Marvell Technology, Inc. · Q2 FY2027
ReportedAug 27, 2026
Period endedAug 1, 2026
Rule of 40+54
Consensus vs reported
EPS · NON-GAAP
BEAT +1%
$0.94
vs $0.93 expected
QoQ+17.5%
YoY+40.3%
Revenue
BEAT +1%
$2.74B
vs $2.71B expected
QoQ+13.3%
YoY+36.5%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $2.74B, up 36.5% year over year and 13.3% on the quarter. Non-GAAP EPS $0.94, up 40.3% year over year and 17.5% on the quarter. GAAP EPS $0.33. Free cash flow $479M, up 15.6% year over year and down 0.9% on the quarter. Non-GAAP EPS beat consensus by 1%. Rule of 40 score +54.
Reported this quarter
Revenue
$2.74B
QoQ +13.3%
YoY +36.5%
EPS · NON-GAAP
$0.94
QoQ +17.5%
YoY +40.3%
EPS · GAAP
$0.33
QoQ +725.0%
YoY +50.0%
Free Cash Flow
$479M
QoQ −0.9%
YoY +15.6%
Gross Margin
53.1%
QoQ +1.0 pp
YoY +2.8 pp
FCF Margin
17.5%
QoQ −2.5 pp
YoY −3.2 pp
P/E Ratio
71.7
QoQ +1.8%
YoY —
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The annual numbers went up, not just the quarter. On the call Marvell raised fiscal 2027 to roughly $12 billion (from ~$11.5B) and fiscal 2028 to roughly $18 billion (from $16.5B) — $500 million and $1.5 billion added in one quarter, with data-centre growth raised to ab…
- Marvell is a data-centre company with a legacy attachment. Data centre is $2.1715 billion, 79% of revenue, +46% year over year ; communications and other fell 3% sequentially to $567.8 million.
- GAAP EPS missed its own guide on stock compensation. $0.33 against a guided $0.37 ±$0.05, with SBC at $326.2 million — 11.9% of revenue, from 7.7% a year ago — and GAAP opex $995.9M against a ~$960M guide.
- Margin is the price of the ramp. Non-GAAP gross margin printed 58.9% and is guided to a 58.0% midpoint for October while revenue is guided up 15%, as custom silicon takes mix from merchant connectivity.
- The stock fell 5.7% after hours on a raised outlook. The offsets are all in the guide: non-GAAP gross margin down to a 58.0% midpoint, communications and other down low-to-mid teens percent, and about $1 billion of capacity prepayments to suppliers in fiscal 2027 that alre…
Coverage around this release
R40
Amazon Pays $4.03 Billion to Exercise. Our Model Sits 25% Under Qualcomm's $5 Billion Target.
News · Sep 9, 2026
R40
MRVL Q2 FY2027 reported earnings analysis
News · Aug 28, 2026
R40
Marvell Q2: The Next $3B Matters More
News · Aug 26, 2026
R40
Google's $12.2B Marvell Warrant Vests Against $120B of Revenue—Not Equity Value.
News · Aug 19, 2026
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Q2 FY2026 | — | $0.67 | — |
| Q1 FY2027 | — | $0.80 | — |
| Q2 FY2027 | $0.93 | $0.94 | +1% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1835632.
JSON
Company facts (XBRL)
Every figure MRVL has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 FY2027, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings