Marvell Technology, Inc. stock research
FY2026 Q1
Marvell Technology (MRVL) Gross Margin — Quarter Ended May 3, 2025
Revenue, gross profit, and cost of revenue all increased compared to the prior quarter and the same quarter last year. Gross margin weakened slightly from the prior quarter but improved from the same quarter last year.
Gross margin takeaway
Quarter ended May 3, 2025 · FY2026 Q1
Revenue, gross profit, and cost of revenue all increased compared to the prior quarter and the same quarter last year. Gross margin weakened slightly from the prior quarter but improved from the same quarter last year.
- The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue grew faster than cost of revenue compared to the same quarter last year, leading to a higher gross margin. Compared to the prior quarter, cost of revenue grew slightly faster than revenue, resulting in a marginal gross margin decline.
- Compared to the prior quarter, revenue and gross profit were higher, while gross margin was slightly lower. Compared to the same quarter last year, revenue, gross profit, and gross margin were all higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
50.3%
Gross profit
$952.4M
Revenue
$1.9B
Cost of revenue
$942.9M
Quarter-over-quarter change
-0.2 pts
Year-over-year change
+4.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Aug 3, 2024 | $1.3B | $587.6M | $685.3M | 46.2% |
| Nov 2, 2024 | $1.5B | $349.4M | $1.2B | 23.0% |
| Feb 1, 2025 | $1.8B | $917.4M | $900.0M | 50.5% |
| May 3, 2025 | $1.9B | $952.4M | $942.9M | 50.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Feb 1, 2025
-0.2 pts
Year-over-year change
May 4, 2024
+4.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue grew faster than cost of revenue compared to the same quarter last year, leading to a higher gross margin. Compared to the prior quarter, cost of revenue grew slightly faster than revenue, resulting in a marginal gross margin decline.
Compared to the prior quarter, revenue and gross profit were higher, while gross margin was slightly lower. Compared to the same quarter last year, revenue, gross profit, and gross margin were all higher.
Monitor the trend in cost of revenue relative to revenue, as its growth rate influenced the gross margin change from the prior quarter.