Marvell Technology, Inc. (MRVL) operating KPIs

MRVLNasdaqSemiconductors & Related DevicesFiscal year ends January 30

Financials through Q2 FY2027, quarter ended Aug 1, 2026Last filing: 10-Q on Aug 28, 2026Score 16/30159% above fair value

$196.40−21.94 (-10.05%)

Close on Oct 30, 2026Market cap $172.22BP/E 64.8Yield 0.12%

KPIs

Operating metrics that drive Marvell Technology's business · fiscal year ends 52/53-week fiscal year ending Saturday nearest January 31 (FY2026 ended January 31, 2026; Q2 FY2027 ended August 1, 2026)

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Marvell Technology's fiscal year ends 52/53-week fiscal year ending Saturday nearest January 31 (FY2026 ended January 31, 2026; Q2 FY2027 ended August 1, 2026) — Q2 FY27 = May–Jul 2026.

Column labels

Metric	Q2 FY27 2026-08-01	Q1 FY27 2026-05-02	Q4 FY26 2026-01-31	Q3 FY26 2025-11-01	Q2 FY26 2025-08-02	Q1 FY26 2025-05-03	Q4 FY25 2025-02-01	Q3 FY25 2024-11-02	Q2 FY25 2024-08-03	Q1 FY25 2024-05-04	Q4 FY24 2024-02-03	Q3 FY24 2023-10-28

Total Net Revenue($M)4	2,739	2,418	2,219	2,075	2,006	1,895	1,817	1,516	1,273	1,161	1,427	1,419
Total Net Revenue — YoY Growth(%)	37.0%	28.0%	22.0%	37.0%	58.0%	63.0%	27.0%	7.0%	-5.0%	-12.0%	1.0%	-8.0%
Total Net Revenue — QoQ Growth(%)	13.0%	9.0%	7.0%	3.0%	6.0%	4.0%	20.0%	19.0%	10.0%	-19.0%	1.0%	6.0%
Data Center End Market Revenue($M)3	2,172	1,833	1,651	1,518	1,491	1,441	1,366	1,101	881	816	765	556
Data Center — Share of Total Net Revenue(%)	79.0%	76.0%	74.0%	73.0%	74.0%	76.0%	75.0%	73.0%	69.0%	70.0%	54.0%	39.0%
Data Center — YoY Revenue Growth(%)	46.0%	27.0%	21.0%	38.0%	69.0%	76.0%	78.0%	98.0%	92.0%	87.0%	54.0%	-11.0%
Data Center — QoQ Revenue Growth(%)	18.0%	11.0%	9.0%	2.0%	3.0%	5.0%	24.0%	25.0%	8.0%	7.0%	38.0%	21.0%
Communications and Other End Market Revenue($M)7	568	585	567	557	516	455	452
Communications and Other — Share of Total Net Revenue(%)	21.0%	24.0%	26.0%	27.0%	26.0%	24.0%	25.0%	27.0%
Communications and Other — YoY Revenue Growth(%)	10.0%	29.0%	26.0%
Communications and Other — QoQ Revenue Growth(%)	-3.0%	3.0%	2.0%
Enterprise Networking End Market Revenue (Legacy through Q3 FY26)($M)3				237	194	178	171	151	151	153	265	271
Enterprise Networking — Share of Total Net Revenue (Legacy)(%)				11.0%	10.0%	9.0%	9.0%	10.0%	12.0%	13.0%	19.0%	19.0%
Enterprise Networking — YoY Revenue Growth (Legacy)(%)				57.0%	28.0%	16.0%	-35.0%	-44.0%	-54.0%	-58.0%	-28.0%	-28.0%
Enterprise Networking — QoQ Revenue Growth (Legacy)(%)				23.0%	9.0%	4.0%	14.0%		-1.0%	-42.0%	-2.0%	-17.0%
Carrier Infrastructure End Market Revenue (Legacy through Q3 FY26)($M)3				168	130	138	106	84.7	75.9	71.8	170	317
Carrier Infrastructure — Share of Total Net Revenue (Legacy)(%)				8.0%	6.0%	7.0%	6.0%	6.0%	6.0%	6.0%	12.0%	22.0%
Carrier Infrastructure — YoY Revenue Growth (Legacy)(%)				98.0%	71.0%	93.0%	-38.0%	-73.0%	-72.0%	-75.0%	-38.0%	17.0%
Carrier Infrastructure — QoQ Revenue Growth (Legacy)(%)				29.0%	-6.0%	31.0%	25.0%	12.0%	6.0%	-58.0%	-46.0%	15.0%
Consumer End Market Revenue (Legacy through Q3 FY26)($M)3				117	116	63.1	88.7	96.5	88.9	42	144	169
Consumer — Share of Total Net Revenue (Legacy)(%)				6.0%	6.0%	3.0%	5.0%	6.0%	7.0%	4.0%	10.0%	12.0%
Consumer — YoY Revenue Growth (Legacy)(%)				21.0%	30.0%	50.0%	-38.0%	-43.0%	-47.0%	-70.0%	-20.0%	-5.0%
Consumer — QoQ Revenue Growth (Legacy)(%)				1.0%	84.0%	-29.0%	-8.0%	9.0%	112.0%	-71.0%	-15.0%	1.0%
Automotive / Industrial End Market Revenue (Legacy through Q3 FY26)($M)1				35	76	75.7	85.7	82.9	76.2	77.6	82.3	107
Automotive / Industrial — Share of Total Net Revenue (Legacy)(%)				2.0%	4.0%	5.0%	5.0%	5.0%	6.0%	7.0%	5.0%	8.0%
Direct Sales Channel Revenue($M)1	1,365	1,189	1,224	1,146	1,191	1,069	1,081	895	726	608	784	938
Direct Sales Channel — Share of Net Revenue(%)	50.0%	49.0%	0.0%	55.0%	59.0%	56.0%	1.0%	59.0%	57.0%	52.0%	-3.0%	66.0%
Sales Through Distributors Revenue($M)1	1,374	1,229	995	929	815	826	737	621	547	553	643	481
Sales Through Distributors — Share of Net Revenue(%)	50.0%	51.0%	0.0%	45.0%	41.0%	44.0%	-1.0%	41.0%	43.0%	48.0%	3.0%	34.0%

