Revenue growth accelerated to 27.6% in 2027Q1, yet operating margins remain constrained at 14.5% due to high R&D spending and competitive pricing pressures in the custom silicon segment.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 |
|---|
| Sales/Revenue | 8.72B | 8.19B | 5.77B | 5.51B | 5.92B | 4.46B | 2.97B | 2.7B | 2.87B | 2.41B | 2.3B | 2.65B | 3.64B | 3.4B | 3.17B | 3.39B | 3.61B | 2.81B | 2.95B | 2.89B | 2.24B | 1.67B | 1.22B | 819.76M | 505.29M | 288.8M | 143.89M | 81.38M |
| Revenue Growth % | 34.07% | 42.09% | 4.71% | -6.96% | 32.66% | 50.3% | 9.99% | -5.81% | 18.95% | 4.7% | -13.14% | -27.16% | 6.84% | 7.44% | -6.61% | -6.06% | 28.64% | -4.84% | 1.93% | 29.37% | 33.96% | 36.39% | 49.38% | 62.24% | 74.96% | 100.7% | 76.83% | - |
| Cost of Goods Sold | 4.3B | 4.01B | 3.39B | 3.21B | 2.93B | 2.4B | 1.48B | 1.34B | 1.41B | 947.23M | 1.01B | 1.36B | 1.8B | 1.66B | 1.49B | 1.47B | 1.47B | 1.23B | 1.43B | 1.5B | 1.1B | 776.63M | 581.76M | 382.21M | 233.04M | 130.81M | 67.05M | 33.77M |
| COGS % of Revenue | - | 48.98% | 58.69% | 58.36% | 49.53% | 53.74% | 49.87% | 49.73% | 49.11% | 39.32% | 43.95% | 51.37% | 49.47% | 48.87% | 47.13% | 43.2% | 40.79% | 43.7% | 48.35% | 51.74% | 49.17% | 46.5% | 47.51% | 46.62% | 46.12% | 45.29% | 46.59% | 41.5% |
| Gross Profit | 4.41B | 4.18B | 2.38B | 2.29B | 2.99B | 2.06B | 1.49B | 1.36B | 1.46B | 1.46B | 1.29B | 1.29B | 1.84B | 1.74B | 1.68B | 1.93B | 2.14B | 1.58B | 1.52B | 1.4B | 1.14B | 893.63M | 642.82M | 437.56M | 272.25M | 157.99M | 76.85M | 47.6M |
| Gross Margin % | 50.64% | 51.02% | 41.31% | 41.64% | 50.47% | 46.26% | 50.13% | 50.27% | 50.89% | 60.68% | 56.05% | 48.63% | 50.53% | 51.13% | 52.87% | 56.8% | 59.21% | 56.3% | 51.65% | 48.26% | 50.83% | 53.5% | 52.49% | 53.38% | 53.88% | 54.71% | 53.41% | 58.5% |
| Gross Profit Growth % | - | 75.5% | 3.86% | -23.23% | 44.73% | 38.7% | 9.68% | -6.96% | -0.24% | 13.36% | 0.11% | -29.9% | 5.58% | 3.91% | -13.08% | -9.88% | 35.3% | 3.72% | 9.09% | 22.82% | 27.27% | 39.02% | 46.91% | 60.72% | 72.32% | 105.59% | 61.44% | - |
| Operating Expenses | 3B | 2.86B | 3.1B | 2.86B | 2.75B | 2.41B | 1.75B | 1.54B | 1.28B | 959.72M | 1.06B | 1.26B | 1.37B | 1.46B | 1.38B | 1.32B | 1.24B | 1.25B | 1.36B | 1.49B | 1.06B | 529.61M | 480.98M | 380.43M | 343.21M | 579.84M | 79.31M | 30.51M |
| OpEx % of Revenue | - | 34.87% | 53.79% | 51.95% | 46.45% | 54.05% | 58.83% | 57.04% | 44.83% | 39.84% | 45.96% | 47.71% | 37.69% | 42.75% | 43.57% | 38.99% | 34.26% | 44.4% | 46.05% | 51.63% | 47.3% | 31.71% | 39.28% | 46.41% | 67.92% | 200.78% | 55.12% | 37.49% |
| Selling, General & Admin | 764.3M | 767.1M | 798.2M | 834M | 843.6M | 955.3M | 467.2M | 464.58M | 370.66M | 239.49M | 251.36M | 269.44M | 263.67M | 257.32M | 270.33M | 260.05M | 260.31M | 310.77M | 270.17M | 349.9M | 290.26M | 124.22M | 108.79M | 81.35M | 62.79M | 53.36M | 27.87M | 13.88M |
