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Marvell Technology cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$479M in Q2 FY27 · $1.7B over twelve months

Operating cash flow$606M
Capital spending−$127M
Free cash flow+$479M
Cash / net income2.0×
Cash conversion cycle112 days

Analysis

In Q2 FY27, Marvell Technology generated $606M of operating cash flow and spent $127M on capital projects, leaving free cash flow of $479M.

Over the twelve months to Aug 1, 2026, operating cash flow was $2.2B; the largest uses were buybacks ($1.9B), acquisitions ($1.3B), taxes on employees’ shares ($505M); besides operations, cash came from other investing ($2.5B), other financing ($1.8B); the cash balance rose by $2.7B.

Operating cash flow was $606M against net income of $308M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: receivables −$347M, stock-based pay +$326M, prepaid and other assets −$305M.

Its cash conversion cycle was 112 days (receivables 68 + inventory 98 − payables 53).

Free cash flow

Marvell Technology: free cash flow by quarterMarvell Technology: free cash flow by quarter$461MQ3 FY25$444MQ4 FY25$214MQ1 FY26$414MQ2 FY26$509MQ3 FY26$259MQ4 FY26$483MQ1 FY27$479MQ2 FY27
Operating cash flow less capital spending.
Marvell Technology: operating cash flow against capital spendingMarvell Technology: operating cash flow against capital spendingOperating cash flowCapital spending$536M$75.0MQ3 FY25$514M$69.9MQ4 FY25$333M$119MQ1 FY26$462M$47.5MQ2 FY26$582M$73.5MQ3 FY26$374M$114MQ4 FY26$639M$156MQ1 FY27$606M$127MQ2 FY27
Latest (Q2 FY27): Operating cash flow $606M, Capital spending $127M.

Capital allocation, year by year

Marvell Technology: where the cash came from (up) and went (down), by fiscal yearMarvell Technology: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $819MFY22: Net borrowing $3.4BFY22: Shares issued $84.5MFY22: Capital spending −$169MFY22: Acquisitions −$3.6BFY22: Dividends −$191M$4.3BFY22FY23: Operating cash flow $1.3BFY23: Net borrowing −$65.6MFY23: Shares issued $91.3MFY23: Capital spending −$206MFY23: Acquisitions −$112MFY23: Buybacks −$115MFY23: Dividends −$204M$1.4BFY23FY24: Operating cash flow $1.4BFY24: Net borrowing −$327MFY24: Shares issued $99.2MFY24: Asset sales $300KFY24: Capital spending −$336MFY24: Buybacks −$150MFY24: Dividends −$207M$1.5BFY24FY25: Operating cash flow $1.7BFY25: Net borrowing −$109MFY25: Shares issued $87.6MFY25: Asset sales $500KFY25: Capital spending −$285MFY25: Acquisitions −$10.4MFY25: Buybacks −$725MFY25: Dividends −$208M$1.8BFY25FY26: Operating cash flow $1.8BFY26: Net borrowing $408MFY26: Shares issued $78.7MFY26: Asset sales $2.5BFY26: Capital spending −$354MFY26: Buybacks −$2.0BFY26: Dividends −$205M$4.7BFY26
Over these 5 years operating cash flow totalled $6.9B; the largest uses were acquisitions ($3.7B) and buybacks ($3.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.9B
Debt$5.0B
Net debt$1.0B
Due within a year$500M

Marvell Technology funds itself: free cash flow was $1.7B over the last twelve months, and $3.9B of cash and investments stands against $5.0B of debt ($500M due within a year, 7.9× covered by cash).

Marvell Technology: debt maturities by year (FY26)Marvell Technology: debt maturities by year (FY26)$500MYear 1$1.2BYear 3$500MYear 4$500MYear 5$1.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.9B of cash and investments now.

Where the cash came from and went

Marvell Technology: sources (+) and uses (−) of cash, Q2 FY27Marvell Technology: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$606MBuybacks−$200MTaxes on employees’ shares−$138MCapital spending−$127MCash drawn (+) / kept (−)−$89.2MShares issued$54.2MDividends−$53.9MOther financing−$48.3MOther investing−$3.6M
Marvell Technology: sources (+) and uses (−) of cash, TTM to Q2 FY27Marvell Technology: sources (+) and uses (−) of cash, 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 profit to cash

Marvell Technology: net income to operating cash flow, Q2 FY27Marvell Technology: net income to operating cash flow, Q2 FY27Net income$308MStock-based pay$326MDeferred taxes$24.9MOther non-cash$35.1MReceivables−$347MInventory$48.3MPayables$22.3MAccrued liabilities$88.2MEmployee-related liabilities$44.3MPrepaid and other assets−$305MOperating cash flow$606M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY27689853112
Q1 FY277611070116
Q4 FY267710273106
Q3 FY26669456103
Q2 FY26599754102
Q1 FY26521015796
Q4 FY2551965988
Q3 FY2562653989

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$606M−$127M—−$200M−$53.9M—$54.2M−$89.2M$479M
Q1 FY27$639M−$156M−$1.3B−$200M−$53.8M$499M$2.0B−$1.2B$483M
Q4 FY26$374M−$114M—−$200M−$50.8M—$27.2M$75.7M$259M
Q3 FY26$582M−$73.5M—−$1.3B−$50.8M—$400K−$1.5B$509M
Q2 FY26$462M−$47.5M—−$200M−$51.7M$241M$50.5M−$338M$414M
Q1 FY26$333M−$119M—−$340M−$51.8M$367M$600K$62.4M$214M
Q4 FY25$514M−$69.9M—−$200M−$51.9M−$32.8M$35.2M−$80.2M$444M
Q3 FY25$536M−$75.0M—−$200M−$51.9M−$32.8M$800K−$59.4M$461M

Marvell Technology: income statement and cash flow

Marvell Technology, Q2 FY27: revenue $2.7B (+36% year over year), operating margin 16.8%. The chart follows the revenue to costs, profit and cash.

Marvell Technology: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.