Stock Analysis on Net
Stock Analysis on Net

Super Micro Computer Inc. (NASDAQ:SMCI)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Super Micro Computer Inc., consolidated cash flow statement

US$ in thousands

Microsoft Excel
12 months ended: Jun 30, 2026 Jun 30, 2025 Jun 30, 2024 Jun 30, 2023 Jun 30, 2022 Jun 30, 2021
Net income
Depreciation and amortization
Amortization of right-of-use (ROU) assets
Amortization of debt discount and issuance costs
Inventory valuation adjustment write-down
Stock-based compensation expense
Impairment loss and gain on sale of investments, net
Share of (income) loss from equity investee
Unrealized foreign currency exchange (gain) loss
Loss on extinguishment of convertible notes
Deferred income taxes, net
Other non-cash (income) expense, net
Accounts receivable, net
Inventories
Prepaid expenses and other assets
Accounts payable
Accrued liabilities
Income taxes payable
Deferred revenue
Other long-term liabilities
Changes in operating assets and liabilities
Reconciliation of net income to net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities
Purchases of property, plant, and equipment
Investment in equity securities
Acquisition, net of cash acquired
Proceeds from disposal of equity investment
Net cash used in investing activities
Proceeds from lines of credit and term loans
Repayment of lines of credit and term loans
Payments of debt issuance costs
Proceeds from exercise of stock options
Payment for withholding taxes related to settlement of equity awards
Stock repurchases
Issuances of common stock in public offerings, net of issuance costs
Debt issuance costs in connection with amended 2029 Convertibles Notes
Proceeds from issuance of 2029 Convertible Notes, net of issuance costs
Proceeds from issuance of 2028 Convertible Notes, net of issuance costs
Proceeds from issuance of 2030 Convertible Notes, net of issuance costs
Purchase of capped calls
Common stock issuance, net of underwriting discounts
Series A Mandatory Convertible Preferred Stock issuance, net of underwriting discounts
Payments of equity issuance costs
Other
Net cash provided by (used in) financing activities
Effect of exchange rate fluctuations on cash
Net increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at the beginning of year
Cash, cash equivalents and restricted cash at the end of year

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 profile exhibits a significant divergence between reported net income and net cash provided by operating activities. While net income demonstrates a strong upward trajectory, growing from 111.8 million USD in 2021 to 2.23 billion USD in 2026, the operational cash flow is characterized by extreme volatility, alternating between positive and negative territory.

Operating Cash Flow and Working Capital Dynamics
Operational cash flows are heavily impacted by substantial swings in working capital. A notable pattern of aggressive inventory accumulation and receivables growth is observed, particularly in 2024 and 2026. In 2026, the cash drain from inventories reached 8.88 billion USD and accounts receivable reached 3.92 billion USD, which offset the record net income and resulted in a net operating cash outflow of 6.81 billion USD.
Non-cash adjustments show a marked increase in stock-based compensation, rising from 28.5 million USD in 2021 to 412.1 million USD in 2026. Additionally, inventory valuation write-downs became a significant factor starting in 2024, peaking at 232.1 million USD in 2025.
Investing Activities and Capital Expenditure
Investing activities show a consistent net outflow, primarily driven by the purchase of property, plant, and equipment. Capital expenditures have steadily increased from 58.0 million USD in 2021 to 161.9 million USD in 2026, indicating a continuous investment in physical infrastructure to support growth.
Financing Activities and Capital Structure
The company has relied heavily on external financing to fund its operational expansions and inventory builds. Financing activities shifted from a net outflow of 44.4 million USD in 2021 to massive inflows, peaking at 9.48 billion USD in 2026. This was achieved through a combination of convertible notes, public offerings, and a significant issuance of Series A Mandatory Convertible Preferred Stock totaling 4.23 billion USD in 2026.
The use of convertible notes (2028, 2029, and 2030 series) indicates a strategic preference for hybrid debt instruments to maintain liquidity during periods of negative operating cash flow.
Liquidity and Cash Position
Despite the volatility in operating cash flows, the overall liquidity position has strengthened dramatically due to aggressive financing. The cash, cash equivalents, and restricted cash balance at the end of the year grew from 233.4 million USD in 2021 to 7.63 billion USD by June 30, 2026.