Stock Analysis on Net

Super Micro Computer Inc. (NASDAQ:SMCI)

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Super Micro Computer Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in thousands

Microsoft Excel
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
Accounts payable 3,686,991 13,753,207 1,279,667 1,281,977 643,050 549,323 1,682,968 1,472,381 1,092,445 1,261,533 1,084,058 776,831 641,839 559,962 785,025 655,403 779,561 695,180 564,628 612,336 465,012 396,288 333,359 417,673 462,808 392,537 332,173
Accrued liabilities 830,007 548,179 313,393 565,637 344,679 229,147 308,777 259,674 290,370 214,462 152,500 163,865 155,224 169,866 213,521 212,419 181,448 171,010 175,221 178,850 153,742 141,698 121,710 155,401 177,148 137,365 132,292
Income taxes payable 38,333 118,700 56,235 53,381 23,633 115,114 79,708 18,268 20,021 46,453 161,395 129,166 92,598 38,713 68,411 41,743 17,413 14,464 14,273 12,741 9,616 10,555 6,325 4,700 1,979 3,529 3,806
Lines of credit and term loans, current 2,095,069 201,776 100,618 75,060 63,971 154,988 493,808 402,346 81,566 276,307 40,843 170,123 53,972 27,869 101,173 449,146 403,045 176,904 233,674 63,490 57,503 24,921 24,047 23,704 33,158 23,250 22,544
Deferred revenue 1,472,235 774,846 597,322 368,737 352,803 309,238 305,840 193,052 233,293 193,334 166,025 134,667 148,747 120,530 185,225 111,313 114,688 142,021 113,683 101,479 96,123 99,509 104,247 106,157 109,730 115,059 97,597
Current liabilities 8,122,635 15,396,708 2,347,235 2,344,792 1,428,136 1,357,810 2,871,101 2,345,721 1,717,695 1,992,089 1,604,821 1,374,652 1,092,380 916,940 1,353,355 1,470,024 1,496,155 1,199,579 1,101,479 968,896 781,996 672,971 589,688 707,635 784,823 671,740 588,412
Deferred revenue, non-current 663,410 527,909 430,682 362,645 312,994 289,414 252,342 223,324 203,198 190,342 174,478 169,781 161,176 159,574 134,625 122,548 115,063 110,531 101,749 100,838 93,920 95,396 97,576 97,612 95,752 100,553 104,293
Lines of credit and term loans, non-current 2,018,675 21,437 25,199 37,415 43,003 53,409 65,733 74,083 85,646 99,322 105,389 120,179 133,235 142,273 148,551 147,618 144,423 139,032 45,134 34,700 27,867 20,577 11,980 5,697
Convertible notes 4,659,357 4,654,623 4,649,889 4,645,178 2,385,320 1,700,638 1,699,177 1,697,716 1,696,255
Other long-term liabilities 412,361 408,756 409,472 326,528 189,593 88,611 86,113 67,878 65,831 46,173 45,737 37,947 37,240 37,313 39,549 39,140 41,617 40,615 45,533 41,132 41,109 40,908 44,707 41,995 41,266 33,193 36,712
Non-current liabilities 7,753,803 5,612,725 5,515,242 5,371,766 2,930,910 2,132,072 2,103,365 2,063,001 2,050,930 335,837 325,604 327,907 331,651 339,160 322,725 309,306 301,103 290,178 192,416 176,670 162,896 156,881 154,263 145,304 137,018 133,746 141,005
Total liabilities 15,876,438 21,009,433 7,862,477 7,716,558 4,359,046 3,489,882 4,974,466 4,408,722 3,768,625 2,327,926 1,930,425 1,702,559 1,424,031 1,256,100 1,676,080 1,779,330 1,797,258 1,489,757 1,293,895 1,145,566 944,892 829,852 743,951 852,939 921,841 805,486 729,417
Common stock and additional paid-in capital, $0.001 par value 3,087,963 2,987,932 2,919,868 2,866,449 2,939,276 2,907,052 2,865,947 2,830,820 2,805,008 1,190,276 574,718 538,352 528,279 514,559 497,183 481,741 471,088 460,990 448,976 438,012 425,489 410,522 400,157 389,972 381,125 360,060 354,157
Treasury stock, at cost (50,491) (20,491) (20,491) (20,491) (20,491)
Accumulated other comprehensive income (loss) 692 695 698 705 663 652 800 706 549 657 651 639 683 612 514 911 554 549 449 453 362 396 95 (152) (166) (135) (220)
Retained earnings 4,486,775 4,003,388 3,602,824 3,434,539 3,439,380 3,330,603 3,010,007 2,585,680 2,288,436 1,885,977 1,590,009 1,433,014 1,239,445 1,303,506 1,127,339 942,923 802,101 725,129 683,197 657,760 627,929 653,129 722,812 696,211 677,761 661,954 638,248
Total Super Micro Computer, Inc. stockholders’ equity 7,575,430 6,992,015 6,523,390 6,301,693 6,379,319 6,238,307 5,876,754 5,417,206 5,093,993 3,076,910 2,165,378 1,972,005 1,768,407 1,818,677 1,625,036 1,425,575 1,273,743 1,186,668 1,132,622 1,096,225 1,053,780 1,064,047 1,072,573 1,065,540 1,038,229 1,001,388 971,694
Non-controlling interest 161 162 170 178 160 159 163 164 163 164 161 165 166 165 167 172 176 177 176 173 168 173 169 167 166 165 162
Total stockholders’ equity 7,575,591 6,992,177 6,523,560 6,301,871 6,379,479 6,238,466 5,876,917 5,417,370 5,094,156 3,077,074 2,165,539 1,972,170 1,768,573 1,818,842 1,625,203 1,425,747 1,273,919 1,186,845 1,132,798 1,096,398 1,053,948 1,064,220 1,072,742 1,065,707 1,038,395 1,001,553 971,856
Total liabilities and stockholders’ equity 23,452,029 28,001,610 14,386,037 14,018,429 10,738,525 9,728,348 10,851,383 9,826,092 8,862,781 5,405,000 4,095,964 3,674,729 3,192,604 3,074,942 3,301,283 3,205,077 3,071,177 2,676,602 2,426,693 2,241,964 1,998,840 1,894,072 1,816,693 1,918,646 1,960,236 1,807,039 1,701,273

