Slide 1: Q2 FY26 Financial and Business Results
Q2 FY26 Financial and Business Results August 28, 2025
Slide 2: Forward-looking statements
Forward-looking statements 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 a
Slide 3: Non-GAAP financial measures
Non-GAAP financial measures ▪ During this presentation, we may refer to certain financial measures on a U.S. non-GAAP basis. ▪ We believe that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business tren
Slide 4: 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 5: Recent custom platform announcements
Recent custom platform announcements AUGUST 26, 2025 JUNE 17, 2025 Marvell Unveils Industry’s First 64 Gbps/wire Marvell Develops Industry’s First 2nm Custom Bi-Directional Die-to-Die Interface IP in 2nm SRAM for Next-Generation AI Infrastructure NEWS LINK NEWS LINK JUNE 17, 2025 JUNE 11, 2025 Marve
Slide 6: Recent announcements
Recent announcements AUGUST 18, 2025 AUGUST 14, 2025 Marvell LiquidSecurity Selected for Microsoft Marvell Completes Divestiture of Automotive Azure Cloud HSM Ethernet Business to Infineon for $2.5 Billion NEWS LINK NEWS LINK © 2025 Marvell. All righ ts reserved. 6
Slide 7: Q2 FY26 Executive summary
Q2 FY26 Executive summary Record revenue, above midpoint of guidance ▪ Q2 revenue of $2,006M increased 58% y/y and 6% q/q ▪ Data center revenue of $1,491M increased 69% y/y and 3% q/q, 74% of consolidated revenue ▪ Led by data center, Q3 revenue forecasted to grow 36% y/y and 3% q/q at guidance midp
Slide 8: Revenue Q2 FY26
Revenue Q2 FY26 Results reflected strong AI-driven data center growth, $2,006M $1,895M complemented by ongoing recovery in enterprise networking $1,273M and carrier infrastructure end markets. Q2 FY25 Q1 FY26 Q2 FY26 Up 58% y/y and 6% q/q © 2025 Marvell. All righ ts reserved. 8
Slide 9: Key metrics Q2 FY26 | GAAP
Key metrics Q2 FY26 | GAAP Revenue ($M) Gross margin $1,895 $2,006 50.3% 50.4% $1,273 46.2% Q2’25 Q1’26 Q2’26 Q2’25 Q1’26 Q2’26 Operating margin Earnings per share 1 14.3% 14.5% $0.20 $0.22 (7.9%) $(0.22) Q2’25 Q1’26 Q2’26 Q2’25 Q1’26 Q2’26 © 2025 Marvell. All righ ts reserved. 1. Earning s per shar
Slide 10: Key metrics Q2 FY26 | Non-GAAP
Key metrics Q2 FY26 | Non-GAAP1 Revenue ($M) Gross margin $1,895 $2,006 61.9% $1,273 59.8% 59.4% Q2’25 Q1’26 Q2’26 Q2’25 Q1’26 Q2’26 Operating margin Earnings per share2 34.2% 34.8% 26.1% $0.62 $0.67 $0.30 Q2’25 Q1’26 Q2’26 Q2’25 Q1’26 Q2’26 © 2025 Marvell. All righ ts reserved. 1. See Appen dice s
Slide 11: Q2 FY26 Summary P&L | GAAP
Q2 FY26 Summary P&L | GAAP ($ in millions, except per share data) Q2’25 Q1’26 Q2’26 Y/Y Q/Q Revenue $1,272.9 $1,895.3 $2,006.1 +58% +6% Gross margin 46.2% 50.3% 50.4% +420 bps +10 bps Operating expenses $688.0 $681.8 $720.5 +5% +6% Operating margin (7.9%) 14.3% 14.5% +2,240 bps +20 bps Net income (l
Slide 12: Q2 FY26 Summary P&L | Non-GAAP
Q2 FY26 Summary P&L | Non-GAAP1 ($ in millions, except per share data) Q2’25 Q1’26 Q2’26 Y/Y Q/Q Revenue $1,272.9 $1,895.3 $2,006.1 +58% +6% Gross margin 61.9% 59.8% 59.4% -250 bps -40 bps Operating expenses $455.8 $486.2 $492.6 +8% +1% Operating margin 26.1% 34.2% 34.8% +870 bps +60 bps Net income
Slide 13: Q2 FY26 Summary balance sheet items
