Reports › SMCI › 10-Q FY2026

SEC filings, compared

What changed in Super Micro Computer,'s 10-Q for the quarter ended March 31, 2026

Compared with the 10-Q for the quarter ended March 31, 2025. 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: 0001375365-26-000014 ↗ · filed May 11, 2026
Compared with: 0001375365-25-000014 ↗ · filed May 12, 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

52 material changes among 81 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	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	10,243,014,000USD · Jan 1, 2026 to Mar 31, 2026	4,599,913,000USD · Jan 1, 2025 to Mar 31, 2025	+5,643,101,000+122.7%
Net income or lossus-gaap:NetIncomeLoss	483,387,000USD · Jan 1, 2026 to Mar 31, 2026	108,777,000USD · Jan 1, 2025 to Mar 31, 2025	+374,610,000+344.4%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	1,290,324,000USD · at Mar 31, 2026	2,536,101,000USD · at Mar 31, 2025	−1,245,777,000−49.1%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	(7,556,847,000)USD · Jul 1, 2025 to Mar 31, 2026	795,911,000USD · Jul 1, 2024 to Mar 31, 2025	−8,352,758,000−1,049.5%

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. FY2026: 0001375365-26-000014 · FY2025: 0001375365-25-000014

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

8 material additions

Part I, Item 2 · MD&A

8 of 8 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Financial Highlights

Summary · quote-checked

Added a Financial Highlights table presenting quarterly operating results and per-share income for 2026 and 2025.

A newly appearing numeric table is material under the rubric because it introduces a new disclosed financial-results presentation, rather than merely updating an existing recurring table.

Filing text · FY2025 10-Q · filed May 12, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 11, 2026

|Three Months Ended March 31,2026 | 2025Net sales | $ | 10,243,014 | $ | 4,599,913Gross profit | $ | 1,018,680 | $ | 440,218Total operating expenses | $ | 392,812 | $ | 293,438Income from operations | $ | 625,868 | $ | 146,780Net income | $ | 483,387 | $ | 108,777Net income per diluted share | $ | 0.72 | $ | 0.17

Cite this change

"Three Months Ended March 31, 2026 | 2025 Net sales | $ | 10,243,014 | $ | 4,599,913 Gross profit | $ | 1,018,680 | $ | 440,218 Total operating expenses | $ | 392,812 | $ | 293,438 Income from operations | $ | 625,868 | $ | 146,780 Net income | $ | 483,387 | $ | 108,777 Net income per diluted share | $ | 0.72 | $ | 0.17"

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

02AddedPart 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 potentially impactful areas.

The new paragraph introduces accounting-estimate disclosure and identifies specific financial-statement areas, changing the substance of the MD&A disclosures.

Filing text · FY2025 10-Q · filed May 12, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 11, 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

"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."

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

03AddedPart I, Item 2 › Cost of Sales, Gross Profit, and Gross Margin

Summary · quote-checked

Added disclosure of related-party suppliers, outsourced manufacturing, design collaboration, intellectual property rights, and associated cost-of-sales percentages.

The new paragraph identifies key suppliers and contract manufacturers, related-party dependencies, outsourced production, and supplier spending concentrations, changing the disclosed manufacturing and supply-chain exposure.

Filing text · FY2025 10-Q · filed May 12, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 11, 2026

[added] We use several suppliers and contract manufacturers to design and manufacture subsystems in accordance with our specifications, with most final assembly and testing performed at our manufacturing facilities in the region where our products are sold. We work with Ablecom, one of our key contract manufacturers and a related party, for our chassis and certain other components. We also outsource a significant part of the manufacturing of certain components, particularly power supplies, to Compuware, also a related party. We also collaborate on design and development activities with Ablecom and Compuware, where we substantially fund the design costs and retain the intellectual property rights. Our purchases of products from Ablecom and Compuware combined represented 2.2% and 2.1% of cost of sales on our condensed consolidated statements of operations for the three and nine months ended March 31, 2026, respectively, and 2.8% and 3.4% of cost of sales on our condensed consolidated statements of operations for the three and nine months ended March 31, 2025, respectively. For further details on our dealings with related parties, see Note 11, "Related Party Transactions" in the notes to the condensed consolidated financial statements.

