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Cisco Systems — 2026Q3 earnings

reported 2026-08-12

EPS $1.22 vs $1.17 est — beat

next session -8.4% (close 2026-08-12 → 2026-08-13)

Source

8-K filing ↗

Summary

The July-quarter release is a product-led beat: total revenue of $17.3 billion with GAAP EPS of $0.97 and non-GAAP EPS of $1.22, and management framing the quarter as exceeding the high end of guidance. Growth was concentrated in networking rather than services, and Cisco tied it explicitly to hyperscaler AI infrastructure, which it says contributed roughly $4 billion of FY 2026 revenue and should more than double in FY 2027. Guidance for fiscal 2027 steps revenue up to $72.2-$73.4 billion, so the company is underwriting the AI order book as durable rather than one-off.

Review

From the report

Cisco closed fiscal 2026 with record quarterly revenue of $17.3 billion, up 18%, as hyperscaler AI infrastructure and a networking order surge drove growth above the high end of its own guidance.

  • Fourth-quarter revenue reached $17.3 billion with GAAP EPS of $0.97 and non-GAAP EPS of $1.22. show quote
    “Cisco reported fourth quarter revenue of $17.3 billion, net income on a generally accepted accounting principles (GAAP) basis of $3.9 billion or $0.97 per share, and non-GAAP net income of $4.9 billion or $1.22 per share.”
    source ↗
  • Growth was entirely product-driven, led by networking; services revenue did not grow. show quote
    “Total revenue was $17.3 billion, up 18%, with product revenue up 24% and services revenue was flat.”
    source ↗
  • Within products, networking outgrew security, collaboration and observability by a wide margin. show quote
    “Product revenue performance reflected growth in Networking up 28%, Security up 14%, Collaboration up 12%, and Observability up 6%.”
    source ↗
  • Cisco quantified its hyperscaler AI infrastructure business and guided it to roughly double next year. show quote
    “Delivered approximately $4 billion of revenue in FY 2026; $7.5 billion expected in FY 2027”
    source ↗
  • Order intake ran far ahead of recognized revenue, and was broad-based rather than confined to hyperscalers. show quote
    “Q4 total product orders up 35% year over year; up 25% excluding hyperscalers, with double-digit growth across every geography and customer market”
    source ↗
  • Fiscal 2027 guidance embeds continued growth, with GAAP EPS guided to $4.00-$4.06. show quote
    “Cisco estimates that GAAP EPS will be $4.00 to $4.06 for fiscal 2027.”
    source ↗

as of 2026-08-12