Marvell Technology(NASDAQ:MRVL) 
Marvell Technology Group Ltd., together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, a...
Website: http://www.marvell.com
Founded: 1995
Full Time Employees: 5,633
Founder: Sehat Sutardja, Weili Dai
CEO: Matt Murphy
Sector: Technology
Industry: Semiconductors
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At a glance:
- AI Data Center Demand Driving Core Growth: Marvell is benefiting from accelerating AI infrastructure buildouts, particularly in high-speed interconnects and custom silicon used in cloud data centers.
- Custom Silicon and Advanced Packaging as Key Catalysts: The company is expanding its custom/ASIC programs and leveraging leading-edge process nodes and packaging to win design slots for hyperscale customers.
- Networking Cycle Recovery Remains a Swing Factor: Enterprise and carrier networking demand has been cyclical, and the pace of inventory normalization and capex recovery can materially influence near-term revenue trends.
- Margin and Mix Sensitive to Product and Customer Concentration: Gross margin and operating leverage can move with mix shifts between high-value data center products and more price-competitive segments, alongside exposure to a small number of large customers.
- Execution Risks: Competitive Pressure and Lead-Time Volatility: Marvell operates in highly competitive markets (networking, compute acceleration, storage connectivity), where roadmap execution, pricing dynamics, and supply/lead-time changes can affect results.
Bull Thesis:
- Leading Position in AI-Driven Custom ASICs: Marvell is a critical partner for hyperscale cloud providers, designing custom ASICs essential for accelerating AI/ML workloads. This segment represents a high-growth, high-margin opportunity as AI adoption intensifies and demand for specialized silicon surges.
- Robust Demand from Data Center and Cloud Infrastructure: The continuous expansion and upgrade cycles of data centers and cloud infrastructure drive strong demand for Marvell's Ethernet, optical interconnect, and storage solutions, forming the backbone of modern digital infrastructure and benefiting from increasing data traffic.
- Diversified Growth Across Key Infrastructure Markets: Beyond data centers, Marvell benefits from secular growth trends in 5G carrier infrastructure, enterprise networking, and the increasing silicon content in automotive and industrial applications, providing multiple avenues for revenue expansion and reducing reliance on a single market.
- Strong IP Portfolio and Technology Leadership: Marvell possesses a deep intellectual property portfolio and a track record of delivering leading-edge semiconductor solutions. This enables them to maintain a competitive advantage and capture market share in complex, high-performance segments requiring advanced chip design.
Bear Thesis:
- Exposure to Semiconductor Cyclicality and Macro Headwinds: As a semiconductor company, Marvell is susceptible to industry-wide cyclical downturns, inventory corrections, and broader macroeconomic slowdowns that can impact enterprise and data center spending, leading to periods of reduced demand.
- Intense Competition and Potential for Pricing Pressure: Marvell operates in highly competitive markets against well-established players (e.g., Broadcom, Nvidia) and emerging innovators. This intense competition could lead to pricing pressure, impacting margins and market share, especially in commoditized segments.
- Risk of Hyperscaler In-house Silicon Development: While custom ASICs are a strength, large hyperscale customers increasingly invest in developing their own in-house silicon solutions. This trend could potentially reduce their reliance on external vendors like Marvell for certain components over the long term, impacting future custom ASIC opportunities.
- Elevated Valuation and Sensitivity to Earnings Misses: Marvell's stock often trades at a premium valuation, reflecting its strong growth prospects. This can make the stock particularly sensitive to any perceived slowdown in growth, earnings misses, or broader market corrections, leading to significant share price volatility.
Main Competitors:
- Broadcom ($AVGO) (Data Center Networking (Tomahawk/Trident switches), Storage Adapters (Fibre Channel, SAS/SATA), Custom ASICs), Broadcom is a formidable competitor across many of Marvell's core markets, particularly in high-speed data center networking (Ethernet switches, PHYs), storage controllers (Fibre Channel, SAS/SATA, NVMe), and custom ASICs. They compete for design wins in hyperscale data centers, enterprise, and telecom infrastructure by offering a broad portfolio of high-performance, integrated semiconductor solutions.
- NVIDIA ($NVDA) (Mellanox Data Center Interconnects (InfiniBand, high-speed Ethernet), BlueField DPUs), NVIDIA, through its Mellanox acquisition, directly competes with Marvell in high-speed data center interconnects, including Ethernet controllers, network adapters, and especially with its BlueField DPUs (Data Processing Units) which rival Marvell's Octeon DPUs for offloading and accelerating data center workloads.
- Microchip Technology ($MCHP) (Storage Controllers (NVMe, SAS/SATA), PCIe Switches, Ethernet PHYs), Microchip competes with Marvell in the storage segment, offering a range of NVMe, SAS/SATA, and Fibre Channel controllers, as well as PCIe switches. They also have a presence in Ethernet PHYs and embedded processing, overlapping with Marvell's enterprise and industrial networking solutions.
- NXP Semiconductors ($NXPI) (Automotive Ethernet, Communications Infrastructure Processors (Layerscape), Secure Gateways), NXP is a key competitor in the automotive sector, particularly for automotive Ethernet solutions and secure gateways, which is a significant growth area for Marvell. They also compete in communications infrastructure with their Layerscape processors, targeting similar applications in 5G base stations and enterprise networking.
Moat:
Marvell's competitive moat is built on its deep expertise in high-speed analog and mixed-signal design, enabling highly integrated, low-power, and high-performance solutions for demanding data center, 5G, and automotive applications. This specialization fosters long design cycles and sticky customer relationships. However, the semiconductor industry is fiercely competitive, with rivals like Broadcom and NVIDIA possessing vast resources and broad portfolios. Marvell must continuously innovate, manage high R&D costs, and maintain strong customer ties to defend its market share against these formidable competitors and adapt to evolving technological demands in cloud and AI infrastructure.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-11-01 | 2025-08-02 | 2025-05-03 | 2025-02-01 | 2024-11-02 | 2024-08-03 | 2024-05-04 | 2024-02-03 | 2023-10-28 | 2023-07-29 | 2023-04-29 | 2023-01-28 | 2022-10-29 | 2022-07-30 | 2022-04-30 | 2022-01-29 | 2021-10-30 | 2021-07-31 | 2021-05-01 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net revenue | 2,074,500,000 | 2,006,100,000 | 1,895,300,000 | 1,817,400,000 | 1,516,100,000 | 1,272,900,000 | 1,160,900,000 | 1,426,500,000 | 1,418,600,000 | 1,340,900,000 | 1,321,700,000 | 1,418,500,000 | 1,537,300,000 | 1,516,900,000 | 1,446,900,000 | 1,342,978,000 | 1,211,245,000 | 1,075,881,000 | 832,279,000 |
yoy | 36.83% | 57.60% | 63.26% | 27.40% | 6.87% | -5.07% | -12.17% | 0.56% | -7.72% | -11.60% | -8.65% | 5.62% | 26.92% | 40.99% | 73.85% | ||||
qoq | 3.41% | 5.85% | 4.29% | 19.87% | 19.11% | 9.65% | -18.62% | 0.56% | 5.79% | 1.45% | -6.82% | -7.73% | 1.34% | 4.84% | 7.74% | 10.88% | 12.58% | 29.27% | |
cost of goods sold | 1,004,700,000 | 995,500,000 | 942,900,000 | 900,000,000 | 1,166,700,000 | 685,300,000 | 633,100,000 | 762,400,000 | 867,400,000 | 819,800,000 | 764,500,000 | 745,200,000 | 760,000,000 | 730,900,000 | 696,000,000 | 656,544,000 | 623,425,000 | 704,051,000 | 414,138,000 |
gross profit | 1,069,800,000 | 1,010,600,000 | 952,400,000 | 917,400,000 | 349,400,000 | 587,600,000 | 527,800,000 | 664,100,000 | 551,200,000 | 521,100,000 | 557,200,000 | 673,300,000 | 777,300,000 | 786,000,000 | 750,900,000 | 686,434,000 | 587,820,000 | 371,830,000 | 418,141,000 |
yoy | 206.18% | 71.99% | 80.45% | 38.14% | -36.61% | 12.76% | -5.28% | -1.37% | -29.09% | -33.70% | -25.80% | -1.91% | 32.23% | 111.39% | 79.58% | ||||
qoq | 5.86% | 6.11% | 3.82% | 162.56% | -40.54% | 11.33% | -20.52% | 20.48% | 5.78% | -6.48% | -17.24% | -13.38% | -1.11% | 4.67% | 9.39% | 16.78% | 58.09% | -11.08% | |
gross margin % | 51.57% | 50.38% | 50.25% | 50.48% | 23.05% | 46.16% | 45.46% | 46.55% | 38.86% | 38.86% | 42.16% | 47.47% | 50.56% | 51.82% | 51.90% | 51.11% | 48.53% | 34.56% | 50.24% |
operating expenses: | |||||||||||||||||||
research and development | 512,500,000 | 519,000,000 | 507,700,000 | 499,000,000 | 488,600,000 | 486,700,000 | 476,100,000 | 459,600,000 | 481,100,000 | 474,800,000 | 480,700,000 | 443,100,000 | 448,100,000 | 449,000,000 | 444,100,000 | 399,269,000 | 371,894,000 | 367,043,000 | 286,100,000 |
selling, general and administrative | 189,900,000 | 192,800,000 | 186,400,000 | 195,700,000 | 205,300,000 | 197,300,000 | 199,900,000 | 212,000,000 | 213,000,000 | 210,000,000 | 199,000,000 | 203,400,000 | 207,800,000 | 211,700,000 | 235,700,000 | 251,212,000 | 243,406,000 | 259,161,000 | 201,466,000 |
restructuring related charges | 9,600,000 | -12,500,000 | 358,300,000 | 4,000,000 | 4,100,000 | 25,800,000 | 3,400,000 | 42,000,000 | 59,900,000 | 3,500,000 | 15,600,000 | 1,200,000 | 1,300,000 | 1,301,000 | 5,861,000 | 12,294,000 | 12,886,000 | ||
total operating expenses | 712,000,000 | 720,500,000 | 681,800,000 | 682,200,000 | 1,052,200,000 | 688,000,000 | 680,100,000 | 697,400,000 | 697,500,000 | 726,800,000 | 739,600,000 | 650,000,000 | 671,500,000 | 746,900,000 | 681,100,000 | 651,782,000 | 621,161,000 | 638,498,000 | 500,452,000 |
