CISCO SYSTEMS (CSCO) Company Report

Cisco secured $1.3 billion in Q1 AI infrastructure orders from hyperscalers and targets $4 billion+ in orders and $3 billion+ in AI revenue for FY25, with optics and Silicon One‐based systems split roughly 50/50.
The AI pipeline—including sovereign and neo-cloud—exceeds $2 billion, with initial orders in the low hundreds of millions and material build-outs in FY2027 (e.g., Humane, G42).
A multi-year, multi-billion-dollar campus refresh is underway, driven by end-of-support risks, security needs, AI traffic, and Wi-Fi 7, supported by new campus switches, routers, firewalls, IoT devices, and embedded AI/security features.
Silicon One, Cisco’s strategic in-house silicon portfolio, now spans five product families across hyperscale, enterprise, and service providers, aiming for all high-power systems on Silicon One by FY2029.
Security revenue dipped 2% as customers shift from on-prem to ratable cloud Splunk offers, but product RPO and ARR grew double digits; current guidance reflects this transition headwind.

Nov 18, 2025, 5:30 PM

Transcript

Cisco CFO outlines growth drivers at Wells Fargo’s 9th Annual TMT Summit

CSCO

Cisco is prioritizing AI networking and infrastructure, securing $1.3 billion in hyperscaler orders in Q1 and targeting over $4 billion in orders and $3 billion in AI revenue for FY26.
Its neo-cloud and sovereign AI pipeline has exceeded $2 billion, with initial orders in H2 FY26 and material deployments expected in FY27.
The multi-year campus refresh—driven by end-of-support equipment, security risks, AI-driven traffic growth, Wi-Fi 7, and new switch portfolios—is viewed as a multi-billion-dollar opportunity.
Security saw a 2% revenue decline in Q1 due to the shift from on-prem to cloud subscription for Splunk, though product ARR and RPO grew double-digits and mid-to-high-teens growth is anticipated by FY27.
Cisco is committing all high-powered systems to its in-house Silicon One ASIC by FY29 to enhance supply-chain control and drive margin expansion.

Nov 18, 2025, 5:30 PM

Transcript

Cisco outlines growth drivers at Wells Fargo TMT Summit

CSCO

Guidance Update

Cisco reported $1.3 billion in Q1 AI infrastructure orders from hyperscalers, more than double its initial $1 billion FY25 target, following broad-based order growth across technologies.
Cisco views tens of billions in pre-Cat 9K campus equipment as end-of-support risk, prompting a multi-year, multi-billion-dollar upgrade cycle; Q1 global campus networking orders rose 13% (9% excluding web scale), accelerating from Q4.
Security revenue fell 2% in Q1 due to a mix shift from on-prem Splunk licensing to cloud offerings (ratable revenue), though product backlog and ARR grew double-digits, and Cisco added 250 new Splunk logos, expecting double-digit security growth by FY27.
The pipeline for neo-cloud (including sovereign) and enterprise AI now exceeds $2 billion, with early orders in the low hundreds of millions and material build-outs expected in FY27 (e.g., Humane partnership).
Silicon One underpins Cisco’s strategic edge, with five product families spanning scale-out, scale-across, enterprise, and service provider uses; the goal is to migrate all high-powered systems to Silicon One by FY29 for margin and supply-chain benefits.

Nov 18, 2025, 5:30 PM

Transcript

Cisco Systems reports fiscal Q1 2026 results

CSCO

Earnings

Guidance Update

Dividends

Cisco’s fiscal Q1 2026 revenue rose 8% year-over-year to $14.9 billion, with non-GAAP EPS of $1.00, beating guidance.
Networking product revenue increased 15%, global product orders were up 13%, and AI infrastructure orders from hyperscaler customers reached $1.3 billion.
GAAP gross margin was 65.5%, and operating margins exceeded guidance.
The company reaffirmed its FY 2026 revenue outlook of $60.2–$61.0 billion and non-GAAP EPS guidance of $4.08–$4.14.
Cisco declared a quarterly dividend of $0.41 per share, reinforcing its income appeal.

Nov 13, 2025, 2:05 PM

Press Release

Cisco reports Q1 FY26 earnings

CSCO

Earnings

Guidance Update

Share Buyback

Cisco delivered $14.9 billion in Q1 revenue, up 8% YoY, and non-GAAP EPS of $1.00, up 10% YoY.
Product revenue rose 10% to $11.1 billion, with networking up 15% (AI infrastructure and routing strength), while security declined 2% on prior-generation product declines and a shift in Splunk to cloud subscriptions.
Returned $3.6 billion to shareholders via $1.6 billion in dividends and $2.0 billion in share repurchases, representing 125% of free cash flow.
Q2 guidance: revenue $15.0–15.2 billion, non-GAAP EPS $1.01–1.03; FY26 guidance: revenue $60.2–61.0 billion, non-GAAP EPS $4.08–4.14.

