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CSCO

CSCO Guidance: Q2 $15.0–$15.2B; FY26 $60.2–$61.0B

Published: November 12, 2025
CISCO SYSTEMS, INC.

Direct News

  • Date: 2025-11-12 — Cisco (CSCO) issues revenue guidance.
  • Q2 FY2026 revenue guidance: $15.0 billion to $15.2 billion.
  • FY2026 revenue guidance: $60.2 billion to $61.0 billion.

Historical Context

This guidance follows Q1 FY2026 results (ended Oct. 25, 2025) with revenue of $14,149 million. Recent board and leadership developments relevant to investors include Director Wesley Bush’s Oct. 17, 2025 announcement that he will not seek re‑election but will remain on the board until the next meeting, and earlier leadership transitions disclosed in filings (including the CFO retirement announced for July 2025). The guidance should be read against that backdrop and Cisco’s ongoing shift toward subscription and AI‑enabled networking and security offerings.

Guidance in detail

On Nov. 12, 2025 Cisco published revenue guidance for the upcoming quarter and fiscal year. Management set Q2 FY2026 revenue between $15.0 billion and $15.2 billion and full-year FY2026 revenue between $60.2 billion and $61.0 billion. The Q2 midpoint ($15.1 billion) represents a sequential increase versus the most recent reported quarter (Q1 FY2026 revenue of $14,149 million), implying roughly 6.7% quarter‑over‑quarter revenue growth to the midpoint.

How this fits with recent results and business mix

The most recent reported quarter, Q1 FY2026 (ended Oct. 25, 2025), recorded revenue of $14,149 million, comprised of Product $10,374 million and Services $3,775 million. Cisco's historical mix remains product‑heavy (around three quarters product, one quarter services). The guidance suggests management expects continued demand in product categories alongside subscription and services revenue contributing to FY26 targets. Investors should view the guidance in the context of Cisco’s stated strategy to shift toward subscription offers, integrated security, and AI-enabled networking products.

Investor implications and near-term considerations

Key items investors typically weigh against this guidance include: cash returns and capital allocation (Cisco pays a quarterly dividend of $0.41 per share), the company's execution on software and subscription monetization, and exposure to macro and geopolitical conditions that could affect enterprise and service‑provider spending. The guidance implies a measured recovery/acceleration versus Q1 but does not include detailed line‑item drivers; investors will look for subsequent disclosures on product categories, channel dynamics, and subscription growth rates.

Risks, competition and strategic context

Cisco highlights persistent risks that could affect the guidance: macroeconomic and currency headwinds across regions, competitive pressure in networking and security markets, cybersecurity threats tied to telemetry and cloud services, and operational dependencies such as silicon and supply chain continuity. Competitive dynamics cited in filings point to execution challenges against peers in switching, routing, optical and security. Management’s three‑point strategy—modern infrastructure for AI, an integrated security platform, and harnessing data/AI to drive connectivity demand—remains the framework for hitting the guided targets.

Investor FAQ

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