Filing Flows › Cisco Systems (CSCO) › Q3 FY26 › vs Q3 FY25
Cisco Systems (CSCO) Q3 FY26 vs Q3 FY25 (year over year)
Cisco Systems's revenue rose $1.7B (+12%) from $14.1B in Q3 FY25 to $15.8B in Q3 FY26. The biggest changes: Product +$1.7B (+17%); Services −$51.0M (-1%). Gross margin 63.6% against 65.6% (-1.9 pts).
Cisco Systems, Q3 FY26: revenue $15.8B (+12% year over year), operating margin 25.0%, net earnings $3.4B, operating cash flow $3.8B. The chart draws each line against Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Gross margin | 63.6% | 65.6% | -1.9 pts |
| Operating margin | 25.0% | 22.6% | +2.4 pts |
| Net margin | 21.3% | 17.6% | +3.7 pts |
| Free cash flow margin | 21.1% | 26.8% | -5.7 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| Networking | $8.8B | $7.1B | $1.7B | +25% |
| Security | $2.0B | $2.0B | −$5.0M | -0.2% |
| Collaboration | $1.0B | $1.0B | −$7.0M | -0.7% |
| Observability | $269M | $261M | $8.0M | +3% |
| Product | $12.1B | $10.4B | $1.7B | +17% |
| Services | $3.7B | $3.8B | −$51.0M | -1% |
| Revenue | $15.8B | $14.1B | $1.7B | +12% |
| Gross profit | $10.1B | $9.3B | $802M | +9% |
| Cost of revenue | $5.8B | $4.9B | $890M | +18% |
| Other income, net | $79.0M | −$255M | $334M | — |
| Operating profit | $4.0B | $3.2B | $758M | +24% |
| Operating expenses | $6.1B | $6.1B | $44.0M | +0.7% |
| Pre-tax earnings | $4.0B | $2.9B | $1.1B | +37% |
| Research & development | $2.4B | $2.3B | $42.0M | +2% |
| Sales & marketing | $2.9B | $2.7B | $131M | +5% |
| General & admin | $661M | $739M | −$78.0M | -11% |
| Other operating costs | $227M | $278M | −$51.0M | -18% |
| Net earnings | $3.4B | $2.5B | $882M | +35% |
| Income tax | $666M | $456M | $210M | +46% |
| Share-based compensation | $914M | $945M | −$31.0M | -3% |
| Working capital & other | $530M | −$621M | $1.2B | — |
| Operating cash flow | $3.8B | $4.1B | −$300M | -7% |
| Free cash flow (OCF − capex) | $3.3B | $3.8B | −$453M | -12% |
| Capital expenditures | $414M | $261M | $153M | +59% |
Questions
How much did Cisco Systems's revenue grow year over year in Q3 FY26?
Cisco Systems's revenue rose $1.7B (+12%) from $14.1B in Q3 FY25 to $15.8B in Q3 FY26.
What drove Cisco Systems's revenue change in Q3 FY26?
Product +$1.7B (+17%); Services −$51.0M (-1%).