Analyst Consensus ?
ConsensusHold73 ratings
Bullish3852.0%
Neutral3446.6%
Bearish11.4%
Cisco Systems, Inc. · CSCO · FY2025 Q1 · Calendar Q4 2024
Cisco: AI orders accelerate as Splunk integration supports security
The supplied analysis supports a constructive but qualified view: recurring revenue, security demand and AI orders provide growth support, while margin normalization, federal spending uncertainty, competition and Splunk execution remain important counterweights.
Reported After market closeNASDAQTechnology
$464.85B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.87
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $13.77B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-2.1%
Event window
SPY move
-0.6%
Same window
Abnormal move
-1.5%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
+1.2%
Up to 20 sessions
CSCOSPY benchmark
Ask FN2 about CSCO FY2025 Q1
Transcript, numbers and history already loaded
What drove CSCO's -2.1% move after FY2025 Q1 earnings?What changed in CSCO's guidance and outlook in FY2025 Q1?Give me the bull and bear case for CSCO after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis emphasizes more than $300 million of AI orders from webscale customers, doubled security orders, subscription revenue at 57% of total, a 69.3% gross margin and early milestones for HyperShield and Wi-Fi 7.
Guidance delta
Maintained; the supplied analysis does not identify a new guidance change.
Key takeaways
- Revenue met the high end of guidance, while subscription revenue reached 57% of total.
- Security orders doubled year over year, supported by Splunk integration and new offerings.
- AI orders from webscale customers exceeded $300 million in the quarter.
- Gross margin reached 69.3%, partly aided by a one-time duty-drawback benefit.
Management priorities
- Expand AI infrastructure through AI servers, AI PODs, Hyperfabric and Wi-Fi 7.
- Continue integrating Splunk across security and networking products.
- Advance the security and AI product pipeline through R&D and targeted acquisitions.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$117.94Previous close
$44Low
$84.54Average
$150High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Piper Sandler | Neutral | Neutral | Maintain | Sep 22, 2026 |
| Deutsche Bank | Buy | Hold | Upgrade | Sep 1, 2026 |
| HSBC | Hold | Buy | Downgrade | Aug 14, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 13, 2026 |
| UBS | Buy | Buy | Maintain | Aug 13, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 13, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Aug 13, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 13, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Aug 13, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 13, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 8, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 14, 2026 |
| Citigroup | Buy | Buy | Maintain | May 14, 2026 |
| BWG Global | Mixed | Positive | Downgrade | Apr 23, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 16, 2026 |
| Melius Research | Buy | Buy | Maintain | Nov 13, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Feb 13, 2025 |
| Tigress Financial | Buy | Buy | Maintain | Oct 14, 2024 |
| New Street Research | Buy | Neutral | Upgrade | Aug 15, 2024 |
| Jefferies | Buy | Buy | Maintain | Aug 15, 2024 |
| Oppenheimer | Outperform | Outperform | Maintain | May 16, 2024 |
| Exane BNP Paribas | Neutral | Underperform | Upgrade | May 13, 2024 |
| DZ Bank | Hold | Buy | Downgrade | Nov 17, 2023 |
| Raymond James | Market Perform | Outperform | Downgrade | Oct 30, 2023 |
| JMP Securities | Market Perform | Market Perform | Maintain | Jun 9, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | May 18, 2023 |
| Loop Capital | Buy | Buy | Maintain | Feb 16, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 16, 2023 |
