Reports › MRVL › 10-K FY2026

SEC filings, compared

What changed in Marvell Technology,'s 10-K for the fiscal year ended January 31, 2026

Compared with the 10-K for the fiscal year ended February 1, 2025. Item 1A and Item 7 analysed; every summary checked against the quoted filing text.

Registrant: Marvell Technology, Inc. · MRVL
This filing: 0001835632-26-000011 ↗ · filed Mar 11, 2026
Compared with: 0001835632-25-000057 ↗ · filed Mar 12, 2025
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

92 material changes among 140 changed paragraphs · 1 held for review

14 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order. 1 held for review appears as a diff at the end.

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	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	8,194,600,000USD · Feb 2, 2025 to Jan 31, 2026	5,767,300,000USD · Feb 4, 2024 to Feb 1, 2025	+2,427,300,000+42.1%
Net income or lossus-gaap:NetIncomeLoss	2,670,100,000USD · Feb 2, 2025 to Jan 31, 2026	(885,000,000)USD · Feb 4, 2024 to Feb 1, 2025	+3,555,100,000+401.7%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	2,638,800,000USD · at Jan 31, 2026	948,300,000USD · at Feb 1, 2025	+1,690,500,000+178.3%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	1,750,500,000USD · Feb 2, 2025 to Jan 31, 2026	1,681,200,000USD · Feb 4, 2024 to Feb 1, 2025	+69,300,000+4.1%

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. FY2026: 0001835632-26-000011 · FY2025: 0001835632-25-000057

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

24 material additions

Item 1A · Risk Factors

4 of 13 shown · Ordered by the model, quote-checked

01AddedItem 1A › GENERAL RISK FACTORS › We are exposed to risks related to our receivables factoring arrangements.

Summary · quote-checked

Added disclosure of receivables factoring arrangements and risks from ending them or financial institutions becoming non-viable.

The new paragraph identifies a financing dependency and describes potential effects on operating results, financial condition and cash flows, making the added risk substantive.

Why the model ranked it here

This introduces a financing dependency whose disruption could affect operating results, financial condition, and cash flows.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] We enter into factoring arrangements with financial institutions to sell certain of our trade receivables from customers without recourse. If we were to stop entering into these factoring arrangements, our operating results, financial condition and cash flows could be adversely impacted by delays or failures in collecting certain trade receivables. If the financial institutions we utilize become financially non-viable, it could cause us to cease such factoring arrangements.

Cite this change

"We enter into factoring arrangements with financial institutions to sell certain of our trade receivables from customers without recourse."

Marvell Technology,, Form 10-K for FY2026, Item 1A, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

02AddedItem 1A › WE OPERATE GLOBALLY AND ARE SUBJECT TO SIGNIFICANT RISKS IN MANY JURISDICTIONS › 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.

Summary · quote-checked

Added disclosure of potential China-related export licensing fees, tariffs and requirements that could reduce margins and lead to curtailing or discontinuing China sales.

The paragraph introduces new government revenue-sharing and tariff requirements, plus specific potential effects on margins, pricing flexibility and China sales, changing the disclosed regulatory exposure.

Why the model ranked it here

This adds a potential China-related government revenue-sharing and tariff burden that could reduce margins and lead to curtailed or discontinued sales.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] In 2025, U.S. government interactions with U.S. semiconductor companies implied that as a condition to obtaining and maintaining export licenses for certain products and technologies destined for China, they remit to the U.S. government a fee equal to fifteen percent (15%) of the gross revenue derived from such China-related sales. In January 2026, BIS issued a new licensing policy related to chips from certain semiconductor companies, including a twenty-five percent (25%) tariff and other requirements. Historically, restrictions on sales to China were implemented by the U.S. government as national security measures that did not include revenue-sharing arrangements and export licensing was not tied to revenue sharing with the U.S. government. While these U.S. government actions did not impact Marvell, if such revenue sharing were to be imposed on our China-derived revenue, it could erode our gross margins, reduce our pricing flexibility, and potentially prompt us to curtail or discontinue sales in China.