operating income | 357,800,000 | 290,100,000 | 270,600,000 | 235,200,000 | -702,800,000 | -100,400,000 | -152,300,000 | -33,300,000 | -146,300,000 | -205,700,000 | -182,400,000 | 23,300,000 | 105,800,000 | 39,100,000 | 69,800,000 | 34,652,000 | -33,341,000 | -266,668,000 | -82,311,000 |
yoy | -150.91% | -388.94% | -277.68% | -806.31% | 380.38% | -51.19% | -16.50% | -242.92% | -238.28% | -626.09% | -361.32% | -32.76% | -417.33% | -114.66% | -184.80% | ||||
qoq | 23.34% | 7.21% | 15.05% | -133.47% | 600.00% | -34.08% | 357.36% | -77.24% | -28.88% | 12.77% | -882.83% | -77.98% | 170.59% | -43.98% | 101.43% | -203.93% | -87.50% | 223.98% | |
operating margin % | 17.25% | 14.46% | 14.28% | 12.94% | -46.36% | -7.89% | -13.12% | -2.33% | -10.31% | -15.34% | -13.80% | 1.64% | 6.88% | 2.58% | 4.82% | 2.58% | -2.75% | -24.79% | -9.89% |
interest expense | -51,200,000 | -51,900,000 | -48,700,000 | -45,000,000 | -47,200,000 | -48,400,000 | -48,800,000 | -52,600,000 | -52,600,000 | -53,800,000 | -52,700,000 | -49,300,000 | -45,200,000 | -39,800,000 | -36,300,000 | -34,963,000 | -35,423,000 | -33,814,000 | -35,141,000 |
interest income and other | 1,908,800,000 | -4,500,000 | -6,000,000 | 9,600,000 | -500,000 | 2,600,000 | 3,300,000 | ||||||||||||
interest and other income | 1,857,600,000 | -46,500,000 | -40,500,000 | -35,300,000 | -30,600,000 | -32,578,000 | -34,235,000 | -35,318,000 | -33,696,000 | ||||||||||
income before income taxes | 2,215,400,000 | 233,700,000 | 215,900,000 | 199,800,000 | -750,500,000 | -146,200,000 | -197,800,000 | -87,300,000 | -187,500,000 | -251,600,000 | -232,300,000 | -23,200,000 | 65,300,000 | 3,800,000 | 39,200,000 | 2,074,000 | -67,576,000 | -301,986,000 | -116,007,000 |
provision for income taxes | 314,100,000 | 38,900,000 | 38,000,000 | 47,100,000 | 17,800,000 | 305,400,000 | -23,200,000 | -44,100,000 | -63,400,000 | -7,800,000 | 52,000,000 | -500,000 | 204,900,000 | -27,765,000 | |||||
net income | 1,901,300,000 | 194,800,000 | 177,900,000 | 200,200,000 | -676,300,000 | -193,300,000 | -215,600,000 | -392,700,000 | -164,300,000 | -207,500,000 | -168,900,000 | -15,400,000 | 13,300,000 | 4,300,000 | -165,700,000 | 6,168,000 | -62,532,000 | -276,428,000 | -88,242,000 |
yoy | -381.13% | -200.78% | -182.51% | -150.98% | 311.63% | -6.84% | 27.65% | 2450.00% | -1335.34% | -4925.58% | 1.93% | -349.68% | -121.27% | -101.56% | 87.78% | ||||
qoq | 876.03% | 9.50% | -11.14% | -129.60% | 249.87% | -10.34% | -45.10% | 139.01% | -20.82% | 22.85% | 996.75% | -215.79% | 209.30% | -102.60% | -2786.45% | -109.86% | -77.38% | 213.26% | |
net income margin % | 91.65% | 9.71% | 9.39% | 11.02% | -44.61% | -15.19% | -18.57% | -27.53% | -11.58% | -15.47% | -12.78% | -1.09% | 0.87% | 0.28% | -11.45% | 0.46% | -5.16% | -25.69% | -10.60% |
net income per share | 2.22 | 0.23 | 0.21 | 0.23 | -0.78 | -0.22 | -0.25 | -0.45 | -0.19 | -0.24 | -0.2 | -0.02 | 0.02 | 0.01 | -0.2 | 0.02 | -0.08 | -0.34 | -0.13 |
weighted-average shares: | |||||||||||||||||||
basic | 855.8 | 862.6 | 864.8 | 865.5 | 865.7 | 865.7 | 865 | 861.3 | 862.6 | 860.9 | 856.7 | 851.4 | 852.6 | 850.9 | 848 | 796,855 | 828,635 | 821,062 | 693,378 |
diluted | 863.7 | 870.4 | 875.6 | 865.5 | 865.7 | 865.7 | 865 | 861.3 | 862.6 | 860.9 | 856.7 | 851.4 | 858.4 | 857.9 | 848 | 796,855 | 828,635 | 821,062 | 693,378 |
restructuring related charges (gains) | 8,700,000 | -12,300,000 | |||||||||||||||||
interest and other loss | -56,400,000 | -54,700,000 | -35,400,000 | -47,700,000 | -45,800,000 | -45,500,000 | -54,000,000 | -41,200,000 | -45,900,000 | -49,900,000 | |||||||||
benefit from income taxes | -2,325,000 | -74,200,000 | |||||||||||||||||
legal settlement | 85,000,000 | ||||||||||||||||||
interest income | 3,000,000 | 1,700,000 | 1,600,000 | 2,500,000 | 2,500,000 | 1,500,000 | 800,000 | 500,000 | 189,000 | 189,000 | 150,000 | 222,000 | |||||||
