Stock Analysis on Net
Stock Analysis on Net

Super Micro Computer Inc. (NASDAQ:SMCI)

Common-Size Income Statement
Quarterly Data

Super Micro Computer Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -93.70 -90.69 -90.55 -90.43 -88.20 -86.94 -89.80 -84.48 -84.60 -83.31 -82.99 -82.36 -81.29 -81.24 -82.43 -84.45 -86.03 -86.62 -86.39 -86.27 -83.61 -82.96 -86.22 -82.73 -84.11 -83.63
Gross profit 6.30% 9.31% 9.45% 9.57% 11.80% 13.06% 10.20% 15.52% 15.40% 16.69% 17.01% 17.64% 18.71% 18.76% 17.57% 15.55% 13.97% 13.38% 13.61% 13.73% 16.39% 17.04% 13.78% 17.27% 15.89% 16.37%
Research and development -1.43 -3.45 -3.18 -3.54 -2.79 -2.23 -2.38 -3.02 -2.97 -5.24 -3.88 -6.04 -3.92 -4.01 -4.33 -5.23 -5.58 -6.31 -5.51 -6.46 -6.35 -7.19 -7.45 -6.42 -6.38 -6.20
Sales and marketing -0.58 -0.96 -1.12 -1.30 -1.40 -1.16 -1.05 -1.29 -1.28 -1.76 -1.46 -1.97 -1.58 -1.59 -1.48 -1.65 -1.87 -2.09 -2.14 -2.44 -2.50 -2.66 -2.35 -2.83 -2.52 -2.52
General and administrative -0.56 -1.27 -1.18 -1.53 -1.12 -1.10 -1.38 -1.38 -1.01 -1.55 -1.29 -1.91 -1.28 -1.29 -1.66 -2.05 -2.15 -2.15 -2.31 -2.93 -3.04 -3.20 -2.93 -6.00 -3.79 -3.54
Operating expenses -2.56% -5.68% -5.48% -6.38% -5.31% -4.49% -4.81% -5.69% -5.26% -8.55% -6.63% -9.92% -6.78% -6.88% -7.47% -8.93% -9.61% -10.56% -9.96% -11.83% -11.89% -13.05% -12.73% -15.25% -12.70% -12.26%
Income from operations 3.74% 3.63% 3.97% 3.19% 6.49% 8.58% 5.39% 9.83% 10.14% 8.14% 10.38% 7.72% 11.93% 11.88% 10.10% 6.62% 4.35% 2.82% 3.66% 1.90% 4.50% 3.99% 1.05% 2.01% 3.19% 4.11%
Other income (expense), net 0.00 1.02 0.29 -0.40 0.23 0.12 0.26 0.26 -0.22 0.31 0.09 -0.01 -0.35 0.43 0.24 0.34 -0.05 0.00 -0.14 0.23 -0.31 -0.11 -0.08 0.12 -0.05 0.20
Interest income 0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest expense -0.20 -0.50 -0.39 -0.29 -0.12 -0.29 -0.06 -0.16 -0.22 -0.09 -0.16 -0.10 -0.10 -0.21 -0.18 -0.11 -0.10 -0.08 -0.06 -0.07 -0.07 -0.09 -0.07 -0.07 -0.06 -0.07
Income before income tax provision 3.94% 4.16% 3.87% 2.50% 6.61% 8.41% 5.59% 9.92% 9.70% 8.36% 10.31% 7.61% 11.48% 12.11% 10.17% 6.85% 4.20% 2.75% 3.46% 2.06% 4.13% 3.80% 0.91% 2.07% 3.08% 4.24%
Income tax (provision) benefit -0.78 -0.80 -0.34 -0.13 -1.00 -1.26 -0.03 0.52 -1.68 -0.95 -1.43 -0.85 -1.64 -2.10 -1.58 -1.19 -0.65 -0.32 0.15 0.03 -0.62 -0.48 0.77 0.12 -0.24 -1.07
Share of income (loss) from equity investee, net of taxes 0.00 0.00 -0.14 -0.01 0.04 0.00 -0.01 0.01 0.06 0.00 -0.02 -0.08 -0.07 -0.05 0.02 0.02 0.02 0.04 0.05 -0.03 -0.18 0.17 0.39 -0.14 -0.12 0.13
Net income 3.16% 3.35% 3.39% 2.36% 5.65% 7.15% 5.55% 10.45% 8.08% 7.41% 8.86% 6.69% 9.77% 9.96% 8.61% 5.68% 3.58% 2.46% 3.66% 2.06% 3.33% 3.49% 2.06% 2.05% 2.72% 3.29%

Based on: 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).

The common-size income statement reveals significant fluctuations in profitability and expense management over the observed period. Net sales are consistently represented as 100% by definition. A notable trend emerges in the cost of sales, which generally increased from 83.63% to 93.70% between September 2019 and September 2025, indicating increasing production or procurement costs relative to revenue. This trend accelerated significantly in the latter half of the period, particularly reaching 89.80% in June 2023 and peaking at 93.70% in September 2025.

Gross profit as a percentage of net sales demonstrates an inverse relationship to the cost of sales trend. It began at 16.37% in September 2019, experienced fluctuations, peaked at 18.76% in September 2022, and then declined substantially to 6.30% by September 2025. This suggests a diminishing ability to maintain profit margins on each dollar of sales.

Operating Expenses
Operating expenses initially represented a substantial portion of net sales, at 12.26% in September 2019, but generally decreased over time, reaching 2.56% in September 2025. This reduction is observed across all components: research and development, sales and marketing, and general and administrative expenses. The most significant reduction occurred in general and administrative expenses, decreasing from 3.54% to 0.56% over the period. Research and development expenses also decreased, though less dramatically, from 6.20% to 1.43%.

Income from operations as a percentage of net sales exhibited volatility, starting at 4.11% in September 2019, declining to a low of 1.05% in June 2020, and then increasing to a peak of 11.88% in September 2022. However, it subsequently decreased to 3.74% in September 2025, mirroring the trend in gross profit. This suggests that while expense management improved, it was insufficient to offset the increasing cost of sales and maintain operational profitability.

Net Income
Net income as a percentage of net sales followed a similar pattern to income from operations. It began at 3.29% in September 2019, experienced fluctuations, peaked at 10.45% in December 2023, and then declined to 3.16% in September 2025. The impact of income tax provision is evident, consistently reducing net income relative to income before taxes. Other income (expense), net, had a relatively small impact, fluctuating between positive and negative values, but generally remained below 1% of net sales, with a notable positive impact in September 2025.

Interest expense remained relatively stable as a percentage of net sales for most of the period, but increased towards the end of the observed timeframe, reaching 0.50% in September 2025. Interest income, while present, was a smaller component. The share of income (loss) from equity investee, net of taxes, was generally minimal, with minor fluctuations throughout the period.

In summary, the company experienced increasing costs of sales and a corresponding decline in gross profit margins, despite improvements in operating expense management. While net income saw periods of growth, it ultimately decreased towards the end of the period, indicating potential challenges in maintaining profitability in the face of rising costs.

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