NXP Semiconductors N.V. (NXPI): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine room of a semiconductor giant, and honestly, NXP Semiconductors N.V.'s model is a masterclass in high-margin defense, focusing squarely on secure connectivity at the intelligent edge. Their strategy hinges on this focus, which drove Q3 2025 revenue to $3.17 billion while maintaining a strong Non-GAAP Gross Margin of 57.0%. The automotive segment, still their biggest slice at nearly 58.3% of trailing twelve-month revenue, is being fortified by deep R&D-spending $2.307 billion TTM-and key partnerships for the software-defined vehicle future. Dive below to see exactly how their key resources, from an extensive Intellectual Property portfolio of over 9,000 patents to their hybrid manufacturing setup, translate directly into these impressive results.

NXP Semiconductors N.V. (NXPI) - Canvas Business Model: Key Partnerships

You're looking at how NXP Semiconductors N.V. secures its supply and drives innovation through its network of partners. It's all about de-risking the supply chain and co-creating the next generation of automotive tech. Honestly, the sheer scale of these commitments tells you where the focus is.

Strategic Foundry Agreements for Supply Resilience

NXP Semiconductors N.V. is actively diversifying its manufacturing footprint, a clear response to the supply disruptions you remember from a few years back. This involves deep partnerships with major foundries. For instance, NXP holds a 10% equity stake in the European Semiconductor Manufacturing Company (ESMC) GmbH joint venture in Dresden, Germany, alongside TSMC, Bosch, and Infineon Technologies AG. This ESMC fab is planned to produce 40,000 300mm (12-inch) wafers monthly using 28/22nm planar CMOS and 16/12nm FinFET process technology, with total investments expected to exceed 10 billion euros. Separately, NXP announced a joint venture with Vanguard International Semiconductor Corp (VIS) to build a 12-inch fab in Singapore, VisionPower Semiconductor Manufacturing Co, with a planned investment of US$7.8 billion. NXP also maintains a long-standing relationship with TSMC via the Systems on Silicon Manufacturing Co (SSMC) in Singapore.

The commitment to geographic diversification is significant, especially since automakers requested supplies from two different continents or two foundry vendors.

Co-development with Rimac Technology on SDV Architecture

The push into software-defined vehicles (SDVs) is being cemented through key co-development efforts. NXP Semiconductors N.V. is working with Rimac Technology to advance centralized architectures for SDVs, using NXP's S32E2 processors. This collaboration is designed to consolidate the traditional vehicle setup of over 20 electronic control units (ECUs) into just three centralized units. Rimac Technology is the first to deploy the NXP S32E2 real-time processor series in its next-generation ECU platform. The acquisition of Kinara, an edge AI chip startup for $307 million in cash, is also aligned with this strategy, expected to be accretive to the financial model by 2028.

Global Network of Authorized Distributors

To ensure broad market reach, NXP Semiconductors N.V. relies on a global network of authorized distributors. These partners provide access to the complete product portfolio and manufacturer-backed support. For example, authorized distributor Mouser Electronics offers over 13,000 NXP products in stock or available to order, shipping to customers in 223 countries/territories. Key authorized distributors across the Americas, Asia Pacific, and EMEA include Arrow Electronics, Avnet, DigiKey, Future Electronics, and Mouser Electronics.

Technology Alliances with Automotive Tier 1 Suppliers and OEMs

NXP Semiconductors N.V. is a frontrunner in the automotive semiconductor market, holding a 10.8% market share in 2024, second only to Infineon Technologies. This position is reinforced by close cooperation with automotive OEMs and Tier 1 suppliers. The strength of these alliances is validated by recent recognition; for instance, NXP collected supplier awards from DENSO and Hyundai Motor Group and an innovation award from BMW Group in 2023 for its digital car key solution. The Automotive business unit is a core revenue driver, expected to remain steady at $1.8 billion in Q3 2025.

Recent Acquisitions for Edge AI and Connectivity

NXP Semiconductors N.V. recently closed two strategic acquisitions in late 2025 to bolster its edge AI and connectivity capabilities. The acquisition of Aviva Links, a provider of Automotive SerDes Alliance (ASA)-compliant in-vehicle connectivity solutions, was finalized on October 24, 2025, for $243 million in cash. This was followed by the completion of the Kinara acquisition on October 27, 2025, for $307 million in cash. The combined cash consideration for both deals totaled $550 million before closing adjustments.