Q2 FY26 Summary balance sheet items ($ in millions) Q2’25 Q1’26 Q2’26 Cash and cash equivalents $809 $886 $1,224 Accounts receivable, net $1,060 $1,144 $1,452 Inventories $818 $1,071 $1,052 Total debt $4,126 $4,233 $4,467 © 2025 Marvell. All righ ts reserved. 13
Slide 14: Data center end market Q2 FY26
Data center end market Q2 FY26 Revenue ($M) Highlights $1,441 $1,491 ▪ Won new hyperscaler custom sockets, adding to prior 18 wins, with a lifetime revenue forecasted at multiple billions of dollars ▪ Began volume shipments of next-generation 200G per $881 lane 1.6T PAM4 DSPs ▪ Began ramping 51.2 Tb
Slide 15: Enterprise networking end market Q2 FY26
Enterprise networking end market Q2 FY26 Revenue ($M) Highlights ▪ Revenue recovery continued in Q2, $194 driven by normalizing customer $178 $151 inventory levels and strong adoption of refreshed Marvell products ▪ Expect Q3 revenue to grow 1 Q2’25 Q1’26 Q2’26 Up 28% y/y and 9% q/q 1. Reflects guid
Slide 16: Carrier infrastructure end market Q2 FY26
Carrier infrastructure end market Q2 FY26 Revenue ($M) Highlights ▪ Revenue recovery continued in Q2, $138 $130 driven by normalizing customer inventory levels and strong adoption of refreshed Marvell products $76 ▪ Expect growth to continue in Q3 1 Q2’25 Q1’26 Q2’26 Up 71% y/y, down 6% q/q 1. Refle
Slide 17: Automotive / industrial end market Q2 FY26
Automotive / industrial end market Q2 FY26 Revenue ($M) Highlights ▪ Completed divestiture of Automotive $76 $76 $76 Ethernet business for $2.5B in an all- cash transaction ▪ Automotive Ethernet business was expected to contribute between $225 million and $250 million in revenue during fiscal 2026 ▪
Slide 18: Q2 FY26 Summary revenue by end market
Q2 FY26 Summary revenue by end market ($ in millions) Q2’25 Q1’26 Q2’26 Y/Y Q/Q Data center $880.9 $1,440.6 $1,490.5 +69% +3% Enterprise networking $151.0 $177.5 $193.6 +28% +9% Carrier infrastructure $75.9 $138.4 $130.1 +71% -6% Consumer $88.9 $63.1 $115.9 +30% +84% Automotive/industrial $76.2 $75.
Slide 19: Financial outlook
Financial outlook ($ in millions, except per share data) Q3 FY26 (GAAP) Q3 FY26 (Non-GAAP1) Revenue $2,060 +/- 5% $2,060 +/- 5% Gross margin 51.5% - 52.0% 59.5% - 60.0% Operating expenses ~$719 ~$485 Diluted share count 870 million 870 million Diluted net income per share $2.03 +/- $0.05 $0.74 +/- $
Slide 20: Q2 FY26 Summary
Q2 FY26 Summary Revenue Data center revenue Non-GAAP Non-GAAP gross margin1 EPS2 $2,006M $1,491M Up 58% y/y Up 69% y/y 59.4% $0.67 Record revenue and non-GAAP EPS © 2025 Marvell. All righ ts reserved. 1. See Appen dice s for GAAP to Non-GA AP reconciliatio n. 2. Earning s per share (EP S) = diluted
Slide 21: Appendices: Reconciliations from GAAP to Non-GAAP
Appendices Reconciliations from GAAP to Non-GAAP © 2025 Marvell. All righ ts reserved. 21
Slide 22: Discussion of Non-GAAP financial measures
Discussion of Non-GAAP financial measures Non-GA AP fina ncia l measure s exclu de the effect of stock-based compensation expense, amor tization of acquir ed inta ngible asse ts, acquisition and divestiture re late d costs, re structuring and other rela ted charge s (including , but not limited to ,
Slide 23: Reconciliation of GAAP to Non-GAAP gross profit
Appendices Reconciliation of GAAP to Non-GAAP gross profit (Millions) (Unaudited) Q2’25 Q1’26 Q2’26 GAAP gross profit $ 587.6 $ 952.4 $ 1,010.6 Special items – expenses (income): Stock-based compensation 11.2 11.2 13.4 Amortization of acquired intangible assets 191.3 169.4 167.4 Other cost of goods
