Marvell Technology 8-K
PositiveEarningsGuidance raised
AI bookings stay robust as FY2027/FY2028 revenue outlooks rise; Custom growth is expected to accelerate in H2.
Filed 2026-08-27 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 FY2027 results with Q3 guidance and raised FY2027/FY2028 revenue outlook. Record revenue of $2.74B grew 37% Y/Y, driven by Data Center demand, where revenue rose 46%. Management said AI-related bookings remain exceptionally robust and expects revenue growth to accelerate through the rest of FY2027; it also expects Custom business to accelerate beginning in H2. The FY2027 and FY2028 revenue outlooks were raised vs the prior-quarter guidance, but figures were not restated.
Key Figures
| Metric | Q2 FY2027 | Q2 FY2026 | Y/Y |
|---|---|---|---|
| Revenue | $2.74B | $2.01B | +37% |
| Gross margin (GAAP) | 53.1% | 50.4% | +270 bp |
| Gross margin (non-GAAP) | 58.9% | 59.4% | −50 bp |
| Operating income (GAAP) | $460M | $290M | +58% |
| Operating income (non-GAAP) | $1.00B | $699M | +44% |
| Net income (GAAP) | $308M | $195M | +58% |
| Net income (non-GAAP) | $866M | $586M | +48% |
| Diluted EPS (GAAP) | $0.33 | $0.22 | +50% |
| Diluted EPS (non-GAAP) | $0.94 | $0.67 | +40% |
| Operating cash flow | $606M | $462M | +31% |
- Data Center revenue was $2.17B, 79% of total revenue; Q2 revenue was $39M above the midpoint of the guidance provided in May.
- Q2 share repurchases were $200M, unchanged Y/Y; diluted weighted-average shares rose 5.8% to 921.2M from 870.4M. Cash was $3.93B at quarter-end vs $2.64B at January 31, 2026; balance-sheet debt was $4.96B vs $4.47B, all long-term at quarter-end.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q3 FY2027 | $3.15B ± 5% | — | — |
| Gross margin (GAAP) | Q3 FY2027 | 52.9%–53.9% | — | — |
| Gross margin (non-GAAP) | Q3 FY2027 | 57.5%–58.5% | — | — |
| Operating expenses (GAAP) | Q3 FY2027 | ≈$1.015B | — | — |
| Operating expenses (non-GAAP) | Q3 FY2027 | ≈$655M | — | — |
| Basic weighted-average shares | Q3 FY2027 | 900M | — | — |
| Diluted weighted-average shares | Q3 FY2027 | 921M | — | — |
| Diluted EPS (GAAP) | Q3 FY2027 | $0.53 ± $0.05 | — | — |
| Diluted EPS (non-GAAP) | Q3 FY2027 | $1.10 ± $0.05 | — | — |
FY2027 and FY2028 revenue outlooks raised vs prior-quarter guidance; figures not restated.
Investor Takeaways
- Q3 revenue vs the $3.15B ± 5% outlook will test whether growth is accelerating as management expects.
- Watch for the stated H2 acceleration in the Custom business and further detail on growth drivers at Investor Day on 10/06/2026.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3