Marvell Technology Reports Record Q2 Revenue, Driven by AI Demand

SANTA CLARA, Calif., Aug. 28, 2025 — Marvell Technology, Inc. announced its financial results today for the second quarter of fiscal year 2026, reporting a record net revenue of $2.006 billion. This marks a $6 million increase over the company’s previous guidance.

The net income for the quarter was $194.8 million, or $0.22 per diluted share. Non-GAAP net income stood at $585.5 million, equivalent to $0.67 per diluted share. Notably, cash flow from operations reached $461.6 million.

Chairman and CEO Matt Murphy emphasized the remarkable growth, stating, “Marvell delivered record revenue of $2.006 billion in the second quarter – a 58% year-over-year increase – and we expect continued growth into the third quarter, accompanied by operating margin and earnings per share expansion.”

The company’s expansion is primarily attributed to heightened demand for its custom silicon and electro-optics products, particularly in the artificial intelligence (AI) sector. Marvell’s custom AI projects have surged, with the team working on over 50 new opportunities across more than 10 clients.

For the upcoming third quarter, Marvell has forecasted a GAAP diluted earnings per share of approximately $2.03, with revenue expectations of $2.060 billion, plus or minus 5%. A conference call discussion is scheduled for later today, providing further insights on the financial outlook.

Marvell recently divested its Automotive Ethernet business, impacting its financial projections for the next quarter. Analysts from Susquehanna and Oppenheimer have rated Marvell stock as a Buy, anticipating positive developments in the company’s AI-related growth strategy.