Cisco Systems, Inc.
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+ FollowMarket Cap$377.59B
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Earnings Call Q1 2027
November 12, 2026 - AI Summary
Strong Q1 results (best-in-15+ years growth) + operating leverage
- Record Q1 revenue: $18.5B, +24% YoY; non-GAAP EPS: $1.40, +40% YoY.
- Margins/efficiency: non-GAAP operating margin 37.8% (improved operating leverage). Management emphasized “earnings growing faster than revenue.”
- Product vs Services: Product revenue $14.7B (+32%); Services $3.9B (+1%).
- Cash generation/capital returns: Operating cash flow $4.4B (+36%); returned $3.7B to shareholders ($1.7B dividends + $2.0B buybacks), about 95% of free cash flow. $6.1B remains under repurchase authorization.
Demand / orders: broad-based networking momentum + clear AI infrastructure acceleration
- Total product orders: +21% YoY (on top of +13% a year ago). Ex-hyperscalers: +14% YoY (on top of +9%).
- Networking orders: +28% YoY, 9th consecutive quarter of double-digit growth, with double-digit growth across every networking family (routing, compute, wireless, data center switching, campus switching, etc.).
- AI infrastructure momentum: hyperscalers remain strong—management reiterated an “early multiyear networking super cycle.”
- AI-related order signal: Nexus data center switches tagged for AI deployments +47% YoY.
- Hyperscaler AI infrastructure growth target: AI hyperscale revenue projected to reach $9B in FY27, >2x FY26 (management tied this to design wins and deployment transitions to production).
Security/Splunk: reassuring turn, but still a watch item
- Security orders excluding Splunk: mid-teens growth; firewalls +30% (3rd straight quarter); AI Defense protecting 2T tokens/month.
- Splunk performance: security revenue overall +7% YoY in Q1; management described improved momentum vs earlier-year expectations.
- Guidance implication: Splunk/security expected to improve as the year progresses; CFO indicated earlier outlook was low single-digit growth and that Q1 was slightly better than expected, supporting the “turning the corner” narrative.
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$59.36
37.9% downside
Current Fair Value
37.9% downsideOvervalued by 37.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $377.59 Billion |
|---|---|
| Enterprise Value | $417.08 Billion |
| Annual dividend | $1.67 |
| Dividend yield | 1.75% |
| Earnings per Share | $3.36 |
| Beta | 1 |
| Outstanding Shares | 3,948,000,000 |
Return
| Return on Equity | 26.38% |
|---|---|
| Return on Assets | 10.23% |
| Return on Invested Capital | 19.73% |
Valuation & Multiples
| P/E Ratio | 25.23 |
|---|---|
| PEG | 68.76 |
| Price to Sales | 5.98 |
| Price to Book Ratio | 7.97 |
| Enterprise Value to Revenue | 6.59 |
| Enterprise Value to EBIT | 23.99 |
| Enterprise Value to Net Income | 31 |
| Total Debt to Enterprise | 0.11 |
| Debt to Equity | 0.93 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 12, 2026
EPS
$1.40
Est. $1.33Revenue
$18.50 B
Est. $18.12 BNext Earnings Call
Expected Date
February 10, 2027
EPS Estimate
$1.33
Consensus analyst estimateRevenue Estimate
$18.14 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 9.72, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 9.7200▲ 886.52% |
|---|---|
| Total Calls | 307,100▼ 99.26% |
| Total Puts | 2,985,000▼ 91.61% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 14.48%▼ 66.71% |
|---|---|
| Total Invested | $61.66B▼ 83.60% |
| Investors Holding | 2,528▼ 1699.00% |
About Cisco Systems, Inc.
82,400 employees
CEO: Charles Robbins
Cisco Systems, Inc., founded in 1984 and based in San Jose, California, is a global technology powerhouse. The company specializes in the creation, manufacturing, and sale of Internet Protocol (IP)-based networking equipment and a broad ...