By MLQ.ai
Publication Date: 2026-11-06 18:30:00
The selling spread across AI networking. Ciena traded at $230.81, down 15%, and Arista Networks at $159.82, down 10%, while optical suppliers Lumentum and Coherent also fell, 24/7 Wall St. reported [1]. The moves came during the post-election AI sell-off that pushed the Nasdaq into a correction, after a run in optics stocks capped by Marvell’s $115 billion Lumentum deal.
Cisco’s reported margins have moved in a narrow band over the past year, according to MLQ’s SEC-derived data:
| Cisco (fiscal quarter) | Revenue | GAAP gross margin | Diluted EPS |
|---|---|---|---|
| Q4 FY26 (to Jul 25, 2026) | $17.25B | 64.1% | $0.97 |
| Q3 FY26 (to Apr 25, 2026) | $15.84B | 63.6% | $0.85 |
| Q2 FY26 (to Jan 24, 2026) | $15.35B | 65.0% | $0.80 |
| Q1 FY26 (to Oct 25, 2025) | $14.88B | 65.5% | $0.72 |
| Q4 FY25 (to Jul 26, 2025) | $14.67B | 63.2% | $0.64 |
On a non-GAAP basis, Cisco reported a fiscal fourth-quarter gross margin of 66.3%, down from 68.4% a year earlier, and its finance chief warned of a slight margin headwind through fiscal 2027 [1]. Cisco’s fiscal first-quarter results…
