The quarter ended May 2, 2026 set a record: revenue of $2.4 billion, up 28% year over year, with data center 76% of the total and record operating cash flow of $639 million; GAAP gross margin 52.1%, non-GAAP 58.9%. The gap between GAAP and non-GAAP results is a $331.8 million earn-out remeasurement from the Celestial acquisition plus acquired-intangible amortization, both non-cash, not the operating business, and management expects it to normalize the following quarter. It was the sixth straight quarter of positive GAAP net income. Full fiscal 2026 revenue was about $8.2 billion, up 42%.
✓ConfirmedCustom silicon went from zero to about $1.5 billion of revenue in fiscal 2026, doubling year over year, and management guides more than 20% growth in fiscal 2027 and to more than double in fiscal 2028, with a target of over $10 billion in fiscal 2029 - framed as roughly a 20% share of an approximately $55 billion custom market, a target and share assumption rather than booked revenue. Growth runs off a lead accelerator program, more than ten attach programs (custom network cards and memory-expansion chips), and a new tier-1 accelerator program entering volume. Management is candid that the custom accelerator itself is lower-margin, while the attach products around it are more margin-rich.
✓ConfirmedCustomer concentration is the highest the company carries and still climbing. In the quarter one distributor channel reached 45% of revenue - the largest single channel - up from 36% a year earlier, with distributors in aggregate at 51%; one direct customer held at 16%; four customers were 73% of gross accounts receivable at the fiscal year end. Neither the customer nor the distributor is named. Two customer warrants that vest on revenue milestones are both recognized as reductions to revenue.
✓ConfirmedNVIDIA bought $2.0 billion of newly issued convertible preferred stock in Marvell in March 2026, convertible at the holder's option into common stock (a cap of roughly 21.8 million shares) subject to regulatory clearance, alongside a three-part partnership: optics and silicon photonics, NVLink Fusion (positioning Marvell as the bridge between custom and merchant silicon), and AI-RAN. At the same time, Marvell's own annual filing names NVIDIA as a direct custom-silicon competitor, so the relationship is partner and competitor at once. The broader partnership scope is disclosed on Marvell's side and awaits confirmation from NVIDIA's own reporting.
✓ConfirmedSeveral questions stay open by the company's own account. Gross margin, at about 52% GAAP, still sits below the range that would mark a step up in pricing power. The Celestial photonics ramp - roughly zero to a $500 million annualized run rate in about two years - is an extremely steep assumption, and its earn-out remeasurement swings reported GAAP earnings each quarter. Initial co-packaged-optics scale-up deployment rests on a single large customer. And the filing flags that some large customers may begin building their own silicon, with AI design tools lowering the barriers to entry.
?Open — unresolved