Скачать или смотреть Cisco (CSCO) Q1 2026 Earnings: AI Orders Surge to \$1.3B, Company Raises Full-Year Guidance

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Cisco Systems, Inc. (CSCO) delivered a strong fiscal first quarter for 2026, reporting better-than-expected profit and revenue and subsequently raising its guidance for the full fiscal year. CEO Chuck Robbins stated that the company is on track to deliver its strongest year yet, emphasizing the critical role of secure networking in the AI era.

*Key Financial Highlights (Q1 FY2026):*

*Revenue Beat:* Total revenue reached **\$14.9 billion**, representing an 8% year-over-year (Y/Y) increase, and exceeding the expected \$14.77 billion. This marks the fourth straight quarter of revenue growth for Cisco.
*Earnings Beat:* Non-GAAP diluted earnings per share (EPS) was **\$1.00**, surpassing the forecast of 98 cents and showing a 10% Y/Y increase.
*Stock Reaction:* Following the announcement, the stock rose about 5% in extended trading.
*Profitability:* Non-GAAP operating margin reached 34.4%, exceeding the high end of the company's guidance range.

*Accelerating AI Momentum (The Critical Driver):*

The AI transition is moving faster than the internet expansion of the late 1990s, positioning Cisco as a critical infrastructure provider.

*Hyperscaler Orders:* AI infrastructure orders taken from hyperscaler customers totaled *\$1.3 billion* in Q1 FY2026, reflecting a significant acceleration in growth. These orders were balanced between Cisco **Silicon One systems and optics**.
*FY26 AI Revenue Outlook:* Cisco expects to recognize roughly *\$3 billion in AI infrastructure revenue* from hyperscalers during the full fiscal year 2026.
*Optics Demand:* *Acacia’s market-leading coherent pluggable optics* are seeing robust demand across all major hyperscalers, offering significant cost and power savings.
*New AI Hardware:* Cisco launched the *8223 router**, powered by the **Silicon One P200 chip* (a 51.2 Tbps fixed Ethernet routing system), designed for intense AI workload traffic between data centers. Cisco also announced a new Ethernet switch based on *Nvidia Spectrum X silicon* (the N9100 switch).
*Broader AI Pipeline:* The company reported *\$200M+* in AI orders from NeoCloud, Sovereign, and enterprise customers in Q1, and sees a growing pipeline of over *\$2 billion* for these segments for the balance of FY2026.

*Segment Performance and Strategic Cycles:*

*Networking Strength:* The Networking segment, Cisco’s biggest unit, saw sales climb *15% Y/Y* to \$7.77 billion. Networking product orders accelerated to high teens growth, marking the fifth consecutive quarter of double-digit growth.
*Campus Refresh Cycle:* A **major multi-year, multi-billion-dollar campus networking refresh cycle is underway**. This is driven by legacy systems like the pre-Catalyst 9K (Cat 4K and 6K) nearing end of support, alongside the need to modernize networks for AI workloads. New solutions, including **smart switches, secure routers, and Wi-Fi 7 products**, are ramping faster than in prior product launches.
*Security Shift:* Sales in the Security unit fell 2% Y/Y to \$1.98 billion. This decline was attributed to declines in prior-generation products and a meaningful mix shift in the **Splunk business to cloud subscriptions**. While this shift negatively impacted Q1 revenue recognition (a timing issue under ASC 606), management emphasized it is positive for long-term customer adoption, expansion, and innovation delivery.

*Updated Guidance (FY2026):*

Cisco raised its full fiscal year 2026 guidance, citing a robust outlook:

*FY26 Revenue:* Expected to be between **\$60.2 billion and \$61.0 billion**.
*FY26 Non-GAAP EPS:* Expected to range from **\$4.08 to \$4.14 per share**.
*Q2 FY26 Guidance:* Revenue expected between \$15.0 billion and \$15.2 billion, with Non-GAAP EPS of \$1.01 to \$1.03.

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