China Ship-To Revenue($M)1	1,162	1,058	839	839	583	709	733	658	587	530	681	605
China — Share of Total Net Revenue(%)	42.0%	44.0%	0.0%	40.0%	29.0%	37.0%	-2.0%	43.0%	46.0%	46.0%	2.0%	43.0%
United States Ship-To Revenue($M)1	191	171	264	294	311	305	282	256	203	217	188	217
United States — Share of Total Net Revenue(%)	7.0%	7.0%	-1.0%	14.0%	15.0%	16.0%	0.0%	17.0%	16.0%	19.0%	-1.0%	15.0%
Taiwan Ship-To Revenue($M)1	457	520	470	319	541	327	281	199	38.5	42.6	26.1	22.9
Taiwan — Share of Total Net Revenue(%)	17.0%	21.0%	0.0%	15.0%	27.0%	17.0%	3.0%	13.0%	3.0%	4.0%	0.0%	2.0%
Other Countries Ship-To Revenue($M)1	593	670	646	623	429	554	522	403	118	96.4	1,653	178
Other Countries — Share of Total Net Revenue(%)	22.0%	28.0%	1.0%	31.0%	22.0%	30.0%	-1.0%	27.0%	9.0%	8.0%	26.0%	12.0%
Malaysia Ship-To Revenue (Legacy through Q2 FY26)($M)1					76.9	34.9	20.4	40.3	29.4	53	53.1	31.6
Thailand Ship-To Revenue (Legacy through Q2 FY26)($M)1					33.6	42.2	71.1	73.3	95	65	113	94.5
Japan Ship-To Revenue (Legacy through Q2 FY26)($M)1					53.3	46.9	59.9	55.8	33.2	17.3	43.7	37.5
Finland Ship-To Revenue (Legacy through Q2 FY26)($M)1					51	36.1	38.4	32.5	19.6	22.4	26.7	158

GAAP Cost of Goods Sold($M)	1,284	1,157	1,071	1,005	996	943	900	1,167	685	633	762	867
GAAP Gross Profit($M)1	1,456	1,261	1,148	1,070	1,011	952	917	349	588	528	664	551
GAAP Gross Margin(%)	53.1%	52.1%	51.7%	51.6%	50.4%	50.3%	50.5%	23.0%	46.2%	45.5%	46.6%	38.9%
Non-GAAP Gross Profit($M)2	1,614	1,424	1,309	1,238	1,191	1,134	1,092	917	788	724	911	859
Non-GAAP Gross Margin(%)	58.9%	58.9%	59.0%	59.7%	59.4%	59.8%	60.1%	60.5%	61.9%	62.4%	63.9%	60.6%
Total Special Items in Cost of Goods Sold($M)4	158	163	161	168	181	181	175	568	200	196	247	308
COGS Special Items — Stock-Based Compensation($M)	15.9	14.2	10.5	14.1	13.4	11.2	10.1	16.3	11.2	9.70	10.4	15.7
COGS Special Items — Stock-Based Compensation (% of Revenue)(%)	0.6%	0.6%	0.5%	0.7%	0.7%	0.6%	0.6%	1.1%	0.9%	0.8%	0.7%	1.1%
COGS Special Items — Amortization of Acquired Intangible Assets($M)	143	151	149	153	167	169	170	180	191	181	194	184
COGS Special Items — Intangible Amortization (% of Revenue)(%)	5.2%	6.3%	6.7%	7.4%	8.3%	8.9%	9.3%	11.9%	15.0%	15.5%	13.6%	13.0%
GAAP Total Operating Expenses($M)3	996	921	744	712	721	682	682	1,052	688	680	697	698
GAAP Research and Development (R&D) Expense($M)	741	652	536	513	519	508	499	489	487	476	460	481
GAAP Selling, General and Administrative (SG&A) Expense($M)	258	258	198	190	193	186	196	205	197	200	212	213
GAAP Restructuring Related Charges($M)	3	8.70	9.50	16.9	8.70	-12.3	-16.1	193	4	4.10	25.8	3.40
Non-GAAP Total Operating Expenses($M)1	611	577	517	485	493	486	479	467	456	454	429	437
Total Special Items Deducted from Operating Expenses($M)4	385	345	227	227	228	196	203	585	232	226	269	260
OpEx Special Items — Stock-Based Compensation($M)	310	193	133	138	140	131	138	142	144	127	145	143
OpEx Special Items — Amortization of Acquired Intangible Assets($M)	72.2	74.4	74.8	75.6	76.3	76.3	77.6	84.5	84.4	84.4	92	85.5
OpEx Special Items — Restructuring Related Charges($M)	2.80	10.7	9.50	9.60	8.70	12.3	12.5	358	4	4.10	25.8	3.40
OpEx Special Items — Deal, Integration, Legal & Other Costs($M)	5.40	66	9.70	3.80	2.70	0.70	0.20	0.40	0.10	11	6.20	28.7
ASC 280 Segment — Production and Distribution Costs($M)9	1,125	994	910	836	815	762	725	599	485	437
ASC 280 Segment — Employee Labor and Benefits Costs($M)	434	416	348	324	339	348	335	333	330	322
ASC 280 Segment — Engineering, Design and Mask Costs($M)	86.9	72.6	77.1	71.6	66	50.7	65.4	52.4	47.3	54
ASC 280 Segment — Stock-Based Compensation Expense($M)	326	208	143	152	154	142	148	158	155	137
ASC 280 Segment — Amortization of Acquired Intangible Assets($M)	215	225	224	229	244	246	247	265	276	265
ASC 280 Segment — Restructuring and Impairment Charges($M)	-3	8.70	9.50	10.1	8.70	-12.3	-11.4	715
ASC 280 Segment — Other Segment Expenses($M)	62.8	107	74.9	-1,816	95.2	94.8	63.5	96.5	73.3	91.8
ASC 280 Segment — Interest Expense($M)	61.6	52.8	50.8	51.2	51.9	48.7	45	47.2	48.4	48.8
ASC 280 Segment — Income Tax Provision($M)	70.3	48.8	-14.5	314	38.9	38	-0.40	-74.2	47.1	17.8
ASC 280 Segment — Consolidated Segment Net Income (Loss)($M)	308	34.5	396	1,901	195	178	200	-676	-193	-216
GAAP Operating Income (Loss)($M)1	460	339	404	358	290	271	235	-703	-100	-152	-33.3	-146
GAAP Operating Margin(%)	16.8%	14.0%	18.2%	17.2%	14.5%	14.3%	12.9%	-46.4%	-7.9%	-13.1%	-2.3%	-10.3%
Non-GAAP Operating Income($M)6	1,003	847	792		699	647
Non-GAAP Operating Margin(%)	36.6%	35.0%	35.7%	36.3%	34.8%	34.2%	33.7%	29.7%	26.1%	23.3%	33.8%	29.8%
Total Special Items in Operating Income($M)	544	508	387		409	377
Operating Margin Impact — Stock-Based Compensation(%)	11.9%	8.6%	6.4%	7.3%	7.7%	7.5%	8.1%	10.5%	12.2%	11.8%	10.9%	11.2%
Operating Margin Impact — Amortization of Acquired Intangible Assets(%)	7.8%	9.3%	10.1%	11.0%	12.1%	13.0%	13.6%	17.5%	21.7%	22.8%	20.1%	19.0%
Operating Margin Impact — Restructuring Related Charges(%)	-0.1%	0.4%	0.4%	0.5%	0.4%	-0.6%	-0.6%	47.2%	0.3%	0.4%	1.8%	0.2%
Operating Margin Impact — Deal, Integration & Other Items(%)	0.2%	2.7%	0.5%	0.3%	0.1%					0.9%	0.3%	2.1%
GAAP Interest and Other Income (Loss), Net($M)2	-81.4	-256	-22.8	1,858	-56.4	-54.7	-35.4	-47.7	-45.8	-45.5	-54	-41.2
Non-GAAP Interest and Other Income (Loss), Net($M)	-30.3	-40.1	-30.6	-25.3	-48.2	-47.3	-41.2	-49.1	-45.5	-47.9	-55.3	-45.4
Total Special Items in Interest and Other (incl. Divestiture Gain & Contingent Consideration)($M)	51.1	216	-7.80	-1,883	8.20	7.40	-5.80	-1.40	0.30	-2.40	-1.30	-4.20
GAAP Net Income (Loss)($M)2	308	34.5	396	1,901	195	178	200	-676	-193	-216	-393	-164
GAAP Basic Net Income (Loss) per Share($)	0.34	0.04	0.46	2.22	0.23	0.21	0.23	-0.78	-0.22	-0.25	-0.45	-0.19
GAAP Diluted Net Income (Loss) per Share($)	0.33	0.04	0.46	2.20	0.22	0.20	0.23	-0.78	-0.22	-0.25	-0.45	-0.19
Non-GAAP Net Income($M)7	866	718	685	655	586	540	531	373	266	207	402	354
Non-GAAP Diluted Net Income per Share($)	0.94	0.80	0.80	0.76	0.67	0.62	0.60	0.43	0.30	0.24	0.46	0.41
Pre-Tax Total Special Items in Net Income($M)	595	724	380	-1,488	417	384	372	1,152	432	420	515	564
Total Stock-Based Compensation in Net Income Reconciliation($M)	326	208	143	152	154	142	148	158	155	137	155	159
Total Acquired Intangible Amortization in Net Income Reconciliation($M)	215	225	224	229	244	246	247	265	276	265	286	270
Total Restructuring Charges in Net Income Reconciliation($M)	-3	8.70	9.50	10.1	8.70	-12.3	-11.4	715	4	4.10	25.8	3.40
Income Tax Effects and Adjustments on Special Items($M)	-36.7	-40	-90.6	241	-26.2	-22	-40.4	-102	27.1	2.20	280	-45.8
Non-GAAP Effective Income Tax Rate(%)	11.0%	11.0%	10.0%	10.0%	10.0%	10.0%	7.0%	7.0%	7.0%	7.0%	6.0%	6.0%

