Super Micro (SMCI) Earnings Top Its Own Sales Estimate at $19.9 Billion
Super Micro Computer (SMCI) reported record net sales of $19.9 billion for the September 2026 quarter, above the top of its October 20 estimate. It raised its forecast for the year ending June 30, 2027, to $72.0 billion to $82.0 billion. The new top would need about $20.7 billion a quarter for the rest of the year.
The short answer. Supermicro builds servers for AI data centers, so its sales show how fast companies are buying the machines that run AI. Reported sales came in higher than the company itself had said two weeks earlier, and it raised its forecast for the year. To reach the top of its new forecast, Supermicro would need about $20.7 billion a quarter for the rest of the year, a little more than it just reported.
Show the data
| Item | Low | High | Value |
|---|---|---|---|
| Aug 11 forecast | $14.5B | $15.5B | $19.9B |
| Oct 20 estimate | $18.5B | $19.5B | $19.9B |
Supermicro first quarter of fiscal 2027, quarter ended September 30, 2026
Every company reporting the same week, with its date and time, is in StockTitan’s Earnings Calendar for the Week of November 2, 2026.
On this page
- Super Micro Computer (SMCI) earnings for the first quarter of fiscal 2027
- SMCI earnings against the October 20 estimate
- Supermicro’s forecast for the December quarter and the year
- Supermicro gross margin after the 17.5% quarter
- Did the bigger sales turn into cash?
- SMCI shares, the June stock sale and the dividend
- Supermicro’s export case, accounting controls and new CFO
- Frequently asked questions
Super Micro Computer (SMCI) earnings for the first quarter of fiscal 2027
Supermicro sold nearly four times as much as a year earlier and earned far more. Sales and profit per share both beat the forecast it gave in August.
Supermicro released its results at 4:05 p.m. ET on Tuesday, November 3, 2026, in a release for its first fiscal quarter. Net sales were $19.9 billion. That compares with $11.1 billion in the June quarter and $5.0 billion a year earlier.
Under standard accounting rules (GAAP), Supermicro earned $1.75 per diluted share. In August it had forecast $0.89 to $0.98. A year earlier it earned $0.26.
The company also gives an adjusted figure, called non-GAAP, which leaves out the cost of paying staff in stock. On that basis it earned $1.81 a share. The August forecast on that basis was $1.01 to $1.10.
Chief executive Charles Liang said the company is “delivering record revenue of $19.9 billion for the first quarter fiscal 2027.” He credited its building block systems for data centers, which he said are “enhancing profitability and long-term shareholder value.”
Show the data
| Category | Value |
|---|---|
| Sep 2025 | $5.0B |
| Dec 2025 | $12.7B |
| Mar 2026 | $10.2B |
| Jun 2026 | $11.1B |
| Sep 2026 | $19.9B |
| Measure | Q1 FY27 (Sep 30, 2026) | Q4 FY26 (Jun 30, 2026) | Q1 FY26 (Sep 30, 2025) |
|---|---|---|---|
| Net sales | $19.9 billion | $11.1 billion | $5.0 billion |
| Gross margin | 12.7% | 17.5% | 9.3% |
| Net income | $1,594 million | $1,178 million | $168 million |
| Diluted EPS (GAAP) | $1.75 | $1.62 | $0.26 |
| Diluted EPS (non-GAAP) | $1.81 | $1.70 | $0.35 |
Source: Supermicro results releases for Q1 fiscal 2027 and Q4 fiscal 2026, as each release states them.
SMCI earnings against the October 20 estimate
Supermicro beat its own early estimate. Reported sales came in above the top of the range it gave on October 20.
On October 20, Supermicro gave an early look at the quarter in a short business update. It put sales at $18.5 billion to $19.5 billion. That was already far above its August forecast of $14.5 billion to $15.5 billion. It credited “increased demand for AI platforms.”
Reported sales of $19.9 billion were about $0.4 billion above the top of the October range.
