Discussion & Analysis
- Revenue $467.6M in 2025, up 30% YoY from $360.5M; broadband grew $87.6M (+75%), connectivity $22.2M (+40%), infrastructure $34.3M (+30%), industrial down $37.0M (-50%)
- Gross margin improved to 57% in 2025 from 54% in 2024; operating loss narrowed to (27)% from (62)%
- Best performing segment: broadband $204.4M revenue (44% of total); worst: industrial and multi-market $37.1M (8% of total), down 50% YoY
- Operating cash flow positive $19.6M in 2025 vs negative $45.3M in 2024; capex $12.6M, intangible assets $7.2M investments; $20.0M stock repurchases; total cash $101.4M year-end
- Management expects ongoing revenue volatility due to industry cyclicality; notes risk from variable interest rates on $125M debt and impact of litigation costs
Risk Factors
- Legal risk from terminated merger with Silicon Motion, including arbitration filed Oct 5, 2023, and potential class action lawsuits alleging material misrepresentations
- Geopolitical risk from escalating trade wars and military conflicts impacting export authorizations and global sales exposure
- Operational risk due to dependence on limited number of customers, with loss or reduction significantly affecting revenue and results
- Competitive risk from failure to develop and introduce new or enhanced products timely, impacting market position against rivals
- Financial risk from variable interest rates on credit agreements increasing costs and affecting cash flows and debt servicing capability
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