Results
3Record top and bottom-line performance with double-digit growth in Q4 and FY 2026, exceeding the high end of guidance ranges
Exceptional FY 2026 operating margin results, demonstrating strong execution and operating efficiency
Management commentary
Broad-based, record high demand for Cisco technology with a networking supercycle underway
Results
2Q4 total product orders up 35% year over year; up 25% excluding hyperscalers, with double-digit growth across every geography and customer market
1Networking product orders grew 40% year over year in Q4, marking the eighth consecutive quarter of double-digit growth
Management commentary
Significant momentum and raised expectations for AI infrastructure from hyperscalers
Results
$4 billion of orders taken in Q4, bringing the total for FY 2026 to $9.3 billion
Outlook
Delivered approximately $4 billion of revenue in FY 2026; $7.5 billion expected in FY 2027
Results
Q4 FY 2026 Results:
Revenue: $17.3 billion
Increase of 18% year over year
Operating Margin: GAAP: 24.7%; Non-GAAP: 35.9%
Earnings per Share: GAAP: $0.97; Non-GAAP: $1.22
GAAP EPS increased 52% year over year
Non-GAAP EPS increased 23% year over year
FY 2026 Results:
Revenue: $63.3 billion
Increase of 12% year over year
Operating Margin: GAAP: 24.3%; Non-GAAP: 34.8%
Earnings per Share: GAAP: $3.33; Non-GAAP: $4.33
GAAP EPS increased 31% year over year
Non-GAAP EPS increased 14% year over year
Outlook
Q1 FY 2027 Guidance:
Revenue: $18.0 billion to $18.2 billion
Earnings per Share: GAAP: $1.08 to $1.10; Non-GAAP: $1.32 to $1.34
FY 2027 Guidance:
Revenue: $72.2 billion to $73.4 billion
Earnings per Share: GAAP: $4.00 to $4.06; Non-GAAP: $5.05 to $5.11
Results
SAN JOSE, Calif. -- August 12, 2026 -- Cisco (NASDAQ: CSCO) today reported fourth quarter and fiscal year results for the period ended July 25, 2026.
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.
Management commentary
“We delivered a very strong close to fiscal 2026, marking another record year for Cisco.
Our record performance is a testament to the accelerated pace of innovation and the excellent execution by our teams,” said Chuck Robbins, Chair and CEO of Cisco.
“With the breadth and depth of our portfolio and our competitive differentiation in secure networking, Cisco is well positioned to support our customers however or wherever they decide to deploy AI.”
7“In Q4, we delivered record revenue, non-GAAP operating income and EPS, all exceeding the high end of our guidance ranges and demonstrating strong financial discipline and operating leverage,” said Mark Patterson, CFO of Cisco.
5“In fiscal 2026, Cisco achieved its highest productivity metrics in 30 years measured by revenue, non-GAAP operating margin, and earnings per employee.
As we enter fiscal 2027, we remain focused on delivering durable growth, consistent profitability and continued capital returns as we make the strategic investments to capitalize on the significant growth opportunities we see ahead.”
Results
Q4 GAAP Results
Q4 Non-GAAP Results
Fiscal Year GAAP Results
Fiscal Year Non-GAAP Results
Capital return
Cisco Declares Quarterly Dividend
Cisco has declared a quarterly dividend of $0.42 per common share to be paid on October 21, 2026, to all stockholders of record as of the close of business on October 2, 2026.
Future dividends will be subject to Board approval.
Financial Summary
Results
Q4 FY 2026 Highlights
Revenue -- Total revenue was $17.3 billion, up 18%, with product revenue up 24% and services revenue was flat.
Revenue by geographic segment was: Americas up 18%, EMEA up 19%, and APJC up 14%.
8Product revenue performance reflected growth in Networking up 28%, Security up 14%, Collaboration up 12%, and Observability up 6%.
Gross Margin -- On a GAAP basis, total gross margin, product gross margin, and services gross margin were 64.1%, 62.6%, and 69.4%, respectively, as compared with 63.2%, 61.5%, and 68.3%, respectively, in the fourth quarter of fiscal 2025.
Total gross margins by geographic segment were: 64.5% for the Americas, 70.1% for EMEA and 67.3% for APJC.