other income | -4,400,000 | 9,700,000 | 6,300,000 | 300,000 | 300,000 | 3,200,000 | 3,700,000 | 5,200,000 | 2,196,000 | 999,000 | -1,654,000 | 1,223,000 | |||||||
comprehensive income, net of tax | 4,300,000 | ||||||||||||||||||
comprehensive loss, net of tax | -165,700,000 | ||||||||||||||||||
benefit for income taxes | -4,094,000 | -5,044,000 | -25,558,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-11-01 | 2025-08-02 | 2025-05-03 | 2025-02-01 | 2024-11-02 | 2024-08-03 | 2024-05-04 | 2024-02-03 | 2023-10-28 | 2023-07-29 | 2023-04-29 | 2023-01-28 | 2022-10-29 | 2022-07-30 | 2022-04-30 | 2022-01-29 | 2021-10-30 | 2021-07-31 | 2021-05-01 |
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assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 2,714,500,000 | 1,224,400,000 | 885,900,000 | 948,300,000 | 868,100,000 | 808,700,000 | 847,700,000 | 950,800,000 | 725,600,000 | 423,400,000 | 1,028,300,000 | 911,000,000 | 723,400,000 | 617,100,000 | 465,000,000 | 613,533,000 | 523,502,000 | 559,617,000 | 522,512,000 |
accounts receivable | 1,546,300,000 | 1,451,700,000 | 1,144,000,000 | 1,028,400,000 | 997,900,000 | 1,060,100,000 | 881,900,000 | 1,121,600,000 | 1,214,600,000 | 1,209,200,000 | 1,000,900,000 | 1,192,200,000 | 1,390,700,000 | 1,291,300,000 | 1,191,100,000 | 1,048,583,000 | 978,261,000 | 785,611,000 | 694,395,000 |
inventories | 1,014,500,000 | 1,051,600,000 | 1,071,400,000 | 1,029,700,000 | 859,400,000 | 817,800,000 | 826,400,000 | 864,400,000 | 941,500,000 | 1,015,800,000 | 1,026,000,000 | 1,068,300,000 | 957,500,000 | 913,100,000 | 835,500,000 | 720,331,000 | 628,600,000 | 459,532,000 | 538,117,000 |
prepaid expenses and other current assets | 237,200,000 | 189,700,000 | 148,100,000 | 113,900,000 | 91,400,000 | 77,300,000 | 91,700,000 | 125,900,000 | 91,500,000 | 118,800,000 | 147,700,000 | 109,600,000 | 107,700,000 | 93,500,000 | 107,300,000 | 111,003,000 | 114,451,000 | 103,717,000 | 132,787,000 |
total current assets | 5,512,500,000 | 4,512,900,000 | 3,837,600,000 | 3,120,300,000 | 2,816,800,000 | 2,763,900,000 | 2,647,700,000 | 3,062,700,000 | 2,973,200,000 | 2,767,200,000 | 3,202,900,000 | 3,281,100,000 | 3,179,300,000 | 2,915,000,000 | 2,598,900,000 | 2,493,450,000 | 2,244,814,000 | 1,908,477,000 | 1,887,811,000 |
property and equipment | 854,800,000 | 794,500,000 | 774,700,000 | 790,500,000 | 781,900,000 | 781,500,000 | 758,000,000 | 756,000,000 | 701,600,000 | 693,800,000 | 636,200,000 | 577,400,000 | 521,500,000 | 508,200,000 | 502,200,000 | 462,773,000 | 444,003,000 | 433,091,000 | 424,733,000 |
goodwill | 11,062,200,000 | 11,062,200,000 | 11,062,200,000 | 11,586,900,000 | 11,586,900,000 | 11,586,900,000 | 11,586,900,000 | 11,586,900,000 | 11,586,900,000 | 11,586,900,000 | 11,586,900,000 | 11,586,900,000 | 11,579,000,000 | 11,579,000,000 | 11,539,000,000 | 11,511,129,000 | 11,446,444,000 | 10,976,443,000 | 10,965,666,000 |
acquired intangible assets | 1,978,300,000 | 2,207,200,000 | 2,450,900,000 | 2,710,600,000 | 2,957,700,000 | 3,463,400,000 | 3,739,200,000 | 4,004,100,000 | 4,290,400,000 | 4,560,200,000 | 4,832,000,000 | 5,102,000,000 | 5,372,600,000 | 5,642,500,000 | 5,888,100,000 | 6,153,422,000 | 6,439,106,000 | 6,285,388,000 | 6,562,061,000 |
deferred tax assets | 403,500,000 | 409,900,000 | 405,900,000 | 401,200,000 | 406,500,000 | 347,500,000 | 327,000,000 | 311,900,000 | 759,500,000 | 700,900,000 | 608,200,000 | 465,900,000 | 451,800,000 | 310,500,000 | 331,800,000 | 493,508,000 | 528,985,000 | 517,123,000 | 725,636,000 |
other non-current assets | 1,767,700,000 | 1,599,600,000 | 1,492,400,000 | 1,595,000,000 | 1,165,800,000 | 1,350,200,000 | 1,432,200,000 | 1,506,900,000 | 1,402,800,000 | 1,441,100,000 | 1,407,000,000 | 1,508,800,000 | 1,417,900,000 | 1,206,900,000 | 1,178,700,000 | 994,315,000 | 915,490,000 | 718,110,000 | 664,030,000 |
