Stock Analysis on Net
Stock Analysis on Net

Super Micro Computer Inc. (NASDAQ:SMCI)

$24.99

Income Statement
Quarterly Data

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.

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

US$ in thousands

Microsoft Excel
3 months ended: Mar 31, 2026 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
Cost of sales
Gross profit
Research and development
Sales and marketing
General and administrative
Operating expenses
Income from operations
Other income (expense), net
Interest income
Interest expense
Income before income tax provision
Income tax (provision) benefit
Share of income (loss) from equity investee, net of taxes
Net income

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).


Net sales demonstrate an exponential growth trajectory over the analyzed period. Revenue increased from 799.8 million US dollars in September 2019 to a peak of 12.68 billion US dollars in December 2025, before settling at 10.24 billion US dollars by March 2026. This suggests a period of rapid market expansion and scaling of operations.

Gross Profitability and Margin Trends
While absolute gross profit rose from 130.9 million US dollars in September 2019 to 1.02 billion US dollars by March 2026, the gross margin percentage exhibits significant compression. In the earlier years, gross profit was consistently higher relative to sales; however, in recent quarters, particularly December 2025, the cost of sales increased disproportionately, indicating a decrease in the percentage of revenue retained after direct production costs.
Operational Expense Management
Operating expenses have grown at a far slower rate than net sales, illustrating strong operating leverage. Total operating expenses rose from 98 million US dollars in September 2019 to 392.8 million US dollars in March 2026. Research and development costs scaled upward from 49.5 million US dollars to 215.6 million US dollars, while sales, marketing, and general administrative expenses increased more modestly, allowing a larger portion of the gross profit to flow to operating income.
Operating and Net Income Performance
Income from operations grew from 32.8 million US dollars in September 2019 to 625.8 million US dollars in March 2026. Net income followed a similar upward trend, starting at 26.3 million US dollars and reaching 483.3 million US dollars by the end of the period. This growth was occasionally interrupted by volatility in income tax provisions and equity investee losses, but the overall trend remains positive.
Financing and Other Income
Interest expenses have escalated sharply, increasing from 552 thousand US dollars in September 2019 to 64.4 million US dollars by March 2026. This suggests an increase in debt obligations or financing costs associated with the company's rapid scale-up. Conversely, interest income appeared in the final two quarters, contributing approximately 45 to 51 million US dollars to the bottom line.