Super Micro Computer (SMCI) FY2025 results: revenue $22.0 billion, up 46.6% on the year

Super Micro Computer, Inc. (SMCI) reported revenue of $22.0 billion for fiscal 2025, the year ended 30 June 2025, up 46.6% on the year before. Net income was $1.0 billion, down 9.0%, and diluted earnings per share $1.68. The figures are the company's own, from the 10-K it filed with the SEC on 28 August 2025.

Revenue

$22.0 billion

+46.6% on the year

FY2018FY2025

Operating margin

5.7%

8.1% a year earlier

FY2018FY2025

Net income

$1.0 billion

-9.0% on the year

FY2018FY2025

Diluted EPS

$1.68

-12.5% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	21,972	14,989	7,123	+46.6%
Cost of revenue	19,542	12,928	5,840	+51.2%
Gross profit	2,430	2,061	1,283	+17.9%
Gross margin	11.1%	13.8%	18.0%
Research and development	637	464	307	+37.3%
Operating income	1,253	1,211	761	+3.5%
Operating margin	5.7%	8.1%	10.7%
Interest expense	59.6	19.4	10.5	+207.8%
Pre-tax income	1,212	1,214	754	-0.2%
Income tax	157	63.3	111	+147.8%
Effective tax rate	12.9%	5.2%	14.7%
Net income	1,049	1,153	640	-9.0%
Net margin	4.8%	7.7%	9.0%
Diluted EPS	$1.68	$1.92	$1.14	-12.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	1,660	-2,486	664
Capital expenditure	127	124	36.8	+2.4%
Free cash flow	1,532	-2,610	627
Free cash flow margin	7.0%	-17.4%	8.8%
Cash from investing	-183	-194	-39.5
Cash from financing	2,024	3,912	-448	-48.3%
Depreciation and amortisation	41.0	30.1	26.9	+36.2%
Share-based compensation	314	232	54.4	+35.8%
Diluted shares, weighted	628m	602m	560m	+4.4%
Shares outstanding at period end	594m	588m	529m	+1.0%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	6,302	5,417	1,972	+16.3%
Non-controlling interest	0.2	0.2	0.2	+8.5%
Debt	4,758	2,174	290	+118.8%
Operating lease liabilities	280	26.1	n/a	+972.8%
Other liabilities	2,679	2,208	1,412	+21.3%
Total liabilities and equity	14,018	9,826	3,675	+42.7%
Fixed assets	504	414	290	+21.9%
Investments	119	61.0	n/a	+94.4%
Cash and equivalents	5,170	1,670	440	+209.6%
Receivables	2,204	2,737	1,148	-19.5%
Inventory	4,680	4,333	1,446	+8.0%
Other assets	1,341	611	350	+119.5%
Total assets	14,018	9,826	3,675	+42.7%

10-K for the year ended 30 June 2025, filed 28 August 2025: the filing.