Super Micro Computer Beats Q4 Earnings Expectations, Guides Higher for FY27

SMCI reported fiscal fourth-quarter non-GAAP earnings of $1.70 a share, roughly double the analyst consensus in the $0.92 to $0.96 range. Revenue of $11.11 billion came in below the $11.60 billion analysts expected, but the profitability line, not the top line, drove the reaction: the stock rose about 9% after the print.

Margin was the surprise. Gross margin came in near 17.5% against prior company guidance of roughly 8.2% to 8.4%, which Super Micro attributed to a more favorable customer and product mix. That is the swing factor for a business that has spent two years trading volume growth for thin server-assembly economics, and it is why an EPS beat coexisted with a revenue miss.

Guidance was the second leg. The company set fiscal 2027 revenue of $65 billion to $72 billion, far above the roughly $53 billion analysts modeled and a step up from FY26 revenue of $39.1 billion, itself 78% growth. Management pointed to more than $60 billion of new orders booked during the quarter and a record backlog entering the new fiscal year.

The distance between a guided $65 billion to $72 billion and a delivered $11.1 billion quarter is what the next few prints will test. Sustaining a mid-teens gross margin as mix normalizes, converting backlog into shipped revenue against GPU and memory supply, and funding working capital at that revenue scale are the specific items to watch.

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