Super Micro Computer Posts Higher Full Year Revenue, Operating Income, Net Income, and Diluted EPS Year-Over-Year, While Operating Cash Flow Flips to a Use of Cash

Bottom line

For the twelve-month period covered by the annual report, Super Micro Computer, Inc. — filing under 10-K for period-ended-2026-06-30, identified by 0001375365 and accession 0001375365-26-000022 — reported Revenue from Contract with Customer, Excluding Assessed Tax of $39,063,072,000 USD, higher than the $21,972,042,000 USD posted in the twelve months ended June 30, 2025. Operating Income (Loss) landed at $2,770,486,000 USD for the twelve months ended June 30, 2026, a profit and an increase from the $1,252,994,000 USD profit recorded a year earlier.

68 per diluted share USD/SHARES. Across all four headline metrics the period-over-period transition is profit to profit, with no return to a loss. The operating, investing, and financing cash lines sit in a separate lane: Net Cash Provided by (Used in) Operating Activities moved from positive in the comparative year to negative in the current year, Net Cash Provided by (Used in) Investing Activities was negative in both windows but its outflow deepened, and Net Cash Provided by (Used in) Financing Activities rose between the two periods.

The reader is being shown only the figures management chose to surface in this section; the underlying drivers behind the cash-flow pivot are not addressed here, and any attempt to explain the swing in plain prose would step outside what the filing evidence supports. The annual report itself flags standard items — forward-looking statement caveats under Item 1A and the controls and procedures discussion under Item 9A — but does not, in the language quoted for this section, attribute the operating cash reversal to any single cause.

Financial performance

- Reported figures: Super Micro Computer, Inc. (SMCI) closed the twelve-month period the twelve months ended June 30, 2026 with Revenue from Contract with Customer, Excluding Assessed Tax of $39,063,072,000 USD, compared with $21,972,042,000 USD for the prior-year comparative the twelve months ended June 30, 2025. The annual revenue line is higher than the prior period, and the move is consistent with the company's continued push into its Data Center Building Block Solutions architecture, though the filing does not isolate how much of the lift came from rack-scale AI/HPC demand versus traditional server and storage units.

- Operating Income (Loss) for the twelve months ended June 30, 2026 was $2,770,486,000 USD, against $1,252,994,000 USD for the prior year, leaving the consolidated segment in profit on both windows. The reported transition is profit to profit with a higher full-year operating result. The Income Statement and related disclosures that frame this figure sit within the financial statements referenced under Item 8, and the audit posture on those statements is the basis for treating the comparison as reported rather than adjusted.

- Net Income (Loss) Attributable to Parent reached $2,230,453,000 USD for the twelve-month period, versus $1,048,854,000 USD in the prior-year comparative. The bottom-line result is again a profit in both periods and the year-over-year direction is higher. 68 per diluted share USD/SHARES for the prior year, moves in the same direction.

- Management framing: the MD&A narrative inside the Form 10-K annual report ties the period to continued worldwide capacity expansion, including Silicon Valley campus build-out and additional property leases to support the DCBBS campus near San Jose, alongside broader liquid-cooling and Server Building Block Solutions rollout. The same narrative frames the company's objective of becoming the world's leading provider of Total AI/IT Solutions through a richer enterprise customer mix and broader adoption of the DCBBS architecture.

- Analyst inference (qualitative): because revenue, operating income, net income, and diluted EPS all step higher in tandem, the headline annual P&L reads as a profit-to-profit growth profile on both windows. That pattern is reminiscent of other recent profit-to-profit annual moves, such as the Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing write-up, where a similar direction across the four headline lines is documented for a different issuer.

- Counter-evidence: the filing's forward-looking statement language explicitly cautions readers not to place undue reliance on forward-looking statements because of risks and uncertainties, and the company states it undertakes no obligation to update or revise them except as required by law. The annual report also continues to flag risk-factor discussion under Item 1A, which sits alongside the financial statements and tempers any narrative built solely on the year-over-year growth. - Unknowns: the consolidated statements do not break out segment-level results for this dimension in the cited references, so The filing evidence does not disclose segment-level detail for this dimension.

applies to any attempt to attribute the move to a particular product family or geography. The filing also offers no peer or industry benchmark inside the filing evidence, so The filing evidence contains no peer or industry comparison. is the appropriate anchor for cross-company comparisons.

- Causality: the filing evidence does not attribute the year-over-year change to any single cause, so The filing evidence does not attribute this change to any single cause. applies.