Nov 12, 2025, 9:30 PM

Transcript

Cisco reports Q1 FY 2026 results

CSCO

Earnings

Guidance Update

Share Buyback

Cisco delivered $14.9 B in revenue (up 8% y/y) with Non-GAAP EPS of $1.00 (up 10% y/y), exceeding guidance.
AI momentum accelerated with $1.3 B of hyperscaler AI orders and $200 M+ of AI orders from neocloud, sovereign and enterprise customers in Q1.
Cisco is raising FY 2026 guidance on a robust outlook.
Returned $3.6 B to shareholders (125% of free cash flow), including $2.0 B of share repurchases in the quarter.

Nov 12, 2025, 9:30 PM

Presentation

Cisco reports Q1 fiscal 2026 results

CSCO

Earnings

Revenue Acceleration/Inflection

Share Buyback

Revenue of $14.9 billion, up 8% year-over-year; non-GAAP EPS of $1.00, up 10%.
Product orders grew 13%, with service provider & cloud orders +45%; strong networking demand is driving a multi-year campus refresh opportunity.
Recurring metrics: total RPO of $42.9 billion (+7%) and ARR of $31.4 billion (+5%) at quarter end; subscriptions represented 54% of revenue.
Returned $3.6 billion to shareholders (dividends of $1.6 billion; share repurchases of $2.0 billion), with $12.2 billion remaining under the buyback program.

Nov 12, 2025, 9:30 PM

Transcript

Cisco reports strong Q1 2026 results with robust AI demand

CSCO

Earnings

Guidance Update

Revenue Acceleration/Inflection

Cisco delivered record Q1 revenue, up 8% y/y, with product revenue of $11.1 B (+10%) and service revenue of $3.8 B (+2%), driving 10% non-GAAP EPS growth and returning $3.6 B to shareholders (125% of FCF)
Hyperscaler AI infrastructure orders reached $1.3 B in Q1, and Cisco expects to recognize ~$3 B in AI infrastructure revenue from hyperscalers in FY 2026, supported by a 45% y/y increase in service provider and cloud orders
Overall product orders rose 13% y/y, with Americas +16%, EMEA +8%, APJC +13%; service provider & cloud +45%, public sector +12%, enterprise +4%; recurring metrics included ARR of $31.4 B (+5%) and RPO of $42.9 B (+7%)
Q2 FY 2026 guidance: revenue $15.0 B–15.2 B, non-GAAP EPS $1.01–1.03; full-year FY 2026 guidance: revenue $60.2 B–61.0 B, non-GAAP EPS $4.08–4.14**
Next-gen campus switches, enterprise routers and Wi-Fi 7 products are ramping faster than prior launches, underpinning a multi-year, multi-billion-dollar network refresh opportunity; partnerships expanded with G42 for sovereign AI clusters and NVIDIA for Spectrum X-based N9100 switch

Nov 12, 2025, 9:30 PM

Transcript

Cisco Systems raises 2026 revenue forecast above $60 billion

CSCO

Earnings

Guidance Update

Cisco reported fiscal Q1 2026 revenue of $14.88 billion (+8% YoY) and adjusted EPS of $1.00, both exceeding Wall Street expectations.
Full-year 2026 revenue guidance was raised to $60.2–61.0 billion, and Q2 revenue is projected at $15.0–15.2 billion.
Q1 product revenue rose 10% to $11.08 billion, service revenue increased 2% to $3.81 billion; operating margin stood at 22.07% and net margin at 17.97%.
The company maintains conservative leverage (debt/equity 0.6) and solid liquidity (current ratio 1.0; quick ratio 0.91), though there were 11 insider selling transactions in the past three months.

Nov 12, 2025, 9:18 PM

Bloomberg

Cisco reports Q1 FY 2026 earnings

CSCO

Earnings

Guidance Update

Dividends

Cisco delivered revenue of $14.9 billion, up 8% year over year; GAAP EPS of $0.72 (+6%) and non-GAAP EPS of $1.00 (+10%)
Product orders rose 13% YoY, including $1.3 billion in AI Infrastructure orders from hyperscaler customers
Q2 FY 2026 guidance: $15.0 billion to $15.2 billion revenue; GAAP EPS of $0.69–$0.74; non-GAAP EPS of $1.01–$1.03
Declared a $0.41 per-share quarterly dividend (record Jan 2, payment Jan 21, 2026) and returned $3.6 billion to shareholders via dividends and buybacks in Q1

Nov 12, 2025, 9:15 PM

8-K

Filings & Transcripts

View All Documents

Recent SEC filings and earnings call transcripts for CSCO.

No recent filings or transcripts found for CSCO.