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Cisco Systems (CSCO) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Sep 2, 2026 · Cisco Systems (CSCO) Q4 FY26 earnings results →

Q4 FY26 Revenue up 18% year over year to $17.3B · 22¢ of every $1 of revenue kept as net profit · operating margin 24.7%

Cisco Systems made $17.3B in Q4 FY26 (+18% Y/Y): Product $13.5B, Services $3.8B. Operating margin 24.7%, net earnings $3.9B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Sep 2, 2026.

Revenue$17.3B
Year over year+18%
Operating margin24.7%
Net earnings$3.9B
Operating cash flow$5.4B

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Cisco Systems Q4 FY26 revenue breakdown: Sankey diagram of revenue (Product, Services), costs, profit and cash flow
Cisco Systems Q4 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $17.3B in Q4 FY26, up 18% year over year and up 9% from the previous quarter. Networking was the largest line at 57% of revenue.

Gross margin was 64.1%, up 0.9 points from Q4 FY25. Operating profit was $4.3B, a 24.7% margin (up 3.7 points year over year). Of the extra revenue versus Q4 FY25, 46% reached operating profit, above the 21% margin then. Operating expenses grew 10% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+155%). Net earnings were $3.9B, up 51% year over year. The effective tax rate was 21.8%.

Operating cash flow was $5.4B (up 27% year over year), 140% of net earnings. Non-cash charges added back $0.93B of share-based compensation. Working capital and other items added $0.60B. Capital expenditures of $0.39B left free cash flow of $5.0B.

Quarterly history

Cisco Systems revenue by quarterCisco Systems revenue by quarter$14.0BQ2 FY25$14.1BQ3 FY25$14.7BQ4 FY25$14.9BQ1 FY26$15.3BQ2 FY26$15.8BQ3 FY26$17.3BQ4 FY26
Cisco Systems net earnings by quarterCisco Systems net earnings by quarter$2.4BQ2 FY25$2.5BQ3 FY25$2.5BQ4 FY25$2.9BQ1 FY26$3.2BQ2 FY26$3.4BQ3 FY26$3.9BQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KSep 2, 2026$17.3B+18%24.7%$3.9B$5.4B
Q3 FY2610-QMay 19, 2026$15.8B+12%25.0%$3.4B$3.8B
Q2 FY2610-QFeb 17, 2026$15.3B+10%24.6%$3.2B$1.8B
Q1 FY2610-QNov 18, 2025$14.9B+8%22.6%$2.9B$3.2B
Q4 FY2510-KSep 3, 2025$14.7B+8%21.0%$2.5B$4.2B
Q3 FY2510-QMay 20, 2025$14.1B+11%22.6%$2.5B$4.1B
Q2 FY2510-QFeb 18, 2025$14.0B+9%22.3%$2.4B$2.2B