Cite this change

"While these U.S. government actions did not impact Marvell, if such revenue sharing were to be imposed on our China-derived revenue, it could erode our gross margins, reduce our pricing flexibility, and potentially prompt us to curtail or discontinue sales in China."

Marvell Technology,, Form 10-K for FY2026, Item 1A, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

03AddedItem 1A › WE OPERATE GLOBALLY AND ARE SUBJECT TO SIGNIFICANT RISKS IN MANY JURISDICTIONS › Changes to U.S. or foreign tax, trade policy, government incentives, tariff and import/export regulations may have a material adverse effect on our business, financial condition and results of operations.

Summary · quote-checked

Adds disclosure of a BIS investigation that could lead to additional semiconductor tariffs and trade restrictions affecting the business.

The new paragraph identifies a specific government investigation, its scope, and potential tariff and trade-restriction consequences, introducing a new regulatory risk.

Why the model ranked it here

This identifies an active government investigation that could produce additional tariffs and trade restrictions affecting the business.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] On April 14, 2025, the BIS announced the initiation of investigations into the effects on U.S. national security of imports of semiconductors under Section 232 of the Trade Expansion Act of 1962. The scope of the investigation includes semiconductors, semiconductor manufacturing equipment, and their derivative products including semiconductor substrates and bare wafers, legacy chips, leading-edge chips, microelectronics, and other components. While the results of this investigation are currently unknown, the investigation may result in additional tariffs and trade restrictions, which may adversely impact our business.

Cite this change

"While the results of this investigation are currently unknown, the investigation may result in additional tariffs and trade restrictions, which may adversely impact our business."

Marvell Technology,, Form 10-K for FY2026, Item 1A, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

04AddedItem 1A › CHANGES IN OUR EFFECTIVE TAX RATE MAY REDUCE OUR NET INCOME › Changes in existing taxation benefits, tax rules or tax practices may adversely affect our financial results.

Summary · quote-checked

Added disclosure of the 2025 Tax Act and its potential effects on future earnings and cash flows.

The new paragraph identifies enacted tax legislation, changes to tax provisions, and a potential impact on financial results, earnings, and cash flows.

Why the model ranked it here

This adds enacted tax legislation that could materially affect future earnings and cash flows.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[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. As such, the income from all of our foreign subsidiaries continues to be subject to the U.S. tax provisions applicable to Global Intangible Low Taxed Income ("GILTI") regime (which has been recharacterized as the Net Controlled Foreign Corporation ("CFC") Tested Income regime, beginning in fiscal 2027). Our tax provision for the January 31, 2026 period includes the impact of the 2025 Tax Act. This legislation could significantly affect our future financial results, including our earnings and cash flows.

Cite this change

"This legislation could significantly affect our future financial results, including our earnings and cash flows."

Marvell Technology,, Form 10-K for FY2026, Item 1A, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

Show all 13 in Item 1A (9 more, in filing order)

Item 7 · MD&A

4 of 11 shown · Ordered by the model, quote-checked

01AddedItem 7 › Overview

Summary · quote-checked

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

The paragraph introduces a completed divestiture, a named counterparty, cash proceeds, and a recognized gain, substantively changing the disclosed transaction and financial results.

Why the model ranked it here

The completed divestiture materially changes the company’s business portfolio, liquidity, and reported earnings through the recognized gain.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[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 third quarter of fiscal 2026, we recorded a pre-tax gain on sale of $1.8 billion, which is included in interest income and other, net in the Consolidated Statements of Operations.

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 third quarter of fiscal 2026, we recorded a pre-tax gain on sale of $1.8 billion, which is included in interest income and other, net in the Consolidated Statements of Operations."

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

02AddedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Added disclosure of completed Celestial and XConn acquisitions, including cash and stock consideration and potential contingent payments through fiscal 2029.

The new paragraph discloses acquisitions, substantial consideration, share issuance, and a possible future payment and dilution obligation, which are substantive liquidity and capital commitments.