Cite this change

"We use several suppliers and contract manufacturers to design and manufacture subsystems in accordance with our specifications, with most final assembly and testing performed at our manufacturing facilities in the region where our products are sold. We work with Ablecom, one of our key contract manufacturers and a related party, for our chassis and certain other components. We also outsource a significant part of the manufacturing of certain components, particularly power supplies, to Compuware, also a related party. We also collaborate on design and development activities with Ablecom and Compuware, where we substantially fund the design costs and retain the intellectual property rights. Our purchases of products from Ablecom and Compuware combined represented 2.2% and 2.1% of cost of sales on our condensed consolidated statements of operations for the three and nine months ended March 31, 2026, respectively, and 2.8% and 3.4% of cost of sales on our condensed consolidated statements of operations for the three and nine months ended March 31, 2025, respectively. For further details on our dealings with related parties, see Note 11, "Related Party Transactions" in the notes to the condensed consolidated financial statements."

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

04AddedPart I, Item 2 › Cost of Sales, Gross Profit, and Gross Margin

Summary · quote-checked

Added a statement that gross margin remained relatively flat year over year for the three months ended March 31, 2026.

The new paragraph discloses a substantive gross-margin result, rather than merely rolling forward dates or presenting recurring boilerplate.

Filing text · FY2025 10-Q · filed May 12, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 11, 2026

[added] Gross margin remained relatively flat for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.

Cite this change

"Gross margin remained relatively flat for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025."

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

05AddedPart I, Item 2 › Other Income (Expense), Net, Interest Income, and Interest Expense

Summary · quote-checked

Added an explanation attributing higher interest income to increased cash deposits funded by convertible notes and customer financing arrangements.

The new paragraph discloses financing instruments and a customer financing arrangement as drivers of interest income, adding substantive information about funding sources and dependencies.

Filing text · FY2025 10-Q · filed May 12, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 11, 2026

[added] The $30.7 million or 208.8% increase in interest income for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily driven by higher interest income as a result of increased cash deposits funded by the proceeds from our convertible notes issuance and financing arrangements with a customer.

Cite this change

"The $30.7 million or 208.8% increase in interest income for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily driven by higher interest income as a result of increased cash deposits funded by the proceeds from our convertible notes issuance and financing arrangements with a customer."

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

06AddedPart I, Item 2 › Other Income (Expense), Net, Interest Income, and Interest Expense

Summary · quote-checked

Added explanation attributes higher interest income to increased cash deposits funded by convertible notes and customer financing arrangements.

The new paragraph discloses financing arrangements and a convertible notes issuance as drivers of cash deposits and interest income, introducing substantive financing dependencies.

Filing text · FY2025 10-Q · filed May 12, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 11, 2026

[added] The $116.4 million or 370.7% increase in interest income for the nine months ended March 31, 2026, as compared to the nine months ended March 31, 2025, was primarily driven by higher interest income as a result of increased cash deposits funded by the proceeds from our convertible notes issuance and financing arrangements with a customer.

Cite this change

"The $116.4 million or 370.7% increase in interest income for the nine months ended March 31, 2026, as compared to the nine months ended March 31, 2025, was primarily driven by higher interest income as a result of increased cash deposits funded by the proceeds from our convertible notes issuance and financing arrangements with a customer."

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

07AddedPart I, Item 2 › Income Tax Provision

Summary · quote-checked

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

The new paragraph discloses a changed tax expense and identifies multiple drivers, including worldwide income, stock-based compensation, and research tax credits.

Filing text · FY2025 10-Q · filed May 12, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 11, 2026

[added] Income tax provision increased by $121.1 million or 2,087.9% primarily due to an increase in worldwide income before income tax provision that increased tax expense by $104.1 million, a lower tax benefit from stock-based compensation of approximately $11.5 million, a lower tax benefit from U.S. federal research tax credit of $3.5 million, and other miscellaneous immaterial tax items of approximately $2.0 million. The income before income tax provision for the third quarter of fiscal 2026 was $611.0 million, which is an increase of $495.9 million or 431.0%.

Cite this change

"Income tax provision increased by $121.1 million or 2,087.9% primarily due to an increase in worldwide income before income tax provision that increased tax expense by $104.1 million, a lower tax benefit from stock-based compensation of approximately $11.5 million, a lower tax benefit from U.S. federal research tax credit of $3.5 million, and other miscellaneous immaterial tax items of approximately $2.0 million."

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

08AddedPart I, Item 2 › Contractual Obligations

Summary · quote-checked

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

The new paragraph introduces substantive obligations and quantified commitments, changing the filing’s disclosure of liabilities and contractual commitments.