Earlier, in a September 23 release, Supermicro said it was now shipping racks built for Nvidia’s Vera Rubin NVL72 platform, with its own liquid cooling.
Its earlier updates did not overstate their quarters. In July 2026 it estimated gross margin of 15% to 17% for the June quarter, and the reported figure of 17.5% came in above the top of that range.
On October 23, 2025, it put the September 2025 quarter at about $5 billion, and the reported figure was $5.0 billion. StockTitan’s article on the October 20 update goes through that record quarter by quarter.
SMCI shares had given back the gain that followed the update. They closed at $31.39 on November 3, before the results, below the $32.47 close of October 20. At 4:23 p.m. ET they traded at $33.19 after hours, about 5.7% above the close, according to StockTitan’s real-time Nasdaq data on the SMCI overview page.
Supermicro’s forecast for the December quarter and the year
Supermicro raised its forecast for the year, and the new low end of $72.0 billion is the old top. It expects the December quarter to be about as big as September.
For the fiscal year ending June 30, 2027, the company now expects net sales of $72.0 billion to $82.0 billion. In August it had said $65.0 billion to $72.0 billion.
Fiscal 2026 brought $39.1 billion of sales. Liang said in August that the company had generated more than $60 billion in new orders in the past year and booked a “record backlog entering fiscal 2027.” Backlog means orders received but not yet delivered.
The September quarter’s $19.9 billion is 24% to 28% of the new yearly range.
That leaves $52.1 billion to $62.1 billion for the other three quarters. On average, that is $17.4 billion to $20.7 billion a quarter.
The top of that range is a little more than the September quarter’s $19.9 billion.
For the December quarter, Supermicro expects net sales of $19.5 billion to $21.5 billion.
The company’s annual report says one customer accounted for 28.1% of net sales in fiscal 2026. It does not name the customer. For fiscal 2025, it lists four customers, the largest at 20.9%.
| Forecast | Range | Given on |
|---|---|---|
| Net sales, quarter ending Dec 31, 2026 | $19.5 billion to $21.5 billion | Nov 3, 2026 |
| Diluted EPS (GAAP), quarter ending Dec 31, 2026 | $1.59 to $1.83 | Nov 3, 2026 |
| Diluted EPS (non-GAAP), quarter ending Dec 31, 2026 | $1.66 to $1.90 | Nov 3, 2026 |
| Diluted shares assumed, quarter ending Dec 31, 2026 | 753 million (GAAP), 769 million (non-GAAP) | Nov 3, 2026 |
| Net sales, fiscal 2027 | $72.0 billion to $82.0 billion | Nov 3, 2026 |
| Net sales, fiscal 2027 | $65.0 billion to $72.0 billion | Aug 11, 2026 |
Source: Supermicro results releases of November 3, 2026 and August 11, 2026, Business Outlook sections.
Supermicro gross margin after the 17.5% quarter
Gross margin is the share of sales left after paying for the products sold. It fell from the unusually high June quarter but stayed well above a year earlier, and above the company’s own October estimate.
Gross margin was 12.7% in the September quarter. It had been 17.5% in the June quarter and 9.3% a year earlier.
In its October 20 update, the company had put gross margin at 12.0% to 12.5%.
The June quarter stands out on the chart below. In August, Liang tied the better profit to “a richer enterprise customer mix.” The November release gives no reason for the drop from June.
On the adjusted basis, gross margin was 12.8%, after adding back $8 million of stock-based pay.
Show the data
| Category | Value |
|---|---|
| Sep 2025 | 9.3% |
| Dec 2025 | 6.3% |
| Mar 2026 | 9.9% |
| Jun 2026 | 17.5% |
| Sep 2026 | 12.7% |
Did the bigger sales turn into cash?
No. The business used cash in the quarter, because customers owed much more and Supermicro held more servers and parts. Customers did pay more in advance.
Operations used $434 million of cash in the September quarter, despite $1.6 billion of profit. A year earlier they used $918 million.