| SG&A % of Revenue | - | 9.36% | 13.84% | 15.14% | 14.25% | 21.41% | 15.74% | 17.21% | 12.93% | 9.94% | 10.92% | 10.17% | 7.25% | 7.56% | 8.53% | 7.66% | 7.21% | 11.07% | 9.16% | 12.09% | 12.97% | 7.44% | 8.88% | 9.92% | 12.43% | 18.48% | 19.37% | 17.06% |
| Research & Development | 2.22B | 2.08B | 1.95B | 1.9B | 1.78B | 1.42B | 1.07B | 1.08B | 914.01M | 720.23M | 806.23M | 994.39M | 1.09B | 1.15B | 1.06B | 1.01B | 897.58M | 828.18M | 935.27M | 989M | 658.21M | 311.5M | 263.26M | 213.74M | 145.72M | 93.42M | 35.15M | 14.45M |
| R&D % of Revenue | - | 25.32% | 33.82% | 34.43% | 30.14% | 31.92% | 36.13% | 40.03% | 31.89% | 29.9% | 35.04% | 37.54% | 30.01% | 33.9% | 33.37% | 29.88% | 24.85% | 29.5% | 31.7% | 34.17% | 29.42% | 18.65% | 21.5% | 26.07% | 28.84% | 32.35% | 24.43% | 17.76% |
| Other Operating Expenses | 2M | 15.5M | 353.9M | 131.1M | 121.6M | 32.4M | 206.8M | 0 | 0 | 0 | 0 | 0 | 15.75M | 43.92M | 52.7M | 49.36M | 79.54M | 107.53M | 153.32M | 155.73M | 109.99M | 93.89M | 108.92M | 85.33M | 134.7M | 433.05M | 16.29M | 2.17M |
| Operating Income | 1.41B | 1.34B | -720.3M | -567.7M | 238M | -347.7M | -258.4M | -182.73M | 173.72M | 502.22M | 232.04M | 24.36M | 456.38M | 280.69M | 294.66M | 604.15M | 901.19M | 334.12M | 165.18M | -105.59M | 1.06M | 359.72M | 161.85M | 57.13M | -70.97M | -421.85M | -237.34M | 17.1M |
| Operating Margin % | 16.2% | 16.33% | -12.49% | -10.31% | 4.02% | -7.79% | -8.7% | -6.77% | 6.06% | 20.85% | 10.08% | 0.92% | 12.55% | 8.24% | 9.3% | 17.81% | 24.95% | 11.9% | 5.6% | -3.65% | 0.05% | 21.54% | 13.22% | 6.97% | -14.05% | -146.07% | -164.94% | 21.01% |
| Operating Income Growth % | - | 285.81% | -26.88% | -338.53% | 168.45% | -34.56% | -41.41% | -205.18% | -65.41% | 116.44% | 852.45% | -94.66% | 62.59% | -4.74% | -51.23% | -32.96% | 169.73% | 102.28% | 256.43% | -10089.59% | -99.71% | 122.26% | 183.3% | 180.5% | 83.18% | -77.74% | -1488.28% | - |
| EBITDA | 2.69B | 2.63B | 636.6M | 830M | 1.63B | 897.6M | 383.1M | 342.01M | 481.02M | 589.28M | 350.53M | 137.23M | 580.96M | 427.45M | 438.38M | 741.96M | 1.07B | 540.86M | 431.32M | 155.96M | 188.2M | 510.38M | 289.18M | 176.14M | 66.55M | 27.87M | -216.34M | 20.92M |
| EBITDA Margin % | 30.9% | 32.08% | 11.04% | 15.07% | 27.54% | 20.11% | 12.9% | 12.67% | 16.79% | 24.46% | 15.23% | 5.18% | 15.97% | 12.56% | 13.84% | 21.87% | 29.73% | 19.26% | 14.62% | 5.39% | 8.41% | 30.56% | 23.61% | 21.49% | 13.17% | 9.65% | -150.34% | 25.71% |
| EBITDA Growth % | 156.03% | 312.98% | -23.3% | -49.09% | 81.63% | 134.3% | 12.01% | -28.9% | -18.37% | 68.11% | 155.44% | -76.38% | 35.91% | -2.49% | -40.91% | -30.91% | 98.56% | 25.4% | 176.57% | -17.13% | -63.12% | 76.49% | 64.17% | 164.68% | 138.82% | 112.88% | -1133.97% | - |
