SMCI Q1 2026

Q2 2026 Q1 2026 Q4 2025 Q3 2025

Earnings

Super Micro Computer delivered a bruising fiscal Q1 2026, missing on both top and bottom lines as revenue fell 15.5% year-over-year to $5.02 billion, well below the $5.80 billion Wall Street had expected, while non-GAAP EPS of $0.35 trailed the $0.39… Read more Super Micro Computer delivered a bruising fiscal Q1 2026, missing on both top and bottom lines as revenue fell 15.5% year-over-year to $5.02 billion, well below the $5.80 billion Wall Street had expected, while non-GAAP EPS of $0.35 trailed the $0.39 consensus by 10.07%. The primary culprit was a brutal compression in gross margins, which collapsed to 9.3% GAAP from 13.1% a year earlier, reflecting intensifying pricing pressure across the AI server market and an unfavorable product mix shift. Cash flow told an equally difficult story, with operations consuming $917.52 million versus generating $408.90 million in the prior-year quarter, driven largely by a $1.09 billion inventory build as the company positions for anticipated Blackwell shipments. Yet management, who had faced elevated expectations heading in, projected a dramatic reversal, guiding Q2 revenue to $10.00–$11.00 billion and full-year FY2026 revenue to at least $36.00 billion, underpinned by more than $13.00 billion in Blackwell Ultra orders already on the books.