Reports › MRVL › 10-Q FY2025

SEC filings, compared

What changed in Marvell Technology,'s 10-Q for the quarter ended November 1, 2025

Compared with the 10-Q for the quarter ended November 2, 2024. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: Marvell Technology, Inc. · MRVL
This filing: 0001835632-25-000197 ↗ · filed Dec 3, 2025
Compared with: 0001835632-24-000200 ↗ · filed Dec 4, 2024
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

48 material changes among 68 changed paragraphs

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	2,074,500,000USD · Aug 3, 2025 to Nov 1, 2025	1,516,100,000USD · Aug 4, 2024 to Nov 2, 2024	+558,400,000+36.8%
Net income or lossus-gaap:NetIncomeLoss	1,901,300,000USD · Aug 3, 2025 to Nov 1, 2025	(676,300,000)USD · Aug 4, 2024 to Nov 2, 2024	+2,577,600,000+381.1%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	2,714,500,000USD · at Nov 1, 2025	868,100,000USD · at Nov 2, 2024	+1,846,400,000+212.7%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	1,376,800,000USD · Feb 2, 2025 to Nov 1, 2025	1,167,200,000USD · Feb 4, 2024 to Nov 2, 2024	+209,600,000+18%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001835632-25-000197 · FY2024: 0001835632-24-000200

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

10 material additions

Part I, Item 2 · MD&A

8 of 10 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Overview

Summary · quote-checked

Added disclosure of the completed sale of the automotive ethernet business and the resulting pre-tax gain.

The paragraph introduces a completed transaction, a buyer, cash proceeds, and a recognized gain, changing the disclosed business disposition and financial results.

Why the model ranked it here

The completed divestiture, substantial cash proceeds, and recognized gain materially change the company’s disclosed operations and financial results.

Filing text · FY2024 10-Q · filed Dec 4, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Dec 3, 2025

[added] On August 14, 2025, we completed the sale of our automotive ethernet business to Infineon Technologies AG for $2.5 billion in cash. During the three months ended November 1, 2025, we recorded a pre-tax gain on sale of $1.8 billion, which is included in interest income and other, net in the Unaudited Condensed Consolidated Statements of Operations. See "Note 1 - Basis of Presentation" in the Notes to Unaudited Condensed Consolidated Financial Statements for further information.

Cite this change

"On August 14, 2025, we completed the sale of our automotive ethernet business to Infineon Technologies AG for $2.5 billion in cash. During the three months ended November 1, 2025, we recorded a pre-tax gain on sale of $1.8 billion, which is included in interest income and other, net in the Unaudited Condensed Consolidated Statements of Operations. See "Note 1 - Basis of Presentation" in the Notes to Unaudited Condensed Consolidated Financial Statements for further information."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

02AddedPart I, Item 2 › Overview

Summary · quote-checked

Added disclosure of the announced Celestial AI acquisition, including consideration, transaction value, earn-out milestones, expected closing and regulatory approval.

The new paragraph discloses a transaction, acquisition obligation, contingent earn-out consideration and regulatory approval condition, changing the substance of the MD&A disclosure.

Why the model ranked it here

The announced acquisition introduces a significant transaction obligation, contingent consideration, and regulatory approval condition.

Filing text · FY2024 10-Q · filed Dec 4, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Dec 3, 2025

[added] Subsequent to quarter end, on December 2, 2025, we announced our intent to acquire Celestial AI Inc. ("Celestial"), a provider of a photonic fabric platform purpose-built for next-generation scale-up interconnect. We will issue Celestial shareholders a mix of cash and shares of our common stock to be determined. This represents approximately $3.25 billion in transaction value upon acquisition close and may increase up to a total of approximately $5.5 billion in transaction value depending on the achievement of earn-out milestones after acquisition close. The acquisition is expected to close in the first quarter of calendar 2026, subject to regulatory approval as well as other customary closing conditions.

Cite this change

"Subsequent to quarter end, on December 2, 2025, we announced our intent to acquire Celestial AI Inc. ("Celestial"), a provider of a photonic fabric platform purpose-built for next-generation scale-up interconnect."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

03AddedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Added disclosure of a June 30, 2025 debt offering issuing 2030 and 2035 Senior Notes.

