Reports › SMCI › 10-Q FY2025

SEC filings, compared

What changed in Super Micro Computer,'s 10-Q for the quarter ended December 31, 2025

Compared with the 10-Q for the quarter ended December 31, 2024. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: Super Micro Computer, Inc. · SMCI
This filing: 0001375365-26-000007 ↗ · filed Feb 6, 2026
Compared with: 0001375365-25-000006 ↗ · filed Feb 25, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

61 material changes among 83 changed paragraphs

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	12,682,491,000USD · Oct 1, 2025 to Dec 31, 2025	5,677,962,000USD · Oct 1, 2024 to Dec 31, 2024	+7,004,529,000+123.4%
Net income or lossus-gaap:NetIncomeLoss	400,564,000USD · Oct 1, 2025 to Dec 31, 2025	320,596,000USD · Oct 1, 2024 to Dec 31, 2024	+79,968,000+24.9%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	4,091,083,000USD · at Dec 31, 2025	1,430,002,000USD · at Dec 31, 2024	+2,661,081,000+186.1%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	(941,421,000)USD · Jul 1, 2025 to Dec 31, 2025	169,147,000USD · Jul 1, 2024 to Dec 31, 2024	−1,110,568,000−656.6%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001375365-26-000007 · FY2024: 0001375365-25-000006

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

10 material additions

Part I, Item 2 · MD&A

8 of 10 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Contractual Obligations

Summary · quote-checked

Added disclosure of current and long-term debt, convertible debt, lease obligations, and non-cancelable purchase commitments.

The new paragraph introduces specific obligations and amounts, materially expanding disclosure of the company’s contractual commitments and debt exposure.

Why the model ranked it here

This newly disclosed set of debt, lease, and purchase obligations materially expands the picture of the company’s contractual commitments and financing exposure.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 6, 2026

[added] Our estimated future obligations as of December 31, 2025, include both current and long-term obligations. For our long-term debt, as noted in Note 7, "Lines of Credit, Revolving Credit Facilities, and Term Loans" in the notes to the condensed consolidated financial statements, we have a current obligation of $201.8 million and a long-term obligation of $21.4 million. Additionally, as noted in Note 8, "Convertible Notes" in the notes to the condensed consolidated financial statements, we have a convertible debt obligation of $4,725.0 million. Under our operating leases as noted in Note 9, "Leases" in the notes to the condensed consolidated financial statements, we have a current obligation of $31.8 million and a long-term obligation of $354.1 million. As noted in Note 13, "Commitments and Contingencies" in the notes to the condensed consolidated financial statements, we have current obligations related to non-cancelable purchase commitments of $3.9 billion.

Cite this change

"Our estimated future obligations as of December 31, 2025, include both current and long-term obligations. For our long-term debt, as noted in Note 7, "Lines of Credit, Revolving Credit Facilities, and Term Loans" in the notes to the condensed consolidated financial statements, we have a current obligation of $201.8 million and a long-term obligation of $21.4 million. Additionally, as noted in Note 8, "Convertible Notes" in the notes to the condensed consolidated financial statements, we have a convertible debt obligation of $4,725.0 million. Under our operating leases as noted in Note 9, "Leases" in the notes to the condensed consolidated financial statements, we have a current obligation of $31.8 million and a long-term obligation of $354.1 million. As noted in Note 13, "Commitments and Contingencies" in the notes to the condensed consolidated financial statements, we have current obligations related to non-cancelable purchase commitments of $3.9 billion."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

02AddedPart I, Item 2 › Other Income, Net, Interest Income, and Interest Expense

Summary · quote-checked

Added an explanation that the increase in interest income was driven by higher cash deposits funded by proceeds from convertible notes issuance.

The new paragraph discloses a specific financing transaction and links its proceeds to cash deposits and interest income, adding substantive information about the company’s funding and liquidity position.

Why the model ranked it here

This links higher interest income to cash funded by convertible-note proceeds, revealing a new relationship between financing activity, liquidity, and reported earnings.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 6, 2026

[added] The $42.2 million or 479.5% increase in interest income, net for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, was primarily driven by higher interest income as a result of increased cash deposits funded by the proceeds from our convertible notes issuance.

