Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2027 Financial Results

August 27, 2026

• Q2 Net Revenue: $2.739 billion, a brand new report, grew by 37% year-on-year

• Q2 Gross Margin: 53.1% GAAP gross margin; 58.9% non-GAAP gross margin

• Q2 Diluted earnings per share: $0.33 GAAP diluted earnings per share; $0.94 non-GAAP diluted earnings per share

SANTA CLARA, Calif.–(BUSINESS WIRE)–
Marvell Technology, Inc. (NASDAQ: MRVL), a frontrunner in knowledge infrastructure semiconductor options, at present reported monetary outcomes for the second quarter of fiscal yr 2027.

Net income for the second quarter of fiscal 2027 was $2.739 billion, $39.0 million above the mid-point of the Company’s steering offered on May 27, 2026.

GAAP web earnings for the second quarter of fiscal 2027 was $308.0 million, or $0.33 per diluted share. Non-GAAP web earnings for the second quarter of fiscal 2027 was $865.9 million, or $0.94 per diluted share. Cash stream from operations for the second quarter was $605.5 million.

“Marvell delivered record second-quarter fiscal 2027 revenue of $2.739 billion, up 37% year over year, driven by continued strong demand across our Data Center portfolio, where revenue growth accelerated to 46% year over year,” stated Matt Murphy, Marvell’s Chairman and CEO. “AI-related bookings remain exceptionally robust, and we expect our revenue growth to accelerate further through the remainder of fiscal 2027. Given this strength, we are again raising our revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter. We are seeing broad-based strength across our Data Center portfolio, including strong demand in Connectivity and a significant acceleration in our Custom business beginning in the second half of fiscal 2027. We look forward to showcasing these growth drivers and sharing Marvell’s long-term strategy for enabling the continued expansion of AI infrastructure at our Investor Day on October 6^th, 2026.”

Third Quarter of Fiscal 2027 Financial Outlook

• Net income is predicted to be $3.150 billion +/- 5%.

• GAAP gross margin is predicted to be 52.9% to 53.9%.

• Non-GAAP gross margin is predicted to be 57.5% to 58.5%.

• GAAP working bills are anticipated to be roughly $1.015 billion.

• Non-GAAP working bills are anticipated to be roughly $655 million.

• Basic weighted-average shares excellent are anticipated to be 900 million.

• Diluted weighted-average shares excellent are anticipated to be 921 million.

• GAAP diluted web earnings per share is predicted to be $0.53 +/- $0.05 per share.

• Non-GAAP diluted web earnings per share is predicted to be $1.10 +/- $0.05 per share.

GAAP diluted EPS is calculated utilizing primary 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 earnings. Non-GAAP diluted EPS is calculated utilizing diluted weighted-average shares excellent. The Company calculated EPS below the two-class methodology in consequence of the issuance of the Series A Convertible Preferred Stock on March 31, 2026.

Conference Call

Marvell will conduct a convention name on Thursday, August 27, 2026 at 1:45 p.m. Pacific Time to debate outcomes for the second quarter of fiscal yr 2027. The name might be webcast and will be accessed on the Marvell Investor Relations web site at http://investor.marvell.com/. Interested events can also be a part of the stay convention name by way of phone by utilizing the ‘Call me’ hyperlink offered within the press launch on August 3, 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 will be accessed by dialing 1-877-660-6853 or 1-201-612-7415, passcode 13762036 till Thursday, September 3, 2026.

Discussion of Non-GAAP Financial Measures

Non-GAAP monetary measures exclude the impact of stock-based compensation expense, amortization of acquired intangible belongings, acquisition and divestiture associated prices, restructuring and different associated costs (good points), (together with, however not restricted to, modifications in contractual obligations, worker severance prices, and facility exit associated costs), change in honest worth of contingent consideration legal responsibility and ahead inventory buy contract, decision of authorized issues, and sure bills and advantages which might be pushed primarily by discrete occasions that administration doesn’t contemplate 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 can be crucial for buyers to know that such intangible belongings had been recorded as half 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 be aware that the use of intangible belongings contributed to Marvell’s revenues earned through 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 relies on Marvell’s estimated annual GAAP earnings tax forecast, adjusted to account for objects excluded from Marvell’s non-GAAP earnings, in addition to the results of important non-recurring and interval particular tax objects which range in dimension 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 through the yr to consider occasions which will materially have an effect on the non-GAAP tax fee equivalent to tax regulation modifications; acquisitions; important modifications in Marvell’s geographic combine of income and bills; or modifications to Marvell’s company construction. For the second quarter of fiscal 2027, a non-GAAP tax fee of 11.0% has been utilized to the non-GAAP monetary outcomes.

Marvell believes that the presentation of non-GAAP monetary measures gives necessary supplemental data to administration and buyers concerning monetary and enterprise developments regarding 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 features of its monetary efficiency, Marvell doesn’t contemplate 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 gives such readers with helpful supplemental knowledge that, whereas not an alternative choice to GAAP monetary measures, permits for larger 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 inside working budgets;

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

• Management’s dedication of the achievement and measurement of sure varieties 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 of the prices related to the operations of Marvell’s enterprise as decided in accordance with GAAP. As a end result, you shouldn’t contemplate these measures in isolation or as an alternative choice to evaluation of Marvell’s outcomes as reported below GAAP. The exclusion of the above objects from our GAAP monetary metrics doesn’t essentially imply that these prices are uncommon or rare.

