# Cisco Stock Q3 2026: AI Orders Reach $9.3bn as Revenue Grows 18%
> Cisco stock Q3 2026: fiscal Q4 revenue up 18% to $17.25bn, product orders up 35%, $9.3bn of AI orders and a FY2027 guide of $72.2-73.4bn. CSCO risks.

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## Facts
- Ticker: CSCO
- QSILabs fair value: $76.04 USD
- Price: $104.51 (as of 2026-10-30)
- As of: Fiscal Q4 FY2026 results (quarter ended 2026-07-25, reported 2026-08-12) and FY2026 10-K; price as of 2026-10-30 close
- Fiscal period: fiscal Q4 FY2026
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/cisco-stock-q3-2026-earnings-ai-networking-orders/

## Short answer
Cisco stock Q3 2026 rests on Cisco's fiscal Q4 FY2026, the quarter to 25 July 2026: revenue rose 18% to $17.25bn, product orders rose 35% and hyperscalers placed $4bn of AI infrastructure orders, taking the fiscal-year total to $9.3bn. Cisco guided fiscal 2027 revenue to $72.2-73.4bn, about 15% growth, and non-GAAP EPS to $5.05-5.11. Our discounted cash flow model values Cisco at $76.04 a share, against a $104.51 close on 30 October 2026. Cisco is growing faster than at any time in more than a decade; the share price assumes that pace, and a wider margin, last for longer than we do.

## Key takeaways
- Revenue up 18%. Fiscal Q4 FY2026 revenue was $17,252m, up from $14,673m a year earlier and 9% above fiscal Q3. Product revenue rose 24% to $13,459m; services revenue was flat at $3,793m.
- Networking is the engine. Networking revenue rose 28% to $9,791m, and networking product orders rose 40%, the eighth consecutive quarter of double-digit order growth.
- AI orders of $9.3bn. Hyperscalers ordered $4bn of AI infrastructure from Cisco in Q4 and $9.3bn in fiscal 2026. Cisco booked about $4bn of AI infrastructure revenue in fiscal 2026 and expects $7.5bn in fiscal 2027.
- Margins: GAAP up, non-GAAP gross down. GAAP operating margin was 24.7%, from 21.0%. Non-GAAP gross margin fell to 66.3% from 68.4% as lower-margin AI systems and higher memory costs grew in the mix.
- Guidance. Fiscal Q1 FY2027 revenue of $18.0-18.2bn (about 22% growth); fiscal 2027 revenue of $72.2-73.4bn, GAAP EPS of $4.00-4.06 and non-GAAP EPS of $5.05-5.11.
- Our value: $76.04 a share, up from $75.89 on 20 October and about 27% below the $104.51 close on 30 October. A two-stage cross-check gives $76.06; analysts' average target is $136.16.
- What to watch. Fiscal Q1 FY2027 results, due in November, will show whether the $18.1bn revenue guide is met and whether gross margin holds inside the 65-66% range.

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