Cite this change

"The $42.2 million or 479.5% increase in interest income, net for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, was primarily driven by higher interest income as a result of increased cash deposits funded by the proceeds from our convertible notes issuance."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

03AddedPart I, Item 2 › Other Income, Net, Interest Income, and Interest Expense

Summary · quote-checked

Added explanation attributing higher interest income to increased cash deposits funded by proceeds from a convertible notes issuance.

The new paragraph introduces a financing transaction and explains a material change in interest income, adding substance about the company’s funding and cash position.

Why the model ranked it here

This newly disclosed financing activity explains the growth in interest income and provides additional context on the company’s cash position.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 6, 2026

[added] The $85.6 million or 509.5% increase in interest income was primarily driven by higher interest income. This is mainly comprised of an increase of $85.6 million or 510.1% in interest income for the six months ended December 31, 2025 as compared to the six months ended December 31, 2024, reflecting increased cash deposits funded by the proceeds from our convertible notes issuance.

Cite this change

"The $85.6 million or 509.5% increase in interest income was primarily driven by higher interest income."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

04AddedPart I, Item 2 › Other Income, Net, Interest Income, and Interest Expense

Summary · quote-checked

Added an MD&A explanation attributing decreased other income to an impairment loss, partly offset by a marketable-securities gain.

The new paragraph discloses a previously absent investment impairment and offsetting mark-to-market gain, changing the stated drivers of other income.

Why the model ranked it here

The disclosure introduces a significant impairment of non-marketable investments as a newly stated driver of other income.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 6, 2026

[added] The $3.3 million or 97.1% decrease in other income, net was primarily driven by a $13.7 million impairment loss related to our non-marketable investments during the six months ended December 31, 2025. This decrease along with other minor decreases were partially offset by a $7.9 million or 755.0% gain from mark-to-market adjustments on a marketable equity securities investment for the six months ended December 31, 2025 as compared to the six months ended December 31, 2024.

Cite this change

"The $3.3 million or 97.1% decrease in other income, net was primarily driven by a $13.7 million impairment loss related to our non-marketable investments during the six months ended December 31, 2025."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

05AddedPart I, Item 2 › Overview

Summary · quote-checked

Added an MD&A overview describing sales and profit objectives, integrated IT solutions, DCBBS, enterprise focus, and expanded sales channels.

The new paragraph discloses substantive business strategies, customer focus, product capabilities, and distribution objectives rather than merely rephrasing or updating boilerplate.

Why the model ranked it here

This newly stated strategy signals a broader focus on integrated technology solutions, enterprise and data-center customers, and expanded distribution channels.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 6, 2026

[added] In order to increase our sales and profits, we believe that we must continue to develop flexible application optimized server and storage solutions while being among the first to market with new features and products. Our focus is on delivering Total IT Solutions that integrate, validate, and deliver server, storage, networking and software at the rack and cluster (multi-rack) level. Additionally, we will continue to expand our software offerings and enhance customer service and support, particularly as we increase our focus on large enterprise and data center customers. A key component of our strategy is our Data Center Building Block Solutions ("DCBBS"), which significantly reduces data center build time and enables full integration of AI computing, server, storage, networking, rack, cabling, liquid cooling, end-to-end management software, onsite deployment services, and ongoing maintenance. To further expand our market share, we also recognize the need to strengthen our network of sales partners and distribution channels.

Cite this change

"In order to increase our sales and profits, we believe that we must continue to develop flexible application optimized server and storage solutions while being among the first to market with new features and products. Our focus is on delivering Total IT Solutions that integrate, validate, and deliver server, storage, networking and software at the rack and cluster (multi-rack) level. Additionally, we will continue to expand our software offerings and enhance customer service and support, particularly as we increase our focus on large enterprise and data center customers. A key component of our strategy is our Data Center Building Block Solutions ("DCBBS"), which significantly reduces data center build time and enables full integration of AI computing, server, storage, networking, rack, cabling, liquid cooling, end-to-end management software, onsite deployment services, and ongoing maintenance. To further expand our market share, we also recognize the need to strengthen our network of sales partners and distribution channels."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

06AddedPart I, Item 2 › Income Tax Provision

Summary · quote-checked

Added an MD&A paragraph explaining the increase in income tax provision and its principal drivers.

