A wave pipeline includes a first stage, a plurality of second stages, and a third stage. The first stage receives a data signal representative of data and a clock signal, and may process the data at a first data rate equal to a clock rate of the clock signal. Each second stage may process respective data in response to a respective clock cycle received from the first stage at a second data rate equal to the first data rate times the number of second stages. The third stage may process data received from each second stage at the first data rate. The first stage divides the data signal and the clock signal between the plurality of second stages. The third stage merges the respective data and the respective clock cycles from each of the plurality of second stages to provide a merged data signal and a return clock signal.