Marvell Reports Record $2.739bn Quarter as Data Center Revenue Rises 46% Year on Year

by Karl Lindström · August 28, 2026

Semiconductors & Hardware Reporter, Frontier Tech Wire

Marvell Technology reported record net revenue of $2.739bn for the second quarter of its fiscal 2027 year, up 37% from the same quarter a year earlier. The figures come from the company's own results release, issued over Business Wire at 4:05 p.m. Eastern on Thursday, August 27 and carried by the filings aggregator StockTitan.

The figure came in $39.0m above the midpoint of the guidance Marvell had given for the quarter on May 27, 2026, the release said. That is a modest beat in percentage terms - roughly 1.4% of the midpoint - but it extends a run of quarters in which the company's data center business has grown faster than the rest of the portfolio.

Where the revenue came from

Data center revenue was $2,171.5m, up 46% year on year and 18% sequentially. Communications and other end markets contributed $567.8m, up 10% year on year but down 3% on the prior quarter. On those numbers the data center segment accounted for just under 80% of total revenue in the quarter.

The company attributed the growth to AI-related demand. Chief executive Matt Murphy said in the release that AI-related bookings remain exceptionally robust and that the company expects revenue growth to accelerate further through the remainder of fiscal 2027. Marvell did not publish a bookings figure alongside that statement, so the characterisation is the company's own and is not quantified in the release.

GAAP and non-GAAP diverge sharply

Marvell reported a GAAP gross margin of 53.1% and a non-GAAP gross margin of 58.9% - a spread of 5.8 percentage points. The gap between the two earnings measures was wider still. GAAP net income was $308.0m, or $0.33 per diluted share, while non-GAAP net income was $865.9m, or $0.94 per diluted share. The difference between the two net income figures is $557.9m.

That divergence is a standing feature of Marvell's reporting and reflects items the company excludes from its non-GAAP presentation. Readers comparing the quarter with consensus estimates should be careful which of the two measures a given estimate refers to; they are not interchangeable.

Cash generated from operations was $605.5m in the quarter.

Guidance for the current quarter

For the third quarter of fiscal 2027 - the three months ending October 31, 2026 - Marvell guided to net revenue of $3.150bn plus or minus 5%. At the midpoint that would be a sequential increase of about 15% on the $2.739bn just reported.

The company guided to a GAAP gross margin of 52.9% to 53.9% and a non-GAAP gross margin of 57.5% to 58.5%, with GAAP diluted earnings of $0.53 plus or minus $0.05 and non-GAAP diluted earnings of $1.10 plus or minus $0.05.

One point on the full-year picture is worth setting out carefully, because the release and the aggregator handle it differently. StockTitan's summary of the release described management as having raised its fiscal 2027 and fiscal 2028 revenue guidance. The release itself does support that characterisation, but only qualitatively: in his prepared quote Murphy said the company is again raising its revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance provided a quarter earlier. No numeric annual revenue figure for either year appears anywhere in the release. The only numbers Marvell guided to are the third-quarter figures above, and readers should not read the word "guidance" in the annual context as pointing to a published annual target.

Timing and market backdrop

Marvell released the results after the close of trading on Thursday. That session had already been a strong one for technology: the Nasdaq composite finished Thursday at 26,541.35, up 411.16 points or 1.6%, its gain driven by earnings from Nvidia, Salesforce and others, according to the Associated Press market wrap. The S&P 500 closed at 7,730.99, up 55.29 points or 0.7%; the Dow Jones Industrial Average at 53,569.44, up 105.56 points or 0.2%; and the Russell 2000 at 3,014.34, up 8.44 points or 0.3%.

Because Marvell's release landed after that close, Thursday's index moves reflect nothing of it. The US market is open as this article is filed on Friday morning and no closing price for the session exists yet, so this article carries no Friday price data.

Marvell also said, in the same quote from Murphy, that it will hold an investor day on October 6, 2026, at which it intends to set out its longer-term strategy. All revenue, margin, earnings and guidance figures above are the company's own reported numbers as published in its results release.