CISCO SYSTEMS (CSCO) Company Report

Cisco posted 18% product order growth in fiscal Q2 (10% ex-hyperscale), with all three geographies and major verticals accelerating, leading to an upward revision of full-year guidance.
To address rising memory costs, Cisco announced new price increases, tightened Ts&Cs and secured $1.8 billion in advanced purchase commitments, while AI infrastructure orders hit $2.1 billion from hyperscalers in 90 days—matching all of FY 2025.
Despite gross-margin headwinds from hardware mix and memory inflation, Cisco delivered its highest operating margin in four quarters and reaffirmed 33.5–34.5% operating-margin guidance for Q3 and full-year FY 2026.
The company unveiled its Silicon One strategy, launching the programmable G300 and P200 chips under a unified P4-programmable architecture for scale-out and AI workloads; a co-packaged optics prototype was demonstrated in 2023.

5 days ago

Transcript

Cisco reports strong Q2 demand and AI infrastructure momentum at MS TMT Conference

CSCO

Revenue Acceleration/Inflection

Guidance Update

Cisco delivered 18% Q2 product order growth, excluding hyperscale still 10%, with double-digit gains across all geographies and verticals, and subsequently raised full-year guidance.
To mitigate rising memory costs, Cisco announced price increases, tightened partner/customer T&Cs, and secured supply with $1.8 billion in advanced purchase commitments over the last 90 days.
Hardware revenue grew over 20% in Q2, driven by AI infrastructure demand; Cisco reaffirmed its 33.5–34.5% operating margin target and achieved the highest operating margin in four quarters despite gross-margin headwinds.
The company booked $2.1 billion in AI infrastructure orders from hyperscalers in 90 days—matching all of FY 2025—and unveiled its Silicon One G300 chip with a programmable P4 engine for scale-out networking.
Software and subscriptions exceeded 50% of Q2 revenue, with $43 billion of RPO on the books; new security offerings (Hypershield, Secure Access, XDR, AI Defense) added 1,000 customers in Q2, aiming for organic security growth in the double digits by year-end.

5 days ago

Transcript

Cisco reports strong Q2 demand and unveils new AI networking chip

CSCO

Guidance Update

Revenue Acceleration/Inflection

Product Launch

Cisco delivered 18% product order growth in fiscal Q2 (10% ex-hyperscale) with double-digit acceleration across all geographies and verticals, prompting a full-year guidance raise.
The company secured $2.1 billion in AI infrastructure orders from hyperscalers in 90 days—matching all of FY 2025—and sees multi-billion-dollar opportunities in AI and campus refresh programs.
Gross margin faced pressure from a hardware mix shift and rising memory costs, leading Cisco to implement price increases, tighten partner terms, and boost advanced memory commitments by $1.8 billion in 90 days.
Cisco introduced its Silicon One G200 100 Tb programmable chip, leveraging a unified P4-programmable architecture to address scale-out hyperscale networking and set the stage for future co-packaged optics deployments.

5 days ago

Transcript

Q2 Metals discovers high-grade zone at Cisco Lithium Project

CSCO

Drill hole 73 returned 170.2 m at 1.99% Li₂O, including 40.1 m at 2.89% Li₂O, marking the most significant high-grade interval to date at Cisco.
The 2025 drill program comprised 74 holes totalling 31,961 m, with this release covering 5,587.7 m over nine holes to inform the inaugural inferred Mineral Resource Estimate.
An Exploration Target on the main Mineralized Zone estimates 215–329 Mt at 1.0–1.38% Li₂O, highlighting district-scale potential.
A four-rig 2026 drill campaign is underway to infill the Mineralized Zone ahead of a Preliminary Economic Assessment targeted for late 2026.

Feb 24, 2026, 12:00 PM

Press Release

Cisco warns on profit outlook amid memory-price spike

CSCO

Profit Warning

Memory-chip prices surged 80–90% QoQ, driving server 64 GB RDIMM contract prices from $450 to over $900, squeezing margins across the supply chain.
Cisco sees strong AI demand, with hyperscaler AI infrastructure orders of $2.1 billion in one quarter, and now expects > $5 billion in AI orders and > $3 billion in AI infrastructure revenue for FY 26.
Higher memory costs and a hardware-heavy product mix will compress gross margins by roughly 150 basis points, prompting a weaker profit outlook and a nearly 10% stock decline.
Analysts noted Cisco beat EPS at $1.04 vs. $1.02 consensus and saw networking revenue grow 21% YoY, but raised concerns that 1H26 AI orders of $3.4 billion trail the $5 billion full-year guide.