Here's a quick look at the investment in these key strategic moves:

The Kinara technology is specifically intended to accelerate NXP's position in the Industrial & IoT markets.

NXP Semiconductors N.V. (NXPI) - Canvas Business Model: Key Activities

NXP Semiconductors N.V. focuses its core operations on several critical activities to maintain its position in the intelligent edge market.

High-value Research and Development (R&D) in mixed-signal and security.

The commitment to R&D is substantial, reflecting the complexity of mixed-signal and security solutions. Research and development expenses for the twelve months ending September 30, 2025, totaled $2.307B. To bolster R&D capabilities specifically in India, NXP Semiconductors committed to investing over US$1 billion in the country over the next few years. Furthermore, the company secured a €1 billion loan from the European Investment Bank (EIB) on January 15, 2025, earmarked for RDI (Research, Development, and Innovation) investments across its portfolio.

Key R&D investment activities include:

• Securing a €1 billion EIB loan facility for RDI investments as of January 2025.
• Committing to double R&D efforts in India, exceeding US$1 billion in investment.
• Maintaining R&D expenses at $2.307B for the trailing twelve months ending September 30, 2025.

Managing a hybrid manufacturing model (internal fabs plus external foundries).

NXP Semiconductors N.V. manages its production using a hybrid approach to balance control and scale. The company utilizes both wholly owned facilities and third-party foundries. The split in wafer production capacity is approximately 40% produced internally and 60% produced externally by third-party foundries. This model is being enhanced by strategic capital expenditures into new capacity.

The hybrid model is supported by significant capital investments in joint ventures:

The integration of its 200mm fabs is focused on 90nm and below processes, with some products transferring to VSMC. This fab integration is expected to reduce fixed costs from 30% to around 20% after 2027.

Continuous product innovation for autonomous driving and electrification.

Innovation is heavily directed toward the automotive sector, driven by the mega-trends of autonomous driving and electrification. The company actively develops solutions like the S32K5 family of automotive microcontrollers, which is the industry's first 16nm FinFET MCU with embedded magnetic RAM (MRAM), announced on March 11, 2025. The company also focuses on advancing its CoreRide platform for scalable software-defined vehicle (SDV) architectures.

Strategic acquisitions to bolster intelligent edge systems.

NXP Semiconductors N.V. has been active in completing strategic, all-cash acquisitions to strengthen its intelligent edge and automotive offerings through late 2025. These activities directly feed into the Key Resources and Value Propositions.

Recent completed and agreed-upon acquisitions include:

• Kinara, Inc.: Closed October 27, 2025, for $307 million in cash. This bolsters programmable discrete neural processing units (NPUs).
• Aviva Links: Closed October 24, 2025, for $243 million in cash. This enhances Automotive SerDes Alliance compliant in-vehicle connectivity solutions.
• TTTech Auto: Agreement entered into January 7, 2025, for $625 million in cash, aiming to bolster software-defined vehicle platforms.

Global supply chain and inventory management, keeping channel inventory around 9 weeks.

Managing the flow of product through the channel is a key operational activity, especially following recent supply chain normalization. For the second quarter of 2025, distribution channel inventory was consistently reported at nine weeks. This level is being actively managed, though it remains below the company's long-term target of 11 weeks. Inventory metrics for Q2 2025 showed Days of Inventory (DIO) at 158 days, with Days Payable Outstanding (DPO) at 60 days, resulting in an improved Cash Conversion Cycle of 131 days.

Supply chain operational metrics for Q2 2025:

NXP Semiconductors N.V. (NXPI) - Canvas Business Model: Key Resources

You're looking at the core assets that let NXP Semiconductors N.V. operate and compete, which is what Key Resources is all about. These aren't just things they own; they are the capabilities that drive their value propositions in automotive and industrial markets.

Extensive Intellectual Property (IP) portfolio is a massive moat. As of the 10-K filing in February 2025, NXP Semiconductors N.V. reported having approximately 9,600 patent families. This portfolio protects their inventions and underpins their freedom to operate across their product lines. Also, NXP is a market leader in High-Performance Radio Frequency (HPRF) power amplifiers, with an extensive portfolio covering LDMOS, GaN, and GaAs RF transistors, spanning sub-6GHz to 40GHz.