Why the model ranked it here

The completed acquisitions introduce substantial cash and stock commitments, potential future payments, and new strategic businesses.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] Subsequent to our fiscal 2026 year end, in February 2026, we completed the previously announced acquisitions of Celestial and XConn in which we paid $1.3 billion (or $1.0 billion, net of cash acquired of approximately $300.0 million) and $280.0 million in cash, respectively. We also issued shares of our common stock of approximately 24.5 million shares for Celestial, and approximately 2.1 million shares for XConn. For the Celestial acquisition, contingent on the achievement of specified revenue milestones, we may be required to pay additional cash and issue additional shares of our common stock through fiscal 2029. See "Note 16 - Subsequent Events" in the Notes to Consolidated Financial Statements for discussions of the acquisitions.

Cite this change

"Subsequent to our fiscal 2026 year end, in February 2026, we completed the previously announced acquisitions of Celestial and XConn in which we paid $1.3 billion (or $1.0 billion, net of cash acquired of approximately $300.0 million) and $280.0 million in cash, respectively."

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

03AddedItem 7 › Overview

Summary · quote-checked

Added disclosure of the completed Celestial AI acquisition, consideration paid, strategic purpose, and potential contingent future payments through fiscal 2029.

The new paragraph discloses a completed acquisition, new cash and equity consideration, and contingent future payment obligations, changing the substance of the MD&A disclosure.

Why the model ranked it here

The acquisition adds a new business and consideration obligations, including potential contingent payments that could affect future liquidity.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] Subsequent to our fiscal 2026 year end, on February 2, 2026, we completed the previously announced acquisition of Celestial AI, Inc. ("Celestial"), a provider of a Photonic FabricTM technology platform purpose-built for next-generation scale-up interconnect. The acquisition of Celestial is expected to accelerate our connectivity strategy for next-generation AI and cloud data centers. At acquisition close, we paid approximately $1.3 billion in cash (or $1.0 billion, net of cash acquired of approximately $300.0 million) and issued approximately 24.5 million shares of our common stock. Contingent on the achievement of specified revenue milestones, we may be required to pay additional cash and issue additional shares of our common stock through fiscal 2029.

Cite this change

"Subsequent to our fiscal 2026 year end, on February 2, 2026, we completed the previously announced acquisition of Celestial AI, Inc. ("Celestial"), a provider of a Photonic FabricTM technology platform purpose-built for next-generation scale-up interconnect."

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

04AddedItem 7 › Overview

Summary · quote-checked

Added disclosure of the completed XConn acquisition, including its strategic rationale and cash and share consideration.

The paragraph introduces a completed acquisition, a newly named business, and associated cash and equity consideration, changing disclosed transactions and obligations.

Why the model ranked it here

The acquisition expands the company’s technology portfolio while requiring cash and equity consideration.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] Subsequent to our fiscal 2026 year end, on February 10, 2026, we completed the previously announced acquisition of XConn Technologies Holdings, Ltd. ("XConn"), a provider of advanced PCIe and CXL switching silicon, which expands our switching portfolio and augments our Ultra Accelerator Link ("UALinkTM") scale-up switch team. At acquisition close, we paid approximately $280.0 million in cash and issued approximately 2.1 million shares of our common stock.

Cite this change

"Subsequent to our fiscal 2026 year end, on February 10, 2026, we completed the previously announced acquisition of XConn Technologies Holdings, Ltd. ("XConn"), a provider of advanced PCIe and CXL switching silicon, which expands our switching portfolio and augments our Ultra Accelerator Link ("UALinkTM") scale-up switch team. At acquisition close, we paid approximately $280.0 million in cash and issued approximately 2.1 million shares of our common stock."

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

05AddedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Added disclosure of the completed sale of the automotive ethernet business, including the buyer, cash proceeds and pre-tax gain.

The paragraph introduces a completed divestiture, a counterparty, cash proceeds and a recognized gain, changing the disclosed transaction and liquidity information.

Why the model ranked it here

The completed divestiture changes the disclosed asset portfolio and provides significant cash proceeds from a recognized transaction.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] On August 14, 2025, we completed the sale of our automotive ethernet business to Infineon Technologies AG for $2.5 billion in cash. In the third quarter of fiscal 2026, we recorded a pre-tax gain on sale of $1.8 billion, which is included in interest income and other, net in the Consolidated Statements of Operations.

