Super Micro Computer, Inc. Q4 FY2026 Earnings Results vs. Expectations

What the Street expects

QoQ and YoY are what the consensus implies against the prior quarter and the prior year.

Q4 FY2026 reported results

What to watch

1. Whether 15–17% is mix or a re-rating. "Favorable customer and product mix" is a one-quarter explanation. The FY2027 Q1 margin guide is the tell — if it reverts to 9%, the June quarter was a windfall.
2. Cash. After −$6.70B in March, the working-capital line matters more than EPS. A $60B order book has to be financed before it is delivered.
3. What the $60B of orders actually is. The 8-K itself cautions that the orders "may not constitute firm commitments and may be subject to cancellation or delays." Expect a question on conversion timing and customer concentration.
4. The export-control review. The same 8-K discloses that the Board "is conducting an independent review of certain transactions in connection with alleged export-control issues," and states the outcome "could affect our forecasts, these preliminary…
5. The new preferred stock. On August 5 the Board declared the initial dividend on its 7.00% Series A Mandatory Convertible Preferred ($0.73889 per depositary share, payable September 1).

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Estimate against reported

Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.

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