Cisco just beat across the board — and lifted FY26 guidance. Here's the scoreboard.

✅ Revenue: $15.8B vs $15.56B est

✅ Non-GAAP EPS: $1.06 vs $1.04 est

✅ Networking product revenue: +25% YoY

✅ Total product orders: +35% YoY

The headline number — AI infrastructure orders:

- FY26 order guidance lifted from $5B → $9B (~4.5× FY25)

- FY26 AI infra revenue guide: $3B → $4B

- $5.3B already booked YTD

FY26 full-year guide raised:

- Revenue: $62.8B–$63.0B

- Non-GAAP EPS: $4.27–$4.29

- Q4 revenue guide: $16.7B–$16.9B (~$1B above Street)

⚠️ Workforce reduction: <4,000 jobs (<5% of total) — framed as efficiency, but worth tracking 📈 After-hours reaction: ~+17% (as of post-market close, 13 May 2026)

The story in one line: Cisco is moving from "AI beneficiary in headlines" to "AI infrastructure orders on the books" — with visibility now extending into FY27.