Analysis of Revenues
Revenues as Reported
Marvell Technology Inc., income statement, revenues
US$ in thousands
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30).
Net revenue exhibits an overall growth trend, increasing from US$ 2.97 billion in 2021 to a projected US$ 8.19 billion by 2026. This progression was marked by steady growth until 2023, followed by a period of relative stagnation between 2024 and 2025, and a subsequent sharp acceleration moving into 2026.
- Data Center Revenue Performance
- A strong upward trajectory is observed in the data center segment, which grew from US$ 1.04 billion in 2021 to US$ 6.10 billion by 2026. Despite a marginal contraction in 2024, the segment experienced significant expansion between 2024 and 2026, establishing itself as the primary driver of total revenue growth.
- Communications and Other Revenue Performance
- This segment demonstrated initial growth, peaking at US$ 3.51 billion in 2023. However, a substantial decline occurred in 2025, with revenues falling to US$ 1.60 billion. Although a partial recovery is noted by 2026, the segment's overall contribution to the total revenue stream has diminished significantly compared to its 2023 peak.
- Segmental Revenue Mix Shift
- A fundamental shift in the revenue composition is evident over the analyzed period. In 2021, the communications and other segment provided the majority of the net revenue. By 2026, the data center segment is projected to account for approximately 74% of total net revenue, reflecting a structural transition in the business's market concentration.
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