Q3 25 EPS
$0.31
BEAT +3.78%
Est. $0.30
Q3 25 Revenue
$4.60B
MISS 8.92%
Est. $5.05B
vs S&P Since Q3 25
-32.3%
TRAILING MARKET
SMCI -2.4% vs S&P +29.9%
Market Reaction
Did SMCI Beat Earnings? Q3 2025 Results
Super Micro Computer delivered a bruising fiscal third quarter, posting non-GAAP diluted EPS of $0.31 on revenue of $4.60 billion, falling well short of Wall Street expectations as customer hesitation over AI platform decisions created a pronounced d… Read more Super Micro Computer delivered a bruising fiscal third quarter, posting non-GAAP diluted EPS of $0.31 on revenue of $4.60 billion, falling well short of Wall Street expectations as customer hesitation over AI platform decisions created a pronounced demand gap. The results marked a 19% sequential revenue decline from $5.68 billion in Q2 FY2025, and while year-over-year sales grew 19.5% from $3.85 billion, profitability deteriorated sharply, with GAAP gross margin collapsing to 9.6% from 15.5% a year ago. CEO Charles Liang pointed to customers delaying platform commitments amid the transition between GPU generations as the primary culprit, a dynamic he expects to unwind in the June and September quarters. Compounding the pressure, the company acknowledged that economic uncertainty and tariff impacts could create near-term headwinds, prompting a second consecutive cut to full-year FY2025 revenue guidance, now set at $21.80 billion to $22.60 billion. For Q4 FY2025, Supermicro guided net sales of $5.60 billion to $6.40 billion and non-GAAP EPS of $0.40 to $0.50.
Key Takeaways
- • 19.5% year-over-year revenue growth driven by AI infrastructure demand
- • Customer platform decision delays negatively impacted sequential revenue
- • Gross margin compression to 9.6% from 15.5% year-over-year
- • Strong operating cash flow of $627 million in Q3
- • Loss on extinguishment of convertible notes of $30.3 million
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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 BEAT | $0.62 | $0.84 | +34.51% | $10.24B | -17.75% |
| 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 MISS FY | $0.44 | $0.41 | -6.58% | $5.76B | -2.64% |
| FY Full Year | — | $2.06 | — | $21.97B | — |
| Q3 25 BEAT | $0.30 | $0.31 | +3.78% | $4.60B | -8.92% |