思科 (CSCO) 2025 Q4 法說會逐字稿

Welcome to Cisco's fourth-quarter and fiscal year 2025 financial results conference call. At the request of Cisco, today's conference is being recorded. If you have any objections, you may disconnect.

歡迎參加思科第四季及2025財年財務業績電話會議。應思科的要求，今天的會議正在錄製中。如果有異議可以斷開連接。

Now I would like to introduce Sami Badri, Head of Investor Relations. Sir, you may begin.

現在我想介紹投資者關係主管 Sami Badri。先生，您可以開始了。

Good afternoon, everyone. This is Sami Badri, Cisco's Head of Investor Relations, and I'm joined by Chuck Robbins, our Chair and CEO; and Mark Patterson, our CFO. Cisco's earnings press release and supplemental information, including GAAP to non-GAAP reconciliations are available on our Investor Relations website.

大家下午好。我是思科投資者關係主管薩米‧巴德里 (Sami Badri)，與我一起出席的還有我們的董事長兼執行長查克‧羅賓斯 (Chuck Robbins) 和我們的財務長馬克‧帕特森 (Mark Patterson)。思科的收益新聞稿和補充資料（包括 GAAP 與非 GAAP 的對帳）可在我們的投資者關係網站上找到。

Following this call, we will also make the recorded webcast and slides available on the website. Throughout today's call, we'll be referencing both GAAP and non-GAAP financial results. We will discuss product results in terms of revenue and geographic and customer results in terms of product orders, unless stated otherwise.

這次電話會議結束後，我們也會在網站上發布錄製的網路直播和投影片。在今天的電話會議中，我們將參考 GAAP 和非 GAAP 財務結果。除非另有說明，我們將從收入角度討論產品結果，從產品訂單角度討論地理和客戶結果。

All comparisons will be made on a year-over-year basis. Please note that our discussion today will include forward-looking statements, including our guidance for the first quarter and fiscal year 2026. These statements are subject to risks and uncertainties detailed in our SEC filings, particularly our most recent 10-K and 10-Q reports, which identify important risk factors that could cause actual results to differ materially from those contained in our forward-looking statements.

所有比較將以同比為基礎進行。請注意，我們今天的討論將包括前瞻性陳述，包括我們對 2026 年第一季和財年的指導。這些聲明受到我們向美國證券交易委員會提交的文件中詳細說明的風險和不確定性的影響，特別是我們最近的 10-K 和 10-Q 報告，這些報告確定了可能導致實際結果與我們的前瞻性聲明中的結果存在重大差異的重要風險因素。

With respect to guidance, please also see the slides and press release that accompany this call for further details. Cisco will not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure.

關於指導，請參閱本次電話會議附帶的幻燈片和新聞稿以了解更多詳細資訊。除非透過明確的公開揭露，否則思科不會對本季的財務指引發表評論。

Now, I'll turn it over to Chuck.

現在，我將把話題交給查克。

Thanks, Sami, and thank you all for joining us today. We had a strong close to fiscal '25, delivering revenue and gross margin at the high end of our guidance ranges for the fourth quarter. Continued operating leverage across our business produced strong profitability with earnings per share above the high end of our guidance.

謝謝，薩米，也謝謝大家今天加入我們。我們在 25 財年結束時表現強勁，第四季的營收和毛利率達到了預期範圍的高端。我們業務的持續經營槓桿產生了強勁的獲利能力，每股收益高於我們預期的高端。

In addition, we generated solid growth in annualized recurring revenue, remaining performance obligations and subscription revenue, which provides a strong foundation for our future performance. The profitable growth of our business continues to produce strong cash flows, supporting our commitment to deliver consistent capital returns.

此外，我們的年度經常性收入、剩餘履約義務和訂閱收入都實現了穩健成長，為我們未來的業績奠定了堅實的基礎。我們業務的獲利成長持續產生強勁的現金流，支持我們提供持續資本回報的承諾。

In Q4, we returned $2.9 billion in capital to our shareholders through share repurchases and dividends bringing the total return in fiscal '25 to $12.4 billion in value or 94% of free cash flow, surpassing the $12.1 billion Cisco returned to shareholders in fiscal '24. Overall, our FY25 performance has established a solid foundation as we turn our focus to delivering Cisco's strongest year yet in fiscal year '26 as indicated in our guidance.

在第四季度，我們透過股票回購和股息向股東返還了 29 億美元的資本，使 25 財年的總回報達到 124 億美元，或自由現金流的 94%，超過了思科在 24 財年向股東返還的 121 億美元。總體而言，我們的 25 財年業績已奠定了堅實的基礎，我們將把重點轉向實現思科在 26 財年取得迄今為止最強勁的一年，正如我們的指引所示。

As we move into the next phase of AI with agents autonomously conducting tasks alongside humans, the capacity requirements of the network will be compounded to accommodate both unprecedented levels of network traffic and an increasing threat landscape.

隨著我們進入人工智慧的下一階段，代理將與人類一起自主執行任務，網路的容量需求將變得更加複雜，以適應前所未有的網路流量水平和日益增加的威脅情況。

According to our survey of IT networking leaders, 97% of businesses believe they need to upgrade their networks to successfully deploy AI. Having refreshed almost our entire product portfolio with industry-leading networking systems powered by Silicon One, AI native security solutions, and software operating systems, Cisco is well positioned to provide the critical infrastructure needed for the AI era.

根據我們對 IT 網路領導者的調查，97% 的企業認為他們需要升級網路才能成功部署 AI。思科幾乎透過由 Silicon One、AI 原生安全解決方案和軟體作業系統提供支援的業界領先網路系統更新了我們的整個產品組合，因此我們完全有能力提供 AI 時代所需的關鍵基礎設施。

Now let me comment on the demand we saw in Q4, starting with record AI infrastructure orders received from web scale customers. These orders exceeded $800 million in the quarter, bringing the total for fiscal year '25 to over $2 billion, more than double our original $1 billion target stated in Q4 of fiscal year '24. This demonstrates the undeniable capability and relevance of our technology for multiple back-end use cases with some of the most technologically advanced customers.

現在，讓我評論一下我們在第四季度看到的需求，首先是來自網路規模客戶收到的創紀錄的 AI 基礎設施訂單。這些訂單在本季超過了 8 億美元，使 25 財年的總額超過 20 億美元，是 2024 財年第四季設定的 10 億美元原定目標的兩倍多。這證明了我們的技術對於一些技術最先進的客戶的多種後端用例具有不可否認的能力和相關性。

Overall, total product orders in Q4 grew 7% year over year with solid growth across all geographies despite a complex environment, demonstrating the valuable outcomes we continue to deliver for customers worldwide.

總體而言，儘管環境複雜，第四季的產品訂單總額年增 7%，所有地區均實現穩健成長，證明了我們繼續為全球客戶提供寶貴的成果。

Enterprise product orders were up 5% year over year in Q4. As typical for the fourth quarter, we closed several very large deals with major enterprises across different industries who are compounding the value of their investments by leveraging the full breadth of our technology platforms. We have a slide in our earnings presentation that highlights both the breadth of Cisco's reach through eight-figure or larger deals and the versatility of solutions tailored to our customers' needs.

第四季企業產品訂單年增5%。與第四季度一樣，我們與不同行業的大型企業達成了幾筆非常大的交易，這些企業透過充分利用我們的技術平台來增加其投資價值。我們的收益報告中有一張投影片，重點介紹了思科透過八位數或更大的交易所達到的廣泛影響力，以及針對客戶需求而客製化的解決方案的多功能性。

Public sector orders were down 6% year over year in Q4 compared with a very strong fourth quarter in FY24 when orders grew double digits year over year. That said, overall public sector demand grew sequentially in line with normal seasonality.

與 2024 財年第四季的強勁表現相比，公共部門訂單在第四季度同比下降了 6%，而 2024 財年第四季的訂單同比增長了兩位數。儘管如此，公共部門的整體需求仍按照正常的季節性規律持續成長。

Product orders from service provider and cloud customers continue to be very strong, up 49% year over year, driven by triple-digit order growth in web scale for the fourth consecutive quarter, with four out of the top six web-scale customers each growing orders in the triple digits. In fact, two web scale customers each placed total orders of over $1 billion for networking, security, collaboration, and observability in FY25.

來自服務供應商和雲端客戶的產品訂單持續保持強勁，年成長 49%，這得益於網路規模訂單連續第四個季度實現三位數成長，前六大網路規模客戶中有四家的訂單均實現了三位數成長。事實上，兩家網路規模客戶在 2025 財年分別下了總額超過 10 億美元的網路、安全、協作和可觀察性訂單。

Demand from telco and cable customers was also strong in Q4 with orders growing more than 20% year over year.

第四季電信和有線電視客戶的需求也很強勁，訂單年增超過 20%。

Now some color on demand for our core networking and security solutions. Networking product orders grew double digits in Q4, marking the fourth consecutive quarter of double-digit growth, driven by web-scale infrastructure, switching, enterprise routing, industrial IoT and servers.

現在，我們可以根據需求對我們的核心網路和安全解決方案進行一些說明。網路產品訂單在第四季度實現兩位數增長，這是連續第四個季度實現兩位數增長，這得益於網路規模基礎設施、交換、企業路由、工業物聯網和伺服器。

There is strong interest from customers in the new family of Cisco Cat 9K smart switches along with a completely refreshed lineup of highly secure routers, wireless access points and industrial IoT devices, which are purpose-built for the AI-ready campus and branch. Our new smart switches are powered by Silicon One and deliver enhanced performance, quantum secure networking, and radically simplified cloud-native and AI-driven operations, all supporting the new realities as AI changes how we work and collaborate.

