As of Q2'26 (2025-12-31), SMCI reported net income of USD 400.6M, representing a 24.9% year-over-year increase. This marks a significant rebound from the previous quarter, where net income was USD 168.3M and YoY growth was negative. Over the period from Q3'23 to Q2'26, SMCI's net income has shown considerable volatility, with notable peaks in Q3'24 (USD 402.5M, +368.8% YoY) and Q1'25 (USD 424.3M, +170.3% YoY), followed by sharp declines in Q3'25 and Q1'26, both registering negative YoY growth. Despite these fluctuations, the latest result suggests a return to strong profitability and positive momentum after a period of contraction.