Super Micro Computer, Inc. Q4 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Fiscal Year 2026 Highlights (ended June 30, 2026):

  • Revenue: $39.1 billion, +78% YoY vs. $22 billion in FY2025
  • Non-GAAP diluted EPS: $3.63, +76% YoY vs. $2.06 in FY2025
  • Record backlog: Over $60 billion in new Q4 orders expected to be fulfilled in coming quarters
  • Non-GAAP gross margin: 10.9% (vs. 11.2% in FY2025)
  • Non-GAAP operating margin: 8.1% (vs. 7.1% in FY2025)
  • 9 customers with >$1 billion revenue (vs. 4 in FY2025); customer base diversifying

Q4 FY2026 Results:

  • Revenue: $11.1 billion, +93% YoY and +9% QoQ (near low end of $11B-$12.5B guidance due to customer delays in power, cooling, and networking; expected to shift to future quarters)
  • Non-GAAP gross margin: 17.6% (vs. guidance 8.2%-8.4%; +750 bps QoQ from 10.1% in Q3) driven by improved customer/product mix (75% of improvement), lower tariffs, and lower inventory reserves (25% of improvement)
  • Non-GAAP diluted EPS: $1.70 (beat guidance of $0.65-$0.79)
  • AI solutions: ~60% of revenue (vs. >80% in Q3 due to timing of large AI projects)
  • Enterprise/channel revenue: $5.6 billion (50% of total), +172% YoY and +98% QoQ
  • OEM appliance/large data center revenue: $5.5 billion (50% of total), +50% YoY but -26% QoQ
  • Non-GAAP operating margin: 14.3% (vs. 7.2% in Q3)

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Operator: Thank you for standing by. My name is Jen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Micro Computer, Inc. Q4 FY '26 Business Update Call. With us today are Charles Liang, Founder, President and Chief Executive Officer; David Weigand, CFO; and Michael Staiger, Senior Vice President of Corporate Development. [Operator Instructions] I will now hand the conference over to Michael Staiger. Please go ahead. Michael Staiger: Thank you, Jen. Good afternoon, and thank you for attending Super Micro's call to discuss financial results for the fourth quarter of fiscal 2026, which ended June 30, 2026. With me today, as you know, are Charles Liang, Founder, Chairman and Chief Executive Officer; and David Weigand, Chief Financial Officer. By now, you should have received a copy of the press release from the company that was distributed at the close of regular trading and is available on the company's website. As a reminder, during today's call, the company will refer to a presentation that is available to participants in the Investor Relations section of the company's website under the Events & Presentations tab. We've also published management scripted commentary on our website. Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expenses,

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