| D&A (Non-Cash Add-back) | 1.28B | 1.29B | 1.36B | 1.4B | 1.39B | 1.25B | 641.5M | 524.74M | 307.3M | 87.06M | 118.49M | 112.86M | 124.58M | 146.76M | 143.73M | 137.81M | 172.73M | 206.75M | 266.15M | 261.55M | 187.15M | 150.65M | 127.33M | 119.02M | 137.52M | 449.71M | 21M | 3.83M |
| EBIT | 3.31B | 1.34B | -705.3M | -547M | 255.7M | -344.2M | -252.9M | 884.01M | 55.72M | 451.89M | 147.8M | -757.11M | 480.88M | 308.13M | 294.66M | 604.15M | 901.19M | 334.12M | 188.83M | -97.73M | 78.86M | 364.02M | 161.85M | 57.13M | -70.97M | -421.85M | -2.47M | 17.1M |
| Net Interest Income | 1.7B | -202.6M | -174.4M | -191M | -152.9M | -138.5M | -66.7M | -80.81M | -48.44M | 16.7M | 12.83M | 15.28M | 10.2M | 7.5M | 15.53M | 14.91M | 9.27M | 8.99M | 5.66M | 0 | 13.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.91B | 0 | 15M | 20.7M | 17.7M | 800K | 2.6M | 4.82M | 11.93M | 17.38M | 13.2M | 15.98M | 11.37M | 9.38M | 15.53M | 14.91M | 9.41M | 10.73M | 23.65M | 0 | 23.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 211.2M | 202.6M | 189.4M | 211.7M | 170.6M | 139.3M | 69.3M | 85.63M | 60.36M | 685K | 368K | 706K | 1.17M | 1.88M | 0 | 0 | 144K | 1.73M | 17.99M | 0 | 10.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.5B | 1.71B | -174.4M | -191M | -152.9M | -135.8M | -63.8M | 981.11M | -178.37M | -51.02M | -84.61M | -782.18M | 23.33M | 25.57M | 15.53M | 14.91M | 9.27M | 8.99M | 5.66M | -2.65M | 13.55M | 19.37M | 7.66M | 6.22M | 7.32M | 9.99M | 4.56M | 330K |
| Pretax Income | 2.91B | 3.05B | -894.7M | -758.7M | 85.1M | -483.5M | -322.2M | 798.38M | -4.65M | 451.2M | 147.43M | -757.82M | 479.71M | 306.26M | 310.19M | 619.06M | 910.46M | 343.11M | 170.83M | -108.24M | 14.61M | 379.09M | 169.5M | 63.35M | -63.65M | -411.86M | -232.78M | 17.43M |
| Pretax Margin % | 33.43% | 37.18% | -15.51% | -13.78% | 1.44% | -10.84% | -10.85% | 29.58% | -0.16% | 18.73% | 6.41% | -28.61% | 13.19% | 9% | 9.79% | 18.25% | 25.21% | 12.22% | 5.79% | -3.74% | 0.65% | 22.7% | 13.84% | 7.73% | -12.6% | -142.61% | -161.77% | 21.41% |
| Income Tax | 387.3M | 376.5M | -9.7M | 174.7M | 248.6M | -62.5M | -44.9M | -786.01M | 174.45M | 18.06M | 72.61M | 11.34M | -4.08M | -9.06M | 3.6M | 3.97M | 6.33M | -10.35M | 23.59M | 6.18M | 35.55M | 47.73M | 27.84M | 17.84M | 8.52M | 3.3M | 2.34M | 4.36M |
| Effective Tax Rate % | 13.29% | 12.36% | 1.08% | -23.03% | 292.13% | 12.93% | 13.94% | -98.45% | -3753.97% | 4% | 49.25% | -1.5% | -0.85% | -2.96% | 1.16% | 0.64% | 0.7% | -3.02% | 13.81% | -5.71% | 243.37% | 12.59% | 16.43% | 28.16% | -13.39% | -0.8% | -1% | 25% |
| Net Income | 2.53B | 2.67B | -885M | -933.4M | -163.5M | -421M | -277.3M | 1.58B | -179.09M | 432.43M | 21.15M | -811.4M | 435.35M | 315.32M | 306.58M | 615.09M | 904.13M | 353.46M | 147.24M | -114.43M | -12.1M | 331.36M | 141.66M | 45.51M | -72.17M | -415.15M | -235.12M | 13.07M |
