By Trefis Team
Publication Date: 2026-10-22 10:57:00
For questions about this article or underlying research, email help@trefis.com.
Cisco Systems (CSCO) stock trades at 31.9 times earnings, compared with 23.0 for the S&P 500. Shareholders paying that price need to know what they are buying, and the company’s priorities have changed. During its fiscal Q2 2025 call in February 2025, management said security orders had more than doubled again, driven by the Splunk business and by demand for its refreshed firewall. Management still credits Splunk for part of Security’s 14% revenue growth in the fourth quarter, but the company no longer presents Splunk as its growth story. So what does management talk up now?
Cisco Now Talks Up Networking And AI Demand
During the fiscal Q4 2026 call on August 12, 2026, management said Cisco is in a multiyear, multibillion-dollar networking super cycle fueled by the spread of AI. The company drew its main evidence from hyperscalers, the largest cloud companies, which placed $4…
