Q1 26 EPS
$0.35
MISS 10.07%
Est. $0.39
Q1 26 Revenue
$5.02B
MISS 13.42%
Est. $5.80B
vs S&P Since Q1 26
-36.4%
TRAILING MARKET
SMCI -28.8% vs S&P +7.6%
Market Reaction
Did SMCI Beat Earnings? Q1 2026 Results
Super Micro Computer delivered a bruising fiscal Q1 2026, missing on both top and bottom lines as revenue of $5.02 billion fell 13.42% short of the $5.80 billion consensus and slid 15.5% from the year-ago quarter's $5.94 billion. Non-GAAP diluted EPS… Read more Super Micro Computer delivered a bruising fiscal Q1 2026, missing on both top and bottom lines as revenue of $5.02 billion fell 13.42% short of the $5.80 billion consensus and slid 15.5% from the year-ago quarter's $5.94 billion. Non-GAAP diluted EPS of $0.35 trailed the $0.39 analyst estimate by 10.07%, with GAAP net income collapsing to $168.28 million from $424.33 million a year earlier. The core culprit was severe gross margin compression, with GAAP margins shrinking to 9.3% from 13.1% in the prior-year period, reflecting intense pricing pressure in the AI server market even as Supermicro actively showcased next-generation liquid-cooled Blackwell GPU platforms. Operations consumed $917.52 million in cash, driven largely by a $1.09 billion inventory build that signals aggressive positioning for anticipated shipments. Management framed Q1 as a deliberate trough, pointing to more than $13.00 billion in Blackwell Ultra orders and guiding Q2 revenue to $10.00 to $11.00 billion, with full fiscal year 2026 revenue expected to reach at least $36.00 billion.
Key Takeaways
- • AI datacenter infrastructure demand driving order book expansion
- • More than $13 billion in Blackwell Ultra orders
- • Inventory build-up of $5.7 billion ahead of anticipated shipment ramp
- • Deferred revenue increased to $597 million current and $431 million non-current
SMCI YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“Powered by DCBBS, Supermicro is expanding/transforming into a leading AI and datacenter infrastructure company, delivering total solutions that simplify deployment, accelerate time-to-market, and reduce TCO.”
— Charles Liang, Q1 2026 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% |