Super Micro Computer, Inc.

Super Micro said FY26 revenue was $39.1 billion, up 78% from $22 billion in FY25, and FY26 non-GAAP diluted EPS was $3.63, up 76% from $2.06. FY26 non-GAAP gross margin was 10.9% versus 11.2% last year, and FY26 non-GAAP operating margin was 8.1% versus 7.1%. In Q4 FY26, revenue was $11.1 billion, up 93% year over year and 9% quarter over quarter; non-GAAP gross margin was 17.6% versus 10.1% in Q3; and non-GAAP diluted EPS was $1.70, versus guidance of $0.65 to $0.79. Q4 GAAP diluted EPS was $1.62. For Q1 FY27, management guided to revenue of $14.5 billion to $15.5 billion, GAAP EPS of $0.89 to $0.98, non-GAAP EPS of $1.01 to $1.10, and gross margin of 10.4% to 10.8%. Full-year FY27 revenue guidance was $65 billion to $72 billion.

Charles Liang framed FY26 as a milestone year and said Super Micro is evolving from a server maker into a total AI/data center solution provider through its DCBBS platform. He emphasized that demand remains strong, backlog is at record levels, and the company is expanding enterprise, CPU, storage, networking, and service offerings to improve mix and long-term profitability. His tone was confident and upbeat, but he repeatedly stressed that growth must remain healthy and margin-aware.

David Weigand emphasized the hard numbers: FY26 revenue of $39.1 billion, Q4 revenue of $11.1 billion, Q4 non-GAAP gross margin of 17.6%, and FY26 non-GAAP EPS of $3.63. He said Q4 gross margin improved 750 basis points sequentially, with about 75% of the improvement from better customer/product mix and about 25% from lower tariff costs and lower inventory reserves. He also noted $747 million of operating cash flow in Q4, $7.5 billion of cash and cash equivalents at quarter-end, net debt of $1.2 billion, and the $5.6 billion equity financing to support working capital for new orders. For Q1 FY27, he guided to 10.4% to 10.8% gross margin, about $453 million of GAAP operating expenses, and $50 million to $60 million of CapEx.

Analysts pressed on whether Q4’s margin step-up was sustainable, and management said the mix shift toward enterprise, CPU, storage, and DCBBS should support higher margins over time, though Q1 guidance still reflects a lower mix than Q4. Multiple questions focused on customer concentration, large data center/CSP demand, and whether customers are bypassing Super Micro for ODMs; management said shipment delays were tied to power, cooling, and networking readiness, not a structural demand issue, and said Super Micro’s OEM/ODM model still gives it room to grow. Investors also asked about the board investigation and cash needs; management said an update would come shortly, and said the stronger balance sheet plus improved backlog terms should support growth, though Charles Liang said higher revenue levels like $80 billion or above could require more cash flow.