MaxLinear, Inc. Announces Third Quarter 2026 Financial Results
MAXLINEAR, INC (MXL) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 FOR IMMEDIATE RELEASE MaxLinear, Inc. Announces Third Quarter 2026 Financial Results • Q3 net revenue of $218.1 million, up 29% sequentially and up 72% year over year • Infrastructure business up 210% year over year reflecting accelerated adoption of optical AI data
How this was made
The 30-second read
Why it matters
The earnings beat and issued guidance are likely to lift the stock in the short term.
Market read
First‑report earnings with strong growth and issued outlook, relevant for semiconductor and AI‑infrastructure investors.
What to watch
Potential supply‑chain constraints and concentration in a few hyperscale customers.
Q3 net revenue of $218.1 million, up 29% sequentially and up 72% year over year; Infrastructure business up 210% year over year reflecting accelerated adoption of optical AI data center products.
Revenue grew 29% sequentially and 72% year over year, GAAP and non-GAAP operating margins expanded sharply, and fourth-quarter revenue guidance of $240 - $260 million is above the reported third-quarter revenue range.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenue, three months ended September 30, 2026GAAP | $218.1M | 29 % | 72 % |
| Gross profit, three months ended September 30, 2026GAAP | $128.1M | – | – |
| Gross margin, three months ended September 30, 2026GAAP | 58.7 % | 90 bps | 180 bps |
| Research and development, three months ended September 30, 2026GAAP | 60,642 | – | – |
| Selling, general and administrative, three months ended September 30, 2026GAAP | 36,947 | – | – |
| Restructuring charges, three months ended September 30, 2026GAAP | 254 | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $97.84M | (4) % | (14) % |
| Income from operations, three months ended September 30, 2026GAAP | 30,227 | – | – |
| Operating margin, three months ended September 30, 2026GAAP | 13.9 % | 1,640 bps | 4,660 bps |
| Interest income, three months ended September 30, 2026GAAP | 465 | – | – |
| Interest expense, three months ended September 30, 2026GAAP | (2,692) | – | – |
| Other income (expense), net, three months ended September 30, 2026GAAP | 170 | – | – |
| Income before income taxes, three months ended September 30, 2026GAAP | 28,170 | – | – |
| Income tax provision (benefit), three months ended September 30, 2026GAAP | (732) | – | – |
| Net income (loss), three months ended September 30, 2026GAAP | $28.90M | – | – |
| Basic net income (loss) per share, three months ended September 30, 2026GAAP | $ 0.32 | – | – |
| Diluted net income (loss) per share, three months ended September 30, 2026GAAP | $ 0.30 | 1400 % | 158 % |
| Non-GAAP gross profit, three months ended September 30, 2026non-GAAP | 130,805 | – | – |
| Non-GAAP gross margin, three months ended September 30, 2026non-GAAP | 60.0 % | 50 bps | 90 bps |
| Non-GAAP operating expenses, three months ended September 30, 2026non-GAAP | $66.52M | 6 % | 12 % |
| Non-GAAP income from operations, three months ended September 30, 2026non-GAAP | 64,290 | – | – |
| Non-GAAP operating margin, three months ended September 30, 2026non-GAAP | 29.5 % | 720 bps | 1,740 bps |
| Non-GAAP interest and other income (expense), net, three months ended September 30, 2026non-GAAP | (2,016) | – | – |
| Non-GAAP income before income taxes, three months ended September 30, 2026non-GAAP | 62,274 | – | – |
| Non-GAAP income tax provision, three months ended September 30, 2026non-GAAP | 1,500 | – | – |
| Non-GAAP net income, three months ended September 30, 2026non-GAAP | $60.77M | – | – |
| Non-GAAP basic net income per share, three months ended September 30, 2026non-GAAP | $ 0.67 | – | – |
| Non-GAAP diluted net income per share, three months ended September 30, 2026non-GAAP | $ 0.62 | 77 % | 343 % |
| Net revenue, nine months ended September 30, 2026GAAP | $524.1M | – | – |
| Gross profit, nine months ended September 30, 2026GAAP | 304,617 | – | – |
| Gross margin, nine months ended September 30, 2026GAAP | 58.1 % | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | 295,784 | – | – |
| Income from operations, nine months ended September 30, 2026GAAP | 8,833 | – | – |
| Net income (loss), nine months ended September 30, 2026GAAP | −$14.47M | – | – |
| Diluted net income (loss) per share, nine months ended September 30, 2026GAAP | $ (0.16) | – | – |
