Companies
Super Micro Computer Inc
NASDAQ: SMCI

Super Micro Computer (SMCI) Q1 2026 Earnings

Reported Nov 4, 2025, 4:08pm ET · SEC source
$0.35
Miss −10.07%
EPS · est. $0.39
$5.0B
Miss −13.42%
Revenue · est. $5.8B
−28.4%
Trailing market
SMCI vs S&P since report
3 quarters
Consecutive EPS beats

How Did SMCI Stock React to Q1 2026 Earnings?

% change · around the report
0+5%+10%Nov 4Nov 5report 4:08pm ETearnings+0.3%−0.9%
0+5%+10%Nov 4Nov 5earnings+0.3%−0.9%
SMCI −0.9%S&P 500 +0.3%
0+5%+10%Nov 4Nov 5report 4:08pm ETearnings+0.6%−0.9%
0+5%+10%Nov 4Nov 5earnings+0.6%−0.9%
SMCI −0.9%NASDAQ +0.6%
−10%0+10%+20%Nov 3Nov 12report 4:08pm ETearnings+1.1%−11.6%
−10%0+10%+20%Nov 3Nov 12earnings+1.1%−11.6%
SMCI −11.6%S&P 500 +1.1%
−10%0+10%+20%Nov 3Nov 12report 4:08pm ETearnings+0.3%−11.6%
−10%0+10%+20%Nov 3Nov 12earnings+0.3%−11.6%
SMCI −11.6%NASDAQ +0.3%
−6.60%
Day of report
−11.33%
Next session
−18.10%
One week
−26.81%
30 days

S&P 500 over the same 30 days: +1.55%.

Did SMCI Beat Earnings? Q1 2026 Results

No. Super Micro Computer reported Q1 2026 earnings of $0.35 a share on Nov 4, 2025, missing the $0.39 consensus estimate by 10.1%. Revenue was $5.0B against a $5.8B estimate.

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

“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.”

Super Micro Computer CEO, on the earnings call

What Was Super Micro Computer's Outlook in Q1 2026?

For Q2 FY2026 (ending December 31, 2025), Supermicro expects net sales of $10.0 billion to $11.0 billion, GAAP diluted EPS of $0.37 to $0.45, and non-GAAP diluted EPS of $0.46 to $0.54 (assuming ~15.6% GAAP and ~16.8% non-GAAP tax rates, with 666 million GAAP and 680 million non-GAAP fully diluted shares). Q2 guidance includes approximately $64 million in expected stock-based compensation net of $18 million in tax effects. For full fiscal year 2026, the company expects net sales of at least $36.0 billion. The company cited a rapidly expanding order book with more than $13 billion in Blackwell Ultra orders.

SMCI YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$2.0B$4.0B$6.0B$5.9B$5.0BRevenue$775.6M$467.4MGross Profit$509.2M$182.3MOperating Income$424.3M$168.3MNet Income
$0$2.0B$4.0B$6.0BRevenueGross ProfitOperating IncomeNet Income
SMCI income statement, Q1 2026 versus Q1 2025
Metric Q1 2026 Q1 2025 Year over year
Revenue $5.0B $5.9B −15.5%
Gross Profit $467.4M $775.6M −39.7%
Operating Income $182.3M $509.2M −64.2%
Net Income $168.3M $424.3M −60.3%

Figures from SEC filings and company reports. Not investment advice.