Cisco Systems (CSCO) Q3 FY2026 earnings: revenue $15.8 billion, up 12.0% on the year

Cisco Systems, Inc. (CSCO) reported revenue of $15.8 billion for Q3 FY2026, the quarter ended 25 April 2026, up 12.0% on the same quarter a year earlier. Net income was $3.4 billion, up 35.4% on the year, and diluted earnings per share $0.85. The figures are the company's own, from the 10-Q it filed with the SEC on 19 May 2026.

Revenue

$15.8 billion

+12.0% on the year · +3.2% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

25.0%

22.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

$3.4 billion

+35.4% on the year · +6.2% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.85

+37.1% on the year · +6.2% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 raised, 1 lowered, 8 new.

Revenue and EPS grew double digits: Revenue rose 12% and GAAP EPS rose 37%, with non-GAAP EPS up 10%. Management said both top and bottom lines exceeded the high end of guidance.
Hyperscaler AI orders reached $5.3 billion: Hyperscaler AI infrastructure orders taken so far this fiscal year totaled $5.3 billion, and management raised its expectations for that business.
Campus refresh described as multi-year: Management described a major, multi-year and multi-billion-dollar campus networking refresh cycle as underway.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	15,841	15,349	14,149	+3.2%	+12.0%
Cost of revenue	5,761	5,377	4,871	+7.1%	+18.3%
Gross profit	10,080	9,972	9,278	+1.1%	+8.6%
Gross margin	63.6%	65.0%	65.6%
Research and development	2,377	2,355	2,335	+0.9%	+1.8%
Operating income	3,960	3,781	3,202	+4.7%	+23.7%
Operating margin	25.0%	24.6%	22.6%
Interest expense	377	370	403	+1.9%	-6.5%
Pre-tax income	4,039	3,646	2,947	+10.8%	+37.1%
Income tax	666	471	456	+41.4%	+46.1%
Effective tax rate	16.5%	12.9%	15.5%
Net income	3,373	3,175	2,491	+6.2%	+35.4%
Net margin	21.3%	20.7%	17.6%
Diluted EPS	$0.85	$0.80	$0.62	+6.2%	+37.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	3,757	1,822	4,057	+106.2%	-7.4%
Capital expenditure	414	283	261	+46.3%	+58.6%
Free cash flow	3,343	1,539	3,796	+117.2%	-11.9%
Free cash flow margin	21.1%	10.0%	26.8%
Cash from investing	-2,070	-1,306	505
Cash from financing	-2,039	-1,439	-5,137
Share-based compensation	914	934	945	-2.1%	-3.3%
Buybacks	1,250	1,363	1,505	-8.3%	-16.9%
Dividends paid	1,660	1,617	1,627	+2.7%	+2.0%
Dividend per share	$0.42	$0.41	$0.41	+2.4%	+2.4%
Diluted shares, weighted	3,982m	3,984m	4,002m	-0.1%	-0.5%
Shares outstanding at period end	3,940m	3,949m	3,960m	-0.2%	-0.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	48,861	47,723	45,935	+2.4%	+6.4%
Debt	31,303	30,086	29,279	+4.0%	+6.9%
Operating lease liabilities	1,288	1,249	1,114	+3.1%	+15.6%
Other liabilities	44,094	44,313	43,454	-0.5%	+1.5%
Total liabilities and equity	125,546	123,371	119,782	+1.8%	+4.8%
Fixed assets	2,577	2,351	2,076	+9.6%	+24.1%
Goodwill	59,292	59,234	59,024	+0.1%	+0.5%
Intangible assets	7,850	8,307	9,643	-5.5%	-18.6%
Investments	9,557	8,319	7,481	+14.9%	+27.8%
Cash and equivalents	7,083	7,458	8,161	-5.0%	-13.2%
Receivables	6,480	6,606	5,277	-1.9%	+22.8%
Inventory	4,708	3,920	2,832	+20.1%	+66.2%
Other assets	27,999	27,176	25,288	+3.0%	+10.7%
Total assets	125,546	123,371	119,782	+1.8%	+4.8%

Questions

What was Cisco Systems' revenue in Q3 FY2026?

Cisco Systems (CSCO) reported revenue of $15.8 billion for Q3 FY2026, the quarter ended 25 April 2026, up 12.0% on the same quarter a year earlier.

