OpenNashEarnings

Super Micro Computer (SMCI) · Semiconductors

Super Micro Computer Q4 FY2026 earnings: summary, key numbers & outlook

Results filed 11 Aug 2026 · Quarter ended 30 Jun 2026

Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

Net sales of $11.1 billion versus $10.2 billion in Q3'26 and $5.8 billion in Q4'25, with gross margin of 17.5% and diluted net income per common share of $1.62.

Supermicro's fourth quarter of fiscal 2026 was its strongest yet. Net sales were $11.1 billion versus $5.8 billion a year earlier, and gross margin rose to 17.5% from 9.5%. Net income reached $1,178 million, or $1.62 per diluted share. For the full year, net sales were $39.1 billion versus $22.0 billion, while operating activities used cash because inventory and receivables ballooned.

For the first quarter of fiscal 2027, management expects net sales of $14.5 billion to $15.5 billion and non-GAAP earnings of $1.01 to $1.10 per diluted share. For the full year it expects $65.0 billion to $72.0 billion. The main tensions are that results are preliminary and unaudited, a Board review of export-control transactions could change them, and customer concentration and tariffs could pressure margins.

Key numbers

Net sales (Q4 FY2026) · GAAP
$11.1 billion

versus $10.2 billion in Q3'26 and $5.8 billion in Q4'25

Gross margin (Q4 FY2026) · GAAP
17.5%

versus 9.9% in Q3'26 and 9.5% in Q4'25

Net income (Q4 FY2026) · GAAP
$1,178 million

versus $483 million in Q3'26 and $195 million in Q4'25

Diluted EPS (Q4 FY2026) · GAAP
$1.62

versus $0.72 in Q3'26 and $0.31 in Q4'25

Non-GAAP diluted EPS (Q4 FY2026) · non-GAAP
$1.70

versus $0.41 in Q4'25

Non-GAAP gross margin (Q4 FY2026) · non-GAAP
17.6%

versus 9.6% in Q4'25

Income from operations (Q4 FY2026) · GAAP
$1.5B

Cash flow from operations (Q4 FY2026) · GAAP
$747 million

Segment or metricValueChange
Adjusted EBITDA (Q4 FY2026)$1.7B15.0% of net sales versus 5.8% a year earlier
Cash and cash equivalents (June 30, 2026)$7.5 billion
Inventories (June 30, 2026)$12.9Bversus $4,680,375 at June 30, 2025
Where each number comes from
  • Net sales (Q4 FY2026): “Net sales of $11.1 billion versus $10.2 billion in Q3'26 and $5.8 billion in Q4'25.”
  • Gross margin (Q4 FY2026): “Gross margin of 17.5% versus 9.9% in Q3'26 and 9.5% in Q4'25.”
  • Net income (Q4 FY2026): “Net income of $1,178 million versus $483 million in Q3'26 and $195 million in Q4'25.”
  • Diluted EPS (Q4 FY2026): “Diluted net income per common share of $1.62 versus $0.72 in Q3'26 and $0.31 in Q4'25.”
  • Non-GAAP diluted EPS (Q4 FY2026): “Non-GAAP diluted net income per common share of $1.70 versus $0.41 in Q4'25.”
  • Non-GAAP gross margin (Q4 FY2026): “Non-GAAP gross margin of 17.6% versus 9.6% in Q4'25.”
  • Income from operations (Q4 FY2026): “Total operating expenses | 454,567 | 315,711 | 1,456,765 | 1,176,928 Income from operations | 1,488,064 | 228,391 | 2,770,486 | 1,252,994”
  • Cash flow from operations (Q4 FY2026): “Cash flow provided by operations for Q4'26 of $747 million and capital expenditures and investments of $25 million.”
  • Adjusted EBITDA (Q4 FY2026): “Adjusted EBITDA | $1,669,420 | $332,186 | $3,447,144 | $1,651,279 Adjusted EBITDA % of net sales | 15.0% | 5.8% | 8.8% | 7.5%”
  • Cash and cash equivalents (June 30, 2026): “As of June 30, 2026, total cash and cash equivalents was $7.5 billion and total bank debt and convertible notes were $8.7 billion.”
  • Inventories (June 30, 2026): “Accounts receivable, net of allowance for credit losses | 6,125,414 | 2,203,942 Inventories | 12,895,949 | 4,680,375 Prepaid expenses and other current assets”

Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.

From the filingQ4 FY2026vs year agovs last quarter
Revenue$11.1B+93.2%+8.6%
Operating income$1.5B+551.5%+137.8%
Net income$1.2B+503.7%+143.7%
Free cash flow$718.7M−14.5%—
Gross margin17.5%+8.0 pts+7.6 pts
Operating margin13.4%+9.4 pts+7.3 pts

Calculated by code from XBRL, not by the model.

Outlook

MetricPeriodOutlook
Net salesfirst quarter of fiscal year 2027 ending September 30, 2026$14.5 billion and $15.5 billion
GAAP diluted EPSfirst quarter of fiscal year 2027$0.89 to $0.98
Non-GAAP diluted EPSfirst quarter of fiscal year 2027$1.01 to $1.10
GAAP tax ratefirst quarter of fiscal year 2027approximately 20.1%
Non-GAAP tax ratefirst quarter of fiscal year 202720.5%
Net salesfiscal year 2027$65.0 billion to $72.0 billion

Key takeaways

  1. Gross margin nearly doubled year over year

    GAAP gross margin was 17.5% versus 9.5% in Q4'25 and 9.9% in Q3'26. Management cites a richer enterprise customer mix and broader adoption of DCBBS.

