Common-Size Income Statement
Quarterly Data
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Super Micro Computer Inc. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2007
- Return on Assets (ROA) since 2007
- Current Ratio since 2007
- Aggregate Accruals
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Super Micro Computer Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).
An analysis of the common-size income statement reveals a significant shift in the cost structure and profitability margins over the observed period. While the organization has achieved substantial efficiencies in operating expenses, these gains have been largely offset by a marked increase in the cost of sales, leading to overall margin compression in the most recent quarters.
- Gross Profitability Trends
- Gross profit margins exhibited a period of expansion, peaking between September and December 2022 at approximately 18.7%. However, a sustained downward trend followed, with the cost of sales rising from roughly 81% to a peak of 93.7% by December 2025. This resulted in gross profit margins contracting to a low of 6.3% in the same period, indicating increased direct production costs or pricing pressures.
- Operating Expense Efficiency
- There is a consistent downward trend in operating expenses as a percentage of net sales. Research and development costs declined from a range of 6-7% in 2019-2020 to between 1% and 3% in later periods. Similarly, sales and marketing expenses and general and administrative costs both trended downward, with G&A falling from peaks of 6% to below 1%. Total operating expenses decreased from approximately 12-15% of sales in the early period to roughly 3-6% in the final periods, suggesting significant operating leverage.
- Operating Income Performance
- Income from operations experienced substantial volatility. Margins improved significantly through 2022 and 2023, reaching a high of 11.93% in December 2022. This improvement was driven by the combination of peak gross margins and falling operating expenses. Subsequently, operating margins declined, mirroring the compression in gross profit, and settled into a range between 3% and 6% in the final quarters.
- Net Income and Financial Costs
- Net income margins remained positive throughout the entire duration, peaking at 10.45% in March 2024. Interest expenses as a percentage of sales remained relatively low but showed a slight increase in magnitude toward the end of the period, reaching 0.63% by March 2026. The overall net profit margin has trended lower in the most recent quarters, closely correlating with the deterioration of the gross margin despite the continued reduction in overhead expenses.