Marvell vs NVIDIA: Revenue, Profit and Business Model
Marvell reported $8.2B of revenue in FY2026 and $2.7B of net income. NVIDIA reported $215.9B of revenue in FY2026 and $120.1B 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%.
NVIDIA
NVIDIA's revenue rose from $27.0B in fiscal 2023 to $60.9B in FY2024, $130.5B in FY2025 and $215.9B in FY2026, which ended January 25, 2026. FY2026 net income was $120.1B. Growth sped up again in fiscal 2027: Q1 revenue was $81.6B and Q2 (ended July 26, 2026) was $96.2B, up 106% year over year, with a 75.0% gross margin and $59.7B GAAP net income. Guidance for Q3 FY2027 is $108.0B, plus or minus 2%, and assumes no Data Center compute revenue from China. NVIDIA returned about $26.0B to shareholders in Q2. In May 2026 it raised the quarterly dividend to $0.25 from $0.01, and on September 28, 2026 it added $150B to its buyback authorization.
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 |
NVIDIA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | 55.6% | +65.5% | Source |
| FY2025 | $130.5B | $72.9B | 55.8% | +114.2% | Source |
| FY2024 | $60.9B | $29.8B | 48.8% | +125.9% | Source |
| FY2023 | $27B | $4.4B | 16.2% | +0.2% | Source |
| FY2022 | $26.9B | $9.8B | 36.2% | +61.4% | Source |
| FY2021 | $16.7B | $4.3B | 26.0% | +52.7% | Source |
| FY2020 | $10.9B | $2.8B | 25.6% | -6.8% | Source |
| FY2019 | $11.7B | $4.1B | 35.3% | +20.6% | Source |
| FY2018 | $9.7B | $3B | 31.4% | +40.6% | Source |
| FY2017 | $6.9B | $1.7B | 24.1% | — | 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.
NVIDIA
- Data CenterDominant
GPU accelerators, AI systems, networking, and software for cloud, enterprise, and supercomputing customers.
- GamingMaterial
GeForce GPUs and gaming-platform products for PC gamers, creators, and consumer AI PCs.
- Professional Visualization
Complementary
Workstation GPUs, visualization, simulation, and Omniverse-related products.
- AutomotiveGrowth
Automotive compute, software, and autonomous-driving platforms.
- Software And ServicesGrowth
Enterprise AI software, cloud services, libraries, and platform subscriptions layered on hardware.
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.
NVIDIA
How it makes money
NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. Data Center is the core business, at $193.7B of FY2026 revenue (about 90%) and $89.0B of the $96.2B earned in Q2 FY2027.
Growth strategy
NVIDIA wants to sell the whole AI factory, not just accelerators. It ships a new architecture roughly every year: Blackwell, then Blackwell Ultra, then Vera Rubin, which reached full production in mid-2026. Each rack combines GPUs, Vera CPUs, NVLink, Spectrum-6 switches and BlueField DPUs.
Competitive advantage
NVIDIA's lead comes from three things working together. CUDA has been in use since 2006 and much of the AI software stack is tuned for it. NVIDIA sells full systems that tie compute, NVLink and networking into one rack. Its scale also gets it priority access to TSMC wafers and high-bandwidth memory.
Questions about Marvell vs NVIDIA
Which company has higher revenue — Marvell Technology, Inc. or NVIDIA Corporation?
Marvell Technology, Inc. reported $8.2B (FY2026), while NVIDIA Corporation reported $215.9B (FY2026). By last reported revenue, NVIDIA Corporation is the larger business, with Marvell Technology, Inc. reporting a smaller revenue base.
What is the market cap of Marvell Technology, Inc. vs NVIDIA Corporation?
Marvell Technology, Inc.'s market capitalisation stands at $225.7B, while NVIDIA Corporation's is $5.45T. NVIDIA Corporation 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 NVIDIA Corporation?
Marvell Technology, Inc. generates $1.11M / employee in revenue per employee, while NVIDIA Corporation generates $5.14M / employee. NVIDIA Corporation 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 NVIDIA Corporation make money?
Marvell Technology, Inc. and NVIDIA Corporation 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. NVIDIA Corporation: NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC.
Which company is valued higher relative to revenue — Marvell Technology, Inc. or NVIDIA Corporation?
On a price-to-sales (P/S) basis, Marvell Technology, Inc. trades at 27.5x P/S and NVIDIA Corporation at 25.2x P/S. Marvell Technology, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to NVIDIA Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Marvell Technology, Inc. bigger than NVIDIA Corporation?
By last reported revenue, NVIDIA Corporation ($215.9B (FY2026)) 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 NVIDIA overview