← Filings of MPWR

Tables in the 10-K of MONOLITHIC POWER SYSTEMS, INC.

76 tables with numbers, filed Feb 27, 2026. Each one downloads as a CSV for Excel or Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed. Open the filing on sec.gov ↗

		Page
PART I
Item 1.	Business	7
	Information about Executive Officers	11
Item 1A.	Risk Factors	12
Item 1B.	Unresolved Staff Comments	30
Item 1C.	Cybersecurity	29
Item 2.	Properties	30

		Percentage of Total Revenue
End Markets	Applications	2025	2024		2023
Storage and Computing	Memory, storage solutions, notebooks, and graphics cards	26.3%		22.7%		27.0%
Enterprise Data	Cloud-based and on-premises CPU servers and workstations, and artificial intelligence (“AI”) systems	25.2%		32.5%		17.7%
Automotive	Advanced driver assistance systems, infotainment, USB connectors, body electronics, motion control, and lighting systems	21.2%		18.8%		21.7%
Communications	Network infrastructure, satellite communications, optical modules, switches, and other wireless solutions	11.1%		10.2%		11.3%
Consumer	Home appliances, gaming, smart TVs, lighting, monitors, and stereos	9.1%		9.1%		12.9%
Industrial	Power sources, industrial meters, security, and other industrial equipment	7.1%		6.7%		9.4%

Name	Age	Position
Michael Hsing	66	President, Chief Executive Officer and Director
Bernie Blegen (1)	68	Executive Vice President, Chief Financial Officer
Deming Xiao	63	Executive Vice President, Global Operations
Maurice Sciammas	66	Executive Vice President, Worldwide Sales and Marketing
Saria Tseng	55	Executive Vice President, Strategic Corporate Development, General Counsel and Corporate Secretary

	U.S.		Other Countries	Total
	(In square feet)
Owned facilities		216,000			973,000	1,189,000
Leased facilities		23,000			469,000	492,000
Total facilities		239,000			1,442,000	1,681,000

Period	Total Number of Shares Purchased		Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Program	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
	(In thousands, except per share amounts)
October 1, 2025 – October 31, 2025		1		$1,004.20		1		$494,629
November 1, 2025 – November 30, 2025		-	(a)	$932.64		-	(a)	$494,045
December 1, 2025 – December 31, 2025		1		$952.85		1		$493,366
Total		2		$964.61		2

	Year Ended December 31,
	2025		2024 (As Restated)	2023
	(In thousands, except percentages)
Revenue	$2,790,459			100.0%		$2,207,100		100.0%		$1,821,072		100.0%
Cost of revenue		1,250,718			44.8		986,230		44.7		799,953		43.9
Gross profit		1,539,741			55.2		1,220,870		55.3		1,021,119		56.1
Operating expenses:
Research and development		382,263			13.7		324,748		14.7		263,643		14.5

	Year Ended December 31,
End Market	2025		% of Revenue	2024		% of Revenue		2023		% of Revenue
	(In thousands, except percentages)
Storage and Computing	$732,522			26.3%			$501,576				22.7%		$491,139		27.0%
Enterprise Data		701,846			25.2				716,264			32.5		322,980		17.7
Automotive		592,518			21.2				413,973			18.8		394,665		21.7
Communications		309,064			11.1				225,905			10.2		204,911		11.3
Consumer		255,155			9.1				202,015			9.1		234,660		12.9

	December 31,
	2025		2024 (As Restated)
	(In thousands, except percentages)
Cash and cash equivalents	$1,099,302			$691,816
Short-term investments		157,243			171,130
Total cash, cash equivalents and short-term investments	$1,256,545			$862,946
Percentage of total assets		30.0%			24.5%
Total current assets	$2,183,802			$1,565,053

	Page
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)	42
Consolidated Balance Sheets	44
Consolidated Statements of Operations	45
Consolidated Statements of Comprehensive Income	46
Consolidated Statements of Stockholders’ Equity	47
Consolidated Statements of Cash Flows	48
Notes to Consolidated Financial Statements	49

											Accumulated
	Common Stock and					Other		Total
	Additional Paid-in Capital		Retained	Comprehensive		Stockholders’
	Shares		Amount	Earnings		Loss		Equity
Balance as of January 1, 2023		47,107		$975,276			$716,403			$(23,077)		$1,668,602
Net income		-			-				427,374			-	427,374
Other comprehensive loss		-			-				-			(3,985)	(3,985)
Dividends and dividend equivalents declared ($4.00 per share)		-			-				(196,713)			-	(196,713)