客戶對思科 Cat 9K 智慧交換器新系列以及專為 AI 就緒校園和分公司打造的全新高度安全路由器、無線存取點和工業物聯網設備系列表現出濃厚興趣。我們的新型智慧交換器由 Silicon One 提供支持，可提供增強的性能、量子安全網路以及徹底簡化的雲端原生和人工智慧驅動的操作，所有這些都支持人工智慧改變我們工作和協作方式的新現實。

The introduction of our new switches marks the beginning of a major multiyear refresh cycle opportunity for Cisco's large installed campus switching base.

我們的新型交換器的推出標誌著思科龐大的校園交換器安裝基地迎來了多年更新周期的重大機會。

Orders for our industrial IoT portfolio comprised of ruggedized catalyst products grew double digits for the fifth consecutive quarter, and we see solid demand signals continuing into FY26 and as countries around the world are committing to US domestic investments as part of their trade agreements. As more strategic infrastructure and manufacturing is brought onshore to the United States, Cisco is well positioned to help connect and protect these capital-intensive investments at scale.

我們的工業物聯網產品組合（由加固型催化劑產品組成）的訂單連續第五個季度實現兩位數增長，我們看到強勁的需求信號持續到2026財年，並且世界各國都承諾將美國國內投資作為其貿易協定的一部分。隨著越來越多的戰略基礎設施和製造業轉移到美國本土，思科已做好準備，幫助大規模連接和保護這些資本密集投資。

As I mentioned earlier, the AI infrastructure orders we received from web-scale customers were once again exceptionally strong, exceeding $800 million in the quarter. As expected, the product mix of these orders was more than two-thirds in systems with the remainder in Optics. In the enterprise specifically, while still early, AI orders are ramping and we have a growing pipeline in the hundreds of millions as these customers look to Cisco to provide simple, scalable, and secure solutions for the AI era.

正如我之前提到的，我們從網路規模客戶收到的人工智慧基礎設施訂單再次異常強勁，本季超過 8 億美元。如預期的那樣，這些訂單的產品組合中超過三分之二屬於系統產品，其餘屬於光學產品。具體來說，在企業領域，雖然還處於早期階段，但人工智慧訂單正在不斷增加，我們擁有數億個不斷增長的管道，因為這些客戶希望思科為人工智慧時代提供簡單、可擴展和安全的解決方案。

Our expanding partnership with NVIDIA also positions us to deliver on these new demands with completed integrations of Cisco Nexus switches with NVIDIA's Spectrum-X architecture, offering low latency, high-speed networking for AI clusters.

我們與 NVIDIA 不斷擴大的合作夥伴關係也使我們能夠滿足這些新需求，將 Cisco Nexus 交換器與 NVIDIA 的 Spectrum-X 架構完全集成，為 AI 叢集提供低延遲、高速網路。

Additionally, the Cisco Secure AI factory with NVIDIA provides a trusted blueprint for building secure AI-ready data centers for enterprises, sovereign cloud providers, and newly emerging Neo cloud providers.

此外，思科與 NVIDIA 合作的安全 AI 工廠為企業、主權雲端供應商和新興 Neo 雲端供應商建置安全的 AI 就緒資料中心提供了可靠的藍圖。

We also see the opportunity with Neo cloud providers ramping with several large deals in Q4, not included in the previously mentioned AI infrastructure orders. Our newly forged Middle East strategic partnerships, including HUMAIN, G42, and Stargate UAE are all progressing as planned, and we expect the sovereign AI opportunity to build momentum in the second half of fiscal year '26.

我們也看到了 Neo 雲端供應商在第四季達成的幾筆大型交易帶來的機遇，這些交易並不包含在前面提到的 AI 基礎設施訂單中。我們新建立的中東戰略夥伴關係，包括 HUMAIN、G42 和 Stargate UAE，都在按計劃推進，我們預計主權人工智慧機會將在 26 財年下半年積聚動力。

We believe Cisco will be a core system provider for these significant AI training and inference cluster buildouts and integral to their development and eventual hyperscaling.

我們相信思科將成為這些重要的人工智慧訓練和推理集群建設的核心系統供應商，並成為其開發和最終超大規模不可或缺的一部分。

As we look holistically at the AI opportunity for Cisco, we frame it into three distinct but connected pillars. First, AI training infrastructure for web-scale customers, combinations of our Cisco 8K, Silicon One, Optics and optical systems are being deployed by the largest web scalers, and we expect demand for these technologies from neo cloud providers and sovereign customers to increase in fiscal year 2026.

當我們全面審視思科的人工智慧機會時，我們將其分為三個不同但相互關聯的支柱。首先，針對網路規模客戶的人工智慧訓練基礎設施，我們的思科 8K、Silicon One、光學和光學系統的組合正在被最大的網路擴展器部署，我們預計新雲端供應商和主權客戶對這些技術的需求將在 2026 財年增加。

Second, AI inference and enterprise clouds. Our accelerated innovation in hardware and software, coupled with our NVIDIA partnership, is designed to simplify, accelerate and derisk AI infrastructure deployments for the enterprise.

第二，AI推理和企業雲。我們在硬體和軟體方面的加速創新，加上與 NVIDIA 的合作，旨在簡化、加速和降低企業的 AI 基礎設施部署風險。

And third, AI network connectivity. Customers are leveraging Cisco platforms to help modernize, secure and automate their network operations to prepare for pervasive deployment of AI agents and applications. As we move towards agentic AI and the demand for inferencing expands to the enterprise and end-user networking environments, traffic on the network will reach unprecedented levels.

第三，人工智慧網路連線。客戶正在利用思科平台來幫助實現其網路營運的現代化、安全性和自動化，為廣泛部署人工智慧代理和應用程式做好準備。隨著我們走向代理人工智慧，推理需求擴展到企業和最終用戶網路環境，網路流量將達到前所未有的水平。

Network traffic will not only increase beyond the peaks of current chatbot interaction, but will remain consistently high with agents in constant interaction. We have a slide illustrating this new traffic model in our earnings presentation available on our website. As agents gain autonomous decision-making and action capabilities, security will be even more critical to ensure they operate reliably and safely.

網路流量不僅會超越當前聊天機器人互動的峰值，而且會在代理不斷互動的情況下持續保持高位。我們在網站上的收益報告中有一張幻燈片來說明這種新的流量模型。隨著代理人獲得自主決策和行動能力，安全性將變得更加重要，以確保它們可靠且安全地運作。

As a trusted partner for enterprises, hyperscalers, Neo cloud and sovereign cloud providers alike, Cisco has the opportunity to lead this generational transition in networking and security and provide the critical infrastructure needed for the AI era.

身為企業、超大規模企業、Neo 雲端和主權雲端供應商值得信賴的合作夥伴，思科有機會引領網路和安全領域的這一代際轉型，並提供人工智慧時代所需的關鍵基礎設施。

Now shifting to security. We recorded mid-single-digit growth in orders in Q4. Splunk and Cisco synergies delivered a 14% year-over-year increase in new logos for Splunk in Q4, demonstrating the benefit of our cross-selling motions and joint innovation. Our new and refreshed products, including secure access, XDR, Hypershield, and AI defense, also continue to ramp and added 750 new customers collectively in the quarter.

現在轉向安全。我們在第四季的訂單量實現了中等個位數的成長。Splunk 和 Cisco 的協同效應使 Splunk 第四季的新標誌數量年增 14%，彰顯了我們的交叉銷售措施和聯合創新的優勢。我們的新產品和更新產品（包括安全存取、XDR、Hypershield 和 AI 防禦）也持續成長，本季共增加了 750 個新客戶。

The vast majority of our new HyperShield enterprise customers are bundling with our 9,300 smart switch which enables them to embed security directly into the fabric of the network. We believe that a genetic AI can only be secured by fusing security deep into the network and that only Cisco can deliver this capability.

我們絕大多數新的 HyperShield 企業客戶都與我們的 9,300 智慧交換器捆綁銷售，這使他們能夠將安全性直接嵌入到網路結構中。我們相信，只有將安全性深度整合到網路才能確保基因人工智慧的安全，而只有思科能夠提供這種能力。

Now I'd like to comment on our accelerating innovation pipeline. At Cisco Live US in June, we delivered our largest innovation payload to date, announcing over 20 new customer-centric offerings across our portfolio to help our customers build AI-ready data centers and future-proof their workplaces with a foundational layer of digital resilience.

現在我想評論一下我們正在加速的創新管道。今年 6 月，在 Cisco Live US 大會上，我們發布了迄今為止最大的創新成果，宣佈在我們的產品組合中推出 20 多種以客戶為中心的新產品，幫助客戶建立 AI 就緒的資料中心，並透過基礎層的數位彈性為其工作場所提供面向未來的保障。

You can see the full list of product launches in our slide deck, but I'd like to highlight our Agentic ops, which are already resonating with customers. Cisco AI Canvas is a revolutionary generative user interface for real-time collaboration between network and security teams, optimized for both human and agent interaction.

您可以在我們的幻燈片中看到產品發布的完整列表，但我想重點介紹我們的 Agentic 操作，它已經引起了客戶的共鳴。Cisco AI Canvas 是一款革命性的生成使用者介面，用於網路和安全團隊之間的即時協作，並針對人機互動和代理互動進行了最佳化。

Powered by Cisco's advanced deep network model LLM, AI Canvas unifies real-time telemetry across various platforms to radically simplify IT operations and accelerate troubleshooting. All of our new innovations introduced in FY25, spanning core networking products based on Cisco Silicon One, advanced security technologies and unified management tools are designed on the foundation of AI further enhancing Cisco's platform advantage, where every technology doesn't just add value by itself, but compounds the value of our customers' existing investments.