The new paragraph adds substantive financial results and explanations, including changes in worldwide income, stock-based compensation tax benefit, state tax expense, and other tax items.

Why the model ranked it here

This explains a material increase in the tax provision through changes in worldwide income, equity-compensation benefits, and state taxes.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 6, 2026

[added] Income tax provision increased by $42.1 million or 73.9% primarily due to an increase in worldwide income before income tax provision that increased tax expense by $26.4 million, and a lower tax benefit from stock-based compensation of approximately $9.2 million, an increase of state tax expense by $11.8 million, and offset by the effects of other immaterial tax items of approximately $5.2 million. The income before income tax provision for the second quarter of fiscal 2026 was $500.2 million, which is an increase of $125.0 million or 33.4%.

Cite this change

"Income tax provision increased by $42.1 million or 73.9% primarily due to an increase in worldwide income before income tax provision that increased tax expense by $26.4 million, and a lower tax benefit from stock-based compensation of approximately $9.2 million, an increase of state tax expense by $11.8 million, and offset by the effects of other immaterial tax items of approximately $5.2 million."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

07AddedPart I, Item 2 › Critical Accounting Estimates

Summary · quote-checked

Added a paragraph defining critical accounting estimates and identifying inventories, revenue recognition, and income taxes as having the greatest potential impact.

The new paragraph adds substantive disclosure about accounting-estimate criteria and identified areas affecting the condensed consolidated financial statements.

Why the model ranked it here

The new disclosure identifies inventories, revenue recognition, and income taxes as the accounting estimates most capable of affecting reported financial results.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 6, 2026

[added] An accounting estimate is considered critical if both (i) the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment involved, and (ii) the impact within a reasonable range of outcomes of the estimates and assumptions is material to our condensed consolidated financial statements. Critical accounting estimates in the areas of inventories, revenue recognition, and income taxes, when applicable, have the greatest potential impact on our condensed consolidated financial statements. Therefore, we consider these to be our critical accounting estimates.

Cite this change

"Critical accounting estimates in the areas of inventories, revenue recognition, and income taxes, when applicable, have the greatest potential impact on our condensed consolidated financial statements."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

08AddedPart I, Item 2 › Financial Highlights

Summary · quote-checked

A new Financial Highlights table presents quarterly sales, profit, expenses, income, and diluted-share results.

The table newly appears, adding disclosure of financial results rather than merely updating values in an existing recurring table.

Filing text · FY2024 10-Q · filed Feb 25, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 6, 2026

|Three Months Ended December 31,2025 | 2024Net sales | $ | 12,682,491 | $ | 5,677,962Gross profit | $ | 798,567 | $ | 670,022Total operating expenses | $ | 324,269 | $ | 301,398Income from operations | $ | 474,298 | $ | 368,624Net income | $ | 400,564 | $ | 320,596Net income per diluted share | $ | 0.60 | $ | 0.51

Cite this change

"Net sales | $ | 12,682,491 | $ | 5,677,962"

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

Show all 10 in Part I, Item 2 (2 more, in filing order)

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

8 material removals

Part I, Item 2 · MD&A

5 of 8 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Interest Expense and Other Income (Expense), Net

Summary · quote-checked

The current report removes the explanation identifying term loans, credit lines, and 2029 Convertible Notes issuance costs as components of interest expense.

The removed paragraph disclosed specific debt-related obligations and the sources of interest expense, changing the substance of the MD&A disclosure.

Why the model ranked it here

The removal obscures the company’s debt-related funding sources and the basis of its interest expense.

Filing text · FY2024 10-Q · filed Feb 25, 2025

~~[removed] Interest expense represents interest expense on our term loans and lines of credit and amortization of the 2029 Convertible Notes issuance costs.~~

Filing text · FY2025 10-Q · filed Feb 6, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"Interest expense represents interest expense on our term loans and lines of credit and amortization of the 2029 Convertible Notes issuance costs."

Super Micro Computer,, Form 10-Q for FY2024, Part I, Item 2, accession 0001375365-25-000006, filed 25 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000006/smci-20241231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

02RemovedPart I, Item 2 › Net Sales

Summary · quote-checked

The filing removed the explanation that the decrease in subsystems and accessories net sales resulted from reallocating constrained components to systems.

