Jul 2026 (Q2 FY27) — Aug 27, 2026
Marvell Technology, Inc. Q2 FY27 — AI-Driven Data Center Growth Accelerates, Outlook Raised Significantly
Read the full callMarvell Technology (MRVL) earnings
- Aug 2026
- Jul 2026 (Q2 FY27)
- Jan 2026
Marvell Technology earnings: last reported Thu, 27 Aug 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,739 | +36.5% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | 16.8 | +2.3 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | 308 | +58.1% YoY | Quarterly, as filed | Quarter to Aug 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
62 of 66 judged targets kept · 64 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Communications and other end market revenue - sequential growth | low single-digit sequential growth, approximately 30% year-over-year | Jan 2026 | We delivered first quarter revenue of $585 million, up 3% sequentially and 29% year-over-year. | Achieved |
| Consolidated revenue | $2.7 billion, plus or minus 5% | Jan 2026 | We are forecasting revenue to be in the range of $2.7 billion, plus or minus 5%. ... We are now guiding Q2 revenue to grow double digits sequentially | Revised Up |
| 2-nanometer MACsec-enabled DCI DSP modules - first samples | begin sampling in fiscal 2027 | Jan 2026 | These modules are expected to begin sampling this year. | On Track |
4 of Marvell Technology, Inc.'s 130 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 127 more targets are in the full ledger.
Claimed
- Record revenue of $2.739 billion, reflecting 13% sequential and 37% year-over-year growth, exceeding midpoint of guidance.
- Non-GAAP EPS of $0.94, up 40% year-over-year, also exceeded midpoint of guidance.
- Fiscal 2027 revenue outlook raised by $500 million to approximately $12 billion, representing 45% year-over-year growth.
- Fiscal 2028 revenue outlook raised by $1.5 billion to approximately $18 billion, representing 50% year-over-year growth.
- Data Center revenue grew 46% year-over-year to $2.17 billion in Q2 FY27, with FY27 growth outlook increased to 60% and FY28 to over 60%.
Qualified
- Communications and Other segment revenue declined 3% sequentially to $568 million in Q2 FY27.
- Q3 FY27 Communications and Other revenue expected to decline in the low to mid-teens percentage range sequentially and year-over-year.
- Non-GAAP gross margin guidance for Q3 FY27 is 57.5%-58.5%, a sequential headwind due to accelerated custom business mix.
Price
$237.09 +4.06% · +$9.26
Performance +169.6% 1Y
1Y: $87.95 on 17 Oct 2025 → $237.09. High $316.43 (4 Jun 2026), low $73.73 (4 Feb 2026).
- Previous close
- $227.83
- 52-week range
- $73.73 – $316.43
- One year
- +176.20%
Overview
- Symbol
- MRVL
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
62 of 66 judged targets kept · 64 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Communications and other end market revenue - sequential growth | low single-digit sequential growth, approximately 30% year-over-year | Jan 2026 | We delivered first quarter revenue of $585 million, up 3% sequentially and 29% year-over-year. | Achieved |
| Consolidated revenue | $2.7 billion, plus or minus 5% | Jan 2026 | We are forecasting revenue to be in the range of $2.7 billion, plus or minus 5%. ... We are now guiding Q2 revenue to grow double digits sequentially | Revised Up |
| 2-nanometer MACsec-enabled DCI DSP modules - first samples | begin sampling in fiscal 2027 | Jan 2026 | These modules are expected to begin sampling this year. | On Track |
Claimed
- Record revenue of $2.739 billion, reflecting 13% sequential and 37% year-over-year growth, exceeding midpoint of guidance.
- Non-GAAP EPS of $0.94, up 40% year-over-year, also exceeded midpoint of guidance.
- Fiscal 2027 revenue outlook raised by $500 million to approximately $12 billion, representing 45% year-over-year growth.
- Fiscal 2028 revenue outlook raised by $1.5 billion to approximately $18 billion, representing 50% year-over-year growth.
- Data Center revenue grew 46% year-over-year to $2.17 billion in Q2 FY27, with FY27 growth outlook increased to 60% and FY28 to over 60%.
Qualified
- Communications and Other segment revenue declined 3% sequentially to $568 million in Q2 FY27.
- Q3 FY27 Communications and Other revenue expected to decline in the low to mid-teens percentage range sequentially and year-over-year.
- Non-GAAP gross margin guidance for Q3 FY27 is 57.5%-58.5%, a sequential headwind due to accelerated custom business mix.