在思科先進的深度網路模型 LLM 的支援下，AI Canvas 統一了跨各種平台的即時遙測，從根本上簡化了 IT 操作並加快了故障排除速度。我們在 25 財年推出的所有新創新，涵蓋基於 Cisco Silicon One 的核心網路產品、先進的安全技術和統一的管理工具，都是在人工智慧的基礎上設計的，進一步增強了思科的平台優勢，其中每一項技術不僅可以自行增加價值，還可以增加客戶現有投資的價值。

We continue to use Gen AI and agentic systems across our customer experience organization with things like services as code and AI agents for end product support, renewals and adoption. Today, over two-thirds of support cases are touched by AI and automation, which increases the proportion of complex cases we can solve within one day.

我們將繼續在我們的客戶體驗組織中使用 Gen AI 和代理系統，例如將服務作為代碼和 AI 代理來提供最終產品支援、續訂和採用。如今，超過三分之二的支援案例都涉及人工智慧和自動化，這增加了我們可以在一天內解決的複雜案例的比例。

We're also seeing increased usage of Cisco's own proprietary AI application internally with more advanced use cases emerging across engineering, sales, operations and our people policy and purpose organization, resulting in meaningful productivity gains for our teams.

我們也看到思科專有的人工智慧應用程式在內部的使用率不斷增加，在工程、銷售、營運以及我們的人員政策和目標組織中出現了更先進的用例，從而為我們的團隊帶來了顯著的生產力提升。

To summarize, we are seeing clear demand for our technology across customer markets in addition to expanded opportunities as we move towards Agentic AI. We are innovating faster than ever before, making AI foundational in our designs, using security deep into our networking products and providing operational simplicity for our customers.

總而言之，隨著我們向 Agentic AI 邁進，我們看到客戶市場對我們技術的明顯需求以及不斷擴大的機會。我們的創新速度比以往任何時候都快，將人工智慧作為我們設計的基礎，將安全性深入到我們的網路產品中，並為我們的客戶提供操作簡便性。

And our strong performance is fueling our capital allocation model, returning significant value to our shareholders while positioning our business for success in fiscal '26.

我們的強勁表現為我們的資本配置模式提供了動力，為股東帶來了巨大的價值，同時也為我們的業務在 26 財年取得成功奠定了基礎。

Before I close, I'd like to once again thank Scott Herren for his leadership and partnership over the last five years. Scott has been instrumental in driving our transition to more software and recurring revenue, which has driven greater predictability for our business and increase shareholder value. We wish you all the best in your retirement.

最後，我想再次感謝 Scott Herren 在過去五年中的領導和合作。斯科特在推動我們向更多軟體和經常性收入轉型方面發揮了重要作用，這提高了我們業務的可預測性並增加了股東價值。我們祝福您退休後一切順利。

I'd also like to take a moment to thank our teams for their hard work to close out the year for executing with urgency as one Cisco and most importantly, for their unfailing focus on delivering valuable outcomes for our customers.

我也想藉此機會感謝我們的團隊在年底的辛勤工作，感謝他們作為一個思科公司緊急執行任務，最重要的是，感謝他們始終如一地致力於為我們的客戶提供有價值的成果。

Now I'll turn it over to Mark for more detail on the quarter and our outlook.

現在，我將把主題交給馬克，讓他詳細介紹本季和我們的展望。

Thanks, Chuck. We delivered a strong quarter with revenue and non-GAAP gross margin and operating margin at the high end of our guidance range and earnings per share above the high end of our guidance, coupled with solid operating cash flow.

謝謝，查克。我們本季表現強勁，營收、非公認會計準則毛利率和營業利潤率均達到預期範圍的高端，每股收益也高於預期的高端，同時也擁有穩健的經營現金流。

For the quarter, total revenue was $14.7 billion, up 8% year over year. Non-GAAP net income was $4 billion, up 12% and non-GAAP earnings per share was $0.99, up 14%, demonstrating good operating leverage with EPS growth outpacing revenue growth. Before we dive into the details, it's worth reiterating as a reminder that we had a full 13-week contribution from Splunk in Q4 FY24 last year. So our reported year-over-year growth rates are fully comparable this quarter.

本季總營收為 147 億美元，年增 8%。非公認會計準則淨收入為 40 億美元，成長 12%，非公認會計準則每股收益為 0.99 美元，成長 14%，顯示出良好的營運槓桿，每股收益成長超過營收成長。在深入了解細節之前，值得重申的是，去年 2024 財年第四季度，Splunk 為我們提供了整整 13 週的貢獻。因此，我們報告的本季同比增長率完全可比。

Looking at our Q4 revenue in more detail. Total product revenue was $10.9 billion, up 10%. Services revenue was $3.8 billion, flat year over year. Networking was up 12%, with growth across most of the portfolio, led by double-digit growth in Internet infrastructure and enterprise routing as well as solid growth in switching, partially offset by a decline in servers.

更詳細地了解我們的第四季度收入。總產品收入為109億美元，成長10%。服務收入為 38 億美元，與去年同期持平。網路業務成長了 12%，大部分投資組合均實現成長，其中網路基礎設施和企業路由業務實現了兩位數成長，交換業務也實現了穩健成長，但伺服器業務的下滑部分抵消了這一成長。

Security was up 9%, primarily driven by growth in our offerings from Splunk and SASE. Collaboration was up 2%, driven by solid growth in devices. Observability was up 4%, led by strong growth in Splunk and ThousandEyes.

安全性提高了 9%，主要得益於 Splunk 和 SASE 產品的成長。受設備穩健成長的推動，協作成長了 2%。可觀察性成長了 4%，主要得益於 Splunk 和 ThousandEyes 的強勁成長。

Looking at our recurring metrics. Total RPO was $43.5 billion, up 6% and Product RPO grew 8%, and total short-term RPO was $21.7 billion, up 4%. Total ARR ended the quarter at $31.1 billion, an increase of 5% and with product ARR growth of 8%. Total subscription revenue increased 3% to $7.9 billion and represents 54% of Cisco's total revenue. Total software revenue was up 5% at $5.6 billion, with software subscription revenue also up 5%. Q4 product orders were up 7% year over year.

查看我們的重複指標。總 RPO 為 435 億美元，成長 6%，產品 RPO 成長 8%，短期 RPO 總額為 217 億美元，成長 4%。本季末，總 ARR 達到 311 億美元，成長 5%，產品 ARR 成長 8%。總訂閱收入成長 3% 至 79 億美元，佔思科總營收的 54%。總軟體營收成長 5%，達到 56 億美元，軟體訂閱收入也成長 5%。第四季產品訂單年增7%。

Looking at our product orders across geographic segments. The Americas was up 5%. EMEA was up 10%, and APJC was up 7%. In our customer markets, service provider and cloud was up 49%. Enterprise was up 5% and public sector was down 6%. Total non-GAAP gross margin came in at 68.4%, up 50 basis points year over year, coming in at the high end of our guidance range. Non-GAAP product gross margin was 67.5%, up 50 basis points, driven by productivity improvements. Non-GAAP services gross margin was 70.8%, also up 50 basis points.

查看我們跨地理區域的產品訂單。美洲上漲了5%。歐洲、中東和非洲地區 (EMEA) 上漲 10%，亞太及日本地區 (APJC) 上漲 7%。在我們的客戶市場中，服務供應商和雲端運算成長了 49%。企業成長5%，公共部門下降6%。非公認會計準則總毛利率為 68.4%，較去年同期成長 50 個基點，達到我們預期範圍的高點。非公認會計準則產品毛利率為 67.5%，上漲 50 個基點，這得益於生產力的提高。非公認會計準則服務毛利率為70.8%，也上漲了50個基點。

Our total gross margin included a small impact from tariffs, which was slightly favorable compared to our estimate that was included in our guidance. We continue our focus on profitability and financial discipline with non-GAAP operating margin of 34.3% at the high end of our guidance range. Our non-GAAP tax rate was 18.1% for the quarter.

我們的總毛利率包含了關稅的少量影響，與我們的指導中包含的估計值相比略有優勢。我們繼續關注獲利能力和財務紀律，非公認會計準則營業利潤率為 34.3%，處於我們指導範圍的高端。本季我們的非公認會計準則稅率為 18.1%。

Shifting to the balance sheet. We ended Q4 with total cash, cash equivalents and investments of $16.1 billion. Operating cash flow was $4.2 billion, up 14%, primarily driven by our revenue and earnings growth. From a capital allocation perspective, we returned $2.9 billion to shareholders during the quarter comprised of $1.6 billion for our quarterly cash dividend and $1.3 billion of our share repurchases with $14.2 billion now remaining under our share repurchase program.

轉向資產負債表。截至第四季末，我們的現金、現金等價物及投資總額為 161 億美元。經營現金流為 42 億美元，成長 14%，主要得益於我們的收入和獲利成長。從資本配置角度來看，本季我們向股東返還了 29 億美元，其中包括 16 億美元的季度現金股利和 13 億美元的股票回購，目前我們的股票回購計畫剩餘 142 億美元。

Turning to the full fiscal year. Revenue was $56.7 billion, up 5%. Total non-GAAP gross margin was 68.7%, up 120 basis points. On the bottom line, non-GAAP net income was $15.2 billion, flat year over year. Non-GAAP earnings per share was $3.81, which was up 2%. Operating cash flow was $14.2 billion, up 30% compared to FY24.

轉向整個財政年度。營收為 567 億美元，成長 5%。非公認會計準則總毛利率為 68.7%，上升 120 個基點。整體而言，非公認會計準則淨收入為 152 億美元，與去年同期持平。非公認會計準則每股收益為 3.81 美元，成長 2%。營運現金流為 142 億美元，較 24 財年成長 30%。

Cash flow growth from the full year was positively impacted by some large tax payments in early FY24 that did not repeat in FY25. We returned $12.4 billion in value to our shareholders through cash dividends and share repurchases. This was comprised of $6.4 billion in quarterly cash dividends and $6 billion of share repurchases.

24 財年初期的一些大額納稅對全年現金流成長產生了積極影響，但 25 財年並未出現此類情況。我們透過現金股利和股票回購向股東返還了 124 億美元的價值。其中包括 64 億美元的季度現金股利和 60 億美元的股票回購。

We increased our dividend for the 14th consecutive year in FY25, reinforcing our confidence in the strength and stability of our ongoing cash flows.

