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Marvell anticipates revenues of $2.06 billion (+/- 5%) for third-quarter fiscal 2026. The Zacks Consensus Estimate for MRVL’s fiscal third-quarter revenues is pegged at $2.06 billion, indicating year-over-year growth of 36%.
For the fiscal third quarter, the company expects non-GAAP earnings of 74 cents per share (+/- five cents). The Zacks Consensus Estimate for MRVL’s earnings is pegged at 75 cents per share, reflecting a 74.4% increase year over year. The consensus mark for earnings has remained unchanged over the past seven days.
Image Source: Zacks Investment Research
In the trailing four quarters, Marvell’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 2.7%.
Our proven model predicts an earnings beat for MRVL this earnings season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate (78 cents per share) and the Zacks Consensus Estimate (75 cents per share), is +4.54%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: MRVL carries a Zacks Rank of 2 at present.
Factors Likely to Influence Marvell’s Q3 Results
MRVL’s carrier infrastructure end market, which accounts for Broadband access systems, ethernet switches, optical transport systems, routers and wireless radio access network systems, is on the path to recovery. Our model estimates that third-quarter carrier infrastructure revenues will reach $169.2 million, implying robust 99.8% year-over-year growth.
Rising demand for Marvell’s advanced ethernet switch portfolio, highly integrated semiconductors with single or multi-core processors and intelligent OSI stack processing is likely to have benefited MRVL’s carrier infrastructure revenues in the to-be-reported quarter.
Marvell’s third-quarter fiscal 2026 data center segment revenues are likely to have been driven by robust demand in custom AI accelerators, including AI XPUs and custom high bandwidth memory chips, and are likely to grow in double digits in the upcoming quarter as well.
In the second quarter of fiscal 2026, MRVL announced that it had 18 XPU/XPU-attach sockets with more than 50 new pipeline opportunities with an estimated $75 billion of lifetime revenue potential. These factors are likely to have driven MRVL’s topline. Our model estimates that third-quarter data center revenues will reach $1.49 billion, implying robust 35.5% year-over-year growth.
MRVL’s enterprise networking segment is on the path to recovery as customer inventory normalizes. Our model estimates that third-quarter enterprise networking revenues will reach $256 million, implying robust 66.7% year-over-year growth. However, MRVL is facing some headwinds in the consumer and industrial/automotive segments. The consumer segment has been dealing with gaming seasonality and that is likely to have offset the growth in carrier, data center and enterprise networking segments in the to-be-reported quarter.
MRVL Stock Price Performance & Valuation
In the past year, Marvell shares have plunged 20.6%, underperforming the Zacks Electronics – Semiconductors industry’s growth of 50.8%.
Image Source: Zacks Investment Research
Now, let’s look at the value Marvell offers investors at the current levels. Despite the recent fall, MRVL stock trades at a discounted price with a forward 12-month price-to-sales (P/S) multiple of 5.99X compared with the industry’s 7.54X.
Image Source: Zacks Investment Research
Investment Consideration for MRVL
Marvell is doubling down on solving AI infrastructure challenges by introducing products that boost bandwidth, improve signal integrity, enhance memory efficiency and telemetry visibility across compute, interconnect, and network layers. It is heavily investing in its custom silicon programs to rapidly scale production.
Earlier, it had introduced a 2.5D advanced packaging platform built in-house that would enable it to cater to custom XPUs that ensure reduced power consumption while lowering overall product cost for customers. Adding to its expertise in custom AI silicon chips, Marvell also introduced a first-of-its-kind 64 Gbps/wire Bi-Directional die-to-die interface IP in 2nm to power next-generation XPUs.
The company has recently showcased a co-packaged copper system with 2.5m direct attach cable and co-packaged optics (CPO) switch system, which will enable companies for high-speed networking. To accelerate memory-intensive AI workloads, MRVL has Structera CXL and Alaska P PCIe 6 retimer over cable for AI scale-up while maintaining signal integrity. Marvell’s Ara 200G/lambda 1.6T PAM4 optical DSP for AI scale-out is another product that improves AI networking.
