Marvell Technology (MRVL) Q2 FY2027 earnings: revenue $2.7 billion, up 36.5% on the year

Marvell Technology, Inc. (MRVL) reported revenue of $2.7 billion for Q2 FY2027, the quarter ended 1 August 2026, up 36.5% on the same quarter a year earlier. Net income was $308 million, up 58.1% on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-Q it filed with the SEC on 28 August 2026.

Revenue

$2.7 billion

+36.5% on the year · +13.3% on the quarter

Q3 FY2025Q2 FY2027

Operating margin

16.8%

14.5% a year earlier

Q3 FY2025Q2 FY2027

Net income

$308 million

+58.1% on the year · +792.8% on the quarter

Q3 FY2025Q2 FY2027

Diluted EPS

$0.33

+50.0% on the year · +725.0% on the quarter

Q3 FY2025Q2 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 new.

Record revenue up 37% year over year: Net revenue was $2,739.3 million, a record, up 37% from $2,006.1 million a year earlier and up 13% from $2,417.8 million in the first quarter.
Data center growth accelerated: Management said data center growth accelerated. Data center revenue rose 18% from the first quarter, to $2,171.5 million.
Net income and diluted EPS: GAAP net income was $308.0 million, or $0.33 per diluted share, against $34.5 million, or $0.04, in the first quarter. Non-GAAP net income was $865.9 million, or $0.94 per diluted share.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Revenue	2,739	2,418	2,006	+13.3%	+36.5%
Cost of revenue	1,284	1,157	996	+11.0%	+29.0%
Gross profit	1,456	1,261	1,011	+15.5%	+44.0%
Gross margin	53.1%	52.1%	50.4%
Research and development	741	652	519	+13.6%	+42.8%
Selling, general and administrative	258	258	193	-0.3%	+33.6%
Operating income	460	339	290	+35.4%	+58.5%
Operating margin	16.8%	14.0%	14.5%
Interest expense	61.6	52.8	51.9	+16.7%	+18.7%
Income tax	70.3	48.8	38.9	+44.1%	+80.7%
Net income	308	34.5	195	+792.8%	+58.1%
Net margin	11.2%	1.4%	9.7%
Diluted EPS	$0.33	$0.04	$0.22	+725.0%	+50.0%

$ million except per share.

Free 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

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Operating cash flow	606	639	462	-5.2%	+31.2%
Capital expenditure	127	156	47.5	-18.6%	+166.7%
Free cash flow	479	483	414	-0.9%	+15.6%
Free cash flow margin	17.5%	20.0%	20.6%
Cash from investing	-130	-1,421	-77.2
Cash from financing	-386	1,987	-45.9
Share-based compensation	326	208	154	+57.1%	+112.4%
Buybacks	200	200	200	0.0%	0.0%
Dividends paid	53.9	53.8	51.7	+0.2%	+4.3%
Dividend per share	$0.06	$0.06	$0.06	0.0%	0.0%
Diluted shares, weighted	921m	893m	870m	+3.1%	+5.8%
Shares outstanding at period end	877m	875m	862m	+0.2%	+1.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Shareholders' equity	18,532	18,216	13,422	+1.7%	+38.1%
Short-term borrowings	0.0	0.0	499
Debt	4,963	4,961	4,467	+0.0%	+11.1%
Operating lease liabilities	264	261	258	+1.0%	+2.2%
Other liabilities	3,796	3,506	1,940	+8.3%	+95.7%
Total liabilities and equity	27,555	26,944	20,586	+2.3%	+33.8%
Fixed assets	1,071	972	794	+10.1%	+34.8%
Goodwill	13,874	13,884	11,062	-0.1%	+25.4%
Intangible assets	2,347	2,562	2,207	-8.4%	+6.3%
Cash and equivalents	3,933	3,844	1,224	+2.3%	+221.2%
Receivables	2,218	1,872	1,452	+18.5%	+52.8%
Inventory	1,361	1,401	1,052	-2.9%	+29.4%
Other assets	2,751	2,411	2,795	+14.1%	-1.6%
Total assets	27,555	26,944	20,586	+2.3%	+33.8%

Questions

What was Marvell Technology's revenue in Q2 FY2027?

