Marvell Technology, Inc. Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Record quarterly revenue of $2.075 billion, up 3% sequentially and 37% year-over-year. Growth was driven primarily by data center demand.
  • Non-GAAP EPS was $0.76, up 13% sequentially and 77% year-over-year.
  • Data Center revenue: $1.52 billion, up 2% sequentially and 38% year-over-year.
  • Communications & Other revenue: $557 million, up 8% sequentially and 34% year-over-year as reported; excluding the divested Automotive Ethernet business, growth was about 20% sequentially and 50% year-over-year.
  • Gross margin (non-GAAP): 59.7%, up 30bps sequentially.
  • Operating margin (non-GAAP): 36.3%, up 150bps sequentially.
  • Operating cash flow: $582 million, up $121 million sequentially; inventory reduced to $1.01 billion.
  • Capital returns: $1 billion accelerated share repurchase plus $300 million additional repurchases and $51 million in dividends.

Q4 FY2026 Outlook

  • Revenue: $2.2 billion ± 5%, representing 6% sequential growth and 21% year-over-year growth (24% excluding Automotive Ethernet divestiture).
  • Non-GAAP gross margin: 58.5%–59.5%.
  • Non-GAAP operating expenses: ~$515 million.
  • Non-GAAP EPS: $0.74–$0.84.

Strategic Acquisition: Celestial AI

  • Marvell announced acquisition of Celestial AI, a photonic fabric scale‑up interconnect company.

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Operator: Good afternoon and welcome to the Marvell Technology, Inc. Third Quarter Fiscal Year 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. Please note this event is being recorded. I will now turn the conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations. Thank you. You may begin. Ashish Saran: Thank you, and good afternoon, everyone. Welcome to Marvell's Third Quarter Fiscal Year 2026 Earnings Call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; Willem Meintjes, CFO; Chris Koopsmans, President and COO; and Sandeep Bharathi, President, Data Center Group. Let me remind everyone that certain comments made today include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations. Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website as well as our most recent 8-K, 10-K, 10-Q and other documents filed by us from time to time with the SEC. We do not intend to update our forward-looking statements. During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is available in our earnings press release. As we discussed in our secon

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