| WestPark Capital | Hold | Hold | Maintain | Sep 24, 2021 |
| MKM Partners | Buy | Buy | Maintain | May 13, 2021 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Apr 16, 2021 |
| Baird | Neutral | Outperform | Downgrade | Jun 10, 2020 |
| Nomura Instinet | Neutral | Neutral | Maintain | May 14, 2020 |
| Nomura | Neutral | Neutral | Maintain | May 14, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Jan 8, 2020 |
| Piper Jaffray | Neutral | Neutral | Maintain | Nov 14, 2019 |
| William Blair | Market Perform | Outperform | Downgrade | Jun 12, 2019 |
| BMO Capital | Market Perform | Market Perform | Maintain | Aug 16, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Feb 15, 2018 |
| Stifel | Hold | Hold | Maintain | Feb 15, 2018 |
| Argus Research | Buy | Buy | Maintain | Nov 17, 2017 |
| Berenberg | Hold | Hold | Maintain | Apr 4, 2017 |
| OTR Global | Positive | Mixed | Upgrade | Feb 2, 2017 |
| Wunderlich Securities | Hold | Hold | Maintain | Aug 18, 2016 |
| Wunderlich | Hold | Hold | Maintain | Aug 18, 2016 |
| PiperJaffray | Overweight | Overweight | Maintain | Aug 18, 2016 |
| Pacific Crest | Overweight | Overweight | Maintain | Aug 18, 2016 |
| Drexel Hamilton | Buy | Buy | Maintain | Aug 18, 2016 |
| Macquarie | Neutral | Underperform | Upgrade | Feb 8, 2016 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Nov 24, 2015 |
| Cantor Fitzgerald | Buy | Buy | Maintain | Aug 13, 2015 |
| Wedbush | Outperform | Outperform | Maintain | Jun 10, 2015 |
| Sterne Agee CRT | Neutral | Buy | Downgrade | May 14, 2015 |
| Sterne Agee | Neutral | Buy | Downgrade | May 14, 2015 |
| Atlantic Equities | Overweight | Overweight | Maintain | Oct 1, 2014 |
| Buckingham Research | Neutral | Neutral | Maintain | Jun 19, 2014 |
| FBR Capital | Market Perform | Market Perform | Maintain | May 14, 2014 |
| Standpoint Research | Hold | Buy | Downgrade | Apr 22, 2014 |
| Standpoint | Hold | Buy | Downgrade | Apr 22, 2014 |
| Northland | Outperform | Outperform | Maintain | Apr 4, 2014 |
| ACI Research | Hold | Hold | Maintain | Nov 18, 2013 |
| LBBW Research | Sell | Hold | Downgrade | Nov 15, 2013 |
| ISI Group | Neutral | Cautious | Maintain | Aug 15, 2013 |
| FBN Securities | Outperform | Outperform | Maintain | May 16, 2013 |
| Topeka Capital | Buy | Buy | Maintain | Feb 14, 2013 |
| Topeka | Buy | Buy | Maintain | Feb 14, 2013 |
| Needham | Hold | Hold | Maintain | Aug 10, 2012 |
| ThinkEquity | Hold | Hold | Maintain | Jun 22, 2012 |
| Miller Tabak | Hold | Hold | Maintain | May 10, 2012 |
| Morgan Keegan | Outperform | Outperform | Maintain | Feb 9, 2012 |
| Evercore Partners | Overweight | Overweight | Maintain | Feb 9, 2012 |
| Bank oferica | Buy | Buy | Maintain | Feb 9, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $117.94. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $110 | $106.94 | -6.7% | Sep 30, 2026 |
| Piper Sandler | Analyst unavailable | $125 | $111.46 | +6.0% | Sep 22, 2026 |
| Deutsche Bank | Analyst unavailable | $135 | $110.49 | +14.5% | Aug 31, 2026 |
| HSBC | Stephen Bersey | $120 | $113.47 | +1.7% | Aug 14, 2026 |
| Truist Financial | Matthew Niknam | $140 | $114.38 | +18.7% | Aug 13, 2026 |
| UBS | Analyst unavailable | $138 | $123.88 | +17.0% | Aug 13, 2026 |
| KeyBanc | Analyst unavailable | $135 | $123.88 | +14.5% | Aug 13, 2026 |
| Wells Fargo | Aaron Rakers | $150 | $123.88 | +27.2% | Aug 13, 2026 |
| Morgan Stanley | Meta Marshall | $135 | $123.88 | +14.5% | Aug 13, 2026 |
| Wolfe Research | Analyst unavailable | $150 | $123.88 | +27.2% | Aug 13, 2026 |
| Barclays | Tim Long | $123 | $123.88 | +4.3% | Aug 13, 2026 |
| KeyBanc | Analyst unavailable | $130 | $119.73 | +10.2% | Jun 25, 2026 |
| Morgan Stanley | Analyst unavailable | $130 | $121.83 | +10.2% | Jun 12, 2026 |
| HSBC | Stephen Bersey | $137 | $115.53 | +16.2% | May 14, 2026 |
| UBS | David Vogt | $132 | $114.66 | +11.9% | May 14, 2026 |