The new paragraph discloses newly issued debt, including repayment terms and amounts, changing the company’s stated obligations and liquidity profile.

Why the model ranked it here

The newly issued Senior Notes add substantial repayment obligations and change the company’s liquidity profile.

Filing text · FY2024 10-Q · filed Dec 4, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Dec 3, 2025

[added] On June 30, 2025, we completed a debt offering and issued (i) $500.0 million of Senior Notes with a 5-year term due in 2030 ("2030 Senior Notes") and (ii) $500.0 million of Senior Notes with a 10-year term due in 2035 ("2035 Senior Notes").

Cite this change

"On June 30, 2025, we completed a debt offering and issued (i) $500.0 million of Senior Notes with a 5-year term due in 2030 ("2030 Senior Notes") and (ii) $500.0 million of Senior Notes with a 10-year term due in 2035 ("2035 Senior Notes")."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

04AddedPart I, Item 2 › Overview

Summary · quote-checked

Added disclosure that incentive realization depends on investment levels and reviews, with potential clawback if requirements or laws change.

The new paragraph introduces conditions, audit exposure, and a potential reversal of recognized benefits, changing the disclosed obligation and risk.

Why the model ranked it here

The incentive benefits now depend on investment requirements and government review, with exposure to clawback or reversal.

Filing text · FY2024 10-Q · filed Dec 4, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Dec 3, 2025

[added] Ultimate realization of the incentives is subject to satisfying certain minimum investment levels over the course of the incentive period and government agency reviews and audits of qualifying expenditures. We cannot guarantee that we will achieve the agreed upon investment levels over the incentive period and any failure to meet these investment levels or any change in the current law or government regulations may result in a clawback of some or all of the incentives and a corresponding reversal of any benefit recognized.

Cite this change

"Ultimate realization of the incentives is subject to satisfying certain minimum investment levels over the course of the incentive period and government agency reviews and audits of qualifying expenditures."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

05AddedPart I, Item 2 › Overview

Summary · quote-checked

Added disclosure of approved government incentives, including the incentive period, qualifying activities, credits, and recognized benefits.

The new paragraph discloses a government incentive approval, related conditions and credits, and recognition of benefits, introducing a substantive obligation and financial benefit.

Why the model ranked it here

The approved government incentives introduce conditional tax benefits tied to qualifying activities and ongoing commitments.

Filing text · FY2024 10-Q · filed Dec 4, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Dec 3, 2025

[added] On May 1, 2025, we received notification that our application for government incentives in a foreign jurisdiction in which we operate had been approved by the necessary government agencies. For the duration of the incentive period from February 2, 2025, through February 1, 2030, qualifying expenditures and certain qualifying purchases will result in the generation of credits that will reduce qualifying cost of sales and operating expenses by the incentives earned, and the credits may be used to offset income taxes payable or be refunded in cash. We believe there is reasonable assurance that we will meet the conditions of the incentive agreement and that the credits will ultimately be received and thus have recognized benefits associated with qualifying expenditures incurred in the current fiscal year.

Cite this change

"On May 1, 2025, we received notification that our application for government incentives in a foreign jurisdiction in which we operate had been approved by the necessary government agencies."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

06AddedPart I, Item 2 › Three and nine months ended November 1, 2025 and November 2, 2024

Summary · quote-checked

Added disclosure that the 2025 Tax Act became law and affected the company’s estimated income tax provision.

The paragraph introduces a newly enacted tax law, describes modifications to tax provisions, and states that its estimated impact is included and under evaluation.

Why the model ranked it here

The newly enacted tax law changes the company’s tax provision and leaves its estimated effects under evaluation.

Filing text · FY2024 10-Q · filed Dec 4, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Dec 3, 2025

[added] The One Big Beautiful Bill Act of 2025 (the "2025 Tax Act") was signed into law on July 4, 2025. The 2025 Tax Act makes permanent key elements of the 2017 Tax Cuts and Jobs Act, including domestic research cost expensing, 100% bonus depreciation and makes modifications to the U.S. International tax framework. Our tax provision for the November 1, 2025 period includes the estimated impact of the 2025 Tax Act. We will continue to evaluate the impact of the 2025 Tax Act on our income taxes.

