Super Micro Computer's FY2027 Revenue Guidance Tops $72 Billion, Far Exceeding Wall Street Expectations
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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.
市场有风险，内容仅供研究参考，不构成投资建议。