The Revenue LinesNarrow moat

Marvell Technology (MRVL) — moat facet

Four-fifths of Marvell is now one end market, and the rest halved in a year.

Marvell reports its revenue in two end markets. In fiscal 2026, the year to 31 January 2026, data center brought in $6,100.3 million and communications and other $2,094.3 million, of $8,194.6 million.1 It reports one segment and no profit by end market, so these pages are about revenue.

Revenue by end market ($m)$2,217mData center FY2024$6,100mData center FY2026$3,291mComms &other FY2024$2,094mComms &other FY2026Marvell Form 10-K FY2026, revenue by end market
In two years data center nearly tripled and everything else lost a third.

The mix changed faster than almost anything else in this collection. Data center was 40% of revenue in fiscal 2024, 72% in fiscal 2025 and 74% in fiscal 2026.2 In the June 2026 quarter it was 79%.3

The two markets move for different reasons. Data center follows the AI build-out: the 10-K credits AI-related demand for custom products and electro-optics.4 Communications and other follows enterprise and carrier spending, and it fell from $3,291.0 million in fiscal 2024 to $1,603.1 million in fiscal 2025, about 51%, before recovering to $2,094.3 million.56

The June quarter continued the pattern. Data center revenue was $2,171.5 million, up 46%, and communications and other $567.8 million, up 10%; the company as a whole was guided to $3.150 billion for the next quarter.7 The custom-silicon and optics franchises are argued under The Moat; these pages carry each market's own series.

The number that ties them together is data center's share of revenue, 79% in the latest quarter.8 Above 80% Marvell becomes almost a single-market company, with one distributor carrying 44% of sales.

Moat trajectory: Widening

Data center rose to 79% of revenue in the June 2026 quarter, from 74% a year earlier.

The number that tests this moat
Reported
Data center share of revenue, fiscal year
74% in fiscal 2026, from 40% in fiscal 2024

The annual view of the shift; above 80% Marvell becomes almost a single-market company.

Source: Marvell Form 10-K FY2026 ↗
Dig deeper
DIG DEEPER 01
Data Center
From 40% of the company to 79% in under three years, on custom chips and optics for AI.
DIG DEEPER 02
Communications & Other
The older businesses, allowed to shrink to a fifth of the company.
References
  1. ReportedIn fiscal 2026, the year to 31 January 2026, data center brought in $6,100.3 million and communications and other $2,094.3 million, of $8,194.6 million.
    Marvell Form 10-K FY2026 - net revenue by end market FY2024-FY2026 (data center $2,216.7M/$4,164.2M/$6,100.3M; communications and other $3,291.0M/$1,603.1M/$2,094.3M); fiscal 2026 growth from AI-related demand for custom products and electro-optics, communications and other up 31% net of the automotive Ethernet divestiture; sale of the automotive Ethernet business to Infineon for $2.5B on 14 August 2025; one reportable segment — FY2024-FY2026 · publ. 11 March 2026 · source ↗
  2. ReportedData center was 40% of revenue in fiscal 2024, 72% in fiscal 2025 and 74% in fiscal 2026.
    Marvell Form 10-K FY2026 - net revenue by end market FY2024-FY2026 (data center $2,216.7M/$4,164.2M/$6,100.3M; communications and other $3,291.0M/$1,603.1M/$2,094.3M); fiscal 2026 growth from AI-related demand for custom products and electro-optics, communications and other up 31% net of the automotive Ethernet divestiture; sale of the automotive Ethernet business to Infineon for $2.5B on 14 August 2025; one reportable segment — FY2024-FY2026 · publ. 11 March 2026 · source ↗
  3. ReportedIn the June 2026 quarter it was 79%.
    Marvell Q2 fiscal 2027 results release - revenue by end market for Q2 FY2027, Q1 FY2027 and Q2 FY2026 (data center $2,171.5M/$1,832.7M/$1,490.5M; communications and other $567.8M/$585.1M/$515.6M; shares 79%/76%/74%); end-market product lists; GAAP gross margin 53.1%; Q3 guidance $3.150B; custom business to accelerate from the second half of fiscal 2027 — Q2 FY2027 · publ. 27 August 2026 · source ↗
  4. ReportedData center follows the AI build-out: the 10-K credits AI-related demand for custom products and electro-optics.
    Marvell Form 10-K FY2026 - net revenue by end market FY2024-FY2026 (data center $2,216.7M/$4,164.2M/$6,100.3M; communications and other $3,291.0M/$1,603.1M/$2,094.3M); fiscal 2026 growth from AI-related demand for custom products and electro-optics, communications and other up 31% net of the automotive Ethernet divestiture; sale of the automotive Ethernet business to Infineon for $2.5B on 14 August 2025; one reportable segment — FY2024-FY2026 · publ. 11 March 2026 · source ↗
  5. ReportedCommunications and other follows enterprise and carrier spending, and it fell from $3,291.0 million in fiscal 2024 to $1,603.1 million in fiscal 2025, about 51%, before recovering to $2,094.3 million.
    Marvell Form 10-K FY2026 - net revenue by end market FY2024-FY2026 (data center $2,216.7M/$4,164.2M/$6,100.3M; communications and other $3,291.0M/$1,603.1M/$2,094.3M); fiscal 2026 growth from AI-related demand for custom products and electro-optics, communications and other up 31% net of the automotive Ethernet divestiture; sale of the automotive Ethernet business to Infineon for $2.5B on 14 August 2025; one reportable segment — FY2024-FY2026 · publ. 11 March 2026 · source ↗
  6. Moat Explorer calcCommunications and other follows enterprise and carrier spending, and it fell from $3,291.0 million in fiscal 2024 to $1,603.1 million in fiscal 2025, about 51%, before recovering to $2,094.3 million.
    Moat Explorer calculation from Marvell's FY2026 10-K and Q2 FY2027 release: growth rates and averages by end market — FY2024 to Q2 FY2027 · publ. 2026-09-23 · source ↗
  7. ReportedData center revenue was $2,171.5 million, up 46%, and communications and other $567.8 million, up 10%; the company as a whole was guided to $3.150 billion for the next quarter.
    Marvell Q2 fiscal 2027 results release - revenue by end market for Q2 FY2027, Q1 FY2027 and Q2 FY2026 (data center $2,171.5M/$1,832.7M/$1,490.5M; communications and other $567.8M/$585.1M/$515.6M; shares 79%/76%/74%); end-market product lists; GAAP gross margin 53.1%; Q3 guidance $3.150B; custom business to accelerate from the second half of fiscal 2027 — Q2 FY2027 · publ. 27 August 2026 · source ↗
  8. ReportedThe number that ties them together is data center's share of revenue, 79% in the latest quarter.
    Marvell Q2 fiscal 2027 results release - revenue by end market for Q2 FY2027, Q1 FY2027 and Q2 FY2026 (data center $2,171.5M/$1,832.7M/$1,490.5M; communications and other $567.8M/$585.1M/$515.6M; shares 79%/76%/74%); end-market product lists; GAAP gross margin 53.1%; Q3 guidance $3.150B; custom business to accelerate from the second half of fiscal 2027 — Q2 FY2027 · publ. 27 August 2026 · source ↗
Sources
Generated September 23, 2026