Cisco reported record fiscal 2026 results with $63.3 billion in annual revenue, up 12% year-over-year, with 28% growth i
Cisco announced fourth quarter and fiscal year results for the period ended July 25, 2026. Fourth quarter revenue reached $17.3 billion, with GAAP net income of $3.9 billion or $0.97 per share, and non-GAAP net income of $4.9 billion or $1.22 per share.
Chuck Robbins, Chair and CEO, said: "We delivered a very strong close to fiscal 2026, marking another record year for Cisco. Our record performance is a testament to the accelerated pace of innovation and the excellent execution by our teams. With the breadth and depth of our portfolio and our competitive differentiation in secure networking, Cisco is well positioned to support our customers however or wherever they decide to deploy AI."
Mark Patterson, CFO, stated: "In Q4, we delivered record revenue, non-GAAP operating income and EPS, all exceeding the high end of our guidance ranges and demonstrating strong financial discipline and operating leverage. In fiscal 2026, Cisco achieved its highest productivity metrics in 30 years measured by revenue, non-GAAP operating margin, and earnings per employee. As we enter fiscal 2027, we remain focused on delivering durable growth, consistent profitability and continued capital returns as we make the strategic investments to capitalize on the significant growth opportunities we see ahead."
For the full fiscal year 2026, total revenue was $63.3 billion, an increase of 12%. GAAP operating income was $15.4 billion, up 31%, with a 24.3% operating margin. Non-GAAP operating income was $22.0 billion, up 13%, with a 34.8% operating margin. GAAP net income was $13.3 billion, an increase of 30%, with EPS of $3.33, up 31%. On a non-GAAP basis, net income was $17.2 billion, an increase of 13%, with EPS of $4.33, up 14%.
In the fourth quarter, revenue reached $17.3 billion, up 18% year-over-year, with product revenue up 24% and services revenue flat. By geographic segment, Americas revenue was up 18%, EMEA up 19%, and APJC up 14%. Product revenue reflected strong growth in Networking, up 28%, Security up 14%, Collaboration up 12%, and Observability up 6%.
GAAP gross margin for the fourth quarter was 64.1% for total revenue, 62.6% for products, and 69.4% for services. Non-GAAP gross margin was 66.3%, 64.8%, and 71.6% respectively. GAAP operating income was $4.3 billion, up 38%, with a 24.7% operating margin. Non-GAAP operating income was $6.2 billion, up 23%, with a 35.9% operating margin.
Cash flow from operating activities for the fourth quarter was $5.4 billion, an increase of 27% compared with $4.2 billion in the prior year fourth quarter. For the full year, operating cash flow was $14.2 billion, flat compared with fiscal 2025.
Cisco's cash and cash equivalents and investments totaled $15.9 billion at the end of the fourth quarter. Remaining Performance Obligations stood at $46.7 billion, up 7%, with product RPO up 9% and services RPO up 6%. Deferred revenue was $29.8 billion, up 3%.
During the fourth quarter, Cisco returned $3.2 billion to stockholders through share buybacks and dividends. The company declared and paid a quarterly dividend of $0.42 per common share, or $1.7 billion, and repurchased approximately 13 million shares at an average price of $111.53 per share for an aggregate of $1.5 billion. The remaining authorized amount for stock repurchases is $8.1 billion with no termination date. Cisco has declared a quarterly dividend of $0.42 per common share to be paid on October 21, 2026, to stockholders of record as of October 2, 2026.
For the first quarter of fiscal 2027, Cisco estimates GAAP EPS of $1.08 to $1.10. For the full fiscal 2027, the company estimates GAAP EPS of $4.00 to $4.06. Guidance assumes an effective tax provision rate of approximately 15% for GAAP and approximately 18.5% for non-GAAP results for the full year.