| Morgan Stanley | Analyst unavailable | $120 | $115.27 | +1.7% | May 14, 2026 |
| Goldman Sachs | Analyst unavailable | $116 | $101.87 | -1.6% | May 14, 2026 |
| KeyBanc | Analyst unavailable | $125 | $101.87 | +6.0% | May 14, 2026 |
| Piper Sandler | Analyst unavailable | $132 | $101.87 | +11.9% | May 14, 2026 |
| Wells Fargo | Analyst unavailable | $130 | $101.87 | +10.2% | May 14, 2026 |
| Barclays | Analyst unavailable | $121 | $101.87 | +2.6% | May 14, 2026 |
| Evercore ISI | Analyst unavailable | $110 | $92.72 | -6.7% | May 4, 2026 |
| UBS | Analyst unavailable | $95 | $76.02 | -19.5% | Feb 12, 2026 |
| Evercore ISI | Analyst unavailable | $100 | $74.59 | -15.2% | Jan 26, 2026 |
| Scotiabank | Analyst unavailable | $100 | $76.7 | -15.2% | Jan 26, 2026 |
| Morgan Stanley | Analyst unavailable | $91 | $77.55 | -22.8% | Dec 17, 2025 |
| UBS | David Vogt | $88 | $73.11 | -25.4% | Nov 3, 2025 |
| Morgan Stanley | Meta Marshall | $77 | $69.96 | -34.7% | Oct 10, 2025 |
| HSBC | Stephen Bersey | $69 | $69.3 | -41.5% | Aug 14, 2025 |
| UBS | Analyst unavailable | $74 | $67.52 | -37.3% | Aug 5, 2025 |
| Deutsche Bank | Matt Niknam | $73 | $65.51 | -38.1% | Jun 16, 2025 |
| Piper Sandler | James Fish | $64 | $64.26 | -45.7% | May 15, 2025 |
| Wells Fargo | Aaron Rakers | $75 | $64.26 | -36.4% | May 15, 2025 |
| Melius Research | Ben Reitzes | $79 | $61.8 | -33.0% | Mar 26, 2025 |
| Morgan Stanley | Meta Marshall | $62 | $59.18 | -47.4% | Nov 14, 2024 |
| Citigroup | Atif Malik | $62 | $54.08 | -47.4% | Oct 16, 2024 |
| Tigress Financial | Ivan Feinseth | $78 | $54.15 | -33.9% | Oct 14, 2024 |
| Williams Trading | Sam Poser | $46.5 | $24.68 | -60.6% | Aug 16, 2024 |
| HSBC | Stephen Bersey | $58 | $49.7 | -50.8% | Aug 16, 2024 |
| New Street | Pierre Ferragu | $57 | $49.56 | -51.7% | Aug 15, 2024 |
| Bank of America Securities | Tal Liani | $60 | $48.57 | -49.1% | Aug 15, 2024 |
| Rosenblatt Securities | Mike Genovese | $58 | $49.22 | -50.8% | Aug 15, 2024 |
| Argus Research | Jim Kelleher | $70 | $48.28 | -40.6% | May 17, 2024 |
| Barclays | Tim Long | $50 | $48.17 | -57.6% | May 17, 2024 |
| Rosenblatt Securities | Mike Genovese | $56 | $48.42 | -52.5% | May 16, 2024 |
| Piper Sandler | James Fish | $52 | $48.75 | -55.9% | May 16, 2024 |
| Wells Fargo | Aaron Rakers | $57 | $49.67 | -51.7% | May 16, 2024 |
| Evercore ISI | Amit Daryanani | $55 | $49.67 | -53.4% | May 16, 2024 |
| Piper Sandler | Samik Chatterjee | $53 | $48.54 | -55.1% | May 14, 2024 |
| BNP Paribas | Karl Ackerman | $50 | $48.62 | -57.6% | May 13, 2024 |
| Deutsche Bank | Matthew Niknam | $52 | $48.24 | -55.9% | Apr 9, 2024 |
| Morgan Stanley | Meta Marshall | $58 | $48.24 | -50.8% | Apr 8, 2024 |
| Piper Sandler | James Fish | $51 | $49.55 | -56.8% | Mar 20, 2024 |
| Oppenheimer | Ittai Kidron | $54 | $49.06 | -54.2% | Feb 15, 2024 |
| Mizuho Securities | Vijay Rakesh | $80 | $24.19 | -32.2% | Nov 29, 2023 |
| Jefferies | George Notter | $59.5 | $53.08 | -49.6% | Nov 15, 2023 |
| Needham | Mike Cikos | $44 | $57.87 | -62.7% | Sep 1, 2023 |
| Oppenheimer | Ittai Kidron | $58 | $54.95 | -50.8% | Aug 17, 2023 |
| J.P. Morgan | Samik Chatterjee | $62 | $52.32 | -47.4% | Jul 19, 2023 |
| Morgan Stanley | Analyst unavailable | $52 | $49.3 | -55.9% | Dec 13, 2022 |
| Deutsche Bank | Analyst unavailable | $52 | $47.74 | -55.9% | Nov 18, 2022 |
| Morgan Stanley | Meta Marshall | $48 | $46.59 | -59.3% | Nov 17, 2022 |
| Cowen & Co. | Analyst unavailable | $61 | $46.1 | -48.3% | Nov 17, 2022 |
| Credit Suisse | Analyst unavailable | $67 | $44.39 | -43.2% | Nov 17, 2022 |
| Deutsche Bank | Analyst unavailable | $54 | $48.86 | -54.2% | Aug 19, 2022 |
| Rosenblatt Securities | Mike Genovese | $48 | $49.46 | -59.3% | Aug 18, 2022 |
| Cowen & Co. | Analyst unavailable | $60 | $49.49 | -49.1% | Aug 18, 2022 |
