Slide 1: Q2 FY27 Financial and Business Results
Q2 FY27 Financial and Business Results August 27, 2026
Slide 2: Cautionary statement
Cautionary statement Except for statements of historical fact, this presentation contains forward-looking statements (within the meaning of the federal securities laws) including statements related to future revenue, future earnings, and the success of our product releases that involve risks and unc
Slide 3: Fiscal year nomenclature
Fiscal year nomenclature The Company’s fiscal year is the 52- or 53-week period ending on the Saturday closest to January 31. Accordingly, every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the fourth quarter, making such quarter consist of
Slide 4: Investor Day 2026
Investor Day 2026 The Pierre, A Taj Hotel New York City Tuesday, October 6 at 9am–12pm Live in-person event with live webcast © 2026 Marvell. All rights reserved. 4
Slide 5: Marvell end markets
Marvell end markets Marvell sells data infrastructure silicon across two end markets. Data center Communications and other Majority of revenue and the primary growth driver Enterprise, carrier, industrial, consumer Distributed DCs Data center Custom Networking Processors Connectivity up to Connectiv
Slide 6: Marvell connects AI infrastructure across every distance
Marvell connects AI infrastructure across every distance SCALE ACROSS SCALE OUT SCALE UP SCALE IN Distributed DCs Data center Rack Package Site to site Rack to rack XPU to XPU Chiplets and HBM 100s of km ~ 1km meters millimeters Data center interconnect PAM DSPs | Coherent-lite AEC DSPs | ACC linear
Slide 7: Marvell custom: XPU and XPU attach
Marvell custom: XPU and XPU attach Custom XPU Custom XPU attach AI accelerator Critical elements in the AI server Smart NICs Scale-up fabrics + Network interfaces Connect XPUs to XPUs … Memory (CXL) Co-processors Expansion and acceleration Security and host management Marvell IP: building blocks for
Slide 8: Executive summary
Executive summary Record Q2 FY27 financial performance ▪ Q2 record revenue of $2,739M increased 37% y/y and 13% q/q ▪ Q2 record data center revenue of $2,172M increased 46% y/y and 18% q/q ▪ Q2 communications and other revenue of $568M increased 10% y/y and decreased 3% q/q AI expected to drive reve
Slide 9: By the numbers Q2 FY27
By the numbers Q2 FY27 $2,739M $0.94 $606M Revenue Non-GAAP diluted EPS Operating cash flow Up 37% y/y · 13% q/q GAAP $0.33 Up 31% y/y · Down 5% q/q $2,172M 58.9% $254M Data center revenue Non-GAAP gross margin Returned to shareholders Up 46% y/y · 79% of total GAAP 53.1% $200M buybacks · $54M divid
Slide 10: Revenue Q2 FY27
Revenue Q2 FY27 $2,739M Results reflected strong demand $2,418M in the data center end market. $2,006M Q2 FY26 Q1 FY27 Q2 FY27 Up 37% y/y and 13% q/q © 2026 Marvell. All rights reserved. 10
Slide 11: Diluted earnings per share Q2 FY27
Diluted earnings per share Q2 FY27 GAAP Non-GAAP1 $0.33 $0.94 $0.80 $0.22 $0.67 2 $0.04 2 Q2’26 Q1’27 Q2’27 Q2’26 Q1’27 Q2’27 Non-GAAP diluted earnings per share of $0.94 up 40% y/y. 1. See Appendices for GAAP to Non-GAAP reconciliation. © 2026 Marvell. All rights reserved. 2. Reflects the impact of
Slide 12: Gross margin Q2 FY27
Gross margin Q2 FY27 GAAP Non-GAAP1 53.1% 59.4% 58.9% 58.9% 52.1% 50.4% Q2’26 Q1’27 Q2’27 Q2’26 Q1’27 Q2’27 Non-GAAP gross margin was 58.9%, slightly above the midpoint of guidance. © 2026 Marvell. All rights reserved. 1. See Appendices for GAAP to Non-GAAP reconciliation. 12
Slide 13: Operating margin Q2 FY27
Operating margin Q2 FY27 GAAP Non-GAAP1 16.8% 36.6% 14.5% 14.0% 35.0% 34.8% Q2’26 Q1’27 Q2’27 Q2’26 Q1’27 Q2’27 Non-GAAP operating margin expanded 180 basis points year over year and 160 basis points sequentially, demonstrating significant operating leverage. © 2026 Marvell. All rights reserved. 1.
