SMCI Q3 2025 Earnings
Reported May 6, 2025 at 4:07 PM ET · SEC Source
Q3 25 EPS
$0.31
Q3 25 Revenue
$4.60B
vs S&P Since Q3 25
-42.1%
TRAILING MARKET
SMCI -13.6% vs S&P +28.4%
Market Reaction
Did SMCI Beat Earnings? Q3 2025 Results
Super Micro Computer delivered a bruising fiscal Q3 2025, posting non-GAAP diluted EPS of $0.31 on revenue of $4.60 billion, a result that fell well short of Wall Street expectations and underscored the mounting pressures facing the AI server maker. … Read more Super Micro Computer delivered a bruising fiscal Q3 2025, posting non-GAAP diluted EPS of $0.31 on revenue of $4.60 billion, a result that fell well short of Wall Street expectations and underscored the mounting pressures facing the AI server maker. Revenue slid 19% sequentially from $5.68 billion, and while it still represented a 19.5% year-over-year gain, the story was defined by severe margin compression: GAAP gross margin collapsed to just 9.6% from 15.5% a year ago, as intense pricing competition in the AI infrastructure market carved deeply into profitability. CEO Charles Liang pointed to customer delays in platform decisions, particularly around GPU generations, as the primary culprit, though analysts have since significantly downgraded their forward estimates in response. The pain carried into guidance, with Supermicro cutting its full-year FY2025 revenue outlook to $21.80–$22.60 billion from a prior range of $23.50–$25.00 billion, while projecting Q4 revenue of $5.60–$6.40 billion as delayed commitments are expected to materialize in coming quarters.
Key Takeaways
- • Customer delays in platform decisions reduced Q3 revenue
- • Gross margin compression to 9.6% from 15.5% year-over-year
- • Strong operating cash flow of $627 million in Q3
- • 19.5% year-over-year revenue growth despite sequential decline
SMCI YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“We continue to make great progress with our DCBBS (Data Center Building Block Solution), DLC (Direct Liquid Cooled-2) and AI technology leadership, but some customers delayed making platform decisions in the quarter.”
— Charles Liang, Q3 2025 Earnings Press Release
SMCI Earnings Trends
SMCI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SMCI EPS Trend
Earnings per share: estimate vs actual
SMCI Revenue Trend
Quarterly revenue: estimate vs actual
SMCI Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.49 | $0.69 | +41.42% | $12.68B | +22.64% |
| Q1 26 MISS | $0.39 | $0.35 | -10.07% | $5.02B | -13.42% |
| Q4 25 FY | — | $0.41 | — | $5.76B | — |
| FY Full Year | — | $2.06 | — | $21.97B | — |
| Q3 25 | — | $0.31 | — | $4.60B | — |