Analyst Consensus ?
ConsensusHold73 ratings
Bullish3852.0%
Neutral3446.6%
Bearish11.4%
Cisco Systems, Inc. · CSCO · FY2026 Q4 · Calendar Q3 2026
Cisco enters FY27 with strong AI-networking momentum, but margin risks remain
The supplied analysis supports a constructive but conditional view: Cisco’s AI-networking demand, product momentum and operating leverage strengthen the growth case, while margin pressure, supply-chain exposure and the durability of AI spending remain material counterweights.
Reported After market closeNASDAQTechnology
$431.63B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.22
Consensus $1.17
EPS surprise
+4.3%
Reported versus consensus
Reported revenue
$17.25B
Consensus $16.84B
Revenue surprise
+2.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-8.4%
Event window
SPY move
+0.7%
Same window
Abnormal move
-9.1%
Stock minus SPY
Volume
3.0×
Versus trailing sessions
Subsequent drift
-1.2%
Up to 20 sessions
CSCOSPY benchmark
Ask FN2 about CSCO FY2026 Q4
Transcript, numbers and history already loaded
Why did CSCO fall 8.4% after beating EPS estimates in FY2026 Q4?What changed in CSCO's guidance and outlook in FY2026 Q4?Give me the bull and bear case for CSCO after FY2026 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the narrative shifted from a $9B FY26 AI-infrastructure-order target and restructuring focus to a reported FY26 record, a FY27 outlook and a broader platform roadmap centered on Silicon One, Acacia optics, Cloud Control and AI security.
Guidance delta
Maintained, with FY27 revenue outlook of $72.2B–$73.4B and AI revenue forecast of $7.5B.
Key takeaways
- The latest analysis points to a broadening AI-networking cycle across hyperscalers, telcos and enterprises.
- Silicon One, Acacia optics and Cisco Cloud Control remain central to the platform strategy.
- Operating leverage and shareholder returns support the execution case, while hardware mix and memory costs temper it.
- The key test is whether AI demand and product-order momentum translate into durable revenue and margins.
Management priorities
- Scale Silicon One across high-performance networking systems.
- Expand Acacia optical systems and convert additional design wins.
- Advance Cisco Cloud Control and AI Canvas capabilities.
- Develop AI-security tools and pursue targeted observability and security acquisitions.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$109.96Current
$44Low
$83.62Average
$150High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 21, 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 |
|---|---|---|---|---|
| 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 |
| Piper Sandler | Neutral | Neutral | Maintain | May 14, 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 current price $109.96. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Analyst unavailable | $135 | $110.49 | +22.8% | Aug 31, 2026 |
| HSBC | Stephen Bersey | $120 | $113.47 | +9.1% | Aug 14, 2026 |
| Truist Financial | Matthew Niknam | $140 | $114.38 | +27.3% | Aug 13, 2026 |
| UBS | Analyst unavailable | $138 | $123.88 | +25.5% | Aug 13, 2026 |
| KeyBanc | Analyst unavailable | $135 | $123.88 | +22.8% | Aug 13, 2026 |
| Wells Fargo | Aaron Rakers | $150 | $123.88 | +36.4% | Aug 13, 2026 |
| Morgan Stanley | Meta Marshall | $135 | $123.88 | +22.8% | Aug 13, 2026 |
| Wolfe Research | Analyst unavailable | $150 | $123.88 | +36.4% | Aug 13, 2026 |
| Barclays | Tim Long | $123 | $123.88 | +11.9% | Aug 13, 2026 |
| KeyBanc | Analyst unavailable | $130 | $119.73 | +18.2% | Jun 25, 2026 |
