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Marvell Technology (MRVL) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Aug 28, 2026 · Marvell Technology (MRVL) Q2 FY27 earnings results →

Q2 FY27 Revenue up 36% year over year to $2.7B · 11¢ of every $1 of revenue kept as net profit · operating margin 16.8%

Marvell Technology made $2.7B in Q2 FY27 (+36% Y/Y): Data center $2.2B, Communications and other $568M. Operating margin 16.8%, net earnings $308M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 28, 2026.

Revenue$2.7B
Year over year+36%
Operating margin16.8%
Net earnings$308M
Operating cash flow$606M

Drawing the Sankey…

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Marvell Technology Q2 FY27 revenue breakdown: Sankey diagram of revenue (Data center, Communications and other), costs, profit and cash flow
Marvell Technology Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.7B in Q2 FY27, up 37% year over year and up 13% from the previous quarter. Data center was the largest line at 79% of revenue. Data center added $0.68B year over year (up 46%), 93% of the total change.

Gross margin was 53.1%, up 2.8 points from Q2 FY26. Operating profit was $0.46B, a 16.8% margin (up 2.3 points year over year). Of the extra revenue versus Q2 FY26, 23% reached operating profit, above the 14% margin then. Operating expenses grew 38% against revenue growth of 37%. The fastest-growing cost line was Research & development (+43%). Net earnings were $0.31B, up 58% year over year. The effective tax rate was 18.6%.

Operating cash flow was $0.61B (up 31% year over year), 197% of net earnings. Non-cash charges added back $0.33B of share-based compensation. Capital expenditures of $0.13B left free cash flow of $0.48B.

Quarterly history

Marvell Technology revenue by quarterMarvell Technology revenue by quarter$1.8BQ4 FY25$1.9BQ1 FY26$2.0BQ2 FY26$2.1BQ3 FY26$2.2BQ4 FY26$2.4BQ1 FY27$2.7BQ2 FY27
Marvell Technology net earnings by quarterMarvell Technology net earnings by quarter$200MQ4 FY25$178MQ1 FY26$195MQ2 FY26$1.9BQ3 FY26$396MQ4 FY26$34.5MQ1 FY27$308MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QAug 28, 2026$2.7B+36%16.8%$308M$606M
Q1 FY2710-QMay 28, 2026$2.4B+28%14.0%$34.5M$639M
Q4 FY2610-KMar 11, 2026$2.2B+22%18.2%$396M$374M
Q3 FY2610-QDec 3, 2025$2.1B+37%17.2%$1.9B$582M
Q2 FY2610-QAug 29, 2025$2.0B+58%14.5%$195M$462M
Q1 FY2610-QMay 30, 2025$1.9B+63%14.3%$178M$333M
Q4 FY2510-KMar 12, 2025$1.8B+27%12.9%$200M$514M

Charts

Marvell Technology: revenue growth, year over year and quarter over quarterMarvell Technology: revenue growth, year over year and quarter over quarterY/YQ/Q+27%Q4 FY25+63%+4%Q1 FY26+58%+6%Q2 FY26+37%+3%Q3 FY26+22%+7%Q4 FY26+28%+9%Q1 FY27+36%+13%Q2 FY27
Latest (Q2 FY27): Y/Y +36%, Q/Q +13%.
Marvell Technology: where the cash came from (+) and went (−), TTM to Q2 FY27Marvell Technology: where the cash came from (+) and went (−), TTM to Q2 FY27Cash drawn (+) / kept (−)−$2.7BOther investing$2.5BOperating cash flow$2.2BBuybacks−$1.9BOther financing$1.8BAcquisitions−$1.3BTaxes on employees’ shares−$505MNet borrowing (+) / repaid (−)$499MCapital spending−$470MDividends−$209MShares issued$85.1MAsset & business sales$100K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Marvell Technology: profit against cash, quarter by quarterMarvell Technology: profit against cash, quarter by quarterNet incomeOperating cash flow−$676M$536MQ3 FY25$200M$514MQ4 FY25$178M$333MQ1 FY26$195M$462MQ2 FY26$1.9B$582MQ3 FY26$396M$374MQ4 FY26$34.5M$639MQ1 FY27$308M$606MQ2 FY27
Latest (Q2 FY27): Net income $308M, Operating cash flow $606M.
Marvell Technology: diluted shares by fiscal yearMarvell Technology: diluted shares by fiscal year669MFY21797MFY22851MFY23861MFY24866MFY25870MFY26
+30.0% since FY21: more shares outstanding (issuance, stock pay).
Marvell Technology: long-term debt falling due (FY26)Marvell Technology: long-term debt falling due (FY26)$500M2027$1.2B2029$500M2030$500M2031$1.8BLater
Cash $2.6B, short-term investments —, long-term debt $4.5B at 2026-01-31.
Marvell Technology in its industry: growth against margin (80 companies, SIC 3674)Marvell Technology in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%NVDAMUAVGOINTCAMDAMATTXNADINXPIAMKRONMCHPQARMFSLRMPWRNXTSWKSQorvo, Inc.UCTTALABPENGCRUSDIODCRDOVIAVMTSIOSISSMTCKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMAAOITESLABRMBSMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOLPTHMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRMRVL (+36%, 17%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · AI accelerators & custom chips

