CSCO · 10-K · 2026A · Full report

Revenue Performance and Mix

CISCO SYSTEMS, INC. · 2026-09-02 · Importance 54 · Surprise 40 · In source text

Fiscal 2026 revenue increased 12% to $63.325 billion, with product revenue rising 16% to $48.295 billion and services revenue declining $16 million to $15.030 billion. Product mix increased to 76.3% of revenue from 73.4% in fiscal 2025, while services mix declined to 23.7% from 26.6%. Networking product revenue rose 22% to $34.668 billion, driven by AI Infrastructure solutions, while Security increased 2% to $8.232 billion, Collaboration increased 4% to $4.300 billion, and Observability increased 4% to $1.095 billion. Hyperscaler AI infrastructure revenue represented approximately 6% of total revenue in fiscal 2026, compared with less than 2% in fiscal 2025.

Key facts

• Total deferred revenue as of July 25, 2026: $29,781 million. source
• Deferred product revenue as of July 25, 2026: $13,817 million. source
• Deferred services revenue as of July 25, 2026: $15,964 million. source
• Total revenue in fiscal 2026 was $63.3 billion, an increase of 12% compared with fiscal 2025. source
• For Q4 fiscal 2026, total revenue increased by 18% to $17.3 billion. source
• Q4 product revenue increased by 24% to $13.5 billion and Q4 services revenue was flat at $3.8 billion. source
• Services revenue was flat year over year at $15,030 million in fiscal 2026 compared with $15,046 million in fiscal 2025, a $16 million decrease. source
• Total deferred revenue increased 3% in fiscal 2026. source

Impact estimates