Next-Quarter Net Revenue Guidance Midpoint($M)1	3,150	2,700	2,400	2,200	2,060	2,000	1,875	1,800	1,450	1,250	1,150	1,420
Next-Quarter Net Revenue Guidance Range (+/- %)(%)	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%
Next-Quarter GAAP Gross Margin Guidance — Low(%)1	52.9%	52.1%	51.4%	51.1%	51.5%	50.0%	50.5%	50.0%	47.2%	46.2%	44.5%	48.2%
Next-Quarter GAAP Gross Margin Guidance — High(%)	53.9%	53.1%	52.4%	52.1%	52.0%	51.0%	50.5%	50.0%	47.2%	46.2%	47.2%	50.7%
Next-Quarter Non-GAAP Gross Margin Guidance — Low(%)1	57.5%	58.3%	58.3%	58.5%	59.5%	59.0%	60.0%	60.0%	61.0%	62.0%	62.0%	63.5%
Next-Quarter Non-GAAP Gross Margin Guidance — High(%)	58.5%	59.3%	59.3%	59.5%	60.0%	60.0%	60.0%	60.0%	61.0%	62.0%	63.0%	64.5%
Next-Quarter GAAP Operating Expenses Guidance($M)1	1,015	960	872	741	719	735	712	710	693	688	676	680
Next-Quarter Non-GAAP Operating Expenses Guidance($M)	655	600	575	515	485	495	490	480	465	455	455	430
Next-Quarter Basic Weighted-Average Shares Guidance(M)1	900	899	876	850	863	864	867	867	867	867	866	865
Next-Quarter Diluted Weighted-Average Shares Guidance(M)	921	915	883	857	870	874	880	877	875	877	875	874
Next-Quarter GAAP Diluted EPS Guidance Midpoint($)1	0.53	0.37	0.31	0.36	2.03	0.21	0.19	0.16	-0.09	-0.20	-0.23	-0.03
Next-Quarter Non-GAAP Diluted EPS Guidance Midpoint($)	1.10	0.93	0.79	0.79	0.74	0.67	0.61	0.59	0.40	0.29	0.23	0.46

