10-QPeriod: Q2 FY2026

Marvell Technology, Inc. Quarterly Report for Q3 Ended Aug 2, 2025

Filed August 29, 2025For Securities:MRVL

Summary

Marvell Technology, Inc. (MRVL) reported a strong financial performance for the quarter ended August 2, 2025, with net revenue surging 58% year-over-year to $2.0 billion. This growth was primarily driven by a significant 69% increase in the data center segment, fueled by AI demand, and robust contributions from carrier infrastructure, enterprise networking, and consumer markets. The company also demonstrated improved profitability, with gross margin expanding by 4.2 percentage points to 50.4% due to better cost absorption and higher revenues. Financially, Marvell strengthened its balance sheet with cash and cash equivalents rising to $1.2 billion. The company also completed the sale of its automotive Ethernet business for $2.5 billion shortly after the quarter's end. Looking ahead, Marvell continues to focus on its core strengths in data infrastructure semiconductor solutions, particularly in high-growth areas like AI and data centers.

Financial Highlights

54 data points
Beta

Revenue

$1.90B

50.3% Gross Margin

Net Income

$177.90M

9.4% Net Margin

EPS (Diluted)

$0.20

Total Assets

$20.02B

Cash & Equivalents

$885.90M

Free Cash Flow

$214.10M

Financial Statements
Beta
Revenue$1.90B
Cost of Revenue$942.90M
Gross Profit$952.40M
R&D Expenses$507.70M
SG&A Expenses$186.40M
Operating Expenses$681.80M
Operating Income$270.60M
Interest Expense$44.80M
Net Income$177.90M
EPS (Basic)$0.21
EPS (Diluted)$0.20
Shares Outstanding (Basic)864.80M
Shares Outstanding (Diluted)875.60M

Key Highlights

  • 1Net revenue increased by 58% year-over-year to $2.0 billion for the quarter ended August 2, 2025.
  • 2Data center revenue grew by 69%, significantly contributing to overall revenue growth, driven by AI demand.
  • 3Gross margin improved to 50.4% from 46.2% in the prior year's comparable period, reflecting improved cost absorption.
  • 4Cash and cash equivalents increased by $276.1 million to $1.2 billion.
  • 5The company successfully completed the sale of its automotive Ethernet business for $2.5 billion shortly after the quarter's end.
  • 6Stock repurchases and dividend payments demonstrate commitment to shareholder value, with $540.0 million spent on repurchases and $103.5 million on dividends in the first six months.
  • 7Operating expenses, as a percentage of net revenue, decreased significantly, contributing to improved operating income.

Frequently Asked Questions

Marvell's revenue growth was primarily driven by a significant increase in sales from the data center end market, which saw a 69% rise year-over-year. This growth was particularly boosted by strong demand related to Artificial Intelligence (AI).

Marvell's profitability has improved. The gross profit margin increased to 50.4% compared to 46.2% in the same period last year. This improvement is attributed to better cost absorption due to higher revenues, partially offset by a shift in product mix.

Marvell completed the sale of its automotive Ethernet business for $2.5 billion shortly after the quarter ended. This strategic move allows the company to focus on its core data infrastructure semiconductor solutions, particularly in high-growth areas like AI and data centers, while strengthening its financial position.

Marvell ended the quarter with $1.2 billion in cash and cash equivalents. The company also demonstrated its commitment to shareholder value through stock repurchase programs, repurchasing $540.0 million of common stock and paying $103.5 million in dividends during the first six months of the fiscal year. As of August 2, 2025, approximately $2.0 billion remained available for future stock repurchases.