Supermicro FY2026: $39.06B revenue, Q4 gross margin jumps to 17.5%
Supermicro closed FY2026 with $39.06 billion of revenue, up 77.8%, and a fourth quarter that finally showed margin relief: gross margin of 17.5% versus 9.9% in Q3. The catch is cash — operating activities used $6.81 billion for the year as inventory and receivables ballooned. Read the margin line and the balance sheet together; they tell different stories.
1 · Expected vs. Actual
Free preview belowFull-year GAAP diluted EPS was $3.26 versus $1.68 a year earlier, and non-GAAP diluted EPS was $3.63 versus $2.06. In the fourth quarter alone, GAAP EPS was $1.62 and non-GAAP was $1.70, both well above the $0.98 consensus estimate in our data. Most of the GAAP-to-non-GAAP gap is stock-based compensation of $412.12 million before taxes for the year.
Fourth-quarter net sales were $11.12 billion, up 93.2% from $5.76 billion a year earlier and up 8.6% from $10.24 billion in Q3'26. For the full year, net sales were $39.06 billion versus $21.97 billion, a 77.8% increase. The growth is real, but it was funded by a big working-capital build rather than by cash the business generated.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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