SMCI files 10-K — Annual Report: 10-K
Super Micro Computer filed its fiscal 2026 10-K, reporting $39.1B of revenue, up 77.8% year over year, alongside 10.8% gross and 5.7% net margins. The filing puts the next setup on the durability of AI-server growth versus the relatively thin profitability shown in the annual numbers.
Super Micro Computer submitted its fiscal 2026 annual report to the SEC on August 31, covering the year ended June 30. The accompanying figures show revenue of $39.1B, a 77.8% increase from the prior year, with diluted EPS of $3.26. The filing provides the formal year-end record for a business that has expanded rapidly alongside demand for AI infrastructure.
That growth is paired with a profitability profile that remains much less expansive than the top line. Gross margin was 10.8%, while net margin was 5.7%, leaving the annual report focused not only on the scale of demand but also on how much of that demand translated into earnings.
The direct company exposure is SMCI itself: its revenue line reflects sales of the server and infrastructure systems driving the reported expansion, while gross margin captures the cost of delivering those systems. Diluted EPS of $3.26 connects that operating performance to the per-share result. No separate customer, supplier or contract disclosure was provided in the source material for this recap.
It also does not show how the quarterly mix evolved during fiscal 2026, so the annual margins cannot by themselves establish whether profitability is improving or deteriorating at the latest run rate.
The next useful evidence will be the company’s subsequent earnings disclosure and any management guidance that explains the path from $39.1B of revenue to future growth and margin performance. Investors will need quarterly gross-margin data, operating commentary and updated EPS expectations to determine whether the 77.8% revenue increase is translating into a stronger earnings profile. Until those details arrive, the central open issue is the conversion of exceptional sales growth into durable profitability.
SMCI’s 10-K confirms exceptional $39.1B revenue growth but keeps the risk balanced around 10.8% gross and 5.7% net margins.
The setup is balanced because SMCI delivered $39.1B of revenue and 77.8% year-over-year growth, but only 10.8% gross and 5.7% net margins.
A materially stronger margin trajectory or new guidance would undercut the profitability concern, while a slowdown in revenue growth would weaken the growth case.
CoverageSource: SEC EDGAR · Published here MON, AUG 31 · 12:00 PM ET · the only report in this recordHow this is decided →
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The bull case is the 77.8% year-over-year revenue increase to $39.1B, showing powerful demand and a large operating base even before any margin improvement.
The bear case is that 10.8% gross margin and 5.7% net margin leave limited earnings conversion relative to the scale of revenue, with no supplied forward guidance proving expansion.
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