total assets | 21,579,000,000 | 20,586,300,000 | 20,023,700,000 | 20,204,500,000 | 19,715,600,000 | 20,293,400,000 | 20,491,000,000 | 21,228,500,000 | 21,714,400,000 | 21,750,100,000 | 22,273,200,000 | 22,522,100,000 | 22,522,100,000 | 22,162,100,000 | 22,038,700,000 | 22,108,597,000 | 22,018,842,000 | 20,838,632,000 | 21,229,937,000 |
liabilities and stockholders’ equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable | 633,700,000 | 610,700,000 | 562,700,000 | 622,200,000 | 538,100,000 | 453,400,000 | 320,900,000 | 411,300,000 | 419,100,000 | 412,800,000 | 388,400,000 | 465,800,000 | 476,200,000 | 490,300,000 | 553,100,000 | 461,509,000 | 440,592,000 | 370,502,000 | 304,425,000 |
accrued liabilities | 1,351,100,000 | 1,078,500,000 | 939,800,000 | 972,600,000 | 825,200,000 | 763,800,000 | 861,000,000 | 1,032,900,000 | 1,119,200,000 | 1,068,500,000 | 970,800,000 | 1,092,000,000 | 1,111,700,000 | 823,600,000 | 735,000,000 | 622,561,000 | 521,905,000 | 519,214,000 | 478,158,000 |
accrued employee compensation | 252,400,000 | 210,800,000 | 183,700,000 | 302,500,000 | 270,900,000 | 200,000,000 | 167,500,000 | 262,700,000 | 245,000,000 | 185,300,000 | 184,600,000 | 244,500,000 | 248,300,000 | 188,400,000 | 191,900,000 | 241,306,000 | 222,835,000 | 153,327,000 | 153,943,000 |
short-term debt | 499,500,000 | 499,300,000 | 1,255,200,000 | 129,500,000 | 129,400,000 | 129,300,000 | 118,300,000 | 107,300,000 | 96,300,000 | 1,018,600,000 | 1,517,600,000 | 584,400,000 | 584,000,000 | 653,500,000 | 74,100,000 | 63,166,000 | 52,205,000 | 41,390,000 | 30,308,000 |
total current liabilities | 2,736,700,000 | 2,399,300,000 | 2,941,400,000 | 2,026,800,000 | 1,763,600,000 | 1,546,500,000 | 1,467,700,000 | 1,814,200,000 | 1,879,600,000 | 2,685,200,000 | 3,061,400,000 | 2,386,700,000 | 2,420,200,000 | 2,155,800,000 | 1,554,100,000 | 1,388,542,000 | 1,237,537,000 | 1,084,433,000 | 1,160,103,000 |
long-term debt | 3,969,400,000 | 3,967,900,000 | 2,977,400,000 | 3,934,300,000 | 3,965,500,000 | 3,996,500,000 | 4,027,600,000 | 4,058,600,000 | 4,089,600,000 | 3,134,500,000 | 3,154,900,000 | 3,907,700,000 | 3,927,600,000 | 3,947,400,000 | 4,465,300,000 | 4,484,811,000 | 4,504,321,000 | 4,662,844,000 | 4,673,707,000 |
other non-current liabilities | 816,300,000 | 797,400,000 | 792,200,000 | 816,400,000 | 613,600,000 | 545,500,000 | 517,000,000 | 524,300,000 | 511,800,000 | 540,900,000 | 563,000,000 | 590,500,000 | 615,300,000 | 528,700,000 | 554,300,000 | 533,147,000 | 590,640,000 | 350,158,000 | 539,611,000 |
total liabilities | 7,522,400,000 | 7,164,600,000 | 6,711,000,000 | 6,777,500,000 | 6,342,700,000 | 6,088,500,000 | 6,012,300,000 | 6,397,100,000 | 6,481,000,000 | 6,360,600,000 | 6,779,300,000 | 6,884,900,000 | 6,963,100,000 | 6,631,900,000 | 6,573,700,000 | 6,406,500,000 | 6,332,498,000 | 6,097,435,000 | 6,374,567,000 |
commitments and contingencies | |||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||
common stock | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | 1,692,000 | 1,682,000 | 1,646,000 | |
additional paid-in capital | 13,044,000,000 | 14,259,400,000 | 14,294,200,000 | 14,534,100,000 | 14,629,000,000 | 14,732,900,000 | 14,760,700,000 | 14,845,300,000 | 14,805,200,000 | 14,744,800,000 | 14,589,900,000 | 14,512,000,000 | 14,367,900,000 | 14,300,500,000 | 14,188,500,000 | 14,209,047,000 | 14,148,741,000 | 13,090,669,000 | 12,879,095,000 |
accumulated other comprehensive income | 400,000 | 600,000 | -100,000 | 400,000 | -300,000 | -400,000 | 400,000 | 1,100,000 | |||||||||||
retained earnings | 1,010,500,000 | -16,700,000 | 427,900,000 | 644,000,000 | 903,200,000 | 1,123,500,000 | 1,190,200,000 | 1,228,000,000 | 1,274,800,000 | 1,491,358,000 | 1,535,921,000 | 1,648,882,000 | 1,974,642,000 | ||||||
total stockholders’ equity | 14,056,600,000 | 13,421,700,000 | 13,312,700,000 | 13,427,000,000 | 13,372,900,000 | 14,204,900,000 | 14,478,700,000 | 14,831,400,000 | 15,233,400,000 | 15,389,500,000 | 15,493,900,000 | 15,637,200,000 | 15,559,000,000 | 15,530,200,000 | 15,465,000,000 | 15,702,097,000 | 15,686,344,000 | 14,741,197,000 | 14,855,370,000 |