Operating drivers and segments

Super Micro Computer, Inc. reports as a single operating segment, so the operating-income line for the twelve-month period the twelve months ended June 30, 2026 captures the consolidated business rather than any one product family or geography. The combined platform — server, storage and rack-scale systems built around mainstream CPU, Arm and GPU accelerators, paired with the liquid-cooling suite highlighted in the narrative — sits under that one margin umbrella, which limits the segmentation evidence available inside this filing. Reported operating income rose to $2,770,486,000 USD from $1,252,994,000 USD, marking a profit-to-profit transition, while revenue expanded to $39,063,072,000 USD from $21,972,042,000 USD over the comparable window the twelve months ended June 30, 2025. No peer or industry comparison is contained in the filing evidence to benchmark that margin trajectory, and management does not split the business between hardware, services and rack-scale integration. The filing evidence contains no peer or industry comparison.

Management frames the operating story around three recurring themes that appear in the front of the Annual Report on 10-K for fiscal period period-ended-2026-06-30, filed under accession 0001375365-26-000022 by the entity identified by CIK 0001375365 and traded under SMCI. First, liquid-cooling coverage is positioned as a structural efficiency lever, with the narrative asserting capture of nearly full heat output per rack, lower data-center power consumption versus air-cooled installations, and a reduction in total cost of ownership for buyers. Second, capacity is being scaled through announced support for, and expanded rack-scale manufacturing and liquid-cooling capacity for, the upcoming NVIDIA Vera Rubin platform, including Vera Rubin and HGX Rubin systems, and through new DCBBS Blueprints designed to take AI data centers from a low-megawatt to a gigawatt power envelope. Third, the portfolio is being widened across CPU and accelerator vendors, with new support for Intel Xeon families, AMD EPYC processors and AMD Instinct series GPUs, alongside Arm-based platforms and additional Open Compute Project systems, plus announced support for AMD's next-generation Helios platform. The forward-looking-statements passage at Item 1A cautions that future results may differ materially because of macroeconomic uncertainty, trade and tariff actions, litigation outcomes, and the company's stated intent not to pay common-stock dividends.

Independent analysis from outside the filing cannot be layered onto those management claims: the filing evidence contains no peer benchmarking, no channel or geographic split, and no itemized cost build that would let a reader tie the operating-income swing to component costs, mix shifts or pricing actions. The filing evidence does not attribute this change to any single cause. Cross-checking the management narrative against the comparable full-year operating profile in filings such as Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing confirms the higher year-over-year direction but does not establish any common driver, since that business sits in an unrelated end market. The segment constraint, the absence of peer data, and the heavy reliance on forward-looking terminology in the management commentary together leave the reader to weigh the disclosed margin and revenue direction without an independent attribution story.

Cash flow and capital

- Operations flipped from a source of cash to a use of cash over the twelve-month window covered by 10-K for Super Micro Computer, Inc. (SMCI), filed under accession 0001375365-26-000022. Net Cash Provided by (Used in) Operating Activities was positive in the prior twelve-month period (the twelve months ended June 30, 2025) at $1,659,524,000 USD, and is reported as negative in the current twelve-month period (the twelve months ended June 30, 2026) at -$6,809,886,000 USD.

The filing evidence does not attribute this change to any single cause. - Investing activities remained a use of cash in both windows, and that outflow widened year over year. Net Cash Provided by (Used in) Investing Activities was -$183,214,000 USD for the prior twelve-month period and -$200,279,000 USD for the current twelve-month period, with both periods reporting a negative result.

- The investing outflow tracked the company's elevated capital spending on its global operating structure, which management describes as a continued expansion across the United States, Taiwan, the Netherlands, and Malaysia, including on-going construction of a new Silicon Valley business complex and additional property leases to support its DCBBS campus near San Jose. Payments to Acquire Property, Plant, and Equipment were $127,214,000 USD in the prior twelve-month period and $161,999,000 USD in the current twelve-month period, an authorized increase year over year that is consistent with the multi-site capacity build-out and the rack-scale integration work tied to the liquid-cooling product line.

The filing evidence does not attribute this change to any single cause. - Financing activities stayed a positive contributor to liquidity in both windows, and that contribution grew year over year. Net Cash Provided by (Used in) Financing Activities was $2,024,045,000 USD in the prior twelve-month period and $9,478,755,000 USD in the current twelve-month period.

- The balance sheet at the balance sheet date of June 30, 2026 shows a working-capital mix consistent with an AI-server, rack-scale integrator that is investing heavily while financing that investment externally. Cash and Cash Equivalents, at Carrying Value stood at $7,521,474,000 USD. Accounts Receivable, after Allowance for Credit Loss, Current was $6,125,414,000 USD, with a longer-tenor receivables line, AccountsReceivableExcludingAccruedInterestAfterAllowanceForCreditLossNoncurrent, of $4,846,000 USD.

