Marvell Technology, Inc. Q2 FY2027 Earnings Call

· Earnings call transcript and AI-powered summary

Marvell Technology (MRVL) Q2 FY2027 Earnings Summary

Key Financial Highlights (Q2 FY2027)

  • Revenue: $2.739 billion (+13% sequentially, +37% YoY). Record quarter, exceeded guidance midpoint.
  • Non-GAAP EPS: $0.94 (+40% YoY), $0.01 above guidance midpoint.
  • Data Center Revenue: $2.17 billion (79% of total; +18% seq, +46% YoY). Accelerated from Q1 FY2027 (+11% seq, +27% YoY).
  • Communications & Other Revenue: $568 million (-3% seq, +10% YoY).
  • Non-GAAP Gross Margin: 58.9% (slightly above midpoint).
  • Non-GAAP Operating Margin: 36.6% (+180 bps YoY, +160 bps seq).
  • GAAP EPS: $0.33.
  • Cash Flow from Operations: $606 million.
  • Share Repurchases: $200 million; Dividends: $54 million.

Guidance & Outlook Updates

  • Q3 FY2027 Revenue (midpoint): $3.15 billion (+15% seq, >50% YoY). Non-GAAP EPS: $1.05–$1.15.
  • FY2027 Revenue: ~$12 billion (~45% YoY growth; raised from ~$11.5 billion prior outlook). Data Center expected +~60% YoY (raised from ~50%).
  • FY2028 Revenue: ~$18 billion (~50% YoY growth; raised from $16.5 billion). Data Center >60% YoY growth. Custom business expected to more than double YoY.

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Operator: Good afternoon, and welcome to Marvell Technology Inc. Second Quarter of Fiscal Year 2027 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I will now turn the conference over to Mr. Ross Seymore, Senior Vice President of Investor Relations. Thank you. You may begin. Ross Seymore: Thank you, and good afternoon, everyone. Welcome to Marvell's Second Fiscal Quarter 2027 Earnings Call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; Dan Durn, CFO; Chris Koopmans, President and COO; and Sandeep Bharathi, President of our Data Center Group. Let me remind everyone that certain comments made today include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations. Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website as well as our most recent 8-K, 10-K, 10-Q and other documents that we file from time to time with the SEC. We do not intend to update our forward-looking statements. During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is available in our earnings press release. Let me now turn the call over to Matt for his comments on the quarter. Matt? Matthew Murphy: Thanks, Ross, and good afternoon, everyo

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