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- **Record Q3 Performance**: $2.075B revenue (+37% YoY), Non-GAAP EPS $0.76 beats expectations.
- **Game-Changing Acquisition**: $1.6B Celestial AI deal to drive $1B+ photonic fabric revenue by FY2029.
- **Data Center Dominance**: 
  - Interconnect business to grow >30% FY2027, Custom +20%, Switching >$500M.
  - FY2027 data center growth >25%, total company ~$10B.
- **Strong Financials**: $582M cash flow, no new debt, $1B+ buybacks.
- **AWS Partnership**: Extended warrant for photonic fabric, aligning with AI infrastructure buildout.
- **Long-Term Vision**: FY2028 data center >40% growth, total company >30%, powered by Celestial AI and custom XPU attach.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q3 FY2026 revenue of $2.075 billion, up 37% YoY and 3% QoQ, driven by data center demand. Non-GAAP EPS of $0.76 exceeded expectations.
- **Celestial AI Acquisition**: $1.6 billion deal to acquire photonic fabric platform, targeting $500M annualized revenue by Q4 FY2028 and $1B by Q4 FY2029. Expected to close in Q1 FY2027.
- **Data Center Momentum**: 
  - Interconnect business (50% of data center revenue) growing faster than cloud CapEx, with 1.6T transceivers in high demand.
  - Custom business (25% of data center) to grow 20% FY2027, driven by XPU attach sockets and CXL solutions.
  - Switching revenue to exceed $500M FY2027, with 51.2T products ramping.
- **Communications Recovery**: Q3 revenue $557M (+34% YoY), enterprise networking to reach $1B annualized run rate by Q4 FY2026.
- **FY2027 Outlook**: Data center revenue >25% YoY growth, total company revenue ~$10B, with sequential growth every quarter.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP gross margin 51.6%, non-GAAP 59.7%. Non-GAAP EPS $0.76 (+77% YoY). Cash flow from operations $582M, up $121M QoQ.
- **Guidance FY2027**: 
  - Revenue growth >25% in data center, 10% in communications.
  - Non-GAAP operating expenses to grow at ~half the rate of revenue.
  - Tax rate to increase to 12% FY2027.
- **Acquisition Funding**: Celestial AI to be funded via stock and cash, with no new debt. $1B ASR program completed, $300M buyback executed.

**【Q&A Highlights】**
- **Celestial AI Impact**: Lead hyperscaler design win, with $2B earnout potential. Revenue ramp begins H2 FY2028, targeting $1B+ by FY2029.
- **Custom Business Visibility**: 18+ XPU attach sockets, including CXL solutions. FY2027 custom growth 20%, FY2028+ to accelerate with 2nm process ramps.
- **Optics Growth**: Interconnect business to grow faster than cloud CapEx (30%+ FY2027), driven by AECs, retimers, and 1.6T transceivers.
- **AWS Partnership**: Extended warrant agreement to include photonic fabric, reflecting strategic collaboration on AI infrastructure.
- **Long-Term Outlook**: FY2028 data center growth >40%, total company growth >30%, supported by Celestial AI, custom ramps, and interconnect innovation.

Marvell Technology, Inc. (MRVL) Q3 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

Loss on Bad Debts

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Operating Income

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Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

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Net Income

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Preferred Stock Dividends

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

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MRVL

MRVL fundamentals

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