SMCI Q3 2025 Earnings — Income Statement Breakdown
For its Q3 2025 period (ending 2025-03-31), SMCI reported revenue of $4.6B, gross profit of $440M (9.6% gross margin), operating income of $147M, and net income of $109M (2.4% net margin). The flow of revenue into costs and profit is visualized below.
What changed
SMCI was profitable; revenue grew 19.5% year over year.
| Comparison | Revenue | Net income | Net margin |
|---|---|---|---|
| Year over year | +19.5% | −73.0% | −8.1 pp |
| Quarter over quarter | −13.3% | −69.2% | −4.3 pp |
Consensus estimate data is not available for this report.
SMCI Q3 2025 Income Statement
| Line item | Amount (USD) | % of revenue |
|---|---|---|
| Revenue | $4.6B | 100% |
| Cost of Revenue | −$4.2B | 90.4% |
| Gross Profit | $440M | 9.6% |
| Research & Development | −$163M | 3.5% |
| Selling, General & Administrative | −$131M | 2.8% |
| Operating Income | $147M | 3.2% |
| Interest Expense | −$13M | 0.3% |
| Other Income, net | −$19M | 0.4% |
| Income Tax Expense | −$6M | 0.1% |
| Net Income | $109M | 2.4% |
Source: original SEC filing (filed 2025-05-06). Accession 0001375365-25-000013. Data normalized by EarningsFyi.