Marvell Technology, Inc. · NASDAQ:MRVL

Marvell Technology — Q4 FY2026 Earnings Presentation

45 slides from Marvell Technology's earnings presentation, Mar 5, 2026

  1. Slide 1: FY26 and Q4 FY26 Financial and Business Results

    FY26 and Q4 FY26 Financial and Business Results March 5, 2026

  2. 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

  3. 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

  4. 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

  5. Slide 5: Recent announcements

    Recent announcements MARCH 5, 2026 FEBRUARY 24, 2025 Marvell Extends ZR/ZR+ Leadership with Marvell to Showcase PCIe 8.0 SerDes Industry-first 1.6T ZR/ZR+ Pluggable and 2nm Demonstration at DesignCon 2026 Coherent DSPs NEWS LINK NEWS LINK DECEMBER 9, 2025 DECEMBER 9, 2025 Marvell Launches Strategic

  6. Slide 6: Executive summary

    Executive summary Record FY 2026 and Q4 FY26 financial performance ▪ FY26 record revenue of $8.195B increased 42% y/y ▪ FY26 record non-GAAP EPS of $2.84 increased 81% y/y ▪ Returned $2.245B to stockholders in FY26 through share repurchases and dividends ▪ Q4 record revenue of $2,219M increased 22%

  7. Slide 7: Revenue Q4 FY26

    Revenue Q4 FY26 Results reflected ongoing strong $2,219M $2,075M demand in the data center end $1,817M market. Q4 FY25 Q3 FY26 Q4 FY26 Up 22% y/y and 7% q/q © 2026 Marvell. All rights reserved. 7

  8. Slide 8: Key metrics Q4 FY26 | GAAP

    Key metrics Q4 FY26 | GAAP Revenue ($M) Gross margin 51.6% 51.7% $2,075 $2,219 50.5% $1,817 Q4’25 Q3’26 Q4’26 Q4’25 Q3’26 Q4’26 Operating margin Earnings per share1,2 17.2% 18.2% 12.9% $2.20 $0.23 $0.46 Q4’25 Q3’26 Q4’26 Q4’25 Q3’26 Q4’26 © 2026 Marvell. All rights reserved. 1. Earnings per share (E

  9. Slide 9: Key metrics Q4 FY26 | Non-GAAP

    Key metrics Q4 FY26 | Non-GAAP1 Revenue ($M) Gross margin 60.1% 59.7% $2,219 59.0% $1,817 $2,075 Q4’25 Q3’26 Q4’26 Q4’25 Q3’26 Q4’26 Operating margin Earnings per share2 36.3% 35.7% $0.76 $0.80 33.7% $0.60 Q4’25 Q3’26 Q4’26 Q4’25 Q3’26 Q4’26 © 2026 Marvell. All rights reserved. 1. See Appendices for

  10. Slide 10: Q4 FY26 Summary P&L | GAAP

    Q4 FY26 Summary P&L | GAAP ($ in millions, except per share data) Q4’25 Q3’26 Q4’26 Y/Y Q/Q Revenue $1,817.4 $2,074.5 $2,218.7 +22% +7% Gross margin 50.5% 51.6% 51.7% +120 bps +10 bps Operating expenses $682.2 $712.0 $743.5 9% 4% Operating margin 12.9% 17.2% 18.2% +530 bps +100 bps Net income $200.2

  11. Slide 11: Q4 FY26 Summary P&L | Non-GAAP

    Q4 FY26 Summary P&L | Non-GAAP1 ($ in millions, except per share data) Q4’25 Q3’26 Q4’26 Y/Y Q/Q Revenue $1,817.4 $2,074.5 $2,218.7 +22% +7% Gross margin 60.1% 59.7% 59.0% -110 bps -70 bps Operating expenses $479.4 $485.0 $517.0 +8% +7% Operating margin 33.7% 36.3% 35.7% +200 bps -60 bps Net income

  12. Slide 12: Q4 FY26 Summary balance sheet items

    Q4 FY26 Summary balance sheet items ($ in millions) Q4’25 Q3’26 Q4’26 Cash and cash equivalents $948 $2,715 $2,639 Accounts receivable, net 1 $1,028 $1,546 $2,187 Inventories1 $1,030 $1,015 $1,388 Total debt $4,064 $4,469 $4,471 1. Working capital has increased to support revenue growth expectations

