MaxLinear Infrastructure Growth Accelerates to 210%

The Tip Desk · October 23, 2026 · 2 min read

Third-quarter net revenue reached $218.1 million as GAAP operating margin swung to a 13.9% profit.

MaxLinear, Inc. (MXL), a provider of radio frequency, analog, digital and mixed-signal integrated circuits, reported third-quarter net revenue of $218.1 million, up 29% sequentially and 72% year over year, accelerating from 23% sequential and 55% year-over-year growth in the second quarter.

The company said the infrastructure business rose 210% year over year, a faster pace than the 145% year-over-year increase in the prior quarter and the 136% year-over-year gain in the first quarter.

Chairman and Chief Executive Officer Kishore Seendripu attributed the optical AI data center ramp to volume on the Keystone PAM4 DSP platform and to an expanding infrastructure portfolio around the Rushmore and Annapurna families of 1.6T-capable optical and electrical products.

GAAP operating margin swung to a 13.9% profit from a 2.5% operating loss in the second quarter, after a 12.5% operating loss in the first quarter. Non-GAAP operating margin expanded to 29.5% from 22.3%, after 15.9% in the first quarter.

GAAP diluted earnings were $0.30 a share, versus a $0.02 profit in the prior quarter and a $0.52 loss a year earlier. Non-GAAP diluted earnings were $0.62 a share, compared with $0.35 in the second quarter.

GAAP gross margin expanded to 58.7% from 57.8%; non-GAAP gross margin rose to 60.0% from 59.5%. GAAP operating expenses fell 4% sequentially to $97.8 million from $101.8 million. Non-GAAP operating expenses rose 6% to $66.5 million from $62.8 million.

Cash, cash equivalents and restricted cash ended the quarter at $109.9 million. The company borrowed $40.0 million under its revolving credit facility in the period.

MaxLinear amended its Wells Fargo revolving credit facility, increasing available amounts by $70 million to $200 million.

The company estimates fourth-quarter 2026 revenue of $240 million to $260 million, above the $210 million to $220 million range it had given for the third quarter. GAAP gross margin is estimated at 58.0% to 61.0% and non-GAAP gross margin at 59.0% to 62.0%. GAAP operating expenses are estimated at $96 million to $101 million and non-GAAP operating expenses at $65 million to $70 million. Interest and other expense, net, is estimated at $3.5 million to $4.3 million on both bases. The company estimates a GAAP income tax benefit of $1.5 million and a non-GAAP tax provision of $1.5 million, with a fully diluted share count of 99.7 million.

Seendripu said the company believes it is well-positioned to deliver sustained growth, expanding profitability and long-term value as multiple growth drivers converge in the data center-focused business.