Cisco SystemsCSCO

01Fiscal 2026 total revenue was $63.3 billion, an increase of 12% compared with fiscal 2025 Product revenue increased by 16% and services revenue was flat Networking product category revenue increased by 22%, or $6.4 billion, primarily driven by AI Infrastructure solutions including Cisco Silicon One based systems and optics Hyperscaler customers represented approximately 6% of total revenue in fiscal 2026 compared with less than 2% in fiscal 2025 We expect this demand to remain a significant driver of our results in fiscal 2027

02Total software revenue was $23.2 billion across all product areas and services, an increase of 4%, and total subscription revenue increased 1% Deferred revenue was $29.8 billion as of July 25, 2026 compared to $28.8 billion as of July 26, 2025 We recognized approximately $16.4 billion of revenue during fiscal 2026 that was included in the deferred revenue balance at July 26, 2025 We expect to recognize approximately 49% of total remaining performance obligations as revenue over the next 12 months

03Our data center switching offerings, led by the Nexus 9000 series, provide the foundation for mission-critical data centers, delivering high availability, scalability, and security across hybrid environments Our high-performance systems are predominantly powered by Cisco Silicon One, a scalable and programmable architecture, covering all AI networking roles and capable of adapting to a wide range of use cases Cisco Hypershield is our cloud-native and AI-powered solution for highly distributed security built into the fabric of the network, converging networking and security into a single offering Our observability solution, Splunk combined with AppDynamics, monitors the entire enterprise to help prevent downtime and improve experiences across networks, infrastructures, and applications

04Financing receivables increased by 28% as compared with the end of fiscal 2025, primarily due to an increase in loan receivables reflecting higher customer demand for financing of hardware, software and services We provide financing arrangements for certain qualified customers to build, maintain, and upgrade their networks The volume of channel partner financing was $29.9 billion, $24.9 billion, and $27.1 billion in fiscal 2026, 2025, and 2024, respectively