CISCO SYSTEMS (CSCO) Company Report

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.

6 days ago

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.

6 days ago

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.

6 days ago

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.

6 days ago

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.

6 days ago

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

6 days ago

8-K

Cisco reports Q2 FY2026 earnings

CSCO

Earnings

Guidance Update

Dividends

Cisco reported record Q2 revenue of $15.3 billion, up 10% YoY; GAAP EPS of $0.80 (+31% YoY) and non-GAAP EPS of $1.04 (+11% YoY).
GAAP gross margin was 65.0% and non-GAAP gross margin was 67.5%; GAAP operating margin was 24.6% and non-GAAP operating margin was 34.6%, both above guidance.
Product orders grew 18% YoY, including $2.1 billion in AI infrastructure orders from hyperscalers.
Declared a quarterly dividend of $0.42 per share, a 2% increase over the prior quarter.
Provided Q3 FY2026 revenue guidance of $15.4 billion to $15.6 billion and raised FY2026 revenue outlook to $61.2 billion to $61.7 billion.

6 days ago

Press Release

Cisco expands AI Defense and AI-aware SASE offerings

CSCO

Product Launch

Cisco enhanced its AI Defense solution with new AI BOM, MCP Catalog, adaptive red-teaming, and real-time guardrails to secure agentic AI supply chains and runtime interactions.
The company added AI-aware SASE features—AI traffic optimization, intent-aware inspection, MCP visibility, and unified SD-WAN/SSE policy—to govern and accelerate agent workflows.
Cisco introduced IOS XE 26 with industry-first full-stack post-quantum cryptography and launched new Secure Routers and Smart Switches for resilient, encrypted AI-driven connectivity.
Additional launches include Active Directory Defense for legacy identity protection and AgenticOps for Security to autonomously analyze and remediate firewall configurations.

8 days ago

Press Release

Cisco announces Silicon One G300 and AI networking systems

CSCO

Product Launch

Cisco unveiled the Silicon One G300, a 102.4 Tbps switch silicon for hyperscale AI clusters, promising high performance and reliability for large-scale AI workloads.
New Cisco N9000 and 8000 systems powered by G300 deliver 102.4 Tbps switching with a 100% liquid-cooled design that improves energy efficiency by nearly 70%.
G300’s Intelligent Collective Networking combines shared buffering, path-based load balancing, and proactive telemetry to achieve 33% increased network utilization and 28% faster job completion.
Cisco Nexus One’s unified management plane and AgenticOps introduce integrated AI-driven networking operations and upcoming Splunk telemetry integration to simplify and secure AI data center management.

8 days ago

Press Release

Cisco upgraded to Outperform by Evercore

CSCO

Revenue Acceleration/Inflection

Evercore ISI upgraded Cisco to Outperform and raised its price target to $100, sending shares up 2–3% ahead of the next earnings report.
Analyst Amit Daryanani noted AI-related orders have topped roughly $4 billion and forecast about $3 billion in AI revenue in fiscal 2026, underpinned by multi-year AI demand.
A coming campus refresh cycle for aging Catalyst 4000/6000 platforms—backed by a $70 billion install base—could drive significant hardware replacements.
Cisco launched its Cisco 360 partner program with tiered incentives to accelerate AI-ready data centers and bolster partnerships, including with Nvidia.

Jan 26, 2026, 11:42 AM

Barron's

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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