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Marvell Technology (MRVL) FY2026 results: revenue $8.2 billion, up 42.1% on the year

Marvell Technology, Inc. (MRVL) reported revenue of $8.2 billion for fiscal 2026, the year ended 31 January 2026, up 42.1% on the year before. Net income was $2.7 billion, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 11 March 2026.

Revenue
$8.2 billion
+42.1% on the year
FY2019FY2026
Operating margin
16.1%
-12.5% a year earlier
FY2019FY2026
Net income
$2.7 billion
FY2019FY2026
Diluted EPS
$3.07
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 10 new.

  • Q4 revenue above guidance midpoint: Net revenue was $2.219 billion, up 22% year over year and up 7% from the prior quarter. It was $19.0 million above the midpoint of guidance given December 2, 2025.
  • Fiscal 2026 revenue reached a record: Fiscal 2026 net revenue was $8.195 billion, a new record and up 42%. GAAP net income for the year was $2.670 billion, or $3.07 per diluted share.
  • Non-GAAP EPS up 81% for year: Management said fiscal 2026 non-GAAP EPS of $2.84 was up 81% year over year, which it attributed to operating leverage in the business model.
  • Data center revenue up 21%: Data center revenue was $1,651.3 million, up 21% year over year and 9% from the prior quarter. It made up 74% of total net revenue.
  • Gross margins held near prior quarter: GAAP gross margin was 51.7% and non-GAAP gross margin was 59.0% for the quarter. The prior quarter showed 51.6% and 59.7%.
Read the Q4 FY2026 earnings call summary

From this 10-K

Marvell Technology supplies data infrastructure semiconductors, from the data centre core out to the network edge. It is a fabless supplier, meaning it designs the chips and has them made elsewhere, with its strength in complex system-on-a-chip architectures that integrate analog, mixed analog-and-digital, and digital processing. It is incorporated in Delaware with headquarters in Wilmington, and it has operations in many countries including Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan and Vietnam. Its fiscal year ends on the Saturday nearest 31 January.

Marvell Technology, Inc., the 10-K for 2026

Marvell Technology supplies data infrastructure semiconductors, from the data centre core out to the network edge. It is a fabless supplier, meaning it designs the chips and has them made elsewhere, with its strength in complex system-on-a-chip architectures that integrate analog, mixed analog-and-digital, and digital processing. It is incorporated in Delaware with headquarters in Wilmington, and it has operations in many countries including Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan and Vietnam. Its fiscal year ends on the Saturday nearest 31 January.

There are two end markets, data centre and communications and other. Data centre was 74% of net revenue in fiscal 2026, against 72% and 40% in the two years before, with communications and other making up the rest. From the fourth quarter of fiscal 2026 the company consolidated what it had reported separately as enterprise networking, carrier infrastructure, consumer and automotive and industrial into that single communications and other market.

The products

The portfolio covers custom application specific integrated circuits, interconnects, Ethernet solutions, fibre channel adapters, processors and storage controllers, all built on compute, networking, security, interconnect and storage technologies. Alongside standard products sold to many customers, the company sells optimised products customised to one customer's requirements, and it says demand for those has been increasing as customers look for differentiation.

The custom circuits are built on the company's own platform, drawing on ultra-high-speed serializer and deserializer blocks, ARM compute, security, storage, silicon photonics and advanced packaging including die-to-die interconnects, chiplets and co-packaged optics, and they serve artificial intelligence, data centre, compute, networking, carrier, storage, aerospace and defence applications.

On Ethernet, the range spans controllers, network adapters, physical transceivers and switches. The Prestera switch portfolio covers enterprise campus, enterprise data centre, industrial, carrier, cloud and AI applications with capacities from 12Gbps to 12.8Tbps, while the Teralynx portfolio is aimed at cloud data centres with capacities up to 51.2Tbps. Alaska physical-layer transceivers handle optical and copper interconnects across speeds from 10Mbps to 1.6Tbps, including multi-gigabit speeds that push beyond 1Gbps and up to 10Gbps over existing cabling.