Charts

Cisco Systems: revenue growth, year over year and quarter over quarterCisco Systems: revenue growth, year over year and quarter over quarterY/YQ/Q+9%Q2 FY25+11%+1%Q3 FY25+8%+4%Q4 FY25+8%+1%Q1 FY26+10%+3%Q2 FY26+12%+3%Q3 FY26+18%+9%Q4 FY26
Latest (Q4 FY26): Y/Y +18%, Q/Q +9%.
Cisco Systems: where the cash came from (+) and went (−), FY26Cisco Systems: where the cash came from (+) and went (−), FY26Operating cash flow$14.2BNet borrowing (+) / repaid (−)$13.7BOther financing−$12.3BDividends−$6.6BBuybacks−$6.1BTaxes on employees’ shares−$1.9BCash drawn (+) / kept (−)$1.7BOther investing−$1.6BCapital spending−$1.4BShares issued$805MAcquisitions−$516MNot reconciled−$29.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Cisco Systems: profit against cash, quarter by quarterCisco Systems: profit against cash, quarter by quarterNet incomeOperating cash flow$2.7B$3.7BQ1 FY25$2.4B$2.2BQ2 FY25$2.5B$4.1BQ3 FY25$2.5B$4.2BQ4 FY25$2.9B$3.2BQ1 FY26$3.2B$1.8BQ2 FY26$3.4B$3.8BQ3 FY26$3.9B$5.4BQ4 FY26
Latest (Q4 FY26): Net income $3.9B, Operating cash flow $5.4B.
Cisco Systems: diluted shares by fiscal yearCisco Systems: diluted shares by fiscal year4.24BFY214.19BFY224.11BFY234.06BFY244.00BFY253.99BFY26
-5.9% since FY21: buybacks shrank the count.
Cisco Systems: long-term debt falling due (FY26)Cisco Systems: long-term debt falling due (FY26)$3.5B2027$1.0B2028$2.5B2029$1.0B2030$2.5B2031$12.5BLater
Cash $7.2B, short-term investments $8.7B, long-term debt $22.9B at 2026-07-25.
Cisco Systems in its industry: growth against margin (11 companies, SIC 3576)Cisco Systems in its industry: growth against margin (11 companies, SIC 3576)revenue growth, year over year →↑ operating marginmedian +10%median 7%ANETFFIVEXTRNTGRDGIIATENLTRXFOXXCIITINTZCSCO (+18%, 25%)
Computer Communications Equipment; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Networking

Interactive views

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

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About Cisco Systems

Cisco (NASDAQ: CSCO) is the worldwide technology leader that is revolutionizing the way organizations connect and protect in the AI era. For more than 40 years, Cisco has securely connected the world. With its industry leading AI-powered solutions and services, Cisco enables its customers, partners and communities to unlock innovation, enhance productivity and strengthen digital resilience. With purpose at its core, Cisco remains committed to creating a more connected and inclusive future for all. Discover more on The Newsroom and follow us on X at @Cisco.

In its own words, from its 8-K, filed Aug 12, 2026.

Cisco Systems against its Computer Communications Equipment peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +11%. Operating margin: 24.7% against the peers' median 16.5%.

CompanyQuarterRevenueY/YOp. margin
CSCO Cisco SystemsQ4 FY26$17.3B+18%24.7%
ANET Arista NetworksQ3 2026$3.7B+58%44.9%
FFIV F5Q3 FY26$865M+11%24.7%
EXTR Extreme NetworksQ1 FY27$341M+10%6.8%
NTGR NetgearQ3 2026$167M-9%-8.2%
DGII Digi InternationalQ3 FY26$139M+29%16.5%
ATEN A10 NetworksQ3 2026$91.5M+23%20.0%
LTRX LantronixQ4 FY26$31.2M+8%-1.3%
FOXX Foxx Development HoldingsQ4 FY26$7.0M-50%-97.7%

Source: Cisco Systems 10-K on SEC EDGAR · CIK 858877 · Computer Communications Equipment

Guidance and outlook

Cisco Systems: what its forward-looking statements are about (10-K filed 2026-09-02)Cisco Systems: what its forward-looking statements are about (10-K filed 2026-09-02)Demand9Other4Buybacks & dividends2Supply chain1The economy1Tax1Margins1Capital spending1People1
21 statements; tone +0.24 (−1 all cautious, +1 all confident); 6 hedged.
Cisco Systems: outlook statements against the filing beforeCisco Systems: outlook statements against the filing beforeNew7Dropped4Confident6Cautious1

13F: who owns CSCO and who is buying

Largest holders of CSCO (13F)Largest holders of CSCO (13F)BlackRock$42.1BVanguard Group$30.7BVanguard Capital Management LLC$28.8BState Street$23.2BInvesco$16.2BVanguard Portfolio Management LLC$14.0BGeode Capital Management, LLC$11.8BMorgan Stanley$9.4BFMR LLC$8.9BCapital Research Global Investors$7.9B
Funds' net buying of CSCO by quarter (13F)Funds' net buying of CSCO by quarter (13F)$22.8M2024-09$150M2024-12$2.3B2025-03$778M2025-06−$2.1B2025-09$10.2B2025-12−$781M2026-03$80.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CSCO

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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