SMCI · Q4 FY2026
Super Micro Computer, Inc. Q4 FY2026 earnings analysis
By SageNoodle ResearchBullish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $11.12B | $5.76B (yr ago) | Beat |
| EPS | $1.67 | $0.31 (yr ago) | Beat |
| Free Cash Flow | $0.72B | $0.84B (yr ago) | Miss |
| Gross Margin | 17.5% | 9.5% (yr ago) | Beat |
| Operating Margin | 13.4% | 4.0% (yr ago) | Beat |
What changed
Q4 FY2026 revenue nearly doubled from the prior-year quarter, while gross margin increased 8.0 percentage points and operating margin increased 9.4 points. EPS rose to $1.67, but free cash flow slipped to $0.72B and could not offset the severe cash consumption earlier in FY2026.
Impact on the investment thesis
With no prior SageNoodle fair value, we establish a $42.25 base case rather than describe the quarter as a valuation revision. The margin rebound supports higher normalized earnings, but FY2026 free cash flow of negative $7.0B prevents a more generous multiple.