Companies /Technology

Marvell Technology Inc

NASDAQ: MRVL Semiconductors
$223.55
▲ $14.72 (+7.05%) today
Markets closed · 4:29pm ET

Q2 2026 Earnings

Reported Aug 28, 2025, 4:06pm ET · SEC source
$0.67
Miss −0.50%
EPS · est. $0.67
$2.0B
Miss −0.20%
Revenue · est. $2.0B
+29.8%
Beating market
MRVL vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−7%0+7%Aug 28Aug 29report 4:06pm ETearnings−0.6%−10.2%
−7%0+7%Aug 28Aug 29earnings−0.6%−10.2%
MRVL −10.2%S&P 500 −0.6%
−7%0+7%Aug 28Aug 29report 4:06pm ETearnings−1.3%−10.2%
−7%0+7%Aug 28Aug 29earnings−1.3%−10.2%
MRVL −10.2%NASDAQ −1.3%
−14%−7%0+7%Aug 27Sep 5report 4:06pm ETearnings−0.4%−11.2%
−14%−7%0+7%Aug 27Sep 5earnings−0.4%−11.2%
MRVL −11.2%S&P 500 −0.4%
−14%−7%0+7%Aug 27Sep 5report 4:06pm ETearnings−0.3%−11.2%
−14%−7%0+7%Aug 27Sep 5earnings−0.3%−11.2%
MRVL −11.2%NASDAQ −0.3%
−18.60%
Day of report
+2.76%
Next session
+4.99%
One week
+33.44%
30 days

S&P 500 over the same 30 days: +3.63%.

Did MRVL Beat Earnings? Q2 2026 Results

Marvell Technology delivered a fractionally soft but fundamentally strong second quarter of fiscal 2026, posting revenue of $2.01 billion — up 57.6% year-over-year — that missed consensus by just 0.20%, while non-GAAP EPS of $0.67 fell a slim 0.50% short of the $0.67 estimate. The headline story, however, belongs to the data center segment, which generated $1.49 billion — 74% of total revenue — on the back of surging AI demand for custom silicon and electro-optics products, with CEO Matt Murphy noting that custom AI design activity is at an all-time high across more than 50 new opportunities. The company also swung to GAAP net income of $194.80 million from a loss of $193.30 million a year ago, underscoring meaningful margin improvement. Looking ahead, Marvell guided Q3 revenue to approximately $2.06 billion with non-GAAP EPS of $0.74, though the <a href="https://247wallst.com/investing/2025/12/02/live-marvell-technology-mrvl-q3-earnings-coverage/">next quarter's results</a> will reflect the completed $2.5 billion divestiture of its Automotive Ethernet business to Infineon, which closed in mid-August.

Key Takeaways
  • Strong AI demand for custom silicon and electro-optics products driving data center revenue growth of 69% YoY
  • Significant recovery in enterprise networking (28% YoY) and carrier infrastructure (71% YoY) end markets
  • Data center end market represents 74% of total revenue
  • Non-GAAP operating margin expanded to 34.8% from 26.1% year-over-year

“Marvell delivered record revenue of $2.006 billion in the second quarter – a 58% year-over-year increase – and we expect continued growth into the third quarter, accompanied by operating margin and earnings per share expansion.”

Marvell Technology CEO, on the earnings call

Forward Guidance & Outlook

For Q3 fiscal 2026, Marvell expects net revenue of approximately $2.060 billion (+/- 5%), reflecting the divestiture of the Automotive Ethernet business completed on August 14, 2025. Non-GAAP gross margin is expected to be 59.5% to 60.0%. Non-GAAP diluted EPS is expected to be $0.74 +/- $0.05. GAAP diluted EPS is expected to be $2.03 +/- $0.05, which includes an estimated $2.10 per share gain on sale of business. Non-GAAP operating expenses are expected to be approximately $485 million. Management expects continued growth accompanied by operating margin and earnings per share expansion.

MRVL YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$600.0M$1.2B$1.8B$1.3B$2.0BRevenue$587.6M$1.0BGross Profit$59.3M$290.1MOperating Income$64.8M$194.8MNet Income
$0$600.0M$1.2B$1.8BRevenueGross ProfitOperating IncomeNet Income

MRVL Revenue by Segment

Data Center$1.5B+69.0%
Communications and other
Enterprise Networking$193.6M+28.0%
Carrier Infrastructure$130.1M+71.0%
Consumer$115.9M+30.0%
Automotive/Industrial$76.0M+0.0%

Figures from SEC filings and company reports. Not investment advice.