Company file · MRVL

Marvell Technology

Marvell Technology's revenue rose 42.1% in FY2026, to $8.2B, and net income turned positive at $2.7B, from a net loss of $885M in FY2025

Revenue rose 42.1% to $8.2B in FY2026, from $5.8B in FY2025. Net income was $2.7B, against a net loss of $885M a year earlier. Data Center was the largest product or service, at 74% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2026 (filed Mar 11, 2026) · Latest quarter: 10-Q for the quarter ended Aug 1, 2026 (filed Aug 28, 2026) · Data pulled Oct 27, 2026

Key facts

Marvell Technology (Nasdaq: MRVL) reported revenue of $8.2B for fiscal 2026, the year ended Jan 31, 2026, up 42.1% from fiscal 2025. Net income was $2.7B, compared with −$885M. In its latest 10-Q, for the quarter ended Aug 1, 2026, revenue was $2.7B, up 36.5% from the same quarter a year earlier, and net income was $308M. The largest piece by product or service was Data Center, at 74% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed Mar 11, 2026) and 10-Q for the quarter ended Aug 1, 2026 (filed Aug 28, 2026).

Revenue$8.2BFY2026 · +42.1% vs FY2025

Net income$2.7BFY2026 · vs −$885M in FY2025

Operating cash flow$1.8BFY2026 · +4.1% vs FY2025

Cash & equivalents$3.9Bat Aug 1, 2026 · +49.0% vs FY2026 end

Total debt$5.0Bat Aug 1, 2026 · −0.2% vs FY2026 end

Diluted shares870MFY2026 avg · +0.5% vs FY2025

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2026, filed Mar 11, 2026

Quarterly revenue: fiscal 2027 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2026FY2027

Source: 10-Q filed May 28, 2026 · 10-Q filed Aug 28, 2026

How it makes money

By product or service, FY2026

LineAmountSharevs FY2025
Data Center$6.1B74%+46.5%
Communications and Other$2.1B26%+30.6%

Source: 10-K FY2026, XBRL breakdown

By product or service in FY2026: Data Center (74%) and Communications and Other (26%), as shares of total revenue. Total revenue was $8.2B.

By product or service: three-year mixShare of the total each fiscal year

FY2024

40%60%

FY2025

72%28%

FY2026

74%26%

Data CenterCommunications and Other

Source: 10-K FY2026

By region, FY2026

China$3.0B36%+18.4%

Other Countries$2.4B29%+37.4%

Taiwan$1.7B20%+195.6%

United States$1.2B14%+22.7%

Share is of the FY2026 total; the last column is the change from FY2025.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 FY2027 (May to Jul 2026) compared with Q2 FY2026 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 FY2027Q2 FY2026

Company

Revenue

$2.7B Q2 FY2027

$2.0B Q2 FY2026

36.5% increase

Net income

$308M Q2 FY2027

$195M Q2 FY2026

58.1% increase

Source: Marvell Technology 10-Q for the quarter ended Aug 1, 2026, filed Aug 28, 2026

By product or service

Data Center

$2.2B Q2 FY2027

$1.5B Q2 FY2026

45.7% increase

Communications and Other

$568M Q2 FY2027

$516M Q2 FY2026

10.1% increase

Source: Marvell Technology 10-Q for the quarter ended Aug 1, 2026, filed Aug 28, 2026

Cash & equivalents $3.9B at Aug 1, 2026, vs $2.6B at FY2026 end.
Total debt $5.0B at Aug 1, 2026, vs $5.0B at FY2026 end.
Operating cash flow, first 6 months of fiscal 2027: $1.2B vs $794M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 42.1% in FY2026 to $8.2B, from $5.8B a year earlier. 10-K, FY2026
Net income was $2.7B in FY2026, against a net loss of $885M in FY2025. 10-K, FY2026
Operating cash flow rose 4.1% in FY2026 to $1.8B. 10-K, FY2026
Revenue in the quarter ended Aug 1, 2026 was $2.7B, up 36.5% on a year earlier. 10-Q, quarter ended Aug 1, 2026

The bear case

Total debt rose 22.3% in FY2026 to $5.0B. 10-K, FY2026
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include chip cycles; customer concentration; export rules and trade. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Marvell Technology is in the semiconductors industry, part of the information technology sector. The SEC files it under Semiconductors & Related Devices.

