Marvell Technology, Inc. (MRVL) Cash Flow Statement
Where MRVL’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $1.75B +4.1% vs FY2025
- Capital expenditures
- $354.1M 4.3% of revenue
- Free cash flow
- $1.40B 17.0% margin
- Returned to shareholders
- $2.25B 161% of free cash flow
- Change in cash
- $1.69B cash at year-end $2.64B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MRVL operating cash flow, capex and free cash flow
MRVL cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$358.4MFY2017 | $1.75BFY2026 | — | |
| Capital expenditures | $54.8MFY2017 | $354.1MFY2026 | +23.0%/yr | |
| Free cash flow | −$413.3MFY2017 | $1.40BFY2026 | — | |
| Free cash flow margin | −18.0%FY2017 | 17.0%FY2026 | +35.0 pts | |
| Operating cash flow / net income | −16.95FY2017 | 0.66FY2026 | +17.60 | |
| Stock-based compensation | $114.0MFY2017 | $590.8MFY2026 | +20.1%/yr | |
| Dividends paid | $122.3MFY2017 | $205.1MFY2026 | +5.9%/yr | |
| Share buybacks (net) | $181.6MFY2017 | $2.04BFY2026 | +30.8%/yr | |
| Capex / revenue | 2.4%FY2017 | 4.3%FY2026 | +1.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MRVL cash flow by activity
MRVL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MRVL cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.67B | −$885.0M | −$933.4M | −$163.5M | −$421.0M | −$277.3M | $1.58B | −$179.1M | $520.8M | $21.2M |
| Depreciation & amortization | $1.29B | $1.36B | $1.40B | $1.39B | $1.25B | $641.5M | $524.7M | $307.3M | $87.1M | $118.5M |
| Stock-based compensation | $590.8M | $597.4M | $609.8M | $552.4M | $460.7M | $241.5M | $242.2M | $184.1M | $86.7M | $114.0M |
| Change in working capital | −$516.2M | $129.1M | $57.8M | −$649.8M | −$662.9M | $67.9M | −$190.8M | −$74.4M | −$44.1M | −$709.2M |
| Other non-cash items | −$2.28B | $482.8M | $238.6M | $157.4M | $197.3M | $143.6M | −$1.80B | $358.9M | −$79.3M | $97.2M |
| Cash from operating activities | $1.75B | $1.68B | $1.37B | $1.29B | $819.4M | $817.3M | $360.3M | $596.7M | $571.1M | −$358.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$354.1M | −$291.6M | −$350.2M | −$217.3M | −$187.1M | −$119.5M | −$86.6M | −$87.5M | −$45.1M | −$54.8M |
| Investments (net) | — | −$300.7M | −$350.5M | −$328.4M | −$3.75B | −$119.6M | $18.8M | $796.9M | $39.5M | $161.6M |
| Acquisitions & other investing | $2.45B | $291.6M | $350.2M | $217.3M | $187.1M | $119.5M | $626.6M | −$2.46B | $45.1M | $54.8M |
| Cash from investing activities | $2.10B | −$300.7M | −$350.5M | −$328.4M | −$3.75B | −$119.6M | $558.8M | −$1.75B | $39.5M | $161.6M |
| Financing activities | ||||||||||
| Dividends paid | −$205.1M | −$207.5M | −$206.8M | −$204.4M | −$191.0M | −$160.6M | −$159.6M | −$148.1M | −$119.3M | −$122.3M |
| Share repurchases & issuance (net) | −$2.04B | −$725.0M | −$150.0M | −$115.0M | −$15.0M | −$25.2M | −$364.3M | −$104.0M | −$527.6M | −$181.6M |
| Net borrowing (repayment) | $408.0M | −$109.4M | −$327.2M | −$65.6M | $3.19B | −$250.0M | −$300.0M | $1.12B | $1.14B | $1.14B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$320.6M | −$341.1M | −$296.2M | −$277.9M | −$191.1M | −$161.0M | −$30.1M | −$23.1M | −$1.03B | −$1.10B |
| Cash from financing activities | −$2.16B | −$1.38B | −$980.2M | −$662.9M | $2.79B | −$596.8M | −$853.9M | $849.7M | −$536.2M | −$267.2M |
| Summary | ||||||||||
| Net change in cash | $1.69B | −$2.5M | $39.8M | $297.5M | −$134.9M | $100.9M | $65.2M | −$306.1M | $74.4M | −$464.1M |
| Cash at end of period | $2.64B | $948.3M | $950.8M | $911.0M | $613.5M | $748.5M | $647.6M | $582.4M | $888.5M | $814.1M |
| Free cash flow | $1.40B | $1.39B | $1.02B | $1.07B | $632.2M | $697.8M | $273.7M | $509.3M | $526.0M | −$413.3M |
| Free cash flow margin | 17.0% | 24.1% | 18.5% | 18.1% | 14.2% | 23.5% | 10.1% | 17.8% | 21.8% | −18.0% |
| Capex / revenue | 4.3% | 5.1% | 6.4% | 3.7% | 4.2% | 4.0% | 3.2% | 3.1% | 1.9% | 2.4% |
| Operating cash flow / net income | 0.66 | — | — | — | — | — | 0.23 | — | 1.10 | −16.95 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $308.0M | $34.5M | $396.1M | $1.90B | $194.8M | $177.9M | $200.2M | −$676.3M | −$193.3M | −$215.6M | −$392.7M | −$164.3M |
| Depreciation & amortization | $308.0M | $320.6M | $317.0M | $315.9M | $327.8M | $329.9M | $325.9M | $341.5M | $352.0M | $337.5M | $360.1M | $341.9M |