Show the data
| Step | Value |
|---|---|
| Profit | $1.6B |
| Non-cash | +$0.2B |
| Owed by customers | -$3.6B |
| Inventory | -$2.5B |
| Paid in advance | +$3.1B |
| Other | +$0.8B |
| Cash used | -$0.4B |
The cash flow statement shows where the money went. The rise in money owed by customers took $3.6 billion. New inventory took $2.5 billion more. Payments received in advance for products not yet delivered, called deferred revenue, brought $3.1 billion back. These are cash flow lines, so they differ from the change in the balance sheet rows below.
The last fiscal year looked the same. In fiscal 2026, operations used $6.8 billion of cash, according to the company’s annual report.
Supermicro ended September with $6.9 billion in cash and $8.6 billion in bank debt and convertible notes. On June 30 it held $7.5 billion against $8.7 billion of that debt.
| Balance sheet item | Sep 30, 2026 | Jun 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $6,897 million | $7,521 million |
| Accounts receivable | $9,685 million | $6,125 million |
| Inventories | $15,054 million | $12,896 million |
| Deferred revenue, current | $4,329 million | $1,578 million |
Source: Supermicro first quarter fiscal 2027 results release, condensed balance sheet (unaudited), values rounded to the million.
SMCI shares, the June stock sale and the dividend
Supermicro has more shares than a year ago, and in June it sold new stock to pay for parts. It pays no dividend on its common stock and announced no buyback.
In June 2026, Supermicro sold about 45.5 million new shares at $27.50. It also sold a new mandatory convertible preferred stock, a security that turns into common shares by June 2029.
A separate program lets the company issue up to $1.25 billion more stock bit by bit on the market. It put the total potential raise at $7.0 billion. It said the money would pay for parts for about $39 billion of AI server orders.
The share count grew. Earnings per share for the September quarter were based on 749 million diluted shares (existing shares plus those it may still have to issue), against 663 million a year earlier. That is about 13% more.
The shares that already exist averaged 658 million, against 596 million.
Supermicro pays no dividend on its common stock. Its annual report for fiscal 2026 says it has never declared or paid one and does not expect to, apart from the 7.00% dividend on the preferred stock.
In the September quarter, Supermicro paid $64 million of dividends on that preferred stock, according to the cash flow statement in its results filing with the SEC.
The annual report also says the company had no publicly announced buyback program in fiscal 2026 or fiscal 2025. It says the company repurchased about $200 million of its shares in June 2025, alongside a sale of convertible notes. The November release announces no buyback.
Supermicro’s export case, accounting controls and new CFO
Investors often ask about the export case, the accounting controls and the change of finance chief. The company’s own filings and releases answer each one.
The company’s annual report for fiscal 2026 says that on March 19, 2026, the U.S. Attorney’s Office for the Southern District of New York unsealed an indictment of three people. The report says they were employed by or associated with the company at the time. It says the case concerns an alleged conspiracy to commit export-control violations.
In an August 20 release, Supermicro said it was not named as a defendant and is not accused of any wrongdoing. The release says an investigation led by its independent directors found no evidence that any current member of senior management knew of the alleged scheme. It says the company continues to cooperate with the government authorities.
The annual report says the company received a subpoena from the SEC for documents on certain customers and on its controls and procedures. It says a grand jury subpoena from the same U.S. Attorney’s Office asks for documents on the people and facts in the indictment and on the company’s compliance program.
The annual report also says the company’s internal control over financial reporting was not effective at June 30, 2026, because of a material weakness. That is the accounting term for a serious gap in the checks on a company’s financial reporting. The report says the weakness was first identified in the annual report for fiscal 2025. It says management concluded that the financial statements still fairly present the company’s results. The auditor, BDO USA, says in the report that it has served as the company’s auditor since 2024.
In an October 15 release, Supermicro said it named Mark Long chief financial officer, succeeding David Weigand. The release says Long was earlier chief financial officer and chief strategy officer of Western Digital.