On a non-GAAP basis, total gross margin, product gross margin, and services gross margin were 66.3%, 64.8%, and 71.6%, respectively, as compared with 68.4%, 67.5%, and 70.8%, respectively, in the fourth quarter of fiscal 2025.
Operating Expenses -- On a GAAP basis, operating expenses were $6.8 billion, up 10% year over year, and were 39.4% of revenue.
Non-GAAP operating expenses were $5.2 billion, up 5%, and were 30.4% of revenue.
Operating Income -- GAAP operating income was $4.3 billion, up 38%, with GAAP operating margin of 24.7%.
Non-GAAP operating income was $6.2 billion, up 23%, with non-GAAP operating margin at 35.9%.
Provision for Income Taxes -- The GAAP tax provision rate was 21.8%.
The non-GAAP tax provision rate was 18.8%.
Net Income and EPS -- On a GAAP basis, net income was $3.9 billion, an increase of 51%, and EPS was $0.97, an increase of 52%.
On a non-GAAP basis, net income was $4.9 billion, an increase of 23%, and EPS was $1.22, an increase of 23%.
6Cash Flow from Operating Activities -- $5.4 billion for the fourth quarter of fiscal 2026, an increase of 27% compared with $4.2 billion for the fourth quarter of fiscal 2025.
FY 2026 Highlights
Revenue -- Total revenue was $63.3 billion, an increase of 12%.
Operating Income -- GAAP operating income was $15.4 billion, up 31%, with GAAP operating margin of 24.3%.
Non-GAAP operating income was $22.0 billion, up 13%, with non-GAAP operating margin at 34.8%.
Net Income and EPS -- On a GAAP basis, net income was $13.3 billion, an increase of 30%, and EPS was $3.33, an increase of 31%.
On a non-GAAP basis, net income was $17.2 billion, an increase of 13%, and EPS was $4.33, an increase of 14%.
Cash Flow from Operating Activities -- $14.2 billion for fiscal 2026, flat compared with fiscal 2025.
Balance Sheet and Other Financial Highlights
Cash and Cash Equivalents and Investments -- $15.9 billion at the end of the fourth quarter of fiscal 2026, compared with $16.6 billion at the end of the third quarter of fiscal 2026, and compared with $16.1 billion at the end of fiscal 2025.
Remaining Performance Obligations (RPO) -- $46.7 billion, up 7% in total.
4Product RPO was up 9% and services RPO was up 6%.
Deferred Revenue -- $29.8 billion, up 3% in total, with deferred product revenue up 2%.
Deferred services revenue up 4%.
Capital return
Capital Allocation -- In the fourth quarter of fiscal 2026, we returned $3.2 billion to stockholders through share buybacks and dividends.
We declared and paid a cash dividend of $0.42 per common share, or $1.7 billion, and repurchased approximately 13 million shares of common stock under our stock repurchase program at an average price of $111.53 per share for an aggregate purchase price of $1.5 billion.
The remaining authorized amount for stock repurchases under the program is $8.1 billion with no termination date.
Corporate events
Acquisitions
In the fourth quarter of fiscal 2026, we closed the following acquisitions:
Galileo Technologies, Inc. , a privately held observability company
Astrix Securities Ltd. , a privately held security company focused on Non-Human Identity (NHI) Security
Outlook
Guidance
Cisco expects to achieve the following results for the first quarter of fiscal 2027:
Q1 FY 2027
Revenue$18.0 billion - $18.2 billion
Results
Non-GAAP gross margin65% - 66%
Outlook
Non-GAAP operating margin35.5% - 36.5%
Non-GAAP EPS$1.32 - $1.34
Cisco estimates that GAAP EPS will be $1.08 to $1.10 for the first quarter of fiscal 2027.
Cisco expects to achieve the following results for fiscal 2027:
Revenue$72.2 billion - $73.4 billion
Non-GAAP EPS$5.05 - $5.11
Cisco estimates that GAAP EPS will be $4.00 to $4.06 for fiscal 2027.
Our Q1 FY 2027 guidance assumes an effective tax provision rate of approximately 15% for GAAP and approximately 18.5% for non-GAAP results.
Our FY 2027 guidance assumes an effective tax provision rate of approximately 14.5% for GAAP and approximately 18.5% for non-GAAP results.
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