Revenue surged 93.2% year-over-year to $11.1B in 2026Q4, with gross margin expanding to 17.5% from 6.3% in the prior quarter, though operating margin of 13.4% remains thin relative to growth.
Super Micro Computer, Inc. (SMCI) annual income statement — 22-year revenue, gross profit & net income history
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 |
|---|
| Sales/Revenue | 39.06B | 21.97B | 14.99B | 7.12B | 5.2B | 5.2B | 3.34B | 3.5B | 3.36B | 2.48B | 2.23B | 1.99B | 1.47B | 1.16B | 1.01B | 942.58M | 721.44M | 505.61M | 540.5M | 420.39M | 302.54M | 211.76M |
| Revenue Growth % | 77.79% | 46.59% | 110.42% | 37.09% | 0% | 55.61% | -4.6% | 4.16% | 35.23% | 11.68% | 11.75% | 35.71% | 26.2% | 14.67% | 7.56% | 30.65% | 42.69% | -6.46% | 28.57% | 38.95% | 42.87% | - |
| Cost of Goods Sold | 34.84B | 19.54B | 12.93B | 5.84B | 4.4B | 4.4B | 2.81B | 3B | 2.93B | 2.13B | 1.89B | 1.67B | 1.24B | 1B | 848.46M | 791.48M | 606.45M | 416.9M | 436.95M | 345.38M | 242.24M | 178.29M |
| COGS % of Revenue | 89.18% | 88.94% | 86.25% | 81.99% | 84.6% | 84.6% | 84.24% | 85.84% | 87.2% | 85.92% | 85.15% | 83.92% | 84.63% | 86.23% | 83.68% | 83.97% | 84.06% | 82.45% | 80.84% | 82.16% | 80.07% | 84.19% |
| Gross Profit | 4.23B | 2.43B | 2.06B | 1.28B | 800M | 800M | 526.21M | 495.52M | 429.99M | 349.96M | 330.5M | 320.23M | 225.54M | 160.05M | 165.42M | 151.1M | 114.99M | 88.71M | 103.55M | 75.01M | 60.31M | 33.47M |
| Gross Margin % | 10.82% | 11.06% | 13.75% | 18.01% | 15.4% | 15.4% | 15.76% | 14.16% | 12.8% | 14.08% | 14.85% | 16.08% | 15.37% | 13.77% | 16.32% | 16.03% | 15.94% | 17.55% | 19.16% | 17.84% | 19.93% | 15.81% |
| Gross Profit Growth % | 73.97% | 17.88% | 60.67% | 60.38% | 0% | 52.03% | 6.19% | 15.24% | 22.87% | 5.89% | 3.21% | 41.98% | 40.92% | -3.24% | 9.47% | 31.4% | 29.63% | -14.33% | 38.05% | 24.38% | 80.18% | - |
| Operating Expenses | 1.46B | 1.18B | 850.64M | 521.87M | 464.83M | 464.83M | 440.56M | 398.29M | 335.28M | 255.08M | 223.01M | 173.49M | 145.29M | 132.9M | 119.4M | 92.41M | 73.16M | 65.46M | 63.28M | 45.22M | 32.58M | 21.71M |
| OpEx % of Revenue | 3.73% | 5.36% | 5.67% | 7.33% | 8.95% | 8.95% | 13.19% | 11.38% | 9.98% | 10.27% | 10.02% | 8.71% | 9.9% | 11.43% | 11.78% | 9.8% | 10.14% | 12.95% | 11.71% | 10.76% | 10.77% | 10.25% |
| Selling, General & Admin | 685.53M | 540.38M | 387.09M | 214.61M | 192.56M | 192.56M | 219.08M | 218.38M | 170.18M | 111.09M | 98.79M | 73.23M | 61.03M | 57.69M | 55.18M | 44.3M | 35.78M | 30.94M | 32.74M | 24.05M | 16.19M | 11.1M |
| SG&A % of Revenue | 1.75% | 2.46% | 2.58% | 3.01% | 3.71% | 3.71% | 6.56% | 6.24% | 5.06% | 4.47% | 4.44% | 3.68% | 4.16% | 4.96% | 5.44% | 4.7% | 4.96% | 6.12% | 6.06% | 5.72% | 5.35% | 5.24% |
| Research & Development | 771.23M | 636.55M | 463.55M | 307.26M | 272.27M | 272.27M | 221.48M | 179.91M | 165.1M | 143.99M | 124.22M | 100.26M | 84.26M | 75.21M | 64.22M | 48.11M | 37.38M | 34.51M | 30.54M | 21.17M | 15.81M | 10.61M |
