Marvell Technology Reports Strong Fiscal 2025 Q4 and Full-Year Results

Santa Clara, Calif. – March 5, 2025 – Marvell Technology, Inc. (NASDAQ: MRVL) has announced its financial results for the fourth quarter and fiscal year ending February 1, 2025, with record quarterly revenue of $1.817 billion, reflecting a 27% year-over-year increase. The company also reported significant growth in the data center segment and strong cash flow performance.

Key Financial Highlights
Fourth Quarter Fiscal 2025

Net revenue: $1.817 billion, up 27% year-over-year
GAAP gross margin: 50.5%; non-GAAP gross margin: 60.1%
GAAP diluted income per share: $0.23; non-GAAP diluted income per share: $0.60
Cash flow from operations: $514.0 million
Full Year Fiscal 2025

Net revenue: $5.767 billion
GAAP net loss: $(885.0) million, or $(1.02) per diluted share
Non-GAAP net income: $1.377 billion, or $1.57 per diluted share
Operating cash flow: $1.68 billion
Matt Murphy, Chairman and CEO of Marvell, highlighted the company’s strong performance, noting record revenue growth driven by a 78% year-over-year increase in data center revenue. Marvell also secured multiple design wins for custom AI silicon programs and interconnect products, positioning the company for further expansion in fiscal 2026.

Fiscal 2026 Q1 Outlook
Expected net revenue: $1.875 billion +/- 5%
GAAP gross margin: ~50.5%; non-GAAP gross margin: ~60%
GAAP operating expenses: ~$712 million; non-GAAP operating expenses: ~$490 million
GAAP diluted net income per share: $0.19 +/- $0.05
Non-GAAP diluted net income per share: $0.61 +/- $0.05
Growth in Data Infrastructure Markets
Marvell’s revenue growth was fueled by a surge in demand for its data center solutions, which accounted for 75% of total revenue in Q4. Other end markets, including enterprise networking and carrier infrastructure, saw mixed performance.

Revenue by End Market (Q4 Fiscal 2025 vs. Q4 Fiscal 2024)

Data center: $1.37 billion (+78%)
Enterprise networking: $171.4 million (-35%)
Carrier infrastructure: $105.8 million (-38%)
Consumer: $88.7 million (-38%)
Automotive/industrial: $85.7 million (+4%)
Strategic Investments and Future Outlook
Marvell continues to expand its AI and cloud data center offerings. With volume production of custom AI silicon programs underway and strong demand for interconnect solutions, the company expects over 60% year-over-year revenue growth in Q1 fiscal 2026.

Conference Call and Webcast
Marvell will host a conference call on March 5, 2025, at 1:45 p.m. Pacific Time to discuss the results. A live webcast will be available on the Marvell Investor Relations website, with a replay accessible until March 12, 2025.

Forward-Looking Statements
This report contains forward-looking statements subject to risks and uncertainties, including demand fluctuations, geopolitical conditions, and evolving industry trends. Investors are advised to review Marvell’s SEC filings for a comprehensive risk assessment.

About Marvell
Marvell Technology develops semiconductor solutions for data infrastructure, enabling enterprises, cloud providers, and communications networks to manage, store, and process data efficiently. Trusted by leading technology companies, Marvell continues to innovate in AI, 5G, and cloud computing.