Marvell Technology, Inc. Q2 FY2027 Earnings Results vs. Expectations
ReportsAug 27, 2026
SlotAfter Market Close
Results are out
This quarter has reported. The consensus below is what we expected going in.
What the Street expects
EPS · NON-GAAP
$0.93
Guided $0.88–$0.98
QoQ+16.3%
YoY+38.8%
Revenue
$2.71B
Guided $2.565B–$2.835B
QoQ+12.1%
YoY+35.1%
QoQ and YoY are what the consensus implies against the prior quarter and the prior year.
Also on the card
Consensus source
LSEG/Refinitiv, press-reported 26 Aug 2026
Reported
$2.7393B revenue, $0.94 non-GAAP EPS — beat on both
GAAP EPS
$0.33 — the consensus above is non-GAAP $0.94
Company guidance
$2.70B ±5% revenue, $0.93 ±$0.05 non-GAAP EPS; GAAP EPS $0.37 ±$0.05 missed at $0.33
Data center revenue
$2.1715B, 79% of total and +46% YoY
Next quarter guide
$3.150B ±5% revenue, $1.10 ±$0.05 non-GAAP EPS
What to watch
- The Q3 revenue guide against roughly $3B. It is the cleanest test of management's promise that growth accelerates each quarter.
- Data-center revenue and mix, against $1.833B and 76% in Q1. The consolidated beat matters less than which part of AI infrastructure produced it.
- Gross margin, against a Q2 guide of 58.25–59.25% non-GAAP and 52.1–53.1% GAAP. Marvell is absorbing Celestial AI and XConn while scaling custom silicon; the gap between the two bases remains large.
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.
Every quarter
Read the full preview → Q2 FY2027 release page View MRVL stock page