The talent base is highly specialized. NXP Semiconductors N.V. relies on specialized talent in analog, RF, and embedded security design. This expertise is critical for maintaining leadership in areas like secure localization, sensing, and the transition to software-defined vehicles (SDVs). The company's focus on cybersecurity is reflected in its IP portfolio, where cybersecurity is one of the top areas for patents alongside electronic warfare and industrial automation.

Operationally, NXP uses a hybrid manufacturing footprint. They maintain internal wafer fabs capable of producing semiconductors with line widths ranging from 90 nanometers to 3 microns for integrated circuits. For back-end operations, most assembly and test activities are kept in-house to optimize flexibility, though they also utilize external foundry capacity as needed.

The comprehensive S32 Automotive Processing Platform is a central physical resource driving their automotive segment. This platform offers a consistent architecture across Arm Cortex-A, -R, and -M cores, with capabilities up to ASIL D safety compliance. A key recent development was the unveiling of the S32K5 family at Embedded World 2025, claimed as the industry's first 16-nm FinFET MCU with embedded MRAM, with sampling to lead customers starting in Q3 2025. The S32G Vehicle Network Processors, for instance, combine Arm Cortex-A53 and Cortex-M7 cores.

Finally, the balance sheet provides significant financial flexibility. NXP Semiconductors N.V. manages significant cash and debt capacity to fund R&D, acquisitions, and shareholder returns. You need to see the Q3 2025 snapshot to understand their current financial footing:

This net debt figure comes after strategic financial actions, including the issuance of senior unsecured notes totaling $1.5 billion and the sale of its MEMS sensors business line for up to $950 million during that period.

Here are some of the specific technological assets underpinning the platform:

• S32K5 MCUs feature Arm Cortex CPU cores running up to 800 MHz.
• Integrated eIQ Neutron neural processing unit (NPU) for machine learning.
• Hardware security engine in all processors for end-to-end security.
• Product longevity program supporting S32 processors for a minimum of 15 years.

Finance: draft 13-week cash view by Friday.

NXP Semiconductors N.V. (NXPI) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose NXP Semiconductors N.V. over the competition as of late 2025. It's about delivering tangible performance and securing the supply chain in a complex environment.

Secure Connections for a Smarter World is the foundational promise. This value is backed by continuous investment in security IP, evidenced by strategic moves like the acquisition of Kinara, Inc., an industry leader in high performance, energy-efficient, and programmable discrete neural processing units (NPUs) to enable intelligence at the edge solutions. Furthermore, NXP Semiconductors N.V. announced a new battery cell controller IC family in Q3 2025 that meets both automotive ASIL C and industrial SIL 2 functional safety certifications. This focus on safety and security underpins their entire portfolio.

The company delivers high-performance mixed-signal solutions for demanding applications. Profitability metrics show the strength of this portfolio. For the third quarter of 2025, NXP Semiconductors N.V. reported a non-GAAP gross margin of 57.0% and a non-GAAP operating margin of 33.8%. The guidance for the fourth quarter of 2025 suggested continued strength, with a projected non-GAAP gross margin of 57.5% and a non-GAAP operating margin of 34.6% at the midpoint. These margins reflect the value captured from complex, high-performance silicon.

NXP Semiconductors N.V. maintains market leadership in automotive radar and advanced driver-assistance systems (ADAS). This leadership is being actively reinforced. In Q2 2025, automotive revenue reached $1.729 billion, flat year-on-year, showing resilience. A key differentiator is the introduction of third-generation imaging processors, the S32R47, which offers up to twice the processing power versus the previous generation for Level 2+ to Level 4 Autonomous Driving. The strategic acquisition of TTTech Auto, completed in June 2025, further bolsters this by accelerating middleware for software-defined vehicles (SDVs).

For the growing need for localized intelligence, NXP Semiconductors N.V. offers energy-efficient and programmable AI solutions for edge computing. The planned acquisition of Kinara, Inc. for $307 million directly targets this by bringing high-performance, energy-efficient NPUs into the fold, allowing for faster, local decision-making with less latency. This complements other platform advancements, such as the S32K5 family of automotive microcontrollers announced in March 2025, which features 16nm FinFET technology with embedded magnetic RAM (MRAM).

A critical, non-technical value proposition is long-term product supply assurance for industrial and automotive customers. You see this commitment reflected in their inventory management and strategic capacity planning. While distribution inventory was managed at nine weeks in Q2 2025, the Q4 2025 outlook suggested channel inventory would fluctuate between 9-10 weeks to optimize mix, indicating disciplined supply management. Furthermore, NXP Semiconductors N.V. has entered into long term supply agreements with certain key manufacturing partners, and secured a €1 billion loan from the European Investment Bank in January 2025 to advance RDI investments across its portfolio, supporting future capacity.