  13. Slide 13: Data center end market Q4 FY26

    Data center end market Q4 FY26 Revenue ($M) Highlights ▪ Sequential growth from optical interconnects, custom silicon, $1,651 switching, and storage $1,518 ▪ Robust 800G PAM4 product demand with rapid 1.6T revenue ramp $1,366 expected in FY27 ▪ Announced industry’s first 1.6T ZR/ZR+ DCI pluggable ba

  14. Slide 14: Communications and other end market Q4 FY26

    Communications and other end market Q4 FY26 Revenue ($M) Highlights $557 $567 ▪ Enterprise networking and carrier $452 infrastructure customers continue to replenish inventory ▪ Expect growth to continue in Q1 ▪ FY27 revenue expected to grow ~10% y/y to approximately $2.3B Q4’25 Q3’26 Q4’26 Up 26% y

  15. Slide 15: Q4 FY26 Summary revenue by end market

    Q4 FY26 Summary revenue by end market1 ($ in millions) Q4’25 Q3’26 Q4’26 Y/Y Q/Q Data center $1,365.8 $1,517.9 $1,651.3 +21% +9% Communications and other $451.6 $556.6 $567.4 +26% +2% 1. Beginning in the fourth quarter of fiscal 2026, we consolidated revenue previously reported separately as enterpr

  16. Slide 16: Financial outlook

    Financial outlook ($ in millions, except per share data) Q1 FY27 (GAAP) Q1 FY27 (Non-GAAP1) Revenue $2,400 +/- 5% $2,400 +/- 5% Gross margin 51.4% - 52.4% 58.25% - 59.25% Operating expenses ~$872 ~$575 Diluted share count 883 million 883 million Diluted net income per share $0.31 +/- $0.05 $0.79 +/-

  17. Slide 17: Q4 FY26 Summary

    Q4 FY26 Summary Revenue Data center revenue Non-GAAP Non-GAAP gross margin1 EPS2 $2,219M $1,651M Up 22% y/y Up 21% y/y 59.0% $0.80 Record revenue and non-GAAP EPS © 2026 Marvell. All rights reserved. 1. See Appendices for GAAP to Non-GAAP reconciliation. 2. Earnings per share (EPS) = diluted earning

  18. Slide 18: Revenue FY 2026

    Revenue FY 2026 $8,195M Results reflected strong data center growth, with robust demand for interconnect, $5,767M switching and storage products, along with a strong ramp in the custom business. FY 2025 FY 2026 Up 42% y/y © 2026 Marvell. All rights reserved. 18

  19. Slide 19: Key metrics FY 2026 | GAAP

    Key metrics FY 2026 | GAAP Revenue ($M) Gross margin $8,195 51.0% 41.3% $5,767 FY 2025 FY 2026 FY 2025 FY 2026 Operating margin Earnings per share1 16.1% $3.07 (12.5)% $(1.02) FY 2025 FY 2026 FY 2025 FY 2026 © 2026 Marvell. All rights reserved. 1. Earnings per share (EPS) = diluted earnings per shar

  20. Slide 20: Key metrics FY 2026 | Non-GAAP

    Key metrics FY 2026 | Non-GAAP1 Revenue ($M) Gross margin 61.0% 59.5% $8,195 $5,767 FY 2025 FY 2026 FY 2025 FY 2026 Operating margin Earnings per share2 35.3% 28.9% $2.84 $1.57 FY 2025 FY 2026 FY 2025 FY 2026 © 2026 Marvell. All rights reserved. 1. See Appendices for GAAP to Non-GAAP reconciliation.

  21. Slide 21: FY 2026 Summary P&L | GAAP

    FY 2026 Summary P&L | GAAP ($ in millions, except per share data) FY 2025 FY 2026 Y/Y Revenue $5,767.3 $8,194.6 +42% Gross margin 41.3% 51.0% +970 bps Operating expenses $3,102.5 $2,857.8 -8% Operating margin (12.5)% 16.1% +2860 bps Net income (loss) ($885.0) $2,670.1 N/A Earnings per share1 $(1.02)

  22. Slide 22: FY 2026 Summary P&L | Non-GAAP

    FY 2026 Summary P&L | Non-GAAP1 ($ in millions, except per share data) FY 2025 FY 2026 Y/Y Revenue $5,767.3 $8,194.6 +42% Gross margin 61.0% 59.5% -150 bps Operating expenses $1,855.9 $1,980.8 +7% Operating margin 28.9% 35.3% +640 bps Net income $1,377.3 $2,465.6 +79% Earnings per share2 $1.57 $2.84