Slide 24: Reconciliation of GAAP to Non-GAAP gross margin
Appendices Reconciliation of GAAP to Non-GAAP gross margin (Unaudited) Q2’25 Q1’26 Q2’26 GAAP gross margin 46.2% 50.3% 50.4% Stock-based compensation 0.9% 0.6% 0.7% Amortization of acquired intangible assets 15.0% 8.9% 8.3% Other cost of goods sold (b) (0.2)% ⎯% ⎯% Non-GAAP gross margin 61.9% 59.8%
Slide 25: Reconciliation of GAAP to Non-GAAP operating expenses
Appendices Reconciliation of GAAP to Non-GAAP operating expenses (Millions) (Unaudited) Q2’25 Q1’26 Q2’26 GAAP operating expenses $ 688.0 $ 681.8 $ 720.5 Special items – (expenses) income: Stock-based compensation (143.7) (130.9) (140.2) Amortization of acquired intangible assets (84.4) (76.3) (76.3
Slide 26: Reconciliation of GAAP operating margin to Non-GAAP operating margin
Appendices Reconciliation of GAAP operating margin to Non-GAAP operating margin (Unaudited) Q2’25 Q1’26 Q2’26 GAAP operating margin (7.9) % 14.3% 14.5% Stock-based compensation 12.2 % 7.5 % 7.7 % Amortization of acquired intangible assets 21.7 % 13.0 % 12.1 % Restructuring related charges (a) 0.3 %
Slide 27: 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) Q2’25 Q1’26 Q2’26 GAAP interest and other loss, net $ (45.8) $ (54.7) $ (56.4) Special items – expenses (income): Other (c) 0.3 7.4 8.2 Total special items 0.3 7.4 8.2 Non-GAAP intere
Slide 28: Reconciliation of GAAP net income (loss) to Non-GAAP net income (1 of 2)
Appendices Reconciliation of GAAP net income (loss) to Non-GAAP net income (1 of 2) (Millions) (Unaudited) Q2’25 Q1’26 Q2’26 GAAP net income (loss) $ (193.3) $ 177.9 $ 194.8 Special items – expenses (income): Stock-based compensation 154.9 142.1 153.6 Amortization of acquired intangible assets 275.7
Slide 29: Reconciliation of GAAP net income (loss) 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, recognition of contractual obligations, employee severance costs, facility exit related charges, and other. (b) Other cost of goods sold inc
Slide 30: Reconciliation of GAAP diluted net income per share to Non-GAAP
Appendices Reconciliation of GAAP diluted net income (loss) per share to Non-GAAP diluted net income per share (Millions, except per share amounts) (Unaudited) Q2’25 Q1’26 Q2’26 GAAP weighted-average shares ⎯ basic 865.7 864.8 862.6 GAAP weighted-average shares ⎯ diluted 865.7 875.6 870.4 Non-GAAP w
Slide 31: 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) Q3’26 GAAP net revenue $2,060 +/- 5% Special items: ⎯ Non-GAAP net revenue $2,060 +/- 5% GAAP gross margin 51.5% - 52.0% Special items: Stock-based compensation 0.6% Amortization o
Slide 32: 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) Q3’26 Total GAAP operating expenses ~ $719 Special items: Stock-based compensation 146 Amortization of acquired intangible assets 76 Restructuring related charges and other 12 Tota
Slide 33: 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) Q3’26 GAAP diluted net income per share $2.03 +/- $0.05 Special items: Stock-based compensation 0.18 Amortization of acquired intangible assets 0.26 Restructuring related charges a
Slide 34: Marvell: Essential technology, done right
ia MARVELL Essential technology, done right™