Cisco (CSCO) official guidance

You should, though, expect orders to be meaningfully higher, I would say, in FY 2027 than they were in FY 2026.

We are assuming a non-GAAP effective tax rate of approximately 18.5%.

Non-GAAP earnings per share is expected to range from $5.05 to $5.11.

Non-GAAP earnings per share is expected to range from $1.32 to $1.34.

We anticipate non-GAAP gross margin to be in the range of 65%-66%.

So you should expect a slight gross margin headwind as we move through FY 2027 as we address these very high growth opportunities.

Non-GAAP operating margin is expected to be in the range of 35.5%-36.5%.

Operating margin is really a better indicator of our profitability, as our guide implies operating margin of about 35% for the full year FY 2027, which would be a high watermark for us as a company.

Overall, our hyperscale business continues to show great momentum with AI infrastructure revenue projected to grow to $7.5 billion in fiscal year 2027, supported by demand growth and market share gains.

We expect revenue to be in the range of $72.2 billion to $73.4 billion.

We expect revenue to be in the range of $18 billion to $18.2 billion.

With the $7.5 billion in hyperscale revenue, if you kind of back that out, you get to the core business growing at about 10%, which is obviously significantly faster than that investor day that we have done awfully long ago at this point.

I think overall, though, security is probably mid-to-high single digits in Q1 and improving as we go through the year.

If you look at security and observability, I would think about those going from kind of low single-digit growth in full year FY 2026 to high single-digit growth in full year FY 2027, and we can talk more about the shape of that maybe later in the call.

Services, I also think you are going to see improvement there as well and turning positive in FY 2027 and for the full year, seeing gradual improvement as we move through the year, and then for the full year, kind of being in that low single-digit growth range.

Our FY 2027 guidance assumes an effective tax provision rate of approximately 14.5% for GAAP and approximately 18.5% for non-GAAP results.

Our Q1 FY 2027 guidance assumes an effective tax provision rate of approximately 15% for GAAP and approximately 18.5% for non-GAAP results.

Our FY 2027 guidance assumes an effective tax provision rate of approximately 14.5% for GAAP and approximately 18.5% for non-GAAP results.

Cisco estimates that GAAP EPS will be $4.00 to $4.06 for fiscal 2027.

Cisco estimates that GAAP EPS will be $1.08 to $1.10 for the first quarter of fiscal 2027.