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SMCI

Super Micro Computer, Inc.

SMCI

Super Micro Computer, Inc. • NASDAQ
$33.99 ▲ 3.53% (+1.16)
Market Cap $20.23 B
52w High $66.44
52w Low $25.71
Dividend Yield 0%
P/E 26.76
Volume 10.46M
Outstanding Shares 595.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $5.018B ▼ $285.117M ▼ $168.285M ▼ 3.354% ▼ $0.28 ▼ $253.984M ▼
Q4-2025 $5.757B ▲ $315.711M ▲ $195.154M ▲ 3.39% ▲ $0.33 ▲ $263.643M ▲
Q3-2025 $4.6B ▼ $293.438M ▼ $108.777M ▼ 2.365% ▼ $0.18 ▼ $139.212M ▼
Q2-2025 $5.678B ▼ $301.398M ▲ $320.596M ▼ 5.646% ▼ $0.54 ▲ $396.466M ▼
Q1-2025 $5.937B $266.381M $424.327M 7.147% $0.18 $530.512M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $4.197B ▼ $14.386B ▲ $7.862B ▲ $6.523B ▲
Q4-2025 $5.17B ▲ $14.018B ▲ $7.717B ▲ $6.302B ▼
Q3-2025 $2.536B ▲ $10.739B ▲ $4.359B ▲ $6.379B ▲
Q2-2025 $1.43B ▼ $9.728B ▼ $3.49B ▼ $6.238B ▲
Q1-2025 $2.089B $10.851B $4.974B $5.877B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $168.179M ▼ $-917.523M ▼ $-32.27M ▲ $-18.665M ▼ $-973.046M ▼ $-949.793M ▼
Q4-2025 $195.154M ▲ $863.613M ▲ $-78.678M ▼ $1.849B ▲ $2.635B ▲ $840.935M ▲
Q3-2025 $108.777M ▼ $626.764M ▲ $-32.7M ▼ $512.052M ▲ $1.106B ▲ $594.064M ▲
Q2-2025 $320.596M ▼ $-239.757M ▼ $-27.536M ▲ $-387.288M ▼ $-658.244M ▼ $-267.293M ▼
Q1-2025 $424.327M $408.904M $-44.3M $49.854M $418.958M $364.604M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Server And Storage Systems
Server And Storage Systems
 $5.75Bn ▲$5.49Bn ▼$4.46Bn ▼$5.62Bn ▲
Subsystems and accessories
Subsystems and accessories
 $190.00M ▲$190.00M ▲$140.00M ▼$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has expanded very rapidly over the past few years, moving from a mid‑sized business to a very large one, largely on the back of AI and data‑center demand. Profit levels have also grown a lot in absolute terms, but in the most recent year profits did not keep pace with sales – operating income was roughly flat and net income actually slipped a bit despite strong revenue growth. That pattern suggests margin pressure: higher component costs, more aggressive pricing, or heavier spending on people and infrastructure. Overall, the income statement shows a high‑growth company that remains solidly profitable, but with signs that scaling at this speed is putting pressure on profitability and execution.

Balance Sheet

Balance Sheet The balance sheet has expanded dramatically, with total assets now many times higher than just a few years ago. Cash reserves have grown from a thin cushion to a very sizeable one, which provides flexibility and a buffer against volatility. At the same time, debt has also increased sharply, transforming the company from almost debt‑free to meaningfully leveraged. Equity has risen strongly as retained earnings accumulated, so the capital base is much stronger than in the past. In short, the balance sheet has bulked up: the company is larger, better capitalized, but also carrying more financial obligations that need to be managed carefully if conditions weaken.

Cash Flow

Cash Flow Cash flow has been volatile and does not move smoothly with reported earnings. Operating cash flow swung from modest positives to sizable negatives and back to strong positives, reflecting big working capital movements as the company built inventory and extended more credit to customers to support rapid growth. Free cash flow follows the same pattern, since investment in physical assets has been relatively modest compared with the swings in working capital. The latest year shows healthy cash generation, but the history highlights that cash inflows can be lumpy and heavily dependent on how quickly inventory turns and receivables are collected in this fast‑growing business.

Competitive Edge

Competitive Edge The company has carved out a strong niche in high‑performance and AI‑focused servers by being faster and more flexible than many larger rivals. Its modular “building block” approach lets it customize systems quickly and integrate the newest chips from partners like NVIDIA, AMD, and Intel, often bringing products to market months ahead of competitors. This speed, combined with deep customization and close partnerships with key semiconductor vendors, gives it a meaningful competitive edge. Inclusion in major stock indices and rising market share in AI servers signal growing customer trust, but the firm still competes against giants with deeper resources, so maintaining its agility and service quality at scale is critical.

Innovation and R&D

Innovation and R&D Innovation is centered on modular server design, rapid support for each new generation of processors and GPUs, and advanced cooling and energy‑efficient architectures. The company is a leader in liquid‑cooled systems for power‑hungry AI workloads and has invested in full rack‑scale and “AI factory” solutions, not just individual servers. It also offers management software to tie these systems together, making it easier for customers to deploy and operate complex data‑center environments. The roadmap is tightly aligned with AI growth: next‑generation GPU platforms, turnkey AI clusters, expanded liquid cooling, and edge‑computing offerings. The key question is execution—whether it can sustain this pace of innovation and delivery as the industry matures and competition intensifies.

Summary

Overall, SMCI looks like a high‑growth hardware company that successfully rode the AI and data‑center wave to transform its scale and profitability. Revenue and absolute profits have risen sharply, the balance sheet is much stronger and more liquid than in the past, and the firm has developed a differentiated position built on speed, customization, and energy‑efficient, AI‑ready systems. At the same time, the most recent results show margin compression, cash flows have been quite volatile, and the company has taken on much more debt to fuel its expansion. The investment story hinges on its ability to keep innovating quickly, manage operational complexity, and convert rapid top‑line growth into stable, sustainable profitability through industry cycles.

NEWS

November 20, 2025 · 9:05 AM UTC

Supermicro Announces Participation in Upcoming Investor Events

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November 19, 2025 · 4:05 PM UTC

Supermicro Expands Its Portfolio of Performance and Efficiency Driven Air-Cooled AI Solutions Featuring AMD Instinct™ MI355X GPUs

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November 18, 2025 · 9:05 AM UTC

Supermicro Announces New AI Factory Cluster Solutions Based on NVIDIA Enterprise Reference Architectures and NVIDIA Blackwell AI Infrastructure to Simplify the Deployment of AI at Scale

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November 17, 2025 · 5:30 PM UTC

Supermicro Showcases the Future of HPC Clusters and AI Infrastructure at Supercomputing 2025

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November 4, 2025 · 4:05 PM UTC

Supermicro Announces First Quarter Fiscal Year 2026 Financial Results

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