Marvell vs Meta: Revenue, Profit and Business Model
Marvell reported $8.2B of revenue in FY2026 and $2.7B of net income. Meta reported $201B of revenue in FY2025 and $60.5B of net income.
Latest financial snapshot
Financial summary
Marvell
Marvell's revenue was $2.70 billion in fiscal 2020 and $5.77 billion in fiscal 2025, then jumped 42% to $8.195 billion in fiscal 2026 as AI data-center demand ramped. GAAP results were losses from fiscal 2021 through fiscal 2025, mainly due to amortization from the Inphi and Cavium deals and restructuring charges. Fiscal 2026 GAAP net income was $2.67 billion, helped by a pre-tax gain of about $1.8 billion on the $2.5 billion sale of the automotive Ethernet unit to Infineon. In Q2 fiscal 2027 (quarter ended August 1, 2026) revenue was $2.739 billion, GAAP net income $308.0 million ($0.33 per share), non-GAAP EPS $0.94 and operating cash flow $605.5 million. Marvell guided Q3 fiscal 2027 revenue to $3.15 billion, plus or minus 5%.
Meta
Meta's revenue grew from $116.609B in 2022 to $200.966B in 2025, and net income rose from $23.2B to $60.458B. FY2025 income from operations was $83.276B. In 2026 the story is spending: Q2 2026 costs rose 55% to $42.03B, the operating margin fell to 31% from 43%, and quarterly capex of $31.08B left free cash flow at $784M. Meta had $90.26B of cash and marketable securities and $83.66B of long-term debt at June 30, 2026. It expects 2026 total expenses of $165-169B and still expects 2026 operating income to exceed 2025.
Revenue and profit by year
Marvell
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $8.2B | $2.7B | 32.6% | +42.1% | Source |
| FY2025 | $5.8B | -$885M | -15.3% | +4.7% | Source |
| FY2024 | $5.5B | -$933.4M | -16.9% | -7.0% | Source |
| FY2023 | $5.9B | -$163.5M | -2.8% | +32.7% | Source |
| FY2022 | $4.5B | -$421M | -9.4% | +50.3% | Source |
| FY2021 | $3B | -$277.3M | -9.3% | +10.0% | Source |
| FY2020 | $2.7B | $1.6B | 58.7% | — | Source |
Meta
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $201B | $60.5B | 30.1% | +22.2% | Source |
| FY2024 | $164.5B | $62.4B | 37.9% | +21.9% | Source |
| FY2023 | $134.9B | $39.1B | 29.0% | +15.7% | Source |
| FY2022 | $116.6B | $23.2B | 19.9% | -1.1% | Source |
| FY2021 | $117.9B | $39.4B | 33.4% | +37.2% | Source |
| FY2020 | $86B | $29.1B | 33.9% | +21.6% | Source |
| FY2019 | $70.7B | $18.5B | 26.1% | +26.6% | Source |
| FY2018 | $55.8B | $22.1B | 39.6% | +37.4% | Source |
| FY2017 | $40.7B | $15.9B | 39.2% | +47.1% | Source |
| FY2016 | $27.6B | $10.2B | 37.0% | — | Source |
Where the revenue comes from
Marvell
- Data Center
74% of FY2026 revenue
Generated $6.1003 billion in fiscal 2026 revenue from custom silicon, networking, optical connectivity, storage, and data-center infrastructure products.
- Communications and Other
26% of FY2026 revenue
Generated $2.0943 billion in fiscal 2026 revenue from carrier, enterprise, automotive legacy, and other communications-related products.
- Direct Customers
57% of FY2026 revenue
Direct customer sales accounted for $4.6304 billion of fiscal 2026 revenue.
- Distributors
43% of FY2026 revenue
Distributor sales accounted for $3.5642 billion of fiscal 2026 revenue.
Meta
- Advertising
~97.6% (FY2025)
Ads across Facebook, Instagram, Messenger, Threads and WhatsApp; $196.175B in FY2025.
- Other revenue and Reality Labs
~2.4% (FY2025)
WhatsApp Business messaging, Meta Verified subscriptions, Quest headsets and Ray-Ban Meta glasses.
