As of Q2'26 (2025-12-31), SMCI's gross margin stands at 6.3%, operating margin at 3.7%, and net profit margin at 3.2%. These figures represent the latest available data points for the period covered from Q3'23 to Q2'26. Over the observed timeframe, all three margin metrics have experienced a notable decline. Gross margin decreased from 17.6% in Q3'23 to 6.3% in Q2'26, while operating margin fell from 7.7% to 3.7%, and net profit margin dropped from 6.7% to 3.2%. The most significant contractions occurred after Q3'24, with only minor fluctuations thereafter, indicating sustained margin pressure and a challenging profitability environment for SMCI.