Highlights

  • Q2 FY2027 Revenue reached a record $2.739 billion, up 37% year-over-year, with data centre revenue rising 46% to $2.17 billion.
  • Non-GAAP EPS came in at $0.94, while GAAP EPS was $0.33, with non-GAAP Operating Income of $1.003 billion at a 36.6% margin.
  • Non-GAAP gross Margin expanded to 58.9%, reflecting strong product mix and AI-driven custom silicon demand.
  • Q3 FY2027 guidance calls for revenue of $3.15 billion (±5%) and non-GAAP EPS of $1.10 (±$0.05).

Marvell Technology (NASDAQ:MRVL) reported record second-quarter fiscal 2027 results, with revenue surpassing analyst expectations as the company's data centre Business continued its rapid expansion amid robust artificial intelligence infrastructure spending. Q2 FY2027 revenue reached a record $2.739 billion, up 37% year-over-year, with data centre revenue rising 46% to $2.17 billion.

Record Revenue Underpinned by Data Centre Momentum

Total revenue for the quarter ended July 2026 was $2.739 billion, a 37% increase compared to the same period a year earlier. Data centre revenue was the principal growth driver, rising 46% year-over-year to $2.17 billion and accounting for 79% of total company revenue. This concentration reflects Marvell's strategic repositioning over recent years toward custom AI accelerators, optical interconnects, and high-speed networking components that are increasingly integral to large-scale AI infrastructure deployments. Non-GAAP EPS came in at $0.94, while GAAP EPS was $0.33, with non-GAAP operating income of $1.003 billion at a 36.6% margin.

Non-GAAP operating income for the quarter came in at $1.003 billion, representing an Operating Margin of 36.6%. GAAP Earnings per diluted share were $0.33, while non-GAAP EPS was $0.94. Non-GAAP gross margin widened to 58.9%, signalling favourable revenue mix as premium AI-related products gained share.

AI Bookings Described as Exceptionally Robust

Management characterised AI bookings as "exceptionally robust" during the quarter, reflecting strong Demand signals from hyperscale and cloud customers. Marvell's custom silicon capabilities — which include designing application-specific integrated circuits (ASICs) for major technology platforms — have positioned the company as a key beneficiary of the ongoing shift toward purpose-built AI processors. The company's interconnect and networking portfolio has similarly benefited as data centre operators expand bandwidth-intensive AI Training and inference workloads.

Strong Guidance for the Third Quarter

For the third quarter of fiscal 2027, Marvell guided revenue to approximately $3.15 billion, plus or minus 5%, representing significant sequential growth from the $2.739 billion reported in Q2. Non-GAAP EPS guidance was set at $1.10, plus or minus $0.05. The guidance implies continued double-digit sequential revenue growth, driven primarily by further scaling of data centre programmes and new product ramps with key customers.

Diversified Portfolio Supports Long-Term Growth

Beyond data centre, Marvell's carrier infrastructure, enterprise networking, and automotive businesses represent additional growth vectors, though these segments remain smaller contributors in the near term. The company's Investment in electro-optics and next-generation serialiser/deserialiser (SerDes) technology positions it to capture emerging demand as data transfer speeds within AI clusters increase. Marvell's Balance Sheet and design pipeline suggest a company well-placed to capitalise on the multi-year AI infrastructure buildout.