| Rosenblatt Securities | Mike Genovese | $53 | $49.5 | -55.1% | Aug 18, 2022 |
| Citigroup | Analyst unavailable | $44 | $49.78 | -62.7% | Aug 18, 2022 |
| Piper Sandler | Analyst unavailable | $47 | $49.81 | -60.1% | Aug 18, 2022 |
| Goldman Sachs | Rod Hall | $50 | $46.66 | -57.6% | Aug 18, 2022 |
| KGI Securities | Jackson Chiang | $59 | $42.33 | -50.0% | Jul 15, 2022 |
| Credit Suisse | Sami Badri | $60 | $42.94 | -49.1% | May 22, 2022 |
| Goldman Sachs | Analyst unavailable | $46 | $42.14 | -61.0% | May 20, 2022 |
| Jefferies | Analyst unavailable | $52 | $41.88 | -55.9% | May 19, 2022 |
| Evercore ISI | Analyst unavailable | $50 | $41.91 | -57.6% | May 19, 2022 |
| Morgan Stanley | Analyst unavailable | $46 | $43.66 | -61.0% | May 19, 2022 |
| Deutsche Bank | Analyst unavailable | $51 | $48.36 | -56.8% | May 19, 2022 |
| Wells Fargo | Analyst unavailable | $52 | $43.25 | -55.9% | May 19, 2022 |
| Piper Sandler | Analyst unavailable | $43 | $48.36 | -63.5% | May 19, 2022 |
| Credit Suisse | Analyst unavailable | $72 | $49.34 | -39.0% | May 16, 2022 |
| Morgan Stanley | Meta Marshall | $59 | $51.17 | -50.0% | Apr 16, 2022 |
| Wells Fargo | Aaron Rakers | $65 | $54.69 | -44.9% | Mar 12, 2022 |
| Cowen & Co. | Paul Silverstein | $66 | $57.21 | -44.0% | Feb 20, 2022 |
| Loop Capital Markets | Fahad Najam | $71 | $52.82 | -39.8% | Feb 14, 2022 |
| Morgan Stanley | Meta Marshall | $61 | $52.82 | -48.3% | Feb 14, 2022 |
| J.P. Morgan | Samik Chatterjee | $69 | $57.68 | -41.5% | Jan 20, 2022 |
| Goldman Sachs | Rod Hall | $65 | $58.5 | -44.9% | Jan 19, 2022 |
| Tigress Financial | Ivan Feinseth | $73 | $60.71 | -38.1% | Jan 7, 2022 |
| Citigroup | Jim Suva | $65 | $60.75 | -44.9% | Dec 22, 2021 |
| Piper Sandler | James Fish | $57 | $52.95 | -51.7% | Nov 18, 2021 |
| Credit Suisse | Sami Badri | $73 | $52.95 | -38.1% | Nov 18, 2021 |
| Deutsche Bank | Matthew Niknam | $59 | $58.18 | -50.0% | Aug 24, 2021 |
| Oppenheimer | Ittai Kidron | $60 | $56.17 | -49.1% | Aug 19, 2021 |
| New Street | Pierre Ferragu | $65 | $56.17 | -44.9% | Aug 19, 2021 |
| DZ BANK AG | Ingo Wermann | $51 | $51.06 | -56.8% | May 21, 2021 |
| Rosenblatt Securities | Michael Genovese | $61 | $51.12 | -48.3% | May 13, 2021 |
| Wolfe Research | Jeff Kvaal | $63 | $51.42 | -46.6% | Apr 16, 2021 |
Track every rating change on CSCO the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCisco Systems, Inc. is a leading global technology company focused on designing, producing, and marketing Internet Protocol (IP)-based networking equipment, software, and associated products within the communications and information technology industries. The company operates extensively across major regions including the Americas, Europe, the Middle East, Africa, and the Asia Pacific, specifically covering Japan and China. Its comprehensive product lineup features switching solutions for both enterprise campuses and data centers. Cisco's enterprise routing segment is crucial for securely and reliably interconnecting public, private, wired, and mobile networks, ensuring vital connectivity across corporate campuses, data centers, and branch offices. Additionally, the company provides a range of wireless products offering seamless indoor and outdoor roaming for voice, video, and data applications.…
Historical context
All CSCO earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
Who reports nextBeat on EPS
- LWFY2027 Q1 · October 6, 2026+27.8% EPS+7.5% move
- RPMFY2027 Q1 · October 6, 2026+1.5% EPS+3.2% move
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
Get the CSCO recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:39:04.055137+00:00
- Polygon adjusted daily market bars · 2026-10-07T11:40:40.999430+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T11:40:40.996672+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-07. For educational purposes only; not investment advice.