Slide 14: Operating cash flow and capital return Q2 FY27
Operating cash flow and capital return Q2 FY27 Operating cash flow ($M) Capital return ($M) Share repurchases Dividends $638.8 $605.5 $251.7 $253.8 $253.9 $461.6 $250.9 $253.8 Q2’26 Q1’27 Q2’27 Q2’26 Q1’27 Q2’27 Cash flow of $606M from operations reflects higher supplier capacity prepayments in supp
Slide 15: Q2 FY27 Summary P&L | GAAP
Q2 FY27 Summary P&L | GAAP ($ in millions, except per share data) Q2’26 Q1’27 Q2’27 Y/Y Q/Q Revenue $2,006.1 $2,417.8 $2,739.3 +37% +13% Gross margin 50.4% 52.1% 53.1% +270 bps +100 bps Operating expenses $720.5 $921.4 $995.9 +38% +8% Operating income $290.1 $339.4 $459.7 +58% +35% Operating margin
Slide 16: Q2 FY27 Summary P&L | Non-GAAP
Q2 FY27 Summary P&L | Non-GAAP1 ($ in millions, except per share data) Q2’26 Q1’27 Q2’27 Y/Y Q/Q Revenue $2,006.1 $2,417.8 $2,739.3 +37% +13% Gross margin 59.4% 58.9% 58.9% -50 bps ⎯ Operating expenses $492.6 $576.9 $610.8 +24% +6% Operating income $698.8 $846.9 $1,003.2 +44% +18% Operating margin 3
Slide 17: Q2 FY27 Summary balance sheet items
Q2 FY27 Summary balance sheet items ($ in millions) Q2’26 Q1’27 Q2’27 Cash and cash equivalents $1,224 $3,844 $3,933 Accounts receivable, net $1,452 $1,872 $2,218 Inventories $1,052 $1,401 $1,361 Total debt $4,467 $4,961 $4,963 © 2026 Marvell. All rights reserved. 17
Slide 18: Data center end market Q2 FY27
Data center end market Q2 FY27 Revenue ($M) Strategic highlights ▪ Strong demand for 800G optical DSPs for scale out $2,172 with 1.6T ramping rapidly $1,833 ▪ Scale-out switching on track to more than double in $1,491 FY27, driven by broadening array of 51.2T customers ▪ Expanded commercial agreemen
Slide 19: Communications and other end market Q2 FY27
Communications and other end market Q2 FY27 Revenue ($M) Strategic highlights $585 ▪ Q3 revenue expected to decline in the $568 low-to-mid-teens q/q and y/y on a percentage basis ▪ Expect solid sequential revenue recovery in Q4, with FY27 y/y growth to approach 10% target $516 ▪ Future revenue expec
Slide 20: Q2 FY27 Summary revenue by end market
Q2 FY27 Summary revenue by end market1 ($ in millions) Q2’26 Q1’27 Q2’27 Y/Y Q/Q Data center $1,490.5 $1,832.7 $2,171.5 +46% +18% Communications and other $515.6 $585.1 $567.8 +10% -3% 1. Beginning in the fourth quarter of fiscal 2026, we consolidated revenue previously reported separately as enterp
Slide 21: Financial outlook
Financial outlook ($ in millions, except per share data) Q3 FY27 (GAAP) Q3 FY27 (Non-GAAP1) Revenue $3,150 +/- 5% $3,150 +/- 5% Gross margin 52.9% - 53.9% 57.5% - 58.5% Operating expenses ~$1,015 ~$655 Diluted share count 921 million 921 million Diluted net income per share $0.53 +/- $0.05 $1.10 +/-
Slide 22: Appendices: Reconciliations from GAAP to Non-GAAP
Appendices Reconciliations from GAAP to Non-GAAP © 2026 Marvell. All rights reserved. 22
Slide 23: Discussion of Non-GAAP financial measures
Discussion of Non-GAAP financial measures Non-GAAP financial measures excl ude th e effect of stock-based compensation expense, amortization of acquired i ntangible assets, acquisition and dive sti ture rela ted costs, restructuring and other related charges (gains), (including, but not limited to,
Slide 24: Reconciliation of GAAP gross profit to Non-GAAP gross profit
Appendices Reconciliation of GAAP gross profit to Non-GAAP gross profit (Millions) (Unaudited) Q2’26 Q1’27 Q2’27 GAAP gross profit $ 1,010.6 $ 1,260.8 $ 1,455.6 Special items – expenses (income): Stock-based compensation 13.4 14.2 15.9 Amortization of acquired intangible assets 167.4 150.8 142.7 Res
Slide 25: Reconciliation of GAAP gross margin to Non-GAAP gross margin
Appendices Reconciliation of GAAP gross margin to Non-GAAP gross margin (Unaudited) Q2’26 Q1’27 Q2’27 GAAP gross margin 50.4% 52.1% 53.1% Stock-based compensation 0.7% 0.6% 0.6% Amortization of acquired intangible assets 8.3% 6.3% 5.2% Restructuring related charges (gains) (a) ⎯% (0.1) % ⎯% Other co