Here are the key financial results and guidance figures that ground these value propositions:

The operational performance in Q3 2025 generated significant cash flow, which was returned to shareholders:

• Non-GAAP Free Cash Flow for Q3 2025 was $509 million.
• Capital return during Q3 2025 totaled $310 million.
• Dividends paid in Q3 2025 were $256 million.

Also, NXP Semiconductors N.V. is actively refining its portfolio to focus on these core strengths, such as announcing the sale of its MEMS sensors business line for up to $950 million.

Finance: draft 13-week cash view by Friday.

NXP Semiconductors N.V. (NXPI) - Canvas Business Model: Customer Relationships

The relationships NXP Semiconductors N.V. cultivates with its customers are tiered, moving from highly personalized engineering partnerships in core markets to high-volume, standardized transactions through channel partners.

Dedicated direct sales and support for large Original Equipment Manufacturers (OEMs).

NXP Semiconductors N.V. maintains a significant direct sales presence, essential for managing relationships with the largest customers in its key end-markets. The company has operations in more than 30 countries and posted revenue of $12.61 billion in 2024.

Deep technical engagement and co-development with Tier 1 automotive customers.

The automotive sector represents the bedrock of NXP Semiconductors N.V.'s customer base, driving deep, long-term technical collaboration. As of the Trailing Twelve Months (TTM) through September 29, 2025, the Automotive segment generated $7.03 billion, representing approximately 58.3% of TTM revenue. This segment is expected to remain steady at $1.8 billion in Q3 2025, suggesting inventory adjustments among partners are nearing completion. NXP Semiconductors N.V. invests $1.85 billion annually in research and development to fuel this customer-centric innovation.

The technical engagement is supported by a large global engineering force and strategic alliances:

• Provides comprehensive technical support with 4,500+ application engineers globally.
• Maintains strategic partnerships with 250+ major technology companies worldwide.
• Automotive industry partnerships include 50+ tier-1 automotive manufacturers.
• Customized semiconductor design solutions are offered, with an average project duration of 12-18 months for Automotive Semiconductors.

The company's Debt-to-Equity (D/E) ratio as of September 2025 stood at 1.22, which is higher than the Semiconductors industry average D/E ratio of around 0.4058 as of early 2025.

Standardized, transactional relationships through distribution partners.

For smaller volume, standard component sales across all segments, NXP Semiconductors N.V. relies on a broad distribution network. The company utilized a direct sales force of 1,842 sales professionals as of 2023, which complements the transactional channel sales.

The revenue concentration across key customer segments as of TTM through Q3 2025 is detailed below:

Long-term, sticky relationships due to high switching costs of embedded chips.

The nature of embedded semiconductor solutions, particularly in safety-critical automotive applications, creates inherent stickiness. Once a chip is designed into a vehicle's electronic control unit, the cost and time required for an OEM to requalify a competitor's part are substantial, locking in future business for NXP Semiconductors N.V. The company's focus on advanced driver-assistance systems (ADAS) and secure connectivity reinforces this lock-in effect.

Investor relations and capital return, including a $1.014 per share interim dividend.

NXP Semiconductors N.V.'s commitment to shareholder returns is a key part of its external relationship management. The board approved an interim cash dividend of $1.014 per ordinary share for the fourth quarter of 2025, scheduled for payment on January 7, 2026, to shareholders of record as of December 10, 2025. Cash dividends are subject to a 15 percent Dutch dividend withholding tax.

NXP Semiconductors N.V. (NXPI) - Canvas Business Model: Channels

You're mapping out NXP Semiconductors N.V.'s go-to-market strategy as the semiconductor cycle turns in late 2025. The channel strategy clearly segments the customer base to maximize reach and support complexity.

The direct sales force is specifically tasked with managing the largest, most complex relationships, which naturally align with the company's core, high-volume markets. This team focuses on major Automotive and Communication Infrastructure customers, where design-in cycles are long and technical integration is deep. For instance, the Automotive segment represented approximately 58.3% of Trailing Twelve Months (TTM) revenue as of September 30, 2025, totaling about $7.03 billion.