Cite this change

"The One Big Beautiful Bill Act of 2025 (the "2025 Tax Act") was signed into law on July 4, 2025."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

07AddedPart I, Item 2 › Three and nine months ended November 1, 2025 and November 2, 2024

Summary · quote-checked

Added disclosure about the OECD 15% global minimum tax, the G7-U.S. proposal, and potential effects of future legislation on taxes, results, earnings, and cash flows.

The new paragraph introduces a tax-related legislative obligation, a recent international development, and potential effects on financial results and cash flows.

Why the model ranked it here

Global minimum-tax legislation creates a newly disclosed potential effect on taxes, financial results, and cash flows.

Filing text · FY2024 10-Q · filed Dec 4, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Dec 3, 2025

[added] We are subject to legislation based on the Organization for Economic Cooperation and Development's 15% global minimum tax regime which applies to the majority of countries in which we operate. As a result of this legislation, our foreign earnings are generally subject to a minimum tax rate of 15%. On June 28, 2025, the G7 released a joint statement that it had reached an understanding with the U.S. on a side-by-side system that would exempt U.S. parented multinational businesses from certain provisions of Pillar Two; however, no agreement regarding implementation of the proposal has yet been reached. The effects of any future legislation in this area are not yet reasonably estimable, but if such legislation is enacted in the future, could have a significant effect on our provision for income taxes, our financial results, and our earnings and cash flows.

Cite this change

"We are subject to legislation based on the Organization for Economic Cooperation and Development's 15% global minimum tax regime which applies to the majority of countries in which we operate."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

08AddedPart I, Item 2 › Overview

Summary · quote-checked

Added disclosure on tax incentives, related headcount and investment commitments, and potential effects of Pillar Two minimum-tax legislation.

The new paragraph introduces tax-rate benefits, associated commitments, alternative incentive programs, and a potential reduction in benefits from international minimum-tax rules.

Why the model ranked it here

The new tariff disclosure identifies a potential exposure affecting future supply and demand.

Filing text · FY2024 10-Q · filed Dec 4, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Dec 3, 2025

[added] Government Incentives and Grants. We continue to benefit from lower income tax rates in certain jurisdictions through statutory elections or agreements with governmental agencies, which may include a commitment to maintain, or increase, headcount and business investment levels in those jurisdictions. The tax benefits associated with these reduced income tax rates are recorded through our income tax provision for the periods in which such incentive tax rates are effective. However, changes in international taxation, notably the enactment by numerous countries of minimum tax legislation modeled after the Organization for Economic Cooperation and Development's Pillar Two tax framework, could significantly reduce the income tax benefit associated with these tax incentives. In addition, certain jurisdictions in which we operate are pursuing alternative incentive programs, which operate within the Pillar Two tax framework.

Cite this change

"Government Incentives and Grants. We continue to benefit from lower income tax rates in certain jurisdictions through statutory elections or agreements with governmental agencies, which may include a commitment to maintain, or increase, headcount and business investment levels in those jurisdictions."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

Show all 10 in Part I, Item 2 (2 more, in filing order)

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

6 material removals

Part I, Item 2 · MD&A

5 of 6 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Overview

Summary · quote-checked

The MD&A removed disclosure of a fiscal 2025 restructuring plan, related investment changes, product cancellations, charges and contractual obligations.

Removing this paragraph eliminates substantive disclosure about restructuring actions, canceled product releases, recognized charges and future obligations.

Why the model ranked it here

This removes substantive disclosure about a restructuring, canceled product releases, recognized charges, and future contractual obligations.

Filing text · FY2024 10-Q · filed Dec 4, 2024

[removed] Restructuring. We continuously evaluate our existing operations to increase operational efficiency, decrease costs and increase profitability. A restructuring plan was initiated during the third quarter of fiscal 2025 to increase research and development investment in the data center end market and reduce investment in new product development in other end markets including the cancellation of certain future product releases. We recognized $715.1 million of restructuring related charges for the quarter ended November 2, 2024, mainly comprised of impairment and write-off of acquired intangible assets, purchased technology licenses, inventories, property and equipment, and other non-current assets, as well as recognition of future contractual obligations, accrued legal reserve, severance, other one-time termination benefits, and other costs. See "Note 4 - Restructuring" in the Notes to Unaudited Condensed Consolidated Financial Statements for further information.