我們在 25 財年連續第 14 年增加股息，增強了我們對持續現金流的強度和穩定性的信心。

To summarize, we had a solid fiscal quarter and year with top and bottom line performance, beating and exceeding our expectations, driven by strong order growth and margins. For the full fiscal 2025, we delivered record non-GAAP operating income and margin, demonstrating our ability to provide operating leverage while driving strong top line growth.

總而言之，在訂單和利潤率強勁增長的推動下，我們度過了一個穩健的財政季度和年度，頂線和底線表現超出了我們的預期。在整個 2025 財年，我們實現了創紀錄的非 GAAP 營業收入和利潤率，證明了我們在推動強勁營收成長的同時提供營業槓桿的能力。

We remain focused on making strategic investments in innovation to capitalize on the significant growth opportunities we see ahead. This will continue to be underpinned by disciplined spend management. And it's this powerful combination that continues to fuel strong cash flow and our ability to return significant value to our shareholders.

我們將繼續專注於對創新進行策略性投資，以利用我們看到的未來重大成長機會。這將繼續以嚴格的支出管理為基礎。正是這種強大的組合繼續推動強勁的現金流和我們為股東帶來豐厚回報的能力。

Turning to guidance. While we have some clarity on tariffs, we are still operating in a complex environment. Our Q1 and fiscal year 2026 guide assumes current tariffs and exemptions remain in place through the end of fiscal 2026. These include the following: China at 30%, partially offset by an exemption for semiconductors and certain electronic components. Mexico at 25% and Canada at 35% for the components and products that are not eligible for the current USMCA exemptions.

轉向指導。雖然我們對關稅有了一些了解，但我們仍然在複雜的環境中運作。我們的 2026 財年第一季和年度指南假設當前的關稅和豁免將持續到 2026 財年末。其中包括：中國為 30%，部分由半導體和某些電子元件的豁免所抵銷。對於不符合目前 USMCA 豁免條件的零件和產品，墨西哥的稅率為 25%，加拿大的稅率為 35%。

Other countries reverted to country-specific reciprocal rates, but largely offset by an exemption for semiconductors and certain electronic components.

其他國家恢復了國家特定的互惠稅率，但很大程度上被半導體和某些電子元件的豁免所抵消。

And finally, a small impact from tariffs on copper, steel and aluminum and retaliatory tariffs. We will continue to leverage our world-class supply chain team to help mitigate the impact of tariffs where appropriate. Through the flexibility and agility we have built into our operations over the last few years. The size and scale of our supply chain provides us with some unique advantages as we support our customers globally.

最後，銅、鋼、鋁關稅和報復性關稅也產生了輕微影響。我們將繼續利用我們世界一流的供應鏈團隊來幫助在適當的情況下減輕關稅的影響。透過過去幾年我們在營運中建立的靈活性和敏捷性。我們供應鏈的規模為我們在全球範圍內為客戶提供支援提供了一些獨特的優勢。

Looking ahead, you can expect us to continue our focus on durable growth with financial discipline in driving operating leverage and continued capital returns. Our fiscal Q1 guidance is as follows: we expect revenue to be in the range of $14.65 billion to $14.85 billion. We anticipate non-GAAP gross margin to be in the range of 67.5% to 68.5%. Non-GAAP operating margin is expected to be in the range of 33% to 34%.

展望未來，您可以期待我們繼續專注於持久成長，並透過財務紀律來推動經營槓桿和持續的資本回報。我們對第一季的財務預期如下：我們預計營收在 146.5 億美元至 148.5 億美元之間。我們預計非公認會計準則毛利率將在 67.5% 至 68.5% 之間。非公認會計準則營業利潤率預計在 33% 至 34% 之間。

Non-GAAP earnings per share is expected to range from $0.97 to $0.99. We are assuming a non-GAAP effective tax rate of approximately 19%. For fiscal year 2026, our guidance is as follows: we expect revenue to be in the range of $59 billion to $60 billion. Non-GAAP earnings per share is expected to be in the range from $4 to $4.06.

非公認會計準則每股收益預計在0.97美元至0.99美元之間。我們假設非公認會計準則有效稅率約為19%。對於 2026 財年，我們的指導如下：我們預計收入將在 590 億美元至 600 億美元之間。非公認會計準則每股收益預計在 4 美元至 4.06 美元之間。

And Sami, let's now move into the Q&A.

薩米，現在我們進入問答環節。

(Operator Instructions) Michelle, can we move to the first analyst in the queue?

（操作員指示）米歇爾，我們可以轉到隊列中的第一位分析師嗎？

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

I guess my first question is, looking at your guidance and given the commentary around the AI opportunity and reflective of sovereign starting to kick in into the second half of the fiscal year, just kind of taking the midpoint, it would seem to assume you've got some deceleration of growth from, call it, 6.5%, 7%. We guided for fiscal first quarter to about 4.5% going into the remaining three quarters.

我想我的第一個問題是，看看你的指導，考慮到圍繞人工智慧機會的評論，並反映主權開始在財政年度下半年發揮作用，只是取中間點，似乎假設你的增長有所減速，比如說 6.5%、7%。我們預計第一財季的成長率將達到 4.5% 左右，剩餘三個季度的成長率也將達到 4.5% 左右。

I'm curious, does that reflect conservatism? Is there any change in the demand environment that you're factoring in? I'm kind of curious how we bridge maybe that deceleration through the remaining quarters of the fiscal year. .

我很好奇，這是否反映了保守主義？您是否考慮到需求環境有什麼改變？我有點好奇我們如何在本財政年度剩餘的幾個季度中彌補這種減速。。

Aaron, thanks. So let me just say that the AI opportunity is clearly one that we have -- we've been pleased with our execution on -- and as we look out -- I think the dynamic that you're talking about is strictly connected to just year-over-year comps later in the year. I don't think it's got -- it hasn't -- it's not meant to signal any change in demand or anything that we think. I think one of the questions that I expect is does the campus refresh begin to kick in?

亞倫，謝謝。所以，我只想說，人工智慧機會顯然是我們擁有的，我們對我們的執行感到滿意，而且從我們的觀察來看，我認為你所談論的動態與今年稍後的同比表現密切相關。我不認為它有——它沒有——它並不意味著需求發生任何變化或我們所認為的任何事情。我認為我預料到的一個問題是校園更新是否開始發揮作用？

And should that be a big revenue driver next fiscal year? And if you think about the campus the Cat 9K is in year (inaudible) of this transition. So it's -- and lots of customers will take a lot of time to evaluate that and look at those products before they begin to deploy them. So we think that's going to kick in next year as well. and we're pleased with the progress we made on AI. But I think the annual progression is really related to comps.

這是否會成為下一財年的主要收入驅動力？如果你考慮一下校園，Cat 9K 正處於這一轉變的年份（聽不清楚）。所以，很多客戶在開始部署這些產品之前會花費大量時間來評估和查看這些產品。所以我們認為這也將在明年開始發揮作用。我們對在人工智慧方面取得的進展感到滿意。但我認為年度進展確實與同店銷售額相關。

Mark, do you have thing to add?

馬克，你還有什麼要補充的嗎？

No, I think that's right, Chuck. You have to think back as well in prior year, other than Q4, that's the first quarter that really was apples-to-apples in terms of having Splunk in the prior year. So some of the growth rates before Q4 were obviously higher than they would be otherwise.

不，我認為是對的，查克。您還必須回想去年，除了第四季度之外，這是去年擁有 Splunk 以來第一個真正具有可比性的季度。因此，第四季之前的一些成長率明顯高於其他情況。

Thank you, Aaron. Michelle, we can move to the next analyst.

謝謝你，亞倫。米歇爾，我們可以請下一位分析師了。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. Appreciate the question. Maybe a couple for me. Just one, how are you looking at security and business maybe in particular, you're now anniversary at Splunk as you guys just mentioned, but just kind of how are you looking at the growth outlook there as you have some kind of new products and old products cascading in?

偉大的。感謝你的提問。對我來說也許有一對。只有一個問題，您如何看待安全和業務，特別是正如您剛才提到的，Splunk 現在正值週年紀念日，但是隨著您推出一些新產品和舊產品，您如何看待那裡的增長前景？

And then maybe second, just new CFO priorities would be great to kind of level set.

然後也許其次，新任財務長的優先事項將會很好地設定。

All right. Why don't I cover security and Mark, you can obviously cover CFO priority. Meta, thanks for the questions. I would say that I am more optimistic about security coming out of the last quarter, and I'll tell you why.

好的。為什麼我不討論安全性和馬克，你顯然可以討論財務長的優先事項。Meta，謝謝你的提問。我想說，我對上個季度的安全性更加樂觀，我會告訴你原因。

Last quarter, I explained to all of you that we really have 2 sets of products. We have the set that is new and refreshed and that's the Cisco XDR, Hypershield, AI defense as well as our refreshed firewall portfolio. And then we have the area of older products that are not huge investment areas for us right now are kind of the long tail of the life cycle.

上個季度我跟大家解釋過，我們確實有2套產品。我們擁有全新且經過更新的產品系列，包括思科 XDR、Hypershield、AI 防禦以及我們更新的防火牆產品組合。然後，我們還有老產品領域，這些領域對我們來說現在並不是巨大的投資領域，而是生命週期的長尾。

And if you look at those new products and new and refreshed, again, including our refreshed firewalls, we saw order growth during the quarter in excess of 20%. So they continue to have widespread adoption. But perhaps the metric that I think will give you more confidence here is -- if you take out US Federal, which had a tough year, as we all know, the Rest of World security order growth in Q4 was up double digits.