Accounts Payable, Current was $2,247,003,000 USD, leaving the company with both sizeable customer receivables and sizeable supplier payables that reflect the inventory-heavy build-to-order model referenced in the Item discussion of liquid-cooled server, GPU, and rack-scale deliveries. The filing evidence contains no peer or industry comparison. - Management frames the capital plan as supporting the liquid-cooling and DCBBS strategy, with capacity additions intended to shorten delivery times, mitigate tariff exposure, and lower overall manufacturing cost, while software and services are positioned to drive incremental revenue across the global installed base.

The filing evidence does not disclose segment-level detail for this dimension. - Capital allocation for the period is therefore best read as a financed ramp rather than a self-funded one: operating cash turned negative, capex moved higher, and the financing line moved higher to fund the gap, leaving cash and receivables on the balance sheet at the levels reported above. The filing evidence does not attribute this change to any single cause.

's operating-cash-negative print this period.

Peer and historical context

- The year-over-year move on the top line is higher than the prior-year comparative for the twelve-month period, per the reported direction for revenue, which itself carries the same sign in both windows. - The year-over-year move on operating profitability is higher than the prior-year comparative for the twelve-month period, again consistent with a profit-to-profit transition in the authorized direction. - The year-over-year move on net income attributable to parent is higher than the prior-year comparative for the twelve-month period, holding the same profit-to-profit transition. - The year-over-year move on cash from operations is lower than the prior-year comparative for the twelve-month period, and notably flips sign — a use of cash in the twelve-month period versus a source of cash in the prior-year comparative for the twelve-month period. - None of the authorized year-over-year relations contradict the four moves above; the only directional disagreement sits between earnings (higher) and operating cash flow (lower, with sign change), which itself is the counterweight inside this filing's own numbers rather than outside evidence. <prose> Set against the company's own prior-year comparative for the twelve-month period, the twelve-month period reported under 10-K for Super Micro Computer, Inc. (SMCI) presents an uneven picture. The income-statement lines all expanded: revenue from contract with customer, excluding assessed tax was $39,063,072,000 USD for the twelve months ended June 30, 2026, above the prior-year comparative for the twelve-month period of $21,972,042,000 USD; operating income (loss) was $2,770,486,000 USD for the twelve months ended June 30, 2026, above the prior-year comparative for the twelve-month period of $1,252,994,000 USD; and net income (loss) attributable to parent was $2,230,453,000 USD for the twelve months ended June 30, 2026, above the prior-year comparative for the twelve-month period of $1,048,854,000 USD. Each of these three lines stayed on the same side of zero — a profit in both windows — so the transition reads as growth on a profit base rather than a swing from loss to profit.

That growth does not carry through to the cash statement. Net cash provided by (used in) operating activities was -$6,809,886,000 USD for the twelve months ended June 30, 2026, a use of cash, against the prior-year comparative for the twelve-month period of $1,659,524,000 USD, a source of cash. The authorized direction here is a decrease, so the move is consistent with that authorization, but the practical reading is that higher reported earnings did not translate into higher operating cash, and the period moved from a source to a use.

The filing evidence contains no peer or industry comparison, so any read-across to other server, storage, or accelerated-compute platforms has to be drawn by the reader from outside sources rather than from this filing. The same caveat applies to company-specific drivers: the filing evidence does not attribute this change to any single cause, and the gap between earnings growth and operating-cash decline should therefore be left as an open question rather than filled in with a margin-pressure or working-capital story.

Readers comparing this filing to peer earnings stories on Lizely Finance — for example Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing or ONEOK Posts Higher Revenue, Operating Income, Net Income and Diluted EPS Year-Over-Year in Interim Filing — should treat those as separate datapoints, since the filing itself does not benchmark Super Micro Computer, Inc. against any named peer, segment, or industry index in the twelve months ended June 30, 2026.

Scenario analysis

Super Micro Computer, Inc. (SMCI) filed 10-K for the twelve months ended June 30, 2026 under accession 0001375365-26-000022, and the periods used to anchor these scenarios are the twelve months ended June 30, 2026 and the twelve months ended June 30, 2025. Within that envelope, reported revenue for the twelve months ended June 30, 2026 was higher than reported revenue for the twelve months ended June 30, 2025 at $39,063,072,000 versus $21,972,042,000, and reported net income attributable to parent for the twelve months ended June 30, 2026 was higher than reported net income for the twelve months ended June 30, 2025 at $2,230,453,000 versus $1,048,854,000, with the prior period remaining profitable and the current period remaining profitable.

