Super Micro Computer's FY2027 Revenue Guidance Tops $72 Billion, Far Exceeding Wall Street Expectations
Nashnova编辑部
Super Micro Computer guided FY2027 revenue to $65–72 billion, nearly 30% above Wall Street's average forecast, sending shares up ~9% after hours — AI server orders are still accelerating.
How far above expectations is this guidance?
FY2027 (starting July 2026) revenue guidance: $65–72 billion. Wall Street's average sat at $54.4 billion (Bloomberg) / $52.5 billion (LSEG). This means → the high end overshoots even the most bullish sell-side estimate by a wide margin. The Street had materially underestimated SMCI's order pipeline.
Current-quarter guidance (ending September 2026) also beat across the board: revenue $14.5–15.5 billion vs the ~$12 billion consensus; adjusted EPS $1.01–1.10 vs $0.74.
Shares rose ~9% after hours. In plain terms = the market voted with real money — this guidance was stronger than virtually every model had priced in.
How did the quarter just ended look?
Fiscal Q4 2026 (ended June 30) revenue: $11.1 billion; adjusted EPS: $1.70.
Revenue came in slightly below FactSet's $11.6 billion consensus, but EPS far exceeded it — FactSet had $0.92, Bloomberg had $1.59. This means → the top line didn't blow past expectations, but profitability did.
Adjusted gross margin: 17.5%. Bloomberg Intelligence analyst Woo Jin Ho explicitly said he does not expect the margin improvement to last — a number worth watching in coming quarters.
Why are orders this strong?
CEO Charles Liang disclosed that SMCI added hundreds of enterprise customers over the past year, booked over $60 billion in new orders, and entered FY2027 with a record backlog.
SMCI's servers run on Nvidia chips and serve as the core compute platform for most AI data centers. The company is also pushing liquid-cooling technology — cooling servers with liquid instead of fans — to lift margins on its product mix.
Woo Jin Ho noted that the massive backlog "validates the resilience of AI server demand." This reflects a striking dynamic: downstream customers' hunger for AI compute is overriding their concern about the supplier's headline risks.
How serious are the legal risks?
In March, U.S. prosecutors charged co-founder Wally Liaw with violating export controls by illegally reselling Nvidia-chip servers to China — a case involving billions of dollars. Super Micro itself is not a defendant and says it is cooperating.
In late June, Taiwanese prosecutors raided SMCI's Taiwan office and detained two employees.
In plain terms = the company is straddling two realities — record orders and unresolved legal exposure. Whether it can convert that backlog into actual revenue while sustaining margin gains is the central test for the next several quarters.
Content is for reference only, not financial advice.