| Morgan Stanley | Analyst unavailable | $130 | $121.83 | +18.2% | Jun 12, 2026 |
| HSBC | Stephen Bersey | $137 | $115.53 | +24.6% | May 14, 2026 |
| UBS | David Vogt | $132 | $114.66 | +20.0% | May 14, 2026 |
| Morgan Stanley | Analyst unavailable | $120 | $115.27 | +9.1% | May 14, 2026 |
| Goldman Sachs | Analyst unavailable | $116 | $101.87 | +5.5% | May 14, 2026 |
| KeyBanc | Analyst unavailable | $125 | $101.87 | +13.7% | May 14, 2026 |
| Piper Sandler | Analyst unavailable | $132 | $101.87 | +20.0% | May 14, 2026 |
| Wells Fargo | Analyst unavailable | $130 | $101.87 | +18.2% | May 14, 2026 |
| Barclays | Analyst unavailable | $121 | $101.87 | +10.0% | May 14, 2026 |
| Evercore ISI | Analyst unavailable | $110 | $92.72 | +0.0% | May 4, 2026 |
| UBS | Analyst unavailable | $95 | $76.02 | -13.6% | Feb 12, 2026 |
| Evercore ISI | Analyst unavailable | $100 | $74.59 | -9.1% | Jan 26, 2026 |
| Scotiabank | Analyst unavailable | $100 | $76.7 | -9.1% | Jan 26, 2026 |
| Morgan Stanley | Analyst unavailable | $91 | $77.55 | -17.2% | Dec 17, 2025 |
| UBS | David Vogt | $88 | $73.11 | -20.0% | Nov 3, 2025 |
| Morgan Stanley | Meta Marshall | $77 | $69.96 | -30.0% | Oct 10, 2025 |
| HSBC | Stephen Bersey | $69 | $69.3 | -37.2% | Aug 14, 2025 |
| UBS | Analyst unavailable | $74 | $67.52 | -32.7% | Aug 5, 2025 |
| Deutsche Bank | Matt Niknam | $73 | $65.51 | -33.6% | Jun 16, 2025 |
| Piper Sandler | James Fish | $64 | $64.26 | -41.8% | May 15, 2025 |
| Wells Fargo | Aaron Rakers | $75 | $64.26 | -31.8% | May 15, 2025 |
| Melius Research | Ben Reitzes | $79 | $61.8 | -28.2% | Mar 26, 2025 |
| Morgan Stanley | Meta Marshall | $62 | $59.18 | -43.6% | Nov 14, 2024 |
| Citigroup | Atif Malik | $62 | $54.08 | -43.6% | Oct 16, 2024 |
| Tigress Financial | Ivan Feinseth | $78 | $54.15 | -29.1% | Oct 14, 2024 |
| Williams Trading | Sam Poser | $46.5 | $24.68 | -57.7% | Aug 16, 2024 |
| HSBC | Stephen Bersey | $58 | $49.7 | -47.3% | Aug 16, 2024 |
| New Street | Pierre Ferragu | $57 | $49.56 | -48.2% | Aug 15, 2024 |
| Bank of America Securities | Tal Liani | $60 | $48.57 | -45.4% | Aug 15, 2024 |
| Rosenblatt Securities | Mike Genovese | $58 | $49.22 | -47.3% | Aug 15, 2024 |
| Argus Research | Jim Kelleher | $70 | $48.28 | -36.3% | May 17, 2024 |
| Barclays | Tim Long | $50 | $48.17 | -54.5% | May 17, 2024 |
| Rosenblatt Securities | Mike Genovese | $56 | $48.42 | -49.1% | May 16, 2024 |
| Piper Sandler | James Fish | $52 | $48.75 | -52.7% | May 16, 2024 |
| Wells Fargo | Aaron Rakers | $57 | $49.67 | -48.2% | May 16, 2024 |
| Evercore ISI | Amit Daryanani | $55 | $49.67 | -50.0% | May 16, 2024 |
| Raymond James | James Fish | $51 | $48.54 | -53.6% | May 14, 2024 |
| BNP Paribas | Karl Ackerman | $50 | $48.62 | -54.5% | May 13, 2024 |
| Deutsche Bank | Matthew Niknam | $52 | $48.24 | -52.7% | Apr 9, 2024 |
| Morgan Stanley | Meta Marshall | $58 | $48.24 | -47.3% | Apr 8, 2024 |
| Piper Sandler | James Fish | $51 | $49.55 | -53.6% | Mar 20, 2024 |
| Oppenheimer | Ittai Kidron | $54 | $49.06 | -50.9% | Feb 15, 2024 |
| Mizuho Securities | Vijay Rakesh | $80 | $24.19 | -27.2% | Nov 29, 2023 |
| Jefferies | George Notter | $59.5 | $53.08 | -45.9% | Nov 15, 2023 |
| Needham | Mike Cikos | $44 | $57.87 | -60.0% | Sep 1, 2023 |
| Oppenheimer | Ittai Kidron | $58 | $54.95 | -47.3% | Aug 17, 2023 |
| J.P. Morgan | Samik Chatterjee | $62 | $52.32 | -43.6% | Jul 19, 2023 |
| Morgan Stanley | Analyst unavailable | $52 | $49.3 | -52.7% | Dec 13, 2022 |
| Deutsche Bank | Analyst unavailable | $52 | $47.74 | -52.7% | Nov 18, 2022 |
