Cash Flow Statement
Quarterly Data
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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- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2007
- Operating Profit Margin since 2007
- Total Asset Turnover since 2007
- Price to Earnings (P/E) since 2007
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Super Micro Computer Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-K (reporting date: 2026-06-30), 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).
The financial trajectory is characterized by an exponential increase in net income alongside extreme volatility in operating cash flows. While net income grew from approximately 26.6 million USD in September 2020 to 1.178 billion USD by June 2026, this growth has not translated into consistent cash generation. The divergence between accounting profitability and net cash provided by operating activities suggests significant pressure on working capital as the business scaled.
- Operating Cash Flow Dynamics
- Net cash provided by operating activities exhibits severe fluctuations, transitioning from modest positive values in 2020 to deep deficits in later periods, most notably a deficit of 6.615 billion USD in March 2026. This volatility is primarily driven by massive swings in operating assets and liabilities, indicating that the growth in revenue is heavily tied to an increase in receivables and inventory, which consumes liquidity.
- Working Capital Volatility
- Significant instability is observed in the management of current assets and liabilities. Accounts receivable and inventories show extreme quarterly variances; for instance, December 2025 saw an 8.47 billion USD increase in accounts receivable and a 5.00 billion USD increase in inventories. These outflows were partially offset by a massive 12.46 billion USD increase in accounts payable during the same period, suggesting a heavy reliance on supplier financing to fund operational expansion.
- Investing Activities and Capital Expenditure
- Investing activities remain consistently negative, reflecting a steady commitment to infrastructure. Purchases of property, plant, and equipment grew from a baseline of 10 million to 20 million USD per quarter in early years, with significant spikes to 92.9 million USD in March 2024 and 80.2 million USD in March 2026. This indicates an aggressive scaling of physical capacity to support increasing demand.
- Financing Strategy and Capital Structure
- To mitigate operating cash deficits, there is a clear shift toward large-scale external financing. The company transitioned from relying on short-term lines of credit to issuing substantial convertible notes in 2024, 2025, and 2026. The most significant liquidity event occurred in June 2026, with a combined influx of approximately 5.63 billion USD from common stock and Series A Mandatory Convertible Preferred Stock issuances, which fundamentally restructured the balance sheet to provide a massive cash cushion.
- Non-Cash Adjustments and Write-downs
- Inventory valuation adjustments became a prominent feature of the cash flow reconciliation starting in late 2024, with a peak write-down of 132.9 million USD in June 2025. Additionally, stock-based compensation expenses increased steadily from roughly 7 million USD per quarter in 2020 to over 100 million USD by 2026, serving as a significant non-cash add-back to operating cash flow.
Overall, the data reveals a company in a hyper-growth phase where profitability is high, but cash flow is strained by the operational requirements of scaling. The reliance on massive equity and debt injections in 2026 suggests a strategic move to resolve liquidity constraints caused by the aggressive expansion of the balance sheet.