SMCI Q4 2026 - Preliminary Earnings Alert

Event: Quartr Q4 2026 event Retrieved: 2026-08-11T20:14:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available (earnings release 3672700, all 12 pages read; source PDF stamped 2026-08-11 20:07:19Z) | financials=earnings release statements only (no separate Quartr standardized financials attached to this event) | transcript=not available (call 2026-08-11 21:00Z / 5:00 p.m. Eastern, not yet held)

Earnings takeaway

Supermicro missed on revenue and beat heavily on adjusted EPS - Q4 FY2026 net sales of $11.120bn came in 4.1% below the $11.599bn API Ninjas consensus while non-GAAP diluted EPS of $1.70 beat the $0.923 consensus by 84.2% - and the company issued new financial guidance for both Q1 FY2027 and full-year FY2027.

Consensus scorecard

Key earnings highlights

Guidance changes

Key bullish aspects

• Profitability inflected sharply: GAAP gross margin of 17.5% compares with 9.9% in Q3 FY2026 and 9.5% a year ago, and Adjusted EBITDA of $1,669.4m at 15.0% of net sales compares with $332.2m at 5.8%. The $1.70 non-GAAP diluted EPS beat consensus by 84.2%.
• The FY2027 net sales guide of $65.0bn to $72.0bn compares with $39.1bn of FY2026 net sales, implying 66% to 84% growth, and management cites more than $60bn in new orders generated over the past year and record backlog entering fiscal 2027.
• The quarter generated $747m of operating cash flow against $25m of capital expenditures and investments, and the company ended fiscal 2026 with $7.5bn of cash and cash equivalents.

Key bearish aspects

• Revenue missed consensus by $479.6m, or 4.1%, and the guided Q1 FY2027 non-GAAP diluted EPS of $1.01 to $1.10 sits well below the $1.70 just reported even though guided net sales of $14.5bn to $15.5bn are far above the $11.1bn reported, which implies materially lower margin next quarter.
• Full-year operating cash flow was negative $6,809.9m as inventories rose $8,876.7m and accounts receivable rose $3,921.9m; funding came from $9,478.8m of financing inflows, and total bank debt and convertible notes stood at $8.7bn against $7.5bn of cash at 2026-06-30.
• The results are explicitly preliminary and unaudited, closing procedures are not complete, and the company states that the outcome of the Board's independent review of certain transactions in connection with export-control issues could affect these preliminary results and prior-period results.

Key uncertainties

• The basis of the $0.923 API Ninjas consensus is not stated by either source. It was compared against the company's non-GAAP diluted EPS of $1.70 under the configured maximal-mode ladder; against GAAP diluted EPS of $1.62 the row would still be a beat, of +75.5%. A +84.2% surprise against a four-quarter average surprise of +15.6% is large enough that a basis or timing mismatch in the estimate cannot be ruled out here.
• Neither the release nor this desk can determine how the guided FY2027 revenue ramp will be funded. Fiscal 2026 required $1,406.8m of common stock issuance, $4,230.8m of mandatory convertible preferred issuance and $4,468.8m of line and term loan draws, and the release gives no working-capital or financing outlook.
• The durability of the 17.5% gross margin is unaddressed. Management attributes the improvement to a richer enterprise customer mix and DCBBS adoption, but the release gives no margin guidance and the implied Q1 FY2027 earnings guide points lower.

Market context

• API Ninjas price snapshot for SMCI: $31.60 on NASDAQ with volume of 62,151,716, timestamped 2026-08-11T20:12:45Z. That is roughly 16:13 Eastern, immediately after the regular session close and only minutes after the release, so it is effectively a closing-session snapshot and not an after-hours reaction to these results. No reaction is characterized here.
• The release was published after the close on 2026-08-11, ahead of the 5:00 p.m. Eastern (21:00Z) conference call; the Quartr source PDF is stamped 2026-08-11 20:07:19Z. The event therefore qualified on the document-availability arm of the due-event window rather than the call clock.
• Conference call access is stated in the release: a live audio webcast at 5:00 p.m. Eastern / 2:00 p.m. Pacific on 2026-08-11 at the company's investor relations site, with a replay available shortly after the call and accessible for one year.

Source limitations

• Every displayed actual comes from Quartr earnings release document 3672700. All 12 pages were read, covering the highlights, the fiscal-year summary, the business outlook, the condensed consolidated balance sheets, statements of operations and statements of cash flows, and the full GAAP to non-GAAP reconciliations. No separate Quartr standardized financials document is attached to this event.
• The tables render in the source text layer with labels and values split across adjacent cells and with the fourth-quarter and full-year columns interleaved, so every figure used above was placed by footing against a stated total. The income statement foots exactly ($11,119,777k less $9,177,146k of cost of sales gives the stated $1,942,631k of gross profit at the stated 17.5% margin), the Adjusted EBITDA bridge foots exactly ($1,178,217k plus $79,802k, $290,130k, $14,714k and $106,557k gives the stated $1,669,420k), and the EPS reconciliation foots exactly ($1.62 plus $0.13 less $0.05 gives the stated $1.70).
• The API Ninjas row for SMCI dated 2026-08-11 carried no fiscal_year or fiscal_quarter, so the exact ticker-and-date match path in build_api_metadata was used against the Quartr event date of 2026-08-11. No fiscal-period conflict exists. The provider supplied no actual revenue or actual EPS for this event, so no reconciliation diagnostic was available; under maximal mode that does not suppress the comparison.
• API Ninjas supplied only the consensus estimates. Provider difference and difference-percentage fields were empty and were not used; both scorecard variances were calculated locally as the Quartr actual less the API Ninjas estimate, divided by the absolute estimate.
• No transcript exists for this event yet, so nothing in this report reflects management commentary beyond the release text. The call is scheduled for 2026-08-11 at 21:00Z.
• The company states this financial information is preliminary and unaudited and may be subject to change; the figures above are the ones it published today, not final audited results.