CSCO · 10-Q · 2026Q2 · Full report

Revenue Performance and Mix

CISCO SYSTEMS, INC. · 2026-05-19 · Importance 54 · Surprise 40 · Matches filing data

Third-quarter fiscal 2026 revenue increased 12% year over year to $15.841 billion, while nine-month revenue increased 10% to $46.073 billion. Product revenue grew 17% to $12.117 billion in the quarter and 13% to $34.836 billion for nine months, while services revenue declined 1% to $3.724 billion in the quarter and was flat at $11.237 billion for nine months. Product mix shifted toward products, which represented 76.5% of quarterly revenue versus 73.3% a year earlier and 75.6% for nine months versus 73.2%. Networking product revenue increased 25% in the quarter and 20% for nine months, led by AI Infrastructure and Campus Networking, while Security was flat quarterly and down 2% for nine months, and Collaboration declined 1% quarterly.

Key facts

• Total revenue for the three months ended April 25, 2026 was $15,841 million, an increase of $1,692 million from $14,149 million. source
• Product revenue for the three months ended April 25, 2026 was $12,117 million, an increase of $1,743 million from $10,374 million. source
• Networking product revenue for the three months ended April 25, 2026 was $8,815 million, an increase of $1,747 million from $7,068 million. source
• Diluted earnings per share increased 37% in the third quarter of fiscal 2026. source
• Total software revenue was $5.7 billion in the third quarter of fiscal 2026, an increase of 1%. source
• Observability product revenue increased by 3% in the three months ended April 25, 2026, primarily due to growth in ThousandEyes. source
• Total revenue increased by 12% in the third quarter of fiscal 2026 compared with the third quarter of fiscal 2025. source
• Product revenue increased by 17% in the third quarter of fiscal 2026 compared with the third quarter of fiscal 2025. source

Impact estimates