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Marvell Technology

Marvell Technology, Inc., together with its consolidated subsidiaries (“Marvell,” “MTI,” the “Company,” “we,” or “us”) is a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge. We are a fabless supplier of high-performance semiconductor products with core strengths in developing and scaling complex System-on-a-Chip architectures, integrating analog, mixed-signal and digital signal processing functionality. Leveraging leading intellectual property and deep system-level expertise, as well as highly innovative security firmware, our solutions are empowering the data economy and enabling the data center and communications and other end markets.

In its own words, from its 10-K, filed Mar 11, 2026.

Marvell Technology against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +36% against the peers' median +40%. Operating margin: 16.8% against the peers' median 40.1%.

CompanyQuarterRevenueY/YOp. margin
MRVL Marvell TechnologyQ2 FY27$2.7B+36%16.8%
NVDA NVIDIAQ2 FY27$96.2B+106%66.2%
MU Micron TechnologyQ4 FY26$54.2B+379%80.7%
AVGO BroadcomQ3 FY26$29.6B+86%53.9%
INTC IntelQ3 2026$16.5B+21%15.3%
AMD Advanced Micro DevicesQ3 2026$13.4B+45%21.2%
AMAT Applied MaterialsQ3 FY26$9.1B+25%33.7%
TXN Texas InstrumentsQ3 2026$6.1B+28%47.5%
ADI Analog DevicesQ3 FY26$4.0B+40%40.1%

Source: Marvell Technology 10-Q on SEC EDGAR · CIK 1835632 · Semiconductors & Related Devices

Guidance and outlook

Marvell Technology Revenue: guidance against what was reportedMarvell Technology Revenue: guidance against what was reportedguided rangereported (above / within / below)Q4 FY25$1.8BQ1 FY26$1.9BQ2 FY26$2.0BQ3 FY26$2.1BQ4 FY26$2.2BQ1 FY27$2.4BQ2 FY27$2.7BQ3 FY27
Met or beat 7 of 7 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Marvell Technology GAAP gross margin: guidance against what was reportedMarvell Technology GAAP gross margin: guidance against what was reportedguided rangereported (above / within / below)Q4 FY2550.5%Q1 FY2650.3%Q2 FY2650.4%Q3 FY2651.6%Q4 FY2651.7%Q1 FY2752.1%Q2 FY2753.1%Q3 FY27
Met or beat 7 of 7 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns MRVL and who is buying

Largest holders of MRVL (13F)Largest holders of MRVL (13F)BlackRock$25.5BVanguard Capital Management LLC$17.2BFMR LLC$17.0BState Street$12.5BInvesco$9.0BVanguard Group$6.7BGeode Capital Management, LLC$6.3BVanguard Portfolio Management LLC$6.3BGoldman Sachs Group$4.4BPrice T Rowe Associates$4.1B
Funds' net buying of MRVL by quarter (13F)Funds' net buying of MRVL by quarter (13F)−$1.8B2024-09$348M2024-12$108M2025-03−$1.1B2025-06−$783M2025-09$2.0B2025-12$800M2026-03−$11.8B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MRVL

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：迈威尔（MRVL）财报

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