Earnings Call
May 27, 2026
Q2 FY2026
EPS Estimate
0.80
EPS Actual
0.67
Post-Earnings Close
$204.83
Earnings Reaction
+3.1%
Marvell's fiscal second quarter of 2026 was defined less by the headline beat-and-raise than by the sheer scale of the AI infrastructure opportunity the company is now articulating with increasing specificity. Revenue of $2.006 billion grew 58% year-over-year and 6% sequentially, with data center, now 74% of total revenue, expanding 69% year-over-year to a record $1.49 billion. Non-GAAP EPS of $0.67 grew 123% year-over-year, more than double the pace of revenue growth, underscoring the operating leverage embedded in the model as mix shifts toward higher-value AI products. Operating cash flow of $462 million was up sharply from $333 million in the prior quarter, and the company repurchased $200 million of stock in the quarter alone, with $540 million returned through the first half of the fiscal year.
Report generated on May 26, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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