The full ledger
Open Marvell Technology, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 130 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q1 FY27) — May 27, 2026
Marvell Technology Q1 FY27 — Record Revenue and Accelerated AI Growth Outlook
Read the full callJan 2026 (Q4 FY26) — Mar 5, 2026
Marvell Technology, Inc. Q4 FY26 — Record Revenue and Significantly Raised FY27/FY28 Outlook
Read the full callEvery analysed call
Marvell Technology earnings calls (MRVL)
Financials
What the filings say
Net profit, year on year: +58% (quarter to aug 2026 against aug 2025).
| Line item | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Jan 2026 | May 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,516 | 1,817 | 1,895 | 2,006 | 2,075 | 2,219 | 2,418 | 2,739 |
| Expenses | 1,052 | 682 | 682 | 721 | 712 | 744 | 921 | 996 |
| Operating profit | -703 | 235 | 271 | 290 | 358 | 404 | 339 | 460 |
| Operating margin | −46.4% | 12.9% | 14.3% | 14.5% | 17.3% | 18.2% | 14.0% | 16.8% |
| Other income | -48 | -35 | -55 | -56 | 1,858 | -23 | -256 | -81 |
| Interest | 47 | 45 | 49 | 52 | 51 | 51 | 53 | 62 |
| Net profit | -676 | 200 | 178 | 195 | 1,901 | 396 | 35 | 308 |
| EPS ($ per share) | -0.78 | — | 0.21 | 0.23 | 2.22 | — | 0.04 | 0.34 |
| Line item | Feb 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|
| Equity capital | — | 1 | 2 | 2 | 2 | 2 | 2 |
| Reserves | — | 2,103 | 1,491 | 1,124 | -17 | -1,109 | 1,356 |
| Total liabilities | — | 2,329 | 6,407 | 6,885 | 6,397 | 6,778 | 7,977 |
| Fixed assets | — | 326 | 463 | 577 | 756 | 791 | 935 |
| Total assets | — | 10,765 | 22,109 | 22,522 | 21,229 | 20,205 | 22,285 |
| Line item | Feb 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|
| Cash from operations | 360 | 817 | 819 | 1,289 | 1,371 | 1,681 | 1,751 |
| Cash from investing | 559 | -120 | -3,745 | -328 | -350 | -301 | 2,098 |
| Cash from financing | -854 | -597 | 2,791 | -663 | -980 | -1,383 | -2,158 |
| Net cash flow | 65 | 101 | -135 | 298 | 40 | -2 | 1,691 |
| Capital expenditure | -82 | -107 | -169 | -206 | -336 | -285 | -354 |
| Free cash flow | 278 | 711 | 650 | 1,083 | 1,034 | 1,397 | 1,396 |
MRVL revenue by segment
| Segment | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +36.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2027 · share of revenue
- CN 42%
- Other Countries 22% ↑ 11 pt
- TW 17% ↑ 4 pt
- SG 12% ↑ 9 pt
- US 7% ↓ 10 pt
As MRVL cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
198 filings between Nov 15, 2025 and Oct 16, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$55.12M
30 sales by 7 insiders
73% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 86
- Option exercise — converted options into shares
- 80
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Bharathi Sandeep | — | $16.47M | Oct 16, 2026 |
| MURPHY MATTHEW J | — | $14.32M | Oct 15, 2026 |
| Koopmans Chris | — | $14.07M | Oct 1, 2026 |
| Meintjes Willem A | — | $4.72M | May 15, 2026 |
| Casper Mark | — | $4.60M | Apr 17, 2026 |
| Durn Daniel | — | $632.3K | Jun 23, 2026 |
| Scarpulla Justin | — | $300.9K | Oct 8, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 16, 2026 | Bharathi Sandeep President, Data Center Group | Sale 10b5-1 plan | 3,685 | $865.9K |
| Oct 15, 2026 | Koopmans Chris President and COO | Option exercise | 2,788 | $0 |
| Oct 15, 2026 | Koopmans Chris President and COO | Tax withheld | 2,147 | $517.9K |
| Oct 15, 2026 | Koopmans Chris President and COO | Tax withheld | 1,468 | $354.1K |
| Oct 15, 2026 | Koopmans Chris President and COO | Tax withheld | 1,791 | $432.1K |
| Oct 15, 2026 | Bharathi Sandeep President, Data Center Group | Option exercise 10b5-1 plan | 3,568 | $0 |
| Oct 15, 2026 | Bharathi Sandeep President, Data Center Group | Option exercise 10b5-1 plan | 1,757 | $0 |
| Oct 15, 2026 | Bharathi Sandeep President, Data Center Group | Tax withheld 10b5-1 plan | 926 | $223.4K |
| Oct 15, 2026 | MURPHY MATTHEW J Chairman of the Board and CEO | Tax withheld 10b5-1 plan | 4,428 | $1.07M |