total liabilities and stockholders’ equity | 21,579,000,000 | 20,586,300,000 | 20,023,700,000 | 20,204,500,000 | 19,715,600,000 | 20,293,400,000 | 20,491,000,000 | 21,228,500,000 | 21,714,400,000 | 21,750,100,000 | 22,273,200,000 | 22,522,100,000 | 22,522,100,000 | 22,162,100,000 | 22,038,700,000 | 22,108,597,000 | 22,018,842,000 | 20,838,632,000 | 21,229,937,000 |
assets held for sale | 595,500,000 | 588,200,000 | |||||||||||||||||
accumulated deficit | -840,000,000 | -983,100,000 | -1,109,200,000 | -1,257,500,000 | -529,300,000 | -284,100,000 | |||||||||||||
preferred stock, 0.002 par value; 8.0 shares authorized; no shares issued and outstanding | |||||||||||||||||||
accumulated other comprehensive loss | -1,400,000 | -1,000,000 | -900,000 | -800,000 | |||||||||||||||
preferred stock, 0.002 par value; 8,000 shares authorized; no shares issued and outstanding | |||||||||||||||||||
short-term convertible debt | 193,269,000 | ||||||||||||||||||
long-term convertible debt | 1,146,000 | ||||||||||||||||||
common shares, 0.002 par value | 1,633,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-11-01 | 2025-08-02 | 2025-05-03 | 2025-02-01 | 2024-11-02 | 2024-08-03 | 2024-05-04 | 2024-02-03 | 2023-10-28 | 2023-07-29 | 2023-04-29 | 2023-01-28 | 2022-10-29 | 2022-07-30 | 2022-04-30 | 2022-01-29 | 2021-10-30 | 2021-07-31 | 2021-05-01 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||
net income | 1,901,300,000 | 194,800,000 | 177,900,000 | ||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||
depreciation and amortization | 86,900,000 | 84,100,000 | 84,200,000 | 78,800,000 | 76,600,000 | 76,300,000 | 72,600,000 | 73,800,000 | 72,100,000 | 75,500,000 | 78,400,000 | 77,900,000 | 74,400,000 | 76,900,000 | 75,700,000 | 76,257,000 | 71,592,000 | 66,248,000 | 51,837,000 |
stock-based compensation | 152,100,000 | 153,600,000 | 142,100,000 | 147,600,000 | 158,400,000 | 154,900,000 | 136,500,000 | 155,300,000 | 158,500,000 | 152,800,000 | 143,200,000 | 130,700,000 | 146,100,000 | 144,500,000 | 131,100,000 | ||||
amortization of acquired intangible assets | 229,000,000 | 243,700,000 | 245,700,000 | 247,100,000 | 264,900,000 | 275,700,000 | 264,900,000 | 286,300,000 | 269,800,000 | 271,800,000 | 270,000,000 | 273,200,000 | 269,900,000 | 271,800,000 | 272,500,000 | 294,784,000 | 279,282,000 | 276,672,000 | 128,639,000 |
restructuring related charges (gains) | 0 | 0 | -14,000,000 | ||||||||||||||||
deferred income taxes | 7,000,000 | -4,900,000 | -4,300,000 | -5,700,000 | -47,900,000 | -36,100,000 | -22,200,000 | 434,500,000 | -57,000,000 | -87,600,000 | -139,100,000 | -3,200,000 | -124,800,000 | 13,400,000 | 165,000,000 | -26,324,000 | -15,984,000 | -29,005,000 | -22,581,000 |
gain on sale of business | |||||||||||||||||||
other expense | 4,300,000 | 36,700,000 | 44,100,000 | 23,800,000 | 9,000,000 | 11,300,000 | 21,800,000 | 4,300,000 | 18,200,000 | 8,900,000 | 12,800,000 | -6,100,000 | 34,300,000 | 17,500,000 | 6,700,000 | 9,110,000 | -1,817,000 | 30,561,000 | 31,309,000 |
changes in assets and liabilities, net of acquisitions: | |||||||||||||||||||
accounts receivable | -94,700,000 | -307,700,000 | -115,600,000 | -30,500,000 | 62,200,000 | -178,200,000 | 239,700,000 | 93,000,000 | -5,500,000 | -208,200,000 | 191,300,000 | 198,800,000 | -101,800,000 | -100,200,000 | -139,500,000 | -67,635,000 | -192,229,000 | -91,216,000 | -57,999,000 |
prepaid expenses and other assets | -190,100,000 | -117,500,000 | 24,100,000 | -172,800,000 | -45,500,000 | 135,900,000 | 85,800,000 | -107,500,000 | 53,700,000 | -47,200,000 | 7,900,000 | -98,000,000 | -197,500,000 | -42,000,000 | -142,900,000 | -96,467,000 | -19,149,000 | -50,603,000 | 4,413,000 |
inventories | 35,200,000 | 15,400,000 | -69,900,000 | -169,800,000 | -108,200,000 | 9,200,000 | 38,800,000 | 78,800,000 | 70,600,000 | 11,300,000 | 41,200,000 | -122,500,000 | -56,300,000 | -81,300,000 | -125,800,000 | -91,211,000 | -118,388,000 | -69,038,000 | -13,249,000 |