	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Net cash provided by operating activities	$838,202			$788,410			$638,213
Net cash provided by (used in) investing activities		(157,269)				223,047		(178,726)
Net cash used in financing activities		(285,863)				(872,227)		(183,725)
Effect of change in exchange rates		12,510				(8,470)		(3,310)
Net increase in cash, cash equivalents and restricted cash	$407,580			$130,760			$272,452

	Year Ended December 31,
	2025		2024 (As Restated)		2023
Net income	$621,483			$1,592,058			$427,374
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		33,576				(22,843)		(9,528)
Change in unrealized gains and losses on available-for-sale securities, net of tax of $285, $(153) and $1,352, respectively		(217)				1,394		5,543
Other comprehensive income (loss), net of tax		33,359				(21,449)		(3,985)
Comprehensive income	$654,842			$1,570,609			$423,389

	Year Ended December 31,
	2025		2024 (As Restated)		2023
Cash flows from operating activities:
Net income	$621,483			$1,592,058			$427,374
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		52,513				36,430		40,168
Amortization of discount on available-for-sale securities		(4,103)				(20,145)		(5,277)
Gain on deferred compensation plan investments		(10,033)				(9,400)		(8,505)

	December 31,
	2025		2024
Deferred compensation plan asset components:
Cash surrender value of corporate-owned life insurance policies	$31,612			$27,249
Fair value of mutual funds and money market funds		75,484			65,337
Total	$107,096			$92,586
Deferred compensation plan assets reported in:
Other long-term assets	$107,096			$92,586

	December 31, 2024
RESTATED CONSOLIDATED BALANCE SHEET	As Previously Reported	Impact of Restatement		As Restated
Deferred tax assets, net	$1,326,840		(101,275)		$1,225,565
Total assets	$3,617,097		(101,275)		$3,515,822
Deferred tax liabilities	$-		93,367		$93,367
Total liabilities	$471,330		93,367		$564,697
Retained earnings	$2,487,461		(194,642)		$2,292,819
Total stockholders’ equity	$3,145,767		(194,642)		$2,951,125

	Year Ended December 31, 2024
RESTATED CONSOLIDATED STATEMENT OF OPERATIONS	As Previously Reported	Impact of Restatement	As Restated
Income tax benefit, net	$(1,213,788)		194,642	$(1,019,146)
Net income	$1,786,700		(194,642)	$1,592,058
Net income per share:
Basic	$36.76		(4.00)	$32.76
Diluted	$36.59		(3.99)	$32.60

	Retained Earnings
RESTATED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY	As Previously Reported	Impact of Restatement	As Restated
Net income	$1,786,700		(194,642)	$1,592,058
Balance as of December 31, 2024	$2,487,461		(194,642)	$2,292,819

	Year Ended December 31, 2024
RESTATED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	As Previously Reported	Impact of Restatement	As Restated
Net income	$1,786,700		(194,642)	$1,592,058
Comprehensive income	$1,765,251		(194,642)	$1,570,609

	Year Ended December 31, 2024
RESTATED CONSOLIDATED STATEMENT OF CASH FLOWS	As Previously Reported	Impact of Restatement	As Restated
Net income	$1,786,700		(194,642)	$1,592,058
Deferred taxes, net	$(1,302,911)		194,642	$(1,108,269)

	Year Ended December 31,
Country or Region	2025		2024		2023
China	$1,544,272			$1,178,341			$934,768
Taiwan		550,110				577,956		307,499
South Korea		252,737				167,899		169,867
Southeast Asia		148,136				78,765		85,150
Europe		113,533				86,899		132,620
U.S.		96,744				55,235		97,294

	Year Ended December 31,
Customer	2025		2024	2023
Distributor A		26%			31%	26%
Distributor B		18%			20%	19%
Distributor C		10%			*	10%

	Amortized Cost		Fair Value
Due in less than 1 year	$57,179			$57,179
Due in 1 - 5 years		100,064			100,064
Due in greater than 5 years		50			49
Total	$157,293			$157,292

	December 31, 2025
	Total		Level 1		Level 2		Level 3
Money market funds	$129,674			$129,674			$-	$-
Certificates of deposit		157,243				-		157,243	-
Auction-rate securities backed by student-loan notes		49				-		-	49
Mutual funds and money market funds under deferred compensation plan		75,484				75,484		-	-
Total	$362,450			$205,158			$157,243	$49

		December 31,
	Financial Statement Line Item	2025	2024
Operating lease ROU assets	Other long-term assets	$24,886		$16,915
Operating lease liabilities	Other accrued liabilities	$4,131		$2,819
	Other long-term liabilities	$19,972		$12,974

Tables in the 10-K of MONOLITHIC POWER SYSTEMS, INC.

