Cisco Systems, Inc. · Q4 FY2026
ReportedAug 12, 2026
Period endedJul 25, 2026
Rule of 40+47
Consensus vs reported
EPS · NON-GAAP
BEAT +34%
$1.22
vs $0.91 expected
QoQ+15.1%
YoY+23.2%
Revenue
BEAT +9%
$17.25B
vs $15.8B expected
QoQ+8.9%
YoY+17.6%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $17.25B, up 17.6% year over year and 8.9% on the quarter. Non-GAAP EPS $1.22, up 23.2% year over year and 15.1% on the quarter. GAAP EPS $0.97. Free cash flow $5.00B, up 24.4% year over year and 49.4% on the quarter. Non-GAAP EPS beat consensus by 34%. Rule of 40 score +47.
Reported this quarter
Revenue
$17.25B
QoQ +8.9%
YoY +17.6%
EPS · NON-GAAP
$1.22
QoQ +15.1%
YoY +23.2%
EPS · GAAP
$0.97
QoQ +14.1%
YoY +51.6%
Free Cash Flow
$5.00B
QoQ +49.4%
YoY +24.4%
Gross Margin
64.1%
QoQ +0.5 pp
YoY +0.9 pp
FCF Margin
29.0%
QoQ +7.9 pp
YoY +1.6 pp
P/E Ratio
34.7
QoQ +14.1%
YoY +30.0%
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The record quarter is not the story; the guide is. Fiscal 2027 revenue guidance implies +14.0% to +15.9% against fiscal 2026's $63,325M — a forty-year-old networking incumbent that just grew 11.8% has guided itself to accelerate.
- Product carried everything. Product revenue +23.6% to $13,459M against services +0.2% at $3,793M. Total revenue rose 17.6% on one of its two halves.
- Operating leverage was extreme in the quarter— gross profit +19.2%, operating income +38.1% , net income +51.3% , diluted EPS +51.6% to $0.97.
- Services flatlining is the risk under the guide. A business whose recurring half grows 0.2% has to keep selling hardware at 23% to hit the number.
- The acceleration is a claim, not yet a result. Nothing in this quarter demonstrates fiscal 2027; it establishes the base the guide is measured from.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| FY2025 Q2 | — | $0.61 | — |
| FY2025 Q3 | — | $0.62 | — |
| FY2025 Q4 | — | $0.64 | — |
| FY2026 Q1 | — | $0.72 | — |
| FY2026 Q2 | — | $0.80 | — |
| FY2026 Q3 | — | $0.85 | — |
| FY2026 Q4 | $0.91 | $1.22 | +34% |
| FY2027 Q1 | — | not yet reported | — |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 858877.
JSON
Company facts (XBRL)
Every figure CSCO has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q4 FY2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings