Marvell Technology Achieves Record Revenue in Fiscal Year 2026 Driven by AI Demand

Marvell Technology, Inc. announced its fiscal year 2026 financial results, revealing a record-breaking year with significant revenue growth, largely propelled by robust demand in the Artificial Intelligence (AI) sector. The company reported its highest-ever annual revenue and demonstrated strong year-over-year increases in both revenue and earnings per share.

Key Takeaways

• Record Fiscal Year 2026 Revenue: Marvell achieved a record $8.195 billion in net revenue, marking a 42% increase year-over-year.
• Strong Q4 Performance: The fourth quarter of fiscal 2026 also set a new record for net revenue, reaching $2.219 billion, a 22% increase compared to the previous year.
• AI-Driven Growth: The company explicitly cited robust AI demand as a primary driver for its exceptional performance.
• Increased Earnings Per Share: GAAP diluted EPS reached $3.07 for the full fiscal year, an 81% increase year-over-year, with non-GAAP diluted EPS at $2.84.
• Positive Fiscal Year 2027 Outlook: Marvell anticipates continued year-over-year revenue growth in fiscal year 2027, with expectations for acceleration each quarter, supported by strong data center business and record booking pace.

Financial Highlights

Marvell Technology reported that its net revenue for the fourth quarter of fiscal 2026 reached $2.219 billion, exceeding the company’s guidance. GAAP net income for the quarter was $396.1 million, translating to $0.46 per diluted share, while non-GAAP net income stood at $685.1 million, or $0.80 per diluted share. Cash flow from operations for the quarter was $373.7 million.

For the full fiscal year 2026, net revenue hit a record $8.195 billion. GAAP net income for the year was $2.670 billion ($3.07 per diluted share), and non-GAAP net income was $2.466 billion ($2.84 per diluted share).

Outlook for Fiscal Year 2027

Looking ahead to the first quarter of fiscal 2027, Marvell expects net revenue to be in the range of $2.400 billion, with a margin of error of 5%. The company anticipates GAAP gross margin to be between 51.4% and 52.4%, and non-GAAP gross margin between 58.25% and 59.25%. GAAP operating expenses are projected to be around $872 million, with non-GAAP operating expenses estimated at $575 million. GAAP diluted net income per share is forecasted to be $0.31 +/- $0.05, and non-GAAP diluted net income per share is expected to be $0.79 +/- $0.05.

The financial outlook for the first quarter of fiscal 2027 will include the results from the acquisitions of Celestial AI and XConn Technologies, both of which closed after the end of fiscal year 2026.

Revenue by End Market

Marvell’s revenue is primarily generated from two end markets: data center and communications and other. In the fourth quarter of fiscal 2026, the data center segment accounted for 74% of total net revenue, reaching $1.651 billion, a 21% year-over-year increase. The communications and other segment contributed 26% of revenue, amounting to $567.4 million, a 26% year-over-year increase. The company has consolidated several previously reported segments into the ‘communications and other’ category starting in the fourth quarter of fiscal 2026.

Financial Performance Summary

Sources

• Marvell Technology, Inc. Reports Fourth Quarter and Fiscal Year 2026 Financial Results, Marvell Technology.

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