Marvell Technology Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.27%.
Did MRVL Beat Earnings? Q1 2026 Results
Marvell Technology kicked off fiscal 2026 with a record first quarter, posting revenue of $1.90 billion — up 63.3% year over year and ahead of the $1.88 billion consensus — while non-GAAP EPS of $0.62 edged past the $0.61 analyst estimate by 1.11%, more than doubling from $0.24 in the year-ago period. The single biggest engine behind the results was an AI-fueled data center business that surged 76% year over year to $1.44 billion, now accounting for 76% of total revenue as demand for custom silicon and electro-optics products accelerated well beyond initial expectations. Non-GAAP operating margin expanded sharply to 34.2% from 23.3% a year earlier, underscoring the operating leverage embedded in Marvell's scaled AI platform. Some analysts remain cautious about competitive dynamics around custom accelerator wins, adopting a wait-and-see posture — but management's Q2 guidance of $2.00 billion in revenue and non-GAAP EPS of $0.67 signals the company sees no letup in momentum, with a dedicated Custom AI Investor Event scheduled for June 17, 2025 to lay out <a href="https://247wallst.com/investing/2025/12/02/live-marvell-technology-mrvl-q3-earnings-coverage/">long-term market share goals</a> for its custom silicon franchise.
- Strong AI demand in the data center end market driving 76% YoY data center revenue growth
- Rapid scaling of custom silicon programs
- Robust shipments of electro-optics products
- Data center segment now represents 76% of total revenue
- Carrier infrastructure revenue nearly doubled YoY with 93% growth
- Non-GAAP operating margin expanded to 34.2% from 23.3% a year ago
“Marvell delivered record revenue in the first quarter of $1.895 billion, a 63% year-over-year increase, and we are forecasting continued strong growth into the second quarter. This momentum is being fueled by strong AI demand in the data center end market, where our revenue is benefiting from the rapid scaling of our custom silicon programs and robust shipments of our electro-optics products.”
Marvell Technology CEO, on the earnings call
Forward Guidance & Outlook
For Q2 FY2026 (three months ending August 2, 2025), Marvell expects net revenue of $2.000 billion +/- 5%, GAAP gross margin of 50%-51%, non-GAAP gross margin of 59%-60%, GAAP operating expenses of approximately $735 million, non-GAAP operating expenses of approximately $495 million, GAAP diluted EPS of $0.21 +/- $0.05, and non-GAAP diluted EPS of $0.67 +/- $0.05. The company forecasts continued strong growth driven by custom silicon and AI demand in the data center. Marvell will host a Custom AI Investor Event on June 17, 2025 to provide updates on the expanding custom silicon opportunity and long-term market share goals.
MRVL YoY Financials
MRVL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.