如果你再看看這些新產品和更新的產品，包括我們更新的防火牆，我們發現本季的訂單成長超過了 20%。因此它們繼續得到廣泛的採用。但也許我認為能給你更多信心的指標是——如果你去掉經歷了艱難一年的美國聯邦，眾所周知，第四季度世界其他地區的安全訂單增長率達到了兩位數。

So we're really -- we're seeing this ramp, and I told -- I think I said on the last call, it's happening slower than I had anticipated. A lot of it is because of stuff is ratable. But I feel good about where we are. We have 80 new Hypershield customers largely connected to this new smart switch, so that strategy is working.

所以我們真的 - 我們看到了這個增長，而且我告訴過 - 我想我在上次通話中說過，它發生的速度比我預期的要慢。很多都是因為物品是可評估的。但我對我們現在的狀況感到滿意。我們有 80 個新的 Hypershield 客戶，大部分都連接到這個新的智慧交換機，因此該策略是有效的。

And I would say that we had 480-plus new SSE customers during the quarter. So that's -- our secure services edge is really getting good traction. And what I would say is based on how we see this stuff evolving, I would see the growth rate continuing to improve as we get through the fiscal year this year. So that's the story on security.

我想說的是，本季我們新增了 480 多個 SSE 客戶。所以——我們的安全服務優勢確實獲得了良好的發展。我想說的是，根據我們對這一事物發展的觀察，我認為隨著今年財政年度的到來，成長率將繼續提高。這就是有關安全的故事。

Mark, do you want to take the second (inaudible)?

馬克，你想坐第二班嗎？（聽不清楚）？

Sure. Thanks, Meta, for your question. First off, I just want to thank Scott certainly a good partner for many years and for the work that he's done with Cisco in particular, I think, helping us make that transition to software and subscription. I've been with the company now 25 years in a variety of roles and responsibilities and I think as I look ahead, we have significant opportunity, whether it's an AI infrastructure, in the web scale space now in the nascent but growing enterprise AI opportunity obviously, Neo clouds and the sovereign AI buildout happening.

當然。謝謝 Meta 提出的問題。首先，我要感謝史考特，多年來他一直是我們的好合作夥伴，特別是他與思科所做的工作，我認為，他幫助我們實現了向軟體和訂閱的過渡。我在公司工作了 25 年，擔任過各種職務和職責，我認為展望未來，我們擁有重大機遇，無論是人工智慧基礎設施，還是現在網路規模領域中新興但正在成長的企業人工智慧機會，Neo 雲端和正在進行的自主人工智慧建設。

Also, you look to cybersecurity and how we've improved our hand there with Splunk and then the campus refresh that we've got ahead of us, which will be multiyear. I think we've got great opportunity. And what I really want to do is make sure that we're funded for success. And we're looking at those opportunities for what do we need to do to be successful.

此外，您還可以關注網路安全，以及我們如何利用 Splunk 來改善網路安全，以及我們即將進行的校園更新，這將是多年的。我認為我們有很大的機會。我真正想做的是確保我們有足夠的資金來取得成功。我們正在尋找這些機會，以了解我們需要做什麼才能獲得成功。

I also think in terms of expectations of me, you can expect that I will be focused on durable profitable growth, obviously, financial discipline and transparency and really just returning value to the shareholders.

我還認為，就對我的期望而言，你可以期待我將專注於持久的獲利成長，顯然還有財務紀律和透明度，以及真正為股東帶來價值回報。

I want to add one more thing meet on the security front that I fill to mention. Another positive thing to happen during the quarter, we've had two consecutive quarters now relative to Splunk. If you recall, one of the big things that we thought we could do is bring them new customers by cross-selling Splunk and the customers they had not been in.

我想補充一點與安全方面有關的事。本季發生的另一件好事是，相對於 Splunk，我們已經連續兩季取得佳績。如果你還記得的話，我們認為我們可以做的一件大事就是透過交叉銷售 Splunk 和他們以前沒有的客戶來為他們帶來新客戶。

And in Q3 and Q4, we had over 300 new logos for Splunk new customers that bought Splunk for the first time. So that strategy seems to be working. The teams are doing a really good job there, which is another reason I have confidence in the security strategy this year. .

在第三季和第四季度，我們為首次購買 Splunk 的新客戶提供了 300 多個新標誌。因此該策略似乎正在發揮作用。這些團隊在那裡做得非常好，這也是我對今年的安全策略充滿信心的另一個原因。。

Meta, thank you for the question. Michelle, we can move to the next analyst.

Meta，謝謝你的提問。米歇爾，我們可以請下一位分析師了。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

First one, I wanted to ask about this idea of pull forward. I appreciate customers may not communicate their rationale and reasons for placing particular orders. But I'm concerned that particularly in the federal vertical with potential budget cuts and enterprise is worried about the implications from tariffs may have accelerated some of the orders, therefore, pulling them from the later quarters.

首先，我想問一下關於向前拉的想法。我知道客戶可能不會表達他們下特定訂單的理由和原因。但我擔心，特別是在聯邦垂直領域，預算可能會削減，企業擔心關稅的影響可能會加速一些訂單，因此，將它們從後幾個季度中撤出。

And then as my follow-up, I'm wondering if you could talk about your expectations over the longer term for the composition of the AI business. We've got the two-thirds, one-third split between systems and optics -- and I'm wondering how you expect that to trend? Or is this an expected steady state?

然後作為我的後續問題，我想知道您是否可以談談您對人工智慧業務構成的長期預期。我們的系統和光學元件各佔三分之二和三分之一—我想知道您預計這種趨勢會如何？還是這是預期的穩定狀態？

Thanks, Simon. I'll make a couple of comments on the pull forward, and then Mark, you can give some data points on why we're pretty confident that hasn't happened at scale. We've looked at -- there's lots of metrics that we look at here. And I talk to customers constantly. We talk to our field teams constantly.

謝謝，西蒙。我將就提前發生的事情發表幾點評論，然後馬克，你可以提供一些數據點來解釋為什麼我們非常有信心這種情況還沒有大規模發生。我們已經研究過——這裡有很多我們要研究的指標。我經常與顧客交談。我們不斷與我們的現場團隊進行交流。

And I haven't heard one instance in the last six months of a single customer who said, I'm going to order this now before price increases occur. Not that we're increasing prices, we're having announced anything like that. But I'm just saying that's the theory that you're putting forward. So I'm not suggesting that it hasn't happened somewhere, but I think I would have heard it if it was pervasive. Mark?

在過去的六個月裡，我從未聽過有哪位顧客說，我要在價格上漲之前立即訂購。並不是說我們要提高價格，我們已經宣布過類似的事情了。但我只是說這是你提出的理論。所以我並不是說這種事情在某個地方沒有發生過，但我想如果它普遍存在的話我就會聽說。標記？

Yes. Just to add maybe a few data points. Certainly, we talk to many channel partners. Also look at our typical linearity from month one, two, three, et cetera. that all look good. We have -- on many of our products, we actually have software that gets activated once it's shipped. So one of the things we look at is really that time from shipment to activation and to see if that is stretched out at all. It did not as well.

是的。可能只是添加一些數據點。當然，我們與許多通路合作夥伴進行了交談。再看看我們從第一個月、第二個月、第三個月等等開始的典型線性，看起來都很好。我們的許多產品實際上都有在發貨後啟動的軟體。因此，我們真正關注的事情之一就是從發貨到啟動的時間，看看這段時間是否延長。但事實並非如此。

We also look at ship dates requested from customers. And if those are sliding, then that might be an indication that they don't really want the gear yet, but they wanted to get an order in early, didn't see any issue there either. And then really just, of course, we looked at pipeline pull forwards and nothing unusual there either. So we're pretty confident that we haven't seen any indication of any pull forwards.

我們也會查看客戶要求的出貨日期。如果這些都在下滑，那麼這可能表明他們還不真正想要這些裝備，但他們想儘早下訂單，而且也沒有發現任何問題。然後實際上，當然，我們查看了管道向前拉動的情況，也沒有什麼不尋常的地方。所以我們非常有信心，我們沒有看到任何向前拉動的跡象。

And Simon, on your second question, the AI business composition, specifically in the back-end networks today of the cloud providers I don't see anything that would indicate a massive shift there based on the conversations we're having with them. I don't -- I haven't (inaudible).

西蒙，關於你的第二個問題，人工智慧業務組成，特別是當今雲端供應商的後端網絡，根據我們與他們的對話，我沒有看到任何跡象表明那裡會發生巨大的轉變。我沒有——我沒有（聽不清楚）。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Maybe, Chuck, if I can sort of ask you more on the networking cycle here, particularly that there was a period of time that you went through a digestion with customers and then you started to see the recovery in the networking cycle. There's been two quarters of solid growth on that front.

查克，也許我可以問你更多關於網路週期的問題，特別是有一段時間你與客戶進行了消化，然後你開始看到網路週期的復甦。這方面已經連續兩季實現穩健成長。

As you think about next year or fiscal '26, how do you sort of see that growth sustaining, particularly if you sort of put aside the new upgrades in relation to Cat 9K upgrades that you're looking at like where are customers in terms of their intent to upgrade legacy infrastructure? And basically, what I'm trying to get to is at the Investor Day, you had talked about 2% to 5% being the range of networking through the medium term. And where do you think you land on that front in fiscal '26.

當您考慮明年或 26 財年時，您如何看待這種增長的持續性，特別是如果您將與 Cat 9K 升級相關的新升級放在一邊，您正在考慮客戶在升級傳統基礎設施方面的意圖是什麼？基本上，我想表達的是，在投資者日，您曾談到 2% 到 5% 是中期網路範圍。您認為 26 財年您的業績會如何？

Thanks, Samik. I think that if you step back, there's 2 things going on. There's this there's AI revolution that we can talk about, and then there's the refresh opportunity. And if you think about the AI revolution, what we are seeing, and we've seen this with transitions over the last decade or so that we tend to see these things begin first in the cloud providers, which we're clearly seeing the AI play in the cloud providers then we see it shift into the enterprise.

