Cisco Systems (NASDAQ: CSCO) is due to report results for the first quarter of fiscal 2027, the quarter ended in October 2026, after the market closes on Thursday, November 12, 2026. The conference call and webcast start at 1:30 p.m. Pacific (4:30 p.m. Eastern, 21:30 UTC, 23:30 in Bucharest) and are available through Cisco’s investor site (company notice of November 3). Some calendars list a different day; the company’s own notice says Thursday. The last reported quarter was the strongest in the series below: revenue of $17,252M, up 18% on the year, and non-GAAP earnings per share of $1.22, up 23%. The shares closed at $93.85 on Friday, November 6, down 1.95% on the day, after a 7.62% fall on Thursday, November 5, a session described in our Markets Before the Open edition. Below: the recent quarters, each compared with the same quarter a year earlier, what Cisco’s guidance implies (my arithmetic), analyst consensus, the dividend, and what to watch.
The recent quarters, each against the same quarter a year earlier
| Metric (each quarter vs the same quarter a year earlier) | Q1 FY26 (quarter ended Oct 25, 2025) | Q2 FY26 (Jan 24, 2026) | Q3 FY26 (Apr 25, 2026) | Q4 FY26 (Jul 25, 2026) |
|---|---|---|---|---|
| Revenue | $14,883M vs $13,841M, +8% | $15.3B vs $13,991M, +10% | $15,841M vs $14.1B, +12% | $17,252M vs $14,673M, +18% |
| Non-GAAP EPS | $1.00 vs $0.91, +10% | $1.04 vs $0.94, +11% | $1.06 vs $0.96, +10% | $1.22 vs $0.99, +23% |
| GAAP EPS | $0.72, +6% | $0.80, +31% | $0.85 vs $0.62, +37% | $0.97 vs $0.64, +52% |
| Networking revenue | $7,768M, +15% | $8,294M, +21% | $8,815M, +25% | $9,791M, +28% |
| Security revenue | -2% | -4% | 0% | +14% |
| Collaboration revenue | -3% | +6% | -1% | +12% |
| Observability revenue | +6% | 0% | +3% | +6% |
| Product orders | +13% | +18% | +35% (+19% excluding hyperscalers) | +35% (+25% excluding hyperscalers) |
| AI infrastructure orders from hyperscalers | $1.3B | $2.1B | About $1.9B (my arithmetic: $5.3B year to date less the first two quarters) | $4.0B (fiscal 2026: $9.3B) |
Figures are from Cisco’s own earnings releases for Q1 FY26 (November 12, 2025), Q2 FY26 (February 11, 2026), Q3 FY26 (May 13, 2026) and Q4 FY26 (August 12, 2026). Percentages are the company’s rounded year-over-year changes; for Q2 the release gives revenue as $15.3 billion. The Q4 FY26 release shows non-GAAP gross margin of 66.3% against 68.4% a year earlier, a decline of 2.1 percentage points.
What the guidance implies (my calculation)
| Guidance (company, August 12, 2026) | Range | Growth vs the year-earlier period (my arithmetic) |
|---|---|---|
| Q1 FY27 revenue | $18.0B to $18.2B | +20.9% to +22.3% vs $14,883M |
| Q1 FY27 non-GAAP EPS | $1.32 to $1.34 | +32% to +34% vs $1.00 |
| Q1 FY27 non-GAAP gross margin | 65% to 66% | Q4 FY26: 66.3% |
| FY27 revenue | $72.2B to $73.4B | +14.0% to +15.9% vs $63,325M |
| FY27 non-GAAP EPS | $5.05 to $5.11 | +16.6% to +18.0% vs $4.33 |
| Implied Q2 to Q4 FY27 revenue (FY27 range less the Q1 midpoint of $18.1B) | $54.1B to $55.3B | +11.7% to +14.2% vs $48,442M in Q2 to Q4 FY26 |
| Implied Q2 to Q4 FY27 non-GAAP EPS (FY27 range less Q1 consensus of $1.33) | $3.72 to $3.78 | +11.7% to +13.5% vs $3.33 in Q2 to Q4 FY26 |
The company also expects AI infrastructure revenue of about $7.5 billion in fiscal 2027, against roughly $4 billion delivered in fiscal 2026 (Q4 release). The implied Q2 to Q4 figures are my arithmetic from the guidance ranges and are not a company forecast; quarterly EPS figures do not add exactly to the annual total ($1.00 + $1.04 + $1.06 + $1.22 = $4.32 against $4.33 reported), so treat the implied EPS as approximate.