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."

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

06AddedItem 7 › Years Ended January 31, 2026 and February 1, 2025

Summary · quote-checked

Added disclosure of the 2025 Tax Act, its tax-law changes, effect on the current tax provision, and ongoing evaluation.

The paragraph introduces a newly enacted law and states that it affected the January 31, 2026 tax provision, reflecting a changed tax obligation or exposure.

Why the model ranked it here

The newly enacted tax law changes the company’s tax framework and has already affected its reported tax provision.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

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-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

07AddedItem 7 › Overview

Summary · quote-checked

Added disclosure that incentive realization depends on investment levels and government reviews, with potential clawback and reversal of recognized benefits.

The new paragraph introduces conditions, regulatory audits, and a potential financial obligation from failing investment requirements or changes in law.

Why the model ranked it here

The incentive disclosure introduces compliance conditions, government review, and potential reversal of previously recognized benefits.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[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-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

08AddedItem 7 › Years Ended January 31, 2026 and February 1, 2025

Summary · quote-checked

Added discussion of deferred tax asset recoverability, valuation allowances, and potential effects on future tax benefits or income tax expense.

The new paragraph discloses a tax-related judgment, potential valuation allowance, and possible effects on reported tax benefits or income tax provision; its substance is newly added.

Why the model ranked it here

The disclosure highlights uncertainty over deferred tax asset recoverability that could affect future tax benefits or expense.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those assets become deductible or creditable. We evaluate the recoverability of these assets, weighing all positive and negative evidence, and provide or maintain a valuation allowance for these assets if it is more likely than not that some, or all, of the deferred tax assets will not be realized. If negative evidence exists, sufficient positive evidence is necessary to support a conclusion that a valuation allowance is not needed. We consider all available evidence such as our earnings history including the existence of cumulative income or losses, reversals of taxable temporary differences, projected future taxable income, and tax planning strategies. In future periods, it is possible that significant positive or negative evidence could arise that results in a change in our judgment with respect to the need for a valuation allowance, which could result in a tax benefit, or adversely affect our income tax provision, in the period of such change in judgment.

Cite this change

"The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those assets become deductible or creditable."

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

09AddedItem 7 › Overview

Summary · quote-checked

Added a statement that the company is monitoring tariffs for potential long-term effects on supply and demand.

The new paragraph discloses an identified tariff-related exposure affecting supply and demand, adding substantive information about the operating environment.

Why the model ranked it here

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

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] We continue to monitor the environment for potential long-term impact on supply and demand from tariffs.

Cite this change

"We continue to monitor the environment for potential long-term impact on supply and demand from tariffs."

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

10AddedItem 7 › Years Ended January 31, 2026 and February 1, 2025

Summary · quote-checked

Added disclosure that the company continues evaluating potential legal-structure changes in response to international tax guidelines and requirements.

The new paragraph discloses an ongoing evaluation tied to tax-jurisdiction requirements, adding information about a potential structural change and related tax exposure.

Why the model ranked it here

The company is evaluating legal-structure changes that could alter its international tax exposure and operations.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] We also continue to evaluate potential changes to our legal structure in response to guidelines and requirements in various international tax jurisdictions where we conduct business. Additionally, see the information in Part I, Item 1A, "Risk Factors" under the caption "Changes in existing taxation benefits, tax rules or tax practices may adversely affect our financial results."

Cite this change

"We also continue to evaluate potential changes to our legal structure in response to guidelines and requirements in various international tax jurisdictions where we conduct business. Additionally, see the information in Part I, Item 1A, "Risk Factors" under the caption "Changes in existing taxation benefits, tax rules or tax practices may adversely affect our financial results.""

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

11AddedItem 7 › Years Ended January 31, 2026 and February 1, 2025

Summary · quote-checked

Adds a statement that an unspecified comparison is not meaningful.

The new paragraph introduces a substantive assessment, although the text does not identify which metric or comparison is considered not meaningful.

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] *Not meaningful.

Cite this change

"*Not meaningful."