Filing text · FY2025 10-Q · filed May 12, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 11, 2026

[added] Our estimated future obligations as of March 31, 2026, include both current and long-term obligations. For our long-term debt, as noted in Note 8, "Lines of Credit, Revolving Credit Facilities, and Term Loans" in the notes to the condensed consolidated financial statements, we have a current obligation of $2,095.1 million and a long-term obligation of $2,018.7 million. Additionally, as noted in Note 9, "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 10, "Leases" in the notes to the condensed consolidated financial statements, we have a current obligation of $32.7 million and a long-term obligation of $345.4 million. As noted in Note 14, "Commitments and Contingencies", in the notes to the condensed consolidated financial statements, we have current obligations related to non-cancelable purchase commitments of $10.1 billion.

Cite this change

"Our estimated future obligations as of March 31, 2026, include both current and long-term obligations."

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

What the company no longer says

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

6 material removals

Part I, Item 2 · MD&A

5 of 6 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Nets Sales by Product Type

Summary · quote-checked

The current filing removes the table reporting net sales by product type and related period-over-period changes.

Removal eliminates disclosure of product-category sales, percentages of total sales, and related changes; the table’s disappearance is substantively different from a recurring value update.

Why the model ranked it here

The removal obscures product-category sales, their contribution to total sales, and changes in the company’s revenue mix.

Filing text · FY2025 10-Q · filed May 12, 2025

~~[removed] |[removed] Three Months Ended March 31, | Change | Nine Months Ended March 31, | Change[removed] 2025 | 2024 | $ | % | 2025 | 2024 | $ | %[removed] Server and storage systems | $ | 4,458.9 | $ | 3,698.5 | $ | 760.4 | 20.6 | % | $ | 15,693.8 | $ | 9,100.7 | $ | 6,593.1 | 72.4 | %[removed] Percentage of total net sales | 96.9 | % | 96.1 | % | 96.8 | % | 94.5 | %[removed] Subsystems and accessories | $ | 141.0 | $ | 151.6 | $ | (10.6) | (7.0) | % | $ | 521.3 | $ | 534.0 | $ | (12.7) | (2.4) | %[removed] Percentage of total net sales | 3.1 | % | 3.9 | % | 3.2 | % | 5.5 | %[removed] Total net sales | $ | 4,599.9 | $ | 3,850.1 | $ | 749.8 | 19.5 | % | $ | 16,215.1 | $ | 9,634.7 | $ | 6,580.4 | 68.3 | %~~

Filing text · FY2026 10-Q · filed May 11, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Total net sales | $ | 4,599.9 | $ | 3,850.1 | $ | 749.8 | 19.5 | % | $ | 16,215.1 | $ | 9,634.7 | $ | 6,580.4 | 68.3 | %"

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000014, filed 12 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000014/smci-20250331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

02RemovedPart I, Item 2 › Cost of Sales

Summary · quote-checked

The current filing removes the explanation that attributed the gross margin decrease to pricing strategy, competition, product mix and customer mix.

A substantive MD&A explanation of gross-margin pressure and its stated drivers was removed, changing the disclosure about reported results.

Why the model ranked it here

The filing no longer explains whether gross-margin pressure reflected pricing, competition, product mix, or customer mix.

Filing text · FY2025 10-Q · filed May 12, 2025

[removed] The 5.9% decrease in the gross margin percentage was primarily due to our strategy to offer competitive pricing to gain market share, increased competition, a shift in product focus towards modular system designs that offer scalability and flexibility to meet the diverse needs of data centers, and a change in customer mix, including an increased presence in international markets.

Filing text · FY2026 10-Q · filed May 11, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The 5.9% decrease in the gross margin percentage was primarily due to our strategy to offer competitive pricing to gain market share, increased competition, a shift in product focus towards modular system designs that offer scalability and flexibility to meet the diverse needs of data centers, and a change in customer mix, including an increased presence in international markets."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000014, filed 12 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000014/smci-20250331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

03RemovedPart I, Item 2 › Nets Sales by Product Type

Summary · quote-checked

Removed the explanation that higher server and storage system sales were driven by demand for GPU servers, HPC, and rack-scale solutions, increasing ASP.

The removed MD&A sentence stated specific drivers of increased sales and ASP; dropping those drivers substantively changes the reported-results narrative.

Why the model ranked it here

Removing the explanation for server and storage system growth conceals the stated role of GPU servers, high-performance computing, and rack-scale solutions in reported results.

