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10-K annual report · filed Mar 11, 2026

Marvell Technology (MRVL) FY2026 10-K Annual Report

MRVL overviewOriginal on SEC EDGAR
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Marvell Technology (MRVL) filed its fiscal 2026 10-K annual report with the SEC on Mar 11, 2026. It reported revenue of $8.2B (+42.1% year over year) and net income of $2.7B.

  • Top risk flagged: BIS export controls expanded Oct 2022–Jan 2025 (EAR rules, Entity List additions); proposed 25% tariff on chip exports and potential 15% revenue-sharing on China sales could erode margins

FY2026 key financial metrics · XBRL

Revenue
$8.2B
+42.1% YoY
Net income
$2.7B
+401.7% YoY
Operating margin
16.1%
+28.6 pp YoY
Gross margin
51.0%
+9.7 pp YoY
EPS (diluted)
$3.07
+401.0% YoY
ROE
18.7%
+25.3 pp YoY
Operating cash flow
$1.8B
+4.1% YoY

Source: XBRL data from the Marvell Technology (MRVL) FY2026 10-K on SEC EDGAR. USD.

Marvell Technology FY2026 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Fabless data infrastructure semiconductor supplier; custom ASICs and interconnects for AI data centers as primary growth driver
  • Divested automotive ethernet business to Infineon for $2.5B cash (recorded $1.8B pre-tax gain); acquired Celestial AI (~$1.3B cash + ~24.5M shares) for photonic interconnects and XConn ($280M cash) for PCIe/CXL switching
  • Data center revenue surged to $6.1B (FY2026) from $4.2B (FY2025) and $2.2B (FY2024); total revenue $8.2B vs $5.8B prior year
  • Consolidated four end markets (enterprise networking, carrier, consumer, automotive) into single "communications and other" segment starting Q4 FY2026
  • Single distributor (Distributor A) represented 37% of total revenue, up from 34%: unusually high single-channel concentration for a $8B+ semiconductor company

Management Discussion & Analysis

  • Revenue $8.2B in FY2026, up 42% YoY (+$2.4B); data center +46%, communications +31%
  • Gross margin 51.0% vs 41.3%; operating margin 16.1% vs -12.5% prior year
  • Cash from operations $1.8B vs $1.7B; capex $354.1M; $2.5B proceeds from automotive ethernet divestiture to Infineon
  • Returned $2.2B to stockholders: $2.0B buybacks (26.6M shares), $205.1M dividends; $5.5B remaining buyback authorization
  • Post-FY2026 acquisitions: Celestial AI (~$1.3B cash + 24.5M shares) and XConn ($280M cash); key risks include U.S. export restrictions on China customers and tariff uncertainty

Risk Factors

  • BIS export controls expanded Oct 2022–Jan 2025 (EAR rules, Entity List additions); proposed 25% tariff on chip exports and potential 15% revenue-sharing on China sales could erode margins
  • Top 10 customers = 82% of FY2026 revenue; data center end market heavily concentrated, with two customers each exceeding 10% of net revenue
  • Manufacturing concentrated in Taiwan foundries; no owned fabs, single-sourced products, limited alternative advanced-node capacity if disrupted
  • AI-driven chip design tools lowering entry barriers; large cloud providers and AMD/Broadcom (post-consolidation) accelerating in-house silicon, threatening Marvell's custom ASIC demand
  • $4.5B senior notes outstanding as of Jan 31, 2026; $11.1B goodwill on balance sheet vulnerable to impairment if data center spending decelerates

Generated from the filing text; verify against the original. How to read a 10-K

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