# Super Micro Computer (SMCI) Q4 FY2026 earnings

Results filed 2026-08-11 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/smci/2026-q4/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000021/0001375365-26-000021-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Net sales (Q4 FY2026) | $11.1 billion | versus $10.2 billion in Q3'26 and $5.8 billion in Q4'25 | GAAP |
| Gross margin (Q4 FY2026) | 17.5% | versus 9.9% in Q3'26 and 9.5% in Q4'25 | GAAP |
| Net income (Q4 FY2026) | $1,178 million | versus $483 million in Q3'26 and $195 million in Q4'25 | GAAP |
| Diluted EPS (Q4 FY2026) | $1.62 | versus $0.72 in Q3'26 and $0.31 in Q4'25 | GAAP |
| Non-GAAP diluted EPS (Q4 FY2026) | $1.70 | versus $0.41 in Q4'25 | non-GAAP |
| Non-GAAP gross margin (Q4 FY2026) | 17.6% | versus 9.6% in Q4'25 | non-GAAP |
| Income from operations (Q4 FY2026) | $1,488,064 |  | GAAP |
| Cash flow from operations (Q4 FY2026) | $747 million |  | GAAP |
| Net sales (FY2026) | $39.1 billion | versus $22.0 billion for the fiscal year ended June 30, 2025 | GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Adjusted EBITDA (Q4 FY2026) | $1,669,420 | 15.0% of net sales versus 5.8% a year earlier |
| Cash and cash equivalents (June 30, 2026) | $7.5 billion |  |
| Inventories (June 30, 2026) | $12,895,949 | versus $4,680,375 at June 30, 2025 |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Net sales | first quarter of fiscal year 2027 ending September 30, 2026 | $14.5 billion and $15.5 billion |
| GAAP diluted EPS | first quarter of fiscal year 2027 | $0.89 to $0.98 |
| Non-GAAP diluted EPS | first quarter of fiscal year 2027 | $1.01 to $1.10 |
| GAAP tax rate | first quarter of fiscal year 2027 | approximately 20.1% |
| Non-GAAP tax rate | first quarter of fiscal year 2027 | 20.5% |
| Net sales | fiscal 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.

## 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.