Selected Financial Data
since 2005
Income Statement
Marvell Technology Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net revenue | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Jan 31, 2026 | 8,194,600) | 1,322,900) | 2,670,100) |
| Feb 1, 2025 | 5,767,300) | (720,300) | (885,000) |
| Feb 3, 2024 | 5,507,700) | (567,700) | (933,400) |
| Jan 28, 2023 | 5,919,600) | 238,000) | (163,500) |
| Jan 29, 2022 | 4,462,383) | (347,668) | (421,034) |
| Jan 30, 2021 | 2,968,900) | (258,389) | (277,298) |
| Feb 1, 2020 | 2,699,161) | (243,358) | 1,584,391) |
| Feb 2, 2019 | 2,865,791) | 43,270) | (179,094) |
| Feb 3, 2018 | 2,409,170) | 429,695) | 520,831) |
| Jan 28, 2017 | 2,317,674) | 99,994) | 21,151) |
| Jan 30, 2016 | 2,725,828) | (816,739) | (811,400) |
| Jan 31, 2015 | 3,706,963) | 408,819) | 435,346) |
| Feb 1, 2014 | 3,404,400) | 280,691) | 315,320) |
| Feb 2, 2013 | 3,168,630) | 294,657) | 306,585) |
| Jan 28, 2012 | 3,393,040) | 604,146) | 615,091) |
| Jan 29, 2011 | 3,611,893) | 901,192) | 904,129) |
| Jan 30, 2010 | 2,807,687) | 334,115) | 353,456) |
| Jan 31, 2009 | 2,950,563) | 165,176) | 147,242) |
| Feb 2, 2008 | 2,894,693) | (105,590) | (114,427) |
| Jan 27, 2007 | 2,237,553) | 1,057) | (12,095) |
| Jan 28, 2006 | 1,670,266) | 359,722) | 331,363) |
| Jan 29, 2005 | 1,224,580) | 161,847) | 141,661) |
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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
The financial trajectory from 2005 to 2026 is characterized by long-term revenue expansion contrasted with significant volatility in operational and net profitability. While the top line shows a strong upward trend over the two-decade period, the bottom line reflects periodic instability and substantial swings between losses and gains.
- Revenue Trends
- Net revenue experienced an initial growth phase from 2005 to 2011, rising from approximately 1.22 billion to a peak of 3.61 billion. This was followed by a period of contraction and stagnation between 2012 and 2017, where revenue dipped to a low of 2.32 billion. A sustained recovery began in 2018, leading to a significant acceleration in growth. Revenue surpassed 5.9 billion by 2023 and reached a period high of 8.19 billion by January 2026, representing a substantial increase in market scale compared to the earlier decades.
- Operational Efficiency
- Operating income has exhibited extreme fluctuations. Early profitability peaked in 2011 at 901 million before entering a volatile cycle. A significant operational collapse occurred in 2016 with a loss of 816 million. Between 2019 and 2025, the company faced a prolonged period of operational deficits, with losses deepening to 720 million in 2025. However, a sharp reversal is observed in 2026, with operating income surging to 1.32 billion, suggesting a successful structural turnaround or a significant shift in product margins.
- Net Profitability and Bottom-Line Volatility
- Net income patterns mirror the volatility of operating income but include more extreme anomalies. Notable losses were recorded in 2008, 2016, and again from 2021 to 2025. A significant outlier occurred in 2020, where the company reported a net income of 1.58 billion despite an operating loss of 243 million, indicating the influence of non-operating gains or one-time tax benefits. The period concludes with a dramatic recovery in 2026, reporting a net income of 2.67 billion.
Overall, the financial profile reveals a company that has successfully scaled its revenue base but has struggled with consistent profitability. The transition from deep net losses in 2024 and 2025 to substantial profits in 2026 indicates a pivot toward a more sustainable and highly profitable operational model.