  23. Slide 23: FY 2026 Summary revenue by end market

    FY 2026 Summary revenue by end market 1 ($ in millions) FY 2025 FY 2026 Y/Y Data center $4,164.2 $6,100.3 +46% Communications and other $1,603.1 $2,094.3 +31% 1. Beginning in the fourth quarter of fiscal 2026, we consolidated revenue previously reported separately as enterprise networking, carrier i

  24. Slide 24: FY 2026 Summary

    FY 2026 Summary Revenue Data center revenue Non-GAAP Non-GAAP gross margin1 EPS2 $8,195M $6,100M Up 42% y/y Up 46% y/y 59.5% $2.84 Record revenue and non-GAAP EPS © 2026 Marvell. All rights reserved. 1. See Appendices for GAAP to Non-GAAP reconciliation. 2. Earnings per share (EPS) = diluted earning

  25. Slide 25: Appendices: Reconciliations from GAAP to Non-GAAP

    Appendices Reconciliations from GAAP to Non-GAAP © 2026 Marvell. All rights reserved. 25

  26. Slide 26: Discussion of Non-GAAP financial measures

    Discussion of Non-GAAP financial measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, gain on sale of business, acquisition and divestiture related costs, restructuring and other related charges (including, but not l

  27. Slide 27: GAAP gross profit to Non-GAAP gross profit (quarterly)

    Appendices Reconciliation of GAAP gross profit to Non-GAAP gross profit (Millions) (Unaudited) Q4’25 Q3’26 Q4’26 GAAP gross profit $ 917.4 $ 1,069.8 $ 1,147.9 Special items – expenses (income): Stock-based compensation 10.1 14.1 10.5 Amortization of acquired intangible assets 169.5 153.4 148.8 Restr

  28. Slide 28: GAAP gross profit to Non-GAAP gross profit (fiscal year)

    Appendices Reconciliation of GAAP gross profit to Non-GAAP gross profit (Millions) (Unaudited) FY25 FY26 GAAP gross profit $ 2,382.2 $ 4,180.7 Special items – expenses (income): Stock-based compensation 47.3 49.2 Amortization of acquired intangible assets 721.7 639.0 Restructuring related charges (a

  29. Slide 29: GAAP gross margin to Non-GAAP gross margin (quarterly)

    Appendices Reconciliation of GAAP gross margin to Non-GAAP gross margin (Unaudited) Q4’25 Q3’26 Q4’26 GAAP gross margin 50.5% 51.6% 51.7% Stock-based compensation 0.6% 0.7% 0.5% Amortization of acquired intangible assets 9.3% 7.4% 6.7% Restructuring related charges (a) 0.1% ⎯% ⎯% Other cost of goods

  30. Slide 30: GAAP gross margin to Non-GAAP gross margin (fiscal year)

    Appendices Reconciliation of GAAP gross margin to Non-GAAP gross margin (Unaudited) FY25 FY26 GAAP gross margin 41.3% 51.0% Stock-based compensation 0.8% 0.6% Amortization of acquired intangible assets 12.5% 7.8% Restructuring related charges (a) 6.2 % ⎯% Other cost of goods sold (b) 0.2 % 0.1 % Non

  31. Slide 31: GAAP operating expenses to Non-GAAP (quarterly)

    Appendices Reconciliation of GAAP operating expenses to Non-GAAP operating expenses (Millions) (Unaudited) Q4’25 Q3’26 Q4’26 Total GAAP operating expenses $ 682.2 $ 712.0 $ 743.5 Special items – (expenses) income: Stock-based compensation (137.5) (138.0) (132.5) Amortization of acquired intangible a

  32. Slide 32: GAAP operating expenses to Non-GAAP (fiscal year)

    Appendices Reconciliation of GAAP operating expenses to Non-GAAP operating expenses (Millions) (Unaudited) FY25 FY26 Total GAAP operating expenses $ 3,102.5 $ 2,857.8 Special items – (expenses) income: Stock-based compensation (550.1) (541.6) Amortization of acquired intangible assets (330.9) (303.0

  33. Slide 33: GAAP operating margin to Non-GAAP (quarterly)

    Appendices Reconciliation of GAAP operating margin to Non-GAAP operating margin (Unaudited) Q4’25 Q3’26 Q4’26 GAAP operating margin 12.9 % 17.2 % 18.2 % Stock-based compensation 8.1 % 7.3 % 6.4 % Amortization of acquired intangible assets 13.6 % 11.0 % 10.1 % Restructuring related charges (a) (0.6)