謝謝，薩米克。我認為，如果你退一步來看，你會發現有兩件事正在發生。我們可以談論人工智慧革命，然後還有刷新的機會。如果你考慮一下人工智慧革命，我們正在看到什麼，並且我們已經看到了過去十年左右的轉變，我們傾向於看到這些事情首先從雲端供應商開始，我們清楚地看到人工智慧在雲端提供者中發揮作用，然後我們看到它轉移到企業中。

Well, we see it shift in the back end in this case, from the back end to the front end, we believe that will occur as enterprises start using more of these services. And then enterprises will also build out inferencing as we know, on-prem in addition to that. And we're even seeing the telco business actually pick up as they're actually telling us they're increasing their network capacity and they're modernizing their infrastructure in preparation for AI.

嗯，我們看到它在這種情況下從後端轉移到前端，我們相信隨著企業開始使用更多這些服務，這種情況就會發生。然後，企業也將在此基礎上建立我們所知的本地推理功能。我們甚至看到電信業務實際上正在回暖，因為他們實際上告訴我們，他們正在增加網路容量，並正在對基礎設施進行現代化改造，為人工智慧做好準備。

So we think that AI is going to drive network modernization across all of these segments. And then you have the campus upgrade, which we really haven't started yet. And if you think about what the comment I made earlier, we've got -- we got routing refresh. We've got a lot of new technology in our data center networking business, which, by the way, grew mid-teens orders last fiscal year in the enterprise.

因此我們認為人工智慧將推動所有這些領域的網路現代化。然後還有校園升級，我們其實還沒開始。如果你考慮我之前所作的評論，我們已經得到了 - 我們得到了路由刷新。我們的資料中心網路業務中有很多新技術，順便說一句，上個財年企業的訂單量增加了十幾歲。

We have WiFi 7, which grew triple digits year over year. So we're seeing good uptake there and we got the new campus products. But the new campus switching, again, we're in year 8 of the Cat 9K. And honestly, if you look at products that were pre Cat 9K that are still installed in our customer base, there's tens of billions of dollars of installed base that's there that we can go after. So we think that -- all of that leads us to feel very confident about maintaining the range that we provided at Analyst Day on core networking.

我們擁有 WiFi 7，其成長率達三位數。因此，我們看到那裡的接受度很好，並且我們獲得了新的校園產品。但新校區轉換，我們又一次進入了 Cat 9K 的第 8 年。老實說，如果您看看我們客戶群中仍在安裝的 Cat 9K 之前的產品，您會發現那裡有數百億美元的安裝基數可供我們追求。因此我們認為——所有這些都讓我們對維持我們在分析師日提供的核心網路範圍充滿信心。

Thank you, Samik. Michelle, we can move to the next analyst.

謝謝你，薩米克。米歇爾，我們可以請下一位分析師了。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I just have two as well. First on AI, I was wondering if you could talk about the greater than $2 billion AI orders this year. Did that translate into revenue in the year? And how should we think about that translating into revenue for next -- and then second, just on networking. I was wondering if you could talk a little bit about the orders in the quarter by subsegment, campus and data center switching, wireless, routing, and any kind of notable inflections that you would call out in any of those product categories?

我也只有兩個。首先關於人工智慧，我想知道您是否可以談談今年超過 20 億美元的人工智慧訂單。這是否轉化為當年的收入？我們應該如何考慮將其轉化為下一步的收入——其次，只是網路收入。我想知道您是否可以談談本季按子部門、校園和資料中心交換、無線、路由劃分的訂單情況，以及您在這些產品類別中提到的任何值得注意的變化？

Sure, Michael. Let me take some comments first on the -- I want to just give a clarity on the web scale business and what it looked like, and then Mark can talk about the revenue in FY25 related to their AI infrastructure orders. So I just want to make sure everybody understands our webscale business.

當然，邁克爾。首先，我想就以下問題發表一些評論——我只想澄清一下網路規模業務及其情況，然後馬克可以談談 2025 財年與他們的 AI 基礎設施訂單相關的收入。所以我只是想確保每個人都了解我們的網路規模業務。

First of all, we sell technology into the back end. We sell technology into the front end or the traditional cloud networks, and we sell our enterprise portfolio to these customers as well. And if you look at our entire portfolio, these customers in aggregate grew triple digits 4 quarters in a row from an orders perspective.

首先，我們把科技賣到後端。我們將技術出售給前端或傳統雲端網絡，我們也向這些客戶出售我們的企業產品組合。如果你看一下我們的整個投資組合，從訂單角度來看，這些客戶的總數連續四個季度實現了三位數的成長。

We had four of them that grew triple digit in Q4 by themselves. And as I said in my prepared remarks, we had two of these customers across the portfolio that placed orders in excess of $1 billion each in fiscal year '25. So -- if you think back five years ago, when we were talking about our strategy in this space, this was definitely not the case.

其中有四家公司在第四季度實現了三位數的成長。正如我在準備好的演講中所說，我們整個產品組合中有兩個這樣的客戶，他們在 25 財年各自的訂單都超過 10 億美元。所以——如果你回想一下五年前，當我們談論這個領域的策略時，情況肯定不是這樣的。

So we feel good about the progress we made. And then I think you understood on the AI infrastructure, we had greater than $800 million in orders during the quarter and we have greater than $2 billion on the year, more than double our original target. Mark, do you want to talk a little bit about the revenue?

因此，我們對所取得的進展感到滿意。然後我想你了解了人工智慧基礎設施，我們在本季的訂單超過 8 億美元，全年的訂單超過 20 億美元，是我們最初目標的兩倍多。馬克，你想談談收入嗎？

Sure. Yes. In terms of revenue and shipments related to those AI orders, those really just progressed and ramped like we expected during FY25. So for the full year, we recognized right about $1 billion in revenue related to those.

當然。是的。就與這些 AI 訂單相關的收入和出貨量而言，它們確實在 2025 財年取得了進展並大幅成長，正如我們所預期的。因此，就全年而言，我們確認了與此相關的約 10 億美元的收入。

So we recognize roughly $1 billion of revenue on the AI back-end orders that we've taken from the web scale customers during fiscal year '25.

因此，我們在 25 財年從網路規模客戶獲得的 AI 後端訂單收入約為 10 億美元。

Thank you, Michael. Michelle, we can move to the next analyst.

謝謝你，麥可。米歇爾，我們可以請下一位分析師了。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

I have two as well. Chuck, maybe just on the AI side, as you were talking about that a little bit here. Can you just touch on AI adoption by enterprises and how do you really think that opportunity on the enterprise side shape up given I think Silicon One is the only partner silicon that NVIDIA is supporting right now. So just how big do you think this enterprise opportunity is? And when do you start to see revenues or orders slow into that?

我也有兩個。查克，也許只是在人工智慧方面，正如你在這裡談論的一點。能否簡單談談企業對 AI 的採用？鑑於我認為 Silicon One 是 NVIDIA 目前支援的唯一合作夥伴晶片，您認為企業方面的機會如何？那您認為這個企業機會到底有多大？什麼時候開始看到收入或訂單放緩？

And then my follow-up, maybe just continuing on to the prior answer for Chuck, how much revenue contribution are you embedding in fiscal '26 from AI given the $2 billion order that you had this year?

然後我的後續問題，也許只是繼續之前對查克的回答，考慮到今年你們有 20 億美元的訂單，人工智慧將在 26 財年為你們帶來多少收入貢獻？

Yes, Amit, good question. So on the enterprise side, we saw orders and these are orders that are really sort of networking and AI GPU related. I think in our remarks we talked about earlier, they're about half and half. And we saw a few hundred million dollars that moved through, and we have hundreds of millions in the pipeline right now for enterprise. I'd say that there's a lot of pilots going. There's a lot of work going on with customers who are piloting different applications in retail environments, et cetera.

是的，阿米特，好問題。因此，在企業方面，我們看到了訂單，這些訂單實際上與網路和 AI GPU 相關。我認為在我們之前談到的評論中，他們的比例大約是一半一半。我們看到已經有幾億美元流入，目前我們還有數億美元正在為企業籌措中。我想說有很多飛行員會去。我們與正在零售環境等中試用不同應用程式的客戶進行了大量工作。

So we think it will start to ramp. And then we think that you'll see AI applications ramp. And in the second half of the year, we think you're going to see Agentic proof of concepts become more, I'd say, pervasive and that's going to require, obviously, network connectivity, network capacity, low latency and candidly, you're going to -- we're going to have to put security into the fabric of the network because -- as we talked about earlier, these agentic workflows, they're going to be -- in constant communication, whether you think about general agents or you think about robotics you're going to -- the importance of the low latency connectivity is going to be huge and the security is going to be huge.

因此我們認為它將開始上升。然後我們認為你會看到人工智慧應用的蓬勃發展。我們認為，在今年下半年，您將會看到代理概念驗證變得更加普及，而這顯然需要網絡連接、網絡容量、低延遲，坦率地說，您將——我們必須將安全性納入網絡結構中，因為——正如我們之前所討論的，這些代理工作流程將——保持持續溝通，無論您考慮的是一般代理還是機器人技術——低延遲連接的重要性將非常大，安全性也將非常大。

And the only way to do both of those is to fuse security into the core of the network. So that's our plan. That's why we're working so hard on what we're working on. In the NVIDIA space, I'd say a lot of the development is going on. I would just say we -- I don't believe we've seen the meaningful benefit of that partnership yet, and we've got some good development that's been completed.

而實現這兩者的唯一方法就是將安全性融入網路的核心。這就是我們的計劃。這就是我們如此努力工作的原因。在 NVIDIA 領域，我想說很多開發正在進行中。我只想說，我認為我們還沒有看到這種合作關係帶來的真正好處，而且我們已經取得了一些很好的進展。

We got a lot of milestones that are going to be done in the next few months. And we think that as the enterprise really begins to ramp up that partnership and our portfolio, we think we'll be in good shape to help them out.

