Marvell Technology (MRVL) Q4 2026 earnings summary

Executive summary

• Achieved record FY2026 revenue of $8.2B, up 42% year-over-year, with Q4 revenue of $2.219B, up 22% year-over-year, driven by strong AI and data center demand.

• FY2026 non-GAAP EPS was $2.84, up 81% year-over-year; GAAP EPS was $3.07.

• Returned $2.245B to shareholders in FY2026 via buybacks and dividends.

• Closed acquisitions of Celestial AI and XConn Technologies, enhancing AI networking capabilities.

• Record design wins in FY2026 expected to fuel future growth.

Financial highlights

• FY2026 GAAP revenue: $8.195B (+42% y/y); GAAP EPS: $3.07; non-GAAP EPS: $2.84.

• Q4 GAAP gross margin: 51.7%; non-GAAP gross margin: 59%.

• Q4 GAAP operating margin: 18.2%; non-GAAP operating margin: 35.7%.

• Q4 GAAP net income: $396.1M; non-GAAP net income: $685.1M.

• Ended FY2026 with $2.64B in cash and $3.97B in total debt.

Outlook and guidance

• FY2027 revenue expected to approach $11B, with over 30% year-over-year growth; data center revenue projected to grow ~40% year-over-year.

• Q1 FY2027 revenue guidance: $2.4B ±5%, up 27% year-over-year.

• Q1 FY2027 non-GAAP EPS guidance: $0.79 ± $0.05.

• FY2028 revenue outlook raised to ~$15B, with non-GAAP EPS projected well over $5.

• Management expects revenue growth to accelerate each quarter in FY2027, led by data center strength.