Table 1 after “TABLE OF CONTENTS”

Table 2 after “We design and develop our products for the storage and computing, enterprise data, automotive, communications, consumer, and industrial end ”

Table 3 after “Information regarding our executive officers as of February 27, 2026 is as follows:”

Table 4 after “As of December 31, 2025, our owned and leased facilities in the U.S. and other countries that are individually in excess of 10,000 square fe”

Table 5 after “The following table represents details of our stock repurchase transactions during the three months ended December 31, 2025:”

Table 6 after “The following table summarizes our results of operations for the periods presented:”

Table 7 after “The following table summarizes our revenue by end market for the periods presented:”

Table 8 after “Cost of revenue primarily consists of costs incurred to manufacture, assemble and test our products, as well as warranty costs, inventory-re”

Table 9 after “R&D expenses primarily consist of cash-based compensation and benefits, stock-based compensation and deferred compensation for design and pr”

Table 10 after “SG&A expenses primarily include cash-based compensation and benefits, stock-based compensation and deferred compensation for sales, marketin”

Table 11 after “Liquidity and Capital Resources”

Table 12 after “The following table summarizes our cash flow activities for the periods presented:”

Table 13 after “Contents”

Table 14 after “(In thousands, except par value)”

Table 15 after “(In thousands, except per share amounts)”

Table 16 after “(In thousands)”

Table 17 after “(In thousands, except per share amounts)”

Table 18 after “(In thousands)”

Table 19 after “The liabilities for compensation deferred under the plan are recorded at fair value as of the end of each reporting period. Changes in the f”

Table 20 after “The impacts of the restatement are summarized below (in thousands, except per-share amounts):”

Table 21 after “The impacts of the restatement are summarized below (in thousands, except per-share amounts):”

Table 22 after “The impacts of the restatement are summarized below (in thousands, except per-share amounts):”

Table 23 after “The impacts of the restatement are summarized below (in thousands, except per-share amounts):”

Table 24 after “The impacts of the restatement are summarized below (in thousands, except per-share amounts):”

Table 25 after “The Company derives a majority of its revenue from sales to customers located outside North America, with geographic revenue based on the cu”

Table 26 after “The following table summarizes those customers with sales equal to 10% or more of the Company’s total revenue for the periods presented:”

Table 27 after “The following table summarizes those customers with accounts receivable equal to 10% or more of the Company’s total accounts receivable:”

Table 28 after “The following is a summary of the Company’s cash, cash equivalents and debt investments (in thousands):”

Table 29 after “The following is a summary of the Company’s cash, cash equivalents and debt investments (in thousands):”

Table 30 after “The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of December 31, ”

Table 31 after “The following tables detail the fair value of the Company’s financial assets measured on a recurring basis (in thousands):”

Table 32 after “The following tables detail the fair value of the Company’s financial assets measured on a recurring basis (in thousands):”

Table 33 after “Inventories consist of the following (in thousands):”

Table 34 after “Other current assets consist of the following (in thousands):”

Table 35 after “Property and equipment, net, consist of the following (in thousands):”

Table 36 after “Other long-term assets consist of the following (in thousands):”

Table 37 after “Other accrued liabilities consist of the following (in thousands):”

Table 38 after “Other long-term liabilities consist of the following (in thousands):”

Table 39 after “The following table summarizes the balances of operating lease ROU assets and liabilities (in thousands):”

Table 40 after “The following tables summarize certain information related to the leases for the periods presented (in thousands, except percentages and yea”

Table 41 after “The following tables summarize certain information related to the leases for the periods presented (in thousands, except percentages and yea”

Table 42 after “The following tables summarize certain information related to the leases for the periods presented (in thousands, except percentages and yea”

Table 43 after “As of December 31, 2025, the maturities of the lease liabilities were as follows (in thousands):”

Table 44 after “The Company recognized stock-based compensation expense as follows for the periods presented (in thousands):”

Table 45 after “A summary of RSU activity is presented in the table below (in thousands, except per share amounts):”

Table 46 after “The Company has a dividend program approved by its Board of Directors, pursuant to which the Company intends to pay quarterly cash dividends”

Table 47 after “The components of other income, net, were as follows for the periods presented (in thousands):”

Table 48 after “The following table sets forth the computation of basic and diluted net income per share for the periods presented (in thousands, except per”

Table 49 after “The purchase price allocation for Axign was as follows (in thousands):”

Table 50 after “The components of income before income taxes were as follows for the periods presented (in thousands):”

Table 51 after “The components of the income tax expense (benefit), net were as follows for the periods presented (in thousands):”

