Cisco reported record third-quarter revenue of $15.8 billion on May 13, 2026, and lifted its outlook as orders surged across the business. The networking giant said total product orders rose 35% from a year earlier, while revenue climbed 12% and non-GAAP earnings per share reached $1.06.
The quarter gave Cisco a stronger case that demand is widening beyond a single product cycle. GAAP EPS came in at $0.85, up 37% year over year, while GAAP and non-GAAP gross margins were 63.6% and 66.0%, respectively. Operating margins were 25.0% on a GAAP basis and 34.2% on a non-GAAP basis, showing the company is still converting sales into profits at a healthy pace.
Cisco also said total product orders were up 19% year over year excluding hyperscalers, a sign that demand is not limited to the largest cloud buyers. Networking product orders grew more than 50% year over year, campus networking orders rose greater than 25%, and data center switching orders increased greater than 40%. The company said it had taken $5.3 billion of orders year to date through May 13.
The results landed as Cisco described broad-based demand for its technology reaching a record high, with a major multi-year, multi-billion-dollar campus networking refresh cycle underway and significant momentum coming from AI infrastructure demand from hyperscalers. That backdrop helped the company raise its expected FY26 orders to $9 billion from $5 billion and its expected FY26 revenue to $4 billion from $3 billion.
Guidance was the main test for Cisco stock after the report, and the company answered with a higher full-year view. Cisco said its EPS guidance includes the estimated impact of tariffs based on current trade policy, then guided to GAAP EPS of $0.80 to $0.85 for the next quarter, non-GAAP EPS of $1.16 to $1.18, full-year GAAP EPS of $3.16 to $3.21 and full-year non-GAAP EPS of $4.27 to $4.29. The numbers suggest management sees the current demand wave as durable enough to push through trade pressure and still leave room for growth.