accounts payable | -11,000,000 | -30,700,000 | -37,400,000 | 71,700,000 | 75,000,000 | 93,100,000 | -58,300,000 | -61,600,000 | -700,000 | 18,000,000 | -104,800,000 | -53,900,000 | -37,800,000 | -57,500,000 | 61,400,000 | -631,000 | 93,200,000 | 52,197,000 | -51,609,000 |
accrued employee compensation | 22,800,000 | 26,800,000 | -117,600,000 | 31,600,000 | 71,100,000 | 33,000,000 | -92,200,000 | 17,600,000 | 59,700,000 | 1,100,000 | -60,100,000 | -3,800,000 | 60,000,000 | -3,700,000 | -50,000,000 | 16,599,000 | 69,289,000 | -616,000 | -55,693,000 |
accrued liabilities and other non-current liabilities | 269,900,000 | 167,300,000 | -26,400,000 | 87,300,000 | 175,200,000 | -77,000,000 | -148,000,000 | -46,600,000 | 27,100,000 | 102,300,000 | -73,600,000 | -54,800,000 | 320,800,000 | 81,500,000 | 97,000,000 | 84,152,000 | 761,000 | 39,234,000 | -46,999,000 |
net cash from operating activities | 582,300,000 | 461,600,000 | 332,900,000 | 514,000,000 | 536,300,000 | 306,400,000 | 324,500,000 | 546,600,000 | 503,000,000 | 112,500,000 | 208,400,000 | 351,500,000 | 411,000,000 | 331,500,000 | 194,800,000 | 346,323,000 | 264,665,000 | 222,107,000 | -13,727,000 |
capital expenditures | -73,500,000 | -47,500,000 | -118,800,000 | -69,900,000 | -75,000,000 | -48,200,000 | -91,500,000 | -71,000,000 | -54,400,000 | -111,100,000 | -99,800,000 | -54,000,000 | -42,700,000 | -72,600,000 | -36,900,000 | -38,841,000 | -76,804,000 | -32,235,000 | -21,444,000 |
free cash flows | 508,800,000 | 414,100,000 | 214,100,000 | 444,100,000 | 461,300,000 | 258,200,000 | 233,000,000 | 475,600,000 | 448,600,000 | 1,400,000 | 108,600,000 | 297,500,000 | 368,300,000 | 258,900,000 | 157,900,000 | 307,482,000 | 187,861,000 | 189,872,000 | -35,171,000 |
cash flows from investing activities: | |||||||||||||||||||
purchases of technology licenses | -1,200,000 | -1,100,000 | -1,100,000 | -800,000 | -500,000 | -5,200,000 | -500,000 | -10,600,000 | -300,000 | -200,000 | -2,800,000 | -2,000,000 | -4,900,000 | -2,600,000 | -1,600,000 | -8,426,000 | -2,731,000 | -3,197,000 | -3,443,000 |
purchases of property and equipment | -73,500,000 | -47,500,000 | -118,800,000 | -69,900,000 | -75,000,000 | -48,200,000 | -91,500,000 | -71,000,000 | -54,400,000 | -111,100,000 | -99,800,000 | -54,000,000 | -42,700,000 | -72,600,000 | -36,900,000 | -38,841,000 | -76,804,000 | -32,235,000 | -21,444,000 |
proceeds from sales of property and equipment | 100,000 | 1,400,000 | 25,900,000 | ||||||||||||||||
acquisitions, net of cash acquired | 0 | 0 | 0 | -9,300,000 | -4,400,000 | -54,600,000 | -44,000,000 | -15,207,000 | |||||||||||
net proceeds from sale of business | |||||||||||||||||||
other | -12,800,000 | -30,000,000 | -100,000 | 400,000 | 0 | 10,800,000 | -9,900,000 | -100,000 | 100,000 | -200,000 | -100,000 | 1,100,000 | 100,000 | -616,000 | -53,000 | -2,851,000 | 447,000 | ||
net cash from investing activities | 2,391,200,000 | -77,200,000 | -94,100,000 | -70,300,000 | -75,500,000 | -53,000,000 | -101,900,000 | -76,200,000 | -54,600,000 | -117,000,000 | -102,700,000 | -64,200,000 | -51,900,000 | -129,900,000 | -82,400,000 | -63,090,000 | -19,152,000 | -38,283,000 | -3,624,605,000 |
cash flows from financing activities: | |||||||||||||||||||
repurchases of common stock | -1,300,000,000 | -200,000,000 | -340,000,000 | -200,000,000 | -200,000,000 | -175,000,000 | -150,000,000 | -100,000,000 | 0 | -50,000,000 | -50,000,000 | -15,000,000 | |||||||
proceeds from employee stock plans | 400,000 | 50,500,000 | 600,000 | 35,200,000 | 800,000 | 49,300,000 | 2,300,000 | 38,100,000 | 700,000 | 52,900,000 | 7,500,000 | 38,800,000 | 1,100,000 | 48,900,000 | 2,500,000 | 41,700,000 | 2,428,000 | 39,807,000 | 549,000 |
tax withholding paid on behalf of employees for net share settlement | -62,500,000 | -50,700,000 | -50,200,000 | -84,600,000 | -58,600,000 | -57,600,000 | -74,100,000 | -55,000,000 | -44,900,000 | -51,200,000 | -72,600,000 | -26,400,000 | -29,500,000 | -34,100,000 | -137,600,000 | -136,656,000 | -52,851,000 | -42,975,000 | -73,175,000 |
