Marvell Technology, Inc. reports second quarter of fiscal year 2027 financial results

• Q2 Net Revenue: $2.739 billion, a new record, grew by 37% year-on-year
• Q2 Gross Margin: 53.1% GAAP gross margin; 58.9% non-GAAP gross margin
• Q2 Diluted income per share: $0.33 GAAP diluted income per share; $0.94 non-GAAP diluted income per share

SANTA CLARA, Calif.-- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the second quarter of fiscal year 2027.

Net revenue for the second quarter of fiscal 2027 was $2.739 billion, $39.0 million above the mid-point of the Company’s guidance provided on May 27, 2026.

GAAP net income for the second quarter of fiscal 2027 was $308.0 million, or $0.33 per diluted share. Non-GAAP net income for the second quarter of fiscal 2027 was $865.9 million, or $0.94 per diluted share. Cash flow from operations for the second quarter was $605.5 million.

“Marvell delivered record second-quarter fiscal 2027 revenue of $2.739 billion, up 37% year over year, driven by continued strong demand across our Data Center portfolio, where revenue growth accelerated to 46% year over year,” said Matt Murphy, Marvell’s Chairman and CEO. “AI-related bookings remain exceptionally robust, and we expect our revenue growth to accelerate further through the remainder of fiscal 2027. Given this strength, we are again raising our revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter. We are seeing broad-based strength across our Data Center portfolio, including strong demand in Connectivity and a significant acceleration in our Custom business beginning in the second half of fiscal 2027. We look forward to showcasing these growth drivers and sharing Marvell’s long-term strategy for enabling the continued expansion of AI infrastructure at our Investor Day on October 6^th, 2026.”

Third Quarter of Fiscal 2027 Financial Outlook

• Net revenue is expected to be $3.150 billion +/- 5%.
• GAAP gross margin is expected to be 52.9% to 53.9%.
• Non-GAAP gross margin is expected to be 57.5% to 58.5%.
• GAAP operating expenses are expected to be approximately $1.015 billion.
• Non-GAAP operating expenses are expected to be approximately $655 million.
• Basic weighted-average shares outstanding are expected to be 900 million.
• Diluted weighted-average shares outstanding are expected to be 921 million.
• GAAP diluted net income per share is expected to be $0.53 +/- $0.05 per share.
• Non-GAAP diluted net income per share is expected to be $1.10 +/- $0.05 per share.

GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. The Company calculated EPS under the two-class method as a result of the issuance of the Series A Convertible Preferred Stock on March 31, 2026.