MRVL Marvell Technology, Inc.

What the last report said

Wed, May 27, 2026

Marvell FY27Q1 revenue hits record $2.418B (+27.6% YoY) but EPS misses consensus by -0.9%; AI-driven data center strength offset by GAAP net income collapse (-80.6% YoY) from acquisition accounting & non-cash items

• Record revenue of $2.418B (+27.6% YoY), driven by explosive AI demand in data infrastructure: press release cites 'exceptional AI-related bookings' and 'strength in our data center business'; CEO stated data center accounted for 74% of total revenue in FY26Q2
• Gross margin expanded +1.8pp YoY to 52.1% and +3.7pp QoQ, supported by higher-mix AI products and scale benefits; press release highlights non-GAAP gross margin of 58.9%
• Free cash flow reached $480M (+126.8% YoY), with FCF margin at 20%, reflecting improved operational efficiency and disciplined capex (6.4% intensity); press release calls operating cash flow 'a record high'
• Q2 acquisitions of Celestial AI and XConn Technologies were closed (Feb 2 & 10, 2026) and first-time consolidated into FY27Q1 results; press release explicitly states 'results include the results of Celestial and XConn for the period from the dates of acquisition'
• Management guided Q2 revenue midpoint to $2.7B (+35% YoY), materially above Q1’s actual growth rate (27.6%), and explicitly stated 'revenue growth to continue accelerating each quarter throughout fiscal 2027'

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