Marvell Technology (MRVL) Q2 Earnings Drop Imminent - Here’s the Full Breakdown

Marvell's moment of truth arrives as the chip giant preps to unveil Q2 numbers—and the Street's watching every decimal point.

What's Driving the Narrative

Data center demand, AI chip momentum, and automotive sector performance sit at the core of this earnings play. Supply chain chatter and inventory adjustments could sway the outcome more than any CEO statement.

Expectations vs. Reality

Analysts project revenue north of $1.2 billion, but whispers suggest guidance matters more than backward-looking figures. Gross margins will tell the real story—whether Marvell's premium positioning holds or cracks under pricing pressure.

Why This Report Matters

Semiconductors remain the pulse of tech, and Marvell's results ripple across networking, storage, and infrastructure plays. Beat or miss, the reaction will signal whether investors still believe in the 'AI everything' narrative—or if we're hitting the skepticism phase of the cycle.

One thing's certain: Wall Street will overreact either way, because nothing gets a finance bro hotter than temporary volatility they can pretend to predict.

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Wall Street expects Marvell to report earnings per share (EPS) of $0.67 for Q2 FY26, reflecting a 123% year-over-year growth. Furthermore, analysts estimate a 58% jump in revenue to $2.01 billion.

Despite Optimism about AI-led demand, Marvell stock is down about 34% year-to-date due to tariff-related uncertainties and the impact of U.S.-China trade tensions.

Analysts’ Views Ahead of Marvell’s Q2 Earnings

Ahead of the Q2 FY26 results, Susquehanna analyst Christopher Rolland reiterated a Buy rating on Marvell stock with a price target of $90. The 5-star analyst expects the company to report in-line results. Rolland stated that for the company’s data center business, AI demand continues to be backed by solid capital spending plans of hyperscalers.

However, Rolland cautioned about near-term margin pressure as the custom silicon ramp will be dilutive to Marvell’s gross margins.

Additionally, Oppenheimer analyst Rick Schafer reiterated a Buy rating on MRVL stock with a price target of $95. The 5-star analyst expects upside to Q2 FY26 results and the third quarter outlook, driven by AI tailwinds. Schafer added that the company is on track to surpass management’s 2025 AI revenue target of $2.5 billion.

Overall, Schafer believes that Marvell is well-positioned for upside, as the data center AI structural growth story is intact, led by the demand for the company’s AI application-specific integrated circuit (ASIC) chips or custom chips and network offerings. In fact, the analyst thinks that “concerns and confusion” surrounding the AI ASIC outlook create an opportunity.

AI Analyst Is Cautious on MRVL Stock Ahead of Q2 Print

Interestingly, TipRanks’ AI stock analyst has assigned a Neutral rating to MRVL stock with a price target of $78, indicating 6.9% upside potential. TipRanks’ AI analysis highlights strong insights from the company’s earnings call and strategic focus on AI and custom silicon. However, short-term bearish momentum, as indicated by technical analysis, and valuation concerns due to negative earnings, impact the overall score.

Here’s What Options Traders Anticipate Ahead of Marvell’s Q2 Earnings

Using TipRanks’ Options tool, we can see what options traders are expecting from the stock immediately after its earnings report. The expected earnings MOVE is determined by calculating the at-the-money straddle of the options closest to expiration after the earnings announcement. If this sounds complicated, don’t worry, the Options tool does this for you.

Indeed, it currently says that options traders are expecting about a 10.4% move in either direction in Marvell stock in reaction to Q2 FY26 results.

Is MRVL Stock a Good Buy?

With 27 Buys and six Holds, Wall Street has a Strong Buy consensus rating on Marvell Technology stock. The average MRVL stock price target of $91.20 indicates 25% upside potential from current levels.