In the base scenario, management's existing commercial cadence continues to translate server, storage and accelerated-compute demand into results consistent with the authorised year-over-year direction on revenue and net income. The supplier-collaboration model described in Item 1 — alignment with NVIDIA, Intel and AMD on new product cycles, alongside co-engineering with direct customers and indirect channel partners — sustains the volume runway implied by $21,972,042,000 to $39,063,072,000. Profitability is preserved at the level implied by $1,048,854,000 to $2,230,453,000, with margins treated as broadly flat between the two annual windows rather than as a re-rating.

The upside case assumes acceleration in AI and large-scale cloud deployment, which Item 1 describes as a concentration risk to the geographic mix and an opportunity at the same time. Under that lens, $39,063,072,000 could compound beyond the ratio currently visible against $21,972,042,000, with operating leverage flowing into $2,230,453,000 and lifting it further from $1,048,854,000. The thesis rests on existing relationships with leading processor vendors and on the modular Total IT Solutions portfolio; it does not depend on new customer cohorts entering the disclosure.

The downside case assumes that the concentration noted in Item 1 around large-scale AI data centre customers reverses, and that the direct-plus-indirect sales motion described there cannot fully offset the swing. Reported revenue could then retrace from $39,063,072,000 back toward $21,972,042,000, and the profit uplift from $1,048,854,000 to $2,230,453,000 could narrow or invert. The filing evidence does not attribute this change to any single cause.

Counter-evidence and unknowns: The filing does not provide a peer or industry benchmark set against $39,063,072,000 or $2,230,453,000, so any cross-company calibration in this section is unsupported; readers seeking comparable year-over-year profit-to-profit results can cross-check the UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows analysis, while a sharper revenue-failure contrast is available through Smith Micro Software Reports Wider Losses on Softening Revenue, With Going-Concern Flag and Reverse Stock Split Looming Over Interim Filing. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension.

Risks and what to watch

The annual report filed by Super Micro Computer, Inc. under 10-K for period-ended-2026-06-30 and indexed under accession 0001375365-26-000022 opens its qualitative section by directing readers to the consolidated risk discussion located under Item 1A, with the governance framework that contextualizes those risks described across Item 1, Item 10, Item 11, Item 12, and Item 13. The accounting backdrop sits in Item 8, while management's evaluation of disclosure controls and procedures appears in Item 9A, with related items under Item 9, Item 9B, and Item 9C. Quantitative and qualitative market-risk disclosures are presented under Item 7A, principal accountant fees under Item 14, and the exhibit and signature framework, including the summary reference permitted by Item 16, is presented under Item 15.

Reported facts The income statement for the twelve-month period the twelve months ended June 30, 2026 shows Revenue from Contract with Customer, Excluding Assessed Tax of $39,063,072,000 USD, higher than $21,972,042,000 USD reported for the twelve months ended June 30, 2025. Net Income (Loss) Attributable to Parent for the twelve months ended June 30, 2026 is reported as $2,230,453,000 USD, higher than $1,048,854,000 USD recorded for the twelve months ended June 30, 2025.

Management explanations Management notes that the geographic sales mix fluctuated significantly during fiscal year the twelve months ended June 30, 2026, driven in part by the concentrated deployment of large-scale AI data center customers. Management also describes an expansion of United States manufacturing capacity during the year, including a new Silicon Valley business complex and a DCBBS campus near headquarters, alongside global assembly, test, and quality-control operations in San Jose, Taiwan, the Netherlands, and Malaysia. The related-party arrangement with Compuware and Ablecom is identified as part of that manufacturing footprint.

Analyst inference The combination of a profit-to-profit transition in net income, paired with management's emphasis on AI data-center customer concentration and expanded domestic capacity, suggests near-term performance may remain dependent on a narrow set of large customer programs and on utilization of the expanded footprint.

Counter-evidence The filing evidence does not attribute this change to any single cause. The narrative around geographic mix and AI data-center deployments is offered as context rather than as a quantified explanation of the revenue and net income figures, so it cannot be verified as the sole driver of the year-over-year change.

Unknowns The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension.

Metrics to watch next period Readers following SMCI should track whether Revenue from Contract with Customer, Excluding Assessed Tax continues to expand from the level reported in the twelve months ended June 30, 2026, whether Net Income (Loss) Attributable to Parent extends the profit-to-profit trajectory documented for the twelve months ended June 30, 2026 versus the twelve months ended June 30, 2025, and how the customer-mix language around AI data-center deployments evolves in the next reporting cycle, alongside any update on utilization of the expanded San Jose capacity disclosed under Item 7A and the controls discussion in Item 9A.