Filing text · FY2025 10-Q · filed Dec 3, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"Restructuring. We continuously evaluate our existing operations to increase operational efficiency, decrease costs and increase profitability. A restructuring plan was initiated during the third quarter of fiscal 2025 to increase research and development investment in the data center end market and reduce investment in new product development in other end markets including the cancellation of certain future product releases. We recognized $715.1 million of restructuring related charges for the quarter ended November 2, 2024, mainly comprised of impairment and write-off of acquired intangible assets, purchased technology licenses, inventories, property and equipment, and other non-current assets, as well as recognition of future contractual obligations, accrued legal reserve, severance, other one-time termination benefits, and other costs. See "Note 4 - Restructuring" in the Notes to Unaudited Condensed Consolidated Financial Statements for further information."

Marvell Technology,, Form 10-Q for FY2024, Part I, Item 2, accession 0001835632-24-000200, filed 4 December 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563224000200/mrvl-20241102.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

02RemovedPart I, Item 2 › Overview

Summary · quote-checked

Removed an MD&A paragraph describing ongoing and potential effects of U.S. export restrictions on Chinese customers, demand, suppliers, and related products.

The removed paragraph disclosed specific regulatory exposure, customer behavior, substitution risk, indirect impacts, and reduced demand; its removal changes the substance of the filing.

Why the model ranked it here

This removes disclosure of regulatory exposure affecting Chinese customers, demand, suppliers, product substitution, and inventory behavior.

Filing text · FY2024 10-Q · filed Dec 4, 2024

[removed] We expect that the U.S. government's export restrictions on certain Chinese customers to continue to impact our revenue. Moreover, concerns that U.S. companies may not be reliable suppliers as a result of these and other actions has caused, and may in the future cause, some of our customers in China to amass large inventories of our products well in advance of need or cause some of our customers to replace our products in favor of products from other suppliers. Customers in China may also choose to develop indigenous solutions, as replacements for products that are subject to U.S. export controls. In addition, there may be indirect impacts to our business that we cannot easily quantify such as the fact that some of our other customers' products which use our solutions may also be impacted by export restrictions. See also Part II, Item IA, "Risk Factors," including, but not limited to, the risk detailed under the caption "Adverse changes in the political, regulatory and economic policies of governments in connection with trade with China and Chinese customers have reduced the demand for our products and damaged our business."

Filing text · FY2025 10-Q · filed Dec 3, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"We expect that the U.S. government's export restrictions on certain Chinese customers to continue to impact our revenue. Moreover, concerns that U.S. companies may not be reliable suppliers as a result of these and other actions has caused, and may in the future cause, some of our customers in China to amass large inventories of our products well in advance of need or cause some of our customers to replace our products in favor of products from other suppliers."

Marvell Technology,, Form 10-Q for FY2024, Part I, Item 2, accession 0001835632-24-000200, filed 4 December 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563224000200/mrvl-20241102.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

03RemovedPart I, Item 2 › Capital Resources and Material Cash Requirements

Summary · quote-checked

Removed the statement that no material changes occurred in capital resources and material cash requirements during the nine months ended November 2, 2024.

The paragraph included a substantive liquidity and cash-requirements disclosure, not merely a cross-reference; removing the no-material-changes statement changes what the filing asserts.

Why the model ranked it here

This removes the filing’s assertion that capital resources and material cash requirements had not materially changed.

Filing text · FY2024 10-Q · filed Dec 4, 2024

[removed] A summary of our capital resources and material cash requirements is presented in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024. We also discuss updates of our significant commitments in "Note 8 - Commitments and Contingencies" in the Notes to Unaudited Condensed Consolidated Financial Statements. Other than as described above, there were no material changes to our capital resources and material cash requirements during the nine months ended November 2, 2024.

Filing text · FY2025 10-Q · filed Dec 3, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"A summary of our capital resources and material cash requirements is presented in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024. We also discuss updates of our significant commitments in "Note 8 - Commitments and Contingencies" in the Notes to Unaudited Condensed Consolidated Financial Statements. Other than as described above, there were no material changes to our capital resources and material cash requirements during the nine months ended November 2, 2024."

