Cisco Posts Record Growth on Networking Supercycle and AI Demand — Cisco Systems, Inc.

Event summary

Cisco reported $17.3 billion in Q4 revenue, up 18% YoY, with networking product orders growing 40% YoY for the eighth consecutive quarter of double-digit growth.
Full-year 2026 revenue reached $63.3 billion, a 12% increase from fiscal 2025, with GAAP EPS up 31% and non-GAAP EPS up 14%.
Cisco took in $9.3 billion in orders for FY 2026, including $4 billion in Q4 alone.
The company expects revenue of $72.2 billion to $73.4 billion for fiscal 2027, with non-GAAP EPS projected between $5.05 and $5.11.

The big picture

Cisco's record performance underscores the ongoing networking supercycle driven by AI infrastructure demands. The company's strategic focus on secure networking positions it well to capitalize on hyperscaler investments, though maintaining operational discipline will be key amid evolving market dynamics. With $8.1 billion remaining for stock repurchases and a robust pipeline of orders, Cisco is poised to continue its growth trajectory into fiscal 2027.

What we're watching

AI Infrastructure Demand: The significant momentum and raised expectations for AI infrastructure from hyperscalers will be a key driver of Cisco's growth in the coming fiscal year.
Execution Risk: Cisco's ability to sustain its high operational efficiency and margin performance amid rapid technological changes and competitive pressures remains critical.
Geographic Expansion: The pace at which Cisco can expand its market share in emerging regions, particularly given the strong growth in EMEA and APJC segments.