Marvell has raised its fiscal 2028 revenue forecast to about $20 billion, Reuters reported on October 6, 2026. That is a forward-looking target, not revenue already earned or a guarantee. The latest reported results give context for the outlook: Marvell’s Q2 fiscal 2027 revenue was $2.739 billion, up 37% year over year, while data center revenue grew 46%.
What is Marvell forecasting for fiscal 2028?
Reuters reported that Marvell expects about $20 billion in revenue for fiscal 2028. The figure is guidance reported by Reuters, not a result in Marvell’s August earnings release. Revenue forecasts depend on future business conditions and should not be treated as guaranteed outcomes. Reuters via Investing.com, October 6, 2026
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How does the forecast compare with reported revenue?
| Period | Revenue | Growth | What it represents |
|---|---|---|---|
| Fiscal 2026 | $8.195 billion | 42% year over year | Reported full-year result |
| Q2 fiscal 2027 | $2.739 billion | 37% year over year | Reported quarterly result |
| Fiscal 2028 | About $20 billion | Not stated in the Reuters report cited here | Forecast reported by Reuters, not a reported result |
The periods differ: fiscal 2026 is a completed year, Q2 fiscal 2027 is one quarter, and fiscal 2028 is a future full-year outlook. Marvell’s fiscal 2026 release reported $8.195 billion in revenue, while its August 2026 earnings release reported $2.739 billion for Q2 fiscal 2027. Marvell, fiscal 2026 results, March 5, 2026 Marvell, Q2 fiscal 2027 results, August 27, 2026
Why did Marvell raise its outlook?
Marvell management linked its August outlook increase to exceptionally robust AI-related bookings and broad strength across its Data Center portfolio. CEO Matt Murphy said the company expected revenue growth to accelerate through the remainder of fiscal 2027 and that it was raising its outlook for both fiscal 2027 and fiscal 2028 compared with the guidance issued the previous quarter. These are management’s explanations for the outlook, not independent measurements of demand.
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Data center growth outpaced company-wide growth in Q2
In Q2 fiscal 2027, company revenue grew 37% year over year while data center revenue growth accelerated to 46% year over year, according to Marvell’s August 27 earnings release. The release did not provide a dollar figure for data center revenue in the information cited here. Marvell Q2 fiscal 2027 earnings release
Connectivity and custom silicon are named growth areas
Murphy pointed to strong demand in Connectivity and said Marvell’s Custom business was expected to accelerate significantly beginning in the second half of fiscal 2027. That timing is management’s expectation, not a reported outcome.
Marvell’s May 27, 2026 outlook update had identified several demand areas: 800G and 1.6T scale-out optics; 51.2T Ethernet scale-out switches; scale-up optical solutions for NPO and CPO applications; scale-across data center interconnect modules; and custom XPU and XPU-attach solutions. These were details from the May update, not a complete product-by-product breakdown of the October forecast. Marvell, August 27, 2026 Form 8-K exhibit 99.1
What readers should keep in mind
- The about-$20-billion fiscal 2028 figure is an outlook reported by Reuters; it is not booked revenue, a guarantee, or a reported result.
- Marvell’s August release supports the recent operating context—Q2 revenue growth and data center growth—and describes management’s reasons for raising outlook. It does not establish that the October target will be achieved.
- The figures cited here do not establish whether the forecast was above or below analyst consensus.
What is Marvell’s Investor Day?
Marvell announced an Investor Day for October 6, 2026, in New York City, featuring CEO Matt Murphy and senior leadership presentations. The event provides company executives a venue to discuss the business; the announcement itself is not evidence that the revenue target has been achieved. Marvell Investor Day announcement, August 3, 2026
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