| Net Margin % | 28.99% | 32.58% | -15.35% | -16.95% | -2.76% | -9.43% | -9.34% | 58.7% | -6.25% | 17.95% | 0.92% | -30.63% | 11.97% | 9.26% | 9.68% | 18.13% | 25.03% | 12.59% | 4.99% | -3.95% | -0.54% | 19.84% | 11.57% | 5.55% | -14.28% | -143.75% | -163.4% | 16.06% |
| Net Income Growth % | 614.08% | 401.71% | 5.19% | -470.89% | 61.16% | -51.82% | -117.5% | 984.67% | -141.42% | 1944.47% | 102.61% | -286.38% | 38.06% | 2.85% | -50.16% | -31.97% | 155.8% | 140.05% | 228.68% | -846.07% | -103.65% | 133.91% | 211.27% | 163.06% | 82.62% | -76.57% | -1898.93% | - |
| Net Income (Continuing) | 2.53B | 2.67B | -885M | -933.4M | -163.5M | -421M | -277.3M | 1.58B | -179.09M | 433.14M | 74.82M | -769.15M | 483.79M | 315.32M | 306.58M | 615.09M | 904.13M | 353.46M | 147.24M | -114.43M | -20.94M | 331.36M | 141.66M | 45.51M | -72.17M | -415.15M | -235.12M | 13.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -717K | -53.67M | -42.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.83 | 3.07 | -1.02 | -1.08 | -0.19 | -0.53 | -0.41 | 2.34 | -0.30 | 0.85 | 0.04 | -1.59 | 0.84 | 0.63 | 0.54 | 0.99 | 1.34 | 0.54 | 0.23 | -0.19 | -0.02 | 0.53 | 0.24 | -0.04 | -0.15 | -0.91 | -0.89 | 0.04 |
| EPS Growth % | 610.28% | 400.98% | 5.56% | -468.42% | 64.15% | -29.27% | -117.52% | 880% | -135.29% | 2025% | 102.52% | -289.29% | 33.33% | 16.67% | -45.45% | -26.12% | 148.15% | 134.78% | 221.05% | -822.33% | -103.89% | 120.83% | 700% | 73.33% | 83.52% | -2.25% | -2325% | - |
| EPS (Basic) | - | 3.10 | -1.02 | -1.08 | -0.19 | -0.53 | -0.41 | 2.38 | -0.30 | 0.87 | 0.04 | -1.59 | 0.85 | 0.64 | 0.55 | 1.01 | 1.39 | 0.57 | 0.24 | -0.19 | -0.02 | 0.59 | 0.27 | -0.04 | -0.15 | -0.91 | -0.89 | 0.08 |
| Diluted Shares Outstanding | 893.3M | 869.7M | 865.5M | 861.3M | 851.4M | 796.86M | 668.77M | 676.09M | 591.23M | 509.67M | 517.51M | 510.94M | 520.76M | 504.41M | 563.12M | 623.27M | 676.88M | 653.74M | 630.33M | 590.31M | 586.15M | 631.32M | 598.02M | 503.11M | 476.96M | 457.41M | 265.04M | 326.18M |
| Basic Shares Outstanding | 882M | 861M | 865.5M | 861.3M | 851.4M | 796.86M | 668.77M | 664.71M | 591.23M | 498.01M | 509.74M | 509.27M | 511.09M | 496.52M | 555.31M | 607.86M | 648.35M | 623.93M | 608.75M | 590.31M | 586.15M | 565.87M | 539.37M | 503.11M | 476.96M | 457.41M | 265.04M | 164.38M |
| Dividend Payout Ratio | - | 7.68% | - | - | - | - | - | 10.07% | - | 27.58% | 578.19% | - | 28.21% | 37.88% | 32.21% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Hyperscaler internal silicon competition
According to recent quarterly filings, Marvell's revenue growth has demonstrated significant momentum, reaching 27.6% year-over-year in 2027Q1, which appears to be fueled by the ongoing transition toward high-speed optical connectivity and custom ASIC design wins within the hyperscale data center segment.