The removed paragraph disclosed a specific supply-chain constraint and allocation decision driving reported sales, changing the substance of the MD&A narrative.

Why the model ranked it here

The removal conceals how supply-chain constraints and allocation decisions affected the mix of reported sales.

Filing text · FY2024 10-Q · filed Feb 25, 2025

[removed] The period-over-period decrease in net sales for our subsystems and accessories of 16.8% was primarily due to the focus on allocating certain supply chain constrained components to build and ship server and storage systems rather than selling them as parts of subsystems and accessories.

Filing text · FY2025 10-Q · filed Feb 6, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"The period-over-period decrease in net sales for our subsystems and accessories of 16.8% was primarily due to the focus on allocating certain supply chain constrained components to build and ship server and storage systems rather than selling them as parts of subsystems and accessories."

Super Micro Computer,, Form 10-Q for FY2024, Part I, Item 2, accession 0001375365-25-000006, filed 25 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000006/smci-20241231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

03RemovedPart I, Item 2 › Net Sales

Summary · quote-checked

The current filing removes the explanation that the decrease in subsystem and accessory net sales reflected allocation of constrained components to server and storage systems.

A stated MD&A result driver and supply-chain allocation dependency was removed, changing the substance of the reported explanation rather than merely updating periods or wording.

Why the model ranked it here

The removal conceals how supply-chain constraints and allocation decisions affected the mix of reported sales.

Filing text · FY2024 10-Q · filed Feb 25, 2025

[removed] The period-over-period decrease in net sales for our subsystems and accessories of 0.5% was primarily due to the focus on allocating certain supply chain constrained components to build and ship server and storage systems rather than selling them as parts of subsystems and accessories.

Filing text · FY2025 10-Q · filed Feb 6, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"The period-over-period decrease in net sales for our subsystems and accessories of 0.5% was primarily due to the focus on allocating certain supply chain constrained components to build and ship server and storage systems rather than selling them as parts of subsystems and accessories."

Super Micro Computer,, Form 10-Q for FY2024, Part I, Item 2, accession 0001375365-25-000006, filed 25 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000006/smci-20241231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

04RemovedPart I, Item 2 › Overview

Summary · quote-checked

Removed disclosure that competitor product cycles influence monitoring and research and development expenditures.

The removed paragraph described competitive dependencies and their effect on R&D investment, so its absence changes the substance of the MD&A disclosure.

Why the model ranked it here

The removal hides the company’s dependence on competitor product cycles when setting research and development spending.

Filing text · FY2024 10-Q · filed Feb 25, 2025

We commenced operations in 1993 and have been profitable every year since inception. For the three months ended December 31, 2024 and 2023, our net income was $320.6 million and $296.0 million, respectively. For the six months ended December 31, 2024 and 2023, our net income was $744.9 million and $453.0 million, respectively. In order to increase our sales and profits, we believe that we must continue to develop flexible and application optimized server and storage solutions and be among the first to market with new features and products and deliver Total IT Solutions that combine server, storage, networking and software that is integrated, validated and delivered at the rack and cluster (multi-rack) level. We must also continue to expand our software and customer service and support offerings, particularly as we increasingly focus on larger enterprise and large data center customers. Additionally, we must focus on development of our sales partners and distribution channels to further expand our market share. We measure our financial success based on various indicators, including growth in net sales, gross profit margin, operating margin, and growth in net income per common share. Among the key non-financial indicators of our success is our ability to rapidly introduce new products and deliver the latest application-optimized server and storage solutions. In this regard, we work closely with microprocessor and other key component vendors to take advantage of new technologies as they are introduced. Historically, our ability to introduce new products rapidly has allowed us to benefit from technology transitions such as the introduction of new GPUs, microprocessors and storage technologies. [removed] As a result, we monitor the product introduction cycles of NVIDIA Corporation, Intel Corporation, Advanced Micro Devices, Inc., Broadcom Inc., Samsung Electronics Company Limited, Micron Technology, Inc. and others closely and carefully. This also impacts our research and development expenditures as we continue to invest more in our current and future product development efforts.

