By Kieran Devlin
Publication Date: 2026-02-12 14:18:00
The latest Cisco earnings report makes for remarkably complex reading. Chronciling its Q2 FY 2026 results, the networking and collaboration giant delivered what looked like a triumph in execution. Record revenue of $15.3 billion, up 10 percent year-over-year, and a significant beat on earnings per share.
However, the operational narrative was dominated not by steady-state switching, but by a violent rotation of capital toward AI infrastructure. The headline figure was $2.1 billion in AI orders from hyperscalers, a single-quarter haul that matched the entire previous fiscal year.
This surge is bleeding into the broader enterprise portfolio, specifically within the Collaboration unit, which posted a modestly healthy six percent growth. Additionally, there was double-digit growth in devices, potentially signalling that the “return to office” mandate is finally translating into hard currency, as enterprises rip out legacy endpoints to install…