| Non-GAAP gross profit, nine months ended September 30, 2026non-GAAP | 312,883 | – | – |
| Non-GAAP gross margin, nine months ended September 30, 2026non-GAAP | 59.7 % | – | – |
| Non-GAAP operating expenses, nine months ended September 30, 2026non-GAAP | 189,229 | – | – |
| Non-GAAP income from operations, nine months ended September 30, 2026non-GAAP | 123,654 | – | – |
| Non-GAAP operating margin, nine months ended September 30, 2026non-GAAP | 23.6 % | – | – |
| Non-GAAP net income, nine months ended September 30, 2026non-GAAP | $114.5M | – | – |
| Non-GAAP diluted net income per share, nine months ended September 30, 2026non-GAAP | $ 1.21 | – | – |
| Infrastructure business growthother | 210% | – | 210% year over year |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Fourth Quarter 2026 outlook
- Revenue$240 - $260 million
- Gross marginGAAP 58.0% - 61.0%; Non-GAAP 59.0% - 62.0%
- Operating expensesGAAP $96 - $101 million; Non-GAAP $65 - $70 million
- NoteGAAP Interest and Other Expense, Net: $3.5 - $4.3 million
- NoteNon-GAAP Interest and Other Expense, Net: $3.5 - $4.3 million
- NoteGAAP Income Tax Provision (Benefit): $(1.5) million
- NoteNon-GAAP Income Tax Provision: $1.5 million
- NoteGAAP Fully Diluted Share Count: 99.7 million
- NoteNon-GAAP Fully Diluted Share Count: 99.7 million
What drove it
- Accelerated adoption of optical AI data center products.
- Volume ramp of the Keystone PAM4 DSP platform.
- Strength of the expanding infrastructure portfolio and customer activity centered around the Rushmore and Annapurna product families of 1.6T-capable optical and electrical products.
- New product introductions expanding the Company's footprint and content.
Concerns
- Net cash used in operating activities was $ (13,590) for the three months ended September 30, 2026.
- Accounts receivable, net was 73,381 and inventory was 113,722 as of September 30, 2026.
- The Company cited dependence on the ramp of optical data center and related connectivity products, concentration of anticipated growth in a limited number of hyperscale customers and AI-platform programs, and the sustainability of AI-related capital expenditure levels by hyperscale customers as risks.
- Long-term debt was 164,062 as of September 30, 2026.
What to watch
- Execution of the fourth-quarter revenue outlook of $240 - $260 million.
- The production ramp and customer adoption of the Keystone PAM4 DSP platform.
- Development, customer adoption and anticipated availability of the Rushmore and Annapurna product families of 1.6T-capable optical and electrical products.
- Operating cash flow, accounts receivable and inventory following the third-quarter revenue increase.
- Availability and use of the $200 million revolving credit facility.
Balance sheet and cash flow
- Net cash provided by (used in) operating activities, three months ended September 30, 2026: $ (13,590)
- Net cash provided by (used in) operating activities, nine months ended September 30, 2026: $ (17,653)
- Purchases of property and equipment, three months ended September 30, 2026: $ (5,940)
- Purchases of property and equipment, nine months ended September 30, 2026: $ (9,662)
- Purchases of intangible assets, three months ended September 30, 2026: $ (3,708)
- Purchases of intangible assets, nine months ended September 30, 2026: $ (5,373)
- Net cash used in investing activities, three months ended September 30, 2026: $ (9,648)
- Net cash used in investing activities, nine months ended September 30, 2026: $ (17,035)
- Proceeds from borrowings under revolving credit facility, three months ended September 30, 2026: 40,000
- Net cash provided by financing activities, three months ended September 30, 2026: 39,906
- Cash, cash equivalents and restricted cash at end of period: $ 109,864
- Cash and cash equivalents as of September 30, 2026: $ 81,085
- Short-term restricted cash as of September 30, 2026: 1,359
- Long-term restricted cash as of September 30, 2026: 27,420
- Accounts receivable, net as of September 30, 2026: 73,381
- Inventory as of September 30, 2026: 113,722
- Total assets as of September 30, 2026: $ 916,429
- Current liabilities as of September 30, 2026: $ 176,421
- Long-term debt as of September 30, 2026: 164,062
- Stockholders' equity as of September 30, 2026: 533,009
- Total liabilities and stockholders' equity as of September 30, 2026: $ 916,429
- The revolving credit facility was increased by $70 million to $200 million.
