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Macom Technology Solutions Holdings (MTSI) FY2025 results: revenue $967 million, up 32.6% on the year

Macom Technology Solutions Holdings, Inc. (MTSI) reported revenue of $967 million for fiscal 2025, the year ended 3 October 2025, up 32.6% on the year before. Net income was -$54 million, and diluted earnings per share $-0.73. The figures are the company's own, from the 10-K it filed with the SEC on 14 November 2025.

Revenue
$967 million
+32.6% on the year
FY2018FY2025
Operating margin
13.4%
10.1% a year earlier
FY2018FY2025
Net income
-$54 million
FY2018FY2025
Diluted EPS
-$0.73
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 3 new.

  • Revenue rose 30.1% from a year earlier: Revenue was $261.2 million, up 30.1% from $200.7 million a year earlier and 3.6% from the prior quarter's $252.1 million.
  • GAAP net income rose to $45.1 million: GAAP net income was $45.1 million, or $0.59 per diluted share, against $29.4 million, or $0.39, a year earlier and $36.5 million, or $0.48, in the prior quarter.
  • Adjusted EPS of $0.94 per diluted share: Adjusted net income was $71.4 million, or $0.94 per diluted share, compared with $0.73 a year earlier and $0.90 in the prior quarter.
  • Adjusted gross margin 57.1%, down year on year: Adjusted gross margin was 57.1%, against 58.1% a year earlier and 57.6% in the prior quarter.
  • Adjusted operating margin 25.6%: Adjusted income from operations was $67.0 million, or 25.6% of revenue, against $50.7 million, or 25.2%, a year earlier.
Read the Q4 FY2025 earnings call summary

From this 10-K

MACOM Technology Solutions designs, develops and makes semiconductor products for the Industrial and Defense, Data Center and Telecommunications markets. It offers thousands of standard and custom devices, including integrated circuits, multi-chip modules, diodes, amplifiers, switches and switch limiters, passive and active components, and radio frequency and optical subsystems, sold to over 6,000 end customers. Its customers build these parts into larger systems such as wireless basestations, optical networks, data center networks, radar, medical systems and satellite networks. It is headquartered in Lowell, Massachusetts, and was incorporated in Delaware in March 2009, while some of its operations date back over 70 years to the founding of Microwave Associates.

Macom Technology Solutions Holdings, Inc., the 10-K for 2025

MACOM Technology Solutions designs, develops and makes semiconductor products for the Industrial and Defense, Data Center and Telecommunications markets. It offers thousands of standard and custom devices, including integrated circuits, multi-chip modules, diodes, amplifiers, switches and switch limiters, passive and active components, and radio frequency and optical subsystems, sold to over 6,000 end customers. Its customers build these parts into larger systems such as wireless basestations, optical networks, data center networks, radar, medical systems and satellite networks. It is headquartered in Lowell, Massachusetts, and was incorporated in Delaware in March 2009, while some of its operations date back over 70 years to the founding of Microwave Associates.

Markets

In Industrial and Defense its parts go into radar warning receivers, tactical radios, unmanned aerial vehicles, electronic countermeasures, smart munitions and satellite communications, along with air traffic control radar, MRI body coils and test and measurement equipment. In Data Center it sells transimpedance amplifiers, modulator drivers, lasers and photodetectors that its customers use to build 800G, 1.6T and 3.2T optical transceivers. In Telecom it sells clock and data recovery chips, laser and modulator drivers and other components for long haul, metro and fiber optic networks, along with components for wired broadband and for terrestrial and space-based communication systems.

Manufacturing

It runs its own wafer fabrication and assembly and test facilities and also uses external foundries and assembly and test partners. It operates semiconductor fabrication facilities in Lowell, Massachusetts; Research Triangle Park, North Carolina; Ann Arbor, Michigan; and Limeil-Brévannes, France, making compound semiconductors including gallium arsenide, gallium nitride and indium phosphide. The company states that its Lowell facility has been accredited by the United States Department of Defense with Trusted Foundry status.

Acquisitions

In March 2023 it acquired Linearizer Technology, a maker of solid state amplifiers and microwave linearizers in Hamilton, New Jersey, and in May 2023 it bought the main manufacturing facilities and other assets of OMMIC SAS in Limeil-Brévannes, France. In December 2023 it acquired the RF business of Wolfspeed, which makes GaN on Silicon Carbide products, and it took control of a wafer fabrication facility in Research Triangle Park on July 25, 2025. In November 2024 it acquired ENGIN-IC, a fabless designer of GaAs and GaN MMICs in Plano, Texas and San Diego, California.

Selling

It sells through its direct sales force, application engineers, independent sales representatives, resellers and distributors, mainly in North America, Asia and Europe. Its application engineers visit customers at their engineering and manufacturing sites to work on product designs.

People

As of October 3, 2025 it employed approximately 2,000 people in 18 countries, including approximately 800 in research and development. Of its employees, 75% were in North America, 13% in Asia Pacific and 12% in Europe.

From MACOM Technology Solutions' annual report on Form 10-K for the fiscal year ended 3 October 2025. The filing

Written from the 10-K filed 14 November 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue967730648+32.6%
Cost of revenue438336263+30.5%
Gross profit529394386+34.3%
Gross margin54.7%54.0%59.5%
Research and development244182149+34.2%
Selling, general and administrative155138130+12.3%
Operating income13073.7107+76.0%
Operating margin13.4%10.1%16.6%
Interest expense5.55.112.4+7.4%
Pre-tax income-29.091.5115
Income tax25.214.723.6+71.7%
Effective tax raten/a16.0%20.5%
Net income-54.276.991.6
Net margin-5.6%10.5%14.1%
Diluted EPS-$0.73$1.04$1.28
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow235163167+44.7%
Capital expenditure42.622.424.7+89.6%
Free cash flow193140142+37.5%
Free cash flow margin19.9%19.2%21.9%
Cash from investing-328-18136.3
Cash from financing58.1-9.1-149
Depreciation and amortisation63.367.252.2-5.9%
Share-based compensation79.445.638.1+73.9%
Buybacks43.114.232.6+203.4%
Diluted shares, weighted74m74m72m+0.6%
Shares outstanding at period end74m72m71m+3.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,3271,126948+17.8%
Debt501448447+11.7%
Operating lease liabilities28.424.222.8+17.7%
Finance lease liabilities30.531.131.8-2.0%
Other liabilities217126104+72.4%
Total liabilities and equity2,1031,7561,553+19.8%
Fixed assets230176149+30.8%
Goodwill336332323+1.2%
Intangible assets78.676.167.0+3.3%
Investments674586416+15.1%
Cash and equivalents112147174-23.6%
Receivables14910691.3+40.6%
Inventory238194136+22.3%
Other assets286139196+106.1%
Total assets2,1031,7561,553+19.8%

10-K for the year ended 3 October 2025, filed 14 November 2025: the filing.