Marvell doesn’t present a reconciliation of its forward-looking non-GAAP measures to essentially the most instantly comparable GAAP measures for durations after the third quarter of fiscal 2027 as a result of sure objects that impression these GAAP measures are unsure, rely on numerous elements, may very well be materials to Marvell’s outcomes computed in accordance with GAAP, and can’t be offered with out unreasonable effort. These objects embrace, however are usually not restricted to, restructuring and different associated costs, asset impairments, stock-based compensation expense and different nonrecurring bills that can’t fairly be estimated upfront.

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

This press launch accommodates 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 identified 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 equivalent to “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “forecasts,” “targets,” “may,” “can,” “will,” “would” and comparable expressions establish such forward-looking statements. Forward-looking statements contained on this press launch embrace, however are usually not restricted to, the statements describing our monetary outlook and future interval revenues. These statements are usually not 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 might be primarily based on present expectations and assumptions and, in consequence, are topic to dangers and uncertainties. Actual occasions or outcomes could differ materially from these described on this press launch attributable to a quantity 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 prospects for a good portion of our income, significantly as our main prospects comprise an growing proportion of our income, in addition to dangers associated to a good portion of our gross sales being concentrated within the knowledge heart finish market; constrained provide or restricted availability of superior semiconductor wafers, substrates, outsourced take a look at providers, and different digital elements, for which there are a restricted quantity of certified suppliers, and for which elevated industry-wide demand, capability limitations, or different provide chain constraints might lead to prolonged lead occasions, allocation of provide to our rivals, incapability to acquire enough portions on commercially acceptable phrases, or impairment of our prospects’ potential to fabricate and ship their finish merchandise, any of which might delay our manufacturing, enhance our prices, or scale back buyer demand for our merchandise and adversely have an effect on our income; dangers associated to the potential impression of AI on our enterprise mannequin and merchandise; dangers associated to the speedy progress of the Company; dangers that our prospects 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 prospects and potential prospects; our potential to finish and notice the anticipated advantages of any acquisitions, divestitures and investments; the impression of worldwide battle (equivalent 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, laws, and tariffs, together with however not restricted to, commerce restrictions imposed on our Chinese prospects; dangers associated to modifications on the whole macroeconomic situations, or expectations of such situations, equivalent 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 important buyer orders or shipments, in addition to the power of our prospects to handle stock; our potential to understand the anticipated advantages from restructuring actions; the danger of downturns within the semiconductor {industry} or our buyer finish markets; 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; delays or elevated prices associated to finishing the design, growth, manufacturing and introduction of our new merchandise attributable to a range of points, together with provide chain cross-dependencies, dependencies on EDA and comparable instruments, dependencies on the use of third-party, enterprise associate or buyer mental property, collaboration and synchronization necessities with enterprise companions and prospects, 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; 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 prospects, lose confidence in our potential to guard their IP rights; the dangers related to manufacturing and promoting merchandise and prospects’ merchandise exterior of the United States; decreases in gross margin and outcomes of operations sooner or later attributable to a quantity of elements, together with excessive or growing rates of interest and volatility in overseas change charges; extreme monetary hardship or chapter of a number of of our main prospects; the results of transitioning to smaller geometry course of applied sciences; the impression of any change within the earnings tax legal guidelines in jurisdictions the place we function and the loss of any helpful tax therapy that we at the moment take pleasure in; the result of pending or future litigation and authorized and regulatory proceedings; threat associated to our Sustainability program; the impression and prices related to modifications in worldwide monetary and regulatory situations; our potential and the power of our prospects to efficiently compete within the markets by which we serve; our potential and our prospects’ potential to develop new and enhanced merchandise and the adoption of these merchandise available in the market; our potential to scale our operations in response to modifications in demand for present or new services; dangers related to acquisition and consolidation exercise within the semiconductor {industry}, together with any consolidation of our manufacturing companions; our potential to guard our mental property; dangers associated to the issuance of most well-liked inventory; dangers associated to the impression of future pandemics; our upkeep of an efficient system of inside controls; monetary establishment instability; and different dangers detailed in our SEC filings sometimes. The foregoing record of elements isn’t exhaustive. You ought to fastidiously contemplate 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 sometimes with the SEC. Forward-looking statements converse 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 in consequence 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 essentially the most highly effective basis: our partnerships with our prospects. Trusted by the world’s main know-how corporations for over 30 years, we transfer, retailer, course of and safe the world’s knowledge with semiconductor options designed for our prospects’ present wants and future ambitions. Through a course of of deep collaboration and transparency, we’re in the end altering the best way tomorrow’s enterprise, cloud and provider architectures remodel—for the higher.

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

Quarterly Revenue Trend (Unaudited)

Our product options serve two finish markets: (i) knowledge heart and (ii) communications and different. These markets and their corresponding buyer merchandise and functions are famous within the desk under:

View supply model on businesswire.com: https://www.businesswire.com/news/home/20260827816134/en/

For additional data, contact:

Ross Seymore

Senior Vice President, Investor Relations

408-222-0777

ir@marvell.com

Source: Marvell Technology, Inc.

Released August 27, 2026