# Super Micro earned $2.23bn but its operations consumed $6.81bn of cash — inventory 2.8× to $12.9bn, one customer is 28% of revenue

![Super Micro earned $2.23bn but its operations consumed $6.81bn of cash — inventory 2.8× to $12.9bn, one customer is 28% of revenue](https://aiswingx.com/static/covers/smci-fy26_cover.jpg?v=1790010317)

**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.

- 종목: SMCI (Super Micro Computer)
- 분기: FY26 · 10-K
- 작성: 2026-09-21 17:05 UTC · 업데이트: 2026-09-21 18:10 UTC
- 원문: https://aiswingx.com/p/smci-fy26

## 숫자 하나
FY2026 net income $2,231m vs operating cash flow −$6,810m. Inventory $12,896m (prior year $4,680m, +176%), receivables $6,125m (+178%). One customer was 28.1% of annual revenue.

## 비유 하나
(구독자 전용)

## 출처 하나
Super Micro Computer Form 10-K for fiscal 2026 (year ended June 30, 2026): consolidated statements of operations, balance sheets and cash flows; 'concentration of customers' note; Item 1A risk factors (indictment, subpoenas); auditor's critical audit matter (inventory valuation)

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

Super Micro Computer (SMCI) builds AI servers and is often traded alongside Nvidia by retail investors.

Its annual report (10-K) for fiscal 2026 (July 1, 2025–June 30, 2026) shows revenue of **$39,063m**, up 78% from $21,972m, and net income of **$2,231m**, 2.1 times the prior year.

Cash flow from operations on the cash-flow statement is **−$6,810m**. A year earlier it was +$1,660m. The company earned a profit and $6.8bn of cash left the business. The balance sheet shows why: **inventory of $12,896m** at June 30 ($4,680m a year earlier) and **receivables of $6,125m** ($2,204m a year earlier). Both are 2.8 times the prior year — more than twice the pace of revenue growth (78%).

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

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## FAQ

**Q. Where is the gap between net income and cash flow disclosed?**

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. The inventory and receivable balances are on the balance sheet.

**Q. What do the indictment and subpoenas concern?**

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.

**Q. Is high inventory bad?**

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.

**Q. Where can I verify these numbers?**

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.