Marvell Technology, Inc. Reports Fourth Quarter and Fiscal Year 2026 Financial Results

March 05, 2026

• This fall Net Revenue: $2.219 billion, a brand new report, grew by 22% year-on-year

• This fall Gross Margin: 51.7% GAAP gross margin; 59.0% non-GAAP gross margin

• This fall Diluted revenue per share: $0.46 GAAP diluted revenue per share; $0.80 non-GAAP diluted revenue per share

SANTA CLARA, Calif.–(BUSINESS WIRE)–
Marvell Technology, Inc. (NASDAQ: MRVL), a pacesetter in information infrastructure semiconductor options, right this moment reported monetary outcomes for the fourth fiscal quarter and fiscal yr ended January 31, 2026.

Net income for the fourth quarter of fiscal 2026 was $2.219 billion, $19.0 million above the mid-point of the Company’s steerage offered on December 2, 2025. GAAP internet revenue for the fourth quarter of fiscal 2026 was $396.1 million, or $0.46 per diluted share. Non-GAAP internet revenue for the fourth quarter of fiscal 2026 was $685.1 million, or $0.80 per diluted share. Cash stream from operations for the fourth quarter was $373.7 million.

Net income for fiscal 2026 was $8.195 billion, a brand new report. GAAP internet revenue for fiscal 2026 was $2.670 billion, or $3.07 per diluted share. Non-GAAP internet revenue for fiscal 2026 was $2.466 billion, or $2.84 per diluted share.

“Marvell delivered record fiscal 2026 revenue of $8.195 billion, growing 42% year-over-year, driven by robust AI demand. We also delivered GAAP EPS of $3.07 and non-GAAP EPS of $2.84, up 81% year-over-year, demonstrating the strong operating leverage in our business model,” mentioned Matt Murphy, Marvell’s Chairman and CEO. “We expect year-over-year revenue growth to accelerate each quarter in fiscal 2027, driven by continued strength in our data center business, with bookings continuing to grow at a record pace. In addition to our strong results and outlook, our design wins in fiscal 2026 hit an all-time record, which we expect will continue to fuel our future growth.”

The monetary outlook for the primary quarter of fiscal 2027 consists of anticipated outcomes of Celestial AI and XConn Technologies as each acquisitions closed subsequent to our fiscal 2026 yr finish.

First Quarter of Fiscal 2027 Financial Outlook

• Net income is predicted to be $2.400 billion +/- 5%.

• GAAP gross margin is predicted to be 51.4% to 52.4%.

• Non-GAAP gross margin is predicted to be 58.25% to 59.25%.

• GAAP working bills are anticipated to be roughly $872 million.

• Non-GAAP working bills are anticipated to be roughly $575 million.

• Basic weighted-average shares excellent are anticipated to be 876 million.

• Diluted weighted-average shares excellent are anticipated to be 883 million.

• GAAP diluted internet revenue per share is predicted to be $0.31 +/- $0.05 per share.

• Non-GAAP diluted internet revenue per share is predicted to be $0.79 +/- $0.05 per share.

GAAP diluted EPS is calculated utilizing fundamental weighted-average shares excellent when there’s a GAAP internet loss, and calculated utilizing diluted weighted-average shares excellent when there’s a GAAP internet revenue. Non-GAAP diluted EPS is calculated utilizing diluted weighted-average shares excellent.

Conference Call

Marvell will conduct a convention name on Thursday, March 5, 2026 at 1:45 p.m. Pacific Time to debate outcomes for the fourth fiscal quarter and fiscal yr 2026. The name will probably be webcast and may be accessed on the Marvell Investor Relations web site at http://investor.marvell.com/. Interested events may additionally be a part of the reside convention name by way of phone through the use of the ‘Call me™’ hyperlink offered within the press launch on February 9, 2026, and on the Quarterly Earnings part of the Marvell Investor Relations web site, to obtain an on the spot automated name again. To be a part of the decision by way of phone with operator help, please dial 1-877-407-8291 or 1-201-689-8345. A replay of the decision may be accessed by dialing 1-877-660-6853 or 1-201-612-7415, passcode 13758656 till Thursday, March 12, 2026.

