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← CSCO post-call outlook
CSCO full model — every line, forward
post-call vintage · 2026-08-19
line itemFQ1 FY2027FY2026FY2027FY2028FY2029
Segments
Networking $M10,95034,50043,10048,03052,060
Security $M2,1508,3009,0009,80010,600
Collaboration $M1,0504,3004,5004,6504,800
Observability $M3001,2001,3001,4201,540
Services $M3,85015,02515,40015,90016,400
P&L
Revenue $M18,30063,325
was 63,003		73,300
was 67,925		79,800
was 72,500		85,400
was 76,900
Gross margin65.8%66.6%65.5%65.0%64.8%
R&D $M2,4709,3009,90010,70011,400
SG&A $M2,97110,83812,40013,30014,100
Operating income $M6,600————
Operating margin36.1%34.8%34.9%35.0%35.2%
Tax rate18.5%18.8%18.5%18.5%18.5%
Non-GAAP net income $M5,360————
Diluted shares M3,9703,9723,9403,9003,860
Adjusted EPS1.354.33
was 4.29		5.15
was 4.66		5.70
was 5.08		6.25
was 5.53
GAAP EPS1.11————
Cash flow
Cash from operations $M4,73014,20016,50018,00019,400
Capex $M4301,3701,7001,9002,000
Free cash flow $M4,30012,83014,80016,10017,400
Buyback $M1,500————
Dividends $M1,700————
Statement identities, checked by code
✓ nq segments sum to revenue: 18300 vs 18300
✓ nq adj EPS = non-GAAP NI / shares: 1.35 vs 1.35
✓ nq FCF = CFO - capex: 4300 vs 4300
✓ nq detail revenue matches grid p50: 18300 vs 18300
✓ fy2026 segments sum matches path revenue: 63325 vs 63325
✓ fy2026 detail EPS matches path EPS: 4.33 vs 4.33
✓ fy2026 FCF = CFO - capex: 12830 vs 12830
✓ fy2027 segments sum matches path revenue: 73300 vs 73300
✓ fy2027 detail EPS matches path EPS: 5.15 vs 5.15
✓ fy2027 FCF = CFO - capex: 14800 vs 14800
✓ fy2028 segments sum matches path revenue: 79800 vs 79800
✓ fy2028 detail EPS matches path EPS: 5.70 vs 5.7
✓ fy2028 FCF = CFO - capex: 16100 vs 16100
✓ fy2029 segments sum matches path revenue: 85400 vs 85400
✓ fy2029 detail EPS matches path EPS: 6.25 vs 6.25
✓ fy2029 FCF = CFO - capex: 17400 vs 17400