思科第一财季营收185亿美元创纪录，同比增长24%，上调全年指引
总部位于加州圣克拉拉县 San Jose 的思科（Cisco，纳斯达克：CSCO）11月12日公布2027财年第一季度业绩：截至2026年10月24日的三个月，营收185亿美元，同比增长24%，创季度新高；按美国通用会计准则（GAAP）计算的净利润46亿美元，同比增长59%，每股收益1.14美元，同比增长58%。非GAAP净利润56亿美元，每股收益1.40美元，同比增长40%，同样创纪录。
思科说，这是公司十多年以来最强的营收与非GAAP每股收益增速。各地区与各客户市场均录得两位数增长：美洲营收增长28%，欧洲、中东和非洲增长18%，亚太、日本和中国区增长21%。产品营收增长32%，其中网络业务增长43%，安全业务增长7%，协作业务增长8%，可观测业务增长2%；服务营收增长1%。
盈利能力同步提升：GAAP营业利润56亿美元，同比增长66%，营业利润率30.2%；非GAAP营业利润70亿美元，营业利润率37.8%，创纪录水平。经营活动现金流44亿美元，同比增长36%。期末剩余履约义务（RPO）462亿美元，同比增长8%；递延收入301亿美元，同比增长7%。
思科上调2027财年全年指引：营收748亿至758亿美元，GAAP每股收益4.38至4.44美元，非GAAP每股收益5.47至5.53美元。公司同时把来自超大规模云服务商的超级智能（SI）基础设施营收预期上调至2027财年的90亿美元，是2026财年总量的两倍多。第二财季指引为营收180亿至182亿美元，GAAP每股收益1.07至1.09美元，非GAAP每股收益1.34至1.36美元。
资本回报方面，思科本季通过回购与分红向股东返还37亿美元，其中派发现金股息17亿美元、回购约1800万股普通股耗资20亿美元（均价每股112.38美元），回购授权余额61亿美元。董事会另宣布季度股息每股0.42美元，2027年1月20日支付，股权登记日为2027年1月4日。本季思科还完成了对私营安全公司 WideField Security 的收购。
董事长兼首席执行官 Chuck Robbins 说，组织正转向思科来帮助其在智能体时代扩大规模、保障安全并优化环境，公司正处于多年网络超级周期的早期阶段。首席财务官 Mark Patterson 说，第一财季营收、非GAAP营业利润率与非GAAP每股收益均超过指引区间上限，业绩强度是公司上调全年营收与非GAAP每股收益指引的原因。
Cisco Posts Record First-Quarter Revenue of $18.5 Billion, Up 24%, and Raises Full-Year Guidance
Cisco (NASDAQ: CSCO), headquartered in San Jose, Santa Clara County, California, on November 12 reported results for the first quarter of fiscal 2027, ended October 24, 2026. Revenue was $18.5 billion, up 24% year over year to a record, and GAAP net income was $4.6 billion, up 59%, or $1.14 per share, up 58%. Non-GAAP net income was $5.6 billion, or $1.40 per share, up 40%, also a record.
Cisco said these were its strongest revenue and non-GAAP earnings-per-share growth rates in more than 15 years, with double-digit growth across all geographies and customer markets: the Americas rose 28%, EMEA 18%, and APJC 21%. Product revenue rose 32%, with Networking up 43%, Security up 7%, Collaboration up 8% and Observability up 2%; services revenue rose 1%.
Profitability also improved: GAAP operating income was $5.6 billion, up 66%, for a GAAP operating margin of 30.2%, while non-GAAP operating income was $7.0 billion with a record non-GAAP operating margin of 37.8%. Cash flow from operations was $4.4 billion, up 36%. Remaining performance obligations were $46.2 billion, up 8%, and deferred revenue was $30.1 billion, up 7%.
Cisco raised its fiscal 2027 guidance to revenue of $74.8 billion to $75.8 billion, GAAP earnings per share of $4.38 to $4.44, and non-GAAP earnings per share of $5.47 to $5.53. The company also raised its expectation for super intelligence (SI) infrastructure revenue from hyperscalers to $9 billion in fiscal 2027, more than double the total for fiscal 2026. For the second quarter, Cisco guided to revenue of $18.0 billion to $18.2 billion, GAAP EPS of $1.07 to $1.09 and non-GAAP EPS of $1.34 to $1.36.
Cisco returned $3.7 billion to stockholders in the quarter through buybacks and dividends, paying $1.7 billion in cash dividends and repurchasing about 18 million shares for $2.0 billion at an average price of $112.38 per share, leaving $6.1 billion in remaining repurchase authorization. The board declared a quarterly dividend of $0.42 per common share, payable January 20, 2027, to stockholders of record on January 4, 2027. Cisco also closed its acquisition of privately held WideField Security Inc. during the quarter.
Chair and CEO Chuck Robbins said organizations are turning to Cisco to help them scale, secure and optimize their environments for the agentic era, and that the company is in the very early stages of a multi-year networking supercycle. CFO Mark Patterson said first-quarter revenue, non-GAAP operating margin and non-GAAP EPS all exceeded the high end of guidance, giving the company confidence to raise its full-year outlook.
来源：思科
发布：GSM·美国（发布链接）
图片来源：图：位于 San Jose 的思科总部园区。CC0，经 Wikimedia Commons。 / Photo: The Cisco main campus in San Jose. CC0, via Wikimedia Commons.
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