Filing Flows › Cisco Systems (CSCO) › Q4 FY26 › vs Q3 FY26
Cisco Systems (CSCO) Q4 FY26 vs Q3 FY26 (quarter over quarter)
Cisco Systems's revenue rose $1.4B (+9%) from $15.8B in Q3 FY26 to $17.3B in Q4 FY26. The biggest changes: Product +$1.3B (+11%); Services +$69.0M (+2%). Gross margin 64.1% against 63.6% (+0.5 pts).
Cisco Systems, Q4 FY26: revenue $17.3B (+18% year over year), operating margin 24.7%, net earnings $3.9B, operating cash flow $5.4B. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Gross margin | 64.1% | 63.6% | +0.5 pts |
| Operating margin | 24.7% | 25.0% | -0.3 pts |
| Net margin | 22.4% | 21.3% | +1.1 pts |
| Free cash flow margin | 29.0% | 21.1% | +7.9 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| Networking | $9.8B | $8.8B | $976M | +11% |
| Security | $2.2B | $2.0B | $218M | +11% |
| Collaboration | $1.2B | $1.0B | $143M | +14% |
| Observability | $275M | $269M | $6.0M | +2% |
| Product | $13.5B | $12.1B | $1.3B | +11% |
| Services | $3.8B | $3.7B | $69.0M | +2% |
| Revenue | $17.3B | $15.8B | $1.4B | +9% |
| Gross profit | $11.1B | $10.1B | $983M | +10% |
| Cost of revenue | $6.2B | $5.8B | $428M | +7% |
| Other income, net | $669M | $79.0M | $590M | +747% |
| Operating profit | $4.3B | $4.0B | $304M | +8% |
| Operating expenses | $6.8B | $6.1B | $679M | +11% |
| Pre-tax earnings | $4.9B | $4.0B | $894M | +22% |
| Research & development | $2.4B | $2.4B | $54.0M | +2% |
| Sales & marketing | $3.0B | $2.9B | $97.0M | +3% |
| General & admin | $679M | $661M | $18.0M | +3% |
| Other operating costs | $737M | $227M | $510M | +225% |
| Net earnings | $3.9B | $3.4B | $486M | +14% |
| Income tax | $1.1B | $666M | $408M | +61% |
| Share-based compensation | $927M | $914M | $13.0M | +1% |
| Working capital & other | $600M | −$530M | $1.1B | — |
| Operating cash flow | $5.4B | $3.8B | $1.6B | +43% |
| Free cash flow (OCF − capex) | $5.0B | $3.3B | $1.7B | +49% |
| Capital expenditures | $390M | $414M | −$24.0M | -6% |
Questions
How much did Cisco Systems's revenue grow quarter over quarter in Q4 FY26?
Cisco Systems's revenue rose $1.4B (+9%) from $15.8B in Q3 FY26 to $17.3B in Q4 FY26.
What drove Cisco Systems's revenue change in Q4 FY26?
Product +$1.3B (+11%); Services +$69.0M (+2%).