  34. Slide 34: GAAP operating margin to Non-GAAP (fiscal year)

    Appendices Reconciliation of GAAP operating margin to Non-GAAP operating margin (Unaudited) FY25 FY26 GAAP operating margin (12.5)% 16.1 % Stock-based compensation 10.4 % 7.2 % Amortization of acquired intangible assets 18.3 % 11.6 % Restructuring related charges (a) 12.3 % 0.2 % Other cost of goods

  35. Slide 35: Interest and other income (loss) to Non-GAAP (quarterly)

    Appendices Reconciliation of GAAP interest and other income (loss) to Non-GAAP interest and other loss (Millions) (Unaudited) Q4’25 Q3’26 Q4’26 GAAP interest and other income (loss), net $ (35.4) $ 1,857.6 $ (22.8) Special items – expenses (income): Gain on sale of business ⎯ (1,830.4) ⎯ Other (c) (

  36. Slide 36: Interest and other income (loss) to Non-GAAP (fiscal year)

    Appendices Reconciliation of GAAP interest and other income (loss) to Non-GAAP interest and other loss (Millions) (Unaudited) FY25 FY26 GAAP interest and other income (loss), net $ (174.4) $ 1,723.7 Special items – expenses (income): Gain on sale of business ⎯ (1,830.4) Other (c) (9.3) (44.7) Total

  37. Slide 37: 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) Q4’25 Q3’26 Q4’26 GAAP net income $ 200.2 $ 1,901.3 $ 396.1 Special items – expenses (income): Stock-based compensation 147.6 152.1 143.0 Amortization of acquired intangible assets 247.1 229.0 223.6 R

  38. Slide 38: 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) FY25 FY26 GAAP net income (loss) $ (885.0) $ 2,670.1 Special items – expenses (income): Stock-based compensation 597.4 590.8 Amortization of acquired intangible assets 1,052.6 942.0 Restructuri

  39. Slide 39: 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 asset impairment charges, gain on sale of property, recognition of contractual obligations, employee severance costs, facility exit related charges, and other. (b) Ot

  40. Slide 40: Diluted net income per share to Non-GAAP (quarterly)

    Appendices Reconciliation of GAAP diluted net income per share to Non-GAAP diluted net income per share (Millions, except per share amounts) (Unaudited) Q4’25 Q3’26 Q4’26 GAAP weighted-average shares ⎯ basic 865.7 855.8 848.0 GAAP weighted-average shares ⎯ diluted 879.9 863.7 856.2 Non-GAAP weighted

  41. Slide 41: Diluted net income (loss) per share to Non-GAAP (fiscal year)

    Appendices Reconciliation of GAAP diluted net income (loss) per share to Non-GAAP diluted net income per share (Millions, except per share amounts) (Unaudited) FY25 FY26 GAAP weighted-average shares ⎯ basic 865.5 861.0 GAAP weighted-average shares ⎯ diluted 865.5 869.7 Non-GAAP weighted-average shar

  42. Slide 42: Outlook to Non-GAAP outlook (1 of 3)

    Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (1 of 3) (Millions, except per share amounts) (Unaudited) Q1’27 GAAP net revenue $2,400 +/- 5% Special items: ⎯ Non-GAAP net revenue $2,400 +/- 5% GAAP gross margin 51.4% - 52.4% Special items: Stock-based compensation 0.65% Amortization

  43. Slide 43: Outlook to Non-GAAP outlook (2 of 3)

    Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (2 of 3) (Millions, except per share amounts) (Unaudited) Q1’27 Total GAAP operating expenses ~ $872 Special items: Stock-based compensation 181 Amortization of acquired intangible assets 73 Integration related charges 31 Restructuring re

  44. Slide 44: Outlook to Non-GAAP outlook (3 of 3)

    Appendices Reconciliation of GAAP outlook to Non-GAAP outlook (3 of 3) (Millions, except per share amounts) (Unaudited) Q1’27 GAAP diluted net income per share $0.31 +/- $0.05 Special items: Stock-based compensation 0.22 Amortization of acquired intangible assets 0.25 Integration related charges 0.0

  45. Slide 45: Marvell: Essential technology, done right

    ya MARVELL Essential technology, done right™

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