MPWR · 10-Q · 2026Q3 · Full report

Operating Expense Trends

MONOLITHIC POWER SYSTEMS, INC. · 2026-11-03 · Importance 57 · Surprise 38 · No source text

Third-quarter 2026 SG&A expense increased 48.2% to $167.3 million from $112.9 million, but declined to 13.9% of revenue from 15.3%. The quarterly $54.4 million increase was primarily driven by $31.7 million more stock-based compensation, $10.9 million more cash compensation and benefits, and $9.3 million more legal expense. Nine-month SG&A increased 25.5% to $389.2 million from $310.1 million, including increases of $32.3 million in cash compensation and benefits, $13.9 million in stock-based compensation, and $19.4 million in legal expense. Total operating expenses rose to $307.9 million in the quarter and $748.9 million for nine months, while their revenue shares fell to 25.6% and 25.2%, respectively.

Key facts

• Three-month SG&A expense was $167.3 million, or 13.9% of revenue, in 2026 versus $112.9 million, or 15.3%, in 2025; the $54.4 million increase was primarily driven by higher stock-based compensation ($31.7 million), cash-based compensation and benefits ($10.9 million), and legal expense ($9.3 million). source
• Nine-month SG&A expense was $389.2 million, or 13.1% of revenue, in 2026 versus $310.1 million, or 15.2%, in 2025; the $79.1 million increase was primarily driven by higher cash-based compensation and benefits ($32.3 million), stock-based compensation ($13.9 million), and legal expense ($19.4 million). source

Impact estimates