Marvell Technology (MRVL), a mid-size U.S. chipmaker focused on data center and networking chips, will report Q3 Fiscal 2026 results on December 2, 2025. The company is much smaller than giants like Nvidia (NVDA) and Broadcom (AVGO), but it is still a key AI hardware player, with a market cap of about $70 billion.
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Even with rising demand for its AI products, the stock has struggled this year and is down about 34% year-to-date. The pullback comes amid uncertainty around U.S.–China trade rules and increasing competition in the AI chip space. Still, analysts remain cautiously optimistic ahead of the third-quarter report, with many pointing to steady AI-driven growth as a key long-term driver.
What to Expect from MRVL’s Q3 Earnings
Wall Street expects Marvell to report earnings per share (EPS) of $0.74 for Q3 FY26, reflecting a 72% year-over-year growth. Furthermore, analysts estimate a 36% jump in revenue to $2.07 billion.
Notably, Marvell has missed Wall Street’s expectations in two of the past nine consecutive quarters.
This quarter, investors will be watching whether Marvell can show steady progress in its AI custom-chip programs and optics business, which are now the main growth drivers.
Here’s What Analysts Are Saying About Marvell
Ahead of Q3 earnings, UBS analyst Timothy Arcuri kept a Buy rating on Marvell stock and raised the price target to $110 from $105. The 5-star analyst said he is now more positive about Marvell’s optics business, which is tied to AI data center growth.
Arcuri now expects Q4 revenue guidance to reach about $2.2 billion, supported by strong AI optics demand and early wins in custom chips for Microsoft (MSFT). UBS also raised its long-term numbers and now expects 2027 EPS of $4.43, up from $3.85.
Meanwhile, HSBC analyst Frank Lee began coverage on Marvell with a Hold rating and an $85 price target. Lee said Marvell is becoming an important player in AI thanks to its custom chips and optical products, but he thinks the stock already prices in some of that potential.
The analyst also noted that more than 70% of Marvell’s revenue comes from Asia, and AI spending from large cloud providers continues to rise. However, Lee is less confident about Marvell’s ASIC strategy and expects competitor Broadcom to benefit more due to a clearer roadmap and stronger position.
Is MRVL a Buy, Hold, or Sell?
On TipRanks, MRVL stock has a Moderate Buy consensus rating based on 23 Buys and nine Hold ratings. The average Marvell Technology price target of $93.23 implies 6.28% upside potential from current levels.
