MONOLITHIC POWER SYSTEMS INC
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
MPWR$1,357.60-2.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| 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) |
| Deferred taxes, net | 39,694 | (1,108,269) | 5,865 |
| Stock-based compensation expense | 227,491 | 205,640 | 149,711 |
| Other | (737) | 28 | (1,447) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (83,066) | 7,325 | 2,884 |
| Inventories | (145,077) | (35,215) | 63,583 |
| Other assets | 60,119 | 54,544 | (24,310) |
| Accounts payable | 41,239 | 23,169 | 4,797 |
| Accrued compensation and related benefits | 19,827 | 8,743 | (31,187) |
| Income tax liabilities | 1,994 | 13,226 | (308) |
| Other accrued liabilities | 16,858 | 20,276 | 14,865 |
| Net cash provided by operating activities | 838,202 | 788,410 | 638,213 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (172,013) | (146,118) | (57,578) |
| Purchases of intangible assets | (2,928) | (18,175) | - |
| Purchases of investments | (397,429) | (1,082,706) | (582,603) |
| Maturities and sales of investments | 419,578 | 1,508,135 | 468,308 |
| Cash paid for acquisition, net of cash acquired | - | (33,283) | - |
| Contributions to deferred compensation plan | (4,477) | (4,806) | (6,853) |
| Net cash provided by (used in) investing activities | (157,269) | 223,047 | (178,726) |
| Cash flows from financing activities: | |||
| Property and equipment purchased on extended payment terms | (2,600) | (4,087) | (2,826) |
| Proceeds from common stock issued | 9,220 | 8,727 | 8,686 |
| Repurchases of common stock | (7,686) | (636,244) | (3,741) |
| Dividends and dividend equivalents paid | (284,797) | (240,623) | (185,844) |
| 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 |
| Cash, cash equivalents and restricted cash, beginning of period | 691,941 | 561,181 | 288,729 |
| Cash, cash equivalents and restricted cash, end of period | $1,099,521 | $691,941 | $561,181 |
| Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets: | |||
| Cash and cash equivalents | $1,099,302 | $691,816 | $527,843 |
| Restricted cash included in other current assets | - | - | 33,204 |
| Restricted cash included in other long-term assets | 219 | 125 | 134 |
| Total cash, cash equivalents, and restricted cash | $1,099,521 | $691,941 | $561,181 |
| Supplemental disclosures for cash flow information: | |||
| Cash paid for income taxes, net | $95,061 | $79,562 | $85,128 |
| Non-cash investing and financing activities: | |||
| Liability accrued for property and equipment purchases | $14,521 | $22,292 | $1,784 |
| Liability accrued for dividends and dividend equivalents | $80,588 | $63,409 | $53,213 |
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