Marvell Q3 2025 Earnings Report
Key Takeaways
Marvell Technology reported Q3 2025 net revenue of $1.516 billion, a 7% increase year-over-year, driven by strong demand from AI. GAAP net loss was $(676.3) million, or $(0.78) per diluted share, while non-GAAP net income was $373.0 million, or $0.43 per diluted share. The company forecasts continued growth in Q4, driven by custom AI silicon programs and cloud interconnect products.
Net revenue for Q3 2025 was $1.516 billion, exceeding the company's guidance.
GAAP net loss was $(676.3) million, or $(0.78) per diluted share.
Non-GAAP net income was $373.0 million, or $0.43 per diluted share.
Q4 revenue is projected to grow another 19% sequentially and 26% year-over-year.
Marvell
Marvell
Forward Guidance
Marvell expects Q4 2025 net revenue to be $1.800 billion +/- 5%. GAAP gross margin is expected to be approximately 50%, and non-GAAP gross margin is expected to be approximately 60%. GAAP diluted net income per share is expected to be $0.16 +/- $0.05, and non-GAAP diluted net income per share is expected to be $0.59 +/- $0.05.
Positive Outlook
- Net revenue is expected to be $1.800 billion +/- 5%.
- Non-GAAP gross margin is expected to be approximately 60%.
- Non-GAAP diluted net income per share is expected to be $0.59 +/- $0.05.
- Basic weighted-average shares outstanding are expected to be 867 million.
- Diluted weighted-average shares outstanding are expected to be 877 million.
Challenges Ahead
- GAAP gross margin is expected to be approximately 50%.
- GAAP operating expenses are expected to be approximately $710 million.
- Non-GAAP operating expenses are expected to be approximately $480 million.
- GAAP diluted net income per share is expected to be $0.16 +/- $0.05 per share.
- Restructuring related charges and other