Super Micro Computer, Inc. (SMCI) Cash Flow Statement
Where SMCI’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- −$6.81B −510.4% vs FY2025
- Capital expenditures
- $162.0M 0.4% of revenue
- Free cash flow
- −$6.97B −17.8% margin
- Returned to shareholders
- $996,000
- Change in cash
- $2.35B cash at year-end $7.52B
Cash from operations
−$6.81B
Capital expenditures
−$162.0M
Investments (net)
−$38.3M
Net borrowing (repayment)
+$3.95B
Shares issued
+$5.64B
Other financing
−$107.1M
Currency & other
−$118.0M
Change in cash
$2.35B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SMCI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SMCI cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$96.2MFY2017 | −$6.81BFY2026 | — | |
| Capital expenditures | $29.4MFY2017 | $162.0MFY2026 | +20.9%/yr | |
| Free cash flow | −$125.6MFY2017 | −$6.97BFY2026 | — | |
| Free cash flow margin | −5.1%FY2017 | −17.8%FY2026 | −12.8 pts | |
| Operating cash flow / net income | −1.44FY2017 | −3.05FY2026 | −1.61 | |
| Stock-based compensation | $24.7MFY2018 | $412.1MFY2026 | +42.2%/yr | |
| Dividends paid | $20.1MFY2020 | $30.5MFY2023 | +14.9%/yr | |
| Share buybacks (net) | $18.5MFY2017 | $996,000FY2026 | −27.7%/yr | |
| Capex / revenue | 1.2%FY2017 | 0.4%FY2026 | −0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SMCI cash flow by activity
OperatingInvestingFinancingChange in cash
SMCI net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SMCI cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.23B | $1.05B | $1.21B | $640.0M | $285.2M | $111.9M | $84.3M | $71.9M | $46.2M | $66.9M |
| Depreciation & amortization | $116.2M | $58.3M | $41.0M | $34.9M | $32.5M | $28.2M | $28.5M | $24.2M | $21.8M | $16.4M |
| Stock-based compensation | $412.1M | $314.5M | $228.2M | $54.4M | $32.8M | $28.5M | $20.2M | $21.2M | $24.7M | — |
| Change in working capital | −$9.65B | $390.0M | −$3.75B | $26.9M | −$769.8M | −$38.5M | −$164.8M | $116.5M | −$36.1M | $14.3M |
| Other non-cash items | $79.7M | −$152.2M | −$204.1M | −$92.6M | −$21.4M | −$7.1M | $1.5M | $28.7M | $27.8M | −$193.7M |
| Cash from operating activities | −$6.81B | $1.66B | −$2.48B | $663.6M | −$440.8M | $123.0M | −$30.3M | $262.6M | $84.3M | −$96.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$162.0M | −$127.2M | −$124.3M | −$36.8M | −$45.2M | −$58.0M | −$44.3M | −$24.8M | −$24.8M | −$29.4M |
| Investments (net) | −$38.3M | −$183.2M | −$194.2M | −$39.5M | −$46.3M | −$58.0M | −$43.6M | −$24.8M | −$25.9M | −$29.7M |
| Acquisitions & other investing | $0 | $127.2M | — | $36.8M | $45.2M | $58.0M | $44.3M | $24.8M | $24.8M | $29.4M |
| Cash from investing activities | −$200.3M | −$183.2M | — | −$39.5M | −$46.3M | −$58.0M | −$43.6M | −$24.8M | −$25.9M | −$29.7M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$30.5M | −$10.1M | −$28.4M | −$20.1M | — | — | — |
| Share repurchases & issuance (net) | −$996,000 | −$200.0M | $0 | −$150.0M | −$10.1M | −$130.0M | −$8.2M | −$18.5M | −$4.5M | −$18.5M |
| Net borrowing (repayment) | $3.95B | $2.56B | $1.88B | −$300.5M | $512.0M | $66.5M | $4.3M | −$92.8M | −$49.0M | $66.3M |
| Shares issued | $5.64B | $0 | $2.31B | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$107.1M | −$335.0M | −$287.0M | $32.7M | $31.0M | $47.5M | $47.8M | $15.4M | $2.6M | $9.9M |
| Cash from financing activities | $9.48B | $2.02B | $3.91B | −$448.3M | $522.9M | −$44.4M | $23.8M | −$95.8M | −$50.8M | $57.7M |
| Summary | ||||||||||
| Net change in cash | $2.35B | $3.50B | $1.23B | $172.4M | $35.1M | $21.1M | −$49.8M | $141.8M | $7.6M | −$68.2M |
| Cash at end of period | $7.52B | $5.17B | $1.67B | $441.0M | $268.6M | $233.4M | $212.4M | $262.1M | $120.4M | $110.6M |
| Free cash flow | −$6.97B | $1.53B | −$2.60B | $626.8M | −$486.0M | $64.9M | −$74.7M | $237.7M | $59.5M | −$125.6M |
| Free cash flow margin | −17.8% | 7.0% | −17.4% | 8.8% | −9.4% | 1.8% | −2.2% | 6.8% | 1.8% | −5.1% |
| Capex / revenue | 0.4% | 0.6% | 0.8% | 0.5% | 0.9% | 1.6% | 1.3% | 0.7% | 0.7% | 1.2% |
| Operating cash flow / net income | −3.05 | 1.58 | −2.05 | 1.04 | −1.55 | 1.10 | −0.36 | 3.65 | 1.83 | −1.44 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.18B | $483.4M | $400.6M | $168.2M | $195.2M | $108.8M | $320.6M | $424.3M | $297.2M | $402.5M | $296.0M | $157.0M |