The full description of Marvell Technology's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in January; the latest, FY2026, ended Jan 31, 2026.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the semiconductors industry. They are not a summary of Marvell Technology’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Chip cyclesDemand for chips swings between shortages and gluts, and orders can be cut quickly.
Customer concentrationA few large customers can account for much of sales.
Export rules and tradeExport controls and tariffs can limit sales to some customers or countries.
Manufacturing supplyIt depends on outside factories and suppliers, and disruptions can delay products.
Competition and design winsCustomers pick suppliers product by product, so losing a design can cost years of sales.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2024	FY2025	FY2026
Revenue	$5.5B	$5.8B	$8.2B
Net income	−$933M	−$885M	$2.7B
Operating cash flow	$1.4B	$1.7B	$1.8B
Cash & equivalents (year end)	$951M	$948M	$2.6B
Total debt (year end)	$4.2B	$4.1B	$5.0B
Diluted shares	861M	866M	870M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Marvell Technology names its fiscal year by the calendar year in which it ends, so FY2026 is the year that ended Jan 31, 2026.

Recent filings

Form	Filed	Period
10-Q	Aug 28, 2026	Aug 1, 2026
10-Q	May 28, 2026	May 2, 2026
DEF 14A	May 13, 2026	Jun 25, 2026
10-K	Mar 11, 2026	Jan 31, 2026

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Marvell Technology

How does Marvell Technology make money?

Marvell Technology's revenue was $8.2B in fiscal 2026. By product or service in FY2026: Data Center (74%) and Communications and Other (26%), as shares of total revenue. Total revenue was $8.2B. Source: 10-K for fiscal 2026, filed Mar 11, 2026.

What was Marvell Technology's revenue in fiscal 2026?

$8.2B of revenue for the fiscal year ended Jan 31, 2026, up 42.1% from $5.8B in fiscal 2025. Fiscal 2024 was $5.5B. Source: 10-K for fiscal 2026, filed Mar 11, 2026.

Is Marvell Technology profitable?

Marvell Technology reported net income of $2.7B for fiscal 2026, compared with −$885M from −$885M in fiscal 2025. That is a profit under US accounting rules (GAAP). In the quarter ended Aug 1, 2026, net income was $308M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Mar 11, 2026.

What did Marvell Technology report in its latest quarterly filing?

Revenue was $2.7B in the quarter ended Aug 1, 2026, up 36.5% from $2.0B a year earlier. Net income was $308M, up 58.1% from $195M. Source: 10-Q for the quarter ended Aug 1, 2026, filed Aug 28, 2026.

How much cash and debt does Marvell Technology have?

Marvell Technology had $3.9B in cash and cash equivalents and $5.0B of total debt on Aug 1, 2026. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Aug 28, 2026.

What are the main risks Marvell Technology faces?

Marvell Technology's own risk factors are in Item 1A of its 10-K for fiscal 2026, filed Mar 11, 2026. Risks that are common among companies in the semiconductors industry include Chip cycles; customer concentration; export rules and trade; manufacturing supply; competition and design wins. The first: Demand for chips swings between shortages and gluts, and orders can be cut quickly. Source: 10-K, Item 1A Risk Factors.

Where do these Marvell Technology numbers come from?

From Marvell Technology's own SEC filings: the 10-K for fiscal 2026 (filed Mar 11, 2026) and the 10-Q for the quarter ended Aug 1, 2026 (filed Aug 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in MRVL: The editor holds no position in Marvell Technology (MRVL). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell MRVL from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 27, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold MRVL, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Marvell TechnologyMRVL	FY2026	$8.2B	+42.1%	$2.7B
NvidiaNVDA	FY2026	$215.9B	+65.5%	$120.1B
BroadcomAVGO	FY2025	$63.9B	+23.9%	$23.1B
MicronMU	FY2026	$133.2B	+256.3%	$85.0B
AMD	FY2025	$34.6B	+34.3%	$4.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.