Slide 1: Q2 Fiscal Year 2026 Conference Call
Q2 Fiscal Year 2026 Conference Call February 11, 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: Key Takeaways
Q2 FY 2026 Key Takeaways Strong Financial Performance Accelerating Q2 revenue, operating Accelerating AI Campus Refresh and margin, and EPS exceeded Momentum the high end of our DC Switching Growth guidance ranges $2.1B AI orders taken in Q2 All next-gen campus from hyperscalers; revenue Raising FY2
Slide 5: Summary
Q2 FY 2026 Summary • Double-digit top and bottom-line growth with strong profitability and EPS growing faster than revenue • $15.3B in revenue, up 10% y/y, Non-GAAP EPS of $1.04, up 11% y/y, above high end of guide • Non-GAAP operating margin of 34.6%, above high end of guide • Strong demand for Cis
Slide 6: Campus, Wireless, and Edge Devices Ramping
Campus, Wireless, and Edge Devices Ramping C9350 & C9610 Smart Catalyst 9000 Family Switches Wi-Fi 7 Access Points Industrial IoT portfolio Campus, Wireless, and Edge Device Highlights All next-gen campus networking solutions ramping faster than prior product launches, driving accelerated order gr
Slide 7: 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 8: Cisco Accelerating AI Adoption
Cisco Accelerating AI Adoption Hyperscaler AI Infrastructure AI Connectivity Accelerated momentum with results demonstrating continued execution and Accelerated momentum company-wide for AI networking solutions, with innovation as hyperscalers ramp back-end and front-end networking neocloud, soverei
Slide 9: 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 10: Financial Overview
Financial Overview
Slide 11: Revenue and Total Gross Margin
Q2 FY 2026 Revenue and Total Gross Margin $M (except percentages) Revenue Total Gross Margin % Q2 FY’25 Q1 FY’26 Q2 FY’26 Q2 FY’25 Q1 FY’26 Q2 FY’26 Americas $8,202 $8,989 $8,845 67.6% 66.8% 65.8% EMEA 3,855 3,784 4,425 71.3% 71.9% 71.7% APJC 1,934 2,111 2,080 68.3% 66.9% 65.8% Geographic Total $13,
Slide 12: Revenue Highlights
Q2 FY 2026 Revenue Highlights Category $M Y/Y Networking $8,294 21% Security 2,018 (4%) Collaboration 1,054 6% Observability 277 0% Services 3,707 (1%) Total Cisco $15,349 10% Amounts may not sum and percentages may not recalculate due to rounding. © 2026 Cisco and/or its affiliates. All rights rese
Slide 13: RPO and ARR
Q2 FY 2026 RPO and ARR $B (except percentages) Q2 FY 2025 Q1 FY 2026 Q2 FY 2026 Remaining Performance Obligations (RPO): $41.3 $42.9 $43.4 Year/Year Change 16% 7% 5% Product RPO (1) $20.3 $21.9 $22.0 Year/Year Change 25% 10% 8% Services RPO $20.9 $21.0 $21.4 Year/Year Change 8% 4% 2% Annualized Recu
Slide 14: Product Orders
Q2 FY 2026 Product Orders Total Product Orders: 18% Y/Y Geographic Segment Y/Y Customer Market Y/Y Americas 23% Enterprise 8% EMEA 11% Public Sector 11% APJC 15% Service Provider & Cloud 65% © 2026 Cisco and/or its affiliates. All rights reserved. Cisco Confidential
Slide 15: GAAP Income Statement Highlights
Q2 FY 2026 GAAP Income Statement Highlights $M (except per-share amounts and percentages) Q2 FY 2025 Q1 FY 2026 Q2 FY 2026 Revenue $13,991 $14,883 $15,349 Year/Year Change 9% 8% 10% Product $10,234 $11,077 $11,642 Services $3,757 $3,806 $3,707 Gross Margin 65.1% 65.5% 65.0% Product Gross Margin 63.7
Slide 16: Non-GAAP Income Statement Highlights
Q2 FY 2026 Non-GAAP Income Statement Highlights $M (except per-share amounts and percentages) Q2 FY 2025 Q1 FY 2026 Q2 FY 2026 Revenue $13,991 $14,883 $15,349 Year/Year Change 9% 8% 10% Product $10,234 $11,077 $11,642 Services $3,757 $3,806 $3,707 Gross Margin 68.7% 68.1% 67.5% Product Gross Margin
Slide 17: Key Financial Measures
Q2 FY 2026 Key Financial Measures $M Q2 FY 2025 Q1 FY 2026 Q2 FY 2026 Cash, Cash Equivalents and Investments $16,853 $15,736 $15,777 Operating Cash Flow $2,241 $3,212 $1,822 Inventory $2,927 $3,395 $3,920 Inventory Purchase Commitments $5,824 $8,321 $10,055 Deferred Revenue: $27,795 $27,969 $28,403
Slide 18: Capital Allocation
Q2 FY 2026 Capital Allocation Total Capital Allocation Q2 FY 2026 Share Repurchases Q2 FY 2026 Share Repurchases ($M) $1,351 Amount Purchased ($M) $1,351 Dividends Paid ($M) 1,617 Number of Shares (M) 18 Total ($M) $2,968 Avg. Price per Share $76.29 Dividend per Share $0.41 • Today we announced we a
Slide 19: Guidance
Guidance
Slide 20: Key Q3 & FY 2026 Guidance Assumptions
Key Q3 & FY 2026 Guidance Assumptions Current tariffs and exemptions remain in place through FY26. These include: • China at 20% (10% fentanyl; 10% reciprocal) partially offset by an exemption for semiconductors and certain electronic components • Mexico at 25% and Canada at 35% for the components a
Slide 21: Guidance for Q3 FY 2026
Guidance for Q3 FY 2026 Cisco expects to achieve the following results: Q3 FY 2026 Guidance Revenue $15.4B – $15.6B Non-GAAP Gross Margin 65.5% – 66.5% Non-GAAP Operating Margin 33.5% – 34.5% Non-GAAP EPS $1.02 – $1.04 • Margin and EPS guidance includes the estimated impact of tariffs based on curre
Slide 22: Guidance for FY 2026
Guidance for FY 2026 Cisco expects to achieve the following results: FY 2026 Guidance Revenue $61.2B – $61.7B Non-GAAP EPS $4.13 – $4.17 • EPS guidance includes the estimated impact of tariffs based on current trade policy. • Cisco estimates that GAAP EPS will be $3.00 to $3.08 for fiscal 2026. • FY
Slide 23: Q&A
Q&A
Slide 24: 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 25: ctftotfas
ctftotfas cisco
Slide 26: Supplemental Materials
Supplemental Materials
Slide 27: GAAP to Non-GAAP Guidance for Q3 FY 2026
GAAP to Non-GAAP Guidance for Q3 FY 2026 Gross Operating Earnings Q3 FY 2026 margin margin per share (1) GAAP 63% - 64% 24% - 25% $0.73 - $0.77 Estimated adjustments for: Share-based compensation expense 1.0% 6.0% $0.17 - $0.18 Amortization of acquisition-related intangible assets and other acquisit
Slide 28: GAAP to Non-GAAP Guidance for FY 2026
GAAP to Non-GAAP Guidance for FY 2026 Earnings FY 2026 per share (1) GAAP $3.00 - $3.08 Estimated adjustments for: Share-based compensation expense $0.70 - $0.72 Amortization of acquisition-related intangible assets and other acquisition/divestiture- $0.43 - $0.45 related costs Restructuring and oth