Table 52 after “Beginning in 2025 annual reporting, we adopted ASU 2023-09 prospectively. Refer to Note 1, Summary of Significant Accounting Policies for ad”

Table 53 after “Beginning in 2025 annual reporting, we adopted ASU 2023-09 prospectively. Refer to Note 1, Summary of Significant Accounting Policies for ad”

Table 54 after “The amount of cash paid for income taxes (net of refunds) is as follows (in thousands):”

Table 55 after “The components of net deferred tax assets consist of the following (in thousands):”

Table 56 after “A reconciliation of the beginning and ending balance of valuation allowances was as follows for the periods presented (in thousands):”

Table 57 after “A reconciliation of the gross unrecognized tax benefits was as follows (in thousands):”

Table 58 after “Total estimated future unconditional purchase commitments to all suppliers and other parties as of December 31, 2025 were as follows (in tho”

Table 59 after “The following is a summary of long-lived assets by geographic region (in thousands):”

Table 60 after “(in thousands, except par value):”

Table 61 after “(in thousands, except per-share amounts):”

Table 62 after “(in thousands):”

Table 63 after “(in thousands, except par value):”

Table 64 after “(in thousands, except per-share amounts):”

Table 65 after “(in thousands):”

Table 66 after “(in thousands, except par value):”

Table 67 after “(in thousands, except per-share amounts):”

Table 68 after “(in thousands):”

Table 69 after “(in thousands, except per-share amounts):”

Table 70 after “The following table summarizes the adoption of trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during”

Table 71 after “of trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the three months ended December 31, 2025:”

Table 72 after “(1) All financial statements”

Table 73 after “(3) Exhibits”

Table 74 after “Table of Contents”

Table 75 after “Table of Contents”

Table 76 after “Table of Contents”

2026	$5,309
2027		5,082
2028		3,732
2029		2,957
2030		1,908
Thereafter		13,440
Total remaining lease payments		32,428
Less: imputed interest		(8,325)

	Total Time-based RSUs, PSUs and MSUs
	Number of Shares		Weighted-Average Grant Date Fair Value Per Share
Outstanding at January 1, 2023		2,659		$176.50
Granted		363	(1)	$444.86
Vested		(911)		$177.54
Forfeited		(25)		$209.23
Outstanding at December 31, 2023		2,086		$222.04
Granted		402	(1)	$584.49

Inventory	$720
Other tangible assets acquired, net of liabilities assumed		1,623
Intangible assets:
Developed technology		9,184
IPR&D		2,147
Total identifiable net assets acquired		13,674
Goodwill		19,724
Total net assets acquired	$33,398

	Year Ended December 31, 2025
	Amount		Percent
U.S. federal statutory income tax rate	$160,905			21.0%
Domestic federal
Tax credits
Research credits		(19,491)			(2.5)
Nontaxable and nondeductible items, net
Share-based payments		39,963			5.2

	Year Ended December 31,
	2025
U.S. federal	$16,162
State and local		940
Foreign
Switzerland		72,005
Other foreign		5,954
Total foreign		77,959

Period	Balance at Beginning of Period	Additions		Reductions	Balance at End of Period
Year ended December 31, 2023	$20,321		$15,405		$(718)	$35,008
Year ended December 31, 2024 (As Restated)	$35,008		$3,575,542		$(2,079)	$3,608,471
Year ended December 31, 2025	$3,608,471		$21,618		$(12,527)	$3,617,562

Balance as of January 1, 2023	$49,277
Increase for tax position of current year		14,108
Increase for tax position of prior year		2,209
Decrease due to settlement with tax authorities		(1,926)
Decrease due to lapse of statute of limitation		(1,008)
Balance as of December 31, 2023		62,660
Increase for tax position of current year		18,125
Increase for tax position of prior year		2,180

	December 31,
Country	2025		2024
China	$332,506			$237,649
U.S.		165,107			171,514
Taiwan		65,081			42,388
Other		64,995			43,394
Total	$627,689			$494,945

	March 31, 2025
	As Previously Reported		Impact of Restatement		As Restated
ASSETS
Current assets:
Cash and cash equivalents	$637,354			$-			$637,354
Short-term investments		389,310				-		389,310
Accounts receivable, net		214,866				-		214,866
Inventories		454,793				-		454,793

	Three Months Ended March 31, 2025
	As Previously Reported		Impact of Restatement		As Restated
Revenue	$637,554			$-			$637,554
Cost of revenue		284,324				-		284,324
Gross profit		353,230				-		353,230
Operating expenses:
Research and development		92,227				-		92,227
Selling, general and administrative		92,244				-		92,244