We report on the fabrication and high-frequency characterization of AlGaN/GaN high-electron mobility transistors (HEMTs) grown by molecular beam epitaxy (MBE) and metal-organic chemical vapor deposition (MOCVD). In devices with a gate length of 160 nm, a record power density of 10.5 W/mm with 34% power added efficiency (PAE) has been measured at 40 GHz in MOCVD-grown HEMTs biased at V-DS = 30 V. Under similar bias conditions, more than 8.6 W/mm, with 32% PAE, were obtained on the MBE-grown sample. The dependence of output power, gain, and PAE on gate and drain voltages, and frequency have also been analyzed.