Q3 26 EPS
$1.06
BEAT +2.29%
Est. $1.04
Q3 26 Revenue
$15.84B
BEAT +1.80%
Est. $15.56B
vs S&P Since Q3 26
+19.1%
BEATING MARKET
CSCO +18.1% vs S&P -1.0%
Market Reaction
Did CSCO Beat Earnings? Q3 2026 Results
Cisco Systems delivered a strong fiscal third quarter, with record revenue of $15.84 billion rising 12.0% year over year and non-GAAP EPS of $1.06 beating the $1.04 consensus estimate by 2.30%, extending the networking giant's streak of consensus EPS… Read more Cisco Systems delivered a strong fiscal third quarter, with record revenue of $15.84 billion rising 12.0% year over year and non-GAAP EPS of $1.06 beating the $1.04 consensus estimate by 2.30%, extending the networking giant's streak of consensus EPS beats to four consecutive quarters. The standout driver was an explosive acceleration in AI infrastructure demand, with total product orders surging 35% year over year and Cisco raising its fiscal 2026 AI infrastructure order expectation to $9.00 billion from $5.00 billion, while expected AI revenue for the year was lifted to $4.00 billion from $3.00 billion. Networking revenue climbed 25% to $8.81 billion as data center switching orders jumped more than 40%, reflecting broad enterprise appetite for AI-ready infrastructure, a trend also evident in Cisco's recently announced partnership with AT&T on a post-quantum cryptography SD-WAN solution. Gross margins contracted modestly, reflecting a product mix shift toward higher-volume AI hardware. Looking ahead, Cisco guided Q4 revenue of $16.70 billion to $16.90 billion and raised its full-year revenue outlook to $62.80 billion to $63.00 billion.
Key Takeaways
- • Networking product revenue grew 25% year over year, driven by AI infrastructure and campus refresh demand
- • Total product orders up 35% year over year; up 19% excluding hyperscalers
- • Networking product orders accelerated to more than 50% year over year growth
- • Campus networking orders grew greater than 25% year over year
- • Data center switching orders grew greater than 40% year over year
- • AI infrastructure orders taken year to date reached $5.3 billion
CSCO Forward Guidance & Outlook
For Q4 FY2026, Cisco expects revenue of $16.7 billion to $16.9 billion, non-GAAP gross margin of 65.5% to 66.5%, non-GAAP operating margin of 34% to 35%, and non-GAAP EPS of $1.16 to $1.18 (GAAP EPS of $0.80 to $0.85). For full-year FY2026, Cisco expects revenue of $62.8 billion to $63.0 billion and non-GAAP EPS of $4.27 to $4.29 (GAAP EPS of $3.16 to $3.21). All guidance includes estimated tariff impacts based on current trade policy. Cisco raised its FY26 AI infrastructure order expectation to $9 billion (from $5 billion) and expected FY26 AI revenue to $4 billion (from $3 billion). The company also announced a restructuring plan with estimated pre-tax charges of up to $1 billion to invest in silicon, optics, security, and AI.
CSCO YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
CSCO Revenue by Segment
With YoY comparisons, source: SEC Filings
CSCO Revenue by Geography
With YoY comparisons, source: SEC Filings
“Cisco delivered record quarterly revenue in Q3 and we saw very strong, broad-based demand for our products, demonstrating the relevance of our technology for connecting and securing AI.”
— Chuck Robbins, Q3 2026 Earnings Press Release
CSCO Earnings Trends
CSCO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CSCO EPS Trend
Earnings per share: estimate vs actual
CSCO Revenue Trend
Quarterly revenue: estimate vs actual
CSCO Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 BEAT | $1.04 | $1.06 | +2.29% | $15.84B | +1.80% |
| Q2 26 BEAT | $1.02 | $1.04 | +1.75% | $15.35B | +1.49% |
| Q1 26 BEAT | $0.98 | $1.00 | +1.86% | $14.88B | +0.72% |
| Q4 25 BEAT FY | $0.98 | $0.99 | +0.99% | $14.67B | -0.59% |
| FY Full Year | $3.79 | $3.81 | +0.59% | $56.65B | +0.06% |
| Q3 25 BEAT | $0.92 | $0.96 | +4.64% | $14.15B | +0.65% |