Marvell Technology, Inc. (MRVL) · Aug 27, 2026 · Earnings

Marvell beats Q2 estimates as AI demand lifts Q3 revenue outlook to $3.15B

Beat — Non-GAAP EPS $0.94 vs ~$0.93 consensus; revenue $2.739B vs ~$2.71B

Marvell modestly beats Q2 expectations, but the bigger signal is accelerating data-center growth and a $3.15B Q3 revenue guide.

The quarter cleared a modest market bar. Published consensus was roughly $2.71 billion of revenue and $0.93 in non-GAAP EPS; Marvell delivered $2.739 billion and $0.94, respectively. The beat is real but narrow, so the quarter alone is not a major reset of expectations.

MetricQ2 FY27Q2 FY26 / prior comparisonMarket expectation
Revenue$2.739B$2.006B, +37% YoY (Financial Highlights)~$2.71B
Non-GAAP diluted EPS$0.94$0.67 (Non-GAAP EPS reconciliation)~$0.93
Data-center revenue$2.172B$1.491B, +46% YoY (Revenue by End Market)—
Communications and other revenue$568M$516M, +10% YoY (Revenue by End Market)—
Q3 FY27 revenue outlook$3.150B ±5%— (Outlook for Q3 FY27)—
Q3 FY27 non-GAAP diluted EPS outlook$1.10 ±$0.05— (Outlook for Q3 FY27)—

Data-center momentum is the important upside. Revenue grew 46% year over year and 18% sequentially in data center, while communications and other revenue declined 3% sequentially. That mix confirms the result is being carried by AI and cloud infrastructure rather than broad-based end-market recovery.

The forward step-up matters more than the small Q2 beat. The company guided to $3.15 billion of third-quarter revenue at the midpoint, implying roughly 15% sequential growth from Q2, and said it was raising its fiscal 2027 and fiscal 2028 revenue outlooks. Management also pointed to significant Custom-business acceleration beginning in the second half of fiscal 2027. 〔0〕

Underlying profitability improved, but reported earnings still carry substantial acquisition and compensation adjustments. Non-GAAP operating margin rose to 36.6% from 34.8% a year ago, while GAAP operating margin was 16.8%. The gap reflects $326.2 million of stock-based compensation and $214.9 million of acquired-intangible amortization in the quarter, making the adjusted figure the market’s primary benchmark but not a full-cost measure (Non-GAAP reconciliation).

Net read: a moderate beat with stronger forward evidence. Q2 exceeded consensus only slightly, but the accelerating data-center mix, $3.15 billion Q3 revenue guide, and raised full-year outlook make the filing better than an ordinary in-line AI-growth quarter. The main caveat is that cash conversion remains less explosive than adjusted earnings: operating cash flow was $605.5 million against $865.9 million of non-GAAP net income (Cash Flow statement; Non-GAAP net income reconciliation).

What to watch next

Investor Day, October 6, 2026

Original filing on SEC EDGAR

More Marvell Technology, Inc. news

Marvell beats Q2 estimates as AI demand lifts Q3 revenue outlook to $3.15B | MRVL Stock News
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