Marvell (MRVL) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 21, 2026

After Close (Confirmed)

Period Ending

2027 (Q1)

Consensus EPS Forecast

0.79

Last Year’s EPS

0.62

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 27 Analysts Ratings

Earnings Call Summary

Q4 2026

Earnings Call Date:Mar 05, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call was broadly positive: Marvell reported record quarterly and annual revenue, strong margin expansion, substantial EPS growth, accelerated bookings, and an upgraded multi-year outlook driven primarily by the data center and interconnect businesses. Strategic acquisitions (Celestial AI, XConn) and product leadership (1.6T, 2-nm DSPs, 100T switching roadmap) position the company to capture AI scale-up opportunities. Near-term risks include rising inventory and working capital, higher operating expenses tied to acquisitions and seasonality, concentration of demand among hyperscalers, and sensitivity of the optimistic guidance to continued elevated cloud CapEx. Management expressed confidence in supply alignment and execution but acknowledged that acquisition revenue contributions are back-weighted to FY2028.

Company Guidance

Marvell guided Q1 FY2027 revenue of $2.4 billion ±5% (27% year‑over‑year at the midpoint, roughly 8% sequential growth), GAAP gross margin 51.4%–52.4%, non‑GAAP gross margin 58.25%–59.25%, GAAP operating expenses of about $872 million and non‑GAAP operating expenses of about $575 million (the two recent acquisitions are expected to add ~ $75 million to FY2027 non‑GAAP OpEx), GAAP other expense of ~$51 million (non‑GAAP ~$48 million), a non‑GAAP tax rate of 11%, basic shares ~876 million and diluted ~883 million, GAAP EPS $0.26–$0.36 and non‑GAAP EPS $0.74–$0.84. Looking full‑year, management now expects FY2027 revenue to grow >30% year‑over‑year to approach ~$11 billion (data center revenue up ~40% YoY with interconnect >50% YoY and communications/other ~+10% YoY), with sequential growth each quarter and FY2027 Q4 exiting above $3 billion; for FY2028 they forecast revenue close to 40% YoY to roughly $15 billion, data center growth near 50% YoY, custom to at least double YoY, ~ $250 million aggregate contribution from Celestial AI and XConn, and non‑GAAP EPS “well over $5.”

Record Quarterly and Fiscal Revenue

Q4 FY2026 revenue of $2.219 billion (7% sequential growth, 22% year-over-year). Fiscal 2026 revenue of $8.195 billion, up 42% year-over-year (approximately 45% YoY excluding the divested automotive Ethernet business).

Data Center Outperformance

Data center revenue surpassed $6 billion in FY2026, growing 46% year-over-year. Q4 data center revenue was $1.65 billion (9% sequential, 21% YoY). Management expects data center revenue to grow ~40% YoY in FY2027 and close to ~50% YoY in FY2028.

Raised Outlook and Strong Forward Guidance

Company raised FY2027 revenue outlook to approach $11 billion (more than 30% YoY growth) vs. prior ~$10 billion, and projects FY2028 revenue near $15 billion (~40% YoY). Q1 FY2027 revenue guidance of $2.4 billion (±5%) implies ~8% sequential growth at midpoint.

Non-GAAP Profitability and Margin Expansion

FY2026 non-GAAP gross margin 59.5% and non-GAAP operating margin 35.3%, expanding by 640 basis points year-over-year. Q4 non-GAAP gross margin 59% and non-GAAP operating margin 35.7%.

Earnings Growth and Strong EPS

FY2026 non-GAAP diluted EPS of $2.84, up 81% year-over-year. Q4 non-GAAP EPS of $0.80 beat the midpoint of guidance by $0.01.

Custom Business Acceleration

Custom business scaled from zero to $1.5 billion in FY2026 and doubled year-over-year. Management expects custom revenue to grow more than 20% YoY in FY2027 and to at least double YoY in FY2028, with line-of-sight to >$2 billion annual revenue by FY2029 from NIC and CXL use cases.

Product and Technology Leadership

Leadership in interconnect technologies with 1.6T products in production and demonstrations of 400-gig-per-lane capability; announced 2-nanometer coherent DSPs for Secure 1.6T ZR/ZR+ DCI modules and 2-nm 800G DSPs. Switching roadmap includes ramping 51.2T and sampling 100T platforms.

Strategic M&A to Address AI Scale-Up

Completed acquisitions of Celestial AI and XConn to strengthen scale-up interconnect, silicon photonics (CPO) and PCIe/CXL switching capabilities. Celestial CPO expected to reach $500 million annualized run rate by Q4 FY2028 and $1 billion by Q4 FY2029. Celestial and XConn projected to contribute ~ $250 million aggregate revenue in FY2028.

Capital Returns and Balance Sheet Metrics

Returned $2.245 billion to shareholders in FY2026 (repurchases + dividends). Q4 repurchases of $200 million and dividends of $51 million. Total debt $4.47 billion with gross debt/EBITDA 1.38x and net debt/EBITDA 0.57x, and improving debt ratios driven by EBITDA growth.

Strong Bookings and Supply Planning

Management reports accelerating bookings across the data center portfolio and detailed multi-year supply alignment. Operations team states supply secured for growth needs across advanced wafer nodes and packaging to support current and planned ramps.

Marvell (MRVL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MRVL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 21, 2026	2027 (Q1)	0.79 / -	0.62	―	―	―
Mar 05, 2026	2026 (Q4)	0.79 / 0.80	0.6	33.33% (+0.20)
Dec 02, 2025	2026 (Q3)	0.74 / 0.76	0.43	76.74% (+0.33)
Aug 28, 2025	2026 (Q2)	0.67 / 0.67	0.3	123.33% (+0.37)
May 30, 2025	2026 (Q1)	0.61 / 0.62	0.24	158.33% (+0.38)
Mar 05, 2025	2025 (Q4)	0.59 / 0.60	0.46	30.43% (+0.14)
Dec 03, 2024	2025 (Q3)	0.41 / 0.43	0.41	4.88% (+0.02)
Aug 29, 2024	2025 (Q2)	0.29 / 0.30	0.33	-9.09% (-0.03)
May 30, 2024	2025 (Q1)	0.24 / 0.24	0.31	-22.58% (-0.07)
Mar 07, 2024	2024 (Q4)	0.46 / 0.46	0.46	0.00% (0.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MRVL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 05, 2026	$75.68	―	―
Dec 02, 2025	$92.82	$100.13	+7.87%
Aug 28, 2025	$77.12	$62.78	-18.60%
May 30, 2025	$60.06	$61.33	+2.13%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.