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Aug 02
Marvell Q2 2026 Earnings Report
Marvell posted record revenue in Q2 FY26, driven by strong demand for AI-focused silicon and recovering networking markets.
Key Takeaways
Marvell delivered $2.006B in revenue, a 58% YoY increase, with improved profitability. The company saw strength across data center, consumer, and carrier infrastructure, and issued strong forward guidance.
Record quarterly revenue of $2.006B, up 58% YoY.
GAAP EPS reached $0.22, while non-GAAP EPS was $0.67.
Data center segment grew 69% YoY and accounted for 74% of total revenue.
Cash from operations hit $461.6M for the quarter.
Marvell
Marvell
Marvell Revenue by Segment
Revenue by Segment
Data Center Revenue
CapyFin.comEnterprise Networking Revenue
CapyFin.comCarrier Infrastructure Revenue
CapyFin.comConsumer Revenue
CapyFin.comAutomotive/Industrial Revenue
CapyFin.com Forward Guidance
Marvell expects continued revenue and EPS growth in Q3 FY26, supported by robust AI demand and strong execution.
Positive Outlook
- Revenue expected to be ~$2.06B, slightly above Q2 levels.
- Non-GAAP gross margin projected at 59.5%–60.0%.
- Non-GAAP EPS guidance of $0.74 (+/- $0.05).
- Custom AI design activity remains at all-time high with 50+ active engagements.
- Divestiture of Automotive Ethernet business completed to streamline focus.
Challenges Ahead
- GAAP EPS guidance impacted by one-time gain on divestiture.
- Carrier infrastructure revenue expected to soften slightly QoQ.
- Automotive/industrial segment shows no growth YoY or QoQ.
- Non-GAAP operating expenses to rise to ~$485M.
- Stock-based compensation and amortization remain significant expense drivers.
Revenue & Expenses
Visualization of income flow from segment revenue to net income