| R&D % of Revenue | 1.97% | 2.9% | 3.09% | 4.31% | 5.24% | 5.24% | 6.63% | 5.14% | 4.91% | 5.79% | 5.58% | 5.04% | 5.74% | 6.47% | 6.33% | 5.1% | 5.18% | 6.83% | 5.65% | 5.04% | 5.23% | 5.01% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -575K | 0 |
| Operating Income | 2.77B | 1.25B | 1.21B | 761.14M | 335.17M | 335.17M | 85.65M | 97.23M | 94.71M | 94.88M | 107.49M | 146.75M | 80.26M | 27.16M | 46.01M | 58.69M | 41.83M | 23.25M | 40.27M | 29.79M | 27.72M | 11.76M |
| Operating Margin % | 7.09% | 5.7% | 8.08% | 10.69% | 6.45% | 6.45% | 2.56% | 2.78% | 2.82% | 3.82% | 4.83% | 7.37% | 5.47% | 2.34% | 4.54% | 6.23% | 5.8% | 4.6% | 7.45% | 7.08% | 9.16% | 5.55% |
| Operating Income Growth % | 121.11% | 3.49% | 59.07% | 127.09% | 0% | 291.3% | -11.91% | 2.66% | -0.17% | -11.74% | -26.75% | 82.84% | 195.53% | -40.98% | -21.6% | 40.3% | 79.91% | -42.26% | 35.21% | 7.44% | 135.7% | - |
| EBITDA | 2.82B | 1.31B | 1.25B | 796.05M | 367.64M | 367.64M | 114.13M | 121.44M | 116.56M | 111.23M | 120.77M | 154.88M | 86.62M | 34.99M | 53.09M | 64.15M | 46.45M | 26.91M | 42.94M | 31.43M | 28.94M | 12.68M |
| EBITDA Margin % | 7.23% | 5.97% | 8.34% | 11.18% | 7.08% | 7.08% | 3.42% | 3.47% | 3.47% | 4.48% | 5.43% | 7.78% | 5.9% | 3.01% | 5.24% | 6.81% | 6.44% | 5.32% | 7.94% | 7.48% | 9.56% | 5.99% |
| EBITDA Growth % | 115.36% | 4.95% | 56.96% | 116.53% | 0% | 222.13% | -6.02% | 4.18% | 4.79% | -7.9% | -22.02% | 78.8% | 147.54% | -34.08% | -17.24% | 38.09% | 72.65% | -37.33% | 36.63% | 8.6% | 128.14% | - |
| D&A (Non-Cash Add-back) | 53.67M | 58.34M | 38.69M | 34.9M | 32.47M | 32.47M | 28.47M | 24.2M | 21.85M | 16.36M | 13.28M | 8.13M | 6.36M | 7.83M | 7.07M | 5.45M | 4.62M | 3.65M | 2.66M | 1.64M | 1.21M | 922K |
| EBIT | 2.98B | 1.27B | 1.23B | 764.79M | 343.25M | 343.25M | 87.06M | 96.21M | 93.94M | 93.89M | 109M | 146.86M | 80.35M | 27.21M | 46.07M | 58.76M | 40.85M | 23.73M | 41.83M | 30.67M | 27.88M | 11.6M |
| Net Interest Income | -7.65M | -59.57M | -19.35M | -10.49M | -6.41M | -2.48M | -2.24M | -6.69M | -5.73M | -2.3M | -1.59M | -850K | -665K | -562K | -663K | -620K | -280K | -454K | 533K | -567K | -1M | -750K |
| Interest Income | 186.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 171K | 115K | 92K | 48K | 54K | 66K | 98K | 476K | 0 | 765K | 0 | 0 |
| Interest Expense | 194.57M | 59.57M | 19.35M | 10.49M | 6.41M | 2.48M | 2.24M | 6.69M | 5.73M | 2.3M | 1.59M | 965K | 757K | 610K | 717K | 686K | 383K | 930K | 1.02M | 1.33M | 1.26M | 867K |
| Other Income/Expense | 18.71M | -47.29M | 5.19M | -10.48M | 2.87M | 2.87M | 1.58M | -10.43M | -10.11M | -3.59M | -87K | -850K | -665K | -562K | -663K | -620K | -1.37M | -454K | 533K | -447K | -1.1M | -1.03M |
