Marvell Raises FY2028 Revenue Outlook to $20B
Marvell Technology now projected approximately $20 billion in total company revenue for fiscal 2028, a climb of about 67 percent from the roughly $12 billion expected for fiscal 2027. President and chief executive Matt Murphy delivered the figure at the company’s investor day on Tuesday, October 6, 2026. “We expect approximately $20 billion in total company revenue in FY28, representing about 67% year-over-year growth,” he told investors gathered for the event.
Shares jumped while the Tuesday session remained open and touched their highest level since June.
The fiscal 2028 target had climbed four times before this morning. In December 2025 Marvell set it near $13 billion. March 2026 lifted the figure to roughly $15 billion. May pushed it to about $16.5 billion. Late August 2026 brought the fourth step. When the company reported fiscal second-quarter 2027 results, it raised the guide again, this time to approximately $18 billion. Quarterly revenue had reached $2.739 billion, up 37 percent from a year earlier. Data-center revenue alone came in at $2.17 billion, a gain of 46 percent. Murphy described AI-related bookings at the time as “exceptionally robust,” with strength running across both connectivity and custom products. Wall Street, working from LSEG figures, placed its own consensus for fiscal 2028 at $18.2 billion—barely above the fresh August number.
Ten months had produced a ladder that rose from $13 billion to $18 billion. Consensus had only just drawn even with August. Tuesday’s raise cleared that line by nearly two billion dollars.
For the first time, Marvell also laid out a fiscal 2031 revenue target. The range ran from $70 billion to $90 billion. Even the bottom of that band sat more than 50 percent above what Wall Street had modeled. Four analysts surveyed by Visible Alpha put the average fiscal 2031 estimate at $46.85 billion. Piper Sandler had drawn its own figure near $45 billion before the announcement. At the midpoint, $80 billion, Marvell’s new horizon left those forecasts behind by tens of billions.
Clearing $70 billion would require revenue to compound at roughly 54 percent a year for five straight years. The upper end implied closer to 61 percent. The company had booked $8.2 billion in its last fiscal year and grown 42 percent in fiscal 2026. Tuesday’s long target asked for a steeper climb than anything in the recent record.
Custom chips and the pipes between them formed the dual engine already feeding the AI data-center buildout. Marvell helped hyperscale operators design and manufacture their own AI accelerators, reducing reliance on Nvidia hardware. Separately it supplied the optical and networking silicon that moved data from processor to processor. More accelerators generated more traffic. More traffic required more optical links. More links meant more Marvell parts.
Under an $80 billion fiscal 2031 scenario, about $30 billion would come from custom work and roughly $37.5 billion from interconnect. Of the nearer fiscal 2028 total, about $18 billion was expected from the data-center segment. The custom-revenue goal for fiscal 2029 had been raised to more than $12 billion from a prior mark of more than $10 billion. Murphy attributed most of the fiscal 2028 uplift to connectivity—including 1.6T optical signal processors and scale-up optics—rather than any Google ramp still ahead.
The company had been founded in 1995 and kept its headquarters in Santa Clara. Matt Murphy became president and chief executive in July 2016. At the 2021 investor day the firm outlined a strategy centered on custom and cloud-optimized silicon, chips built specifically for data-center loads. By 2026 it employed close to 7,500 people and held more than 10,000 patents worldwide. Acquisitions of Cavium, Aquantia, and Inphi had widened the portfolio along the way. Custom programs now reached Amazon, Alphabet, Microsoft, and Meta, and one of those relationships had already been rewritten on terms the market was only beginning to measure.
The expanded commercial arrangement with Google had been agreed in July and disclosed in August. It covered custom semiconductor products spanning AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near-memory compute tied to Google’s Tensor Processing Unit ecosystem. The deal could generate up to $120 billion in sales through fiscal 2033 if performance milestones were achieved.
Marvell issued Google a warrant for up to roughly 59 million shares. Most would vest in tranches tied to discretionary custom-product purchases, one tranche for each $500 million in revenue through fiscal 2033. Murphy had said in August that the primary revenue impact from those programs would arrive in fiscal 2029 and beyond. Tuesday’s higher custom-silicon target was the first updated sizing since those comments.
Murphy told investors the AI addressable market could reach $400 billion by 2030. Data-center revenue was projected to grow more than 60 percent in fiscal 2027. That single-year climb sat against a stock that had already more than tripled in 2026. Marvell was up more than 240 percent year to date.
Dan Durn became chief financial officer effective June 15, 2026, arriving from the same role at Adobe. At Tuesday’s investor day he set the non-GAAP earnings-per-share expectation at greater than $30 for fiscal 2031. On September 30, Bank of America semiconductor analyst Vivek Arya had already included Marvell among his top five chip stocks. Faizan Farooque reported how far the nearer raise sat above prior expectations. Diego Almada Lopez tracked the timing—connectivity carrying the immediate years, Google’s heavier contribution still ahead. In the same Tuesday session, Broadcom shares rose about 4 percent, Astera Labs rallied roughly 8 percent, and Credo Technology gained about 6 percent.
Piper Sandler’s pre-announcement model of about $45 billion for fiscal 2031 and the $46.85 billion Visible Alpha average from four analysts remained on the desk.
