$MRVL

Marvell Technology, Inc.

CIK:0001835632|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2026	Aug. 02, 2025	Aug. 01, 2026	Aug. 02, 2025
Income Statement [Abstract]
Net revenue	$ 2,739.3	$ 2,006.1	$ 5,157.1	$ 3,901.4
Cost of goods sold	1,283.7	995.5	2,440.7	1,938.4
Gross profit	1,455.6	1,010.6	2,716.4	1,963.0
Operating expenses:
Research and development	741.1	519.0	1,393.4	1,026.7
Selling, general and administrative	257.6	192.8	516.0	379.2
Restructuring related charges (gains), net	(2.8)	8.7	7.9	(3.6)
Total operating expenses	995.9	720.5	1,917.3	1,402.3
Operating income	459.7	290.1	799.1	560.7
Interest expense	(61.6)	(51.9)	(114.4)	(100.6)
Other expense, net	(19.8)	(4.5)	(223.1)	(10.5)
Interest and other loss, net	(81.4)	(56.4)	(337.5)	(111.1)
Income before income taxes	378.3	233.7	461.6	449.6
Provision for income taxes	70.3	38.9	119.1	76.9
Net income	$ 308.0	$ 194.8	$ 342.5	$ 372.7
Net income per share — basic (in dollars per share)	$ 0.34	$ 0.23	$ 0.39	$ 0.43
Net income per share — diluted (in dollars per share)	$ 0.33	$ 0.22	$ 0.38	$ 0.43
Weighted-average shares outstanding - common stock and preferred stock assuming conversion:
Basic (in shares)	897.4	862.6	889.6	863.7
Diluted (in shares)	921.2	870.4	907.1	873.0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Cash flows from operating activities:
Net income	$ 342.5	$ 372.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	188.5	168.3
Stock-based compensation	533.8	295.7
Amortization of acquired intangible assets	440.1	489.4
Change in fair value of contingent consideration liability	433.7	0.0
Change in fair value of forward stock purchase contract	(131.0)	0.0
Restructuring related charges (gains), net	0.0	(14.0)
Deferred income taxes	38.7	(9.2)
Other expense, net	58.3	80.8
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(31.7)	(423.3)
Prepaid expenses and other assets	(333.7)	(93.4)
Inventories	36.9	(54.5)
Accounts payable	(333.6)	(68.1)
Accrued employee compensation	(40.1)	(90.8)
Accrued liabilities and other non-current liabilities	41.9	140.9
Net cash provided by operating activities	1,244.3	794.5
Cash flows from investing activities:
Purchases of technology licenses	(5.0)	(2.2)
Purchases of property and equipment	(282.4)	(166.3)
Proceeds from sales of property and equipment	0.0	27.3
Acquisitions, net of cash acquired	(1,270.9)	0.0
Other, net	6.6	(30.1)
Net cash used in investing activities	(1,551.7)	(171.3)
Cash flows from financing activities:
Repurchases of common stock	(400.0)	(540.0)
Proceeds from employee stock plans	57.5	51.1
Proceeds from issuance of preferred stock	2,000.0	0.0
Tax withholding paid on behalf of employees for net share settlement	(365.2)	(100.9)
Dividend payments to stockholders	(107.7)	(103.5)
Payments on technology license obligations	(56.6)	(54.3)
Proceeds from borrowings	998.9	1,198.6
Principal payments of debt	(500.0)	(790.6)
Other, net	(25.5)	(7.5)
Net cash provided by (used in) financing activities	1,601.4	(347.1)
Net increase in cash and cash equivalents	1,294.0	276.1
Cash and cash equivalents at beginning of period	2,638.8	948.3
Cash and cash equivalents at end of period	$ 3,932.8	$ 1,224.4

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Aug. 01, 2026	Jan. 31, 2026
Current assets:
Cash and cash equivalents	$ 3,932.8	$ 2,638.8
Accounts receivable, net	2,218.4	2,186.6
Inventories	1,360.6	1,388.0
Prepaid expenses and other current assets	407.5	247.2
Total current assets	7,919.3	6,460.6
Property and equipment, net	1,071.0	935.0
Goodwill	13,873.9	11,062.2
Acquired intangible assets, net	2,346.6	1,754.7
Deferred tax assets	322.3	345.9
Other non-current assets	2,021.5	1,726.9
Total assets	27,554.6	22,285.3
Current liabilities:
Accounts payable	797.9	1,073.8
Accrued liabilities	1,425.8	1,337.1
Accrued employee compensation	275.8	309.8
Short-term debt	0.0	499.8
Total current liabilities	2,499.5	3,220.5
Long-term debt	4,962.9	3,970.8
Other non-current liabilities	1,560.6	785.6
Total liabilities	9,023.0	7,976.9
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.002 par value; 8.0 shares authorized; 2.0 shares issued and outstanding as of August 1, 2026 of Series A Convertible Preferred Stock (none issued and outstanding as of January 31, 2026)	0.0	0.0
Common stock, $0.002 par value	1.8	1.7
Additional paid-in capital	16,939.2	12,950.9
Retained earnings	1,590.6	1,355.8
Total stockholders’ equity	18,531.6	14,308.4
Total liabilities and stockholders’ equity	$ 27,554.6	$ 22,285.3