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

Show fewer in Item 7

What the company no longer says

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

1 material removal

Item 7 · MD&A

1 of 1 shown · In filing order, too few to rank

01RemovedItem 7 › Overview

Summary · quote-checked

The MD&A removed disclosure of a restructuring plan, its strategic investment shifts, product cancellations, and $711.8 million of related charges.

The removed paragraph described a specific restructuring plan, canceled future product releases, contractual obligations, severance, asset impairments, and recognized charges, all substantive disclosures.

Filing text · FY2025 10-K · filed Mar 12, 2025

[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 $711.8 million of restructuring related charges for the year ended February 1, 2025, 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, severance, other one-time termination benefits, and other costs. See "Note 4 - Restructuring" in the Notes to Consolidated Financial Statements for further information.

Filing text · FY2026 10-K · filed Mar 11, 2026

No corresponding language in the FY2026 10-K.

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 $711.8 million of restructuring related charges for the year ended February 1, 2025, 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, severance, other one-time termination benefits, and other costs. See "Note 4 - Restructuring" in the Notes to Consolidated Financial Statements for further information."

Marvell Technology,, Form 10-K for FY2025, Item 7, accession 0001835632-25-000057, filed 12 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563225000057/mrvl-20250201.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

What the company says differently

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

67 material changes

Item 1A · Risk Factors

3 of 39 shown · Ordered by the model, quote-checked

01ChangedItem 1A › CHANGES IN PRODUCT DEMAND CAN ADVERSELY AFFECT OUR FINANCIAL RESULTS › We face risks related to recessions, inflation, stagflation and other macroeconomic conditions.

Summary · quote-checked

The tariff disclosure shifts from limited expected direct impact to implemented tariffs, market effects, global economic slowdown, financial instability, and heightened China-related trade tensions.

The paragraph changes both certainty and substance, adding realized tariff effects, broader macroeconomic consequences, decoupling risks, and specific China-related trade concerns.

Why the model ranked it here

It changes tariff exposure from largely prospective to implemented trade measures with broader market, economic, and China-related consequences.

Filing text · FY2025 10-K · filed Mar 12, 2025

Changes in U.S. or foreign international tax, social, political, regulatory and economic conditions or in laws and policies governing foreign trade, manufacturing, development and investment in the territories or countries where we currently sell our products or conduct our business have in the past and could in the future adversely affect our business. For example, while the Russian invasion of Ukraine (including related export and other business sanctions on Russia) has not had a material impact on us due to our limited sales to Russia and Ukraine, we are unable to predict the indirect impact this conflict will have on us through impacts to the supply chain, the global and domestic economies, interest rates or stock markets. The U.S. government has in the past, and may in the future, instituted or proposed changes in trade policies that included the negotiation or termination of trade agreements, the imposition of higher tariffs on imports into the U.S., economic sanctions on individuals, corporations or countries, and other government regulations affecting trade between the U.S. and other countries where we conduct our business. For example, on May 14, 2024, the Biden administration announced new tariffs on certain goods to encourage China to eliminate unfair trade practices regarding technology transfer, intellectual property, and innovation. The Biden administration directed increases in tariffs on a significant amount of imports from China across certain strategic sectors including semiconductors. As a result, the tariff rate on certain types of semiconductors increased from 25% to 50% in 2024. In addition, the Trump administration has recently announced new tariffs on imports from Canada, China and Mexico. [removed] These new tariffs are not expected to have a direct impact on the Company, however, any new tariffs and other changes in U.S. trade policy could trigger retaliatory actions by affected countries, and certain foreign governments have instituted or are considering imposing trade sanctions on certain U.S. goods.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] In addition to the above risks related to economic conditions, the U.S. has implemented a series of tariffs targeting various nations and industries. These announcements have triggered global reactions, affecting markets, slowing global economic growth, and heightening concerns about broader financial instability. Tariffs and escalations of trade tensions between the U.S. and its trading partners, especially China, and the decoupling of global economies could result in a global economic slowdown and long-term changes to global trade. See also, "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" and "Changes to U.S. or foreign tax, trade policy, government incentives, tariff and import/export regulations may have a material adverse effect on our business, financial condition and results of operations."