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).


The financial position of the company is characterized by a significant expansion of the balance sheet, with both total liabilities and total stockholders' equity experiencing substantial growth over the analyzed period. While equity growth has been consistent and driven by retained earnings and capital contributions, liabilities have shown extreme volatility, culminating in a massive spike in late 2025.

Liability Structure and Trends
Total liabilities grew steadily from approximately 729 million in September 2019 to 4.97 billion by September 2024. A critical inflection point occurred on December 31, 2025, where total liabilities surged to 21 billion, primarily driven by an anomalous increase in accounts payable, which jumped from 1.28 billion in September 2025 to 13.75 billion in December 2025. This represents a dramatic shift in the company's short-term obligations.
Long-term debt composition evolved with the introduction of convertible notes starting in March 2024. These notes grew from 1.69 billion in March 2024 to approximately 4.66 billion by December 2025, indicating a strategic shift toward utilizing hybrid debt instruments to fund operations or expansion.
Equity Growth and Capitalization
Total stockholders' equity exhibited a strong upward trajectory, increasing from 971 million in September 2019 to 7.57 billion by March 2026. This growth was fueled by two primary drivers: a consistent increase in retained earnings, which rose from 638 million to 4.48 billion, and a significant increase in common stock and additional paid-in capital, which jumped from 574 million in September 2023 to 2.8 billion by March 2024, suggesting a major equity financing event.
Operational Obligations and Deferred Revenue
Deferred revenue, both current and non-current, shows a sustained upward trend, growing from a combined total of approximately 201 million in 2019 to over 2.1 billion by March 2026. This pattern suggests a growing volume of advance payments from customers, typically indicative of increasing sales momentum and future revenue recognition.
Accrued liabilities and income taxes payable also trended upward in alignment with company growth, although they remained secondary to the primary drivers of the balance sheet expansion.
Solvency and Risk Profile
The relationship between liabilities and equity remained relatively balanced until late 2025. The sudden escalation of accounts payable in December 2025 created a temporary imbalance, where total liabilities far exceeded total equity. However, by March 2026, total liabilities moderated to 15.87 billion, while equity continued its climb, suggesting a correction or settlement of the short-term obligations incurred at the end of 2025.

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