Q4 2026 Marvell Technology Inc Earnings Call Transcript
Key Points
- Marvell Technology Inc (MRVL) delivered record revenue of $2.219 billion for the fourth quarter of fiscal 2026, reflecting 7% sequential growth.
- The company achieved a 42% year-over-year revenue growth for fiscal 2026, driven by strong demand in the data center end market.
- Marvell's data center revenue surpassed $6 billion, growing 46% year over year, with robust demand for interconnect, switching, and storage products.
- The company expects overall revenue in fiscal 2027 to grow more than 30% year over year, approaching $11 billion, driven by strong demand in the data center business.
- Marvell's recent acquisitions of Celestial AI and XConn are expected to significantly enhance its position in the AI scale-up networking market, with contributions anticipated in fiscal 2028.
- The company's GAAP operating expenses increased to $744 million in the fourth quarter, including costs related to stock-based compensation and acquisitions.
- Marvell's total debt stood at $4.47 billion, with a gross debt-to-EBITDA ratio of 1.38 times, indicating a significant level of leverage.
- The acquisitions of Celestial AI and XConn are expected to add approximately $75 million to fiscal 2027 annual non-GAAP operating expenses.
- The company faces potential risks and uncertainties related to its forward-looking statements and market conditions, which could impact actual results.
- Marvell's guidance for fiscal 2027 includes a non-GAAP earnings per diluted share range of $0.74 to $0.84, reflecting potential variability in earnings performance.
Good afternoon, and welcome to Marvell Technology Inc. fourth-quarter and fiscal year 2026 earnings conference call. (Operator Instructions) Please note that 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.
Good afternoon, everyone. Welcome to Marvell's fourth-quarter and fiscal year 2026 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; Willem Meintjes, CFO; Chris Koopmans, 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
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