Cite this change

"In addition to the above risks related to economic conditions, the U.S. has implemented a series of tariffs targeting various nations and industries. These announcements have triggered global reactions, affecting markets, slowing global economic growth, and heightening concerns about broader financial instability. Tariffs and escalations of trade tensions between the U.S. and its trading partners, especially China, and the decoupling of global economies could result in a global economic slowdown and long-term changes to global trade. See also, "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" and "Changes to U.S. or foreign tax, trade policy, government incentives, tariff and import/export regulations may have a material adverse effect on our business, financial condition and results of operations.""

Marvell Technology,, Form 10-K for FY2026, Item 1A, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

02ChangedItem 1A › WE ARE SUBJECT TO RISKS RELATED TO OUR DEBT OBLIGATIONS › Our indebtedness could adversely affect our financial condition and our ability to raise additional capital to fund our operations and limit our ability to react to changes in the economy or our industry.

Summary · quote-checked

Debt composition changed: the term loan was no longer described, the revolving facility was amended, borrowing capacity increased, and the facility was undrawn.

The disclosure changes debt instruments, facility terms, borrowing capacity, and utilization, altering the stated obligations and liquidity profile rather than merely rolling dates or figures.

Why the model ranked it here

It materially changes the company’s debt composition, revolving borrowing capacity, and stated liquidity position.

Filing text · FY2025 10-K · filed Mar 12, 2025

As of ~~[removed] February 1, 2025,~~ we had a total of ~~[removed] $4.1~~ billion debt outstanding, which consisted of ~~[removed] $3.5 billion of senior notes outstanding and $590.6 million outstanding under our 2026 Term Loan. We also had $1.0 billion of availability under our 2023~~ Revolving Credit Facility.

Filing text · FY2026 10-K · filed Mar 11, 2026

As of [added] January 31, 2026, we had a total of [added] $4.5 billion debt outstanding, which consisted of [added] senior notes outstanding. Our Revolving Credit Facility was amended and restated in June 2025 (the "2025 Revolving Credit Facility" or the "2025 Credit Agreement"). We may borrow up to $1.5 billion under the 2025 Revolving Credit Facility.[added] As of January 31, 2026, the 2025 Revolving Credit Facility was undrawn.

Cite this change

"As of January 31, 2026, we had a total of $4.5 billion debt outstanding, which consisted of senior notes outstanding. Our Revolving Credit Facility was amended and restated in June 2025 (the "2025 Revolving Credit Facility" or the "2025 Credit Agreement"). We may borrow up to $1.5 billion under the 2025 Revolving Credit Facility. As of January 31, 2026, the 2025 Revolving Credit Facility was undrawn."

Marvell Technology,, Form 10-K for FY2026, Item 1A, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

03ChangedItem 1A › WE ARE SUBJECT TO RISKS ASSOCIATED WITH THE RAPID GROWTH OF THE COMPANY AND WITH OUR STRATEGIC TRANSACTIONS › Recent, current and potential future acquisitions, strategic investments, divestitures, mergers or joint ventures may subject us to significant risks, any of which could harm our business.

Summary · quote-checked

The paragraph adds completed acquisitions and a business sale, naming counterparties, dates, and transaction value, and narrows cash-use wording to acquisitions.

The disclosure now states specific completed transactions, including a $2.5 billion sale and two acquisitions. These events and counterparties substantively change the disclosed strategic-transaction activity.

Why the model ranked it here

It identifies completed acquisitions and a business sale, materially updating the company’s strategic transactions and use of capital.

Filing text · FY2025 10-K · filed Mar 12, 2025

Filing text · FY2026 10-K · filed Mar 11, 2026

Our long-term strategy has included in the past, and may continue to include in the future, identifying and acquiring, investing in or merging with suitable companies, or divesting certain business lines, assets or activities. In particular, over time, we may acquire, make investments in, or merge with providers of product offerings that complement our business or may terminate or dispose of business lines, assets or activities if they are no longer in alignment with our operational strategy and priorities. [added] For example, on August 14, 2025, the Company sold its automotive ethernet business to Infineon Technologies AG for $2.5 billion in an all-cash transaction. On February 2, 2026, we completed our acquisition of Celestial AI, Inc. and on February 10, 2026, we completed our acquisition of XConn Technologies. This strategy, and our willingness to use cash to pay for [added] acquisitions, may be adversely impacted by high or increasing interest rates.

