TLDR
- Marvell beat Q4 estimates with EPS of $0.80 and revenue of $2.22 billion
- Data center revenue hit $1.65 billion, up 21% year over year
- Q1 guidance of $2.4 billion revenue came in well above Wall Street’s $2.28 billion estimate
- Bank of America’s Vivek Arya upgraded MRVL from Hold to Buy, raising his target to $110
- Benchmark Research raised its rating to Buy with a $130 target price
Marvell Technology (MRVL) stock jumped over 11% in premarket trading on Friday after the chipmaker posted stronger-than-expected fourth-quarter results.
Marvell Technology, $MRVL, Q4-26.
AI demand powering growth.
📊 Adj. EPS: $0.80 🟢
💰 Revenue: $2.22B 🟢
📈 Net Income: $396.1MRevenue rose 22% YoY to a new record, with data center demand driving strong operating leverage. pic.twitter.com/pApsIcb0SI
— EarningsTime (@Earnings_Time) March 5, 2026
The company reported adjusted EPS of $0.80 on revenue of $2.22 billion. Wall Street had pencilled in $0.79 EPS and $2.21 billion in revenue.
Data center revenue came in at $1.65 billion, beating the $1.63 billion analyst estimate and up 21% from the same quarter a year ago.
Marvell Technology, Inc., MRVL
CEO Mark Murphy said the company expects year-over-year revenue growth to accelerate each quarter in fiscal 2027. He pointed to record-pace bookings and continued strength in the data center segment.
For fiscal 2026 in full, Marvell posted revenue of $8.195 billion, a 42% jump year over year.
The stock had fallen 11% this year heading into the print, so Friday’s move recouped a good chunk of that lost ground.
Analyst Upgrades Roll In
Susquehanna’s Christopher Rolland kept his Positive rating and $100 target, calling Marvell’s opportunity set across custom ASICs, interconnects, and photonics “robust.”
Benchmark Research analyst Cody Acree went further, raising his rating to Buy from Neutral with a $130 price target. Acree acknowledged that Marvell may be sharing Amazon’s next-generation Trainium 3 design work with Alchip, but said it “ultimately doesn’t matter in the overall grand scheme” of the company’s growth drivers.
Several other analysts also raised their price targets citing the company’s AI-linked growth outlook.
What’s Driving Growth
While Marvell’s custom AI chip business — ASICs — gets most of the attention, a large part of its momentum is coming from networking products inside data centers.
The company said it expects interconnect revenue to grow more than 50% in fiscal 2027.
Marvell has made two acquisitions to fuel that side of the business. It picked up optical-networking company Celestial AI for $3.25 billion and interconnect technology company XConn for $540 million.
Q1 guidance came in ahead of expectations too. Marvell guided for earnings of $0.79 per share and revenue of $2.4 billion. Wall Street was looking for $0.74 EPS and $2.28 billion in revenue.
The big hyperscalers are keeping spending taps open. Microsoft, Alphabet, Amazon, and Meta are expected to collectively spend around $650 billion in capex this year, much of it on AI data center infrastructure — the kind Marvell supplies into.
Marvell wasn’t the only chip name to impress this week. Broadcom reported better-than-expected Q1 results on Wednesday and guided strong for Q2. CEO Hock Tan said Broadcom has “line of sight” to AI business revenue exceeding $100 billion in 2027. Broadcom stock was down 0.6% in Friday’s premarket after gaining 4.8% the prior session.
One risk worth watching: both Marvell and Broadcom rely heavily on a small number of large customers. Investors have been watching closely whether Marvell is ceding ground at Amazon or Microsoft. The Q4 beat may ease some of those concerns for now.
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