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Cisco Systems (CSCO) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Nov 18, 2025
Cisco Systems (CSCO) reported revenue of $14.9B for the first quarter fiscal 2026 (Q1 FY26), +8% from a year earlier and +1% from the quarter before. Operating margin was 22.6%, net earnings $2.9B (19.2% of revenue).
Cisco Systems, Q1 FY26: revenue $14.9B (+8% year over year), operating margin 22.6%, net earnings $2.9B, operating cash flow $3.2B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.9B | +1% | +8% |
| Gross profit | $9.7B | +5% | +7% |
| Operating profit | $3.4B | +9% | +43% |
| Net earnings | $2.9B | +12% | +5% |
| Operating cash flow | $3.2B | -24% | -12% |
| Free cash flow | $2.9B | -28% | -16% |
What changed
Revenue was $14.9B in Q1 FY26, up 8% year over year and up 1% from the previous quarter. Subscription Revenue, Product was the largest line at 30% of revenue. Subscription Revenue, Product added $0.08B year over year (up 2%), 8% of the total change. Collaboration declined 3%.
Gross margin was 65.5%, down 0.4 points from a year earlier. Operating profit was $3.4B, a 22.6% margin (up 5.6 points year over year). Of the extra revenue versus a year earlier, 96% reached operating profit, above the 17% margin then. Operating expenses fell 6% while revenue rose 8%. Net earnings were $2.9B, up 5% year over year. The effective tax rate was 15.7%.
Operating cash flow was $3.2B (down 12% year over year), 112% of net earnings. Non-cash charges added back $1.1B of share-based compensation. Working capital and other items used $0.70B. Capital expenditures of $0.32B left free cash flow of $2.9B.
Questions
What was Cisco Systems' revenue in the first quarter fiscal 2026?
Cisco Systems (CSCO) reported revenue of $14.9B for the first quarter fiscal 2026 (Q1 FY26), +8% from a year earlier and +1% from the quarter before.
Was Cisco Systems profitable in the first quarter fiscal 2026?
Operating profit was $3.4B (22.6% of revenue) and net earnings $2.9B.
Source: Cisco Systems 10-Q on SEC EDGAR.