Marvell Technology,, Form 10-Q for FY2024, Part I, Item 2, accession 0001835632-24-000200, filed 4 December 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563224000200/mrvl-20241102.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

04RemovedPart I, Item 2 › Three and nine months ended November 2, 2024 and October 28, 2023

Summary · quote-checked

Removed disclosure describing IRS guidance that changed R&D cost treatment and related tax credits, valuation allowances, and tax payable.

The removed paragraph disclosed a substantive change in tax treatment and its effects on deferred tax assets, valuation allowances, and income tax payable.

Why the model ranked it here

This removes disclosure of changed R&D tax treatment and its effects on tax credits, valuation allowances, and income tax payable.

Filing text · FY2024 10-Q · filed Dec 4, 2024

[removed] Through the third quarter of fiscal 2024, prior to the issuance of IRS guidance in December of 2023, certain R&D costs were treated as subject to capitalization which resulted in utilization of R&D tax credits and a corresponding release of valuation allowances associated with those credits. As a result of the IRS guidance, as of the fourth quarter of fiscal 2024 we treated these R&D costs as currently deductible rather than subject to capitalization, which resulted in a reduction to our income tax payable and reinstatement of our deferred tax assets for R&D tax credits, and the corresponding full valuation allowance on such credits.

Filing text · FY2025 10-Q · filed Dec 3, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"Through the third quarter of fiscal 2024, prior to the issuance of IRS guidance in December of 2023, certain R&D costs were treated as subject to capitalization which resulted in utilization of R&D tax credits and a corresponding release of valuation allowances associated with those credits. As a result of the IRS guidance, as of the fourth quarter of fiscal 2024 we treated these R&D costs as currently deductible rather than subject to capitalization, which resulted in a reduction to our income tax payable and reinstatement of our deferred tax assets for R&D tax credits, and the corresponding full valuation allowance on such credits."

Marvell Technology,, Form 10-Q for FY2024, Part I, Item 2, accession 0001835632-24-000200, filed 4 December 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563224000200/mrvl-20241102.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

05RemovedPart I, Item 2

Summary · quote-checked

Removed a stated risk related to gaining or losing a design win or key customer.

The removed bullet disclosed a customer- and business-dependent risk, so its omission changes the substance of the risk disclosure.

Why the model ranked it here

This removes an explicit risk tied to gaining or losing a design win or key customer.

Filing text · FY2024 10-Q · filed Dec 4, 2024

~~[removed] • risks related to gain or loss of a design win or key customer;~~

Filing text · FY2025 10-Q · filed Dec 3, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"• risks related to gain or loss of a design win or key customer;"

Marvell Technology,, Form 10-Q for FY2024, Part I, Item 2, accession 0001835632-24-000200, filed 4 December 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563224000200/mrvl-20241102.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

Show all 6 in Part I, Item 2 (1 more, in filing order)

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

32 material changes

Part I, Item 2 · MD&A

5 of 32 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Three and nine months ended November 1, 2025 and November 2, 2024

Summary · quote-checked

Net revenue shifted from a 3% decline to a 51% increase, with changed end-market drivers and a divestiture-related automotive/industrial decline.

The paragraph changes the direction and magnitude of results, replaces demand and inventory-correction explanations, and adds recovery, product-adoption, and divestiture drivers.

Why the model ranked it here

Revenue shifted from contraction to strong growth, with end-market recoveries and a divestiture materially changing the company’s operating narrative.

Filing text · FY2024 10-Q · filed Dec 4, 2024

Our net revenue for the nine months ended November ~~[removed] 2, 2024 decreased by $131.3 million, or 3%,~~ compared to net revenue for the nine months ended ~~[removed] October 28, 2023.~~ This was primarily due to ~~[removed] decreases~~ in sales from the ~~[removed] carrier infrastructure~~ end market ~~[removed] by 74%, from the enterprise networking end market by 53%,~~ from the ~~[removed] consumer~~ end market ~~[removed] by 52% and from the automotive/industrial~~ end market ~~[removed] by 23%,~~ which have ~~[removed] been navigating inventory corrections and soft industry demand. The decreases were~~ partially offset by a ~~[removed] 93% increase~~ in sales from the ~~[removed] data center~~ end market ~~[removed] which benefited from strong AI demand.~~

Filing text · FY2025 10-Q · filed Dec 3, 2025

Our net revenue for the nine months ended November [added] 1, 2025 increased by $2.0 billion, or 51%, compared to net revenue for the nine months ended [added] November 2, 2024. This was primarily due to [added] a 59% increase in sales from the [added] data center end market [added] which benefited from strong AI related demand. Sales from the [added] carrier infrastructure end market [added] and the enterprise networking end market [added] also increased by 88% and 34%, respectively, which have [added] both continued to recover due to normalizing customer inventory levels and strong adoption of our products. The increase was partially offset by a [added] decrease in sales from the [added] automotive/industrial end market [added] by 21%, primarily due to the divestiture of our automotive ethernet business at the beginning of the third quarter of fiscal 2026.

