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Sentiment · FY2027 Q2
On July 29, 2026, Marvell entered a commercial agreement with Google LLC to develop custom semiconductor products across the TPU ecosystem, including AI inference accelerators and storage, network, and memory interface controllers. On August 18, 2026, Marvell issued Google a warrant to purchase up to 58,970,907 shares at $206.58, vesting mainly as Google purchases $500 million per tranche of Custom Products revenue through fiscal 2033.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ross Seymore | Deutsche Bank | 8 (13%) |
| Vivek Arya | Bank of America | 8 (13%) |
| Harlan Sur | JPMorgan | 8 (0%) |
| Tom O'Malley | Barclays | 8 (0%) |
| Harsh Kumar | Piper Sandler | 7 (14%) |
| Aaron Rakers | Wells Fargo | 6 (0%) |
| Tim Arcuri | UBS | 6 (0%) |
| Tore Svanberg | Stifel | 5 (0%) |
| Blayne Curtis | Jefferies | 5 (0%) |
| Quinn Bolton | Needham | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 8 (0%) |
| Bank of America | 1 | 8 (13%) |
| Deutsche Bank | 1 | 8 (13%) |
| Barclays | 1 |
| 8 (0%) |
| Piper Sandler | 1 | 7 (14%) |
| Stifel | 2 | 7 (0%) |
| UBS | 1 | 6 (0%) |
| Wells Fargo | 1 | 6 (0%) |
Marvell delivered record revenue of $2.418 billion (+28% YOY) in FY2027-Q1, powered by data center strength at $1.8 billion representing 76% of total revenue. Management raised FY27 full-year revenue guidance to approximately $11.5 billion (~40% YOY growth) and FY28 guidance to $16.5 billion (~45% YOY growth, $1.5 billion above prior outlook), with data center growth projections accelerating from 46% in FY26 to 50% in FY27 to 55% in FY28. Interconnect growth expectations for FY27 were raised from 50% to more than 70% YOY, while custom silicon is on track to more than double in FY28 with management reaffirming line of sight to $10 billion+ in custom revenue by FY29. An expanded NVIDIA partnership spanning silicon photonics, NVLink fusion, and AI RAN further broadened the addressable market.
Cloud & AI | Revenue Growth | Competitive Dynamics | Innovation & R&D | Demand | Guidance Reliability | Margin | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2025Q3 | 11 | 7 | 6 | 4 | 2 | 1 | 1 | |
| 2025Q4 | 10 | 5 | 2 | 4 | 2 | 2 | ||
| 2026Q1 | 13 | 4 | 4 | 3 | 5 | 2 | ||
| 2026Q2 | 10 | 5 | 3 | 3 | 3 | 1 | 2 | |
| 2026Q3 | 6 | 4 | 3 | 2 | 3 | |||
| 2026Q4 | 10 | 8 | 3 | 2 | 4 | 2 | 2 | 1 |
| 2027Q1 | 6 | 5 | 4 | 2 | 1 |
| '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | '27Q1 | |
|---|---|---|---|---|---|---|---|
| Cloud & AI | 11 | 10 | 13 | 10 | 6 | 10 | |
| Revenue Growth | 7 | 5 | 4 | 5 | 4 | 8 | 6 |
| Competitive Dynamics | 6 | 2 | 4 | 3 | 3 | 3 | 5 |
| Innovation & R&D | 4 | 4 | 3 | 3 | 2 | 2 | 4 |
| Demand | 2 | 2 | 5 | 3 | 4 | 2 | |
| Guidance Reliability | 1 | 2 | 1 | 3 | 2 | ||
| Margin | 1 | 2 | 2 | ||||
| Supply Chain | 2 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q3 | $1.52B | +6.9% | $-0.78 | -310.5% | 23.0% | -46.4% | -44.6% | $461M |
| FY2025 Q4 | $1.82B | +27.4% | $0.23 | +151.1% | 50.5% | 12.9% | 11.0% | $443M |
| FY2026 Q1 | $1.90B | +63.3% | $0.20 | +180.0% | 50.3% | 14.3% | 9.4% | $213M |
| FY2026 Q2 | $2.01B | +57.6% | $0.22 | +200.0% | 50.4% | 14.5% | 9.7% | $413M |
| FY2026 Q3 | $2.07B | +36.8% | $2.19 | +380.8% | 51.6% | 17.2% | 91.7% | $509M |
| FY2026 Q4 | $2.22B | +22.1% | $0.46 | +100.0% | 48.4% | 18.7% | 17.9% | $259M |
| FY2027 Q1 | $2.42B | +27.6% | $0.04 | -80.0% | 52.1% | 14.0% | 1.4% | $483M |
| FY2027 Q2 | $2.74B | +36.5% | $0.33 | +50.0% | 53.1% | 16.8% | 11.2% | $479M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What MRVL and other companies said about each other on FY2027 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Our latest addition is the acquisition of Polariton, a developer of high speed, low power plasmonic-based silicon photonics devices.”
Marvell acquired Polariton for plasmonic silicon-photonics modulators to extend its DCI/coherent optics roadmap to 3.2T and beyond.
“through the acquisition of XConn. Which substantially expanded our team and capabilities.”
Marvell acquired XConn to expand scale-up switching plus PCIe/CXL switch capabilities.
“Our acquisition of Celestial AI added photonic fabric technology including EAM modulators in the industry's leading low power analog SerDes.”
Marvell's acquisition of Celestial AI added photonic fabric / EAM modulator technology already selected by a tier-1 hyperscaler for next-gen XPU scale-up networks.
“continue to collaborate closely with TSMC on its CoWoS platform”
Marvell is co-developing MRM-based scale-up interconnect on TSMC's CoWoS advanced-packaging platform, underscoring TSMC's role enabling Marvell's photonics roadmap.
“Now let me turn to the expanded partnership we announced with NVIDIA, which reflects the growing importance of high speed connectivity, optical interconnect, and accelerated infrastructure in scaling AI.”
Marvell announced an expanded partnership with (and equity investment from) NVIDIA spanning optics/silicon photonics, NVLink Fusion integration, and AI RAN, positioning Marvell custom silicon to interoperate with NVIDIA's ecosystem.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MRVL Marvell Technology | 10 | +27.6% | |
| ADI Analog Devices | 9 | +37.3% | |
| ALAB Astera Labs, Inc. Common Stock | 9 | +104.5% | |
| AMAT Applied Materials | 9 | +11.4% | |
| AMD Advanced Micro Devices, Inc. | 9 | +50.1% | |
| ARM Arm Holdings | 7 | +22.4% | |
| ASML ASML Holding | 10 | +21.3% | |
| AVGO Broadcom Inc. | 10 | +47.9% | |
| INTC Intel Corporation | 8 | +25.4% | |
| KLAC KLA Corporation | 8 | +15.2% | |
| LRCX Lam Research | 9 | +30.0% | |
| MCHP Microchip Technology | 9 | +38.0% | |
| MPWR Monolithic Power Systems | 10 | +47.6% | |
| MU Micron Technology, Inc. | 9 | +345.7% | |
| NVDA NVIDIA Corporation | 9 | +85.2% | |
| NXPI NXP Semiconductors | 9 | +19.5% | |
| ON ON Semiconductor | 8 | +9.2% | |
| Q Qnity Electronics, Inc. | 10 | +22.1% | |
| QCOM Qualcomm | 3 | -4.0% | |
| SWKS Skyworks Solutions | 3 | -3.1% | |
| TER Teradyne | 9 | +103.9% | |
| TXN Texas Instruments | 9 | +22.8% |