Operating Cash Flow (Cash Provided by Operating Activities)($M)6	606	639	374	582	462	333	514	536	306	325	547	503
Capital Expenditures (Payments for Property and Equipment)($M)	127	156	114	73.5	47.5	119	69.9	75	48.2	91.5	71	54.4
Cash Payments under Technology License Agreements($M)	29.4	27.2	26.3	47.7	27.5	26.8	29.2	58.9	35.3	30.2	40.1	31.6
Payments for Acquisition of Intangible Assets($M)	4.50	0.50	1.10	1.20	1.10	1.10	0.80	0.50	5.20	0.50	10.6	0.30
Cash Paid for Business Acquisitions, Net of Cash Acquired($M)	0	1,271	0	0	0	0	0	0			-5.50	0
Amortization of Acquired Intangible Assets($M)	215	225	224	229	244	246	295	265	276	265	288	270
Other Depreciation and Amortization($M)	93.1	95.4	93.4	86.9	84.1	84.2	78.8	76.6	76.3	72.6	73.8	72.1
Investing Cash Flow (Cash Used in Investing Activities)($M)	-130	-1,421	-122	2,391	-77.2	-94.1	-70.3	-75.5	-53	-102	-76.2	-54.6
Financing Cash Flow (Cash Provided by / Used in Financing Activities)($M)	-386	1,987	-327	-1,483	-45.9	-301	-364	-401	-292	-326	-245	-146
Accounts Receivable, Net($M)	2,218	1,872	2,187	1,546	1,452	1,144	1,028	998	1,060	882	1,122	1,215
Total Inventories, Net($M)2	1,361	1,401	1,388	1,015	1,052	1,071	1,030	859	818	826	864	942
Inventories — Work-in-Process (WIP Wafers & Die)($M)	1,057	1,167	1,106	766	739	739	709	644	585	527	524	580
Inventories — Finished Goods($M)	304	234	282	249	313	332	321	216	233	299	341	362
Prepaid Expenses and Other Current Assets($M)	408	348	247	237	190	148	114	91.4	77.3	91.7	126	91.5
Accounts Payable($M)	798	710	1,074	634	611	563	622	538	453	321	411	419
Accrued Liabilities — Current($M)	1,426	1,336	1,337	1,351	1,079	940	973	825	764	861	1,033
Deferred Revenue — Current (Legacy through Q1 FY27)($M)		63.7	40.1	32.2	41.3	31.8	22.1	34.5	39.2	33.9	43.2	56.9
Technology License Obligations — Current($M)1	96.2	100	84.1	77.9	79.7	101	102	47.7	67.6	87.7	106	101
Technology License Obligations — Noncurrent($M)	124	145	160	176	195	215	234	37	215	188	197	191

Unconditional Purchase Obligations — Foundry (Wafer) & OSAT Partners($M)4	8,519	2,757	2,666	2,068	1,508	1,454	1,638	1,743	1,782	1,666	2,431	2,812
Foundry & OSAT Obligations — Due in Year 1($M)	2,125	174	1,872	1,092	155	169	1,022	558	179	253	821	717
Foundry & OSAT Obligations — Due in Year 2($M)	2,178	68.4	477	120	189	151	156	131	157	132	517	626
Foundry & OSAT Obligations — Due in Year 3($M)	2,202	66.3	68.6	68.4	68.4	68.4	105	96.5	142	130	375	449
Foundry & OSAT Obligations — Due in Year 4($M)	66	64.4	66.3	66.3	66.3	66.3	107	68.4	128	128	186	186
Unconditional Purchase Obligations — Technology, IP & EDA Licenses($M)4	666	709	635	657	677	766	821
Technology & EDA Obligations — Due in Year 1($M)	196	196	155	156	143	156	193
Technology & EDA Obligations — Due in Year 2($M)	146	145	169	166	164	165	155
Technology & EDA Obligations — Due in Year 3($M)	132	132	122	120	120	122	164
Technology & EDA Obligations — Due in Year 4($M)	63.4	63.4	112	112	112	112	121
Capital Expenditure Purchase Commitments($M)	352	186	152	102	205	152
Long-Term Supply Capacity Reservation Commitment (Legacy through Q1 FY27)($M)		11.5	23.1	23.1	23.1
Property and Equipment, Gross($M)6	2,596	2,440	2,343	2,212	2,103	2,047	2,038	1,978	1,913	1,871	1,837	1,761
Machinery and Equipment (Engineering Lab & Test Equipment), Gross($M)	2,054	1,909	1,825	1,707	1,615	1,568	1,570	1,515	1,449	1,397	1,376	1,296
Land, Buildings and Leasehold Improvements, Gross($M)	350	344	339	332	322	316	307	303	306	320	312	315
Computer Software and Development Tools, Gross($M)	147	142	137	134	131	129	126	127	124	122	117	118
Furniture and Fixtures, Gross($M)	45.1	44.2	41.5	39.9	35.7	34.7	34.3	33.5	33.5	31.8	31.7	31.8
Accumulated Depreciation and Amortization($M)	1,525	1,468	1,408	1,358	1,309	1,273	1,247	1,196	1,131	1,113	1,081	1,059
Property and Equipment, Net($M)	1,071	973	935	855	795	775	791	782	782	758	756	702
Operating Lease Right-of-Use (ROU) Assets($M)2	292	284	284	272	274	246	246	214	217	204	204	210
Operating Lease Liabilities — Current($M)	59.3	54.5	56.5	53.6	50.8	50.2	48.3	43.2	40.9	38.1	39.4	39.5
Operating Lease Liabilities — Noncurrent($M)	264	261	263	255	258	229	231	203	207	197	196	197