我們有很多里程碑要在接下來的幾個月完成。我們認為，隨著企業真正開始加強合作夥伴關係和我們的投資組合，我們將能夠很好地幫助他們。

On the revenue contribution from fiscal year '26 relative to AI, I would just say that we don't really guide by specific parts of the technology. But given that we had $1 billion in FY25, you can probably extrapolate out what you think we'll do in 2026 because we got the backlog and we have the new orders that we take down during the year.

關於 26 財年人工智慧的收入貢獻，我只想說，我們實際上並沒有受到技術的特定部分的指導。但考慮到我們在 2025 財年的營收為 10 億美元，你大概可以推斷出我們在 2026 年會做什麼，因為我們有積壓訂單，並且我們在年內接到了新訂單。

Thank you, Amit. Michelle, can we move to the next analyst.

謝謝你，阿米特。米歇爾，我們可以換下一位分析師嗎？

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

Two questions I asked on both together. Service revenues, kind of 25% of revenues, flat this quarter. And if you look at the trend line over the last five quarters, the growth decelerated from 6.5% to 5.5% to 2.5, now 0. What are the trends in service revenues? And what should we expect going forward? That's question number one.

我同時問了兩個問題。服務收入佔總收入的 25%，本季持平。如果你看過去五個季度的趨勢線，你會發現成長率從 6.5% 下降到 5.5%，再到 2.5%，現在為 0。服務收入趨勢如何？那麼，我們對未來該抱持怎樣的期待呢？這是第一個問題。

And question number two is the networking growth, it's driven by spending of spending in investments by cloud, how much risk is there that this year is a phenomenal year for spending and trends would slow down next year just because Oracle is not going to grow again another 150% and Meta is not going to grow again another 70%, 80%, et cetera. So what's the sustainability of these growth rates in your view? .

第二個問題是網路成長，它是由雲端運算投資支出推動的，今年是支出異常旺盛的一年，而明年趨勢會放緩，這有多大風險，因為 Oracle 不會再成長 150%，Meta 不會再成長 70%、80% 等等。那麼，您認為這些成長率的可持續性如何？。

Tal, it's Mark. So thanks for the question. I think I'll take the service one and then I'll let Chuck answer your second question. So on the services, if you go back a year ago and even a little bit longer ago, you saw a lot of professional services that we did, really helping our customers and our partners, frankly, working hand-in-hand to implement a lot of that gear that we had shipped.

塔爾，我是馬克。感謝您的提問。我想我會選擇服務問題，然後讓查克回答你的第二個問題。因此，就服務而言，如果你回顧一年前甚至更早以前，你會看到我們提供了很多專業服務，真正幫助了我們的客戶和合作夥伴，坦率地說，我們攜手合作實施了我們已經運送的很多設備。

If you remember, all that excess backlog that we sort of unloaded on our customers, if you will, we were helping do that. So that drove nice growth in our services business for a while. What we usually do see, as you know, as services usually trails or sort of falls on to what's happening in product, for instance.

如果您還記得的話，我們把所有多餘的積壓訂單都轉交給了客戶，如果您願意的話，我們正在幫助他們做到這一點。這在一段時間內推動了我們的服務業務的良好成長。如您所知，我們通常看到的是，服務通常會落後或取決於產品發生的情況。

So as we saw networking growth of 12% this quarter, I would expect that you'll start to see services pick up as revenue on services is ratable. So we do expect that, that will improve as we go into FY26.

因此，正如我們本季看到的那樣，網路成長了 12%，我預計您將開始看到服務收入回升，因為服務收入是可評估的。因此，我們確實預計，隨著進入 26 財年，情況將會改善。

And then on the the risk issue, all I could say, Tal, is that we see the same CapEx year-over-year growth numbers that you see. And I think the aggregate number is like 50% up -- so I don't feel like AI is a fleeting trend. I do understand your question, but I think we're operating off the demand signals we're getting from those customers and what they're signaling relative to how they're spending CapEx.

然後關於風險問題，塔爾，我只能說，我們看到的資本支出同比增長數字與您看到的相同。我認為整體數字會上升 50% 左右——所以我不認為人工智慧只是曇花一現的趨勢。我確實理解您的問題，但我認為我們是根據從這些客戶那裡得到的需求信號以及他們相對於資本支出方式發出的信號來運作的。

Thank you, Tal. Michelle, we can move to the next analyst.

謝謝你，塔爾。米歇爾，我們可以請下一位分析師了。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Chuck, I mean, I think some folks were trying to get at this in an earlier question. But security, I mean your execution in switching and the AI stuff is obviously better than expected, but the security was pretty well below the street and it has to accelerate pretty significantly to get to your 15% to 17% growth for security plus observability long-term target.

查克，我的意思是，我認為有些人在之前的問題中試圖回答這個問題。但是安全性，我的意思是你在切換和人工智慧方面的執行顯然比預期的要好，但安全性遠低於街道，並且必須顯著加速才能達到安全性和可觀察性的長期目標的 15％ 到 17％ 的增長。

I mean, is that still the right way to think of that business, Chuck? Is that where you think you can at least end the year? And if not, is it worth rethinking that it's a high single-digit grower? Just wondering on that. And then I have a quick follow-up.

我的意思是，查克，這仍然是思考這個問題的正確方式嗎？您認為您至少可以以此結束這一年嗎？如果不是，是否值得重新考慮它是一個高個位數成長的國家？我只是對此感到疑惑。然後我有一個快速的後續問題。

Want to ask the second now Ben, we're writing them down, so.

現在想問第二個問題，本，我們正在把它們寫下來，所以。

Okay. Well, I was just on the I was wondering on the Human and some of these sovereigns, you mentioned the NVIDIA deal so much. But on one of them, you're working with AMD. I'm just wondering with regard to your partnering outside of NVIDIA and the AI land, how much is that a focus? And is that something that you're able to do as well? .

好的。好吧，我只是對人類和一些主權國家感到好奇，你多次提到了 NVIDIA 交易。但其中一個項目，你們正在與 AMD 合作。我只是想知道，關於您在 NVIDIA 和 AI 領域之外的合作，您的重點是多少？這也是你能做到的嗎？。

Yes. So first of all, I gave you the data earlier when I was talking about security. And I talked about the fact that ex Fed we saw security orders growing double digits, which is pretty positive compared to where we've been and these new and refreshed products that I talked about that included Secure Access XDR, Hypershield, AI defense, new firewalls and identity, which is super important these days in agent, the refreshed identity portfolio. we saw that growing in excess of 20%.

是的。首先，我在談論安全性時已經向你們提供了數據。我談到了除美聯儲以外的安全訂單增長了兩位數，與我們之前的水平相比，這是非常積極的，我談到的這些新的和更新的產品包括安全訪問 XDR、Hypershield、AI 防禦、新防火牆和身份，這些在當今的代理中非常重要，更新的身份組合。我們看到它的成長率超過 20%。

And that's currently about two-thirds of the organic security portfolio. So through the year, what you're going to see is that just continue to become a bigger and bigger part so that the -- the third that's sort of the legacy stuff will have a lower impact -- we'll continue to have a lower and lower negative impact on that as we get through the year. So to answer your question directly, number one, I don't think we should change those ranges.

目前這約佔有機安全投資組合的三分之二。因此，在這一年中，你將會看到，它將繼續成為一個越來越重要的組成部分，這樣一來，第三部分，也就是遺留問題，其影響就會越來越小——隨著時間的推移，我們對此的負面影響也會越來越小。因此，直接回答你的問題，首先，我認為我們不應該改變這些範圍。

Number two, do I believe we'll exit the year at it? I think we're going to exit the year either near it or on a path to get there pretty soon after that. That's first. On the Human and on the sovereign side, we are working very closely with AMD on a couple of those, and you should assume that we will have a very, very tight partnership with them as well so that we're primarily so that we can deliver highly integrated solutions to these customers as we work with them going forward.

第二，我是否相信我們今年能夠順利結束？我認為，今年我們要么接近實現這一目標，要么很快就能實現這一目標。這是第一點。在人力和主權方面，我們正在與 AMD 就其中幾個方面進行密切合作，您應該認為我們也將與他們建立非常非常緊密的合作夥伴關係，以便我們主要能夠在與這些客戶合作的過程中為他們提供高度整合的解決方案。

So Lisa and I talked fairly regularly. As you all know, she used to be on our board. So we have a great relationship, and you should assume that we'll have a tight partnership where we need to deliver outcomes for these customers.

所以我和麗莎常常聊天。眾所周知，她曾經是我們的董事會成員。因此，我們之間的關係非常好，你可以想像我們將建立緊密的合作關係，為這些客戶提供成果。

Thank you, Ben. Michelle, we can move to the next analyst.

謝謝你，本。米歇爾，我們可以請下一位分析師了。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

I know, Chuck, Meta asked about this a little bit earlier. Is there a way to think about for every dollar of Cat 9K refresh, how many dollars are kind of coming off of the other solutions, be it wireless LAN firewall, other security products -- and just a follow-up on the last question here, anniversary in Splunk. How are you guys thinking about your own use of capital given big M&A and security, once again, I'm surprised I'm the first one to ask about this given the CyberArk deal?

我知道，查克，Meta 早些時候問過這個問題。有沒有辦法考慮一下 Cat 9K 更新的每一美元，有多少美元來自其他解決方案，無論是無線 LAN 防火牆還是其他安全產品——這只是對這裡最後一個問題的跟進，Splunk 的周年紀念日。考慮到大型併購和安全性，你們如何考慮自己的資本使用？再次，我很驚訝我是第一個在 CyberArk 交易中詢問這個問題的人？

And how are you thinking about that identity and privileged access space, given you're going to have more AI to AI or machine to machine interaction occurring in the future?