Analysis
MaxLinear reported third-quarter net revenue of $ 218,057, up 29 % from $ 168,847 in the June quarter and up 72 % from $ 126,459 a year earlier. Management attributed the acceleration to optical AI data center products, with infrastructure business up 210% year over year. The company specifically identified the Keystone PAM4 DSP volume ramp and activity around its Rushmore and Annapurna 1.6T-capable product families as growth drivers.
Profitability improved materially with volume. GAAP gross margin was 58.7 %, compared with 57.8 % in the prior quarter and 56.9 % a year ago, while GAAP operating margin reached 13.9 % from (2.5) % in the prior quarter and (32.7) % a year ago. Non-GAAP operating margin was 29.5 %, versus 22.3 % in the June quarter and 12.1 % in the prior-year quarter. GAAP net income was $ 28,902 and non-GAAP net income was $ 60,774.
Cash conversion did not track the reported profit in the quarter. Net cash used in operating activities was $ (13,590), while accounts receivable, net was 73,381 and inventory was 113,722 at September 30, 2026. The company also reported proceeds from borrowings under its revolving credit facility of 40,000 during the quarter, and long-term debt was 164,062 at period end. The credit agreement amendment increased the revolving credit facility by $70 million to $200 million.
For the fourth quarter, the company estimates revenue of $240 - $260 million, GAAP gross margin of 58.0% - 61.0%, and non-GAAP gross margin of 59.0% - 62.0%. It estimates GAAP operating expenses of $96 - $101 million and non-GAAP operating expenses of $65 - $70 million. The stated outlook carries the third-quarter revenue momentum forward, while the guide's gross-margin range frames the degree to which the higher data-center product mix can sustain profitability.
Management, verbatim
Our Q3 results underscore the significant growth inflection underway across MaxLinear’s overall business. We delivered 72% year-over-year revenue growth, including 210% growth year over year in AI datacenter-centric infrastructure revenue.
Kishore Seendripu, Chairman and Chief Executive Officer of MaxLinear
Strong momentum in our optical AI data center business reflects the volume ramp of our Keystone PAM4 DSP platform, as well as the strength of our expanding infrastructure portfolio and customer activity centered around our Rushmore and Annapurna product families of 1.6T-capable optical and electrical products.
Kishore Seendripu, Chairman and Chief Executive Officer of MaxLinear
Not in the filing
stated, not guessed- Prior-period outlook was not provided; comparison of reported results with prior guidance is unavailable.
- Revenue by reportable operating segment was not provided.
- Infrastructure business revenue was not provided.
- Free cash flow was not reported.
- Stock repurchases, dividends and other capital-return amounts were not reported.
- A fourth-quarter income tax rate was not provided.
- A reconciliation of fourth-quarter non-GAAP guidance to GAAP guidance was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
MaxLinear reported Q3 2026 financial results via an SEC 8‑K filing.
Ticker impact
Q3 2026 results show 72% YoY revenue growth and issued guidance to $240‑260M.
likely upward pressure as investors price in issued guidance
Revenue surged 72% YoY and the company issued its FY revenue outlook, indicating momentum that should support the stock.
Market effects
Boosts outlook for RF and data‑center semiconductor segment.
Positive for US tech equities.
Highlights AI‑driven data‑center demand worldwide.
Counterpoint
If AI data‑center spend slows, growth may be unsustainable.
Key entities
- companyMaxLinear, Inc.
RF and mixed‑signal IC provider.
