Marvell Technology — 2026Q2 财报

“Net revenue for the first quarter of fiscal 2027 was $2.418 billion, $18.0 million above the mid-point of the Company’s guidance provided on March 5, 2026.”

Revenue beat: Q1 FY2027 net revenue was a record $2.418 billion, $18.0 million above the midpoint of the guidance given on March 5, 2026.

“GAAP net income for the first quarter of fiscal 2027 was $34.5 million, or $0.04 per diluted share. Non-GAAP net income for the first quarter of fiscal 2027 was $718.0 million, or $0.80 per diluted share.”

Profitability split: GAAP net income was $34.5 million ($0.04 per diluted share) versus non-GAAP net income of $718.0 million ($0.80 per diluted share) — a wide gap driven by acquisition-related and other excluded charges.

“Cash flow from operations for the first quarter was $638.8 million, a record high.”

Cash generation: operating cash flow reached a record $638.8 million in the quarter.

“Marvell delivered record first-quarter fiscal 2027 revenue of $2.418 billion, up 28% year-over-year, and guided second-quarter revenue to $2.7 billion at the mid-point, representing 35% year-over-year growth. We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business,”

Guidance and trajectory: CEO Matt Murphy framed the quarter as record revenue up 28% year-over-year with Q2 guided to $2.7 billion at the midpoint (35% year-over-year growth), and said growth should accelerate each quarter through fiscal 2027 on data center strength.

“We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter.”

Outlook raised: on the back of AI-related bookings, management significantly raised the revenue outlook for both fiscal 2027 and fiscal 2028 versus the prior quarter's guidance, citing demand across optics, Ethernet switching, interconnect, and custom XPU/XPU-attach solutions.

“As a result, we now expect overall Marvell revenue fiscal 27 to grow approximately 40% year over year to nearly $11.5 billion The increase in our revenue outlook continues to be driven by our data center which we now expect to grow approximately 50% this fiscal year.”

CEO Matthew J. Murphy raised the full-year outlook to roughly 40% growth — nearly $11.5 billion of fiscal 2027 revenue — with the data center business now expected to grow about 50% this fiscal year.

“We are now guiding Q2 revenue to grow double digits sequentially, and we expect Q3 and Q4 revenue to also grow by at least 10% sequentially, as a result, we now expect $3 billion in quarterly revenue in Q3.”

Murphy pulled the $3 billion quarterly-revenue milestone forward to Q3: Q2 is guided to double-digit sequential growth and Q3 and Q4 are each expected to grow at least 10% sequentially.

“We remain confident in achieving our target model for our custom business to deliver on over $10 billion in revenue in fiscal 29.”

Murphy reaffirmed the long-term custom silicon target of over $10 billion in revenue in fiscal 2029, and confirmed it again under questioning from Vivek Arya (Bank of America).

“Everything that touches AI has been constrained basically since the beginning of this. And, ultimately, the way we have been able to manage this is by building very tight relationships with a small number of key suppliers giving them a 5 year forecast of what we need and hitting what we need each time along the way and doing what we said we were going to do.”

COO Christopher Koopmans said everything touching AI has been supply-constrained since the buildout began, and that Marvell manages it with tight relationships and 5-year forecasts with a small number of key suppliers (backed, per the call, by prepayments).