Common-Size Income Statement
Quarterly Data
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Super Micro Computer Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
The common-size income statement reveals a period of significant margin volatility contrasted by a long-term trend of improving operational efficiency. While profitability remained positive throughout the analyzed timeframe, the primary drivers of net income shifted from operational leverage to gross margin management.
- Gross Profit Margin Trends
- Gross profit margins exhibited substantial fluctuation over the period. After starting at 17.04% in September 2020, margins peaked at 18.76% in September 2022. A significant period of margin compression occurred between June 2024 and December 2025, with the margin reaching a trough of 6.30%. This downward trend was reversed sharply in the final two quarters, returning to 17.47% by June 2026.
- Operating Expense Management
- A consistent downward trend is observed in operating expenses as a percentage of net sales. Total operating expenses decreased from 13.05% in September 2020 to 4.09% by June 2026. This efficiency is driven primarily by a reduction in research and development spending, which fell from a high of 7.19% to 1.81%, and a steady decline in sales, marketing, and general administrative costs. This suggests significant scaling effects and improved operational leverage.
- Operating Income and Net Profitability
- Income from operations fluctuated in alignment with gross margin shifts. Operating margins peaked at 11.93% in December 2022 before declining to a low of 3.19% in March 2025. Net income margins followed a similar trajectory, reaching a peak of 10.45% in March 2024 before dipping to 2.36% in March 2025. By the end of the period in June 2026, net income margins recovered strongly to 10.60%.
- Interest and Tax Impacts
- Interest expenses as a percentage of sales remained relatively low but showed a gradual increase in the later stages, rising from 0.09% in 2020 to 0.72% by June 2026. Income tax provisions fluctuated significantly, with the most substantial tax impact occurring in the final quarter of the analysis at 2.61% of net sales.
Overall, the financial data indicates a company that has successfully scaled its operations to reduce the relative weight of fixed costs, although it remains highly sensitive to fluctuations in the cost of sales. The recovery in the final quarters suggests a stabilization of pricing or a reduction in direct production costs.