How much did Cisco Systems earn in Q3 FY2026?

Net income for Q3 FY2026 was $3.4 billion, up 35.4% on the year, and diluted earnings per share $0.85.

When did Cisco Systems report Q3 FY2026 results?

Cisco Systems filed its 10-Q for the quarter ended 25 April 2026 with the SEC on 19 May 2026.

Quarterly results, the last 20 quarters

	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	12,900	12,720	12,835	13,102	13,632	13,592	14,571	15,203	14,668	12,791	12,702	13,642	13,841	13,991	14,149	14,673	14,883	15,349	15,841	17,252
Cost of revenue	4,847	4,671	4,714	5,077	5,286	5,165	5,339	5,455	5,111	4,574	4,429	4,861	4,720	4,880	4,871	5,393	5,138	5,377	5,761	6,189
Gross profit	8,053	8,049	8,121	8,025	8,346	8,427	9,232	9,748	9,557	8,217	8,273	8,781	9,121	9,111	9,278	9,280	9,745	9,972	10,080	11,063
Gross margin	62%	63%	63%	61%	61%	62%	63%	64%	65%	64%	65%	64%	66%	65%	66%	63%	65%	65%	64%	64%
R&D	1,714	1,670	1,708	1,682	1,781	1,855	1,962	1,953	1,913	1,943	1,948	2,179	2,286	2,299	2,335	2,380	2,400	2,355	2,377	2,431
Operating income	3,438	3,487	3,610	3,434	3,540	3,292	3,946	4,253	4,276	3,096	2,191	2,618	2,358	3,113	3,202	3,087	3,363	3,781	3,960	4,264
Operating margin	27%	27%	28%	26%	26%	24%	27%	28%	29%	24%	17%	19%	17%	22%	23%	21%	23%	25%	25%	25%
Interest expense	89.0	88.0	90.0	93.0	100	107	109	111	111	120	357	418	418	404	403	368	350	370	377	373
Pre-tax income	3,657	3,603	3,801	3,416	3,475	3,415	3,957	4,471	4,442	3,161	2,235	2,396	2,267	2,887	2,947	2,999	3,391	3,646	4,039	4,933
Tax rate	19%	17%	20%	18%	23%	19%	19%	11%	18%	17%	16%	10%	-20%	16%	15%	15%	16%	13%	16%	22%
Net income	2,980	2,973	3,044	2,815	2,670	2,773	3,212	3,958	3,638	2,634	1,886	2,162	2,711	2,428	2,491	2,550	2,860	3,175	3,373	3,859
Net margin	23%	23%	24%	21%	20%	20%	22%	26%	25%	21%	15%	16%	20%	17%	18%	17%	19%	21%	21%	22%
Diluted EPS	$0.70	$0.71	$0.73	$0.68	$0.65	$0.67	$0.78	$0.97	$0.89	$0.65	$0.46	$0.54	$0.68	$0.61	$0.62	$0.64	$0.72	$0.80	$0.85	$0.97
Operating cash flow	3,427	2,461	3,661	3,677	3,962	4,739	5,219	5,966	2,371	808	3,971	3,730	3,661	2,241	4,057	4,234	3,212	1,822	3,757	5,386
Capital expenditure	122	110	106	139	176	170	270	233	134	170	168	198	217	210	261	217	323	283	414	390
Free cash flow	3,305	2,351	3,555	3,538	3,786	4,569	4,949	5,733	2,237	638	3,803	3,532	3,444	2,031	3,796	4,017	2,889	1,539	3,343	4,996
Buybacks	273	4,832	242	2,342	556	1,204	1,269	1,264	1,300	1,204	1,268	2,015	2,003	1,240	1,505	1,252	1,992	1,363	1,250	1,501
Dividends paid	1,561	1,500	1,600	1,563	1,560	1,560	1,593	1,589	1,580	1,583	1,615	1,606	1,592	1,593	1,627	1,625	1,617	1,617	1,660	1,659
Shares outstanding	4,217m	4,151m	4,149m	4,110m	4,103m	4,095m	4,075m	4,066m	4,049m	4,050m	4,031m	4,007m	3,974m	3,977m	3,960m	3,960m	3,938m	3,949m	3,940m	3,946m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 25 April 2026, filed 19 May 2026: the filing.