Filing text · FY2025 10-Q · filed Feb 6, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"As a result, we monitor the product introduction cycles of NVIDIA Corporation, Intel Corporation, Advanced Micro Devices, Inc., Broadcom Inc., Samsung Electronics Company Limited, Micron Technology, Inc. and others closely and carefully. This also impacts our research and development expenditures as we continue to invest more in our current and future product development efforts."

Super Micro Computer,, Form 10-Q for FY2024, Part I, Item 2, accession 0001375365-25-000006, filed 25 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000006/smci-20241231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

05RemovedPart I, Item 2 › Net Sales

Summary · quote-checked

Removed discussion of product-life-cycle pricing and selling-price changes tied to key component costs.

The removed paragraph disclosed pricing dynamics and dependence on component costs, so its deletion changes the substance of the MD&A disclosure.

Why the model ranked it here

The removal obscures how product maturation and component costs influence pricing and competitiveness.

Filing text · FY2024 10-Q · filed Feb 25, 2025

[removed] As with most electronics-based product life cycles, average selling prices typically are highest at the time of introduction of new products that utilize the latest technology and tend to decrease over time as such products mature in the market and are replaced by next generation products. Additionally, in order to remain competitive throughout all industry cycles, we actively change our selling price per unit in response to changes in costs for key components such as CPUs, GPUs, SSDs and memory.

Filing text · FY2025 10-Q · filed Feb 6, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"As with most electronics-based product life cycles, average selling prices typically are highest at the time of introduction of new products that utilize the latest technology and tend to decrease over time as such products mature in the market and are replaced by next generation products. Additionally, in order to remain competitive throughout all industry cycles, we actively change our selling price per unit in response to changes in costs for key components such as CPUs, GPUs, SSDs and memory."

Super Micro Computer,, Form 10-Q for FY2024, Part I, Item 2, accession 0001375365-25-000006, filed 25 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000006/smci-20241231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

Show all 8 in Part I, Item 2 (3 more, in filing order)

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

43 material changes

Part I, Item 2 · MD&A

5 of 43 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Operating Activities

Summary · quote-checked

Operating cash flow changed from an increase to cash used, with revised amounts and drivers for the six-month comparison.

The paragraph changes the direction of operating cash flow and replaces the explanation of drivers, including inventory purchases, operational spending, compensation, and net income.

Why the model ranked it here

Operating cash flow reversed from cash generation to cash use, materially changing the company’s liquidity picture.

Filing text · FY2024 10-Q · filed Feb 25, 2025

Net cash ~~[removed] provided by~~ operating activities ~~[removed] increased by $493.7 million for~~ the six months ended December 31, [removed] 2024, as compared to the six months ended December 31, 2023. This increase was primarily driven by a $292.0 million increase in net income, a $179.6 million increase in working capital, and a $22.1 million increase in non-cash items. The cash provided by working capital was primarily driven by a $1,755.1 million increase in inventory due to higher shipment of inventory to fulfill customer demand, a $35.3 million increase in ~~[removed] accounts receivable due to cash collections, this was~~ offset by ~~[removed] a $1,386.5 million decrease in accounts payable due to timing of vendor payments, and a $224.3 million decrease in other operating assets and liabilities.~~

Filing text · FY2025 10-Q · filed Feb 6, 2026

Net cash [added] used in operating activities [added] during the six months ended December 31, [added] 2025 mostly consisted of $568.8 million net income adjusted for certain non-cash items, such as $179.6 million of stock-based compensation expense, $25.4 million of depreciation and amortization expense, and changes in working capital. The decrease in cash flows from operating activities during the six months ended December 31, 2025 compared to the six months ended December 31, 2024 was due to an increase in [added] inventory purchases, accounts receivables from customers, and other operational spending, partially offset by [added] higher stock-based compensation and an increase in net income.

Cite this change

"Net cash used in operating activities during the six months ended December 31, 2025 mostly consisted of $568.8 million net income adjusted for certain non-cash items, such as $179.6 million of stock-based compensation expense, $25.4 million of depreciation and amortization expense, and changes in working capital."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

02ChangedPart I, Item 2 › Financing Activities

Summary · quote-checked

Financing cash flow changed from a decrease driven by lower stock issuance and borrowings to an increase driven by net proceeds from credit lines and term loans.

The statement reverses the direction of financing cash flow and replaces the reported drivers, including new borrowing proceeds and withholding-tax amounts.

