Marvell Technology’s fourth quarter was marked by robust year-over-year revenue growth, which exceeded Wall Street expectations and was met with a notably positive market reaction. Management attributed this performance to surging demand for its data center products, particularly in interconnect, switching, and storage segments. CEO Matthew Murphy emphasized, “Our data center revenue surpassed $6 billion in FY 2026, growing 46% year-over-year,” highlighting that both established and newer offerings contributed to the momentum. The company’s ability to execute amid a dynamic supply environment also played a key role in delivering operating margin improvement.
Is now the time to buy MRVL? Find out in our full research report (it’s free for active Edge members).
Marvell Technology (MRVL) Q4 CY2025 Highlights:
- Revenue: $2.22 billion vs analyst estimates of $2.21 billion (22.1% year-on-year growth, 0.5% beat)
- Adjusted EPS: $0.80 vs analyst estimates of $0.79 (in line)
- Adjusted EBITDA: $885.2 million vs analyst estimates of $872.7 million (39.9% margin, 1.4% beat)
- Revenue Guidance for Q1 CY2026 is $2.4 billion at the midpoint, above analyst estimates of $2.28 billion
- Adjusted EPS guidance for Q1 CY2026 is $0.79 at the midpoint, above analyst estimates of $0.74
- Operating Margin: 18.2%, up from 12.9% in the same quarter last year
- Inventory Days Outstanding: 119, up from 92 in the previous quarter
- Market Capitalization: $78.79 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Marvell Technology’s Q4 Earnings Call
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Ross Seymore (Deutsche Bank) pressed on customer concentration risk in the custom silicon business. CEO Matthew Murphy clarified that diversification across top hyperscalers and a broad product mix limit concentration, and this will improve as new design wins ramp.
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Aaron Rakers (Wells Fargo) asked about the durability of electro-optics growth. Murphy explained that the optical interconnect portfolio is growing faster than capital expenditure forecasts, particularly as new AI accelerators drive higher attach rates.
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Blayne Curtis (Jefferies) sought clarity on the custom silicon growth trajectory and timing of new large customer ramps. Murphy acknowledged upward bias in growth estimates and described high confidence based on detailed manufacturing and supply planning.
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Joseph Moore (Morgan Stanley) questioned supply chain risks with accelerating growth. COO Christopher Koopmans emphasized robust supplier relationships and long-term visibility, expressing confidence in meeting demand.
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James Schneider (Goldman Sachs) asked about earnings leverage relative to revenue targets. Murphy explained the company’s model supports operating margin expansion, with the $5 non-GAAP EPS forecast for next year positioned as a floor, not a ceiling.
Catalysts in Upcoming Quarters
In the coming quarters, our analyst team will monitor (1) the pace of AI-related data center infrastructure investments and corresponding product ramps, (2) integration milestones for Celestial AI and XConn and their contributions to new product launches, and (3) continued operating margin expansion through disciplined expense management and improved product mix. Execution against these factors will indicate whether Marvell can sustain its projected growth trajectory.
Marvell Technology currently trades at $89.48, up from $75.68 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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