MPS - Monolithic Power Systems Inc. reported FY 2025 revenue of USD 2.8 billion, up 26.4%, with gross profit of USD 1.5 billion and gross margin of 55.2%. FY 2025 operating income was USD 728.6 million and income before income taxes was USD 766.2 million. FY 2025 net income was USD 621.5 million, while income tax expense was USD 144.7 million (effective tax rate of 18.9%), reflecting the estimated impact of the H.R.1 Act signed on July 4, 2025, including immediate tax expensing of prior-year unamortized and current-year domestic R&D expenses and accelerated depreciation. By end market in FY 2025, Storage and Computing revenue was USD 732.5 million (up 46.0%), Automotive was USD 592.5 million (up 43.1%), Communications was USD 309.1 million (up 36.8%), Consumer was USD 255.2 million (up 26.3%), and Industrial was USD 199.4 million (up 35.3%); Enterprise Data revenue was USD 701.8 million (down 2.0%). The company attributed FY 2025 revenue growth primarily to higher shipment volume, citing increased sales of power solutions for memory, storage, notebooks and graphic cards; broad-based automotive demand led by advanced driver assistance systems and infotainment; and higher sales into optical modules and routers, home appliances and gaming, and power sources and instrumentation. MPS ended FY 2025 with USD 1.3 billion in cash, cash equivalents and short-term investments (30.0% of total assets) and working capital of USD 1.8 billion. FY 2025 net cash provided by operating activities was USD 838.2 million. The company repatriated USD 275.0 million of cash from certain foreign subsidiaries during FY 2025 with immaterial tax impact, primarily to fund stock repurchases, dividends and operations. MPS said it expects its liquidity to be sufficient for the next 12 months and disclosed total estimated future unconditional purchase commitments of USD 442.2 million as of December 31, 2025 (USD 389.8 million due within a year). On capital return, MPS repurchased USD 6.6 million of shares in FY 2025 under a USD 500.0 million program approved in February 2025, with USD 493.4 million remaining as of December 31, 2025, and reported accrued dividends of USD 76.0 million; the board also approved a quarterly dividend increase to USD 2.00 per share in February 2026, payable April 15, 2026.
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