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Cisco Systems (CSCO) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed May 19, 2026
Cisco Systems (CSCO) reported revenue of $15.8B for the third quarter fiscal 2026 (Q3 FY26), +12% from a year earlier and +3% from the quarter before. Operating margin was 25.0%, net earnings $3.4B (21.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.8B | +3% | +12% |
| Gross profit | $10.1B | +1% | +9% |
| Operating profit | $4.0B | +5% | +24% |
| Net earnings | $3.4B | +6% | +35% |
| Operating cash flow | $3.8B | +106% | -7% |
| Free cash flow | $3.3B | +117% | -12% |
What changed
Revenue was $15.8B in Q3 FY26, up 12% year over year and up 3% from the previous quarter. Networking was the largest line at 56% of revenue. Networking added $1.7B year over year (up 25%), 103% of the total change. Services declined 1%.
Gross margin was 63.6%, down 1.9 points from Q3 FY25. Operating profit was $4.0B, a 25.0% margin (up 2.4 points year over year). Of the extra revenue versus Q3 FY25, 45% reached operating profit, above the 23% margin then. Operating expenses grew 1% against revenue growth of 12%. Net earnings were $3.4B, up 35% year over year. The effective tax rate was 16.5%.
Operating cash flow was $3.8B (down 7% year over year), 111% of net earnings. Non-cash charges added back $0.91B of share-based compensation. Working capital and other items used $0.53B. Capital expenditures of $0.41B left free cash flow of $3.3B.
Questions
What was Cisco Systems' revenue in the third quarter fiscal 2026?
Cisco Systems (CSCO) reported revenue of $15.8B for the third quarter fiscal 2026 (Q3 FY26), +12% from a year earlier and +3% from the quarter before.
Was Cisco Systems profitable in the third quarter fiscal 2026?
Operating profit was $4.0B (25.0% of revenue) and net earnings $3.4B.
Source: Cisco Systems 10-Q on SEC EDGAR.