| Oct 15, 2026 | Scarpulla Justin SVP, Chief Accounting Officer | Tax withheld | 253 | $61.0K |
| Oct 15, 2026 | Koopmans Chris President and COO | Option exercise | 3,400 | $0 |
| Oct 15, 2026 | Casper Mark EVP & Chief Legal Officer | Tax withheld | 806 | $194.4K |
| Oct 15, 2026 | Casper Mark EVP & Chief Legal Officer | Option exercise | 1,190 | $0 |
| Oct 15, 2026 | Bharathi Sandeep President, Data Center Group | Tax withheld 10b5-1 plan | 1,879 | $453.3K |
| Oct 15, 2026 | Bharathi Sandeep President, Data Center Group | Tax withheld 10b5-1 plan | 1,791 | $432.1K |
| Oct 15, 2026 | Koopmans Chris President and COO | Option exercise | 4,077 | $0 |
| Oct 15, 2026 | Casper Mark EVP & Chief Legal Officer | Tax withheld | 627 | $151.3K |
| Oct 15, 2026 | MURPHY MATTHEW J Chairman of the Board and CEO | Option exercise 10b5-1 plan | 6,120 | $0 |
| Oct 15, 2026 | MURPHY MATTHEW J Chairman of the Board and CEO | Sale 10b5-1 plan | 7,500 | $1.77M |
| Oct 15, 2026 | Bharathi Sandeep President, Data Center Group | Tax withheld 10b5-1 plan | 1,297 | $312.9K |
| Oct 15, 2026 | MURPHY MATTHEW J Chairman of the Board and CEO | Option exercise 10b5-1 plan | 6,968 | $0 |
| Oct 15, 2026 | Bharathi Sandeep President, Data Center Group | Option exercise 10b5-1 plan | 3,400 | $0 |
| Oct 15, 2026 | Scarpulla Justin SVP, Chief Accounting Officer | Option exercise | 510 | $0 |
| Oct 15, 2026 | Bharathi Sandeep President, Data Center Group | Option exercise 10b5-1 plan | 2,462 | $0 |
| Oct 15, 2026 | Casper Mark EVP & Chief Legal Officer | Tax withheld | 734 | $177.1K |
| Oct 15, 2026 | Casper Mark EVP & Chief Legal Officer | Option exercise | 1,529 | $0 |
| Oct 15, 2026 | MURPHY MATTHEW J Chairman of the Board and CEO | Tax withheld 10b5-1 plan | 3,223 | $777.5K |
| Oct 15, 2026 | Casper Mark EVP & Chief Legal Officer | Option exercise | 1,394 | $0 |
| Oct 15, 2026 | MURPHY MATTHEW J Chairman of the Board and CEO | Tax withheld 10b5-1 plan | 3,669 | $885.1K |
| Oct 15, 2026 | MURPHY MATTHEW J Chairman of the Board and CEO | Option exercise 10b5-1 plan | 8,409 | $0 |
| Oct 8, 2026 | Scarpulla Justin SVP, Chief Accounting Officer | Sale | 1,100 | $300.9K |
| Oct 1, 2026 | Koopmans Chris President and COO | Sale 10b5-1 plan | 10,000 | $2.62M |
| Sep 15, 2026 | Durn Daniel Chief Financial Officer | Option exercise | 6,469 | $0 |
| Sep 15, 2026 | Durn Daniel Chief Financial Officer | Tax withheld | 3,408 | $755.6K |
| Sep 15, 2026 | MURPHY MATTHEW J Chairman of the Board and CEO | Sale 10b5-1 plan | 7,500 | $1.68M |
| Sep 1, 2026 | Koopmans Chris President and COO | Sale 10b5-1 plan | 10,000 | $2.03M |
| Aug 17, 2026 | MURPHY MATTHEW J Chairman of the Board and CEO | Sale 10b5-1 plan | 7,500 | $1.77M |
| Aug 15, 2026 | Scarpulla Justin SVP, Chief Accounting Officer | Option exercise | 3,166 | $0 |
| Aug 15, 2026 | Scarpulla Justin SVP, Chief Accounting Officer | Tax withheld | 1,570 | $348.6K |
| Aug 3, 2026 | Koopmans Chris President and COO | Sale 10b5-1 plan | 10,000 | $1.80M |
| Jul 16, 2026 | Bharathi Sandeep President, Data Center Group | Sale 10b5-1 plan | 9,013 | $1.80M |
| Jul 15, 2026 | Bharathi Sandeep President, Data Center Group | Tax withheld 10b5-1 plan | 1,879 | $387.6K |
| Jul 15, 2026 | Bharathi Sandeep President, Data Center Group | Option exercise 10b5-1 plan | 3,567 | $0 |
| Jul 15, 2026 | Koopmans Chris President and COO | Tax withheld | 1,468 | $302.8K |
| Jul 15, 2026 | Bharathi Sandeep President, Data Center Group | Tax withheld 10b5-1 plan | 1,297 | $267.5K |
| Jul 15, 2026 | Bharathi Sandeep President, Data Center Group | Option exercise 10b5-1 plan | 2,462 | $0 |
| Jul 15, 2026 | Koopmans Chris President and COO | Option exercise | 2,787 | $0 |
| Jul 15, 2026 | MURPHY MATTHEW J Chairman of the Board and CEO | Sale 10b5-1 plan | 7,500 | $1.57M |
| Jul 15, 2026 | Casper Mark EVP & Chief Legal Officer | Tax withheld | 627 | $129.3K |
| Jul 15, 2026 | Casper Mark EVP & Chief Legal Officer | Option exercise | 1,190 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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