Goodwill Carrying Value($M)1	13,900	13,900	11,100	11,100	11,100	11,100	11,600	11,600	11,600	11,600	11,600	11,600
Goodwill Added — Celestial AI Acquisition (FY26–FY27)($M)	2,394	2,404	2,404
Acquired Intangible Assets, Net — Total($M)4	2,347	2,562	1,755	1,978	2,207	2,451	2,711	2,958	3,463	3,739	4,004	4,290
Acquired Intangible Assets, Gross — Total($M)	6,533	7,958	6,976	7,095	7,133	7,573	7,587	7,727	7,824	7,837	7,837	7,874
Finite-Lived Intangible Assets, Net — Total($M)8	1,050	1,265	1,455	1,656	1,885	2,129	2,375	2,622	3,034	3,150	3,385	3,671
Developed Technology Rights — Gross($M)	3,231	4,656	4,625	4,722	4,722	5,162	5,162	5,162	5,166	5,019	4,989	5,026
Developed Technology Rights — Accumulated Amortization($M)	2,415	3,697	3,546	3,516	3,363	3,635	3,466	3,297	2,972	2,794	2,614	2,456
Developed Technology Rights — Net Carrying Value($M)	816	959	1,079	1,206	1,359	1,527	1,696	1,865	2,194	2,225	2,376	2,570
Customer Contracts and Relationships — Gross($M)	2,005	2,005	2,001	2,001	2,039	2,039	2,039	2,179	2,179	2,179	2,179	2,179
Customer Contracts and Relationships — Accumulated Amortization($M)	1,772	1,700	1,628	1,555	1,520	1,446	1,373	1,437	1,355	1,273	1,192	1,102
Customer Contracts and Relationships — Net Carrying Value($M)	233	305	374	446	519	593	667	742	824	906	988	1,077
Finite-Lived Intangible Assets — Total Gross($M)	5,236	6,661	6,676	6,773	6,811	7,251	7,251	7,391	7,395	7,248	7,218	7,255
Finite-Lived Intangible Assets — Total Accumulated Amortization($M)	4,186	5,397	5,221	5,117	4,926	5,122	4,876	4,769	4,361	4,098	3,833	3,584
Indefinite-Lived IPR&D Intangible Assets($M)	1,297	1,297	300	322	322	322	336	336	429	589	619	619
Estimated Future Intangible Amortization — Year 1($M)3	293	293	814	811	811	811	942	942	1,024	1,003	1,052	1,052
Estimated Future Intangible Amortization — Year 2($M)	140	140	285	282	282	282	811	811	859	836	998	998
Estimated Future Intangible Amortization — Year 3($M)	117	117	132	129	129	129	282	282	302	279	830	830
Estimated Future Intangible Amortization — Year 4($M)	60.8	60.8	110	107	107	107	129	129	138	113	273	273
Total Restructuring Reserve Balance($M)6	238	247	258	267	277	309	329	366		10.6	17	15.1
Restructuring Reserve — Current($M)	62.7	62.6	63.6	64.5	65.8	89.1	101	129		9.80	16.1	14.2
Restructuring Reserve — Noncurrent($M)	176	185	194	203	211	220	228	237		0.80	0.90	0.90
Accrued Restructuring — Current($M)	57.3	57.2	55.1	56	57.5	61.1	91.5	121			16.1
Restructuring Reserve — Employee Severance($M)	0.40	0.70	0.40	2.80	2.20	5.30	12.9	6.80		9.10	15.5	6
Restructuring Reserve — Other Exit Costs($M)	238	247	257	265	275	304	316	359		1.50	1.50	9.10
Restructuring Cash Payments — Total($M)	6	18.8	19.4	19.8	40.6	21.8	18.6			11.2		21.3