Filing text · FY2025 10-Q · filed May 12, 2025

[removed] The $6,593.1 million increase in net sales of our server and storage systems was primarily driven by an increase in the demand from customers for GPU servers, HPC, and rack-scale solutions which are generally more complex and of higher value, resulting in an increase of ASP.

Filing text · FY2026 10-Q · filed May 11, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The $6,593.1 million increase in net sales of our server and storage systems was primarily driven by an increase in the demand from customers for GPU servers, HPC, and rack-scale solutions which are generally more complex and of higher value, resulting in an increase of ASP."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000014, filed 12 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000014/smci-20250331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

04RemovedPart I, Item 2 › Nets Sales by Product Type

Summary · quote-checked

Removed the explanation that a decrease in subsystem and accessory sales resulted from allocating constrained components to server and storage systems.

The removed paragraph stated both the sales decline and its supply-chain allocation driver; removing that substantive MD&A explanation changes the disclosure beyond a period or wording update.

Why the model ranked it here

The filing no longer discloses that constrained components were allocated to server and storage systems instead of subsystem and accessory sales.

Filing text · FY2025 10-Q · filed May 12, 2025

[removed] The $10.6 million decrease in net sales for our subsystems and accessories of 7.0% 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 · FY2026 10-Q · filed May 11, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The $10.6 million decrease in net sales for our subsystems and accessories of 7.0% 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 FY2025, Part I, Item 2, accession 0001375365-25-000014, filed 12 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000014/smci-20250331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

05RemovedPart I, Item 2 › Nets Sales by Product Type

Summary · quote-checked

The filing removed the description of server and storage systems as assemblies of subsystems, accessories and related services.

The removed paragraph disclosed the composition of a product category; its absence changes the substance of the product-description disclosure, not merely wording or formatting.

Filing text · FY2025 10-Q · filed May 12, 2025

[removed] Server and storage systems constitute an assembly and integration of subsystems and accessories and related services. Subsystems and accessories are comprised of server-boards, chassis and accessories.

Filing text · FY2026 10-Q · filed May 11, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Server and storage systems constitute an assembly and integration of subsystems and accessories and related services. Subsystems and accessories are comprised of server-boards, chassis and accessories."

Super Micro Computer,, Form 10-Q for FY2025, Part I, Item 2, accession 0001375365-25-000014, filed 12 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536525000014/smci-20250331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

Show all 6 in Part I, Item 2 (1 more, in filing order)

What the company says differently

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

38 material changes

Part I, Item 2 · MD&A

5 of 38 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The updated cash-flow table reports operating cash used instead of provided and a net cash decrease instead of an increase.

Although the table rolls forward periods, operating cash flow and overall cash movement reverse direction, changing the filing’s liquidity assertion under the Figures rule.

Why the model ranked it here

Operating cash flow and total cash movement now run in the opposite direction, materially changing the liquidity picture.

Filing text · FY2025 10-Q · filed May 12, 2025

|Nine Months Ended March 31, | Change~~[removed] 2025 | 2024~~ | $Net cash ~~[removed] provided by~~ (used in) operating activities | $ | ~~[removed] 795.9~~ | $ | ~~[removed] (1,838.2)~~ | $ | ~~[removed] 2,634.1~~Net cash used in investing activities | ~~[removed] $~~ | (104.5) | ~~[removed] $ | (138.0) | $ | 33.5~~Net cash provided by financing activities | ~~[removed] $~~ | 174.6 | ~~[removed] $ | 3,652.8 | $ | (3,478.2)~~Effect of exchange rate fluctuations on cash | ~~[removed] $~~ | 0.8 | ~~[removed] $ | (1.6) | $ | 2.4[removed] Net~~ increase in cash, cash equivalents and restricted cash | $ | ~~[removed] 866.8~~ | $ | ~~[removed] 1,675.0~~ | $ | ~~[removed] (808.2)~~

Filing text · FY2026 10-Q · filed May 11, 2026

|Nine Months Ended March 31, | Change2026 | 2025 | $Net cash (used in) provided by operating activities | $ | (7,556.8) | $ | 795.9 | $ | (8,352.7)Net cash used in investing activities | (175.8) | (104.5) | (71.3)Net cash provided by financing activities | 3,906.8 | 174.6 | 3,732.2Effect of exchange rate fluctuations on cash | (6.6) | 0.8 | (7.4)Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (3,832.4) | $ | 866.8 | $ | (4,699.2)

Cite this change

"Net cash (used in) provided by operating activities | $ | (7,556.8) | $ | 795.9 | $ | (8,352.7)"

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

02ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Liquidity drivers now include customer requests for longer payment terms due to increasing system costs, alongside revised inventory wording and updated cash balances.