dividend payments to stockholders | -50,800,000 | -51,700,000 | -51,800,000 | -51,900,000 | -51,900,000 | -51,900,000 | -51,800,000 | -51,900,000 | -51,800,000 | -51,700,000 | -51,400,000 | -51,300,000 | -51,100,000 | -51,100,000 | -50,900,000 | -50,731,000 | -50,429,000 | -49,332,000 | -40,557,000 |
payments on technology license obligations | -47,700,000 | -27,500,000 | -26,800,000 | -29,200,000 | -58,900,000 | -35,300,000 | -30,200,000 | -40,100,000 | -31,600,000 | -28,600,000 | -50,000,000 | -38,900,000 | -32,400,000 | -22,200,000 | -49,000,000 | -36,577,000 | -30,551,000 | -23,175,000 | -44,132,000 |
proceeds from borrowings | 0 | 998,600,000 | 200,000,000 | 0 | 1,045,300,000 | 50,000,000 | 200,000,000 | ||||||||||||
principal payments of debt | 0 | -757,800,000 | -32,800,000 | -32,800,000 | -32,800,000 | -21,900,000 | -21,900,000 | -21,900,000 | -1,006,900,000 | -571,800,000 | -21,900,000 | -21,800,000 | -91,900,000 | -141,000,000 | -10,900,000 | -100,938,000 | -150,938,000 | -75,000,000 | -200,000,000 |
net cash from financing activities | -1,483,400,000 | -45,900,000 | -301,200,000 | -363,500,000 | -401,400,000 | -292,400,000 | -325,700,000 | -146,200,000 | -600,400,000 | 11,600,000 | -252,800,000 | -49,500,000 | -260,900,000 | -281,628,000 | -146,719,000 | 3,412,377,000 | |||
net increase in cash and cash equivalents | 1,490,100,000 | -103,100,000 | 225,200,000 | 302,200,000 | -604,900,000 | 117,300,000 | 187,600,000 | 106,300,000 | 90,031,000 | -36,115,000 | 37,105,000 | -225,955,000 | |||||||
cash and cash equivalents at beginning of period | 0 | 0 | 948,300,000 | 0 | 0 | 950,800,000 | 0 | 0 | 911,000,000 | 0 | 0 | 613,500,000 | 0 | 0 | 748,467,000 | ||||
cash and cash equivalents at end of period | 1,490,100,000 | 338,500,000 | 885,900,000 | 59,400,000 | -39,000,000 | 847,700,000 | 302,200,000 | -604,900,000 | 1,028,300,000 | 106,300,000 | 152,100,000 | 465,000,000 | -36,115,000 | 37,105,000 | 522,512,000 | ||||
net decrease in cash and cash equivalents | -62,400,000 | 59,400,000 | -148,500,000 | ||||||||||||||||
net loss | 200,200,000 | -676,300,000 | -193,300,000 | -215,600,000 | -392,700,000 | -164,300,000 | -207,500,000 | -168,900,000 | -15,400,000 | 13,300,000 | 4,300,000 | -165,700,000 | -62,532,000 | -276,428,000 | -88,242,000 | ||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||
amortization of inventory fair value adjustment associated with acquisitions | 12,700,000 | 10,400,000 | 6,300,000 | 9,300,000 | 3,243,000 | 21,470,000 | 155,840,000 | 13,720,000 | |||||||||||
restructuring related impairment charges | 4,700,000 | 521,800,000 | 1,600,000 | 700,000 | 700,000 | 800,000 | 21,300,000 | 10,100,000 | 995,000 | 1,049,000 | |||||||||
cash and cash equivalents at beginning of the year | |||||||||||||||||||
cash and cash equivalents at end of the year | |||||||||||||||||||
changes in assets and liabilities: | |||||||||||||||||||
amortization of deferred debt issuance costs and debt discounts | 2,526,000 | ||||||||||||||||||
payment for repurchases and settlement of convertible notes | 0 | -316,000 | -109,812,000 | -71,079,000 | |||||||||||||||
proceeds from capped calls | 0 | 33,000 | 49,132,000 | 111,154,000 | |||||||||||||||
net cash from in financing activities | |||||||||||||||||||
payment of equity and debt financing costs | 0 | -7,000 | -10,364,000 | -1,479,000 | |||||||||||||||
proceeds from issuance of debt | 0 | 0 | 90,000,000 | 0 | 75,000,000 | 3,731,096,000 | |||||||||||||
sales of available-for-sale securities | |||||||||||||||||||
share-based compensation | 119,090,000 | 114,105,000 | 92,727,000 | ||||||||||||||||
changes in assets and liabilities, net of acquisition: | |||||||||||||||||||
cash payment for acquisition, net of cash and cash equivalents acquired | 0 | -3,600,165,000 |