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FY2026 10-K (June year-end): revenue $39.1bn (+78%), gross margin 10.8% (13.8% two years ago). Inventory and receivables grew far faster than sales, cash flowed out, and total liabilities doubled. The filing also discloses an indictment of three individuals and subpoenas
Server maker Super Micro Computer (SMCI) reported revenue of $39,063m for fiscal 2026 (July 2025–June 2026), up 78%, and net income of $2,231m. Cash flow from operations for the same year was −$6,810m. The cash-flow statement and balance sheet in the annual report (10-K) filed in August show where the gap came from.
Super Micro recorded $2.23bn of profit for the year, yet $6.81bn drained out of the core business. Most of it is tied up in goods sitting in warehouses. The profit on the books and the money in the bank moved in opposite directions.
90 Filing score · Large change
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The cash-flow statement in the 10-K starts from net income of $2,231m and adjusts for the increase in inventory (−$8,877m), the increase in receivables and other items to reach operating cash flow of −$6,809m.
According to the risk factors, on March 19, 2026 the U.S. Attorney's Office for the Southern District of New York indicted three individuals then employed by or associated with the company (including a former senior vice president of business development and director) on charges of conspiring to violate export controls; the company was not named as a defendant or co-conspirator. The company says it has received subpoenas and requests from the SEC, a grand jury, the DOJ and the Commerce Department's export-enforcement office, is cooperating, and has not been notified that it is a target. This article reports only what is disclosed.
It can be normal build-up ahead of orders or unsold product; the 10-K alone cannot distinguish the two. This article reports how much faster inventory and receivables grew than revenue and what that did to cash flow. The criteria for judging it are in the subscriber section.
On SEC EDGAR: Super Micro Computer's FY2026 Form 10-K (accession 0001375365-26-000022), statements of operations, balance sheet and cash flows, the customer-concentration note and Item 1A risk factors.
Open the filing cited at the bottom of the article (e.g. the 10-Q note number) on SEC EDGAR via the link at the end of the article.
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