Cash and Cash Equivalents($M)	3,933	3,844	2,639	2,715	1,224	886	948	868	809	848	951	726
Total Current Assets($M)	7,919	7,464	6,461	5,513	4,513	3,838	3,120	2,817	2,764	2,648	3,063	2,973
Total Assets($M)	27,555	26,945	22,285	21,579	20,586	20,024	20,205	19,716	20,293	20,491	21,229	21,714
Total Current Liabilities($M)	2,500	2,277	3,221	2,737	2,399	2,941	2,027	1,764	1,547	1,468	1,814	1,880
Total Liabilities($M)	9,023	8,729	7,977	7,522	7,165	6,711	6,778	6,343	6,089	6,012	6,397	6,481
Total Stockholders' Equity($M)	18,532	18,216	14,308	14,057	13,422	13,313	13,427	13,373	14,205	14,479	14,831	15,233
Total Debt Carrying Value($M)18	5,000	5,000	4,500	4,500	4,500	4,258	4,091	4,123	4,156	4,178	4,200	4,222
Long-Term Debt — Current Portion($M)	0	0	500
Long-Term Debt — Noncurrent($M)	4,963	4,961	3,971	3,969	3,968	2,977	3,934	3,966	3,997	4,028	4,059	4,090
Unamortized Debt Issuance Costs and Discounts($M)	37	38.6	29.3	31	32.7	25.1	26.7	28.4	30.3	32.1	34	35.9
Interest Expense on Debt($M)	58.9	50	47.8	47.9	46.8	44.8	44.1	45.6	46.5	46.8	50.9	49.6
Proceeds from Issuance of Debt($M)	0	999	0	0	999	200	0	0
Principal Payments of Debt($M)	0	500	0	0	758	32.8	32.8	32.8	21.9	21.9	21.9	1,007
2026 Senior Notes — Carrying Value($M)2	0	0	500	500	500	500	500	500	500	500	500	500
2026 Senior Notes — Stated Coupon Rate(%)	1.7%	1.7%	1.7%	1.7%	1.7%	1.7%	1.7%	1.7%	1.7%	1.7%	0.0%	1.7%
2026 Senior Notes — Effective Interest Rate(%)	1.8%	1.8%	1.8%	1.8%	1.8%
2028 Senior Notes (MTG & MTI) — Carrying Value($M)2	750	750	750	750	750	750	750	750	750	750	750	750
2028 Senior Notes — Stated Coupon Rate(%)	2.5%	2.5%	2.5%	2.5%	2.5%	2.5%	2.5%	2.5%	2.5%	2.5%	0.0%	2.5%
2028 Senior Notes — Effective Interest Rate(%)	2.6%	2.6%	2.6%	2.6%	2.6%
2029 Senior Notes — Carrying Value($M)2	500	500	500	500	500	500	500	500	500	500	500	500
2029 Senior Notes — Stated Coupon Rate(%)	5.8%	5.8%	5.8%	5.8%	5.8%	5.8%	5.8%	5.8%	5.8%	5.8%	0.1%	5.8%
2029 Senior Notes — Effective Interest Rate(%)	5.9%	5.9%	5.9%	5.9%	5.9%							5.9%
2030 Senior Notes — Carrying Value($M)2	500	500	500	500	500		0
2030 Senior Notes — Stated Coupon Rate(%)	4.8%	4.8%	4.8%	4.8%	4.8%
2030 Senior Notes — Effective Interest Rate(%)	4.9%	4.9%	4.9%	4.9%	4.9%
2031 Senior Notes — Carrying Value($M)2	750	750	750	750	750	750	750	750	750	750	750	750
2031 Senior Notes — Stated Coupon Rate(%)	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%	0.0%	3.0%
2031 Senior Notes — Effective Interest Rate(%)	3.0%	3.0%	3.0%	3.0%	3.0%
2033 Senior Notes — Carrying Value($M)2	500	500	500	500	500	500	500	500	500	500	500	500
2033 Senior Notes — Stated Coupon Rate(%)	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	6.0%	0.1%	6.0%
2033 Senior Notes — Effective Interest Rate(%)	6.1%	6.1%	6.1%	6.1%	6.1%							6.1%
2035 Senior Notes — Carrying Value($M)2	500	500	500	500	500		0
2035 Senior Notes — Stated Coupon Rate(%)	5.5%	5.5%	5.5%	5.5%	5.5%
2035 Senior Notes — Effective Interest Rate(%)	5.5%	5.5%	5.5%	5.5%	5.5%
2036 Senior Notes — Carrying Value($M)	1,000	1,000	0
5-Year Tranche Term Loan — Carrying Value (Repaid FY26)($M)			0	0	558	558	591	623	656	678	700	722
3-Year Tranche Term Loan — Carrying Value (Repaid FY24)($M)											0	0
2023 Senior Notes — Carrying Value (Repaid FY24)($M)											0	0
Debt Principal Maturities — Due in Year 1($M)3	0	0	500	500	500	959	131	131	131	131	109	109
Debt Principal Maturities — Due in Year 2($M)	1,250	1,250	0	0	0	0	959	959	959	959	131	131
Debt Principal Maturities — Due in Year 3($M)	500	500	1,250	1,250	1,250	1,250	0	0	0	0	959	959
Debt Principal Maturities — Due in Year 4($M)	500	500	500	500	500	500	1,250	1,250	1,250	1,250	0	0
Basic Weighted-Average Shares Outstanding(M)2	897	882	848	856	863	865	866	866	866	865	865	863
Diluted Weighted-Average Shares Outstanding (GAAP)(M)	921	893	856	864	870	876	880	866	866	865	865	863
Diluted Weighted-Average Shares Outstanding (Non-GAAP)(M)	921	893	856	864	870	876	880	876	876	876	874	872
Cash Paid for Share Repurchases($M)3	200	200	200	1,300	200	340	200	200	175	150	100	50
Shares Repurchased in Period(M)	1.10	1.40	3.30	15	2.70	5.60	1.70	2.60	2.50	2.20	1.70	0.80
Share Repurchases Value in Period($M)	200	200	240	1,300	200	340	200	200	175	150	100	50
Remaining Share Repurchase Authorization($M)	5,100	5,300	5,500	5,700	2,000	2,200	2,600	2,800	3,000	3,100	300	400
Total Stock-Based Compensation Expense (Cash Flow Statement)($M)3	326	208	143	152	154	142	148	158	155	137	155	159
Cash Paid for Employee Tax Withholding on Restricted Stock($M)	138	227	77.3	62.5	50.7	50.2	84.6	58.6	57.6	74.1	55	44.9
Proceeds from Employee Stock Purchase Plan (ESPP) & Options($M)	54.2	3.30	27.2	0.40	50.5	0.60	35.2	0.80	49.3	2.30	38.1	0.70
Customer Warrants — Vested Shares under Fiscal 2025 Warrant Agreement(M)1	1.20	0.90	0.70
Customer Warrants — Vested Shares under Fiscal 2026 Warrant Agreement(M)	0	0	0

GAAP Income Tax Provision (Benefit)($M)3	70.3	48.8	-14.5	314	38.9	38	-0.40	-74.2	47.1	17.8	305	-23.2
Deferred Income Tax Provision (Benefit) — Total($M)	24.9	13.8	44.4	7	-4.90	-4.30	-5.70	-47.9	-36.1	-22.2	435	-57
Income Taxes Payable — Current($M)	164	193	228	334	91.2	78	55.6	33.4	63.9	20.9	17.8	163
Income Taxes Payable — Noncurrent($M)	85.7	120	117	118	79.5	76.5	73.4	72			56.6
Deferred Tax Assets — Balance Sheet Net($M)1	322	320	346	404	410	406	401	407	348	327	312	760
Deferred Tax Liabilities — Balance Sheet Net($M)	125	95.7	20.5	33.9	33.3	34.2	33.8	46.3	35.2	51.5	58.7	73.2