The global network of authorized distributors handles the broader customer base, which includes the Industrial & IoT segment and smaller, often faster-moving design opportunities. This channel is critical for volume fulfillment and market penetration outside the top-tier OEM/EMS accounts. Looking at the structure from the latest full-year filing, sales through third-party distribution partners reached $7,203 million.

The scale of these two primary channels is significant when viewed against the backdrop of recent quarterly performance. For Q3 2025, NXP Semiconductors N.V. reported total revenue of $3.17 billion. The company's Q4 2025 revenue guidance is set at $3.3 billion.

The relationship between the channels and inventory levels shows active management of the recovery. In Q2 2025, distribution channel inventory stood at 9 weeks, which was below the stated long-term target of 11 weeks. This low level suggests that shipments were tracking closer to terminal demand, a trend management noted was improving across the channel in Q3 2025.

NXP Semiconductors N.V. supports its channel partners and customers through digital and technical resources. This includes:

• Online technical support and developer community platforms for self-service design and troubleshooting.
• Field Application Engineers (FAEs) providing defintely critical on-site technical support for complex, high-value designs, particularly in the Automotive and Industrial sectors.

The Industrial & IoT segment, which heavily relies on the distributor network, was guided to see significant year-on-year growth in Q4 2025, expected to be up in the mid-20% range.

NXP Semiconductors N.V. (NXPI) - Canvas Business Model: Customer Segments

You're looking at the core demand drivers for NXP Semiconductors N.V. (NXPI) right now, and honestly, it's all about the automotive cycle turning. The customer segments are where the rubber meets the road for their revenue, and the latest data from Q3 2025 shows a clear hierarchy of performance.

Automotive remains the bedrock of NXP Semiconductors N.V.'s business, consistently representing the largest portion of sales. This segment is the primary beneficiary of the long-term trends you're tracking: electrification and autonomous driving. For the third quarter ended September 28, 2025, Automotive revenue landed at $1.84 Billion. What's important here is the year-over-year comparison: it was flat (0%) against Q3 2024. In this environment, flat is defintely the new up, signaling that the inventory burn is finally nearing its end for major Western customers. NXP Semiconductors N.V. is actively bolstering this segment through strategic buys; they finalized the acquisition of TTTech Auto in June 2025 to push their software-defined vehicle capabilities, and they also closed on Aviva Links recently to enhance automotive networking solutions.

Here's how the key segments stacked up in Q3 2025 and what NXP Semiconductors N.V. is guiding for Q4 2025:

The Industrial & IoT segment showed clear signs of life in Q3 2025, posting revenue of $579 Million, which was an increase of 3% year-over-year. This suggests that the correction in factory automation and consumer IoT demand is easing, which is a good sign for broader industrial spending. The outlook is strong, with management guiding for revenue growth in the mid-20% range year-on-year for Q4 2025.

The Mobile segment was surprisingly resilient, delivering $430 Million in revenue, marking a solid 6% increase year-over-year for the quarter. This business is anchored by secure mobile transactions, like Near Field Communication (NFC), where NXP Semiconductors N.V. holds a strong position. The expectation for Q4 is continued strength, with guidance pointing to a mid-teens percent range increase year-over-year.

Conversely, Communication Infrastructure & Other continues to be the lagard, driven by muted carrier investment and competitive pressures. Revenue for Q3 2025 was $330 Million, representing a sharp 27% decline year-over-year. The Q4 guidance reflects this continued drag, projecting a revenue decrease in the 20% range versus Q4 2024, though it is expected to be flat sequentially.

Regarding the Tier 1 auto customers, the narrative is shifting from inventory correction to normalization. While Q1 2025 revenue was certainly pressured by Tier 1 customers digesting on-hand inventory, the Q3 2025 flat performance in Automotive suggests NXP Semiconductors N.V. is "coming closer to shipping to natural end demand." The company is maintaining tight control over its own channel; distribution inventory was reported at nine weeks, which is below their long-term target of 11 weeks. This disciplined approach is key as they wait for the final stages of inventory digestion at their largest customers.

Finance: draft 13-week cash view by Friday.

NXP Semiconductors N.V. (NXPI) - Canvas Business Model: Cost Structure

You're looking at the major outlays for NXP Semiconductors N.V. as of late 2025. The cost structure is heavily weighted toward innovation and manufacturing scale, which is typical for a leading semiconductor firm.

