MaxLinear (MXL) financial statements
MaxLinear reported revenue of $468M in fiscal 2025, up 2.1% a year over 9 years.
Net income was -$137M and the operating margin -27.1%, against 16.3% in 2016.
Free cash flow was $7M, and the company returned $20M in net buybacks.
The diluted share count rose 28% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MaxLinear's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $388M | $420M | $385M | $317M | $479M | $892M | $1.1B | $693M | $361M | $468M |
| Cost of revenue | $158M | $212M | $176M | $149M | $266M | $397M | $470M | $308M | $166M | $202M |
| Gross profit | $230M | $208M | $209M | $168M | $213M | $496M | $650M | $386M | $195M | $266M |
| Research and development | $98M | $112M | $120M | $98M | $180M | $278M | $296M | $270M | $225M | $209M |
| Selling, general and admin | $64M | $106M | $102M | $89M | $130M | $150M | $168M | $132M | $138M | $160M |
| Operating income | $63M | -$22M | -$19M | -$22M | -$101M | $65M | $180M | -$38M | -$223M | -$127M |
| Interest expense | $104,000 | $10M | $14M | $11M | $13M | $13M | $10M | $11M | $11M | $10M |
| Pre-tax income | $64M | -$34M | -$33M | -$32M | -$115M | $48M | $174M | -$64M | -$239M | -$141M |
| Income tax | $2M | -$25M | -$7M | -$13M | -$16M | $6M | $49M | $9M | $6M | -$4M |
| Net income | $61M | -$9M | -$26M | -$20M | -$99M | $42M | $125M | -$73M | -$245M | -$137M |
| EPS (diluted) | $0.91 | -$0.14 | -$0.38 | -$0.28 | -$1.35 | $0.53 | $1.55 | -$0.91 | -$2.93 | -$1.58 |
| Diluted shares | 68M | 66M | 68M | 71M | 73M | 80M | 81M | 81M | 84M | 87M |
| Gross margin | 59.3% | 49.5% | 54.2% | 52.9% | 44.5% | 55.6% | 58.0% | 55.6% | 54.0% | 56.8% |
| Operating margin | 16.3% | -5.2% | -5.0% | -7.0% | -21.1% | 7.3% | 16.1% | -5.5% | -62.0% | -27.1% |
| Net margin | 15.8% | -2.2% | -6.8% | -6.3% | -20.6% | 4.7% | 11.2% | -10.6% | -68.0% | -29.2% |
Balance sheet
Fiscal years, from MaxLinear's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $129M | $72M | $73M | $93M | $149M | $131M | $206M | $187M | $119M | $73M |
| Receivables | $50M | $66M | $59M | $50M | $67M | $120M | $171M | $171M | $85M | $46M |
| Inventory | $27M | $53M | $42M | $32M | $98M | $132M | $161M | $100M | $90M | $78M |
| Total current assets | $213M | $201M | $185M | $182M | $362M | $404M | $563M | $488M | $323M | $249M |
| Property, plant and equipment | $21M | $23M | $18M | $17M | $39M | $61M | $79M | $66M | $59M | $49M |
| Goodwill | $76M | $238M | $238M | $238M | $303M | $307M | $307M | $319M | $319M | $319M |
| Total assets | $423M | $825M | $744M | $706M | $1.0B | $1.1B | $1.2B | $1.1B | $865M | $796M |
| Total current liabilities | $55M | $76M | $75M | $67M | $234M | $207M | $341M | $222M | $182M | $186M |
| Long-term debt | $0 | $348M | $256M | $207M | $364M | $306M | $122M | $122M | $123M | $124M |
| Total liabilities | $70M | $437M | $344M | $291M | $631M | $561M | $504M | $394M | $348M | $345M |
| Shareholders' equity | $352M | $387M | $400M | $415M | $391M | $489M | $676M | $686M | $516M | $452M |
| Net debt | -$81M | $276M | $183M | $114M | $215M | $176M | -$66M | -$65M | $4M | $51M |
Cash flow
Fiscal years, from MaxLinear's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $117M | $75M | $103M | $78M | $74M | $168M | $389M | $43M | -$45M | $20M |
| Capital spending | $9M | $7M | $8M | $7M | $12M | $39M | $41M | $13M | $18M | $13M |
| Free cash flow | $109M | $68M | $95M | $71M | $61M | $129M | $347M | $30M | -$63M | $7M |
| Stock-based compensation | $22M | $33M | $32M | $32M | $48M | $59M | $82M | $55M | $66M | $77M |
| Share buybacks (net) | -$3,000 | -$334,000 | $0 | $0 | $0 | -$24M | -$32M | $0 | $0 | -$20M |
| Net borrowing | — | -$70M | -$163M | $0 | $175M | $350M | $0 | $0 | — | — |
| Free cash flow margin | 28.1% | 16.1% | 24.6% | 22.5% | 12.8% | 14.5% | 31.0% | 4.3% | -17.5% | 1.5% |
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What was MaxLinear's revenue in 2025?
$468M in fiscal 2025, from its 10-K filing.
How much free cash flow does MaxLinear generate?
$7M in fiscal 2025 (operating cash flow minus capital spending).
From MaxLinear's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.