Business model and strategy
Marvell
How it makes money
Marvell runs a fabless model: it designs chips and licenses-in or builds IP (SerDes, PAM4 and coherent DSPs, Arm compute subsystems, packaging), while foundries such as TSMC manufacture them. It makes money in two ways. First, it sells standard products, including electro-optics DSPs and drivers for optical modules, Teralynx Ethernet switches, PCIe/CXL retimers, storage controllers and OCTEON processors.
Growth strategy
Marvell's growth plan centers on AI infrastructure. It is expanding custom XPU and XPU-attach programs with large cloud providers, upgrading optical DSPs from 800G to 1.6T and beyond, growing Teralynx switches and retimers, and adding optical scale-up interconnect through Celestial AI.
Competitive advantage
Marvell's edge is breadth of data-center IP. It combines high-speed SerDes, PAM4 and coherent optical DSPs (largely from the 2021 Inphi deal), Ethernet switching, custom ASIC design services and, since 2026, Celestial AI's photonic interconnect technology. That lets it sell several components into the same AI cluster and offer hyperscalers a full custom-chip design and packaging service on advanced TSMC nodes.
Meta
How it makes money
Meta makes money by selling ads. Facebook, Instagram, Messenger, WhatsApp and Threads are free to use, and advertisers pay to reach people in feeds, Stories, Reels and click-to-message formats. Advertising produced $196.175B of Meta's $200.966B FY2025 revenue, about 97.6%. Q2 2026 growth came from 14% more ad impressions and a 12% higher average price per ad.
Growth strategy
Meta's growth plan runs through AI. Better ranking and ad-delivery models raise engagement on Reels and feeds and lift ad prices, which drove the 28% revenue growth in Q2 2026. Meta Superintelligence Labs, led by former Scale AI CEO Alexandr Wang, released the first Muse Spark model in April 2026, followed by a paid API and the Muse consumer AI agent in September 2026.
Competitive advantage
Meta's moat is distribution plus data. Its apps reach 3.60 billion people every day, so new products such as Threads, Meta AI and Muse can launch to a huge audience at once. Advertisers stay because Meta's AI ad tools such as Advantage+ convert across that audience at a scale only Google matches. Meta also owns its compute, custom MTIA chips and frontier models, which reduces its dependence on outside AI suppliers.
Questions about Marvell vs Meta
Which company has higher revenue — Marvell Technology, Inc. or Meta Platforms, Inc.?
Marvell Technology, Inc. reported $8.2B (FY2026), while Meta Platforms, Inc. reported $201.0B (FY2025). By last reported revenue, Meta Platforms, Inc. is the larger business, with Marvell Technology, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Marvell Technology, Inc. vs Meta Platforms, Inc.?
Marvell Technology, Inc.'s market capitalisation stands at $225.7B, while Meta Platforms, Inc.'s is $1.90T. Meta Platforms, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Marvell Technology, Inc..
Which is more financially efficient — Marvell Technology, Inc. or Meta Platforms, Inc.?
Marvell Technology, Inc. generates $1.11M / employee in revenue per employee, while Meta Platforms, Inc. generates $2.66M / employee. Meta Platforms, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Marvell Technology, Inc. and Meta Platforms, Inc. make money?
Marvell Technology, Inc. and Meta Platforms, Inc. generate revenue in fundamentally different ways. Marvell Technology, Inc.: Marvell runs a fabless model: it designs chips and licenses-in or builds IP (SerDes, PAM4 and coherent DSPs, Arm compute subsystems, packaging), while foundries such as TSMC manufacture them. Meta Platforms, Inc.: Meta makes money by selling ads.
Which company is valued higher relative to revenue — Marvell Technology, Inc. or Meta Platforms, Inc.?
On a price-to-sales (P/S) basis, Marvell Technology, Inc. trades at 27.5x P/S and Meta Platforms, Inc. at 9.5x P/S. Marvell Technology, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Meta Platforms, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Marvell Technology, Inc. bigger than Meta Platforms, Inc.?
By last reported revenue, Meta Platforms, Inc. ($201.0B (FY2025)) is the larger company compared to Marvell Technology, Inc. ($8.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Marvell vs Meta overview