  2. Net income rose sharply to $1,178 million

    Net income was $1,178 million versus $195 million in Q4'25, and diluted EPS was $1.62 versus $0.31.

  3. Full-year cash flow was deeply negative

    Net cash used in operating activities was $(6,809,886) thousand for fiscal 2026, as inventories rose by $8,876,747 thousand and receivables by $3,921,872 thousand.

  4. Fiscal 2027 outlook implies major growth

    Management expects net sales of $65.0 billion to $72.0 billion in fiscal 2027, versus $39.1 billion in fiscal 2026.

  5. Export-control review clouds preliminary results

    The Board is conducting an independent review of certain transactions tied to export-control issues, and its outcome could affect forecasts, these preliminary results and prior period results.

Charts

Revenue$11.1B+93.2% y/yQ4 FY26
Q2 FY25: $5.7BQ2 25$5.7BQ3 FY25: $4.6BQ3 25$4.6BQ4 FY25: $5.8B (worked out from the annual figure)Q4 25$5.8BQ1 FY26: $5.0BQ1 26$5.0BQ2 FY26: $12.7BQ2 26$12.7BQ3 FY26: $10.2BQ3 26$10.2BQ4 FY26: $11.1B (worked out from the annual figure)Q4 26$11.1BQ1 FY27: $19.9BQ1 27$19.9B

Fourth quarter worked out from the annual figure.

Data
Q2 FY25$5.7B
Q3 FY25$4.6B
Q4 FY25$5.8B *
Q1 FY26$5.0B
Q2 FY26$12.7B
Q3 FY26$10.2B
Q4 FY26$11.1B *
Q1 FY27$19.9B
Diluted EPS (GAAP)$1.75+573.1% y/yQ1 FY27
Q2 FY25: $0.51Q2 25$0.51Q3 FY25: $0.17Q3 25$0.17Q1 FY26: $0.26Q1 26$0.26Q2 FY26: $0.60Q2 26$0.60Q3 FY26: $0.72Q3 26$0.72Q1 FY27: $1.75Q1 27$1.75
Data
Q2 FY25$0.51
Q3 FY25$0.17
Q1 FY26$0.26
Q2 FY26$0.60
Q3 FY26$0.72
Q1 FY27$1.75

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin13.4%+9.4 pts y/yQ4 FY26
Q2 FY25: 6.5%Q2 256.5%Q3 FY25: 3.2%Q3 253.2%Q4 FY25: 4.0%Q4 254.0%Q1 FY26: 3.6%Q1 263.6%Q2 FY26: 3.7%Q2 263.7%Q3 FY26: 6.1%Q3 266.1%Q4 FY26: 13.4%Q4 2613.4%Q1 FY27: 10.4%Q1 2710.4%
Data
Q2 FY256.5%
Q3 FY253.2%
Q4 FY254.0%
Q1 FY263.6%
Q2 FY263.7%
Q3 FY266.1%
Q4 FY2613.4%
Q1 FY2710.4%
Free cash flow$718.7M−14.5% y/yQ4 FY26
Q2 FY25: -$267.3MQ2 25-$267.3MQ3 FY25: $594.1MQ3 25$594.1MQ4 FY25: $840.9MQ4 25$840.9MQ1 FY26: -$949.8MQ1 26-$949.8MQ2 FY26: -$45.1MQ2 26-$45.1MQ3 FY26: -$6.7BQ3 26-$6.7BQ4 FY26: $718.7MQ4 26$718.7MQ1 FY27: -$475.6MQ1 27-$475.6M
Data
Q2 FY25-$267.3M
Q3 FY25$594.1M
Q4 FY25$840.9M
Q1 FY26-$949.8M
Q2 FY26-$45.1M
Q3 FY26-$6.7B
Q4 FY26$718.7M
Q1 FY27-$475.6M

Operating cash flow minus capital expenditure, from cash flow statements.

Questions

What were Supermicro's Q4 fiscal 2026 results?

Net sales were $11.1 billion versus $5.8 billion in Q4'25, gross margin was 17.5%, and diluted EPS was $1.62 (non-GAAP $1.70).

What is Supermicro's guidance for the next quarter?

For Q1 fiscal 2027 it expects net sales of $14.5 billion to $15.5 billion, GAAP EPS of $0.89 to $0.98 and non-GAAP EPS of $1.01 to $1.10.

What is the full-year fiscal 2027 outlook?

Management expects net sales of $65.0 billion to $72.0 billion, versus $39.1 billion in fiscal 2026.

How strong is Supermicro's balance sheet?

Cash and cash equivalents were $7.5 billion against total bank debt and convertible notes of $8.7 billion as of June 30, 2026.

What are the main risks?

The results are preliminary and unaudited, the Board is reviewing export-control transactions, and customer concentration, lower margins and tariffs could hurt.

Documents

SEC filing