MRVL
Marvell Technology, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Marvell Technology, Inc.
Marvell Technology, Inc. designs and sells semiconductors and related software for data infrastructure. Products include data-center custom compute and accelerators, electro-optics, Ethernet switches and PHYs, storage controllers, and connectivity chips used by cloud operators, carriers, enterprise, and automotive customers.
Coverage
Amazon Pays $4.03 Billion to Exercise. Our Model Sits 25% Under Qualcomm's $5 Billion Target.
Qualcomm gave Amazon 25m warrant shares at $161.26. The $4.03B is what Amazon pays in; 85% is unvested; our base case sits $1.2B under the $5B target.
MRVL Q2 FY2027 reported earnings analysis
Marvell guided October to $3.150B and raised two fiscal years in one call — then fell 5.7% after hours on a GAAP miss and a communications half guided down.
Marvell Q2: The Next $3B Matters More
Marvell reports 27 August with consensus at guidance midpoint: $2.71B and $0.93. The open question is whether Q3 clears roughly $3B as custom AI silicon ramps.
Google's $12.2B Marvell Warrant Vests Against $120B of Revenue—Not Equity Value.
Marvell's Google warrant covers 58.97M shares, but only 1.36M vest on time. The rest need one $500M revenue tranche each — $120B total, against an $11.5B guide.
Marvell Q1 FY2027: Record Revenue on Custom AI Silicon, Nvidia Calls It a Future Trillion-Dollar Company
Marvell posted record fiscal Q1 2027 revenue of $2.42 billion (+28% YoY) on surging custom AI XPU demand, beat on non-GAAP EPS, guided Q2 higher, and expanded its Nvidia collaboration on custom silicon and optics. We break down how Marvell fits alongside Broadcom in the custom-ASIC side of the AI capex story.
Where the revenue goes next
Latest: $2.74B (Q2 FY2027)
| Period | Value |
|---|---|
| Q1 FY2024 | $1.32B |
| Q2 FY2024 | $1.34B |
| Q3 FY2024 | $1.42B |
| Q4 FY2024 | $1.43B |
| Q1 FY2025 | $1.16B |
| Q2 FY2025 | $1.27B |
| Q3 FY2025 | $1.52B |
| Q4 FY2025 | $1.82B |
| Q1 FY2026 | $1.90B |
| Q2 FY2026 | $2.01B |
| Q3 FY2026 | $2.08B |
| Q4 FY2026 | $2.22B |
| Q1 FY2027 | $2.42B |
| Q2 FY2027 | $2.74B |
Latest: $0.33 (Q2 FY2027)
| Period | Value |
|---|---|
| Q1 FY2024 | −$0.20 |
| Q2 FY2024 | −$0.24 |
| Q3 FY2024 | −$0.19 |
| Q4 FY2024 | −$0.45 |
| Q1 FY2025 | −$0.25 |
| Q2 FY2025 | −$0.22 |
| Q3 FY2025 | −$0.78 |
| Q4 FY2025 | $0.23 |
| Q1 FY2026 | $0.20 |
| Q2 FY2026 | $0.22 |
| Q3 FY2026 | $2.20 |
| Q4 FY2026 | $0.45 |
| Q1 FY2027 | $0.04 |
| Q2 FY2027 | $0.33 |
Latest: 71.7 (Q2 FY2027)
| Period | Value |
|---|---|
| FY2024Q4 | n/m |
| FY2025Q1 | n/m |
| FY2025Q2 | n/m |
| FY2025Q3 | n/m |
| FY2025Q4 | n/m |
| FY2026Q1 | n/m |
| FY2026Q2 | n/m |
| Q3 FY2026 | 31.4 |
| Q4 FY2026 | 25.7 |
| Q1 FY2027 | 70.5 |
| Q2 FY2027 | 71.7 |
Latest: $479M (Q2 FY2027)
| Period | Value |
|---|---|
| Q1 FY2024 | $109M |
| Q2 FY2024 | $1M |
| Q3 FY2024 | $449M |
| Q4 FY2024 | $476M |
| Q1 FY2025 | $233M |
| Q2 FY2025 | $258M |
| Q3 FY2025 | $461M |
| Q4 FY2025 | $444M |
| Q1 FY2026 | $214M |
| Q2 FY2026 | $414M |
| Q3 FY2026 | $509M |
| Q4 FY2026 | $259M |
| Q1 FY2027 | $483M |
| Q2 FY2027 | $479M |
Latest: 921M (Q2 FY2027)
| Period | Value |
|---|---|
| Q1 FY2022 | 820M |
| Q2 FY2022 | 824M |
| Q3 FY2022 | 844M |
| Q1 FY2023 | 850M |
| Q2 FY2023 | 853M |
| Q3 FY2023 | 853M |
| Q1 FY2024 | 857M |
| Q2 FY2024 | 861M |
| Q3 FY2024 | 863M |
| Q4 FY2024 | 864M |
| Q1 FY2025 | 865M |
| Q2 FY2025 | 866M |
| Q3 FY2025 | 866M |
| Q4 FY2025 | 865M |
| Q1 FY2026 | 876M |
| Q2 FY2026 | 870M |
| Q3 FY2026 | 864M |
| Q4 FY2026 | 848M |
| Q1 FY2027 | 893M |
| Q2 FY2027 | 921M |
Latest: $4.79B (Q2 FY2027)
| Period | Value |
|---|---|
| Q1 FY2024 | $109M |
| Q2 FY2024 | $110M |
| Q3 FY2024 | $559M |
| Q4 FY2024 | $1.03B |
| Q1 FY2025 | $1.27B |
| Q2 FY2025 | $1.53B |
| Q3 FY2025 | $1.99B |
| Q4 FY2025 | $2.43B |
| Q1 FY2026 | $2.64B |
| Q2 FY2026 | $3.06B |
| Q3 FY2026 | $3.57B |
| Q4 FY2026 | $3.83B |
| Q1 FY2027 | $4.31B |
| Q2 FY2027 | $4.79B |
Latest earnings
Company History
Sehat Sutardja, Weili Dai, and Pantas Sutardja found Marvell Technology, initially building CMOS-based read-channel chips for disk drives with Seagate as its first customer.
Marvell goes public on NASDAQ on June 27, 2000, raising about $90 million by selling 6 million shares at $15 each.
Closes its roughly $6 billion acquisition of Cavium, adding ARM-based data-center and networking processors and accelerating Marvell's push into cloud infrastructure silicon.
Completes its roughly $10 billion acquisition of Inphi, securing a leadership position in optical interconnect technology critical to data-center and AI networking.
Posts record quarterly revenue on surging custom AI XPU demand from hyperscalers, expands a roughly $2 billion collaboration with Nvidia on custom XPUs and optical interconnects, and raises its FY2027-FY2028 revenue outlook.
Key Players
The CEO view — 5 podcasts, interviews & articles →
Similar stocks in Semiconductors
Funds we follow holding MRVL
By latest reported 13F position value. Market value at quarter-end, not cost basis.
