Marvell Technology (MRVL  ) reports fourth-quarter financial results Thursday after market close, with investors paying close attention to guidance. Here are the earnings estimates, what analysts are saying ahead of the report and key items to watch.

Marvell Q4 Earnings Estimates

Analysts expect Marvell to report Q4 revenue of $2.16 billion. That's up from $1.82 billion in last year's Q4, according to data from Benzinga Pro.

The company has beaten analyst revenue estimates in eight of the last 10 quarters, including the most recently reported third quarter.

Current estimates would mark a new record for Marvell, surpassing the $2.08 billion reported in the Q3 and marking the third straight quarter of revenue of $2 billion or more.

Analysts expect Marvell to report fourth-quarter earnings per share of 71 cents, up from 60 cents per share.

The company has beaten analyst estimates for earnings per share in five straight quarters and in seven of the last 10 quarters overall, meeting estimates in two of the last 10 quarters and missing in only one.

Marvell Analyst Ratings, Price Targets & Commentary

JPMorgan analyst Harlan Sur said Marvell is likely to beat estimates and provided guidance in line with analyst estimates or slightly above.

Sur said Marvell's results and guidance will likely be driven by the company's data center growth. Emphasis on data center growth comes as the four largest U.S. hypersclaers "have increased their capex growth expectations for the upcoming year."

"This strong spending environment is further validated by strong beats and guidance raises across the AI semiconductor supply chain, and we expect Marvell to benefit from similar trends," Sur said.

The analyst maintained an Overweight rating on Marvell with a price target of $130.

Analysts have also recently shared commentary on the impact of Marvell's acquisition of Celestial AI.

Needham analyst Quinn Bolton said the revenue contribution from Celestial AI could begin in the second half of fiscal 2028. The analyst highlighted Celestial AI's "major design award" from Amazon and its potential to increase its revenue.

Bolton reiterated a Buy rating and lowered the price target from $120 to $118.

Here are other recent analyst ratings on Marvell and their price targets:

• Evercore ISI Group: Maintained Outperform rating, lowered price target from $156 to $133
• Morgan Stanley: Maintained Equal-Weight rating, lowered price target from $112 to $95
• UBS: Maintained Buy rating, raised price target from $115 to $120
• Cantor Fitzgerald: Maintained Neutral rating, with price target of $100

Marvell expects to report record revenue in the quarter and beat analyst estimates for both revenue and earnings per share. But those factors alone may not be enough to boost the share price.

Instead, investors and analysts will be looking towards the company's guidance, especially commentary on data centers.

"Looking ahead, we see demand for our products continuing to accelerate, and as a result, our data center revenue growth forecast for next year is now higher than prior expectations," Marvell CEO Matt Murphy said after third quarter results.

Investors will be hoping for more commentary on data centers and even higher estimates than originally expected by the company.

The acquisition of Celestial AI could also factor into guidance about growth through AI products going forward. While analysts don't see an immediate impact from the deal, management commentary could offer surprise earlier than expected contributions or could be pushed back even later.

Marvell Stock Price Action

The company's stock price is up 0.6% to $77.94 on Wednesday, versus a 52-week trading range of $47.08 to $102.77. Marvell shares are down 12.8% year-to-date in 2026, and down around 12% over the last 52 weeks.