Super Micro Computer, Inc.: Q4 FY2026 earnings call

What management said about Q4 FY2026, from the documents filed with the SEC on 11 August 2026: press release. Guidance figures: 7 new. The quarter’s numbers.

Read the filing

Key takeaways

• Quarterly net sales rose sharply: Net sales were $11.1 billion, up from $10.2 billion in the third quarter and $5.8 billion in the fourth quarter of fiscal 2025. Source
• Diluted EPS reached $1.62: Diluted EPS was $1.62, against $0.72 in the third quarter and $0.31 a year earlier. Source
• Q4 gross margin rose to 17.5%: Fourth-quarter gross margin was 17.5%, against 9.9% in the third quarter and 9.5% a year earlier. Source
• Record backlog and over $60 billion orders: Management reported more than $60 billion of new orders and record backlog entering fiscal 2027. Source
• Operating cash flow negative for fiscal 2026: Operating cash flow for fiscal 2026 was an outflow of $6.8 billion, against an inflow of $1.7 billion in fiscal 2025. Source
• Receivables and inventories grew sharply: Accounts receivable reached $6.1 billion and inventories $12.9 billion at June 30, 2026, up from $2.2 billion and $4.7 billion. Source
• Independent Board review ongoing: The Board is conducting an independent review of certain transactions in connection with export-control issues, which the release says could affect forecasts and prior period results. Source

“As demand accelerates, we are improving profitability through a richer enterprise customer mix and broader adoption of our optimized Data Center Building Block Solutions® (DCBBS) architecture.”

Charles Liang, Founder, President and CEO of Supermicro

Guidance

What changed from last quarter

• New guidance: First guidance for the first quarter and full fiscal 2027 appears in this release; the July 21 update gave only fourth-quarter guidance. Source
• New: Fiscal 2026 included common stock and Mandatory Convertible Preferred Stock issuances; the preferred now appears as an equity line on the balance sheet. Source

Fourth quarter results

• Quarterly net sales rose sharply: Net sales were $11.1 billion, up from $10.2 billion in the third quarter and $5.8 billion in the fourth quarter of fiscal 2025. Source
• Net income rose on higher sales: Net income was $1,178 million, compared with $483 million in the third quarter and $195 million a year earlier. Source
• Diluted EPS reached $1.62: Diluted EPS was $1.62, against $0.72 in the third quarter and $0.31 a year earlier. Source
• Non-GAAP EPS reported alongside GAAP: Non-GAAP diluted EPS was $1.70, against $0.41 a year earlier; the quarter's only non-GAAP adjustment was stock-based compensation. Source
• Adjusted EBITDA margin rose to 15.0%: Adjusted EBITDA was $1,669 million, or 15.0% of net sales, against 5.8% a year earlier. Source

Full-year results

• Full-year net sales reached $39.1 billion: Full-year net sales were $39.1 billion, against $22.0 billion in fiscal 2025. Source
• Full-year net income and EPS rose: Full-year net income was $2.2 billion, or $3.26 per diluted share, against $1.0 billion, or $1.68, in fiscal 2025. Source
• Non-GAAP full-year net income reported: Full-year non-GAAP net income was $2.5 billion, or $3.63 per diluted share, against $2.06 in fiscal 2025. Source

“Combined with continued investment in technology leadership, manufacturing scale, and global compliance, we are enabling customers to deploy AI infrastructure faster and more efficiently.”

Charles Liang, Founder, President and CEO of Supermicro

Margins and product mix

• Q4 gross margin rose to 17.5%: Fourth-quarter gross margin was 17.5%, against 9.9% in the third quarter and 9.5% a year earlier. Source
• Mix cited behind the margin gain: The July 21 preliminary update estimated gross margins at 15% to 17% and cited a favorable customer and product mix.
• Non-GAAP gross margin reported at 17.6%: Non-GAAP gross margin was 17.6%, against 9.6% a year earlier, after stock-based compensation of $9 million in the quarter. Source
• Full-year gross margin was 10.8%: Full-year gross margin was 10.8%, against 11.1% in fiscal 2025. Source

Demand, orders and customers

• Record backlog and over $60 billion orders: Management reported more than $60 billion of new orders and record backlog entering fiscal 2027. Source
• Several hundred enterprise customers added: Several hundred enterprise and other customers were added over the past year, according to the CEO. Source
• Q4 orders to ship over later quarters: The company expected the fourth-quarter orders to be delivered over future quarters.

Operating costs

• GAAP operating expenses rose in quarter: GAAP operating expenses were $454.6 million in the fourth quarter, up from $315.7 million a year earlier, and $1.46 billion for the year. Source
• Non-GAAP operating expenses reported separately: Non-GAAP operating expenses were $356.9 million in the quarter, against $238.9 million a year earlier. Source
• Stock-based compensation rose year on year: Stock-based compensation was $106.6 million in the quarter and $412.1 million for the year, against $83.6 million and $314.5 million. Source
• Interest expense rose year on year: Interest expense was $79.8 million in the quarter and $194.6 million for the year, against $22.3 million and $59.6 million a year earlier. Source
• GAAP effective tax rate higher: The GAAP effective tax rate was 19.7% in the quarter, against 8.7% a year earlier, and 19.9% for the year against 12.9%. Source

Cash flow and balance sheet

• Operating cash flow negative for fiscal 2026: Operating cash flow for fiscal 2026 was an outflow of $6.8 billion, against an inflow of $1.7 billion in fiscal 2025. Source
• Fourth-quarter operating cash flow positive: Fourth-quarter operating cash flow was $747 million, with capital expenditures and investments of $25 million. Source
• Receivables and inventories grew sharply: Accounts receivable reached $6.1 billion and inventories $12.9 billion at June 30, 2026, up from $2.2 billion and $4.7 billion. Source
• Deferred revenue rose on both lines: Deferred revenue was $1.58 billion current and $1.03 billion non-current at June 30, 2026, against $369 million and $363 million a year earlier. Source
• Cash and debt at year-end: Cash and equivalents stood at $7.5 billion and bank debt plus convertible notes at $8.7 billion at June 30, 2026. Source

Capital and share count

• No buybacks in fiscal 2026: Stock repurchases were nil in fiscal 2026; the fiscal 2025 cash flow statement shows $200 million of repurchases. Source
• Preferred dividends deducted this quarter: Preferred dividends of $13.1 million were deducted in arriving at net income attributable to common stockholders for the quarter. Source
• Diluted share count reported on both bases: Diluted weighted-average shares were 705.0 million on a GAAP basis and 721.3 million non-GAAP for the quarter. Source

Board review and preliminary status

• Independent Board review ongoing: The Board is conducting an independent review of certain transactions in connection with export-control issues, which the release says could affect forecasts and prior period results. Source
• Preliminary results pending financial close: The release says the figures are preliminary mainly because financial closing procedures for the fiscal year were not yet complete. Source
• Auditor has not reviewed preliminary data: The independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures on the preliminary data. Source

Figures management reported

Earlier plans management reported on

• Not stated: The July 21 preliminary update said fourth-quarter revenue would be near the low end of the guidance range; the August release reports $11.1 billion.
• Not stated: The July 21 update said the preliminary gross margin was significantly above the 8.2% to 8.4% guidance range.

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q1 FY2026 results
• Q4 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.