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

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Marvell Technology Inc., consolidated cash flow 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 income (loss)	2,670,100)	(885,000)	(933,400)	(163,500)	(421,034)	(277,298)
Depreciation and amortization	348,600)	304,300)	299,800)	304,900)	265,934)	197,912)
Stock-based compensation	590,800)	597,400)	609,800)	552,400)	460,679)	241,539)
Amortization of acquired intangible assets	942,000)	1,052,600)	1,097,900)	1,087,400)	979,377)	443,616)
Amortization of inventory fair value adjustment associated with acquisitions	—)	—)	—)	38,700)	194,273)	17,284)
Restructuring related (gains) charges, net	(14,000)	528,800)	32,900)	5,600)	6,200)	130,903)
Deferred income taxes	42,200)	(111,900)	150,800)	50,400)	(93,894)	(39,491)
Gain on sale of business	(1,830,400)	—)	—)	—)	—)	—)
Other expense, net	109,500)	65,900)	54,900)	62,700)	90,720)	34,949)
Accounts receivable	(1,158,200)	93,200)	70,600)	(142,700)	(409,079)	(44,322)
Prepaid expenses and other assets	(242,400)	3,400)	(93,100)	(480,400)	(161,806)	(41,634)
Inventories	(389,800)	(230,000)	201,900)	(385,900)	(291,886)	29,913)
Accounts payable	299,300)	181,500)	(149,100)	(87,800)	93,157)	39,663)
Accrued employee compensation	(10,500)	43,500)	18,300)	2,500)	29,579)	39,641)
Accrued liabilities and other non-current liabilities	393,300)	37,500)	9,200)	444,500)	77,148)	44,612)
Changes in assets and liabilities, net of acquisitions	(1,108,300)	129,100)	57,800)	(649,800)	(662,887)	67,873)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	(919,600)	2,566,200)	2,303,900)	1,452,300)	1,240,402)	1,094,585)
Net cash provided by operating activities	1,750,500)	1,681,200)	1,370,500)	1,288,800)	819,368)	817,287)
Purchases of technology licenses	(4,500)	(7,000)	(13,900)	(11,100)	(17,797)	(12,708)
Purchases of property and equipment	(354,100)	(284,600)	(336,300)	(206,200)	(169,324)	(106,798)
Proceeds from sales of property and equipment	27,400)	500)	300)	—)	—)	738)
Acquisitions, net of cash acquired	—)	(10,400)	—)	(112,300)	(3,554,936)	—)
Net proceeds from sale of business	2,478,600)	—)	—)	—)	—)	—)
Other, net	(49,600)	800)	(600)	1,200)	(3,073)	(876)
Net cash (used in) provided by investing activities	2,097,800)	(300,700)	(350,500)	(328,400)	(3,745,130)	(119,644)
Repurchases of common stock	(2,040,100)	(725,000)	(150,000)	(115,000)	—)	(25,202)
Proceeds from employee stock plans	78,700)	87,600)	99,200)	91,300)	84,484)	86,635)
Tax withholding paid on behalf of employees for net share settlement	(240,700)	(274,900)	(223,700)	(227,600)	(305,657)	(108,094)
Dividend payments to stockholders	(205,100)	(207,500)	(206,800)	(204,400)	(191,049)	(160,574)
Payments on technology license obligations	(128,300)	(153,600)	(150,300)	(142,500)	(134,435)	(100,018)
Proceeds from borrowings	1,198,600)	—)	1,295,300)	200,000)	3,896,096)	—)
Principal payments of debt	(790,600)	(109,400)	(1,622,500)	(265,600)	(526,876)	(250,000)
Payment for repurchases and settlement of convertible notes	—)	—)	—)	—)	(181,207)	—)
Proceeds from capped calls	—)	—)	—)	—)	160,319)	—)
Other, net	(30,300)	(200)	(21,400)	900)	(10,847)	(39,527)
Net cash provided by (used in) financing activities	(2,157,800)	(1,383,000)	(980,200)	(662,900)	2,790,828)	(596,780)
Net increase (decrease) in cash and cash equivalents	1,690,500)	(2,500)	39,800)	297,500)	(134,934)	100,863)
Cash and cash equivalents at beginning of the year	948,300)	950,800)	911,000)	613,500)	748,467)	647,604)
Cash and cash equivalents at end of the year	2,638,800)	948,300)	950,800)	911,000)	613,533)	748,467)

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).

The financial data reveals a significant divergence between net income and net cash provided by operating activities, alongside a strategic shift in capital allocation and asset management over the observed period.

Operating Cash Flow Performance: Net cash provided by operating activities demonstrates a consistent upward trend, growing from 817.3 million US$ in 2021 to 1.75 billion US$ in 2026. This growth occurred despite net income remaining negative for five consecutive years until 2026. The reconciliation is primarily driven by substantial non-cash expenses, specifically amortization of acquired intangible assets and stock-based compensation, which consistently offset accounting losses to maintain positive liquidity.
Net Income Volatility and Non-Cash Adjustments: Net income experienced prolonged deficits, peaking at a loss of 933.4 million US$ in 2024, before pivoting to a profit of 2.67 billion US$ in 2026. Analysis indicates that the 2026 profit was heavily influenced by a 1.83 billion US$ gain on the sale of a business. Non-cash add-backs, such as amortization of acquired intangibles, remained high, averaging approximately 1 billion US$ annually from 2022 through 2025, signaling a history of significant acquisitions.
Investing Activity and Asset Strategy: Investing activities were characterized by a massive capital outlay in 2022, driven by acquisitions totaling 3.55 billion US$. Capital expenditures for property and equipment showed a steady increase, rising from 106.8 million US$ in 2021 to 354.1 million US$ in 2026. A pivotal shift occurred in 2026, where net proceeds from the sale of a business reached 2.48 billion US$, transforming investing activities from a net cash outflow to a significant net inflow.
Financing and Capital Return Trends: Financing activities transitioned from capital acquisition to aggressive shareholder returns. In 2022, the company secured 3.90 billion US$ through borrowings to fund expansion. However, subsequent years show an accelerating trend in common stock repurchases, which grew from 25.2 million US$ in 2021 to 2.04 billion US$ in 2026. Dividend payments remained stable at approximately 200 million US$ annually throughout the period.
Liquidity and Cash Position: The cash and cash equivalents balance remained relatively stable between 613.5 million US$ and 950.8 million US$ from 2021 to 2025. A sharp increase is observed at the end of the 2026 period, with cash reserves rising to 2.64 billion US$, primarily fueled by the divestiture of a business segment and operating cash flow, despite the increased volume of share repurchases.

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