来源：市场资讯 （来源：Eric有话说） 迈威尔FY26Q2财季对应实际时间2025年5/6/7月。 迈威尔FY26Q2财报： 营收20.06亿美元，同比增长58%，环比增长6%；预计Q3营收20.6亿美元，同比增长36%； GAAP毛利率50.4%，同比增长4.2个百分点；NonGAAP毛利率59.4%，同比下滑2.5个百分点，环 比下滑0.4个百分点，连续7个季度环比下滑；预计Q3 NonGAAP毛利率60%，同比下滑0.5个百分 点； NonGAAP经营利润6.99亿美元，同比增长111%；NonGAAP经营利润率34.8%，同比增长8.7个百 分点，环比增长0.6个百分点；预计Q3 NonGAAP经营利润7.51亿美元，同比增长67%，经营利润 率36.5%； NonGAAP净利润5.86亿美元，同比增长120%；NonGAAP净利润率29.2%；预计Q3 NonGAAP净利 润6.44亿美元，同比增长73%，净利润率31.3%； GAAP days in inventory 96天，环比下滑8天； 本季度回购2亿美元，分红5170万美元，回购额度还剩20亿美元； 本季度大陆营收占比29%，台湾27% ...

Marvell Technology Conference Call Summary Company Overview - **Company**: Marvell Technology - **Quarter**: Q2 FY2026 - **Revenue**: $2.006 billion, a 36% year-over-year increase [1][2][15] Key Financial Highlights - **Non-GAAP Operating Margin**: Increased by 870 basis points to 34.8% [1][2][15] - **Non-GAAP Earnings Per Share**: $0.67, a 123% year-over-year increase [1][2][15] - **Operating Cash Flow**: $462 million, significantly higher than $333 million in the previous quarter [1][2][15] - **Stock Buyback**: $540 million in stock repurchased in the first half of the fiscal year, with remaining authorization of approximately $2 billion [2][15] Strategic Developments - **Divestiture**: Completed the divestiture of the automotive Ethernet business for $2.5 billion in cash, with proceeds allocated for stock buybacks and technology platform investments [1][3][4] - **Focus Shift**: Strategic focus has shifted towards data centers, which now account for two-thirds of total revenue [1][4] Data Center Market Performance - **Data Center Revenue**: $1.49 billion, a 69% year-over-year increase and a 3% quarter-over-quarter increase [1][6][12] - **Drivers**: Growth driven by custom XPU and associated products, with AI and cloud computing contributing over 90% of data center revenue [1][6][12] - **Future Projections**: Anticipated revenue growth of approximately 30% in the third quarter, with expectations for continued strong performance in the data center segment [7][12] Product Innovations - **New Product Launch**: Introduction of the rapidly growing custom silicon product category, XPU Attach, with potential revenue of $75 billion [1][8] - **Market Share Goals**: Aim to increase data center market share from 13% in a $33 billion total addressable market (TAM) in 2024 to 20% in a $94 billion TAM by 2028 [1][8] Leadership Changes - **Executive Promotions**: Chris Coopmans promoted to President and COO; Sandip Bharati promoted to President of the Data Center Group [5] Industry Outlook - **AI and Cloud Computing**: Strong demand in AI and cloud computing markets, with expectations for AI-related revenue to exceed half of total revenue by the end of the fiscal year [26] - **Market Trends**: Anticipated growth in optical technologies and custom products, with significant opportunities in the data interconnect product portfolio [9][10][11] Financial Health - **Balance Sheet**: Cash and cash equivalents of $1.2 billion; total debt of $4.5 billion with a debt-to-EBITDA ratio of 1.63 [17] - **Future Guidance**: Projected total revenue of approximately $2.06 billion for Q3 FY2026, with non-GAAP earnings per share expected to grow by 10% [18] Conclusion - **Overall Performance**: Marvell Technology demonstrates strong financial performance, robust growth in the data center market, and a strategic pivot towards AI and cloud computing, positioning itself for future success [31]