Marvell Technology

Marvell designs chips that move, switch and store data, mostly in data centers. About 70% of its fiscal 2026 revenue came from connectivity chips, such as optical interconnect, network switching and storage chips. About 30% came from custom AI chips that Marvell builds for a small number of large cloud companies. Management expects the custom chip business to grow faster than the rest of the company.

In the quarter that ended August 1, 2026, data center chips gave 79% of revenue. Marvell does not run its own factories. TSMC makes all of its chips on the most advanced processes.

The market still prices Marvell's custom chip business as unpredictable and unproven. Revenue depends on a small number of big customer programs starting up. Growth in this business has swung sharply before, which makes investors cautious about counting on the pace management now guides. At its Investor Day on October 6, 2026, management raised its targets.

It now guides fiscal 2028 revenue to about $20 billion. It expects custom chip revenue to more than double in fiscal 2028 and then to more than triple in fiscal 2029, to more than $12 billion. It also set a path to $70 billion to $90 billion of revenue in fiscal 2031. These are targets, not results.

For the gap to close, the custom programs must ramp up on schedule, including the added Google programs that bring more revenue from fiscal 2029 onward. The 2-nanometer optical technology that Marvell demonstrated in September 2026 must also turn into design wins and shipments. The next checkpoint is the Q3 fiscal 2027 report on December 1, 2026, and the fiscal 2028 outlook follows near March 2027. If these programs ramp up as planned over the next three to five quarters, Marvell's growth can catch up to faster-growing peers, and the gap can close.

If a large customer moves work in-house or to a rival like Broadcom, the gap could persist.

1. Oct 6, 2026Passed

   Investor Day: custom silicon roadmapClear multi-year custom revenue targets with named program ramps pass; vague targets or a lower fiscal 2028 outlook fail.Outcome: Marvell raised its fiscal 2028 revenue outlook to about $20 billion and its fiscal 2029 custom revenue outlook to more than $12 billion.
2. Dec 1, 2026Pending

   Q3 fiscal 2027 results against $3.15 billion guidanceRevenue at or above $3.15 billion and a held fiscal 2027 outlook of about $12 billion pass; a miss or a lower outlook fails.
3. Mar 2027 · est.Pending

   Q4 fiscal 2027 results and fiscal 2028 outlookA confirmed fiscal 2028 revenue outlook of about $20 billion with custom revenue more than doubling passes; a cut or a lost program fails.
4. 2028 · est.Pending

   Lumentum purchase: approvals and closingApproval by the stockholders of both companies and by regulators and a closing in the first half of 2028 pass; a block by regulators or a vote against the deal fails.

Every passed and failed checkpoint across all picks

• November 2, 2026Marvell agreed to buy Lumentum, a maker of lasers, optical transceivers and optical circuit switches, in an all-stock deal. Each Lumentum share becomes 4.500 Marvell shares, which gives Lumentum an enterprise value of about $115 billion, and Lumentum holders will own about 33% of the combined company. Marvell expects more than $1 billion of yearly run-rate cost savings and a higher non-GAAP EPS in the first year after the closing. The closing is expected in the first half of 2028 and needs the approval of the stockholders of both companies and of regulators. Marvell must pay Lumentum $3.2 billion if the deal fails for certain regulatory reasons.
• November 2, 2026Marvell said that its preliminary revenue for Q3 fiscal 2027 agrees with the midpoint of its guidance of $3.15 billion, and it narrowed the range to plus or minus 2%, from plus or minus 5%. The complete results come later.
• October 22, 2026Marvell replaced its $1.5 billion revolving credit facility, which was due in June 2030, with a new revolving credit facility of up to $3 billion. The new facility runs for five years, and Marvell can increase it by up to $2 billion. No loans were outstanding under it on October 22, 2026.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

December 1, 2026, as the company confirmed.

• 8-KNew material agreementFiled November 2, 2026 · Read it on sec.gov
• 8-KEarnings release and Investor disclosureFiled November 2, 2026 · Press release and exhibits
• 8-KNew material agreementFiled October 23, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 25, 2026 · mrvl-20260925
• 10-QQuarterly report for the period ended Aug 1, 2026Filed August 28, 2026 · mrvl-20260801
• 8-KEarnings releaseFiled August 27, 2026 · Press release and exhibits
• 8-KNew material agreementFiled August 19, 2026 · Read it on sec.gov
• 8-KOther company newsFiled July 9, 2026 · Read it on sec.gov
• 8-KShareholder vote results and Other company newsFiled June 25, 2026 · mrvl-20260625
• 8-KChange of directors or officers and Investor disclosureFiled June 11, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1835632)

• Marvell's revenue depends on a small number of large customers. In the quarter that ended August 1, 2026, one distributor gave 44% of revenue and one direct customer gave 16%. If one of them moves its next chip generation in-house or to a competitor, Marvell's growth outlook can fall quickly.
• Marvell plans to buy Lumentum with new shares, and Lumentum holders will own about 33% of the combined company. The deal needs the approval of the stockholders of both companies and of regulators, and the closing is expected only in the first half of 2028. If the deal fails for certain regulatory reasons, Marvell must pay Lumentum $3.2 billion.
• Marvell competes with Broadcom, which has a larger and more established custom chip business. Marvell must keep winning new programs to grow at the pace management has guided.
• Marvell does not own the factories that make its chips. TSMC is its only source of wafers on the most advanced processes. A capacity shortage at its manufacturing partners can delay Marvell's own product ramps.

Marvell has modest debt for its size, all unsecured fixed-rate senior notes. Its bigger cost to shareholders is more likely dilution than interest, because some items do not show as debt. Read more

Yield at the current rate

0.1% (current annual rate, at today’s price)

Dividend yield

0.1% (last 12 months, at today’s price of $168.80)

Paid per share

$0.24 in the last 12 months (4 payments)

Current annual rate

$0.24 ($0.06 × 4 a year)

Payout ratio

8% of the last fiscal year’s earnings (the year that ended January 31, 2026)

Latest ex-dividend date

October 9, 2026, $0.06 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 0.0% a year. From 2015 to 2025, the dividend grew by about 0.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.