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Just reported
Q1 FY2027 results
From Cisco Systems's results release of 2026年11月12日. These are the company's first figures; its 10-Q or 10-K replaces them when filed.
Revenue
Actual
$18.52B
+24% y/y
+7.3% q/qGuided
$18.1B
midpoint
Above guide+2.3%EPS, adjusted
Actual
$1.40
Guided
$1.33
midpoint
Above guide+5.3%EPS, GAAP: $1.14 · +58% y/y
Operating income, GAAP
Actual
$5.6B
+66% y/y
+31% q/qGuided
—
No guide given
Operating income, adjusted: $7B
Company outlook
Q2 FY2027
- Revenue$18B – $18.2B+18% y/y First given
- EPS, adjusted$1.34 – $1.36First given
- EPS, GAAP$1.07 – $1.09+35% y/y First given
Full year 2027
- Revenue$74.8B – $75.8B+19% y/y Raised +3.4%
- EPS, adjusted$5.47 – $5.53Raised +8.3%
- EPS, GAAP$4.38 – $4.44+32% y/y Raised +9.4%
Set against the company's own guidance and the same quarter a year earlier, not analysts' estimates, which we do not hold. Adjusted figures are the company's own non-GAAP measures, as stated in the release.
The full earnings report →What changed this year
Fiscal year to 2026年7月25日, against the year before
Revenue and margins rose, while cash generation was nearly level as inventory and capital spending absorbed more cash.
RevenueRising
+11.8%
Sales growth on the year before
ProfitabilityRising
21.0%
Profit margin, from 18.0%
CashLittle changed
$12.8B
Free cash flow, from $13.3B
Revenue growth came mainly from product sales, especially Networking and AI infrastructure, while services revenue was flat. Net margin increased as operating-margin improvement outweighed lower gross margin and the higher tax share. The Networking mix that supported revenue growth also pressured gross margin, so it links the revenue and profitability changes rather than representing two unrelated drivers. Operating cash flow stayed nearly level as higher collections were offset by supplier payments and a final transition-tax payment; higher capital spending contributed to lower free cash flow.
The full breakdown — every reason in the company’s own words, how revenue, profit and cash connect, and what to watch next — comes with Pro. See what Pro includes
Read from Cisco Systems, Inc.’s own filings by AI. Every reason is quoted from the company; the figures are computed from its filings. Written in English. A description of what happened, not a forecast.
Keep exploring
The themes Cisco Systems is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.
The themes it is part of
- キュレーション
Cybersecurity
InspectStocks 編集 · 20 companies
Software and services that protect networks, devices, identities and cloud workloads.
- 株価、1 年
- +38.9%
- 売上、1 年
- +17.3%
+14A 10B 7C 3
- キュレーション
AI networking & optics
InspectStocks 編集 · 20 companies
Switches, optical modules, lasers and connectors that move data between AI servers.
- 株価、1 年
- +51.5%
- 売上、1 年
- +53.7%
+14A 14B 2C 1D 3
Highest-graded in Communication Equipment
Graded A or B and worth $2B or more: A first, then the largest.
HPEHewlett Packard Enterprise Company$66.6BA
LITELumentum Holdings Inc.$56.6BA
CIENCiena Corp$41.7BA+
UIUbiquiti Inc.$41.3BA+
ZBRAZebra Technologies Corporation$15BA
Grade rose recently in Technology
Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.
LRCXLAM Research Corporation2026年10月22日BAGraded B, now A
IBMInternational Business Machines Corporation2026年10月21日BAGraded B, now A
CDNSCadence Design Systems, Inc.2026年10月28日BAGraded B, now A
NXPINXP Semiconductors N.V.2026年10月27日BAGraded B, now A- UIUbiquiti Inc.2026年11月6日BAGraded B, now A
どうやって稼いでいるか
- Networking equipment and related products32%
- Software subscriptions tied to products20%
- Security products and software9%
- Collaboration products and software5%
- Observability products and software1%
- Services, including subscription services33%
売上構成比はyear ended July 31, 2025の推計であり、提出された報告書の数字ではありません。
競合
何を売っているか5
Networking
Switches connect devices within offices and data centers; routers direct data between networks; wireless access points provide Wi-Fi; and servers and optical products help carry and process network traffic.
Security
Products include firewalls, tools for managing user access, cloud-based network security, and extended detection and response (XDR) software that helps find and address cyberattacks.
Collaboration
Webex software, video and other collaboration devices, contact-center products, and cloud communications tools let employees and businesses communicate with customers.
さらに2件を表示
Observability
Splunk products help customers monitor applications, infrastructure, and networks; ThousandEyes checks how networks and cloud services affect access to applications.
Services
Cisco provides technical support, software maintenance, hardware replacement, and professional services such as planning, design, installation, and consulting.
誰が買っているか4
- Businesses of different sizes buy equipment, software, and support directly from Cisco or through resellers, systems integrators, and service-provider partners.
- Federal, state, and local governments and educational institutions generally buy through technology vendors and channel partners.
- Telecommunications and other service providers buy networking equipment and related services for their own networks and for services they provide to their customers.
- Large cloud providers, including hyperscalers, buy networking equipment and optical products for data centers and connections between facilities.
何に支えられ、何に崩されうるか
事業が頼っているもの
- 1Cisco relies on independent contract manufacturers for printed-circuit-board assembly, product assembly, repair, and testing; its 10-K says it has no significant long-term manufacturing contracts.
- 2A substantial portion of sales goes through channel partners, including distributors, systems integrators, service providers, and resellers.
- 3Cisco products use some third-party software and other intellectual property, so it depends on obtaining or renewing licenses.
- 4Cisco's networking products depend on semiconductor and other component supply chains; management discussed direct work with Taiwan Semiconductor Manufacturing Company (TSMC) on supply in the fiscal fourth-quarter 2026 call.
うまくいかなくなる可能性
- 1Sales to cloud and service-provider customers, including hyperscalers buying artificial-intelligence infrastructure, can be volatile and concentrated among a limited number of customers.
- 2If Cisco fails to develop new products or keep existing products aligned with changing technology and customer needs, customers may choose competing products and Cisco's results may suffer.
- 3Cisco sells through distributors and other channel partners; changes or disruption in that route to customers, or excess inventory held in its two-tier distribution channel, can hurt sales or margins.
Cisco Systems, Inc.について
Cisco makes switches, routers, wireless equipment, servers, and optical networking products that connect computers, data centers, workplaces, and communications networks. It also sells security, collaboration, and observability software, including Webex and Splunk products, and provides technical support and consulting. Customers buy directly from Cisco or through resellers and other channel partners.
- 本社
- San Jose, California
- 設立
- 1984 (incorporated in California)
- 従業員数
- approximately 82,400 (July 25, 2026, high)
- 上場市場
- Nasdaq
- 決算期
- July; fiscal 2026 ended July 25
Cisco Systems, Inc. 自身が米国証券取引委員会（SEC）に提出した書類にもとづきます。数字は報告されたままで、1 株当たりの履歴は今日の株数基準に修正済みです。 これは事業の説明です——投資助言ではなく、売買を勧めるものでもありません。