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Cisco Systems (CSCO) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Feb 17, 2026
Cisco Systems (CSCO) reported revenue of $15.3B for the second quarter fiscal 2026 (Q2 FY26), +10% from a year earlier and +3% from the quarter before. Operating margin was 24.6%, net earnings $3.2B (20.7% of revenue).
Cisco Systems, Q2 FY26: revenue $15.3B (+10% year over year), operating margin 24.6%, net earnings $3.2B, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.3B | +3% | +10% |
| Gross profit | $10.0B | +2% | +9% |
| Operating profit | $3.8B | +12% | +21% |
| Net earnings | $3.2B | +11% | +31% |
| Operating cash flow | $1.8B | -43% | -19% |
| Free cash flow | $1.5B | -47% | -24% |
What changed
Revenue was $15.3B in Q2 FY26, up 10% year over year and up 3% from the previous quarter. Networking was the largest line at 54% of revenue. Networking added $1.4B year over year (up 21%), 106% of the total change. Security declined 4%.
Gross margin was 65.0%, down 0.2 points from Q2 FY25. Operating profit was $3.8B, a 24.6% margin (up 2.4 points year over year). Of the extra revenue versus Q2 FY25, 49% reached operating profit, above the 22% margin then. Operating expenses grew 3% against revenue growth of 10%. Net earnings were $3.2B, up 31% year over year. The effective tax rate was 12.9%.
Operating cash flow was $1.8B (down 19% year over year), 57% of net earnings. Non-cash charges added back $0.93B of share-based compensation. Working capital and other items used $2.3B. Capital expenditures of $0.28B left free cash flow of $1.5B.
Questions
What was Cisco Systems' revenue in the second quarter fiscal 2026?
Cisco Systems (CSCO) reported revenue of $15.3B for the second quarter fiscal 2026 (Q2 FY26), +10% from a year earlier and +3% from the quarter before.
Was Cisco Systems profitable in the second quarter fiscal 2026?
Operating profit was $3.8B (24.6% of revenue) and net earnings $3.2B.
Source: Cisco Systems 10-Q on SEC EDGAR.