Super Micro Computer (SMCI) Q4 2026 earnings summary

Executive summary

• Fiscal year 2026 revenue surged 78% year-over-year to $39.1 billion, with Q4 revenue at $11.1 billion, up 93% year-over-year and 9% sequentially, driven by strong AI demand and transformation into a total data center solutions provider.

• Diluted non-GAAP EPS for FY26 was $3.63, up from $2.06 in FY25; Q4 non-GAAP EPS was $1.70, exceeding guidance.

• Record $60 billion in new orders received in Q4, pushing backlog to historic highs entering fiscal 2027.

• Large-scale billion-dollar customers increased from four in FY25 to nine in FY26, with a richer enterprise customer mix driving profitability.

• Expanded product offerings and manufacturing footprint, including new DCBBS campus and global sites.

Financial highlights

• Fiscal 2026 revenue: $39.1 billion, up 78% year-over-year; Q4 revenue: $11.1 billion, up 93% year-over-year and 9% sequentially.

• Fiscal 2026 non-GAAP diluted EPS: $3.63, up 76% year-over-year; Q4 non-GAAP diluted EPS: $1.70.

• Fiscal 2026 non-GAAP gross margin: 10.9% (vs. 11.2% prior year); Q4 non-GAAP gross margin: 17.6%, up from 10.1% in Q3.

• Adjusted EBITDA for Q4 FY26 was $1.67 billion (15% of net sales); for FY26, $3.45 billion (8.8% of net sales).

• Q4 cash from operations: $747 million; fiscal 2026 cash used in operations: $6.8 billion.

Outlook and guidance

• Fiscal 2027 revenue guidance: $65 billion–$72 billion, reflecting continued strong AI and data center demand.

• Q1 fiscal 2027 net sales expected at $14.5 billion–$15.5 billion; non-GAAP EPS guidance: $1.01–$1.10.

• Q1 gross margin expected at 10.4%–10.8%; CapEx for Q1 projected at $50 million–$60 million.

• Guidance assumes a tax rate of ~20% and fully diluted share count of 745–761 million.

• Focus on balancing top-line growth with margin improvement, especially through enterprise and DCBBS solutions.