Cisco Systems Inc F3Q26 Review

Cisco delivered a F3Q26 EPS beat led by a substantial acceleration in product orders (+35% yoy), particularly in AI hyperscale networking and campus refresh cycles. Goldman Sachs remains Neutral but raised the price target to $116 following a significant upward revision to Cisco's AI order and revenue guidance.

Key Takeaways

• 1.Cisco reported a F3Q26 EPS beat of $1.06, surpassing consensus estimates, driven by a 25% year-over-year acceleration in Networking revenue.
• 2.AI-related momentum is strong, with F2026 AI hyperscale order guidance raised significantly to $9 billion from the previous $5 billion estimate.
• 3.Overall product order growth accelerated to +35% yoy, with networking orders specifically exceeding +50% yoy, reflecting strength in AI, enterprise data centers, and campus refreshes.

Table of Contents

• F3Q26 earnings results
• Estimate and price target changes
• Income statement
• Disclosure Appendix

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