The One Number Cisco Stock Investors Should Watch

You probably think of Cisco Systems (CSCO) as an AI stock, a supplier of AI infrastructure to the hyperscalers. That business was only about 6% of Cisco’s revenue in fiscal 2026. The rest includes networking and security products sold to enterprises and telcos. Cisco stock returned 61% over the past year. With AI that small a share of revenue, you are paying for growth across the whole company. How fast is Cisco’s business outside AI set to grow?

Cisco Expects About 10% Growth Outside AI

Cisco’s business outside AI is on course to grow about 10% in fiscal 2027. Management gave that figure on the August call for fiscal Q4 2026, setting AI apart from the rest of the full-year forecast. Management called that pace significantly faster than the growth it laid out at a past investor day.

Cisco’s orders were strong as well. Product orders, AI included, rose 35% from a year earlier in fiscal Q4 2026. Orders grew in all three of Cisco’s regions. Within those…