What is the primary revenue source for Super Micro Computer (SMCI)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze SMCI's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Super Micro Computer's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Super Micro Computer Makes Money: SMCI Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

The largest revenue segment accounts for 97.55% of revenue, indicating concentration.

Operating margin improved by 1.39 percentage points year over year.

Revenue: USD 39.06B
Largest revenue segment share (Others): 97.55%
Cost of revenue: USD 34.84B
Research and development: USD 771.23M

View calculation evidence

YoY periods: FY 2026 compared with FY 2025

Source metrics

RevenueAnnualized revenue milestone · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of sales (including related party purchases of $725,694, $650,658, and $552,136 in fiscal years 2026, 2025, and 2024, respectively) · CostOfRevenue
Largest revenue segment share (Others)Others · segment_value / revenue * 100
Research and developmentResearch and development · ResearchAndDevelopmentExpense
Operating marginIncome from operations · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Inventory: USD 12.90B
Cash and cash equivalents: USD 7.52B
Accounts receivable: USD 6.13B
Total liabilities: USD 15.47B
Shareholder equity: USD 14.48B

View calculation evidence

YoY periods: FY 2026 compared with FY 2025

Source metrics

Shareholder equityTotal stockholders’ equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories · InventoryNet
Accounts receivableAccounts receivable, net of allowance for credit losses of $109 and $0 at june 30, 2026 and 2025, respectively (including amounts receivable from related parties of $624 and $393 at june 30, 2026 and 2025, respectively) · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Watch

Net income is positive while operating cash flow is negative, so reported profit has not become cash.

Free cash flow is negative after capital expenditure.

Net income: USD 2.23B
Operating cash flow: USD −6.81B
Cash conversion: -305.31%
Free cash flow: USD −6.97B

View calculation evidence

YoY periods: FY 2026 compared with FY 2025

Source metrics

Net incomeNet income - basic · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Share issuance proceeds exceeded dividends and repurchases, making the company a net equity raiser.

Stock issuance proceeds: USD 1.41B
Net shareholder return: USD −1.41B

View calculation evidence

YoY periods: FY 2026 compared with FY 2025

Source metrics

Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Stock issuance proceedsGross proceeds · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?