| Stock-based compensation | $326.2M | $207.6M | $143.0M | $152.1M | $153.6M | $142.1M | $147.6M | $158.4M | $154.9M | $136.5M | $155.3M | $158.5M |
| Change in working capital | −$448.7M | −$211.6M | $40.9M | $32.1M | −$246.4M | −$342.8M | −$182.5M | $229.8M | $16.0M | $65.8M | −$26.3M | $204.9M |
| Other non-cash items | $112.0M | $287.7M | −$523.3M | −$1.82B | $31.8M | $25.8M | $22.8M | $482.9M | −$23.2M | $300,000 | $450.2M | −$38.0M |
| Cash from operating activities | $605.5M | $638.8M | $373.7M | $582.3M | $461.6M | $332.9M | $514.0M | $536.3M | $306.4M | $324.5M | $546.6M | $503.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$126.7M | −$155.7M | −$114.3M | −$73.5M | −$48.6M | −$119.9M | −$70.7M | −$75.5M | −$53.4M | −$92.0M | −$81.6M | −$54.7M |
| Investments (net) | — | — | — | — | −$77.2M | −$94.1M | −$70.3M | −$75.5M | −$53.0M | −$101.9M | −$76.2M | −$54.6M |
| Acquisitions & other investing | −$3.6M | −$1.27B | −$7.8M | $2.46B | $48.6M | $119.9M | $70.7M | $75.5M | $53.4M | $92.0M | $81.6M | $54.7M |
| Cash from investing activities | −$130.3M | −$1.42B | −$122.1M | $2.39B | −$77.2M | −$94.1M | −$70.3M | −$75.5M | −$53.0M | −$101.9M | −$76.2M | −$54.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$53.9M | −$53.8M | −$50.8M | −$50.8M | −$51.7M | −$51.8M | −$51.9M | −$51.9M | −$51.9M | −$51.8M | −$51.9M | −$51.8M |
| Share repurchases & issuance (net) | −$200.0M | −$200.0M | −$200.1M | −$1.30B | −$200.0M | −$340.0M | −$200.0M | −$200.0M | −$175.0M | −$150.0M | −$100.0M | −$50.0M |
| Net borrowing (repayment) | $0 | $498.9M | $0 | $0 | $240.8M | $167.2M | −$32.8M | −$32.8M | — | — | — | $38.4M |
| Shares issued | $0 | $2.00B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$132.1M | −$257.7M | −$76.4M | −$132.6M | −$35.0M | −$76.6M | −$78.8M | −$116.7M | −$65.5M | −$123.9M | −$93.3M | −$82.8M |
| Cash from financing activities | −$386.0M | $1.99B | −$327.3M | −$1.48B | −$45.9M | −$301.2M | −$363.5M | −$401.4M | −$292.4M | −$325.7M | −$245.2M | −$146.2M |
| Summary | ||||||||||||
| Net change in cash | $89.2M | $1.20B | −$75.7M | $1.49B | $338.5M | −$62.4M | $80.2M | $59.4M | −$39.0M | −$103.1M | $225.2M | $302.2M |
| Cash at end of period | $3.93B | $3.84B | $2.64B | $2.71B | $1.22B | $885.9M | $948.3M | $868.1M | $808.7M | $847.7M | $950.8M | $725.6M |
| Free cash flow | $478.8M | $483.1M | $259.4M | $508.8M | $413.0M | $213.0M | $443.3M | $460.8M | $253.0M | $232.5M | $465.0M | $448.3M |
| Free cash flow margin | 17.5% | 20.0% | 11.7% | 24.5% | 20.6% | 11.2% | 24.4% | 30.4% | 19.9% | 20.0% | 32.6% | 31.6% |
| Capex / revenue | 4.6% | 6.4% | 5.2% | 3.5% | 2.4% | 6.3% | 3.9% | 5.0% | 4.2% | 7.9% | 5.7% | 3.9% |
| Operating cash flow / net income | 1.97 | 18.52 | 0.94 | 0.31 | 2.37 | 1.87 | 2.57 | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MRVL cash generation
In fiscal 2026 (ended January 31, 2026), Marvell generated $1.8 billion of cash from operations (up 4.1%) and spent $354.1 million on capital expenditures, leaving free cash flow of $1.4 billion, 17.0% of revenue. It returned $2.2 billion to shareholders through dividends ($205.1 million) and net share buybacks ($2.0 billion). Cash and equivalents rose by $1.7 billion over the year.
Related: MRVL income statement, MRVL balance sheet, MRVL dividend history. See the MRVL stock overview for the latest quote and news.
MRVL cash flow FAQ
What is Marvell's free cash flow?
Marvell's free cash flow was $1.4 billion in fiscal 2026: $1.8 billion of operating cash flow minus $354.1 million of capital expenditures It was $1.4 billion a year earlier..
How much cash does Marvell generate from operations?
Marvell generated $1.8 billion of cash from operating activities in fiscal 2026, 0.66 times its net income of $2.7 billion.
How much does Marvell spend on capital expenditures?
Marvell spent $354.1 million on capital expenditures in fiscal 2026, 4.3% of revenue, compared with $291.6 million the year before.
How much stock does Marvell buy back?
Marvell spent $2.0 billion on net share repurchases in fiscal 2026.
How much does Marvell pay in dividends?
Marvell paid $205.1 million in dividends in fiscal 2026, 14.7% of free cash flow.