| Depreciation & amortization | $33.0M | $22.9M | $13.0M | $20.6M | $18.6M | $10.7M | $14.9M | $14.1M | $11.8M | $10.4M | $9.6M | $9.2M |
| Stock-based compensation | $16.1M | $125.9M | $90.5M | $89.1M | $83.6M | $84.7M | $82.1M | $64.0M | $75.0M | $56.1M | $43.1M | $57.4M |
| Change in working capital | −$439.9M | −$7.34B | −$637.6M | −$1.23B | $620.5M | $437.4M | −$623.3M | −$44.6M | −$1.01B | −$1.89B | −$921.0M | $73.4M |
| Other non-cash items | −$40.5M | $95.3M | $109.6M | $32.4M | −$54.3M | −$14.9M | −$34.0M | −$49.0M | −$14.6M | −$94.7M | −$22.7M | −$26.5M |
| Cash from operating activities | $747.0M | −$6.62B | −$23.9M | −$917.5M | $863.6M | $626.8M | −$239.8M | $408.9M | −$641.8M | −$1.51B | −$595.1M | $270.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$28.2M | −$80.3M | −$21.2M | −$32.3M | −$22.7M | −$32.7M | −$27.5M | −$44.3M | −$14.0M | −$92.9M | −$14.7M | −$2.6M |
| Investments (net) | $3.7M | −$17.0M | — | −$32.3M | −$78.7M | −$32.7M | −$27.5M | −$44.3M | −$62.3M | −$109.4M | −$14.9M | −$7.6M |
| Acquisitions & other investing | $0 | $0 | −$25.0M | $32.3M | $22.7M | $32.7M | $27.5M | — | $14.0M | $86.9M | $14.7M | $2.6M |
| Cash from investing activities | −$24.5M | −$97.3M | −$46.2M | −$32.3M | −$78.7M | −$32.7M | −$27.5M | — | −$62.3M | −$115.4M | −$14.9M | −$7.6M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$21.0M |
| Share repurchases & issuance (net) | — | — | — | — | −$200.0M | — | $2.34B | — | −$2.34B | −$592.4M | −$15.6M | −$25.3M |
| Net borrowing (repayment) | −$61.9M | $3.89B | $98.4M | $17.0M | $2.25B | $577.6M | −$346.1M | $78.9M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.73B | $0 | $0 |
| Other financing | $5.63B | −$35.5M | −$32.2M | −$35.7M | −$199.3M | −$65.6M | −$2.38B | −$29.0M | $2.60B | $1.88B | $807.7M | −$113.6M |
| Cash from financing activities | $5.57B | $3.86B | $66.2M | −$18.7M | $1.85B | $512.1M | −$387.3M | $49.9M | $258.9M | $3.02B | $792.1M | −$159.9M |
| Summary | ||||||||||||
| Net change in cash | $6.23B | −$2.80B | −$5.5M | −$973.0M | $2.64B | $1.11B | −$658.2M | $419.0M | −$445.7M | $1.39B | $182.5M | $102.7M |
| Cash at end of period | $7.52B | $1.29B | $4.19B | $4.20B | $5.17B | $2.54B | $1.43B | $2.09B | $1.67B | $2.12B | $726.2M | $543.6M |
| Free cash flow | $718.7M | −$6.70B | −$45.1M | −$949.8M | $840.9M | $594.1M | −$267.3M | $364.6M | −$655.8M | −$1.61B | −$609.8M | $267.8M |
| Free cash flow margin | 6.5% | −65.4% | −0.4% | −18.9% | 14.6% | 12.9% | −4.7% | 6.1% | −12.2% | −41.7% | −16.6% | 12.6% |
| Capex / revenue | 0.3% | 0.8% | 0.2% | 0.6% | 0.4% | 0.7% | 0.5% | 0.7% | 0.3% | 2.4% | 0.4% | 0.1% |
| Operating cash flow / net income | 0.63 | −13.69 | −0.06 | −5.46 | 4.43 | 5.76 | −0.75 | 0.96 | −2.16 | −3.76 | −2.01 | 1.72 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SMCI cash generation
In fiscal 2026 (ended June 30, 2026), Supermicro generated -$6.8 billion of cash from operations (down 510.4%) and spent $162.0 million on capital expenditures, leaving free cash flow of -$7.0 billion, −17.8% of revenue. It returned $1.0 million to shareholders through dividends ($0) and net share buybacks ($1.0 million). Cash and equivalents rose by $2.4 billion over the year.
Related: SMCI income statement, SMCI balance sheet. See the SMCI stock overview for the latest quote and news.
SMCI cash flow FAQ
What is Supermicro's free cash flow?
Supermicro's free cash flow was -$7.0 billion in fiscal 2026: -$6.8 billion of operating cash flow minus $162.0 million of capital expenditures It was $1.5 billion a year earlier..
How much cash does Supermicro generate from operations?
Supermicro generated -$6.8 billion of cash from operating activities in fiscal 2026, −3.05 times its net income of $2.2 billion.
How much does Supermicro spend on capital expenditures?
Supermicro spent $162.0 million on capital expenditures in fiscal 2026, 0.4% of revenue, compared with $127.2 million the year before.
How much stock does Supermicro buy back?
Supermicro spent $1.0 million on net share repurchases in fiscal 2026.