Name: Marvell Technology Inc. (NASDAQ:MRVL) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Marvell Technology Inc., consolidated income statement

US$ in thousands

12 months ended:	Jan 31, 2026	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021
Net revenue	8,194,600)	5,767,300)	5,507,700)	5,919,600)	4,462,383)	2,968,900)
Cost of goods sold	(4,013,900)	(3,385,100)	(3,214,100)	(2,932,100)	(2,398,158)	(1,480,550)
Gross profit	4,180,700)	2,382,200)	2,293,600)	2,987,500)	2,064,225)	1,488,350)
Research and development	(2,075,200)	(1,950,400)	(1,896,200)	(1,784,300)	(1,424,306)	(1,072,740)
Selling, general and administrative	(767,100)	(798,200)	(834,000)	(843,600)	(955,245)	(467,240)
Legal settlement	—)	—)	—)	(100,000)	—)	(36,000)
Restructuring related charges, net	(15,500)	(353,900)	(131,100)	(21,600)	(32,342)	(170,759)
Operating expenses	(2,857,800)	(3,102,500)	(2,861,300)	(2,749,500)	(2,411,893)	(1,746,739)
Operating income (loss)	1,322,900)	(720,300)	(567,700)	238,000)	(347,668)	(258,389)
Interest expense	(202,600)	(189,400)	(211,700)	(170,600)	(139,341)	(69,264)
Interest income and other, net	1,926,300)	15,000)	20,700)	17,700)	3,514)	5,485)
Interest and other income (loss), net	1,723,700)	(174,400)	(191,000)	(152,900)	(135,827)	(63,779)
Income (loss) before income taxes	3,046,600)	(894,700)	(758,700)	85,100)	(483,495)	(322,168)
(Provision) benefit for income taxes	(376,500)	9,700)	(174,700)	(248,600)	62,461)	44,870)
Net income (loss)	2,670,100)	(885,000)	(933,400)	(163,500)	(421,034)	(277,298)

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).

Revenue demonstrates a general upward trajectory over the analyzed period, increasing from US$ 2.97 billion in 2021 to US$ 8.19 billion in 2026. While growth was aggressive between 2021 and 2023, a period of stagnation occurred between 2023 and 2025, followed by a significant surge in the final year.

Gross Profitability and Cost Structure: Gross profit grew from US$ 1.49 billion in 2021 to US$ 4.18 billion in 2026. However, the cost of goods sold increased proportionally, reflecting persistent pressure on production costs. The sharp increase in gross profit in 2026 aligns with the substantial revenue jump observed in the same period.
Operating Expense Trends: Research and development expenses show a consistent and steady increase, rising from US$ 1.07 billion in 2021 to US$ 2.08 billion in 2026, indicating a sustained commitment to innovation. In contrast, selling, general, and administrative expenses peaked in 2022 at US$ 955 million and have since followed a downward trend, reaching US$ 767 million by 2026, suggesting improved operational efficiency in overhead management.
Operating Income Analysis: Operating income remained volatile, with losses reported in most years except for 2023 and 2026. The most significant operating losses occurred in 2024 and 2025, reaching US$ 568 million and US$ 720 million, respectively. A major reversal is evident in 2026, where operating income reached US$ 1.32 billion, marking a shift toward operational profitability.
Net Income and Non-Operating Impact: Net losses were persistent from 2021 through 2025, with the deepest loss of US$ 933 million occurring in 2024. The financial position shifted dramatically in 2026 to a net income of US$ 2.67 billion. This result was heavily driven by a substantial increase in interest income and other net items, which rose to US$ 1.93 billion in 2026, contributing more to the bottom line than the operating income itself.

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