10-KPeriod: FY2025

Marvell Technology, Inc. Annual Report, Year Ended Feb 1, 2025

Filed March 12, 2025For Securities:MRVL

Summary

Marvell Technology, Inc. reported fiscal year 2025 revenues of $5.8 billion, a 4.7% increase over fiscal year 2024, driven primarily by a significant 88% surge in its data center segment, fueled by robust demand from AI applications. This growth was partially offset by declines in other segments like carrier infrastructure (-68%), enterprise networking (-49%), consumer (-49%), and automotive/industrial (-17%), which are navigating inventory corrections and softer market conditions. The company incurred substantial restructuring charges of $711.8 million in fiscal year 2025, primarily related to increased R&D investment in the data center market and reduced investment in other areas, including impairment of intangible assets and technology licenses. Despite a net loss for the year, Marvell continues to focus on its high-growth data center and AI opportunities, supported by its custom ASIC and interconnect product portfolios, while also returning capital to shareholders through stock repurchases and dividends.

Financial Highlights

57 data points
Beta

Revenue

$5.77B

41.3% Gross Margin

Net Income

-$885.00M

-15.3% Net Margin

EPS (Diluted)

$-1.02

Total Assets

$20.20B

Cash & Equivalents

$948.30M

Free Cash Flow

$1.40B

Financial Statements
Beta
Revenue$5.77B
Cost of Revenue$3.39B
Gross Profit$2.38B
R&D Expenses$1.95B
SG&A Expenses$798.20M
Operating Expenses$3.10B
Operating Income-$720.30M
Interest Expense$183.00M
Net Income-$885.00M
EPS (Basic)$-1.02
EPS (Diluted)$-1.02
Shares Outstanding (Basic)865.50M
Shares Outstanding (Diluted)865.50M

Key Highlights

  • 1Net revenue for fiscal year 2025 reached $5.8 billion, a 4.7% increase from fiscal year 2024.
  • 2The data center segment experienced significant growth, with sales up 88% year-over-year, largely driven by AI-related demand.
  • 3Restructuring charges of $711.8 million were recognized in fiscal year 2025, reflecting strategic shifts and impairments.
  • 4Marvell returned $932.5 million to stockholders in fiscal year 2025 through $725.0 million in stock repurchases and $207.5 million in dividends.
  • 5The company's R&D expenses increased by 2.9% to $1.95 billion, underscoring continued investment in technology development.
  • 6Despite revenue growth, the company reported a net loss of $885.0 million for fiscal year 2025.

Frequently Asked Questions

Marvell Technology's net revenue for fiscal year 2025 was $5.8 billion, a 4.7% increase compared to fiscal year 2024. This growth was primarily driven by an 88% increase in sales from the data center segment, which benefited from strong AI demand.

Marvell is strategically increasing its R&D investment in the data center end market, particularly for AI applications, while reducing investment in new product development in other end markets. This is evidenced by the significant revenue growth in the data center segment and the corresponding declines in other areas due to inventory corrections and softer demand.

Marvell incurred restructuring-related charges totaling $711.8 million in fiscal year 2025. These charges included impairment and write-offs of acquired intangible assets, purchased technology licenses, inventories, property, and equipment, as well as future contractual obligations and severance costs. These actions were taken to increase operational efficiency and reallocate resources towards higher-growth areas like data centers.

Marvell demonstrated its commitment to shareholder value by returning $932.5 million in fiscal year 2025, comprising $725.0 million in stock repurchases and $207.5 million in cash dividends. The company has substantial availability remaining under its stock repurchase program.