Furthermore, Marvell has also formed strong collaborations with industry leaders, including NVIDIA (NVDA - Free Report) and Coherent Corp. (COHR - Free Report) , to design high-speed networking technology for AI workloads. Marvell and NVIDIA have collaborated to integrate Marvell’s optical interconnect solutions with NVIDIA’s AI and computing technology.
Using the NVIDIA HGX H100 eight-GPU platform, BlueField-3 DPUs, Spectrum-X networking, and Marvell’s interconnects, they have developed NVIDIA Israel-1 to power AI applications with high efficiency. Marvell has collaborated with Coherent Corp. to develop 800ZR networking solutions. Together, these two companies combined Coherent’s 800ZR transceiver and Marvell’s Orion 800G coherent DSP to develop a networking solution to support AI, cloud and 5G.
However, MRVL faces tough competition from Broadcom (AVGO - Free Report) and Advanced Micro Devices. AMD offers semi-custom SoCs and Instinct Accelerators to power data centers. Moreover, Advanced Micro Devices’ reconfigurable Alveo Adaptable Accelerator Cards are critical for compute-intensive applications in data centers.
Broadcom is a leader in the domain of custom silicon solutions for data centres. Broadcom’s advanced 3.5D XDSiP packaging platform is critical to ensure the performance and efficiency of custom AI XPUs. Broadcom’s Semiconductor segment, which accounts for its custom silicon solutions, has experienced massive growth in the past several quarters.
Conclusion: Buy MRVL Before Q3 Results
Marvell’s upcoming quarterly results are likely to demonstrate the beginning of a multi-year growth story fueled by AI innovations. Considering all these factors, we suggest investors invest in this Zacks Rank #2 (Buy) stock at present.
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MRVL to Post Q3 Earnings: Time to Buy, Sell or Hold the Stock?
Key Takeaways
Marvell Technology, Inc. (MRVL - Free Report) is scheduled to report third-quarter fiscal 2026 results after market close on Dec. 12, 2025.
Marvell anticipates revenues of $2.06 billion (+/- 5%) for third-quarter fiscal 2026. The Zacks Consensus Estimate for MRVL’s fiscal third-quarter revenues is pegged at $2.06 billion, indicating year-over-year growth of 36%.
For the fiscal third quarter, the company expects non-GAAP earnings of 74 cents per share (+/- five cents). The Zacks Consensus Estimate for MRVL’s earnings is pegged at 75 cents per share, reflecting a 74.4% increase year over year. The consensus mark for earnings has remained unchanged over the past seven days.
Image Source: Zacks Investment Research
In the trailing four quarters, Marvell’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 2.7%.
Marvell Technology, Inc. Price and EPS Surprise
Marvell Technology, Inc. price-eps-surprise | Marvell Technology, Inc. Quote
Earnings Whispers for MRVL
Our proven model predicts an earnings beat for MRVL this earnings season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate (78 cents per share) and the Zacks Consensus Estimate (75 cents per share), is +4.54%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: MRVL carries a Zacks Rank of 2 at present.
Factors Likely to Influence Marvell’s Q3 Results
MRVL’s carrier infrastructure end market, which accounts for Broadband access systems, ethernet switches, optical transport systems, routers and wireless radio access network systems, is on the path to recovery. Our model estimates that third-quarter carrier infrastructure revenues will reach $169.2 million, implying robust 99.8% year-over-year growth.
Rising demand for Marvell’s advanced ethernet switch portfolio, highly integrated semiconductors with single or multi-core processors and intelligent OSI stack processing is likely to have benefited MRVL’s carrier infrastructure revenues in the to-be-reported quarter.
Marvell’s third-quarter fiscal 2026 data center segment revenues are likely to have been driven by robust demand in custom AI accelerators, including AI XPUs and custom high bandwidth memory chips, and are likely to grow in double digits in the upcoming quarter as well.
