Cisco Posts Record First-Quarter Revenue of $18.5 Billion, Up 24%, and Raises Full-Year Guidance
Cisco (NASDAQ: CSCO), headquartered in San Jose, Santa Clara County, California, on November 12 reported results for the first quarter of fiscal 2027, ended October 24, 2026. Revenue was $18.5 billion, up 24% year over year to a record, and GAAP net income was $4.6 billion, up 59%, or $1.14 per share, up 58%. Non-GAAP net income was $5.6 billion, or $1.40 per share, up 40%, also a record.
Cisco said these were its strongest revenue and non-GAAP earnings-per-share growth rates in more than 15 years, with double-digit growth across all geographies and customer markets: the Americas rose 28%, EMEA 18%, and APJC 21%. Product revenue rose 32%, with Networking up 43%, Security up 7%, Collaboration up 8% and Observability up 2%; services revenue rose 1%.
Profitability also improved: GAAP operating income was $5.6 billion, up 66%, for a GAAP operating margin of 30.2%, while non-GAAP operating income was $7.0 billion with a record non-GAAP operating margin of 37.8%. Cash flow from operations was $4.4 billion, up 36%. Remaining performance obligations were $46.2 billion, up 8%, and deferred revenue was $30.1 billion, up 7%.
Cisco raised its fiscal 2027 guidance to revenue of $74.8 billion to $75.8 billion, GAAP earnings per share of $4.38 to $4.44, and non-GAAP earnings per share of $5.47 to $5.53. The company also raised its expectation for super intelligence (SI) infrastructure revenue from hyperscalers to $9 billion in fiscal 2027, more than double the total for fiscal 2026. For the second quarter, Cisco guided to revenue of $18.0 billion to $18.2 billion, GAAP EPS of $1.07 to $1.09 and non-GAAP EPS of $1.34 to $1.36.
Cisco returned $3.7 billion to stockholders in the quarter through buybacks and dividends, paying $1.7 billion in cash dividends and repurchasing about 18 million shares for $2.0 billion at an average price of $112.38 per share, leaving $6.1 billion in remaining repurchase authorization. The board declared a quarterly dividend of $0.42 per common share, payable January 20, 2027, to stockholders of record on January 4, 2027. Cisco also closed its acquisition of privately held WideField Security Inc. during the quarter.
Chair and CEO Chuck Robbins said organizations are turning to Cisco to help them scale, secure and optimize their environments for the agentic era, and that the company is in the very early stages of a multi-year networking supercycle. CFO Mark Patterson said first-quarter revenue, non-GAAP operating margin and non-GAAP EPS all exceeded the high end of guidance, giving the company confidence to raise its full-year outlook.
Source: Cisco
Published by GSM · USA (original Chinese edition)
Photo: 图：位于 San Jose 的思科总部园区。CC0，经 Wikimedia Commons。 / Photo: The Cisco main campus in San Jose. CC0, via Wikimedia Commons.
