MAXLINEAR, INCMXL

MAXLINEAR, INC Revenue Disclosure

10-KFiled Jan 29, 20262 min read
Revenue from Contracts with Customers
Revenue by Market
The table below presents disaggregated net revenues by market (in thousands):
Year Ended December 31,
202520242023
Broadband$204,423 $116,819 $203,519 
% of net revenue44 %32 %29 %
Connectivity77,990 55,769 138,228 
% of net revenue17 %15 %20 %
Infrastructure148,164 113,907 177,083 
% of net revenue32 %32 %26 %
Industrial and multi-market37,064 74,033 174,433 
% of net revenue8 %21 %25 %
Total net revenue$467,641 $360,528 $693,263 
Revenues from sales through the Company’s distributors accounted for 37%, 44% and 50% of net revenue for the years ended December 31, 2025, 2024, and 2023, respectively.
Contract Liabilities
As of December 31, 2025 and 2024, customer contract liabilities were approximately $4.2 million and $0.1 million, respectively, and consisted primarily of advanced payments received for which performance obligations have not been completed. Revenue recognized in each of the years ended December 31, 2025, 2024, and 2023 that was included in the contract liability balance as of the beginning of each of those respective periods was not material.
There were no material changes in the contract liabilities balance during the years ended December 31, 2025, 2024, and 2023, respectively.
Obligations to Customers for Price Adjustments and Returns and Assets for Right-of-Returns
As of December 31, 2025 and December 31, 2024, obligations to customers consisting of estimates of price protection rights offered to the Company’s end customers totaled $26.5 million and $43.4 million, respectively, and are included in accrued price protection liability in the consolidated balance sheets. For activity in this account, including amounts included in net revenue, refer to Note 7.
Other obligations to customers representing estimates of price adjustments to be claimed by distributors upon sell-through of their inventory to their end customer and estimates of stock rotation returns to be claimed by distributors on products sold as of December 31, 2025 were $11.9 million and $0.2 million, respectively, and as of December 31, 2024 were $43.0 million and $0.3 million, respectively, and are included in accrued expenses and other current liabilities in the consolidated
balance sheets (Note 7). The reason for the significant decrease in accrued obligations to distributor customers for price adjustments from approximately $43.0 million as of December 31, 2024 to approximately $11.9 million as of December 31, 2025, was due to a timing of issuing credits to customers.
As of December 31, 2025 and December 31, 2024, right of return assets under customer contracts representing the estimates of product inventory the Company expects to receive from customers in stock rotation returns were approximately $0.1 million and $0.1 million, respectively. Right of return assets are included in inventory in the consolidated balance sheets.
As of December 31, 2025 and December 31, 2024, there were no impairment losses recorded on customer accounts receivable.

Historical Timeline

Fiscal YearFiled
2025Jan 29, 2026Showing above
2024Jan 29, 2025
2023Jan 31, 2024
2022Feb 1, 2023
2021Feb 2, 2022
2020Feb 11, 2021
2019Feb 5, 2020
2018Feb 5, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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