Slide 1: Q3 Fiscal Year 2026 Conference Call
Q3 Fiscal Year 2026 Conference Call May 13, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains projections and other forward-looking statements regarding future events or the future financial performance of Cisco, including future operating results. These projections and statements are only predictions. Actual events or results may differ
Slide 3: Business Momentum & Key Trends
Business Momentum & Key Trends
Slide 4: Q3 FY 2026 Key Takeaways
Q3 FY 2026 Key Takeaways Strong Financial Significant AI Performance Accelerating Momentum Q3 Revenue and EPS Campus Refresh and exceeded the high end of DC Switching Growth Raising expected our guidance ranges, with hyperscaler AI orders to record non-GAAP operating Campus networking orders $9B in
Slide 5: Q3 FY 2026 Summary
Q3 FY 2026 Summary • Double-digit top and bottom-line growth with strong profitability • $15.8B in revenue, up 12% y/y, Non-GAAP EPS of $1.06 up 10% y/y, both above high end of guide • Record non-GAAP operating income of $5.4B; non-GAAP operating margin of 34.2%, above mid-point of guide • Record hi
Slide 6: Cisco AI Infrastructure Orders Taken from Hyperscalers
Cisco AI Infrastructure Orders Taken from Hyperscalers $4,000 $9B Expected in FY26 $3,500 $3,000 $2,500 $ millions $2,000 $1,500 $1,000 $2B in FY25 $500 $0 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26E Raising expected hyperscaler AI orders to $9B in FY26, up from $5B; rai
Slide 7: Cisco Acacia - Supporting Data Center Scale-Across
Cisco Acacia - Supporting Data Center Scale-Across Acacia Highlights Orders of more than $1B in Q3, up triple digits y/y; well ahead of FY25 quarterly order run-rates Market leadership demonstrated by coherent port shipments to date: • Over 750,000 units shipped for 400G ports 100ZR QSFP28 400G
Slide 8: Cisco Silicon One - Unifying, Securing, and Scaling Networks
Cisco Silicon One - Unifying, Securing, and Scaling Networks Integrated Access Services Router Enterprise Switch Scale across DC Scale within DC Campus & Provider Access Provider Edge & Enterprise Core Campus & Data Center WAN & AI Inter-Data Center AI Cluster & Cloud Bandwidth Silicon One Highlight
Slide 9: Cisco Accelerating AI Adoption
Cisco Accelerating AI Adoption Hyperscaler AI Infrastructure AI Connectivity Significant AI infrastructure momentum with results demonstrating continued Continued momentum for AI networking solutions, with neocloud, sovereign, execution and innovation as hyperscalers ramp back-end and front-end and
Slide 10: Cisco Campus, Wireless and Edge Devices Ramping
Cisco Campus, Wireless and Edge Devices Ramping Catalyst 9000 Family C9350 & C9610 Smart Wi-Fi 7 Access Points Industrial IoT portfolio Switches Campus, Wireless, and Edge Device Highlights Campus networking orders grew >25% y/y in Q3 Next-gen campus networking portfolio ramping faster than prio
Slide 11: A New Level of Inferencing Demand on Secure Networking
A New Level of Inferencing Demand on Secure Networking As Agentic AI workloads rapidly expand, with AI agents being trained in data centers, deployed across application environments, and engaging continuously with end-users, network traffic will not only exceed today’s chatbot levels, but agents wil
Slide 12: Financial Overview
Financial Overview
Slide 13: Q3 FY 2026 Revenue and Total Gross Margin
Q3 FY 2026 Revenue and Total Gross Margin $M (except percentages) Revenue Total Gross Margin % Q3 FY’25 Q2 FY’26 Q3 FY’26 Q3 FY’25 Q2 FY’26 Q3 FY’26 Americas $8,380 $8,845 $9,569 67.7% 65.8% 63.7% EMEA 3,736 4,425 4,054 71.2% 71.7% 71.3% APJC 2,034 2,080 2,218 67.2% 65.8% 66.1% Geographic Total $14,
Slide 14: Q3 FY 2026 Revenue Highlights
Q3 FY 2026 Revenue Highlights Category $M Y/Y Networking $8,815 25% Security 2,008 0% Collaboration 1,024 (1%) Observability 269 3% Services 3,724 (1%) Total Cisco $15,841 12% Amounts may not sum and percentages may not recalculate due to rounding. © 2026 Cisco and/or its affiliates. All rights rese
Slide 15: Q3 FY 2026 RPO and ARR