| Morgan Stanley | Meta Marshall | $48 | $46.59 | -56.3% | Nov 17, 2022 |
| Cowen & Co. | Analyst unavailable | $61 | $46.1 | -44.5% | Nov 17, 2022 |
| Credit Suisse | Analyst unavailable | $67 | $44.39 | -39.1% | Nov 17, 2022 |
| Deutsche Bank | Analyst unavailable | $54 | $48.86 | -50.9% | Aug 19, 2022 |
| Rosenblatt Securities | Mike Genovese | $48 | $49.46 | -56.3% | Aug 18, 2022 |
| Cowen & Co. | Analyst unavailable | $60 | $49.49 | -45.4% | Aug 18, 2022 |
| Raymond James | Simon Leopold | $59 | $49.5 | -46.3% | Aug 18, 2022 |
| Citigroup | Analyst unavailable | $44 | $49.78 | -60.0% | Aug 18, 2022 |
| Piper Sandler | Analyst unavailable | $47 | $49.81 | -57.3% | Aug 18, 2022 |
| Goldman Sachs | Rod Hall | $50 | $46.66 | -54.5% | Aug 18, 2022 |
| KGI Securities | Jackson Chiang | $59 | $42.33 | -46.3% | Jul 15, 2022 |
| Credit Suisse | Sami Badri | $60 | $42.94 | -45.4% | May 22, 2022 |
| Goldman Sachs | Analyst unavailable | $46 | $42.14 | -58.2% | May 20, 2022 |
| Jefferies | Analyst unavailable | $52 | $41.88 | -52.7% | May 19, 2022 |
| Evercore ISI | Analyst unavailable | $50 | $41.91 | -54.5% | May 19, 2022 |
| Morgan Stanley | Analyst unavailable | $46 | $43.66 | -58.2% | May 19, 2022 |
| Deutsche Bank | Analyst unavailable | $51 | $48.36 | -53.6% | May 19, 2022 |
| Wells Fargo | Analyst unavailable | $52 | $43.25 | -52.7% | May 19, 2022 |
| Piper Sandler | Analyst unavailable | $43 | $48.36 | -60.9% | May 19, 2022 |
| Credit Suisse | Analyst unavailable | $72 | $49.34 | -34.5% | May 16, 2022 |
| Morgan Stanley | Meta Marshall | $59 | $51.17 | -46.3% | Apr 16, 2022 |
| Wells Fargo | Aaron Rakers | $65 | $54.69 | -40.9% | Mar 12, 2022 |
| Cowen & Co. | Paul Silverstein | $66 | $57.21 | -40.0% | Feb 20, 2022 |
| Loop Capital Markets | Fahad Najam | $71 | $52.82 | -35.4% | Feb 14, 2022 |
| Morgan Stanley | Meta Marshall | $61 | $52.82 | -44.5% | Feb 14, 2022 |
| J.P. Morgan | Samik Chatterjee | $69 | $57.68 | -37.2% | Jan 20, 2022 |
| Goldman Sachs | Rod Hall | $65 | $58.5 | -40.9% | Jan 19, 2022 |
| Tigress Financial | Ivan Feinseth | $73 | $60.71 | -33.6% | Jan 7, 2022 |
| Citigroup | Jim Suva | $65 | $60.75 | -40.9% | Dec 22, 2021 |
| Piper Sandler | James Fish | $57 | $52.95 | -48.2% | Nov 18, 2021 |
| Credit Suisse | Sami Badri | $73 | $52.95 | -33.6% | Nov 18, 2021 |
| Deutsche Bank | Matthew Niknam | $59 | $58.18 | -46.3% | Aug 24, 2021 |
| Oppenheimer | Ittai Kidron | $60 | $56.17 | -45.4% | Aug 19, 2021 |
| New Street | Pierre Ferragu | $65 | $56.17 | -40.9% | Aug 19, 2021 |
| DZ BANK AG | Ingo Wermann | $51 | $51.06 | -53.6% | May 21, 2021 |
| Rosenblatt Securities | Michael Genovese | $61 | $51.12 | -44.5% | May 13, 2021 |
| Wolfe Research | Jeff Kvaal | $63 | $51.42 | -42.7% | 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 |
|---|---|---|---|---|
| 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 |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
| IOT Samsara Inc. | FY2027 Q2 · Calendar Q3 2026 | +25.0% | +3.7% | Samsara: AI adoption expands as FY27 guidance holds |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% 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 · 2026-08-12T22:12:40.658339+00:00
- FN2 earnings calendar · 2026-09-17T01:23:13.296768+00:00
- Polygon adjusted daily market bars · 2026-09-21T16:40:49.204310+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T16:40:49.201543+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 . For educational purposes only; not investment advice.