The added customer-payment-term dependency and stated cause introduce new liquidity exposure; this is substantive beyond wording changes and period roll-forward figures.

Why the model ranked it here

Customer requests for longer payment terms tied to higher system costs add a new working-capital dependency to the liquidity discussion.

Filing text · FY2025 10-Q · filed May 12, 2025

We have financed our growth primarily ~~[removed] through~~ funds generated from operations, ~~[removed] borrowing facilities, the sale of~~ our common stock, and ~~[removed] the issuance of~~ convertible notes. Recent ~~[removed] factors contributing to changes in liquidity include an increased~~ need for working capital ~~[removed] to support higher inventory levels required for our growing revenues and,~~ to a lesser ~~[removed] extent,~~ longer supply chain lead times ~~[removed] for~~ certain key components. Our cash and cash equivalents were ~~[removed] $2.5~~ billion and ~~[removed] $1.7~~ billion as of March 31, ~~[removed] 2025~~ and June 30, ~~[removed] 2024, respectively. Of these amounts,~~ cash and cash equivalents held in foreign locations ~~[removed] were $728.1~~ million and ~~[removed] $337.3~~ million as of March 31, ~~[removed] 2025~~ and June 30, ~~[removed] 2024,~~ respectively.

Filing text · FY2026 10-Q · filed May 11, 2026

We have financed our growth primarily [added] with funds generated from operations, [added] as well as utilizing borrowing facilities, selling our common stock, and [added] issuing convertible notes. Recent [added] drivers of liquidity changes included an increase in the need for working capital [added] due to higher levels of inventory required to support future revenue growth, greater requests for longer payment terms from customers due to increasing system costs and to a lesser [added] extent longer supply chain lead times [added] on certain key components. Our cash and cash equivalents were [added] $1.3 billion and [added] $5.2 billion as of March 31, [added] 2026 and June 30, [added] 2025, respectively. Our cash and cash equivalents held in foreign locations [added] was $617.3 million and [added] $607.2 million as of March 31, [added] 2026 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 revenue growth, 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 FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

03ChangedPart I, Item 2 › Other Income (Expense), Net, Interest Income, and Interest Expense

Summary · quote-checked

Interest expense increased substantially, with new convertible-note activity and revolving-credit drawdowns replacing the prior explanation focused on existing notes and reduced credit-line utilization.

The paragraph changes the reported magnitude and drivers, adding new convertible notes, revolving-credit drawdowns, and fully repaid facilities; these are substantive financing and interest-expense disclosures.

Why the model ranked it here

Higher interest expense is now linked to newly issued convertible notes and revolving-credit drawdowns, materially changing the financing burden disclosed.

Filing text · FY2025 10-Q · filed May 12, 2025

The increase in interest expense ~~[removed] of $7.2 million~~ was primarily driven by ~~[removed] interest charges on~~ the 2029 Convertible Notes and 2028 Convertible Notes ~~[removed] of $11.5 million, which was~~ partially offset by decrease in interest ~~[removed] expenses~~ associated with ~~[removed] the Company's reduced utilization of its lines~~ of credit ~~[removed] of $4.3 million.~~

Filing text · FY2026 10-Q · filed May 11, 2026

The [added] $77.5 million or 207.8% increase in interest expense was primarily driven by [added] a $56.3 million or 377.3% increase in interest and amortization related to the amendment of the 2029 Convertible Notes and [added] new issuance of the 2028 Convertible Notes [added] and the 2030 Convertible Notes during the second half of fiscal 2025, as well as $34.6 million additional interest expense related to the drawdown on our revolving credit facilities during the third quarter of fiscal 2026. These increases were partially offset by [added] a $10.6 million decrease in interest [added] expense associated with [added] our Bank of America and Cathay line of credit [added] and term loans, which were fully repaid during the first half of fiscal 2025.

Cite this change

"The $77.5 million or 207.8% increase in interest expense was primarily driven by a $56.3 million or 377.3% 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, as well as $34.6 million additional interest expense related to the drawdown on our revolving credit facilities during the third quarter of fiscal 2026. These increases were partially offset by a $10.6 million decrease in interest expense associated with our Bank of America and Cathay line of credit and term loans, which were fully repaid during the first half of fiscal 2025."

