Marvell Technology, Inc.MRVL
Marvell Technology, Inc. Revenue Disclosure
Revenue
Disaggregation of Revenue
The majority of the Company’s revenue is generated from sales of the Company’s products.
Beginning in the fourth quarter of fiscal 2026, the Company consolidated revenue previously reported separately as enterprise networking, carrier infrastructure, consumer and automotive/industrial end markets into a new communications and other end market, as shown below. The composition of our data center end market remains unchanged.
The following table summarizes net revenue disaggregated by end market (in millions, except percentages):
| Year Ended January 31, 2026 | % of Total | Year Ended February 1, 2025 | % of Total | Year Ended February 3, 2024 | % of Total | ||||||||||||||||||||||||||||||
| Net revenue by end market: | |||||||||||||||||||||||||||||||||||
| Data center | $ | 6,100.3 | 74 | % | $ | 4,164.2 | 72 | % | $ | 2,216.7 | 40 | % | |||||||||||||||||||||||
| Communications and other | 2,094.3 | 26 | % | 1,603.1 | 28 | % | 3,291.0 | 60 | % | ||||||||||||||||||||||||||
| $ | 8,194.6 | $ | 5,767.3 | $ | 5,507.7 | ||||||||||||||||||||||||||||||
The following table summarizes net revenue disaggregated by primary geographical market based on destination of shipment (in millions, except percentages):
| Year Ended January 31, 2026 | % of Total | Year Ended February 1, 2025 | % of Total | Year Ended February 3, 2024 | % of Total | ||||||||||||||||||||||||||||||
| Net revenue based on destination of shipment: | |||||||||||||||||||||||||||||||||||
| China | $ | 2,969.9 | 36 | % | $ | 2,507.6 | 43 | % | $ | 2,371.0 | 43 | % | |||||||||||||||||||||||
| Taiwan | 1,657.3 | 20 | % | 560.7 | 10 | % | 161.9 | 3 | % | ||||||||||||||||||||||||||
| United States | 1,174.1 | 14 | % | 956.9 | 17 | % | 795.6 | 14 | % | ||||||||||||||||||||||||||
| Other | 2,393.3 | 30 | % | 1,742.1 | 30 | % | 2,179.2 | 40 | % | ||||||||||||||||||||||||||
| $ | 8,194.6 | $ | 5,767.3 | $ | 5,507.7 | ||||||||||||||||||||||||||||||
These destinations of shipment are not necessarily indicative of the geographic location of the Company’s end customers or the country in which the Company’s end customers sell devices containing the Company’s products. For example, a substantial majority of the product shipments the Company makes to China are for non-China based customers that have factories or contract manufacturing operations located within China and whose products are subsequently shipped out of China. Net revenue for individual countries included in Other did not exceed 10% of the Company’s net revenue for any of the fiscal periods presented.
The following table summarizes net revenue disaggregated by customer type (in millions, except percentages):
| Year Ended January 31, 2026 | % of Total | Year Ended February 1, 2025 | % of Total | Year Ended February 3, 2024 | % of Total | ||||||||||||||||||||||||||||||
| Net revenue by customer type: | |||||||||||||||||||||||||||||||||||
| Direct customers | $ | 4,630.4 | 57 | % | $ | 3,309.9 | 57 | % | $ | 3,469.5 | 63 | % | |||||||||||||||||||||||
| Distributors | 3,564.2 | 43 | % | 2,457.4 | 43 | % | 2,038.2 | 37 | % | ||||||||||||||||||||||||||
| $ | 8,194.6 | $ | 5,767.3 | $ | 5,507.7 | ||||||||||||||||||||||||||||||
Contract Liabilities
Contract liabilities consist of the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration or the amount is due from the customer. Contract liability balances are comprised of deferred revenue. The amount of revenue recognized during the year ended January 31, 2026, that was included in the deferred revenue balance at February 1, 2025 was not material.
As of the end of a reporting period, some of the performance obligations associated with contracts will have been unsatisfied or only partially satisfied. The Company has elected the practical expedient and does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.
Customer Warrants
During fiscal 2025, the Company issued a warrant to a customer for the purchase of up to 4.2 million shares (“Fiscal 2025 Warrant Shares”) of the Company’s common stock at an exercise price of $87.77 per share. The warrant has an exercise term of seven years and a vesting term of five years. The Fiscal 2025 Warrant Shares vest primarily based on the customer’s achievement of qualifying product revenue milestones and are recognized as a reduction to revenue as qualifying revenues are recognized during the vesting term. The grant date fair value of the warrant was determined to be $54.44 per share and a total fair value of $227.6 million using the Black-Scholes option pricing model. A total of 0.7 million Fiscal 2025 Warrant Shares were vested as of January 31, 2026.
During fiscal 2026, the Company issued a warrant to a customer for the purchase of up to 1.0 million shares (“Fiscal 2026 Warrant Shares”) of the Company’s common stock at an exercise price of $87.00 per share. The warrant has an exercise term of six years and a vesting term of five years. The Fiscal 2026 Warrant Shares vest based on the customer’s achievement of qualifying product revenues are recognized during the vesting term. The grant date fair value of the warrant was determined to be $53.02 per share and a total fair value of $55.4 million using the Black-Scholes option pricing model. None of the Fiscal 2026 Warrant Shares have vested as of January 31, 2026.
See “Note 11 – Equity Compensation and Employee Benefit Plans” for additional information.
Sales Commissions
The Company has elected to apply the practical expedient to expense commissions when incurred as the amortization period is typically one year or less. These costs are recorded in selling, general and administrative expenses in the consolidated statements of operations.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 11, 2026 | Showing above |
| 2025 | Mar 12, 2025 | |
| 2024 | Mar 13, 2024 | |
| 2023 | Mar 9, 2023 | |
| 2022 | Mar 10, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.