Cisco Systems, Inc.

Q1 FY2026 10-Q (ended Oct 25, 2025). Total revenue $14.883B (+8% YoY). Networking $7.768B (+15% YoY, from $6.753B). Security $1.980B, Collaboration $1.055B, Observability $0.274B. Services $3.806B. CRITICAL: The MD&A explicitly states revenue growth was 'driven by revenue from Networking, particularly within our AI Infrastructure and Campus Networking solutions.' Networking grew 15%, with 'AI Infrastructure' called out as a specific growth driver. This is the strongest direct AI disclosure Cisco has made. Product revenue +10%, with Networking +15% being the primary driver. MATH: Networking $7.768B. Networking growth of $1.015B YoY. AI Infrastructure is specifically called out as a driver. DC networking/AI infrastructure ~$1.8B. AI-specific ~45% = ~$810M. Plus AI-adjacent: Splunk AI ~$90M, Observability AI ~$35M, Webex AI ~$40M. Total ~$975M / $14.883B = ~6.6%. Given the explicit mention of 'AI Infrastructure' as a growth driver, rounding to 7.0%.