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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Super Micro Computer Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Total Asset Turnover since 2007
- Analysis of Debt
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Super Micro Computer Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
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 income has exhibited a strong upward trajectory, transitioning from quarterly averages under $30 million in 2019 to peaks exceeding $480 million by the first quarter of 2026. However, this growth in accounting profitability is not consistently mirrored in net cash provided by operating activities, which has been characterized by extreme volatility and significant periods of negative cash flow, culminating in a substantial operating cash outflow of approximately $6.6 billion in March 2026.
- Operating Cash Flow and Working Capital Volatility
- A pronounced decoupling is observed between net income and operating cash flow. While earnings have scaled, cash flow from operations has fluctuated wildly, often driven by massive shifts in working capital. Specifically, accounts receivable and inventories have seen exponential increases in cash consumption. A notable spike occurred in December 2025, where an $8.47 billion increase in accounts receivable and a $5 billion increase in inventories were partially offset by a $12.47 billion increase in accounts payable. These swings indicate a highly capital-intensive growth phase and significant pressure on the cash conversion cycle.
- Non-Cash Adjustments and Expenses
- Stock-based compensation has scaled in tandem with company growth, rising from approximately $5 million per quarter in 2019 to over $125 million by March 2026. Depreciation and amortization remained relatively stable for several years but began to trend upward after 2023. Additionally, significant non-cash charges appeared in late 2025 and early 2026, including inventory valuation write-downs totaling over $200 million across three quarters and impairment losses.
- Investing Activity and Asset Expansion
- Capital expenditures for property, plant, and equipment were historically stable, averaging $10 million to $15 million per quarter. However, a strategic shift toward larger-scale investment is evident from 2024 onwards, with quarterly spending increasing to a peak of $92.9 million in March 2024 and $80.3 million in March 2026. This is complemented by an increasing trend in investments in equity securities, particularly between 2024 and 2026.
- Financing Strategy and Capital Structure
- To sustain operations and fund asset expansion amid volatile operating cash flows, there has been a heavy reliance on external financing. The company transitioned from modest credit line usage to the issuance of large-scale convertible notes. Significant inflows were recorded from the 2029, 2028, and 2030 Convertible Notes, with the 2030 issuance alone providing approximately $2.26 billion in June 2025. Equity markets were also utilized, with substantial proceeds from common stock offerings in late 2023 and early 2024 totaling over $2.3 billion.
- Liquidity and Net Cash Position
- The net change in cash has been subject to extreme swings, reflecting the timing of large debt issuances and massive working capital requirements. The liquidity position was bolstered by a $2.64 billion increase in June 2025, but was sharply offset by a $2.85 billion decrease in March 2026. This pattern suggests a cycle of aggressive capital raising followed by rapid deployment into inventory and receivables to support revenue growth.