Amazon.com, Inc. (AMZN) — Capital Expenditures (Purchases of PP&E)($M)4	54,208	44,203	39,522	35,095	32,183	25,019	27,834	22,620	17,620	14,925	14,588	12,479
Amazon.com, Inc. (AMZN) — Operating Cash Flow($M)	45,387	26,032	54,459	35,525	32,515	17,015	45,636	25,971	25,281	18,989	42,465	21,217
Amazon.com, Inc. (AMZN) — Total Net Sales($M)	200,606	181,519	213,386	180,169	167,702	155,667	187,792	158,877	147,977	143,313	169,961	143,083
Amazon.com, Inc. (AMZN) — Operating Income($M)	27,461	23,852	24,977	17,422	19,171	18,405	21,203	17,411	14,672	15,307	13,209	11,188
Amazon.com, Inc. (AMZN) — Net Income($M)	62,647	30,255	21,192	21,187	18,164	17,127	20,004	15,328	13,485	10,431	10,624	9,879
Alphabet Inc. (GOOGL) — Capital Expenditures (Purchases of PP&E)($M)5	44,924	35,674	27,851	23,953	22,446	17,197	14,276	13,061	13,186	12,012	11,019	8,055
Alphabet Inc. (GOOGL) — Operating Cash Flow($M)	39,069	45,790	52,402	48,414	27,747	36,150	39,113	30,698	26,640	28,848	18,915	30,656
Alphabet Inc. (GOOGL) — Total Revenues($M)	119,796	109,896	113,829	102,346	96,428	90,234	96,469	88,268	84,742	80,539	86,310	76,693
Alphabet Inc. (GOOGL) — Research & Development Expense($M)	18,219	17,032	18,572	15,151	13,808	13,556	13,116	12,447	11,860	11,903	12,113	11,258
Alphabet Inc. (GOOGL) — Operating Income($M)	40,770	39,696	35,934	31,228	31,271	30,606	30,972	28,521	27,425	25,472	23,697	21,343
Alphabet Inc. (GOOGL) — Net Income($M)	112,193	62,578	34,455	34,979	28,196	34,540	26,536	26,301	23,619	23,662	20,687	19,689
Microsoft Corporation (MSFT) — Capital Expenditures (Additions to PP&E)($M)6	35,802	30,876	29,876	19,394	17,079	16,745	15,804	14,923	13,873	10,952	9,735	9,917
Microsoft Corporation (MSFT) — Operating Cash Flow($M)	55,441	46,679	35,758	45,057	42,647	37,044	22,291	34,180	37,195	31,917	18,853	30,583
Microsoft Corporation (MSFT) — Total Revenue($M)	90,007	82,886	81,273	77,673	76,441	70,066	69,632	65,585	64,727	61,858	62,020	56,517
Microsoft Corporation (MSFT) — Gross Margin Dollars($M)	60,482	56,058	55,295	53,630	52,427	48,147	47,833	45,486	45,043	43,353	42,397	40,215
Microsoft Corporation (MSFT) — Research & Development Expense($M)	9,997	8,915	8,504	8,146	8,829	8,198	7,917	7,544	8,056	7,653	7,142	6,659
Microsoft Corporation (MSFT) — Operating Income($M)	40,603	38,398	38,275	37,961	34,323	32,000	31,653	30,552	27,925	27,581	27,032	26,895
Microsoft Corporation (MSFT) — Net Income($M)	35,766	31,778	38,458	27,747	27,233	25,824	24,108	24,667	22,036	21,939	21,870	22,291
Meta Platforms, Inc. (META) — Capital Expenditures (Purchases of PP&E)($M)5	30,116	18,997	21,383	18,829	16,538	12,941	14,425	8,258	8,173	6,400	7,592	6,496
Meta Platforms, Inc. (META) — Operating Cash Flow($M)	31,862	32,226	36,214	29,999	25,561	24,026	27,988	24,724	19,370	19,246	19,404	20,402
Meta Platforms, Inc. (META) — Total Revenue($M)	60,801	56,311	59,893	51,242	47,516	42,314	48,385	40,589	39,071	36,455	40,111	34,146
Meta Platforms, Inc. (META) — Research & Development Expense($M)	21,656	17,699	17,135	15,144	12,942	12,150	12,180	11,177	10,537	9,978	10,517	9,241
Meta Platforms, Inc. (META) — Operating Income($M)	18,775	22,872	24,745	20,535	20,441	17,555	23,364	17,350	14,847	13,818	16,384	13,748
Meta Platforms, Inc. (META) — Net Income($M)	15,848	26,773	22,768	2,709	18,337	16,644	20,838	15,688	13,465	12,369	14,017	11,583
Broadcom Inc. (AVGO) — Total Net Revenue($M)5	29,591	22,187	19,311	18,015	15,952	15,004	14,916	14,054	13,072	12,487	11,961	9,295
Broadcom Inc. (AVGO) — Gross Margin Dollars($M)	20,456	15,415	13,157	12,249	10,703	10,197	10,145	9,002	8,356	7,776	7,375	6,407
Broadcom Inc. (AVGO) — Research & Development Expense($M)	2,895	2,995	2,965	2,981	3,050	2,693	2,253	2,234	2,353	2,415	2,308	1,388
Broadcom Inc. (AVGO) — Operating Income($M)	15,955	10,788	8,563	7,508	5,887	5,829	6,260	4,627	3,788	2,965	2,083	4,240
Broadcom Inc. (AVGO) — Operating Cash Flow($M)	14,197	10,493	8,260	7,703	7,166	6,555	6,113	5,604	4,963	4,580	4,815	4,828
Broadcom Inc. (AVGO) — Capital Expenditures($M)	532	231	250	237	142	144	100	122	172	132	122	105
NVIDIA Corporation (NVDA) — Total Revenue($M)6	96,221	81,615	68,127	57,006	46,743	44,062	39,331	35,082	30,040	26,044	22,103	18,120
NVIDIA Corporation (NVDA) — Gross Profit($M)	72,142	61,157	51,093	41,849	33,853	26,668	28,723	26,156	22,574	20,406	16,791	13,400
NVIDIA Corporation (NVDA) — Research & Development Expense($M)	7,054	6,321	5,512	4,705	4,291	3,989	3,714	3,390	3,090	2,720	2,465	2,294
NVIDIA Corporation (NVDA) — Operating Income($M)	63,734	53,536	44,299	36,010	28,440	21,638	24,034	21,869	18,642	16,909	13,614	10,417
NVIDIA Corporation (NVDA) — Net Income($M)	59,688	58,321	42,960	31,910	26,422	18,775	22,091	19,309	16,599	14,881	12,285	9,243
NVIDIA Corporation (NVDA) — Operating Cash Flow($M)	24,077	50,344	36,188	23,751	15,365	27,414	16,629	17,627	14,488	15,345	11,499	7,332
NVIDIA Corporation (NVDA) — Capital Expenditures($M)	2,677	1,757	1,284	1,636	1,895	1,227	1,077	813	977	369	254	278
Advanced Micro Devices, Inc. (AMD) — Net Revenue($M)6	11,536	10,253	10,270	9,246	7,685	7,438	7,658	6,819	5,835	5,473	6,168	5,800
Advanced Micro Devices, Inc. (AMD) — Gross Profit($M)	6,203	5,416	5,577	4,780	3,059	3,736	3,882	3,419	2,864	2,560	2,911	2,747
Advanced Micro Devices, Inc. (AMD) — Research & Development Expense($M)	2,528	2,397	2,330	2,139	1,894	1,728	1,712	1,636	1,583	1,525	1,511	1,507
Advanced Micro Devices, Inc. (AMD) — Operating Income (Loss)($M)	1,990	1,476	1,752	1,270	-134	806	871	724	269	36	342	224
Advanced Micro Devices, Inc. (AMD) — Net Income (Loss)($M)	2,297	1,383	1,511	1,243	872	709	482	771	265	123	667	299
Advanced Micro Devices, Inc. (AMD) — Operating Cash Flow($M)	2,366	2,955	2,600	2,159	2,011	939	1,299	628	593	521	381	421
Advanced Micro Devices, Inc. (AMD) — Capital Expenditures($M)	808	389	222	258	282	212	208	132	154	142	139	124
Monolithic Power Systems, Inc. (MPWR) — Total Revenue($M)5	981	804	751	737	665	638	622	620	507	458	454	475
Monolithic Power Systems, Inc. (MPWR) — Gross Profit($M)	541	445	414	406	366	353	344	343	281	252	251	264
Monolithic Power Systems, Inc. (MPWR) — Operating Income($M)	304	241	200	195	165	169	163	164	117	95.5	110	136
Monolithic Power Systems, Inc. (MPWR) — Net Income($M)	257	193	172	180	135	135	1,255	144	100	92.5	96.9	121
Monolithic Power Systems, Inc. (MPWR) — Operating Cash Flow($M)	228	250	105	239	238	256	168	232	141	248	153	176
Monolithic Power Systems, Inc. (MPWR) — Capital Expenditures($M)	82.4	70.8	41	42.5	48.1	40.3	64.8	33.8	31.5	16	13.8	27.1