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Balance Sheet: Assets
Marvell Technology Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Jan 31, 2026 | 6,460,600) | 22,285,300) |
| Feb 1, 2025 | 3,120,300) | 20,204,500) |
| Feb 3, 2024 | 3,062,700) | 21,228,500) |
| Jan 28, 2023 | 3,281,100) | 22,522,100) |
| Jan 29, 2022 | 2,493,450) | 22,108,597) |
| Jan 30, 2021 | 1,617,145) | 10,764,924) |
| Feb 1, 2020 | 1,537,497) | 11,133,235) |
| Feb 2, 2019 | 1,395,258) | 10,016,752) |
| Feb 3, 2018 | 2,363,955) | 4,708,287) |
| Jan 28, 2017 | 2,280,330) | 4,648,650) |
| Jan 30, 2016 | 2,918,626) | 5,442,127) |
| Jan 31, 2015 | 3,344,040) | 5,884,387) |
| Feb 1, 2014 | 2,839,220) | 5,451,010) |
| Feb 2, 2013 | 2,585,346) | 5,261,764) |
| Jan 28, 2012 | 3,078,961) | 5,767,619) |
| Jan 29, 2011 | 3,712,647) | 6,338,157) |
| Jan 30, 2010 | 2,465,545) | 5,170,940) |
| Jan 31, 2009 | 1,560,315) | 4,414,200) |
| Feb 2, 2008 | 1,503,741) | 4,550,594) |
| Jan 27, 2007 | 1,348,035) | 4,527,700) |
| Jan 28, 2006 | 1,499,874) | 3,513,289) |
| Jan 29, 2005 | 1,017,794) | 2,788,962) |
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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
The asset profile exhibits a long-term expansionary trend characterized by two distinct periods of exponential growth. While the total asset base grew steadily during the first decade of the observation period, the subsequent years saw dramatic increases in the scale of the balance sheet, shifting the company from a multi-billion dollar asset base to one exceeding 22 billion dollars.
- Total Asset Growth Trajectory
- Between 2005 and 2017, total assets experienced moderate growth, rising from 2.78 billion dollars to a peak of 6.33 billion dollars in 2011 before stabilizing around 4.6 billion dollars by 2017. A significant structural shift occurred in 2018, where total assets more than doubled to 10.01 billion dollars. A second major expansion occurred in 2022, with assets leaping from 10.76 billion dollars to 22.10 billion dollars, remaining relatively stable at this higher plateau through 2026.
- Current Asset Volatility and Trends
- Current assets followed a more volatile path compared to total assets. An initial growth phase peaked in 2011 at 3.71 billion dollars, followed by a gradual decline and a sharp contraction to a low of 1.39 billion dollars in 2018. A recovery phase began in 2020, with a steady climb leading up to a substantial surge in 2026, where current assets reached a historic high of 6.46 billion dollars.
- Balance Sheet Composition Analysis
- The relationship between current assets and total assets indicates a significant shift in asset composition. In the early period (2005–2011), current assets represented a substantial portion of the total asset base. However, the massive spikes in total assets in 2018 and 2022 were not mirrored by proportional increases in current assets. This divergence suggests that the growth was primarily driven by the acquisition of non-current assets, such as intangible assets or goodwill, rather than an increase in liquidity or short-term operational assets.
- Recent Liquidity Positioning
- The most recent data point from January 2026 shows a marked increase in current assets to 6.46 billion dollars, while total assets remained relatively flat at 22.28 billion dollars. This indicates a recent strategic shift toward increasing liquidity or a significant accumulation of short-term receivables and cash equivalents relative to the overall asset structure.
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Balance Sheet: Liabilities and Stockholders’ Equity
Marvell Technology Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total borrowings | Stockholders’ equity | |
|---|---|---|---|---|
| Jan 31, 2026 | 3,220,500) | 7,976,900) | 4,470,600) | 14,308,400) |
| Feb 1, 2025 | 2,026,800) | 6,777,500) | 4,063,800) | 13,427,000) |
| Feb 3, 2024 | 1,814,200) | 6,397,100) | 4,165,900) | 14,831,400) |
| Jan 28, 2023 | 2,386,700) | 6,884,900) | 4,492,100) | 15,637,200) |
| Jan 29, 2022 | 1,388,542) | 6,406,500) | 4,547,977) | 15,702,097) |
| Jan 30, 2021 | 1,077,097) | 2,329,120) | 1,192,811) | 8,435,804) |
| Feb 1, 2020 | 710,166) | 2,454,655) | 1,439,024) | 8,678,580) |
| Feb 2, 2019 | 636,796) | 2,710,342) | 1,732,699) | 7,306,410) |
| Feb 3, 2018 | 421,142) | 566,874) | —) | 4,141,413) |
| Jan 28, 2017 | 496,416) | 620,999) | —) | 4,027,651) |
| Jan 30, 2016 | 1,225,785) | 1,302,004) | —) | 4,140,123) |
| Jan 31, 2015 | 637,376) | 738,298) | —) | 5,146,089) |
| Feb 1, 2014 | 651,306) | 775,100) | —) | 4,675,910) |
| Feb 2, 2013 | 607,888) | 777,169) | —) | 4,484,595) |
| Jan 28, 2012 | 589,554) | 753,601) | —) | 5,014,018) |
| Jan 29, 2011 | 640,686) | 816,288) | 511) | 5,521,869) |
| Jan 30, 2010 | 566,610) | 752,961) | 2,451) | 4,417,979) |
| Jan 31, 2009 | 409,648) | 585,133) | 4,238) | 3,829,067) |
| Feb 2, 2008 | 583,212) | 1,139,075) | 397,451) | 3,411,519) |
| Jan 27, 2007 | 711,186) | 1,300,516) | 429,254) | 3,227,184) |
| Jan 28, 2006 | 332,748) | 467,192) | 41,010) | 3,046,097) |
| Jan 29, 2005 | 214,805) | 291,532) | 24,794) | 2,497,430) |
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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
The financial structure exhibits three distinct phases: a period of relative stability between 2005 and 2018, a period of rapid capital expansion from 2019 to 2022, and a phase of stabilization with elevated leverage from 2023 through 2026.