Cite this change

"Our net revenue for the nine months ended November 1, 2025 increased by $2.0 billion, or 51%, compared to net revenue for the nine months ended November 2, 2024. This was primarily due to a 59% increase in sales from the data center end market which benefited from strong AI related demand. Sales from the carrier infrastructure end market and the enterprise networking end market also increased by 88% and 34%, respectively, which have both continued to recover due to normalizing customer inventory levels and strong adoption of our products. The increase was partially offset by a decrease in sales from the automotive/industrial end market by 21%, primarily due to the divestiture of our automotive ethernet business at the beginning of the third quarter of fiscal 2026."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

02ChangedPart I, Item 2 › Cash Flows from Investing Activities

Summary · quote-checked

Investing cash flow changed from net cash used for equipment purchases to net cash provided, primarily from selling the automotive ethernet business.

The cash-flow direction, amounts, and stated drivers changed substantially, including proceeds from a business sale and property sales offsetting equipment purchases.

Why the model ranked it here

Investing cash flow shifted from a substantial use to a substantial source, driven by proceeds from a business sale and property sales.

Filing text · FY2024 10-Q · filed Dec 4, 2024

For the nine months ended ~~[removed] October 28, 2023,~~ net cash ~~[removed] used in~~ investing activities of ~~[removed] $274.3 million~~ was primarily driven by purchases of property and equipment of ~~[removed] $265.3~~ million.

Filing text · FY2025 10-Q · filed Dec 3, 2025

For the nine months ended [added] November 1, 2025, net cash [added] provided by investing activities of [added] $2.2 billion was primarily driven by [added] net proceeds from sale of our automotive ethernet business of $2.5 billion, and proceeds from sales of property and equipment of $27.4 million, partially offset by purchases of property and equipment of [added] $239.8 million.

Cite this change

"For the nine months ended November 1, 2025, net cash provided by investing activities of $2.2 billion was primarily driven by net proceeds from sale of our automotive ethernet business of $2.5 billion, and proceeds from sales of property and equipment of $27.4 million, partially offset by purchases of property and equipment of $239.8 million."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

03ChangedPart I, Item 2 › Results of Operations

Summary · quote-checked

The results table shifted from operating and net losses to operating income and net income, with substantially changed expense and income percentages.

Although periods rolled forward, the reported direction changed from losses to income, and interest and other results changed materially, altering the filing’s profitability assertion.

Why the model ranked it here

Reported results shifted from operating and net losses to operating and net income, changing the filing’s central profitability conclusion.

Filing text · FY2024 10-Q · filed Dec 4, 2024

|Three Months Ended | Nine Months EndedNovember ~~[removed] 2, 2024 | October 28, 2023~~ | November ~~[removed] 2, 2024 | October 28, 2023~~Net revenue | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | %Cost of goods sold | ~~[removed] 77.0 | 61.1 | 62.9 | 60.1~~Gross profit | ~~[removed] 23.0 | 38.9 | 37.1 | 39.9~~Operating expenses:Research and development | ~~[removed] 32.2 | 33.9 | 36.7 | 35.2~~Selling, general and administrative | ~~[removed] 13.6 | 15.0 | 15.3 | 15.2~~Restructuring related ~~[removed] charges | 23.6 | 0.2 | 9.3 | 2.6~~Total operating expenses | ~~[removed] 69.4 | 49.1 | 61.3 | 53.0[removed] Operating loss | (46.4) | (10.2) | (24.2) | (13.1)~~Interest and other ~~[removed] loss,~~ net | ~~[removed] (3.1) | (2.9) | (3.5) | (3.3)[removed] Loss~~ before income taxes | ~~[removed] (49.5) | (13.1) | (27.7) | (16.4)[removed] Benefit from~~ income taxes | ~~[removed] (4.9) | (1.6) | (0.2) | (3.2)[removed] Net loss | (44.6)~~ | % | ~~[removed] (11.5)~~ | % | ~~[removed] (27.5)~~ | % | ~~[removed] (13.2)~~ | %

