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Dec 31, 2025
Supermicro Q2 2026 Earnings Report
Supermicro reported record quarterly revenue driven by strong AI and enterprise demand, with margin pressure from rapid scale.
Key Takeaways
Supermicro delivered a sharp acceleration in Q2 FY2026 revenue fueled by AI server demand, while gross margins declined due to product mix and rapid scaling. Earnings and cash position remained solid.
Revenue more than doubled year over year driven by AI infrastructure demand
Gross margin declined reflecting scale-up and product mix effects
Net income increased sequentially alongside strong operating execution
Cash balance remained strong despite working capital investment
Forward Guidance
Management guided to continued strong growth in Q3 FY2026 supported by sustained AI demand and expanding capacity.
Positive Outlook
- Q3 FY2026 revenue expected to exceed $12.3 billion
- Strong AI and enterprise customer demand pipeline
- Expanding global manufacturing footprint
- Improving scale efficiencies over time
- Full-year FY2026 revenue outlook of at least $40 billion
Challenges Ahead
- Gross margin pressure from rapid growth and mix
- Customer concentration risk with large deployments
- Working capital intensity during expansion
- Potential pricing pressure in competitive markets
- Macroeconomic and trade-related uncertainty
Historical Earnings Impact
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Avg. Return Before/After Earnings
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