| Pretax Income | 2.79B | 1.21B | 1.22B | 750.66M | 338.04M | 338.04M | 87.23M | 86.8M | 84.61M | 91.29M | 107.4M | 145.9M | 79.59M | 26.6M | 45.35M | 58.07M | 40.47M | 22.8M | 40.8M | 29.34M | 26.62M | 10.73M |
| Pretax Margin % | 7.14% | 5.49% | 8.11% | 10.54% | 6.51% | 6.51% | 2.61% | 2.48% | 2.52% | 3.67% | 4.83% | 7.33% | 5.42% | 2.29% | 4.47% | 6.16% | 5.61% | 4.51% | 7.55% | 6.98% | 8.8% | 5.07% |
| Income Tax | 556.33M | 156.85M | 63.29M | 110.67M | 52.88M | 52.88M | 2.92M | 14.88M | 38.44M | 24.43M | 35.32M | 44.03M | 25.44M | 5.32M | 15.5M | 17.86M | 13.55M | 6.69M | 15.38M | 10M | 9.68M | 3.64M |
| Effective Tax Rate % | 19.95% | 13.01% | 5.21% | 14.74% | 15.64% | 15.64% | 3.35% | 17.15% | 45.44% | 26.77% | 32.89% | 30.18% | 31.96% | 19.99% | 34.17% | 30.75% | 33.49% | 29.35% | 37.7% | 34.08% | 36.34% | 33.92% |
| Net Income | 2.23B | 1.05B | 1.15B | 640M | 285.16M | 285.16M | 84.31M | 71.92M | 46.16M | 66.85M | 72.08M | 101.86M | 54.12M | 21.17M | 29.57M | 39.57M | 26.91M | 16.11M | 25.42M | 19.34M | 16.95M | 7.09M |
| Net Margin % | 5.71% | 4.77% | 7.69% | 8.98% | 5.49% | 5.49% | 2.52% | 2.05% | 1.37% | 2.69% | 3.24% | 5.12% | 3.69% | 1.82% | 2.92% | 4.2% | 3.73% | 3.19% | 4.7% | 4.6% | 5.6% | 3.35% |
| Net Income Growth % | 112.66% | -9.01% | 80.1% | 124.43% | 0% | 238.24% | 17.23% | 55.78% | -30.95% | -7.25% | -29.24% | 88.21% | 155.61% | -28.4% | -25.26% | 47.01% | 67.1% | -36.63% | 31.44% | 14.11% | 139.03% | - |
| Net Income (Continuing) | 2.23B | 1.05B | 1.15B | 640M | 285.16M | 285.16M | 84.31M | 71.92M | 46.16M | 66.85M | 72.08M | 101.86M | 54.16M | 21.28M | 29.85M | 40.21M | 26.91M | 16.11M | 25.42M | 19.34M | 16.95M | 7.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 164K | 178K | 164K | 165K | 172K | 173K | 167K | 161K | 157K | 170K | 184K | 164K | 175K | 181K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.26 | 1.68 | 1.68 | 2.01 | 1.14 | 0.53 | 0.16 | 0.14 | 0.09 | 0.13 | 0.14 | 0.20 | 0.12 | 0.05 | 0.07 | 0.09 | 0.07 | 0.04 | 0.07 | 0.06 | 0.05 | 0.02 |
| EPS Growth % | 94.05% | 0% | -16.42% | 76.32% | 115.09% | 231.25% | 14.29% | 57.3% | -31.54% | -7.14% | -30% | 66.67% | 150% | -28.36% | -27.96% | 43.08% | 58.54% | -36.92% | 14.04% | 7.55% | 120.83% | - |
| EPS (Basic) | 3.65 | 1.77 | 1.77 | 2.17 | 1.21 | 0.55 | 0.17 | 0.14 | 0.09 | 0.14 | 0.15 | 0.22 | 0.12 | 0.05 | 0.07 | 0.10 | 0.07 | 0.05 | 0.08 | 0.08 | 0.08 | 0.03 |
| Diluted Shares Outstanding | 697.35M | 628.4M | 628.4M | 602.15M | 559.7M | 536.15M | 528.38M | 517.16M | 521.51M | 516.79M | 518.36M | 500.94M | 465.12M | 439.07M | 441.52M | 423.96M | 407.35M | 391.56M | 388.43M | 339.46M | 318.47M | 294.42M |
| Basic Shares Outstanding | 601.81M | 593.66M | 593.66M | 555.88M | 529.25M | 514.78M | 509.87M | 499.17M | 493.45M | 483.83M | 479.17M | 464.34M | 435.99M | 419.92M | 408.9M | 381.32M | 358.84M | 342.18M | 313.55M | 241.53M | 220.11M | 219.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SMCI stock.