Why the model ranked it here

Financing cash flow shifted to an increase driven by proceeds from credit lines and term loans, indicating greater reliance on borrowing to fund cash needs.

Filing text · FY2024 10-Q · filed Feb 25, 2025

Net cash provided by financing activities ~~[removed] decreased by $969.6 million for~~ the six months ended December 31, [removed] 2024 as compared to the six months ended December 31, 2023. The decrease was primarily due to a decrease in issuance of common stock, net of issuing costs of $582.8 million, a decrease of $348.0 million in proceeds from borrowings, net of repayment and higher withholding tax payment for equity compensation related activities of $38.8 million.

Filing text · FY2025 10-Q · filed Feb 6, 2026

Net cash provided by financing activities [added] during the six months ended December 31, [added] 2025 mostly consisted of net proceeds from lines of credit and term loans of $115.4 million, partially offset by payment for withholding taxes related to settlement of equity awards of $71.1 million. The increase in cash provided by financing activities during the six months ended December 31, 2025 compared to the six months ended December 31, 2024, was mostly due to an increase in net proceeds from lines of credits and term loans.

Cite this change

"Net cash provided by financing activities during the six months ended December 31, 2025 mostly consisted of net proceeds from lines of credit and term loans of $115.4 million, partially offset by payment for withholding taxes related to settlement of equity awards of $71.1 million. The increase in cash provided by financing activities during the six months ended December 31, 2025 compared to the six months ended December 31, 2024, was mostly due to an increase in net proceeds from lines of credits and term loans."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

03ChangedPart I, Item 2 › Capital Expenditure Requirements

Summary · quote-checked

Projected capital expenditures changed from $76.0 million–$86.0 million for fiscal year 2025 to $200.0 million–$220.0 million for fiscal year 2026, and expected return on investment was removed.

The substantially different capital expenditure range changes the stated investment commitment, while removing expected return on investment changes the disclosed project-evaluation factors.

Why the model ranked it here

The planned capital-spending commitment expanded substantially while the disclosure of expected returns was removed, changing the stated investment burden and evaluation framework.

Filing text · FY2024 10-Q · filed Feb 25, 2025

We anticipate our capital expenditures for the remainder of fiscal year ~~[removed] 2025~~ will be in range of ~~[removed] $76.0~~ million to ~~[removed] $86.0 million, relating primarily~~ to costs associated with our global manufacturing capabilities, including tooling for new products, new information technology investments, and facilities upgrades and expansion. We will also continue to evaluate new business opportunities and new markets. As a result, our future growth within the existing business or new opportunities and markets may dictate the need for additional facilities and capital expenditures to support that growth. We evaluate capital expenditure projects based on a variety of factors, including expected strategic impacts (such as forecasted impact on ~~[removed] revenue~~ growth, productivity, expenses, service levels and customer ~~[removed] retention) and our expected return on investment.~~

Filing text · FY2025 10-Q · filed Feb 6, 2026

We anticipate our capital expenditures for the remainder of fiscal year [added] 2026 will be in range of [added] $200.0 million to [added] $220.0 million, primarily relating to costs associated with our global manufacturing capabilities, including tooling for new products, new information technology investments, and facilities upgrades and expansion. We will also continue to evaluate new business opportunities and new markets. As a result, our future growth within the existing business or new opportunities and markets may dictate the need for additional facilities and capital expenditures to support that growth. We evaluate capital expenditure projects based on a variety of factors, including expected strategic impacts (such as forecasted impact on [added] net sales growth, productivity, expenses, service levels and customer [added] retention).

Cite this change

"We anticipate our capital expenditures for the remainder of fiscal year 2026 will be in range of $200.0 million to $220.0 million, primarily relating to costs associated with our global manufacturing capabilities, including tooling for new products, new information technology investments, and facilities upgrades and expansion."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

04ChangedPart I, Item 2 › Other Income, Net, Interest Income, and Interest Expense

Summary · quote-checked

Interest expense drivers changed from higher loan balances and 2029 Convertible Note charges to convertible-note amendments, new issuances, and repayment of bank debt.

The paragraph now identifies new or amended convertible notes and fully repaid bank debt, changing the disclosed financing obligations and drivers of interest expense.