What analysts expect, and the share price
- Consensus: EPS of $1.33 (+33% on the year-ago quarter) and revenue of $18.09 billion (+21.5%), according to Zacks (November 5, 2026). Both sit inside Cisco’s own guidance ranges: the EPS is the midpoint of $1.32 to $1.34, and the revenue is within $18.0 billion to $18.2 billion.
- Full year: consensus EPS of $5.11 and revenue of $73.03 billion for fiscal 2027 (Zacks, November 5), at the top of the EPS guidance range and inside the revenue range.
- Zacks view: the consensus EPS was revised 0.12% lower over 30 days, the Zacks Rank is #2 (Buy) and the Earnings ESP is -0.51%. These are Zacks metrics, not ours. Cisco beat the EPS consensus in each of the last four quarters (last quarter: $1.22 against $1.17).
- A figure we do not use: a Barchart preview (October 28) cites a consensus of $1.15 and a 42% rise, which does not match Cisco’s guidance of $1.32 to $1.34; it may be on a different basis, so we rely on the Zacks figures above.
- Price and valuation: $93.85 at the close on November 6, down $1.87 or 1.95% (Nasdaq); $95.72 at the close on November 5, down 7.62% (Zacks, November 5); a pre-market quote of $94.60 at 7:05 a.m. Eastern on November 9 (Nasdaq). Zacks puts the forward price-to-earnings ratio at 20.26 on November 5, against 21.58 for its industry group.
What to watch on November 12
- AI infrastructure orders: hyperscaler AI orders were $4.0 billion in Q4 and $9.3 billion in fiscal 2026. Whether orders keep rising towards the $7.5 billion of fiscal 2027 AI infrastructure revenue Cisco expects is the central question.
- Orders beyond hyperscalers: total product orders rose 35% in Q4 but 25% excluding hyperscalers, so the second figure shows how broad demand is.
- Gross margin: non-GAAP gross margin fell to 66.3% in Q4 from 68.4% a year earlier; the Q1 guide is 65% to 66%.
- Security and Collaboration: Security grew 14% in Q4 after 0% in Q3, and Collaboration grew 12% after a 1% decline; the next quarter shows whether that holds.
- Outlook: the fiscal 2027 ranges of $72.2 billion to $73.4 billion for revenue and $5.05 to $5.11 for EPS, and whether they change.
The dividend
Cisco’s latest declared quarterly dividend is $0.42 per share (declared August 12, 2026, record date October 2, paid October 21), with the 1-cent (2%) increase from $0.41 made in the February 2026 release and $0.42 declared again in May (Nasdaq dividend history and the earnings releases). The annualised $1.68 is a yield of 1.79% on the $93.85 close (my arithmetic). Against fiscal 2026 non-GAAP EPS of $4.33 that is a payout of about 38.8%, and about 33.1% against the midpoint of the fiscal 2027 EPS guidance ($5.08); both are my arithmetic. Cisco’s earnings releases for Q1 FY26 to Q4 FY26 each announced a dividend, so a declaration may accompany the November 12 release; that is not confirmed. A dividend is never guaranteed.
For investors in Europe
- Cisco pays in dollars and U.S. withholding tax applies by default; the rate for non-U.S. investors depends on your broker having a valid Form W-8BEN. See our W-8BEN guide.
- The report comes after the U.S. close, so the first reaction is in after-hours trading and at the next U.S. open, at 16:30 in Bucharest on Friday, November 13. The dollar affects the euro value of the shares and the dividend.
Sources
- Cisco, Schedules Conference Call for Q1 Fiscal Year 2027 Financial Results (November 3, 2026)
- Cisco earnings releases: Q1 FY26 (November 12, 2025); Q2 FY26 (SEC exhibit 99.1, February 11, 2026); Q3 FY26 (SEC exhibit 99.1, May 13, 2026); Q4 FY26 (SEC exhibit 99.1, August 12, 2026)
- Zacks via Yahoo Finance: Cisco Systems (CSCO) Reports Next Week (November 5, 2026, 6:00 AM PST)
- Zacks via Yahoo Finance: Cisco Systems (CSCO) Dips More Than Broader Market (November 5, 2026, 1:45 PM PST)
- Nasdaq: CSCO quote and dividend history (close of November 6, 2026; pre-market quote 7:05 AM ET, November 9, 2026)
- Barchart via Yahoo Finance: Earnings Preview, What to Expect From Cisco’s Report (October 28, 2026; not used for consensus)
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Company figures are taken from the releases listed; consensus, price and dividend history come from the third-party sources listed, as of the dates stated; and the percentage changes, implied guidance figures, yield and payout ratios are my own arithmetic, not a company forecast. Investing involves risk, including the possible loss of capital, and a dividend payment is never guaranteed.
