Marvell Technology (MRVL) Q2 2026 Earnings
How Did MRVL Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +3.63%.
Did MRVL Beat Earnings? Q2 2026 Results
No. Marvell Technology reported Q2 2026 earnings of $0.67 a share on Aug 28, 2025, missing the $0.67 consensus estimate by 0.5%. Revenue was $2.0B against a $2.0B estimate.
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.
- 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
What Was Marvell Technology's Outlook in Q2 2026?
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
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.0B | $1.3B | +57.6% |
| Gross Profit | $1.0B | $587.6M | +72.0% |
| Operating Income | $290.1M | $59.3M | +388.9% |
| Net Income | $194.8M | $64.8M | +200.8% |
MRVL Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.