TLDR
- MXL stock surged ~80% to $61.52 on Friday, its largest single-day gain ever
- Q1 adjusted EPS came in at $0.22, beating the $0.18 consensus estimate
- Revenue hit $137.2 million, up 43% year-over-year
- Infrastructure revenue grew 136% annually, now the company’s biggest segment
- Q2 guidance of $160M–$170M crushed Wall Street’s $137.1M estimate
MaxLinear had a Friday that most companies only dream about. The stock surged roughly 80% to $61.52, on track for its biggest single-day percentage gain in company history and its highest close since 2022.
The catalyst was a Q1 earnings report that came in ahead of expectations across the board. Adjusted EPS landed at $0.22, beating the $0.18 analyst consensus. Revenue reached $137.2 million, up 43% from the same quarter last year.
$MXL Q1’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $137.2M (Est. $134.56M) 🟢
🔹 EPS: $0.22 (Est. $0.18) 🟢Q2 Guide:
🔹 Revenue: approx. $160M to $170M
🔹 Non-GAAP Gross Margin: approx. 58.0% to 61.0%
🔹 Non-GAAP OpEx: approx. $61M to $66M
🔹 Non-GAAP Interest & Other Expense: approx.…— Wall St Engine (@wallstengine) April 23, 2026
But the number that really got Wall Street’s attention was infrastructure revenue growth of 136% year-over-year. That segment, driven by optical data-center platforms, is now the company’s largest — overtaking broadband for the first time.
CEO Kishore Seendripu said on a Thursday earnings call that the company’s Keystone optical transceiver platform is “ramping at multiple major high-scale customers across both the U.S. and Asia.”
Guidance Blows Past Estimates
For Q2, MaxLinear guided for net revenue of $160 million to $170 million. That’s well above the $137.1 million Wall Street had penciled in. Management also raised its full-year 2026 optical data-center revenue outlook by $40 million, now targeting $150 million to $170 million.
Needham analyst N. Quinn Bolton said the infrastructure shift is likely to push investors to pay a higher multiple for the stock. “We expect this gap to widen over the next few years on robust data center demand,” he wrote.
Needham upgraded MXL to Buy with a $60 price target, based on 25x its 2028 non-GAAP EPS estimate of $2.35. Susquehanna raised its target to $45 from $30, keeping a Neutral rating. Stifel reiterated Buy and lifted its target to $49 from $34.
Susquehanna analyst Christopher Rolland called it “the constructive update that many had been hoping for.”
Where the Stock Stands Now
Friday’s move puts MXL up roughly 250% year-to-date and around 500% over the past 12 months. The stock is trading near its 52-week high.
At current prices, MXL trades at about 43.6 times projected 12-month earnings. That’s double its multiple from a year ago, though still below larger peers like Lumentum and Ciena.
Ten analysts have revised their earnings estimates upward for the coming period, according to InvestingPro data. The consensus now forecasts EPS of $0.91 for fiscal 2026 — a sharp turnaround from a loss of $1.58 per share over the prior twelve months.
Stifel noted that Q1 revenue came in 1.6% above its own estimate, adding to its conviction on the Buy rating.
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