Q3 FY 2026 RPO and ARR $B (except percentages) Q3 FY 2025 Q2 FY 2026 Q3 FY 2026 Remaining Performance Obligations (RPO): $41.7 $43.4 $43.5 Year/Year Change 7% 5% 4% Product RPO (1) $20.8 $22.0 $22.1 Year/Year Change 10% 8% 6% Services RPO $20.9 $21.4 $21.4 Year/Year Change 5% 2% 2% Annualized Recurr
Slide 16: Q3 FY 2026 Product Orders
Q3 FY 2026 Product Orders Total Product Orders: 35% Y/Y Geographic Segment Y/Y Customer Market Y/Y Americas 35% Enterprise 18% EMEA 39% Public Sector 27% APJC 25% Service Provider & Cloud 105% © 2026 Cisco and/or its affiliates. All rights reserved. Cisco Confidential
Slide 17: Q3 FY 2026 GAAP Income Statement Highlights
Q3 FY 2026 GAAP Income Statement Highlights $M (except per-share amounts and percentages) Q3 FY 2025 Q2 FY 2026 Q3 FY 2026 Revenue $14,149 $15,349 $15,841 Year/Year Change 11% 10% 12% Product $10,374 $11,642 $12,117 Services $3,775 $3,707 $3,724 Gross Margin 65.6% 65.0% 63.6% Product Gross Margin 64
Slide 18: Q3 FY 2026 Non-GAAP Income Statement Highlights
Q3 FY 2026 Non-GAAP Income Statement Highlights $M (except per-share amounts and percentages) Q3 FY 2025 Q2 FY 2026 Q3 FY 2026 Revenue $14,149 $15,349 $15,841 Year/Year Change 11% 10% 12% Product $10,374 $11,642 $12,117 Services $3,775 $3,707 $3,724 Gross Margin 68.6% 67.5% 66.0% Product Gross Margi
Slide 19: Q3 FY 2026 Key Financial Measures
Q3 FY 2026 Key Financial Measures $M Q3 FY 2025 Q2 FY 2026 Q3 FY 2026 Cash, Cash Equivalents and Investments $15,642 $15,777 $16,640 Operating Cash Flow $4,057 $1,822 $3,757 Inventory $2,832 $3,920 $4,708 Inventory Purchase Commitments $6,345 $10,055 $16,033 Deferred Revenue: $27,991 $28,403 $28,599
Slide 20: Q3 FY 2026 Capital Allocation
Q3 FY 2026 Capital Allocation Total Capital Allocation Share Repurchases ($M) $1,252 Dividends Paid ($M) 1,660 Total ($M) $2,912 Dividend per Share $0.42 Share Repurchases Amount Purchased ($M) $1,252 Number of Shares (M) 16 Avg. Price per Share $80.28 Approximately $9.6B remaining authorized funds
Slide 21: Guidance
Guidance
Slide 22: Key Q4 & FY 2026 Guidance Assumptions
Key Q4 & FY 2026 Guidance Assumptions Current tariffs and exemptions remain in place through Q4 FY26. These include: • All countries at 10%, partially offset by an exemption for semiconductors and certain electronic components. • Mexico and Canada at 10% for the components and products that are not
Slide 23: Guidance for Q4 FY 2026
Guidance for Q4 FY 2026 Cisco expects to achieve the following results: Q4 FY 2026 Guidance Revenue $16.7B – $16.9B Non-GAAP Gross Margin 65.5% – 66.5% Non-GAAP Operating Margin 34% – 35% Non-GAAP EPS $1.16 – $1.18 • Margin and EPS guidance includes the estimated impact of tariffs based on current t
Slide 24: Guidance for FY 2026
Guidance for FY 2026 Cisco expects to achieve the following results: FY 2026 Guidance Revenue $62.8B – $63.0B Non-GAAP EPS $4.27 – $4.29 • EPS guidance includes the estimated impact of tariffs based on current trade policy. • Cisco estimates that GAAP EPS will be $3.16 to $3.21 for fiscal 2026. • FY
Slide 25: Q&A
Q&A
Slide 26: Forward-Looking Statements
Forward-Looking Statements These presentation slides and the related conference call contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements r
Slide 27: ctftotfas
ctftotfas cisco
Slide 28: Supplemental Materials
Supplemental Materials
Slide 29: GAAP to Non-GAAP Guidance for Q4 FY 2026
GAAP to Non-GAAP Guidance for Q4 FY 2026 Gross Operating Earnings Q4 FY 2026 margin margin per share (1) GAAP 63.5% - 64.5% 23% - 24% $0.80 - $0.85 Estimated adjustments for: Share-based compensation expense 1.0% 5.0% $0.14 - $0.15 Amortization of acquisition-related intangible assets and other acqu
Slide 30: GAAP to Non-GAAP Guidance for FY 2026
GAAP to Non-GAAP Guidance for FY 2026 Earnings FY 2026 per share (1) GAAP $3.16 - $3.21 Estimated adjustments for: Share-based compensation expense $0.67 - $0.68 Amortization of acquisition-related intangible assets and other acquisition/divestiture- $0.43 - $0.44 related costs Restructuring and oth