Discussion of Non-GAAP Financial Measures

Non-GAAP monetary measures exclude the impact of stock-based compensation expense, amortization of acquired intangible belongings, acquire on sale of enterprise, acquisition and divestiture associated prices, restructuring and different associated costs (together with, however not restricted to, asset impairment costs, recognition of contractual obligations, worker severance prices, and facility exit associated costs), decision of authorized issues, and sure bills and advantages which can be pushed primarily by discrete occasions that administration doesn’t take into account to be instantly associated to Marvell’s core enterprise. Although Marvell excludes the amortization of all acquired intangible belongings from these non-GAAP monetary measures, administration believes that it is necessary for buyers to grasp that such intangible belongings have been recorded as a part of buy value accounting arising from acquisitions, and that such amortization of intangible belongings that relate to previous acquisitions will recur in future durations till such intangible belongings have been absolutely amortized. Investors ought to notice that using intangible belongings contributed to Marvell’s revenues earned in the course of the durations introduced and are anticipated to contribute to Marvell’s future interval revenues as effectively.

Marvell makes use of a non-GAAP tax fee to compute the non-GAAP tax provision. This non-GAAP tax fee is predicated on Marvell’s estimated annual GAAP revenue tax forecast, adjusted to account for gadgets excluded from Marvell’s non-GAAP revenue, in addition to the results of serious non-recurring and interval particular tax gadgets which range in measurement and frequency, and excludes tax deductions and advantages from acquired tax loss and credit score carryforwards and modifications in valuation allowance on acquired deferred tax belongings. Marvell’s non-GAAP tax fee is decided on an annual foundation and could also be adjusted in the course of the yr to keep in mind occasions that will materially have an effect on the non-GAAP tax fee corresponding to tax legislation modifications; acquisitions; important modifications in Marvell’s geographic mixture of income and bills; or modifications to Marvell’s company construction. For the fourth quarter of fiscal 2026, a non-GAAP tax fee of 10.0% has been utilized to the non-GAAP monetary outcomes.

Marvell believes that the presentation of non-GAAP monetary measures supplies vital supplemental data to administration and buyers relating to monetary and enterprise tendencies referring to Marvell’s monetary situation and outcomes of operations. While Marvell makes use of non-GAAP monetary measures as a device to boost its understanding of sure elements of its monetary efficiency, Marvell doesn’t take into account these measures to be an alternative choice to, or superior to, monetary measures calculated in accordance with GAAP. Consistent with this method, Marvell believes that disclosing non-GAAP monetary measures to the readers of its monetary statements supplies such readers with helpful supplemental information that, whereas not an alternative choice to GAAP monetary measures, permits for better transparency within the evaluate of its monetary and operational efficiency.

Externally, administration believes that buyers could discover Marvell’s non-GAAP monetary measures helpful of their evaluation of Marvell’s working efficiency and the valuation of Marvell. Internally, Marvell’s non-GAAP monetary measures are used within the following areas:

• Management’s analysis of Marvell’s working efficiency;

• Management’s institution of inner working budgets;

• Management’s efficiency comparisons with inner forecasts and focused enterprise fashions; and

• Management’s willpower of the achievement and measurement of sure forms of compensation together with Marvell’s annual incentive plan and sure performance-based fairness awards (changes could range from award to award).

Non-GAAP monetary measures have limitations in that they don’t mirror all the prices related to the operations of Marvell’s enterprise as decided in accordance with GAAP. As a outcome, you shouldn’t take into account these measures in isolation or as an alternative choice to evaluation of Marvell’s outcomes as reported underneath GAAP. The exclusion of the above gadgets from our GAAP monetary metrics doesn’t essentially imply that these prices are uncommon or rare.

Forward-Looking Statements underneath the Private Securities Litigation Reform Act of 1995

