Marvell Technology, Inc. Q4 FY2026 earnings call

Matt Murphy mentioned recent acquisitions of Celestial AI and XCOM, which strengthen the technology platform and enhance position in AI scale-up networking. Discussed growth drivers across end markets, including data center with record fourth quarter revenue, and details on interconnect, switching, custom businesses. Willem Minkies summarized full year 2026 results, financials for fourth quarter, and guidance for first quarter of fiscal 2027, including revenue, margin, and expense expectations.

For the fourth quarter of fiscal 2026, Marvell delivered record revenue of 2.219 billion. Full year 2026 revenue grew 42% year-over-year to approximately $8.2 billion as reported, and approximately 45% year-over-year excluding the divested automotive Ethernet business. Data center revenue surpassed $6 billion, growing 46% year-over-year. Fourth quarter data center revenue was $1.65 billion, 9% sequential growth and 21% year-over-year growth. Communications and other end market delivered fourth quarter revenue of $567 million, up 2% sequentially and 26% year-over-year.

First quarter of fiscal 2027 total company revenue forecasted to grow 8% sequentially at midpoint to 2.4 billion. Expect to grow revenue every quarter this fiscal year, with fiscal 2027 revenue expected to grow more than 30% year-over-year, approaching $11 billion. Fiscal 2028 expected to grow close to 40% year over year, reaching approximately $15 billion, driving non-GAAP EPS to well over $5. First quarter fiscal 2027 revenue range 2.4 billion plus or minus 5%, gap gross margin between 51.4% and 52.4%, non-GAAP gross margin between 58.25% and 59.25%, GAAP earnings per diluted share range $0.26 to $0.36, non-GAAP earnings per diluted share range $0.74 to $0.84.

Includes questions and answers from various analysts regarding revenue profile, custom XPU, optics business, custom business trajectory, growth updates, supply chain, and strategic considerations on AI systems and processor vs connectivity focus