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, at this time reported monetary outcomes for the fourth fiscal quarter and fiscal 12 months 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 steering supplied on December 2, 2025. GAAP web revenue for the fourth quarter of fiscal 2026 was $396.1 million, or $0.46 per diluted share. Non-GAAP web revenue for the fourth quarter of fiscal 2026 was $685.1 million, or $0.80 per diluted share. Cash circulation from operations for the fourth quarter was $373.7 million.

Net income for fiscal 2026 was $8.195 billion, a brand new report. GAAP web revenue for fiscal 2026 was $2.670 billion, or $3.07 per diluted share. Non-GAAP web 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,” stated 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 12 months 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 web revenue per share is predicted to be $0.31 +/- $0.05 per share.

• Non-GAAP diluted web 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 web loss, and calculated utilizing diluted weighted-average shares excellent when there’s a GAAP web 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 12 months 2026. The name will probably be webcast and will be accessed on the Marvell Investor Relations web site at http://investor.marvell.com/. Interested events might also be a part of the stay convention name through phone through the use of the ‘Call me’ hyperlink supplied within the press launch on February 9, 2026, and on the Quarterly Earnings part of the Marvell Investor Relations web site, to obtain an instantaneous automated name again. To be a part of the decision through phone with operator help, please dial 1-877-407-8291 or 1-201-689-8345. A replay of the decision will 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, achieve on sale of enterprise, acquisition and divestiture associated prices, restructuring and different associated expenses (together with, however not restricted to, asset impairment expenses, recognition of contractual obligations, worker severance prices, and facility exit associated expenses), 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 immediately 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 will be important for buyers to grasp that such intangible belongings had been recorded as a part of buy worth 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 totally amortized. Investors ought to notice that the usage of intangible belongings contributed to Marvell’s revenues earned in the course of the durations offered and are anticipated to contribute to Marvell’s future interval revenues as effectively.

Marvell makes use of a non-GAAP tax price to compute the non-GAAP tax provision. This non-GAAP tax price 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 consequences of serious non-recurring and interval particular tax gadgets which fluctuate 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 price is set on an annual foundation and could also be adjusted in the course of the 12 months to consider occasions which will materially have an effect on the non-GAAP tax price akin to tax legislation modifications; acquisitions; vital 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 price 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 info to administration and buyers concerning monetary and enterprise traits referring to Marvell’s monetary situation and outcomes of operations. While Marvell makes use of non-GAAP monetary measures as a device to reinforce its understanding of sure facets 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 strategy, 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 overview 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 sorts of compensation together with Marvell’s annual incentive plan and sure performance-based fairness awards (changes could fluctuate from award to award).

Non-GAAP monetary measures have limitations in that they don’t mirror the entire prices related to the operations of Marvell’s enterprise as decided in accordance with GAAP. As a consequence, you shouldn’t take into account these measures in isolation or as an alternative choice to evaluation of Marvell’s outcomes as reported beneath 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 beneath the Private Securities Litigation Reform Act of 1995

This press launch comprises forward-looking statements inside 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 recognized and unknown dangers, uncertainties and different elements, which can trigger our precise outcomes to vary materially from these implied by the forward-looking statements. Words akin to “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “forecasts,” “targets,” “may,” “can,” “will,” “would” and related expressions establish such forward-looking statements. Forward-looking statements contained on this press launch embrace, however usually are not restricted to, the statements describing our monetary outlook and future interval revenues. These statements usually are not ensures of outcomes and shouldn’t be thought-about as a sign of future exercise or future efficiency. Forward-looking statements are predictions, projections and different statements about future occasions which can be based mostly on present expectations and assumptions and, consequently, are topic to dangers and uncertainties. Actual occasions or outcomes could differ materially from these described on this press launch as a consequence of a lot of dangers and uncertainties, together with, however not restricted to: dangers associated to our potential to estimate buyer demand and future gross sales precisely; our potential to outline, design, develop and market merchandise for the info heart 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 rising share of our income, in addition to dangers associated to a good portion of our gross sales being concentrated within the information heart finish market; dangers associated to the potential affect of AI on our enterprise mannequin and merchandise; dangers that our clients develop their very own options, vertically combine which can scale back the necessity for our merchandise, or purchase totally developed options from third events; our potential to safe design wins from our clients and potential clients; the affect of worldwide battle (akin 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 situations, or expectations of such situations, akin to excessive or rising rates of interest, macroeconomic slowdowns, recessions, inflation, and stagflation; dangers associated to larger 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 potential to appreciate the anticipated advantages from restructuring actions; the chance of downturns within the semiconductor business or our buyer finish markets; our potential to finish and notice the anticipated advantages of any acquisitions, divestitures and investments; our potential to retain and rent key personnel; dangers associated to our return to working full time within the workplace; cybersecurity dangers; our potential to restrict prices associated to faulty merchandise; dangers associated to our debt obligations; dangers associated to the fast progress 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 the usage of third-party, enterprise accomplice or buyer mental property, collaboration and synchronization necessities with enterprise companions and clients, necessities to determine 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 which will affect the manufacturing of our merchandise together with our kitting course of or could affect the value of parts which in flip could affect our margins on any impacted merchandise and any constrained availability from different digital suppliers impacting our clients’ potential to ship their merchandise, which in flip could adversely affect 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 chance that we could lose enterprise or expertise reputational hurt if third events, together with clients, lose confidence in our potential to guard their IP rights; the dangers related to manufacturing and promoting merchandise and clients’ merchandise outdoors of the United States; decreases in gross margin and outcomes of operations sooner or later as a consequence of a lot of elements, together with excessive or rising rates of interest and volatility in overseas alternate charges; extreme monetary hardship or chapter of a number of of our main clients; the consequences of transitioning to smaller geometry course of applied sciences; the affect 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 present take pleasure in; the end result of pending or future litigation and authorized and regulatory proceedings; danger associated to our Sustainability program; the affect and prices related to modifications in worldwide monetary and regulatory situations; our potential and the flexibility of our clients to efficiently compete within the markets wherein we serve; our potential and our clients’ potential to develop new and enhanced merchandise and the adoption of these merchandise out there; our potential 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 potential to guard our mental property; dangers associated to the affect of future pandemics; our upkeep of an efficient system of inner controls; monetary establishment instability; and different dangers detailed in our SEC filings on occasion. The foregoing record of things will not be exhaustive. You ought to rigorously take into account the foregoing elements 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-Okay, Quarterly Reports on Form 10-Q and different paperwork filed by us on occasion 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 on account of new info, future occasions or in any other case.

About Marvell

To ship the info infrastructure expertise that connects the world, we’re constructing options on essentially the most highly effective basis: our partnerships with our clients. Trusted by the world’s main expertise firms 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 technique of deep collaboration and transparency, we’re finally altering the way in which tomorrow’s enterprise, cloud, and provider architectures remodel—for the higher.

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

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

For additional info, contact:

Ashish Saran

Senior Vice President, Investor Relations

408-222-0777

ir@marvell.com

Source: Marvell Technology, Inc.

Released March 5, 2026