MRVL — Fiscal Q2 2026 Financial Report Analysis
Q2 · Fiscal year 2026 · Published by Pham Hop · AI-drafted from the SEC filing
Marvell's fiscal Q2 2027 revenue rose 36.5% to a record $2.74B as data-center sales grew 46% on AI demand; GAAP EPS was $0.33 as Celestial AI acquisition charges widened the gap to $0.94 non-GAAP EPS, and Q3 is guided to $3.15B.
- Revenue
- $2.7B
- +36.5% YoY
- Net income
- $308M
- +58.1% YoY
- Diluted EPS
- $0.33
- +50.0% YoY
- Operating margin
- 16.8%
Overview
Marvell Technology designs the chips that move data around inside data centers: optical and electrical links between servers (its "connectivity" products), network switches, storage controllers, and custom AI processors built to a single cloud customer's specification. Marvell's fiscal year ends in late January/early February, so its fiscal Q2 2027 is the quarter from May 3 to August 1, 2026. Results were released on August 27, 2026, and the 10-Q was filed on August 28, 2026.
Revenue reached a record $2.74 billion, up 36.5% from a year earlier (the company rounds this to 37%) and up 13% from the prior quarter. Almost all of the growth came from data-center chips, which grew 46% and now make up 79% of sales. GAAP net income (profit under standard accounting rules) rose 58% to $308.0 million, or $0.33 per diluted share. The gap between that figure and the $0.94 of "non-GAAP" earnings per share the company highlights is unusually wide this year, mostly because of costs tied to two acquisitions completed in February 2026.
Key figures
| Metric | This period (Q2 FY27) | Same period last year (Q2 FY26) | YoY Change |
|---|---|---|---|
| Net revenue | $2,739.3M | $2,006.1M | +36.5% |
| Data center revenue | $2,171.5M | $1,490.5M | +45.7% |
| Communications & other revenue | $567.8M | $515.6M | +10.1% |
| GAAP gross margin |
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