MRVL US S&P 500NASDAQ-100Russell 1000 Earnings call · transcribed from the recording
Marvell Technology (MRVL) · Q2 2026 results and valuation
Share price: $168.80 · 2026-11-11
Marvell Technology is a fabless semiconductor company that provides data infrastructure solutions for the data center and communications markets. The company develops and sells products such as custom ASICs, interconnects, and storage controllers for use in cloud infrastructure, networking, and storage systems. Source: 10-K annual report (2026-03-11)
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q2 2027 · published 27 Aug 2026 and 27 May 2026
Net income up 792.8% on the previous quarter. Management sounded very upbeat, though noticeably less so answering analysts.
1 · Numbers
+792.8%
Net income vs Q1 2026
Outlook given
Net income 308.0M vs 34.5M
Revenue +13.3%
Against the same quarter last year (Q2 2025) it is +58.1% — part of the move on last quarter is seasonal.
Why Net income rose primarily because record revenue of $2.739 billion grew 37% year-over-year, driven by 46% year-over-year growth in the Data Center end market and expanded non-GAAP operating margins.
2 · How management spoke
Very upbeat
More upbeat than 90% of company calls
Answers to analysts: typical, but clearly less so than the script.
Similar to last call.
3 · What stood out
Marvell increased its fiscal 2027 revenue outlook by approximately $500 million and its fiscal 2028 outlook by approximately $1.5 billion compared to the expectations provided one quarter ago.
Valuation
Is Marvell Technology undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-01-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 11.4% growth a year (3-year revenue growth), the model's fair value is $40.76 a share — the stock trades 314% above it. Today's price assumes 30.8% growth a year.
Current price
$168.80
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+30.8% for 10 yrs
Fair value / share
$40.76
Buy below
$30.57
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Management expects
Revenue +60% · from the Q2 2026 report: “The company increased its Data Center business growth forecast from approximately 50% to approximately 60% for this fiscal year, leading to an increased…”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
Marvell raised its fiscal 2027 revenue outlook from approximately $11.5 billion to roughly $12 billion, which represents approximately 45% year-over-year growth.
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Guidance
The company increased its Data Center business growth forecast from approximately 50% to approximately 60% for this fiscal year, leading to an increased revenue outlook.
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Guidance
The company expects non-GAAP operating margin to enter its 38% to 40% long-term target range in Q4 of this fiscal year due to significant operating leverage.
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Guidance
Marvell increased its fiscal 2027 revenue outlook by approximately $500 million and its fiscal 2028 outlook by approximately $1.5 billion compared to the expectations provided one quarter ago.
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Figure
Data Center end market revenue reached a record $2.17 billion, representing 18% sequential growth and 46% year-over-year growth.
Source quote
“In our Data Center end market, we delivered record second quarter revenue of $2.17 billion, representing 18% sequential growth and 46% year-over-year growth.”
3 more
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Guidance
The company expects to reach the high end of its range by FY '28 and will reset its long-term target model during the upcoming Analyst Day.
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Figure
The company expects this business to more than double year-over-year in fiscal 2028 and accelerate significantly in fiscal 2029.
Source quote
“We remain confident that this business will more than double year-over-year in fiscal 2028 and accelerate significantly in fiscal 2029.”
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Guidance
The company expects third-quarter revenue to decline in the low to mid-teens percentage range both sequentially and year-over-year, followed by a solid sequential recovery in the fourth quarter.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 90% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“On our last earnings call, we increased our sequential revenue growth expectation for the third and fourth quarters of this fiscal year to double-digit percentage growth, up from our prior...”
“I recognize that the growth opportunity ahead must be matched by its quality, and I plan to remain intensely focused on expanding operating margins, growing cash flow and driving attractive...”
“Our job from here is to execute with discipline as we efficiently scale the company to capture that opportunity, and ensure that our growth translates into expanding margins, strong cash...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-08-01)
| Metric | Q2 2026period end 2026-08-01 | Q1 2026period end 2026-05-02 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.74B | 2.42B | +13.3% | 2.01B | +36.5% |
| Gross profit | 1.46B | 1.26B | +15.5% | 1.01B | +44.0% |
| Operating income | 459.7M | 339.4M | +35.4% | 290.1M | +58.5% |
| Net income | 308.0M | 34.5M | +792.8% | 194.8M | +58.1% |
| EPS | 0.33 | 0.04 | +725.0% | 0.22 | +50.0% |
| P/E today 46.8 | 62.1 | 56.7 | +5.4 | 12-mo loss | — |
Topics
Most discussed now
- New I recognize that the growth opportunity ahead must be matched by its quality, and I plan to remain intensely focused...
- Having most recently served on Marvell's Board of Directors, Dan comes into the role with a deep understanding of Marvell Technology's...
- In July, Marvell Technology began a transition in its Investor Relations leadership.
- Looking further ahead, Marvell Technology expects its custom business to continue to deliver strong revenue growth as it sees ongoing…
- Very exciting, and you'll you should expect to see a very comprehensive memory expansion section in Marvell Technology's Investor Day…
Faded since Q1 2026
- Fading GAAP operating expenses were $921 million, including stock based compensation amortization of acquired intangible assets restructuring…
- Fading This robust demand is reflected in its guidance for the second quarter of 27, which Marvell Technology expects total company revenue...
- Fading Marvell Technology can keep the growth engine humming for the foreseeable future.
- Fading Going back almost 10 years, actually, in the making, to get to this point, Marvell Technology has had a lot of,...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Material agreement · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Material agreement · SEC 8-K
The company filed a material agreement on October 23, 2026, with certain schedules omitted under Item 601(a)(5) of Regulation S-K.
- Other events · SEC 8-K
The Board of Directors declared a quarterly dividend of $0.06 per share to be paid on October 29, 2026, to stockholders of common stock.
- Results of operations · SEC 8-K
Marvell Technology reported net revenue of $2.739 billion for the second quarter of fiscal year 2027, which increased by 37% year-over-year.
- Material agreement; Unregistered share sale · SEC 8-K
Marvell Technology, Inc. entered into a Warrant Agreement with Google LLC on August 18, 2026, for an unregistered share sale.
- Other events · SEC 8-K
Marvell Technology, Inc. filed a prospectus supplement and a legal opinion from Wilson Sonsini Goodrich & Rosati on July 9, 2026, regarding the issuance and sale of securities.
- Shareholder vote results; Other events · SEC 8-K
Marvell Technology, Inc. announced a quarterly dividend of $0.06 per share to be paid on July 30, 2026, following the approval of several shareholder proposals on June 25, 2026.