Marvell Q2 FY2027: Data Center Revenue Surges 46% to $2.17B, Net Income Hits $308M
MRVL has more than doubled off its 52-week low of $61.44.
Summary
Marvell's Q2 FY2027 results show explosive AI-driven growth with data center revenue up 46% and net income more than doubling. The company closed the quarter with $3.9 billion in cash after completing the NVIDIA investment and two strategic acquisitions.
Key Events · Earnings and Guidance · MRVL
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Data Center Revenue Up 46%
Data center revenue reached $2,171.5 million in Q2 FY2027, up 46% year-over-year and now 79% of total revenue, driven by AI-related demand for electro-optics, custom, storage, and switching products.
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Net Income More Than Doubles
Net income of $308.0 million compared to $194.8 million a year ago, with diluted EPS of $0.33. Gross margin expanded 2.7 percentage points to 53.1% on better cost absorption and product mix.
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Cash Position Strengthens to $3.9B
Cash and cash equivalents rose $1,294.0 million to $3,932.8 million, boosted by the $2.0 billion NVIDIA Series A Preferred Stock investment and $1.0 billion 2036 Senior Notes offering, partially offset by $1.3 billion in acquisition spending.
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Celestial AI Earnout Liability at $749.5M
The contingent consideration liability for the Celestial AI acquisition was remeasured to $749.5 million, up $433.7 million in the first half. Maximum potential settlement is $233 million cash plus 22.4 million shares through fiscal 2029.
Analysis · MRVL · Manufacturing
AI-driven demand powered a standout quarter for Marvell. Data center revenue climbed 46% year-over-year to $2.17 billion, now accounting for 79% of total revenue. Net income of $308 million more than doubled from $194.8 million a year ago, while gross margin expanded 2.7 percentage points to 53.1%. The balance sheet strengthened significantly, with cash rising to $3.9 billion after the $2 billion NVIDIA preferred stock investment and $1 billion debt offering. The quarter also reflects the integration of the Celestial AI and XConn acquisitions, which added $2.8 billion in goodwill. The main watch item is the $749.5 million contingent consideration liability tied to Celestial's revenue milestones, which could require up to $233 million in additional cash and 22.4 million shares through fiscal 2029.
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At the time of this filing, MRVL was trading at $216.24 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $189.7B. The 52-week trading range was $61.44 to $329.88. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.