Why the model ranked it here

New and amended convertible notes replaced prior financing disclosures while bank debt was repaid, materially changing the company’s financing obligations and interest-cost drivers.

Filing text · FY2024 10-Q · filed Feb 25, 2025

The ~~[removed] $7.6 million~~ increase in ~~[removed] other income (expense), net and~~ interest expense was primarily ~~[removed] attributable to a $21.5 million~~ increase in ~~[removed] other income, driven by an $13.2 million increase in interest income and a foreign exchange gain of $6.3 million due to a strengthening US dollar. The increase~~ in interest expense ~~[removed] of $13.9 million was driven by overall higher loan balances and $3.0 million in 2029 Convertible Note charges.~~

Filing text · FY2025 10-Q · filed Feb 6, 2026

The [added] $18.8 million or 289.2% increase in interest expense was primarily [added] driven by a $22.7 million or 2012.3% increase in [added] interest and amortization related to the amendment of the 2029 Convertible Notes and new issuance of the 2028 Convertible Notes and the 2030 Convertible Notes during the second half of fiscal 2025. This increase was partially offset by a $3.6 million or 70.6% decrease in interest expense [added] associated with our Bank of America line of credit and term loans, which were fully repaid in November 2024.

Cite this change

"The $18.8 million or 289.2% increase in interest expense was primarily driven by a $22.7 million or 2012.3% increase in interest and amortization related to the amendment of the 2029 Convertible Notes and new issuance of the 2028 Convertible Notes and the 2030 Convertible Notes during the second half of fiscal 2025. This increase was partially offset by a $3.6 million or 70.6% decrease in interest expense associated with our Bank of America line of credit and term loans, which were fully repaid in November 2024."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

05ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Liquidity drivers now include customer requests for longer payment terms tied to increasing system costs, alongside updated cash balances and reporting periods.

The added customer-payment-term driver substantively changes the stated liquidity factors. Updated dates and cash figures are calendar roll-forwards, but the new driver makes the change material.

Why the model ranked it here

Customers are now requesting longer payment terms because of rising system costs, adding a new working-capital and liquidity pressure.

Filing text · FY2024 10-Q · filed Feb 25, 2025

We have financed our growth primarily with funds generated from operations, utilizing borrowing ~~[removed] facilities and~~ selling our common stock, and issuing convertible notes. ~~[removed] Our recent~~ drivers of liquidity changes ~~[removed] have~~ included an increase in the need for working capital due to higher levels of inventory required to support ~~[removed] our growing revenues~~ and to a lesser ~~[removed] extent,~~ longer supply chain lead times on certain key components. Our cash and cash equivalents were ~~[removed] $1.4~~ billion and ~~[removed] $1.7~~ billion as of December 31, ~~[removed] 2024~~ and June 30, ~~[removed] 2024,~~ respectively. Our cash and cash equivalents in foreign locations ~~[removed] were $325.8~~ million and ~~[removed] $337.3~~ million as of December 31, ~~[removed] 2024~~ and June 30, ~~[removed] 2024,~~ respectively.

Filing text · FY2025 10-Q · filed Feb 6, 2026

We have financed our growth primarily with funds generated from operations, [added] as well as utilizing borrowing [added] facilities, selling our common stock, and issuing convertible notes. [added] Recent drivers of liquidity changes included an increase in the need for working capital due to higher levels of inventory required to support [added] future growing revenues, greater requests for longer payment terms from customers due to increasing system costs and to a lesser [added] extent longer supply chain lead times on certain key components. Our cash and cash equivalents were [added] $4.1 billion and [added] $5.2 billion as of December 31, [added] 2025 and June 30, [added] 2025, respectively. Our cash and cash equivalents [added] held in foreign locations [added] was $616.3 million and [added] $607.2 million as of December 31, [added] 2025 and June 30, [added] 2025, respectively.

Cite this change

"Recent drivers of liquidity changes included an increase in the need for working capital due to higher levels of inventory required to support future growing revenues, greater requests for longer payment terms from customers due to increasing system costs and to a lesser extent longer supply chain lead times on certain key components."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-26-000007, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000007/smci-20251231.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000007?ref=quote

Show all 43 in Part I, Item 2 (38 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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