31 metrics have no data in the last 12 quarters — .

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Methodology and excluded metrics

Fiscal calendar & dual-CIK coverage: Marvell Technology, Inc. (NASDAQ: MRVL) operates on a 52- or 53-week fiscal year ending on the Saturday closest to January 31 (FY2026 ended January 31, 2026; Q1 FY2027 ended May 2, 2026; Q2 FY2027 ended August 1, 2026). All SEC filings and XBRL series span both Marvell Technology, Inc. (CIK 0001835632, following the April 20, 2021 Inphi domestication merger) and predecessor Marvell Technology Group Ltd. (CIK 0001058057, pre-April 2021).
End-market taxonomy transitions (Groups 1–2): Beginning in Q4 FY2026 (following the August 14, 2025 sale of the Automotive Ethernet business to Infineon for $2.5B cash), Marvell consolidated its four non-data-center end markets into Communications and Other ($567.8M / 21% of revenue in Q2 FY27; $2,094.3M / 26% in FY26) alongside Data Center ($2,171.5M / 79% of revenue in Q2 FY27; $6,100.3M / 74% in FY26). Disaggregated Enterprise Networking, Carrier Infrastructure, Consumer, and Automotive/Industrial series (Q2 FY20 – Q3 FY26) and legacy Product Groups (Networking, Storage, Total Core, Other through Q1/Q2 FY22) are preserved as legacy series.
Profitability, Guidance, Working Capital & Fabless Commitments (Groups 3–8): Complete GAAP to Non-GAAP reconciliations across all 35 quarterly releases (FY18–FY27), ASU 2023-07 single reportable segment significant expenses (Production/Distribution $945.9M, Employee Labor $261.2M, Engineering/Design/Mask Costs $172.0M in Q2 FY27), next-quarter management guidance (Q3 FY27 revenue midpoint $3,150M +/- 5%, Non-GAAP gross margin 57.5%–58.5%, Non-GAAP EPS $1.10 +/- $0.05), WIP vs. Finished Goods inventory stages ($880.8M WIP and $265.1M Finished Goods out of $1,145.9M net inventory at Q2 FY27), Foundry & OSAT unconditional wafer/packaging purchase commitments ($1,303.6M at Q2 FY27) & EDA/IP commitments ($358.8M at Q2 FY27), Senior Notes tranches (2026–2036 maturities), share repurchases, RSU/PSU rollforwards, and Hyperscaler Customer Warrants.
Taxes, Governance, ESG, Pre-Acquisition Inphi & External Benchmarks (Groups 9–12): Deferred tax assets/liabilities, NOL & tax credit carryforwards, Unrecognized Tax Benefits (Note 14), Global Headcount (7,480 employees at FY26: 49% Americas, 42% APAC, 9% EMEA), CEO Pay Ratio (158:1 in FY26) & Pay vs. Performance (DEF 14A), Conflict Minerals 3TG smelters (329 identified / 327 unique RMI IDs in FY26 Form SD), 66 SASB Semiconductor & ESG metrics (594.40M units shipped in FY23, Scope 1/2/3 GHG emissions, water, waste, diversity, turnover), pre-acquisition Inphi Corporation (CIK 0001160958) financials, 8 Taiwan MOPS monthly supply chain partners (TSMC, ASE, KYEC, Unimicron, Accton, GUC, LandMark Optoelectronics, WIN Semi through Sep 2026), and 8 Hyperscale Cloud AI Customers & Semiconductor Peers (AMZN, GOOGL, MSFT, META, AVGO, NVDA, AMD, MPWR).
No parent-only standalone financial statements exist under U.S. GAAP, so no Consolidated − Standalone subtraction is performed. All values are strictly as published (with verbatim quotes on hover for text-extracted metrics; bound disclosures are excluded from table cells). The only arithmetic shown in table cells is period splitting (Q4 = full year − 9M; Q2 = 6M − Q1; Q3 = 9M − 6M), displayed in italic with the formula.

Data updated 2026-10-25.

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Marvell Technology, Inc. (MRVL) operating KPIs

KPIs

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1. Revenue by End Market, Sales Channel & Customer Concentration

2. Revenue & Long-Lived Assets by Primary Geography

3. GAAP & Non-GAAP Profitability, Reconciliations & ASC 280 Segment Expenses

4. Next-Quarter Management Financial Outlook / Guidance

5. Cash Flow, Working Capital & Semiconductor Inventory Pipeline

6. Foundry/OSAT Wafer Commitments, EDA Obligations, PP&E & Leases

7. Goodwill, Acquired Intangibles, Amortization Schedule & Restructuring Reserves

8. Balance Sheet, Senior Notes & Debt Schedule, Share Repurchases & Equity Awards

9. Income Taxes, Deferred Tax & UTB, Human Capital, Executive Compensation & Conflict Minerals

10. ESG, SASB Semiconductor Production, GHG Emissions, Water/Waste & Workforce Diversity

11. Pre-Acquisition Inphi Corporation & Taiwan Semiconductor Supply Chain (Monthly MOPS)

12. Hyperscale Cloud AI Customers & Data Center Semiconductor Peers