Super Micro Computer, Inc. stock research
FY2025 Q4
Super Micro Computer (SMCI) Gross Margin — Quarter Ended Jun 30, 2025
Revenue increased compared to both the prior quarter and the same quarter last year, while gross profit was higher than the prior quarter but slightly lower than a year ago. Cost of revenue rose relative to both periods, and gross margin weakened slightly from the prior quarter and more notably from the same quarter last year.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q4
Revenue increased compared to both the prior quarter and the same quarter last year, while gross profit was higher than the prior quarter but slightly lower than a year ago. Cost of revenue rose relative to both periods, and gross margin weakened slightly from the prior quarter and more notably from the same quarter last year.
- The strongest observable driver is the relationship between revenue growth and cost of revenue growth; revenue increased while gross margin declined, indicating that cost of revenue grew at a faster pace than revenue.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, but gross margin was slightly lower. Versus the same quarter one year earlier, revenue was higher, gross profit was slightly lower, and gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
9.5%
Gross profit
$544.1M
Revenue
$5.8B
Cost of revenue
$5.2B
Quarter-over-quarter change
-0.1 pts
Year-over-year change
-0.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2024 | $5.9B | $775.6M | $5.2B | 13.1% |
| Dec 31, 2024 | $5.7B | $670.0M | $5.0B | 11.8% |
| Mar 31, 2025 | $4.6B | $440.2M | $4.2B | 9.6% |
| Jun 30, 2025 | $5.8B | $544.1M | $5.2B | 9.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
-0.1 pts
Year-over-year change
Jun 30, 2024
-0.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver is the relationship between revenue growth and cost of revenue growth; revenue increased while gross margin declined, indicating that cost of revenue grew at a faster pace than revenue.
Compared to the immediately preceding quarter, revenue and gross profit were higher, but gross margin was slightly lower. Versus the same quarter one year earlier, revenue was higher, gross profit was slightly lower, and gross margin was lower.
Monitor the trajectory of cost of revenue relative to revenue, as its faster growth is compressing gross margin.