In the second quarter of fiscal 2026, MRVL announced that it had 18 XPU/XPU-attach sockets with more than 50 new pipeline opportunities with an estimated $75 billion of lifetime revenue potential. These factors are likely to have driven MRVL’s topline. Our model estimates that third-quarter data center revenues will reach $1.49 billion, implying robust 35.5% year-over-year growth.
MRVL’s enterprise networking segment is on the path to recovery as customer inventory normalizes. Our model estimates that third-quarter enterprise networking revenues will reach $256 million, implying robust 66.7% year-over-year growth. However, MRVL is facing some headwinds in the consumer and industrial/automotive segments. The consumer segment has been dealing with gaming seasonality and that is likely to have offset the growth in carrier, data center and enterprise networking segments in the to-be-reported quarter.
MRVL Stock Price Performance & Valuation
In the past year, Marvell shares have plunged 20.6%, underperforming the Zacks Electronics – Semiconductors industry’s growth of 50.8%.
Image Source: Zacks Investment Research
Now, let’s look at the value Marvell offers investors at the current levels. Despite the recent fall, MRVL stock trades at a discounted price with a forward 12-month price-to-sales (P/S) multiple of 5.99X compared with the industry’s 7.54X.
Image Source: Zacks Investment Research
Investment Consideration for MRVL
Marvell is doubling down on solving AI infrastructure challenges by introducing products that boost bandwidth, improve signal integrity, enhance memory efficiency and telemetry visibility across compute, interconnect, and network layers. It is heavily investing in its custom silicon programs to rapidly scale production.
Earlier, it had introduced a 2.5D advanced packaging platform built in-house that would enable it to cater to custom XPUs that ensure reduced power consumption while lowering overall product cost for customers. Adding to its expertise in custom AI silicon chips, Marvell also introduced a first-of-its-kind 64 Gbps/wire Bi-Directional die-to-die interface IP in 2nm to power next-generation XPUs.
The company has recently showcased a co-packaged copper system with 2.5m direct attach cable and co-packaged optics (CPO) switch system, which will enable companies for high-speed networking. To accelerate memory-intensive AI workloads, MRVL has Structera CXL and Alaska P PCIe 6 retimer over cable for AI scale-up while maintaining signal integrity. Marvell’s Ara 200G/lambda 1.6T PAM4 optical DSP for AI scale-out is another product that improves AI networking.
Furthermore, Marvell has also formed strong collaborations with industry leaders, including NVIDIA (NVDA - Free Report) and Coherent Corp. (COHR - Free Report) , to design high-speed networking technology for AI workloads. Marvell and NVIDIA have collaborated to integrate Marvell’s optical interconnect solutions with NVIDIA’s AI and computing technology.
Using the NVIDIA HGX H100 eight-GPU platform, BlueField-3 DPUs, Spectrum-X networking, and Marvell’s interconnects, they have developed NVIDIA Israel-1 to power AI applications with high efficiency. Marvell has collaborated with Coherent Corp. to develop 800ZR networking solutions. Together, these two companies combined Coherent’s 800ZR transceiver and Marvell’s Orion 800G coherent DSP to develop a networking solution to support AI, cloud and 5G.
However, MRVL faces tough competition from Broadcom (AVGO - Free Report) and Advanced Micro Devices. AMD offers semi-custom SoCs and Instinct Accelerators to power data centers. Moreover, Advanced Micro Devices’ reconfigurable Alveo Adaptable Accelerator Cards are critical for compute-intensive applications in data centers.
Broadcom is a leader in the domain of custom silicon solutions for data centres. Broadcom’s advanced 3.5D XDSiP packaging platform is critical to ensure the performance and efficiency of custom AI XPUs. Broadcom’s Semiconductor segment, which accounts for its custom silicon solutions, has experienced massive growth in the past several quarters.
Conclusion: Buy MRVL Before Q3 Results
Marvell’s upcoming quarterly results are likely to demonstrate the beginning of a multi-year growth story fueled by AI innovations. Considering all these factors, we suggest investors invest in this Zacks Rank #2 (Buy) stock at present.