The company is developing Ultra Accelerator Link and Ethernet for Scale-Up Networking switch fabrics for AI data centre scale-up networking, built on the Teralynx architecture and 224G serializer and deserializer technology.

Storage controllers cover hard disk drives and solid-state drives. The Bravera hard disk drive controllers integrate the company's read channel technologies and, the filing says, are used by all the current drive makers, with preamplifier products offered as part of a chipset alongside them.

The three deals

On 14 August 2025 Marvell completed the sale of its automotive ethernet business to Infineon Technologies for $2.5 billion in cash, recording a pre-tax gain on sale of $1.8 billion in the third quarter of fiscal 2026. That sale took with it advanced driver-assistance systems, autonomous vehicle and in-vehicle networking applications.

After the fiscal year end, on 2 February 2026, it completed the acquisition of Celestial AI, which supplies a Photonic Fabric technology platform for scale-up interconnect, paying approximately $1.3 billion in cash, or $1.0 billion net of cash acquired, and issuing approximately 24.5 million shares, with further cash and shares possible through fiscal 2029 if specified milestones are met. On 10 February 2026 it completed the acquisition of XConn Technologies Holdings, which supplies PCIe and CXL switching silicon, for approximately $280.0 million in cash and approximately 2.1 million shares.

Who buys it

The target customers are original equipment manufacturers and original design manufacturers, along with distributors serving them. The sales force is aligned along key customer lines so that one team can offer a broader set of content into a customer's end product rather than several product groups approaching the same customer separately. Manufacturers' representatives support the direct force in North America, distributors support sales and marketing in the United States, Europe and Asia, and third-party logistics providers keep warehouses near customer facilities. Field application engineers help customers design, test and qualify systems that use the products. The company states it expects a significant percentage of sales to continue coming from direct sales to key customers.

From Marvell Technology's annual report on Form 10-K for the year ended 31 January 2026. The filing

Written from the 10-K filed 11 March 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue8,1955,7675,508+42.1%
Cost of revenue4,0143,3853,214+18.6%
Gross profit4,1812,3822,294+75.5%
Gross margin51.0%41.3%41.6%
Research and development2,0751,9501,896+6.4%
Selling, general and administrative767798834-3.9%
Operating income1,323-720-568
Operating margin16.1%-12.5%-10.3%
Interest expense203189212+7.0%
Pre-tax income3,047-895-759
Income tax376-9.7175
Effective tax rate12.4%n/an/a
Net income2,670-885-933
Net margin32.6%-15.3%-16.9%
Diluted EPS$3.07-$1.02-$1.08
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow1,7501,6811,370+4.1%
Capital expenditure354285336+24.4%
Free cash flow1,3961,3971,034-0.0%
Free cash flow margin17.0%24.2%18.8%
Cash from investing2,098-301-350
Cash from financing-2,158-1,383-980
Depreciation and amortisation1,1641,2301,246-5.4%
Share-based compensation591597610-1.1%
Buybacks2,040725150+181.4%
Dividends paid205208207-1.2%
Dividend per share$0.24$0.24$0.240.0%
Diluted shares, weighted870m866m861m+0.5%
Shares outstanding at period end847m866m866m-2.2%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity14,30813,42714,831+6.6%
Short-term borrowings500130107+285.9%
Debt4,4714,0644,166+10.0%
Operating lease liabilities263231196+13.9%
Other liabilities2,7432,3531,928+16.6%
Total liabilities and equity22,28520,20421,228+10.3%
Fixed assets935790756+18.3%
Goodwill11,06211,58711,587-4.5%
Intangible assets1,7552,7114,004-35.3%
Cash and equivalents2,639948951+178.3%
Receivables2,1871,0281,122+112.6%
Inventory1,3881,030864+34.8%
Other assets2,3202,1101,945+9.9%
Total assets22,28520,20421,228+10.3%

10-K for the year ended 31 January 2026, filed 11 March 2026: the filing.