High fixed cost for Research and Development (R&D) is a defining feature. Management uses non-GAAP financial measures when assessing appropriate levels of research and development efforts. For the twelve months ending September 30, 2025, NXP Semiconductors research and development expenses were reported at $2.307B. This figure represented a 3.31% decline year-over-year.

Manufacturing costs are substantial, covering wafer fabrication, assembly, and test, which flow through the Cost of Goods Sold (COGS). NXP Semiconductors N.V. relies on external foundries like TSMC for advanced nodes. Market news in 2025 indicated that for TSMC, prices on the 6/7nm process were set to reduce by 10% starting January 1, 2025, while the in-demand 3/5nm node saw price increases between 5% and 10% throughout 2025. NXP Semiconductors is also involved in a joint venture, European Semiconductor Manufacturing Company (ESMC) GmbH in Dresden, Germany, with TSMC holding a 70% stake, where NXP holds a 10% equity stake, focusing on 28/22nm and 16/12nm process technology.

The third quarter of 2025 provides a clear snapshot of the cost base relative to revenue. The Cost of Goods Sold (COGS) for wafer fabrication and assembly/test can be inferred from the gross profit metrics.

Sales, General, and Administrative (SG&A) expenses are part of the overall operating expenses necessary for global operations, sales infrastructure, and corporate overhead. Management relies on non-GAAP financial measures when making decisions about administrative budgets and other operating expenses. For Q3 2025, Non-GAAP Operating Expenses totaled $738 million, which represented 23.3% of the quarter's revenue.

To give you context on the revenue base that these costs support, here are the segment revenues for NXP Semiconductors N.V. in Q3 2025:

• Automotive Revenue: $1.84 billion
• Industrial and IoT Revenue: $580 million
• Mobile Revenue: $430 million
• Communication Infrastructure and Others Revenue: $330 million

The total Non-GAAP Operating Expenses of $738 million in Q3 2025 resulted in a Non-GAAP Operating Margin of 33.8%, or $1.07 billion in Non-GAAP Operating Profit for the quarter. Finance: draft 13-week cash view by Friday.

NXP Semiconductors N.V. (NXPI) - Canvas Business Model: Revenue Streams

You're looking at the core ways NXP Semiconductors N.V. (NXPI) brings in cash, and it's heavily weighted toward specialized silicon. The primary engine is the sales of high-performance mixed-signal semiconductors and microcontrollers, which are the brains and nervous systems for complex electronics. This isn't just about volume; it's about the value embedded in their proprietary designs for demanding applications.

Here's a quick look at the top-line performance and margin strength from the most recent reported quarter, Q3 2025, which gives you a clear picture of their current earning power:

The Automotive segment revenue is the single largest contributor, as you noted. For Q3 2025, this segment brought in $1.84 billion, which represented 57.9% of the total quarterly revenue. That figure aligns closely with the approximate 58.3% of Trailing Twelve Months (TTM) revenue you mentioned, confirming that the car market is where the bulk of their current financial stability rests. Honestly, their performance here suggests the long-awaited inventory digestion in that sector is finally easing up.

Beyond the direct chip sales, NXP Semiconductors N.V. also generates revenue through the licensing of Intellectual Property (IP) and technology. While not broken out as a primary revenue line item in the headline results, this stream provides high-margin, recurring income based on their deep technology portfolio, especially as they integrate new acquisitions like Kinara, which focuses on neural processing units.

You can see the pricing power clearly in the profitability metrics. The Non-GAAP Gross Margin remains strong at 57.0% for Q3 2025. This level of margin, even with some sequential contraction from the prior year, shows that the market values their specialized, high-performance silicon enough to absorb costs without forcing deep price cuts. It's a defintely key indicator of their competitive moat.

Looking forward, management's confidence is evident in the guidance. The Q4 2025 guidance points to a revenue midpoint of $3.3 billion, which is a sequential increase of 4% over Q3's $3.17 billion. This forward-looking number suggests the cyclical upturn they are seeing is expected to continue translating into higher top-line results.

To give you a better sense of the revenue mix based on Q3 2025 results, here's how the main segments contributed to that $3.17 billion total:

• Automotive: $1.84 billion (57.9% of revenue)
• Industrial & IoT: $579 million (18.2% of revenue)
• Mobile: $430 million (13.6% of revenue)
• Communication Infrastructure and Other: Remainder of revenue

Finance: review the Q4 guidance against the current TTM revenue of $12.05 billion to project the full-year 2025 revenue run-rate by next Tuesday.