Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Super Micro Computer Inc., consolidated income statement

US$ in thousands

12 months ended:	Jun 30, 2026	Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021
Net sales	39,063,072)	21,972,042)	14,989,251)	7,123,482)	5,196,099)	3,557,422)
Cost of sales	(34,835,821)	(19,542,120)	(12,927,841)	(5,840,470)	(4,396,098)	(3,022,884)
Gross profit	4,227,251)	2,429,922)	2,061,410)	1,283,012)	800,001)	534,538)
Research and development	(771,232)	(636,550)	(463,548)	(307,260)	(272,273)	(224,369)
Sales and marketing	(352,594)	(273,139)	(189,738)	(115,025)	(90,126)	(85,683)
General and administrative	(332,939)	(267,239)	(197,350)	(99,585)	(102,435)	(100,539)
Operating expenses	(1,456,765)	(1,176,928)	(850,636)	(521,870)	(464,834)	(410,591)
Income from operations	2,770,486)	1,252,994)	1,210,774)	761,142)	335,167)	123,947)
Other income (expense), net	26,432)	(41,339)	(6,240)	3,646)	8,079)	(2,834)
Interest income	186,920)	59,834)	28,957)	—)	—)	—)
Interest expense	(194,574)	(59,573)	(19,352)	(10,491)	(6,413)	(2,485)
Income before income tax provision	2,789,264)	1,211,916)	1,214,139)	754,297)	336,833)	118,628)
Income tax provision	(556,329)	(156,851)	(63,294)	(110,666)	(52,876)	(6,936)
Share of income (loss) from equity investee, net of taxes	(2,482)	(6,211)	1,821)	(3,633)	1,206)	173)
Net income	2,230,453)	1,048,854)	1,152,666)	639,998)	285,163)	111,865)

Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).

The financial trajectory from 2021 to 2026 is characterized by exponential revenue growth and significant scaling of operations, although this expansion is accompanied by a noticeable compression in gross profit margins.

Revenue and Gross Profit Trends: Net sales experienced a consistent and accelerating upward trend, rising from 3.56 billion USD in 2021 to 39.06 billion USD in 2026. While gross profit increased in absolute terms from 534.5 million USD to 4.23 billion USD over the same period, the gross margin percentage shows a downward trend in later years. Specifically, gross margin peaked around 2023 before declining from approximately 13.7% in 2024 to 10.8% by 2026, indicating that the cost of sales is increasing at a faster rate than net sales.
Operating Expense Management: Operating expenses grew from 410.6 million USD in 2021 to 1.46 billion USD in 2026. However, the rate of expense growth remained significantly lower than the rate of revenue growth. This suggests strong operating leverage, as research and development, sales and marketing, and general and administrative expenses as a percentage of total sales decreased substantially over the period, contributing to the growth in operating income.
Operating and Net Profitability: Income from operations grew from 123.9 million USD in 2021 to 2.77 billion USD in 2026. A temporary stagnation in net income is observed between 2024 and 2025, where net income decreased from 1.15 billion USD to 1.05 billion USD despite an increase in sales. This contraction was driven by a combination of compressed gross margins and a significant increase in interest expenses and income tax provisions. Profitability recovered sharply in 2026, with net income reaching 2.23 billion USD.
Financial Costs and Other Income: There is a marked increase in both interest income and interest expense toward the end of the period. Interest expense rose from 2.49 million USD in 2021 to 194.6 million USD in 2026, reflecting increased borrowing or financing activities to support rapid growth. This was partially offset by a corresponding rise in interest income, which reached 186.9 million USD in 2026.

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Super Micro Computer Inc. (NASDAQ:SMCI)

Income Statement