Filing text · FY2025 10-Q · filed Dec 3, 2025

|Three Months Ended | Nine Months EndedNovember 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024Net revenue | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | %Cost of goods sold | 48.4 | 77.0 | 49.2 | 62.9Gross profit | 51.6 | 23.0 | 50.8 | 37.1Operating expenses:Research and development | 24.6 | 32.2 | 25.8 | 36.7Selling, general and administrative | 9.2 | 13.6 | 9.5 | 15.3Restructuring related charges, net | 0.5 | 23.6 | 0.1 | 9.3Total operating expenses | 34.3 | 69.4 | 35.4 | 61.3Operating income (loss) | 17.3 | (46.4) | 15.4 | (24.2)Interest and other income (loss), net | 89.5 | (3.1) | 29.2 | (3.5)Income (loss) before income taxes | 106.8 | (49.5) | 44.6 | (27.7)Provision (benefit) for income taxes | 15.1 | (4.9) | 6.5 | (0.2)Net income (loss) | 91.7 | % | (44.6) | % | 38.1 | % | (27.5) | %

Cite this change

"Operating income (loss) | 17.3 | (46.4) | 15.4 | (24.2)"

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

04ChangedPart I, Item 2 › Overview

Summary · quote-checked

Cash and cash equivalents increased to $2.7 billion, compared with a prior-year decrease to $868.1 million.

The disclosure changes both the cash balance and the direction of the year-over-year change, providing materially different information about liquidity.

Why the model ranked it here

Cash increased materially and reversed its prior decline, changing the stated liquidity position.

Filing text · FY2024 10-Q · filed Dec 4, 2024

Cash and Short-Term Investments. Our cash and cash equivalents were ~~[removed] $868.1 million~~ at November ~~[removed] 2, 2024,~~ which were ~~[removed] $82.7 million lower~~ than our balance at February ~~[removed] 3, 2024 of $950.8~~ million.

Filing text · FY2025 10-Q · filed Dec 3, 2025

Cash and Short-Term Investments. Our cash and cash equivalents were [added] $2.7 billion at November [added] 1, 2025, which were [added] $1.8 billion higher than our balance at February [added] 1, 2025 of $948.3 million.

Cite this change

"Our cash and cash equivalents were $2.7 billion at November 1, 2025, which were $1.8 billion higher than our balance at February 1, 2025 of $948.3 million."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

05ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure changes from partial repayments of the 2026 Term Loan to full repayment of the 5-Year Tranche Loan, including its maturity and remaining principal.

The current paragraph adds a full debt repayment event, maturity date, and remaining principal, changing the stated debt obligation and liquidity disclosure.

Why the model ranked it here

The disclosure records full repayment of a term loan, removing a stated debt obligation and clarifying the remaining maturity profile.

Filing text · FY2024 10-Q · filed Dec 4, 2024

During the ~~[removed] three and nine months ended November 2, 2024,~~ we repaid $32.8 million ~~[removed] and $76.6 million~~ of the principal outstanding of the ~~[removed] 2026 Term Loan.~~

Filing text · FY2025 10-Q · filed Dec 3, 2025

During the [added] first quarter of fiscal 2026, we repaid $32.8 million of the principal outstanding of the [added] 5-Year Tranche Loan. During the second quarter of fiscal 2026, the 5-Year Tranche Loan, due on April 20, 2026, which had a remaining principal of $557.8 million, was repaid in full.

Cite this change

"During the first quarter of fiscal 2026, we repaid $32.8 million of the principal outstanding of the 5-Year Tranche Loan. During the second quarter of fiscal 2026, the 5-Year Tranche Loan, due on April 20, 2026, which had a remaining principal of $557.8 million, was repaid in full."

Marvell Technology,, Form 10-Q for FY2025, Part I, Item 2, accession 0001835632-25-000197, filed 3 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000197/mrvl-20251101.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-25-000197?ref=quote

Show all 32 in Part I, Item 2 (27 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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