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← Marvell Technology

Marvell Technology — 2026Q3 earnings

reported 2026-08-27

EPS $0.94 vs $0.93 est — beat

next session -10.3% (close 2026-08-27 → 2026-08-28)

Source

Press release ↗

Summary

The quarter was an AI-infrastructure beat-and-raise: revenue came in above the mid-point of the company's own May guidance, and the data center end market — now the clear majority of the business — grew faster than the company overall. Management framed the strength as durable rather than a single strong quarter, raising the revenue outlook for two fiscal years at once and guiding the next quarter well above the level just reported. The gap between GAAP and non-GAAP earnings remains wide, so the headline $0.94 non-GAAP figure sits against $0.33 on a GAAP basis.

Review

From the report

Marvell beat its own guidance with record revenue of $2.739 billion, driven by a 46% year-over-year acceleration in data center, and raised its revenue outlook for both fiscal 2027 and fiscal 2028.

  • Revenue was a record and landed above the mid-point of the guidance the company itself had set three months earlier. show quote
    “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.”
    source ↗
  • Earnings carry a large GAAP-to-non-GAAP gap: non-GAAP diluted EPS of $0.94 versus $0.33 on a GAAP basis. show quote
    “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.”
    source ↗
  • The data center portfolio is the engine: management says its growth rate accelerated to 46% year over year, outpacing the 37% total. show quote
    “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,”
    source ↗
  • Management raised the revenue outlook for two fiscal years at once, and pointed to a second-half inflection in the custom silicon business. show quote
    “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.”
    source ↗
  • Next-quarter guidance steps up sharply from the quarter just reported, on both revenue and non-GAAP EPS. show quote
    “Net revenue is expected to be $3.150 billion +/- 5%.”
    source ↗

as of 2026-08-27