Communications & OtherThin moat

Marvell Technology (MRVL) — moat facet

The older businesses, allowed to shrink to a fifth of the company.

Communications and other is everything Marvell sells outside the data centre. It brought in $2,094.3 million in fiscal 2026, 26% of revenue.1

Communications and other revenue by quarter ($m)$516mQ2 FY2026$585mQ1 FY2027$568mQ2 FY2027Marvell Q2 fiscal 2027 results release
Up 10% on the year and down 3% on the quarter: recovery without momentum.

It gathers the older businesses. The release lists enterprise networking (campus routers, switches and wireless access points, firewalls), carrier infrastructure (broadband access, optical transport, radio access networks), consumer (gateways, gaming consoles, printers, set-top boxes) and what remains of automotive and industrial.2 Marvell sold its automotive Ethernet business to Infineon for $2.5 billion in cash on 14 August 2025.3

It has shrunk sharply. Revenue was $3,291.0 million in fiscal 2024 and $1,603.1 million in fiscal 2025, a fall of about 51%.45 It recovered about 31% in fiscal 2026, which the 10-K reports net of the lost automotive Ethernet sales.6

The latest quarter was flat. Revenue was $567.8 million in the June 2026 quarter, up 10% on a year earlier and down 3% on the March quarter.7 Its share of Marvell fell from 26% to 21% in a year.8

Marvell reports no profit for the end market.

The verdict is that this line is being run for cash and allowed to shrink as a share, not managed for growth. The number to watch is its revenue: about $570 million a quarter now, and a return toward the roughly $820 million a quarter of fiscal 2024 would mean the enterprise and carrier cycle has fully turned.

Moat trajectory: Holding steady

Revenue up 10% on the year and down 3% on the quarter to $567.8M.

The number that tests this moat
Reported
Communications and other revenue, fiscal year
$2,094.3M in fiscal 2026, from $3,291.0M in fiscal 2024

A return toward about $820 million a quarter would mean the enterprise and carrier cycle has fully turned.

Source: Marvell Form 10-K FY2026 ↗
References
  1. ReportedIt brought in $2,094.3 million in fiscal 2026, 26% of revenue.
    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. ReportedThe release lists enterprise networking (campus routers, switches and wireless access points, firewalls), carrier infrastructure (broadband access, optical transport, radio access networks), consumer (gateways, gaming consoles, printers, set-top boxes) and what remains of automotive and industrial.
    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 ↗
  3. ReportedMarvell sold its automotive Ethernet business to Infineon for $2.5 billion in cash on 14 August 2025.
    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 ↗
  4. ReportedRevenue was $3,291.0 million in fiscal 2024 and $1,603.1 million in fiscal 2025, a fall of about 51%.
    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. Moat Explorer calcRevenue was $3,291.0 million in fiscal 2024 and $1,603.1 million in fiscal 2025, a fall of about 51%.
    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 ↗
  6. ReportedIt recovered about 31% in fiscal 2026, which the 10-K reports net of the lost automotive Ethernet sales.
    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 ↗
  7. ReportedRevenue was $567.8 million in the June 2026 quarter, up 10% on a year earlier and down 3% on the March 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. ReportedIts share of Marvell fell from 26% to 21% in a year.
    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