For fiscal year 2026, Super Micro Computer, Inc. (SMCI) reported total revenue of $39.06B. This represents a 18346.6% increase compared to $211.8M in 2005.
Super Micro Computer, Inc. (SMCI) is profitable, generating $2.23B in net income for the fiscal year ending 2026 with a net profit margin of 5.7%.
Super Micro Computer, Inc. (SMCI) reported an operating income of $2.77B, resulting in an operating profit margin of 7.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Super Micro Computer, Inc. (SMCI) generated $4.23B in gross profit for the year, representing a gross profit margin of 10.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression and governance concerns
Metrics are mathematically derived from official filings.
Revenue Surge Driven by AI Infrastructure
SMCI's revenue accelerated to $11.1B in 2026Q4, up 93.2% year-over-year, according to recent SEC filings, reflecting robust demand for AI servers and rack-scale solutions.
The 93.2% growth in 2026Q4 marks a sharp acceleration from the 7.5% growth in 2025Q4, indicating a cyclical upswing in AI infrastructure spending. The sequential jump from $5.0B in 2026Q1 to $11.1B in 2026Q4 suggests lumpy order timing and successful conversion of backlog, but investors should monitor whether this pace is sustainable given the concentration in a few hyperscale customers.
Gross Margin Volatility Reflects Mix Shift
Gross margin swung from 6.3% in 2026Q2 to 17.5% in 2026Q4, as reported in financial statements, indicating significant mix variability between high-volume rack deals and higher-margin enterprise solutions.
The 17.5% gross margin in 2026Q4 is a notable improvement from the 9.9% in 2026Q3, but the historical range of 6-13% suggests limited pricing power. The low absolute margin compared to peers like DELL (20.0%) and HPE (28.8%) underscores SMCI's role as a high-value integrator rather than a proprietary technology owner. Future margin expansion may hinge on adoption of Direct Liquid Cooling solutions, which could command a premium.
Operating Leverage Emerges in Q4
Operating income surged to $1.5B in 2026Q4, with operating margin expanding to 13.4% from 6.1% in the prior quarter, based on reported figures, as revenue scaled faster than fixed costs.
The operating leverage is evident: while revenue grew 8.8% sequentially, operating income grew 140% sequentially, driven by a 17.5% gross margin and controlled SG&A (only $253M). However, this leverage is volatile, as seen in 2026Q2 when operating margin fell to 3.7% despite high revenue, indicating that cost control is not consistent. The thin absolute margins leave little room for error if component costs rise.
Earnings Quality Clouded by SBC and Tax Anomalies
Net income of $1.2B in 2026Q4 included only $16.1M in stock-based compensation, a sharp drop from $89.1M in 2026Q1, as per income statement data, suggesting possible timing effects or one-time items.
The dramatic fluctuation in SBC—from $89.1M to $0 in consecutive quarters—raises questions about the consistency of expense recognition. Additionally, the effective tax rate appears unusually low in some quarters (e.g., 2024Q4 net income of $297M on pre-tax income of $288M implies a negative tax rate), which may be due to one-time tax benefits. Investors should scrutinize the sustainability of these items, as they inflate reported EPS.
COGS Dominates Cost Structure
Cost of goods sold consumed 82.5% of revenue in 2026Q4, as reported in financial statements, reflecting the high variable cost of procuring GPUs and memory, leaving little room for margin expansion.
The cost structure is heavily weighted toward COGS, with R&D and SG&A combined only 4.1% of revenue in 2026Q4. This indicates a business model that relies on efficient supply chain management rather than proprietary technology. The low R&D intensity (1.8% of revenue) may limit the company's ability to differentiate over time, especially as competitors scale their AI offerings.
Margin Compression and Governance Risks
Despite 93.2% revenue growth, gross margin remains thin at 17.5%, and the company's history of filing delays and auditor resignation, as per recent disclosures, may indicate governance weaknesses.
Short-sellers could argue that SMCI's growth is unprofitable at the margin level, with gross margins far below peers, and that the company is sacrificing profitability to win market share. The volatile margins and reliance on a few large customers suggest that any slowdown in AI capex could lead to severe margin compression. Additionally, the governance issues, including the auditor resignation, could restrict access to capital markets or lead to delisting, undermining the growth narrative.