Net revenue for the fourth quarter of fiscal 2025 was $1.817 billion, $17.0 million above the mid-point of the Company's guidance provided on December 3, 2024. GAAP net income for the fourth quarter of fiscal 2025 was $200.2 million, or $0.23 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2025 was $531.4 million, or $0.60 per diluted share. Cash flow from operations for the fourth quarter was $514.0 million.
Net revenue for fiscal 2025 was $5.767 billion. GAAP net loss for fiscal 2025 was $(885.0) million, or $(1.02) per diluted share. Non-GAAP net income for fiscal 2025 was $1.377 billion, or $1.57 per diluted share.
"We closed fiscal year 2025 on a high note, delivering record fourth-quarter revenue of $1.817 billion – an increase of 20% sequentially and 27% year-over-year. This performance was driven by strong growth in our data center end market, where revenue increased 78% year-over-year in the fourth quarter, along with a continued recovery in our multi-market businesses. For the full fiscal year, we delivered a record $1.68 billion in operating cash flow and returned $933 million to stockholders through stock repurchases and dividends," said Matt Murphy, Marvell's Chairman and CEO. "Our custom AI silicon programs have now entered volume production, and we continue to see strong growth from our interconnect products. Marvell has secured multiple new design wins, including several custom silicon programs that will fuel future growth. We are well positioned for a strong start to fiscal 2026. We expect first-quarter revenue growth of over 60 percent year-over-year at the mid-point of guidance, and we anticipate strong revenue growth for the full fiscal year."
First Quarter of Fiscal 2026 Financial Outlook
- Net revenue is expected to be $1.875 billion +/- 5%.
- GAAP gross margin is expected to be approximately 50.5%.
- Non-GAAP gross margin is expected to be approximately 60%.
- GAAP operating expenses are expected to be approximately $712 million.
- Non-GAAP operating expenses are expected to be approximately $490 million.
- Basic weighted-average shares outstanding are expected to be 867 million.
- Diluted weighted-average shares outstanding are expected to be 880 million.
- GAAP diluted net income per share is expected to be $0.19 +/- $0.05 per share.
- Non-GAAP diluted net income per share is expected to be $0.61 +/- $0.05 per share.
GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding.
Conference Call
Marvell will conduct a conference call on Wednesday, March 5, 2025 at 1:45 p.m. Pacific Time to discuss results for the fourth quarter and fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4h8OI7Q to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/. A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 19355# until Wednesday, March 12, 2025.
Discussion of Non-GAAP Financial Measures
Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facility exit related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well.
