As of Q4'25, MPWR's latest operating income stands at USD 200M, marking a year-over-year growth rate of 22.4%. This represents a continued upward trajectory from the previous quarter, maintaining the company's strong performance into the end of 2025. Analyzing the period from Q1'23 to Q4'25, MPWR's operating income exhibited notable volatility in 2023, with several quarters of decline and negative YoY growth, particularly in Q2'23 (-20.8%) and Q4'23 (-19.9%). However, from Q1'24 onwards, the trend reversed, with operating income rebounding sharply and YoY growth turning positive, peaking at 76.7% in Q1'25. The data highlights a robust recovery and sustained growth in 2024 and 2025, culminating in record-high operating income by Q4'25.