This press launch accommodates forward-looking statements throughout the which means of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are topic to the “safe harbor” created by these sections. These statements contain identified and unknown dangers, uncertainties and different components, which can trigger our precise outcomes to vary materially from these implied by the forward-looking statements. Words corresponding to “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “forecasts,” “targets,” “may,” “can,” “will,” “would” and related expressions determine such forward-looking statements. Forward-looking statements contained on this press launch embody, however aren’t restricted to, the statements describing our monetary outlook and future interval revenues. These statements aren’t ensures of outcomes and shouldn’t be thought of as a sign of future exercise or future efficiency. Forward-looking statements are predictions, projections and different statements about future occasions which can be primarily based on present expectations and assumptions and, because of this, are topic to dangers and uncertainties. Actual occasions or outcomes could differ materially from these described on this press launch as a consequence of various dangers and uncertainties, together with, however not restricted to: dangers associated to our means to estimate buyer demand and future gross sales precisely; our means to outline, design, develop and market merchandise for the info middle and communications markets; dangers associated to our dependence on a number of clients for a good portion of our income, notably as our main clients comprise an growing proportion of our income, in addition to dangers associated to a good portion of our gross sales being concentrated within the information middle finish market; dangers associated to the potential impression of AI on our enterprise mannequin and merchandise; dangers that our clients develop their very own options, vertically combine which can cut back the necessity for our merchandise, or purchase absolutely developed options from third events; our means to safe design wins from our clients and potential clients; the impression of worldwide battle (corresponding to the present armed conflicts within the Ukraine and in Israel and the Middle East) and financial volatility in both home or overseas markets together with dangers associated to commerce conflicts or tensions, rules, and tariffs, together with however not restricted to, commerce restrictions imposed on our Chinese clients; dangers associated to modifications typically macroeconomic circumstances, or expectations of such circumstances, corresponding to excessive or rising rates of interest, macroeconomic slowdowns, recessions, inflation, and stagflation; dangers associated to greater stock ranges; dangers associated to cancellations, rescheduling or deferrals of serious buyer orders or shipments, in addition to the flexibility of our clients to handle stock; our means to comprehend the anticipated advantages from restructuring actions; the danger of downturns within the semiconductor business or our buyer finish markets; our means to finish and notice the anticipated advantages of any acquisitions, divestitures and investments; our means to retain and rent key personnel; dangers associated to our return to working full time within the workplace; cybersecurity dangers; our means to restrict prices associated to faulty merchandise; dangers associated to our debt obligations; dangers associated to the speedy development of the Company; delays or elevated prices associated to finishing the design, growth, manufacturing and introduction of our new merchandise as a consequence of a wide range of points, together with provide chain cross-dependencies, dependencies on EDA and related instruments, dependencies on using third-party, enterprise associate or buyer mental property, collaboration and synchronization necessities with enterprise companions and clients, necessities to ascertain new manufacturing, testing, meeting and packing processes, and different points; our reliance on our manufacturing companions for the manufacture, meeting, testing and packaging of our merchandise; provide chain disruptions or part shortages that will impression the manufacturing of our merchandise together with our kitting course of or could impression the worth of elements which in flip could impression our margins on any impacted merchandise and any constrained availability from different digital suppliers impacting our clients’ means to ship their merchandise, which in flip could adversely impression our gross sales to these clients; dangers associated to the ASIC enterprise mannequin which requires us to make use of third-party IP together with the danger that we could lose enterprise or expertise reputational hurt if third events, together with clients, lose confidence in our means to guard their IP rights; the dangers related to manufacturing and promoting merchandise and clients’ merchandise exterior of the United States; decreases in gross margin and outcomes of operations sooner or later as a consequence of various components, together with excessive or growing rates of interest and volatility in overseas alternate charges; extreme monetary hardship or chapter of a number of of our main clients; the results of transitioning to smaller geometry course of applied sciences; the impression of any change within the revenue tax legal guidelines in jurisdictions the place we function and the lack of any useful tax therapy that we at the moment take pleasure in; the result of pending or future litigation and authorized and regulatory proceedings; danger associated to our Sustainability program; the impression and prices related to modifications in worldwide monetary and regulatory circumstances; our means and the flexibility of our clients to efficiently compete within the markets wherein we serve; our means and our clients’ means to develop new and enhanced merchandise and the adoption of these merchandise available in the market; our means to scale our operations in response to modifications in demand for present or new merchandise and companies; dangers related to acquisition and consolidation exercise within the semiconductor business, together with any consolidation of our manufacturing companions; our means to guard our mental property; dangers associated to the impression of future pandemics; our upkeep of an efficient system of inner controls; monetary establishment instability; and different dangers detailed in our SEC filings every so often. The foregoing checklist of things will not be exhaustive. You ought to fastidiously take into account the foregoing components and the opposite dangers and uncertainties that have an effect on our enterprise described within the “Risk Factors” part of our Annual Reports on Form 10-Ok, Quarterly Reports on Form 10-Q and different paperwork filed by us every so often with the SEC. Forward-looking statements communicate solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and we assume no obligation and don’t intend to replace or revise these forward-looking statements, whether or not because of new data, future occasions or in any other case.

About Marvell

To ship the info infrastructure know-how that connects the world, we’re constructing options on probably the most highly effective basis: our partnerships with our clients. Trusted by the world’s main know-how corporations for over 30 years, we transfer, retailer, course of and safe the world’s information with semiconductor options designed for our clients’ present wants and future ambitions. Through a strategy of deep collaboration and transparency, we’re in the end altering the way in which tomorrow’s enterprise, cloud, and provider architectures remodel—for the higher.

Marvell^® and the Marvell brand are registered logos of Marvell and/or its associates.

View supply model on businesswire.com: https://www.businesswire.com/news/home/20260305094012/en/

For additional data, contact:

Ashish Saran

Senior Vice President, Investor Relations

408-222-0777

ir@marvell.com

Source: Marvell Technology, Inc.

Released March 5, 2026