Marvell Technology delivered a strong fourth quarter to close out fiscal year 2025, reporting record revenue of $1.817 billion, up 27% year-over-year and 20% sequentially. The company attributed this growth to surging demand in the data center segment, where revenue increased 78% year-over-year, alongside a steady recovery in its multi-market businesses. For the full fiscal year, Marvell generated $5.767 billion in revenue and achieved record operating cash flow of $1.68 billion. The company also returned $933 million to shareholders through stock repurchases and dividends.
Despite its strong revenue performance, Marvell posted a GAAP net loss of $885 million for fiscal 2025, primarily due to ongoing investments in AI and custom silicon. However, on a non-GAAP basis, the company reported net income of $1.377 billion, or $1.57 per diluted share, highlighting improved operational efficiency and a growing pipeline of design wins. CEO Matt Murphy emphasized the company’s progress in AI-driven custom silicon and interconnect solutions, noting that multiple new design wins will contribute to sustained growth in fiscal 2026.
Looking ahead, Marvell projects continued momentum, forecasting first-quarter fiscal 2026 revenue growth of over 60% year-over-year at the midpoint of guidance. The company expects Q1 revenue of $1.875 billion, with a non-GAAP gross margin of 60% and non-GAAP diluted EPS of approximately $0.61.
• Q4 2025 revenue: $1.817 billion, up 27% YoY and 20% sequentially
• Q4 GAAP gross margin: 50.5%; Non-GAAP gross margin: 60.1%
• Q4 GAAP net income: $200.2 million ($0.23 per diluted share)
• Q4 Non-GAAP net income: $531.4 million ($0.60 per diluted share)
• Q4 operating cash flow: $514 million
• Full-year revenue: $5.767 billion
• Full-year GAAP net loss: $(885) million (-$1.02 per share)
• Full-year Non-GAAP net income: $1.377 billion ($1.57 per share)
• Full-year operating cash flow: $1.68 billion
• Data center revenue up 78% YoY in Q4, driving overall growth
• Strong AI-driven custom silicon programs now in volume production
• Continued growth in interconnect products and multiple new design wins
• $933 million returned to shareholders through stock repurchases and dividends in FY25
“We closed fiscal year 2025 on a high note, delivering record fourth-quarter revenue driven by our data center segment and a recovery in multi-market businesses,” said Matt Murphy, Marvell’s Chairman and CEO. “Our custom AI silicon programs have entered volume production, and we continue to see strong momentum in interconnect products. Looking ahead, we expect first-quarter revenue growth of over 60% year-over-year and strong performance for the full fiscal year.”