Slide 26: Reconciliation of GAAP operating expenses to Non-GAAP operating expenses
Appendices Reconciliation of GAAP operating expenses to Non-GAAP operating expenses (Millions) (Unaudited) Q2’26 Q1’27 Q2’27 GAAP operating expenses $ 720.5 $ 921.4 $ 995.9 Special items – (expenses) income: Stock-based compensation (140.2) (193.4) (310.3) Amortization of acquired intangible assets
Slide 27: Reconciliation of GAAP operating income to Non-GAAP operating income
Appendices Reconciliation of GAAP operating income to Non-GAAP operating income (Millions) (Unaudited) Q2’26 Q1’27 Q2’27 GAAP operating income $ 290.1 $ 339.4 $ 459.7 Special items – (expenses) income: Stock-based compensation 153.6 207.6 326.2 Amortization of acquired intangible assets 243.7 225.2
Slide 28: Reconciliation of GAAP operating margin to Non-GAAP operating margin
Appendices Reconciliation of GAAP operating margin to Non-GAAP operating margin (Unaudited) Q2’26 Q1’27 Q2’27 GAAP operating margin 14.5 % 14.0 % 16.8 % Stock-based compensation 7.7 % 8.6 % 11.9 % Amortization of acquired intangible assets 12.1 % 9.3 % 7.8 % Restructuring related charges (gains) (a)
Slide 29: Reconciliation of GAAP interest and other loss to Non-GAAP
Appendices Reconciliation of GAAP interest and other loss to Non-GAAP interest and other loss (Millions) (Unaudited) Q2’26 Q1’27 Q2’27 GAAP interest and other loss, net $ (56.4) $ (256.1) $ (81.4) Special items – expenses (income): Change in fair value of contingent consideration ⎯ 250.7 52.0 liabil
Slide 30: Reconciliation of GAAP net income to Non-GAAP net income (1 of 2)
Appendices Reconciliation of GAAP net income to Non-GAAP net income (1 of 2) (Millions) (Unaudited) Q2’26 Q1’27 Q2’27 GAAP net income $ 194.8 $ 34.5 $ 308.0 Special items – expenses (income): Stock-based compensation 153.6 207.6 326.2 Amortization of acquired intangible assets 243.7 225.2 214.9 Rest
Slide 31: Reconciliation of GAAP net income to Non-GAAP net income (2 of 2)
Appendices Reconciliation of GAAP net income (loss) to Non-GAAP net income (2 of 2) (a) Restructuring and other related items include gain on sale of property, changes in contractual obligations, employee severance costs, facility exit related charges, and other. (b) Other costs in operating expense
Slide 32: Reconciliation of GAAP diluted net income per share to Non-GAAP
Appendices Reconciliation of GAAP diluted net income per share to Non-GAAP diluted net income per share (Millions, except per share amounts) (Unaudited) Q2’26 Q1’27 Q2’27 GAAP weighted-average shares outstanding ⎯ basic 862.6 882.0 897.4 GAAP weighted-average shares outstanding ⎯ diluted 870.4 893.3
Slide 33: Reconciliation of GAAP outlook to Non-GAAP outlook (1)
Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (1 of 3) (Millions, except per share amounts) (Unaudited) Q3’27 GAAP net revenue $3,150 +/- 5% Special items: ⎯ Non-GAAP net revenue $3,150 +/- 5% GAAP gross margin 52.9% - 53.9% Special items: Stock-based compensation ~0.8% Amortization
Slide 34: Reconciliation of GAAP outlook to Non-GAAP outlook (2)
Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (2 of 3) (Millions, except per share amounts) (Unaudited) Q3’27 Total GAAP operating expenses ~ $1,015 Special items: Stock-based compensation 285 Amortization of acquired intangible assets 72 Restructuring related charges 1 Other 2 Total
Slide 35: Reconciliation of GAAP outlook to Non-GAAP outlook (3)
Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (3 of 3) (Millions, except per share amounts) (Unaudited) Q3’27 GAAP diluted net income per share $0.53 +/- $0.05 Special items: Stock-based compensation 0.34 Amortization of acquired intangible assets 0.21 Other income tax effects and ad
Slide 36: Marvell
la MARVELL