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

04ChangedPart I, Item 2 › Other Factors Affecting Liquidity and Capital Resources

Summary · quote-checked

The disclosure replaces transaction details with a note reference and newly identifies the issuance of the 2030 Convertible Notes.

The newly named 2030 Convertible Notes indicate an additional debt instrument, while the prior disclosure specified the 2028 issuance and 2029 amendments.

Why the model ranked it here

The filing now identifies an additional convertible-note issuance, changing the disclosed debt structure and obligations.

Filing text · FY2025 10-Q · filed May 12, 2025

[removed] On February 20, 2025, we (i) closed the offering of $700.0 million aggregate principal amount of 2028 Convertible Notes and (ii) executed a first supplemental indenture and second supplemental indenture governing to the 2029 Convertible Notes, pursuant to which, among other things, the Company amended certain terms of, and obtained waivers with respect to, the Original 2029 Convertible Notes. Refer to Note ~~[removed] 7~~ "Convertible Notes", in ~~[removed] our~~ notes to the condensed consolidated financial statements in this Quarterly Report for further information on the ~~[removed] issuance~~ of the ~~[removed] 2028 Convertible Notes~~ and the ~~[removed] amendment~~ of the ~~[removed] terms of the 2029~~ Convertible Notes.

Filing text · FY2026 10-Q · filed May 11, 2026

Refer to Note [added] 9, "Convertible Notes", in [added] the notes to the condensed consolidated financial statements in this Quarterly Report for further information on the [added] amendment of the [added] terms of the 2029 Convertible Notes, and the [added] issuance of the [added] 2028 Convertible Notes and the 2030 Convertible Notes.

Cite this change

"Refer to Note 9, "Convertible Notes", in the notes to the condensed consolidated financial statements in this Quarterly Report for further information on the amendment of the terms of the 2029 Convertible Notes, and the issuance of the 2028 Convertible Notes and the 2030 Convertible Notes."

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

05ChangedPart I, Item 2 › Macroeconomic Factors

Summary · quote-checked

Macroeconomic disclosure was recast to state realized and continuing impacts on demand, supply chains, manufacturing costs, wages, capital equipment, and investments.

The current paragraph changes hypothetical impacts to impacts that have occurred and adds specific affected costs and investment values, substantively changing the disclosure.

Why the model ranked it here

Macroeconomic pressures are now described as having affected demand, supply chains, costs, and results rather than merely posing potential risks.

Filing text · FY2025 10-Q · filed May 12, 2025

[removed] Our business, results of operations, and financial outlook have been, and may continue to be, impacted by adverse macroeconomic conditions and uncertainties. These challenges include labor shortages, global supply chain [removed] disruptions, tariffs, inflation, higher interest rates, fluctuations in capital markets, and ongoing global economic and geopolitical developments. These challenges could, among other things, impact demand for our products [removed] as well as our ability to supply products, both of which could impact net sales, affect our operating costs due to foreign exchange rate movements and impact our margins due to exogenous factors such as new and increased tariffs. While many of these macroeconomic factors could have a long-term impact, others may have a short-term impact which could lead to our financial results not being comparable on a ~~[removed] period to period~~ basis.

Filing text · FY2026 10-Q · filed May 11, 2026

[added] Macroeconomic factors, including inflation, interest rate changes, capital market volatility, global supply chain [added] constraints, tariffs, and global economic and geopolitical developments, have had and may continue to have direct and indirect impacts on our business and results of operations, particularly demand for our products [added] and net sales. While difficult to isolate and quantify, these macroeconomic factors have also impacted and may continue to impact our supply chain and manufacturing costs, employee wages, costs for capital equipment and value of our investments. Further, while many of these macroeconomic factors could have a long-term impact, others may have a short-term impact which could lead to our financial results not being comparable on a [added] period-to-period basis.

Cite this change

"Macroeconomic factors, including inflation, interest rate changes, capital market volatility, global supply chain constraints, tariffs, and global economic and geopolitical developments, have had and may continue to have direct and indirect impacts on our business and results of operations, particularly demand for our products and net sales."

Super Micro Computer,, Form 10-Q for FY2026, Part I, Item 2, accession 0001375365-26-000014, filed 11 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1375365/000137536526000014/smci-20260331.htm

Comparison: https://yearover.com/reports/smci/0001375365-26-000014?ref=quote

Show all 38 in Part I, Item 2 (33 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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