Marvell earnings date and guidance
Marvell's next results are expected on December 1, 2026. Watch whether custom-chip shipments accelerate.
What has Marvell guided for the year?
At its October 6, 2026 investor day, management set FY2027 revenue at US$12,000.0 million and FY2028 revenue at US$20,000.0 million. Those targets imply growth of 47.0% and 67.0%. Data center revenue is expected to reach US$18,000.0 million in FY2028, while the longer-range FY2031 target is US$70–90 billion. Because FY2031 is farther away, it also requires more execution that has not yet occurred.
The nearest test is the quarter ending October 2026. Marvell guided revenue of US$2,992.5–3,307.5 million. It also guided GAAP earnings per diluted share of US$0.48–0.58 and non-GAAP earnings of US$1.05–1.15. GAAP is the complete accounting result; non-GAAP removes selected costs such as share compensation and acquisition amortization. Neither measure alone equals cash available to spend.
| the period guided | low | high | the date it was given | |
|---|---|---|---|---|
| Total revenue (FY27E) | FY27; year to Jan 2027 | 12,000.0 | 12,000.0 | 2026-10-06 |
| Total revenue (FY28E) | FY28; year to Jan 2028 | 20,000.0 | 20,000.0 | 2026-10-06 |
| Data center revenue (FY28E) | FY28; year to Jan 2028 | 18,000.0 | 18,000.0 | 2026-10-06 |
| GAAP diluted net income per share | Q3 FY27; quarter to Oct 2026 | 0.48 | 0.58 | 2026-08-27 |
| Non-GAAP diluted net income per share | Q3 FY27; quarter to Oct 2026 | 1.05 | 1.15 | 2026-08-27 |
Has Marvell kept its past promises?
Marvell bought back US$2,040.1 million of shares in January 2026, yet diluted shares rose on an annual-average basis. The result is a reminder that buyback dollars do not automatically erase dilution. The company also said AI revenue substantially exceeded its US$1.5 billion target, but the June 2026 say-on-pay vote passed with 258.6 million votes against. Growth delivered does not settle whether shareholders paid too much for it.
How have Marvell's revenue and profit changed?
Revenue reached $8,194.6 million in FY2026, up 42.1%, after only 4.7% growth in FY2025 and a 7.0% decline in FY2024. Across eight quarters, revenue rose from $1,516.1 million to $2,739.3 million. The steady quarterly climb confirms strong demand, but the uneven annual history shows a chip business that moves with customers’ construction plans.
Revenue reached $2,739.3 million, compared with $2,006.1 million a year earlier. Gross margin improved to 53.1% from 50.4%, and operating income rose to $459.7 million from $290.1 million. Marvell was selling more and retaining more operating profit from each sales dollar.
| Aug 2026 | May 2026 | Jan 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,739.3 | 2,417.8 | 2,218.7 | 2,074.5 | 2,006.1 | 1,895.3 | 1,817.4 | 1,516.1 |
| Gross margin | 53.1% | 52.1% | 51.7% | 51.6% | 50.4% | 50.3% | 50.5% | 23.0% |
| Operating income | 459.7 | 339.4 | 404.4 | 357.8 | 290.1 | 270.6 | 235.2 | -702.8 |
| Net income | 308.0 | 34.5 | 396.1 | 1,901.3 | 194.8 | 177.9 | 200.2 | -676.3 |
| EPS, diluted | 0.33 | 0.04 | 0.46 | 2.20 | 0.22 | 0.20 | 0.23 | -0.78 |