Marvell Technology: Fiscal 4Q26 and FY26 Financial Results

• Q4 Net Revenue: $2.219 billion, a new record, grew by 22% YoY
• Q4 Gross Margin: 51.7% GAAP gross margin; 59.0% non-GAAP gross margin
• Q4 Diluted income per share: $0.46 GAAP diluted income per share; $0.80 non-GAAP diluted income per share

Marvell Technology, Inc., a leader in data infrastructure semiconductor solutions, today reported financial results for the fourth fiscal quarter and fiscal year ended January 31, 2026.Net revenue for the fourth quarter of fiscal 2026 was $2.219 billion, $19.0 million above the mid-point of the company’s guidance provided on December 2, 2025. GAAP net income for the fourth quarter of fiscal 2026 was $396.1 million, or $0.46 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2026 was $685.1 million, or $0.80 per diluted share. Cash flow from operations for the fourth quarter was $373.7 million.

Net revenue for fiscal 2026 was $8.195 billion, a new record. GAAP net income for fiscal 2026 was $2.670 billion, or $3.07 per diluted share. Non-GAAP net income for fiscal 2026 was $2.466 billion, or $2.84 per diluted share.

“Marvell delivered record fiscal 2026 revenue of $8.195 billion, growing 42% year-over-year, driven by robust AI demand. We also delivered GAAP EPS of $3.07 and non-GAAP EPS of $2.84, up 81% year-over-year, demonstrating the strong operating leverage in our business model,” said Matt Murphy, chairman and CEO, Marvell. “We expect year-over-year revenue growth to accelerate each quarter in fiscal 2027, driven by continued strength in our data center business, with bookings continuing to grow at a record pace. In addition to our strong results and outlook, our design wins in fiscal 2026 hit an all-time record, which we expect will continue to fuel our future growth.”

The financial outlook for the first quarter of fiscal 2027 includes expected results of Celestial AI and XConn Technologies as both acquisitions closed subsequent to our fiscal 2026 year end.

First Quarter of Fiscal 2027 Financial Outlook

• Net revenue is expected to be $2.400 billion +/- 5%
• GAAP gross margin is expected to be 51.4% to 52.4%
• Non-GAAP gross margin is expected to be 58.25% to 59.25%
• GAAP operating expenses are expected to be approximately $872 million
• Non-GAAP operating expenses are expected to be approximately $575 million
• Basic weighted-average shares outstanding are expected to be 876 million
• Diluted weighted-average shares outstanding are expected to be 883 million
• GAAP diluted net income per share is expected to be $0.31 +/- $0.05 per share
• Non-GAAP diluted net income per share is expected to be $0.79 +/- $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.

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