Core Viewpoint - Marvell Technology Group reported strong financial results for FY2026 Q2, with revenue of $2.006 billion, a year-over-year increase of 58% and a quarter-over-quarter increase of 6%, driven primarily by data center and consumer market demand, particularly in gaming [2][9][20]. Financial Performance - Revenue for FY26 Q2 was $2.006 billion, with a gross margin of 59.4%, slightly below guidance [2][20]. - Non-GAAP operating profit margin was 34.8%, reflecting a year-over-year increase of 870 basis points, and diluted earnings per share (EPS) reached $0.67, up 123% year-over-year [9][20]. - Operating cash flow was $462 million, significantly higher than the previous quarter [9][20]. Market Segments - Data Center: Revenue reached $1.49 billion, a 69% year-over-year increase, driven by custom XPU and optical interconnect products [2][13]. - Consumer Market: Revenue was $116 million, up 30% year-over-year and 84% quarter-over-quarter, primarily due to seasonal demand and gaming [2][18]. - Enterprise Networking and Carrier Infrastructure: Combined revenue grew 43% year-over-year, with enterprise networking at $194 million and carrier infrastructure at $13 million [2][18]. Future Guidance - For FY26 Q3, Marvell expects revenue guidance of $2.06 billion (±5%), representing a year-over-year increase of 36% and a quarter-over-quarter increase of 2.7% [3][22]. - The company anticipates double-digit growth in optical interconnect products, while custom chip revenue is expected to decline quarter-over-quarter [3][22]. Strategic Initiatives - Marvell is focusing on expanding its market share in the data center segment, aiming to increase its share from 13% of a $33 billion market in 2024 to 20% of a $94 billion market by 2028 [4][10]. - The company has successfully entered multiple projects into mass production, with over 50 new opportunities identified in its pipeline, indicating significant revenue potential [4][14]. Product Development - Marvell's optical interconnect products are expected to see rapid growth due to increasing network scale and bandwidth demands, with several products already in mass production [5][15]. - The company is also investing in next-generation XPU and XPU attach solutions, which are critical for future AI data center infrastructure [15][19]. Management Changes - Recent leadership changes include the promotion of Chris Koopmans to President and COO, and Sandeep Bharathi to President of the Data Center Division, aimed at enhancing operational efficiency and strategic focus [11][12]. Debt and Cash Management - Marvell completed a $2.5 billion cash transaction for the divestiture of its automotive Ethernet business, providing capital flexibility for stock buybacks and technology investments [10][21]. - The company reported total debt of $4.5 billion, with a debt-to-EBITDA ratio of 1.63, indicating improved financial health [21].

[Table_Title] Research Report 29 Aug 2025 电子 Technology 全球科技业绩快报: Marvell 2Q26 Global Tech Earnings Snapshot: Marvell 2Q26 姚书桥 Barney Yao 纪雨岑 Grace Chi barney.sq.yao@htisec.com grace.yt.chi@htisec.com Q2 FY2026 核心财务数据：营收达到 20.06 亿美元，环比增长 6%，同比大幅增长 58%；非 GAAP 运营利润率提升至 34.8%，同比增加 870 个基点；非 GAAP 每股收益为 0.67 美元，同比激增 123%。运营现金流为 4.62 亿美元，较上一 季度的 3.33 亿美元显著增长。 资本回报与股票回购：本财年前半年已回购 5.4 亿美元股票，剩余回购授权约为 20 亿美元。 汽车以太网业务剥离：Q3 初完成以 25 亿美元全现金交易剥离汽车以太网业务，交易估值极具吸引力，并提前于计 划完成。 2. 数据中心市场表现与战略 数据中心收入与增长：Q2 数据中心收入达 14.9 亿美元，占总营收 ...