As of Q2'26 (2025-12-31), SMCI reported an operating income of USD 474.3M, representing a 28.7% year-over-year increase. This marks a significant rebound from the previous quarter, which saw operating income at USD 182.3M and a YoY decline of 64.2%. Over the period from Q3'23 to Q2'26, SMCI's operating income has shown considerable volatility, with notable peaks in Q3'24 (USD 378.3M, +281.8% YoY) and Q1'25 (USD 509.2M, +195.2% YoY), as well as sharp declines in Q3'25 and Q1'26. The YoY growth rates have fluctuated widely, indicating periods of both rapid expansion and contraction. The most recent quarters suggest a return to positive growth following a stretch of negative YoY performance, highlighting the cyclical nature of SMCI's operational profitability over the observed timeframe.