Cite this change

"For example, on August 14, 2025, the Company sold its automotive ethernet business to Infineon Technologies AG for $2.5 billion in an all-cash transaction. On February 2, 2026, we completed our acquisition of Celestial AI, Inc. and on February 10, 2026, we completed our acquisition of XConn Technologies."

Marvell Technology,, Form 10-K for FY2026, Item 1A, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

Show all 39 in Item 1A (36 more, in filing order)

Item 7 · MD&A

2 of 28 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Years Ended January 31, 2026 and February 1, 2025

Summary · quote-checked

Interest and other results changed from a net decrease to substantial net income, primarily due to a gain on sale of the automotive ethernet business.

The direction changed and a new substantive driver was disclosed: a gain on sale of the automotive ethernet business, making this materially different MD&A disclosure.

Why the model ranked it here

The disclosure shows reported non-operating results were transformed by a gain from divesting a business.

Filing text · FY2025 10-K · filed Mar 12, 2025

~~[removed] Interest~~ and other ~~[removed] loss, net decreased by $16.6 million~~ in fiscal ~~[removed] 2025~~ compared to [removed] fiscal 2024. The net decrease was primarily due to a decrease in interest expense and an increase in interest income. The decrease was partially offset by higher factoring fees for the sales of receivables in fiscal 2025 as compared to fiscal 2024, as well as lower net gains recognized from equity investments.

Filing text · FY2026 10-K · filed Mar 11, 2026

[added] We recognized interest and other [added] income, net of $1.7 billion in fiscal [added] 2026 as compared to [added] interest and other loss, net of $174.4 million in fiscal 2025. The change was primarily due to the $1.8 billion gain on sale of our automotive ethernet business in the third quarter of fiscal 2026.

Cite this change

"We recognized interest and other income, net of $1.7 billion in fiscal 2026 as compared to interest and other loss, net of $174.4 million in fiscal 2025. The change was primarily due to the $1.8 billion gain on sale of our automotive ethernet business in the third quarter of fiscal 2026."

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

02ChangedItem 7 › Cash Flows from Investing Activities

Summary · quote-checked

Investing cash flow changed from net cash used for property purchases to net cash provided, driven primarily by proceeds from selling the automotive ethernet business.

The statement reverses cash-flow direction and adds a substantive divestiture proceeds driver, so it is more than a period or figure roll-forward.

Why the model ranked it here

The disclosure reveals investing cash generation was driven by divestiture proceeds rather than routine asset purchases.

Filing text · FY2025 10-K · filed Mar 12, 2025

Net cash ~~[removed] used in~~ investing activities of ~~[removed] $350.5 million~~ in fiscal ~~[removed] 2024~~ was primarily driven by ~~[removed] the~~ purchases of property and equipment of ~~[removed] $336.3~~ million.

Filing text · FY2026 10-K · filed Mar 11, 2026

Net cash [added] provided by investing activities of [added] $2.1 billion in fiscal [added] 2026 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] $354.1 million.

Cite this change

"Net cash provided by investing activities of $2.1 billion in fiscal 2026 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 $354.1 million."

Marvell Technology,, Form 10-K for FY2026, Item 7, accession 0001835632-26-000011, filed 11 March 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm

Comparison: https://yearover.com/reports/mrvl/0001835632-26-000011?ref=quote

Show all 28 in Item 7 (26 more, in filing order)

Held for review

These changes failed one of our checks: the model's summary did not match the filing text. The diff is shown; the model text is withheld until a person has looked.

1 change held

HeldItem 7 › Liquidity and Capital Resources

Filing text · FY2025 10-K · filed Mar 12, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Mar 11, 2026

[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").

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