- Liability Trends
- Total liabilities remained relatively contained, staying below 1.5 billion USD for the first thirteen years of the observed period. A significant inflection point occurred in 2019, when liabilities increased to 2.71 billion USD, followed by a dramatic escalation to 6.40 billion USD by January 2022. This upward trajectory continued, reaching 7.97 billion USD by January 2026. Current liabilities followed a similar pattern, growing from 214.8 million USD in 2005 to 3.22 billion USD by 2026, indicating a substantial increase in short-term financial obligations.
- Debt Profile and Borrowings
- Total borrowings were minimal or non-existent between 2009 and 2018, with values frequently falling below 1 million USD. A fundamental change in financing strategy is evident starting in 2019, with borrowings surging to 1.73 billion USD. This reached a peak of 4.54 billion USD in 2022 and has since remained consistently above 4 billion USD, suggesting a strategic transition toward a more leveraged capital structure to fund operations or acquisitions.
- Equity Growth and Stability
- Stockholders' equity showed gradual growth from 2.49 billion USD in 2005 to 4.14 billion USD in 2018. A substantial expansion occurred between 2020 and 2022, with equity jumping from 8.67 billion USD to 15.70 billion USD. Following this peak, a slight contraction was observed, with equity adjusting to 14.30 billion USD by January 2026. Despite this minor decline, the equity base remains significantly larger than in the pre-2019 period.
- Solvency and Capital Composition
- The relationship between borrowings and equity indicates a transition from a nearly debt-free operation to a balanced leverage model. While total liabilities increased more than tenfold between 2018 and 2026, the simultaneous expansion of stockholders' equity has provided a substantial buffer. The composition of total liabilities is now heavily driven by long-term borrowings, which constitute a dominant portion of the company's total debt load.
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Cash Flow Statement
Marvell Technology Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Jan 31, 2026 | 1,750,500) | 2,097,800) | (2,157,800) |
| Feb 1, 2025 | 1,681,200) | (300,700) | (1,383,000) |
| Feb 3, 2024 | 1,370,500) | (350,500) | (980,200) |
| Jan 28, 2023 | 1,288,800) | (328,400) | (662,900) |
| Jan 29, 2022 | 819,368) | (3,745,130) | 2,790,828) |
| Jan 30, 2021 | 817,287) | (119,644) | (596,780) |
| Feb 1, 2020 | 360,297) | 558,846) | (853,949) |
| Feb 2, 2019 | 596,744) | (1,752,553) | 849,737) |
| Feb 3, 2018 | 571,113) | 39,521) | (536,244) |
| Jan 28, 2017 | (358,435) | 161,595) | (267,248) |
| Jan 30, 2016 | 205,352) | 201,690) | (339,839) |
| Jan 31, 2015 | 728,936) | (368,944) | (114,765) |
| Feb 1, 2014 | 448,039) | 74,793) | (309,035) |
| Feb 2, 2013 | 729,037) | 178,815) | (940,801) |
| Jan 28, 2012 | 771,247) | (590,053) | (1,243,366) |
| Jan 29, 2011 | 1,193,548) | (529,329) | 77,427) |
| Jan 30, 2010 | 811,513) | (744,029) | 110,535) |
| Jan 31, 2009 | 680,685) | (64,721) | (304,203) |
| Feb 2, 2008 | 177,352) | (185,145) | 55,433) |
| Jan 27, 2007 | 337,311) | (544,731) | 426,997) |
| Jan 28, 2006 | 402,297) | (367,545) | 147,208) |
| Jan 29, 2005 | 221,530) | (348,130) | 119,102) |
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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
The operational cash flow exhibits a long-term growth trajectory characterized by significant volatility during the mid-period. After a steady increase from 2005 to 2011, a period of instability followed, culminating in a deficit in 2017. However, a consistent recovery began in 2018, with cash generation from operations accelerating to reach projected highs by 2026.
