Cisco reported record Q4 revenue of $17.3 billion, up 18% year-over-year, with product orders surging 35% and hyperscale AI orders tripling. Full-year AI infrastructure orders reached $9.3 billion, including $4 billion in the quarter, while non-GAAP EPS rose 23% on strong operating leverage that drove 30-year highs in margins and earnings per employee. Management framed the results as the start of a multiyear AI cycle with broad enterprise momentum, including 21% enterprise order growth and double-digit security gains, though concentration risk among a few hyperscalers remains a concern.

Company: Cisco Systems, Inc. (CSCO) — Q4 FY2026

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