Marvell Technology (MRVL) reported revenue of $2.7 billion for Q2 FY2027, the quarter ended 1 August 2026, up 36.5% on the same quarter a year earlier.

How much did Marvell Technology earn in Q2 FY2027?

Net income for Q2 FY2027 was $308 million, up 58.1% on the year, and diluted earnings per share $0.33.

When did Marvell Technology report Q2 FY2027 results?

Marvell Technology filed its 10-Q for the quarter ended 1 August 2026 with the SEC on 28 August 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	1,211	1,343	1,447	1,517	1,537	1,418	1,322	1,341	1,419	1,426	1,161	1,273	1,516	1,817	1,895	2,006	2,074	2,219	2,418	2,739
Cost of revenue	623	657	696	731	760	745	764	820	867	762	633	685	1,167	900	943	996	1,005	1,071	1,157	1,284
Gross profit	588	686	751	786	777	673	557	521	551	664	528	588	349	917	952	1,011	1,070	1,148	1,261	1,456
Gross margin	49%	51%	52%	52%	51%	47%	42%	39%	39%	47%	45%	46%	23%	50%	50%	50%	52%	52%	52%	53%
R&D	372	399	444	449	448	443	481	475	481	460	476	487	489	499	508	519	512	536	652	741
SG&A	243	251	236	212	208	188	199	210	213	212	200	197	205	196	186	193	190	198	258	258
Operating income	-33.3	34.7	69.8	39.1	106	23.3	-182	-206	-146	-33.3	-152	-100	-703	235	271	290	358	404	339	460
Operating margin	-3%	3%	5%	3%	7%	2%	-14%	-15%	-10%	-2%	-13%	-8%	-46%	13%	14%	14%	17%	18%	14%	17%
Interest expense	35.4	35.0	36.3	39.8	45.2	49.3	52.7	53.8	52.6	52.6	48.8	48.4	47.2	45.0	48.7	51.9	51.2	50.8	52.8	61.6
Net income	-62.5	6.2	-166	4.3	13.3	-15.4	-169	-208	-164	-393	-216	-193	-676	200	178	195	1,901	396	34.5	308
Net margin	-5%	0%	-11%	0%	1%	-1%	-13%	-15%	-12%	-28%	-19%	-15%	-45%	11%	9%	10%	92%	18%	1%	11%
Diluted EPS	-$0.08	$0.02	-$0.20	$0.01	$0.02	-$0.02	-$0.20	-$0.24	-$0.19	-$0.45	-$0.25	-$0.22	-$0.78	$0.23	$0.20	$0.22	$2.20	$0.46	$0.04	$0.33
Operating cash flow	265	346	195	332	411	352	208	112	503	547	324	306	536	514	333	462	582	374	639	606
Capital expenditure	76.8	38.8	36.9	72.6	42.7	54.0	99.8	111	54.4	71.0	91.5	48.2	75.0	69.9	119	47.5	73.5	114	156	127
Free cash flow	188	307	158	259	368	298	109	1.4	449	476	233	258	461	444	214	414	509	259	483	479
Buybacks	0.0	0.0	15.0	50.0	50.0	0.0	0.0	0.0	50.0	100	150	175	200	200	340	200	1,300	200	200	200
Dividends paid	50.4	50.7	50.9	51.1	51.1	51.3	51.4	51.7	51.8	51.9	51.8	51.9	51.9	51.9	51.8	51.7	50.8	50.8	53.8	53.9
Shares outstanding	844m	847m	850m	853m	853m	856m	860m	863m	864m	866m	866m	866m	865m	866m	862m	862m	848m	847m	875m	877m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 1 August 2026, filed 28 August 2026: the filing.