- Operating Activities
- Cash provided by operations grew from 221.5 million in 2005 to a peak of 1.19 billion in 2011. A subsequent decline occurred, reaching a low of negative 358.4 million in 2017. Since that inflection point, a strong upward trend has emerged, with values exceeding 1.3 billion annually from 2023 onwards and reaching a projected 1.75 billion by 2026.
- Investing Activities
- Investing activities are predominantly characterized by net cash outflows, indicating sustained capital deployment. Two major spikes in investment spending are observed: 1.75 billion in 2019 and 3.75 billion in 2022. These periods of intense expenditure are contrasted by intermittent inflows, most notably a projected inflow of 2.10 billion in 2026, suggesting a potential shift toward asset divestiture or the realization of previous investments.
- Financing Activities
- Financing flows show a transition from modest inflows in the early years to substantial outflows. A significant financing inflow of 2.79 billion occurred in 2022, which coincides with the peak investing outflow of the same year, indicating the use of external funding to support strategic acquisitions or capital expenditures. Subsequent years show an accelerating trend of cash outflows, projected to reach 2.16 billion by 2026, likely reflecting debt repayment or shareholder returns.
The interplay between the three cash flow components suggests a strategic cycle of operational growth and aggressive investment. The synchronization of the 2022 financing inflow and investing outflow highlights a capital-intensive expansion phase. The projected data for 2026 indicates a transition toward a high-liquidity state, characterized by peak operating cash flows and significant inflows from investing activities, while simultaneously funding substantial financing outflows.
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Per Share Data
Marvell Technology Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jan 31, 2026 | 3.10 | 3.07 | 0.24 |
| Feb 1, 2025 | -1.02 | -1.02 | 0.24 |
| Feb 3, 2024 | -1.08 | -1.08 | 0.24 |
| Jan 28, 2023 | -0.19 | -0.19 | 0.24 |
| Jan 29, 2022 | -0.53 | -0.53 | 0.24 |
| Jan 30, 2021 | -0.41 | -0.41 | 0.24 |
| Feb 1, 2020 | 2.38 | 2.34 | 0.24 |
| Feb 2, 2019 | -0.30 | -0.30 | 0.24 |
| Feb 3, 2018 | 1.05 | 1.02 | 0.24 |
| Jan 28, 2017 | 0.04 | 0.04 | 0.24 |
| Jan 30, 2016 | -1.59 | -1.59 | 0.24 |
| Jan 31, 2015 | 0.85 | 0.84 | 0.24 |
| Feb 1, 2014 | 0.64 | 0.63 | 0.24 |
| Feb 2, 2013 | 0.55 | 0.54 | 0.18 |
| Jan 28, 2012 | 1.01 | 0.99 | 0.00 |
| Jan 29, 2011 | 1.39 | 1.34 | 0.00 |
| Jan 30, 2010 | 0.57 | 0.54 | 0.00 |
| Jan 31, 2009 | 0.24 | 0.23 | 0.00 |
| Feb 2, 2008 | -0.19 | -0.19 | 0.00 |
| Jan 27, 2007 | -0.02 | -0.02 | 0.00 |
| Jan 28, 2006 | 0.59 | 0.53 | 0.00 |
| Jan 29, 2005 | 0.27 | 0.24 | 0.00 |
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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data reveals a high degree of volatility in per-share earnings over the observed period, characterized by cyclical swings between profitability and net losses. While earnings per share have fluctuated significantly, the dividend policy has remained remarkably stable since its inception.
- Earnings Per Share (EPS) Performance
- Earnings have followed a non-linear trajectory with several distinct cycles. An initial growth phase occurred between 2005 and 2006, followed by a brief period of losses in 2007 and 2008. A strong recovery was observed from 2009 to 2011, with basic EPS peaking at 1.39 in January 2011. This was followed by a period of instability, including a significant decline to a loss of -1.59 per share in January 2016.
- A secondary recovery peak occurred in February 2020, where basic EPS reached 2.38. However, the company entered a prolonged period of negative earnings from 2021 through February 2024, with losses deepening to -1.08 in January 2023. A sharp reversal is noted in the final period ending January 2026, with basic EPS rising to 3.10, the highest value in the recorded series.
- Dividend Distribution Analysis
- The company did not distribute dividends from 2005 through 2012. Dividend payments commenced on February 2, 2013, at 0.18 per share. By February 1, 2014, the dividend was increased to 0.24 per share. Following this adjustment, the dividend has remained constant at 0.24 per share through January 2026, regardless of the volatility in net earnings or the occurrence of annual losses.
- Basic versus Diluted EPS Variance
- A consistent and minimal variance is observed between basic and diluted earnings per share across all reporting periods. The close alignment of these two metrics suggests that the impact of potentially dilutive securities, such as stock options or convertible bonds, has remained low relative to the total share count.
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