What to watch
- The quarterly report on Form 10-Q: the release calls these results preliminary, because the company has not yet finished closing its books for the quarter. That report also carries the company’s quarterly review of its controls over financial reporting.
- Results for the quarter ending December 31, 2026: they will show how sales compare with the $19.5 billion to $21.5 billion forecast.
Our numbers
These figures are our calculations from the sources linked in this article.
- Nearly four times a year earlier: net sales of $19,946 million in the September 2026 quarter against $5,018 million in the September 2025 quarter.
- About $0.4 billion above the top of the October 20 estimate: $19,946 million of net sales minus the $19.5 billion top of that range.
- 24% to 28% of the new yearly range: the September quarter’s $19.9 billion divided by $82.0 billion and by $72.0 billion.
- $52.1 billion to $62.1 billion for the other three quarters: the yearly forecast minus $19,946 million of September quarter sales.
- $17.4 billion to $20.7 billion a quarter: that remainder divided by three.
- About 13% more diluted shares: 749.4 million weighted average diluted shares in the September 2026 quarter against 663.2 million a year earlier.
- $0.2 billion and $0.8 billion in the cash chart: the sum of the non-cash lines ($154 million) and of the other lines, such as supplier bills ($801 million).
Frequently asked questions
When did Super Micro Computer report earnings?
Supermicro released its first quarter fiscal 2027 results at 4:05 p.m. ET on Tuesday, November 3, 2026, after the market closed. Its call for investors was set for 5:00 p.m. ET the same day.
Did Supermicro beat its own forecast?
Yes. Net sales of $19.9 billion topped its August forecast of $14.5 billion to $15.5 billion. They also topped its October 20 estimate of $18.5 billion to $19.5 billion.
What is Supermicro’s revenue forecast for fiscal 2027?
The company now expects net sales of $72.0 billion to $82.0 billion for the year ending June 30, 2027. In August it had expected $65.0 billion to $72.0 billion.
Does Super Micro Computer pay dividends?
No. Its fiscal 2026 annual report says it has never paid a cash dividend on its common stock and does not expect to. The one exception is the 7.00% dividend on its mandatory convertible preferred stock.
Who is Supermicro’s biggest customer?
The company does not name it. Its annual report says one customer made up 28.1% of net sales in the fiscal year ended June 30, 2026.
What happened in the Supermicro export case?
Supermicro’s annual report says an indictment of three people employed by or associated with the company was unsealed on March 19, 2026, over alleged export-control violations. In August 2026 the company said it was not named as a defendant, that its independent directors had finished their investigation, and that it continues to cooperate with the authorities.
Sources
- Supermicro first quarter fiscal 2027 financial results, November 3, 2026
- Supermicro Form 8-K, exhibit 99.1, first quarter fiscal 2027 results, November 3, 2026 (SEC)
- Supermicro first quarter fiscal 2027 preliminary business update, October 20, 2026
- Supermicro appoints Mark Long as chief financial officer, October 15, 2026
- Supermicro now shipping Nvidia Vera Rubin NVL72 racks, September 23, 2026
- Supermicro completion of independent investigation, August 20, 2026
- Supermicro fourth quarter and fiscal 2026 results, August 11, 2026
- Supermicro fourth quarter fiscal 2026 preliminary update, July 21, 2026
- Supermicro pricing of equity and equity-linked financing, June 11, 2026
- Supermicro third quarter fiscal 2026 results, May 5, 2026
- Supermicro second quarter fiscal 2026 results, February 3, 2026
- Supermicro first quarter fiscal 2026 results, November 4, 2025
- Supermicro first quarter fiscal 2026 business update, October 23, 2025
- StockTitan: Supermicro Q1 fiscal 2027 preliminary revenue
- StockTitan SMCI overview page, real-time Nasdaq price data
- Supermicro annual report on Form 10-K for fiscal 2026, SEC
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