The acceleration in top-line performance suggests that Marvell is successfully capturing share in AI-adjacent infrastructure. However, investors should monitor whether this growth remains sustainable as the company balances high-growth custom projects against the inherent cyclicality of its legacy storage and enterprise networking businesses.
As reported in financial statements, Marvell's gross margin reached 52.1% in 2027Q1, reflecting a recovery from the 2025Q3 trough, yet the figure remains structurally lower than industry peers like Broadcom, suggesting potential limitations in pricing power for its custom silicon portfolio.
The persistent gap between Marvell and its higher-margin competitors implies that the shift toward custom ASIC designs may be dilutive to overall profitability. This trend warrants further investigation into whether the company can achieve operating leverage as these projects move from development to high-volume production phases.
Based on the provided income statement data, Marvell's operating margin of 14.5% in 2027Q1 indicates that R&D spending continues to consume a substantial portion of gross profit, preventing the company from scaling operating income at the same velocity as its top-line revenue expansion.
The high fixed cost base, primarily driven by engineering talent and advanced node development, appears to be a structural drag on profitability. Investors should monitor whether management can optimize these expenses once the current cycle of custom silicon design wins reaches a more mature, steady-state operational phase.
Analysis of recent filings reveals that stock-based compensation remains a significant non-cash expense, with 2027Q1 figures showing $207.6 million in SBC, which frequently creates a wide divergence between GAAP net income and the underlying cash-generating capacity of the core business operations.
The volatility in net income, exacerbated by non-operating items and heavy amortization, suggests that GAAP EPS may not accurately reflect the company's true economic performance. Analysts should focus on normalized earnings metrics to better assess the sustainability of Marvell's profitability in the face of aggressive talent acquisition costs.
Data from the last ten quarters suggests that while Marvell's pivot to custom silicon is a key growth driver, it introduces significant margin compression risks, as hyperscalers increasingly leverage their bargaining power to drive down unit costs for bespoke hardware solutions.
The potential for custom silicon to cannibalize higher-margin merchant products remains a critical concern for long-term margin expansion. If hyperscalers successfully transition to in-house silicon designs, Marvell may face a shrinking addressable market that could undermine the current growth narrative and lead to a re-rating of the stock.
Quick answers to the most common questions about buying MRVL stock.
For fiscal year 2026, Marvell Technology, Inc. (MRVL) reported total revenue of $8.19B. This represents a 9970.2% increase compared to $81.4M in 2000.
Marvell Technology, Inc. (MRVL) is profitable, generating $2.67B in net income for the fiscal year ending 2026 with a net profit margin of 32.6%.
Marvell Technology, Inc. (MRVL) reported an operating income of $1.34B, resulting in an operating profit margin of 16.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Marvell Technology, Inc. (MRVL) generated $4.18B in gross profit for the year, representing a gross profit margin of 51.0%. This demonstrates the company's core pricing power and production efficiency.