10-KPeriod: FY2026

Marvell Technology, Inc. Annual Report, Year Ended Jan 31, 2026

Filed March 11, 2026For Securities:MRVL

Summary

Marvell Technology, Inc. (MRVL) reported strong financial performance in its latest 10-K filing for the fiscal year ended January 31, 2026. The company demonstrated robust revenue growth, driven primarily by significant demand in its data center segment, particularly for AI-related products. This growth was further bolstered by acquisitions of Celestial AI, Inc. and XConn Technologies Holdings, Ltd., which are expected to enhance Marvell's connectivity and switching portfolios for next-generation AI and cloud data centers. Despite a challenging macroeconomic environment, Marvell has successfully navigated supply chain dynamics and focused on its core strengths in data infrastructure semiconductor solutions. The company also completed the divestiture of its automotive Ethernet business, streamlining its operations and focusing on its high-growth markets. Investors should note the company's ongoing commitment to returning capital to shareholders through stock repurchases and dividends, alongside continued investment in research and development to maintain its competitive edge in the rapidly evolving semiconductor industry.

Financial Highlights

57 data points
Beta

Revenue

$8.19B

51.0% Gross Margin

Net Income

$2.67B

32.6% Net Margin

EPS (Diluted)

$3.07

Total Assets

$22.29B

Cash & Equivalents

$2.64B

Free Cash Flow

$1.40B

Financial Statements
Beta
Revenue$8.19B
Cost of Revenue$4.01B
Gross Profit$4.18B
R&D Expenses$2.08B
SG&A Expenses$767.10M
Operating Expenses$2.86B
Operating Income$1.32B
Interest Expense$187.30M
Net Income$2.67B
EPS (Basic)$3.10
EPS (Diluted)$3.07
Shares Outstanding (Basic)861.00M
Shares Outstanding (Diluted)869.70M

Key Highlights

  • 1Marvell Technology reported significant revenue growth of 42.1% for fiscal year 2026, reaching $8.2 billion, driven by a strong performance in the data center segment.
  • 2The data center end market saw a 46% increase in sales, fueled by AI-related demand for custom products and the electro-optics portfolio.
  • 3Marvell completed two strategic acquisitions: Celestial AI, Inc. on February 2, 2026, and XConn Technologies Holdings, Ltd. on February 10, 2026, aimed at bolstering its AI and cloud data center capabilities.
  • 4The company successfully divested its automotive Ethernet business on August 14, 2025, for $2.5 billion in cash, recording a pre-tax gain of $1.8 billion.
  • 5Gross profit margin improved significantly to 51.0% in fiscal year 2026 from 41.3% in fiscal year 2025, driven by higher revenues and improved cost absorption.
  • 6The company returned $2.2 billion to stockholders in fiscal 2026 through $2.0 billion in stock repurchases and $205.1 million in cash dividends.
  • 7Marvell's research and development expenses increased by 6.4% to $2.08 billion, reflecting continued investment in innovation.

Frequently Asked Questions

Marvell's revenue growth of 42.1% to $8.2 billion in fiscal year 2026 was primarily driven by a 46% increase in sales from the data center end market, fueled by strong AI-related demand for its custom products and electro-optics portfolio. The communications and other end market also saw a 31% increase, indicating a recovery and strong product adoption.

The acquisitions of Celestial AI, Inc. and XConn Technologies Holdings, Ltd., completed shortly after the fiscal year-end in February 2026, are strategic moves to enhance Marvell's position in the AI and cloud data center markets. Celestial AI's photonic fabric technology and XConn's PCIe and CXL switching silicon are expected to accelerate Marvell's connectivity strategy and expand its switching portfolio.

Marvell acknowledges the impact of macroeconomic conditions, including potential slowdowns and inflation, on customer demand. The company also notes ongoing risks related to geopolitical tensions and trade policies, particularly concerning China, which have previously impacted revenue and may continue to do so. Marvell continues to monitor these factors and adjust its strategies accordingly.

Marvell remains committed to returning capital to shareholders, demonstrated by its significant stock repurchases and consistent dividend payments. In fiscal year 2026, the company repurchased $2.0 billion of its common stock and paid $205.1 million in cash dividends. As of January 31, 2026, approximately $5.5 billion remained available under its stock repurchase program.