Feb 12, 2026, 6:25 AM

Barron's

Cisco Systems reports Q2 2026 results

CSCO

Earnings

Guidance Update

Dividends

Delivered record Q2 revenue of $15.3 billion (+10% YoY) and non-GAAP EPS of $1.04 (+11%).
Product revenue rose to $11.6 billion (+14%), while services revenue was $3.7 billion (−1%); Networking grew 21%, Security fell 4%, and Collaboration increased 6%.
Total product orders grew 18% YoY; excluding hyperscalers, orders were up 10%, with strength across all geographies and customer markets.
Returned $3 billion to shareholders (dividends of $1.6 billion; repurchases of $1.4 billion) and raised the quarterly dividend by $0.01 to $0.42.
Q3 revenue guidance of $15.4 billion–$15.6 billion, and FY 2026 guidance of $61.2 billion–$61.7 billion in revenue with EPS of $4.13–$4.17.

Feb 11, 2026, 9:30 PM

Transcript

Cisco Systems reports Q2 FY26 results

CSCO

Earnings

Guidance Update

Share Buyback

Cisco delivered $15.35 B in Q2 FY26 revenue, up 10% Y/Y.
Product orders increased 18% Y/Y, with networking product orders up >20% Y/Y.
Non-GAAP EPS was $1.04, up 11% Y/Y, and Non-GAAP operating margin reached 34.6%.
Free cash flow totaled $1.6 B, and Cisco returned $3.0 B to shareholders (193% of FCF), including $1.4 B in share repurchases.
Q3 FY26 guidance: revenue of $15.4 B–$15.6 B and Non-GAAP EPS of $1.02–$1.04.

Feb 11, 2026, 9:30 PM

Presentation

Cisco announces Q2 FY26 results

CSCO

Earnings

Dividends

Product Launch

Cisco delivered 10% YoY revenue growth to $15.3 billion and 11% non-GAAP EPS growth to $1.04 in Q2 FY26.
Product revenue rose 14% YoY to $11.6 billion, driven by AI infrastructure and campus networking; product orders grew 18% YoY (65% growth from hyperscalers).
Returned $3 billion in capital to shareholders—including $1.6 billion in dividends and $1.4 billion of share repurchases—and raised the quarterly dividend to $0.42, with year-to-date returns of $6.6 billion.
Introduced a 102.4 Tbps G300 chip with four new systems and two pluggable optics; Q2 AI orders from hyperscalers totaled $2.1 billion, with FY26 AI orders expected to exceed $5 billion and AI revenue to surpass $3 billion.

Feb 11, 2026, 9:30 PM

Transcript

Cisco Systems reports Q2 2026 results

CSCO

Earnings

Guidance Update

Dividends

Total revenue of $15.3 billion (+10% YoY) and non-GAAP EPS of $1.04 (+11%) in Q2 2026, driving record quarterly results.
Product revenue rose 14% to $11.6 billion, led by 21% networking growth, while services revenue declined 1% to $3.7 billion.
Q2 AI infrastructure orders from hyperscalers reached $2.1 billion, matching FY 2025 total, with Cisco raising its FY 2026 AI orders outlook above $5 billion and expected AI revenue above $3 billion; total product orders grew 18%, with hyperscaler orders up 65%.
Returned $3 billion to shareholders in Q2—$1.6 billion in dividends and $1.4 billion in buybacks—and increased the quarterly dividend to $0.42, leaving $10.8 billion in repurchase capacity.
Q3 revenue guidance of $15.4–15.6 billion and non-GAAP EPS of $1.02–1.04; FY 2026 outlook of $61.2–61.7 billion revenue and EPS of $4.13–4.17.

Feb 11, 2026, 9:30 PM

Transcript

Cisco reports Q2 FY 2026 results

CSCO

Earnings

Guidance Update

Dividends

Revenue of $15.3 billion, up 10% year-over-year
GAAP EPS of $0.80, up 31%, and Non-GAAP EPS of $1.04, up 11%
GAAP gross margin 65.0% and Non-GAAP gross margin 67.5%; GAAP operating margin 24.6% and Non-GAAP operating margin 34.6%
Product orders up 18% with $2.1 billion in AI infrastructure orders
Dividend raised 2% to $0.42 per share; Q3 FY 2026 revenue guidance $15.4–15.6 billion, FY 2026 revenue guidance $61.2–61.7 billion

Feb 11, 2026, 9:07 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for CISCO SYSTEMS.

Q2 2026

Feb 11, 2026

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Q1 2026

Nov 12, 2025

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Q4 2025

Aug 13, 2025

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CISCO SYSTEMS (CSCO)

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