Cisco Systems reported fiscal fourth-quarter revenue of $14.7 billion, an 8% year-on-year increase that edged past analysts’ $14.62 billion consensus. Adjusted earnings rose 14% to $0.99 a share, a penny above expectations, while net income climbed 31% to $2.8 billion. Non-GAAP gross margin reached 68.4% and operating margin 34.3%, both at the upper end of management’s guidance. Demand for artificial-intelligence infrastructure was a key driver. Orders from web-scale customers totalled $800 million in the quarter and more than $2 billion for the full fiscal year—twice the company’s original target. Networking revenue grew 12%, security products 9%, and total remaining performance obligations expanded to $43.53 billion, underscoring a growing backlog. For the current quarter, Cisco forecasts revenue of $14.65 billion to $14.85 billion and adjusted earnings of $0.97 to $0.99 a share, both slightly above Wall Street estimates. Full-year fiscal 2026 guidance calls for $59 billion to $60 billion in revenue and $4.00 to $4.06 in adjusted earnings per share. Management said the restructuring announced last August should be largely finished by the end of the second quarter of fiscal 2026 and noted only a modest impact from U.S. tariffs so far. Despite the earnings beat and robust AI order growth, Cisco’s shares slipped as much as 4% in extended and early trading, with investors focusing on management’s cautious full-year outlook. Chief Executive Officer Chuck Robbins told analysts the company is “well positioned for the AI era,” but acknowledged macro uncertainty and the need for continued investment as customers modernize networks.