Marvell Technology Group (MRVL) financial statements
Marvell Technology Group reported revenue of $8.2B in fiscal 2026, up 15.2% a year over 9 years.
Net income was $2.7B and the operating margin 16.1%, against 5.7% in 2017.
Free cash flow was $1.4B, and the company returned $205M in dividends and $2.0B in net buybacks.
The diluted share count rose 68% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Marvell Technology Group's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.4B | $2.9B | $2.7B | $3.0B | $4.5B | $5.9B | $5.5B | $5.8B | $8.2B |
| Cost of revenue | $1.0B | $947M | $1.4B | $1.3B | $1.5B | $2.4B | $2.9B | $3.2B | $3.4B | $4.0B |
| Gross profit | $1.3B | $1.5B | $1.5B | $1.4B | $1.5B | $2.1B | $3.0B | $2.3B | $2.4B | $4.2B |
| Research and development | $805M | $714M | $914M | $1.1B | $1.1B | $1.4B | $1.8B | $1.9B | $2.0B | $2.1B |
| Selling, general and admin | $379M | — | — | — | — | $955M | $844M | $834M | $798M | $767M |
| Operating income | $130M | $430M | $43M | -$243M | -$258M | -$348M | $238M | -$568M | -$720M | $1.3B |
| Interest expense | $368,000 | $685,000 | $60M | $86M | $69M | $139M | $171M | $212M | $189M | $203M |
| Pre-tax income | $147M | $451M | -$5M | $798M | -$322M | -$484M | $85M | -$759M | -$895M | $3.0B |
| Income tax | $73M | $18M | $174M | -$786M | -$45M | -$62M | $249M | $175M | -$10M | $376M |
| Net income | $21M | $521M | -$179M | $1.6B | -$277M | -$421M | -$164M | -$933M | -$885M | $2.7B |
| EPS (diluted) | $0.04 | $1.02 | -$0.30 | $2.34 | -$0.41 | -$0.53 | -$0.19 | -$1.08 | -$1.02 | $3.07 |
| Diluted shares | 518M | 510M | 591M | 676M | 669M | 797M | 851M | 861M | 866M | 870M |
| Gross margin | 55.8% | 60.7% | 50.9% | 50.3% | 50.1% | 46.3% | 50.5% | 41.6% | 41.3% | 51.0% |
| Operating margin | 5.7% | 17.8% | 1.5% | -9.0% | -8.7% | -7.8% | 4.0% | -10.3% | -12.5% | 16.1% |
| Net margin | 0.9% | 21.6% | -6.2% | 58.7% | -9.3% | -9.4% | -2.8% | -16.9% | -15.3% | 32.6% |
Balance sheet
Fiscal years, from Marvell Technology Group's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.7B | $1.8B | $582M | $648M | $748M | $614M | $911M | $951M | $948M | $2.6B |
| Receivables | $335M | $280M | $493M | $492M | $537M | $1.0B | $1.2B | $1.1B | $1.0B | $2.2B |
| Inventory | $171M | $170M | $276M | $323M | $268M | $720M | $1.1B | $864M | $1.0B | $1.4B |
| Total current assets | $2.3B | $2.4B | $1.4B | $1.5B | $1.6B | $2.5B | $3.3B | $3.1B | $3.1B | $6.5B |
| Property, plant and equipment | $243M | $202M | $319M | $357M | $326M | $463M | $577M | $756M | $790M | $935M |
| Goodwill | $2.0B | $2.0B | $5.5B | $5.3B | $5.3B | $11.5B | $11.6B | $11.6B | $11.6B | $11.1B |
| Total assets | $4.6B | $4.7B | $10.0B | $11.1B | $10.8B | $22.1B | $22.5B | $21.2B | $20.2B | $22.3B |
| Total current liabilities | $496M | $421M | $637M | $710M | $1.1B | $1.4B | $2.4B | $1.8B | $2.0B | $3.2B |
| Long-term debt | — | $0 | $1.7B | $1.4B | $993M | $4.5B | $3.9B | $4.1B | $3.9B | $4.0B |
| Total liabilities | $621M | $567M | $2.7B | $2.5B | $2.3B | $6.4B | $6.9B | $6.4B | $6.8B | $8.0B |
| Shareholders' equity | $4.0B | $4.1B | $7.3B | $8.7B | $8.4B | $15.7B | $15.6B | $14.8B | $13.4B | $14.3B |
| Net debt | -$814M | -$888M | $1.2B | -$648M | $444M | $3.9B | $3.6B | $3.1B | $3.0B | $1.8B |
Cash flow
Fiscal years, from Marvell Technology Group's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$358M | $571M | $597M | $360M | $817M | $819M | $1.3B | $1.4B | $1.7B | $1.8B |
| Capital spending | $45M | $39M | $76M | $82M | $107M | $169M | $206M | $336M | $285M | $354M |
| Free cash flow | -$403M | $533M | $521M | $278M | $710M | $650M | $1.1B | $1.0B | $1.4B | $1.4B |
| Stock-based compensation | $114M | $87M | $184M | $242M | $242M | $461M | $552M | $610M | $597M | $591M |
| Dividends paid | $122M | $119M | $148M | $160M | $161M | $191M | $204M | $207M | $208M | $205M |
| Share buybacks (net) | -$182M | -$528M | -$104M | -$364M | -$25M | $0 | -$115M | -$150M | -$725M | -$2.0B |
| Net borrowing | $0 | $0 | $1.1B | -$300M | -$250M | $3.4B | -$66M | -$327M | -$109M | $408M |
| Free cash flow margin | -17.5% | 22.1% | 18.2% | 10.3% | 23.9% | 14.6% | 18.3% | 18.8% | 24.2% | 17.0% |
| Dividends per share | $0.24 | $0.23 | $0.25 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 |
Questions
What was Marvell Technology Group's revenue in 2026?
$8.2B in fiscal 2026, from its 10-K filing.
How much free cash flow does Marvell Technology Group generate?
$1.4B in fiscal 2026 (operating cash flow minus capital spending).
From Marvell Technology Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.