Marvell FY27 Q2: record $2.739B revenue, +37%, yet Q3 guide trails consensus
Marvell posted record revenue of $2.739 billion and raised its full-year outlook, so the quarter reads Bullish on growth and margins alike. Read it in two layers: the income statement shows accelerating data-center demand, while the balance sheet and guidance show what that growth costs — a Q3 revenue midpoint that lands below the next-quarter consensus estimate and a wide gap between GAAP and non-GAAP profit.
1 · Expected vs. Actual
Free preview belowGAAP net income was $308.0 million, or $0.33 a diluted share, versus $0.22 a year ago. Add back $326.2 million of stock-based compensation and $214.9 million of acquired-intangible amortization and non-GAAP net income becomes $865.9 million, or $0.94 a share. That wedge is the number to watch: GAAP operating margin was 16.8% against 36.6% non-GAAP, so much of the reported profit is an accounting choice, not cash.
Revenue hit a record $2.739 billion, up 37.0% from $2.006 billion a year ago and 13.3% above last quarter’s $2.418 billion. Data center supplied $2.172 billion, or 79.3% of the total, and grew 46.0% year over year, while communications and other was $567.8 million, up 10.1%. The quarter also came in $39.0 million above the midpoint of the guidance management gave in May.
Management guided third-quarter revenue to $3.150 billion, plus or minus 5%, which brackets $2.993 billion to $3.308 billion. GAAP gross margin is guided to 52.9% to 53.9%, a midpoint of 53.4% that barely improves on this quarter’s 53.1%, while the non-GAAP range of 57.5% to 58.5% sits below the 58.9% just reported. GAAP EPS is guided to $0.53 plus or minus $0.05 and non-GAAP EPS to $1.10 plus or minus $0.05.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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