考慮到未來人工智慧與人工智慧或機器與機器之間的互動將更加頻繁，您如何看待身分認同和特權存取空間？

Yes. So Mark, feel free to comment. But I don't think there's a way to really correlate -- I didn't completely understand that first question about the correlation.

是的。所以馬克，請隨意發表評論。但我不認為有辦法真正建立關聯——我並不完全理解關於關聯的第一個問題。

Yes. I think he's asking, can you correlate the Cat 9K to sort of other campus devices around it, if you will, it actually sounds like a great idea. I'd love for that model. But there are so many other new devices that we launched as well, if you will. I mean, the the smart routers, the smart switches, but also new WiFi access points, et cetera. So it's definitely something that we'll take a look at, but I don't think it's that easy, if you will.

是的。我認為他在問，你能否將 Cat 9K 與周圍的其他校園設備關聯起來，如果可以的話，這聽起來確實是一個好主意。我很喜歡那個模型。但如果你願意的話，我們還推出了許多其他新設備。我的意思是，智慧路由器、智慧交換機，還有新的 WiFi 接入點等等。所以這絕對是我們要研究的事情，但我認為這並不那麼容易。

So on the second one, Mark, let's talk about capital and how you -- how we plan to use it or nothing's really changed, and I'll talk about identity.

那麼第二個問題，馬克，我們來談談資本，以及我們計劃如何使用它，或者什麼都沒有改變，然後我會談談身份。

Yes. So if you look at FY25, first off, we returned $12.4 billion to the shareholders. So 94% of our free cash flow. As you look at it going forward and probably important for you to hear this from me too. Number one, the first priority is just to support the growth of the business.

是的。因此，如果你看 25 財年，首先，我們向股東返還了 124 億美元。因此我們的自由現金流佔94%。當你展望未來時，從我這裡聽到這個消息對你來說可能也很重要。第一，首要任務就是支持業務成長。

Secondly is to support the dividend, obviously, which we have been increasing each year for some time. Another is just to really offset dilution would be the third priority. And then fourth, I'd just say being opportunistic on how we can additionally bring value to our shareholders.

其次是為了支持股息，顯然，一段時間以來，我們每年都在增加股息。另一個重點是真正抵消稀釋。第四，我想說，我們要把握機會，為股東創造更多價值。

And then specifically on identity in relation to the announced acquisition, I think it's -- that actually underscores what we've known for 10-plus years, which is the importance of identity and 0 trust architectures. It's a core pillar of our platform strategy. It's not an add-on. We have great leadership in this space, a lot of deep knowledge and innovation with Duo and ICE, strategic acquisitions like Duo and (inaudible) that we already have on board.

然後，具體到與宣布的收購相關的身份問題，我認為這實際上強調了我們十多年來所知道的事實，即身份和零信任架構的重要性。這是我們平台策略的核心支柱。這不是一個附加元件。我們在這個領域擁有強大的領導力，在 Duo 和 ICE 方面擁有深厚的知識和創新，並且已經進行了 Duo 和（聽不清楚）等策略性收購。

Q4 Duo growth was off the charts with a lot of the new capabilities that the teams have built in for the customers as customers just today look at Zero Trust architectures relative to their employees. But we're already working on a genic identity, which is something that's really important.

由於客戶如今只專注於相對於員工的零信任架構，因此第四季度 Duo 的成長非常驚人，團隊為客戶建立了許多新功能。但我們已開始研究基因識別，這是非常重要的事情。

And I think that the good news for us is we don't have to wait for an acquisition to close. We have a lot of great talent that's already working on this. And again, I think that the advantage that we're going to have here with identity and agentic security is that you're going to have to do it real time.

我認為對我們來說好消息是我們不必等待收購完成。我們有很多優秀的人才正在致力於此。再次，我認為我們在身分和代理安全方面的優勢在於你必須即時地完成它。

And we are the only company that has networking and security and identity specifically within security, so we think that gives us an advantage.

我們是唯一一家在安全領域擁有網路、安全和身分識別能力的公司，因此我們認為這給了我們優勢。

Thank you, Jim. Michelle, we can move to the next analyst.

謝謝你，吉姆。米歇爾，我們可以請下一位分析師了。

David Vogt, UBS.

瑞銀的戴維·沃格特。

I have two as well. So Chuck, I recognize you don't buy two specific product growth. But if I think about your order intake has been averaging at least kind of roughly 50% on average for SP. And if I use that as a proxy in fiscal '26, it looks like AI could add about 2 points of revenue growth just sort of the networking business. in '26. And is that kind of the right way to frame it? And the rest is really the recovery or maybe the refresh cycle in campus and strength in enterprise?

我也有兩個。所以查克，我知道你不相信兩種特定的產品成長。但如果我考慮到您的訂單量，SP 的平均水平至少為 50% 左右。如果我將其作為 26 財年的代理，那麼看起來人工智慧可以為網路業務增加約 2 個百分點的收入成長。這是正確的表達方式嗎？剩下的真的是恢復，或是校園的更新週期和企業的實力嗎？

And then, Mark, my second question for you is I appreciate all the detail on the tariff impact, I appreciate that in the slide, but can you help us frame from a gross margin impact, is it a 50 basis point headwind in your guide for fiscal '26 based on where current tariff rates are and how you're thinking about it for the full year?

然後，馬克，我要問您的第二個問題是，我很感謝您提供有關關稅影響的所有細節，我很感謝幻燈片中的這些細節，但是您能否幫助我們從毛利率的影響角度來闡述，根據當前的關稅稅率以及您對全年的看法，這是否是您 26 財年指南中的 50 個基點的不利因素？

Yes. Let me answer the first one, and then Mark can talk about tariffs. I mean on the -- I think you're generally in the ballpark, I think I don't know specifically how many points, but we do expect both sides to be contributing pretty meaningfully. I think we did an analysis of our overarching growth in Q4. And I think that even if you normalize out web, it made a 1 point differential, I think. So I think you're close.

是的。讓我回答第一個問題，然後馬克可以談談關稅問題。我的意思是——我認為你基本上是在大致範圍內，我想我不知道具體有多少分，但我們確實希望雙方都能做出相當有意義的貢獻。我認為我們對第四季度的整體成長進行了分析。我認為，即使你規範了網絡，也只會造成 1 分的差異。所以我認為你已經很接近了。

Yes. As far as tariffs, they were really a small impact in Q4 as well as for FY25. And -- and rather than sizing the dollar amount, what I really wanted to do is give you the assumptions that underpin the guide and really reinforce that the components that are part of that certainly, China at 30% with the continuing offset by the exemption for the semiconductors and certain electronic components.

是的。就關稅而言，它對第四季以及25財年的影響確實很小。而且 — — 而不是確定美元金額，我真正想做的是給你支撐指南的假設，並真正強調其中的組成部分，當然，中國佔 30%，並繼續通過對半導體和某些電子元件的豁免來抵消。

Mexico at 25%; Canada, 35%, and those are only for the components that do not qualify under USMCA. And then other countries going back to the reciprocal rates that are largely offset by those exemptions for semiconductors and electronic components plus some small tariffs related to steel, aluminum and copper. So really just wanted to make sure you knew the exact assumptions that are into the guide.

墨西哥為 25%；加拿大為 35%，而這些僅針對不符合 USMCA 資格的組件。然後，其他國家恢復了互惠稅率，這在很大程度上被半導體和電子元件的豁免以及與鋼鐵、鋁和銅相關的一些小額關稅所抵消。所以實際上只是想確保您了解指南中的確切假設。

Yes, it's very difficult to include anything that hasn't been announced yet because it's such a dynamic environment.

是的，由於環境如此動態，因此很難納入任何尚未宣布的內容。

Thank you, David. Michelle, we can move to the next analyst.

謝謝你，大衛。米歇爾，我們可以請下一位分析師了。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾·阿克曼。

Two for me as well, and I'll ask them at the same time. Within your fiscal 2026 outlook, I was hoping you could rank all the segments that give you the most conviction in hitting the target that you laid out.

我也有兩個，我會同時問他們。在您的 2026 財年展望中，我希望您能對最能讓您確信實現所設定目標的所有部分進行排序。

Second, Chuck, you indicated that Silicon One should grow as a portion of your Nexus smart switches over time. And I was hoping you could discuss whether Silicon One can represent half of your switch ASICs in the next three years.

其次，查克，您表示 Silicon One 應該隨著時間的推移成為 Nexus 智慧交換器的一部分。我希望您能討論一下 Silicon One 是否能夠在未來三年內佔據您一半的交換器 ASIC 份額。

That's a great question. So if I rank order the segments, I'd say I still remain very optimistic on SP. Probably secondly, enterprise and probably third public sector. But I would like to comment on public sector and give you another -- give you another data point. Our overall order growth or bookings growth of 7% and -- if you -- if you take out federal, the rest of the world grew at 10%. So we saw good performance outside of federal.

這是一個很好的問題。因此，如果我對各個部分進行排序，我會說我仍然對 SP 非常樂觀。可能其次是企業，可能第三個是公共部門。但我想對公共部門發表評論，並提供另一個數據點。我們的整體訂單成長或預訂量增加了 7%，如果扣除聯邦政府，世界其他地區的成長量為 10%。因此，我們看到聯邦以外的表現良好。

When we think about federal in fiscal year '26, just to put it in perspective, our teams are forecasting a return to growth for federal during this fiscal year. Now it's not -- it's not going to be the same -- it's not going to be as high of growth as we saw a decline. So we'll still be below FY25 levels. But the good news is they're forecasting growth. So that's better.

當我們考慮 26 財年的聯邦政府時，為了更全面地了解情況，我們的團隊預測聯邦政府將在本財年恢復成長。現在情況已經不同了——它不會再像以前那樣成長了——它的成長速度不會像我們所看到的下降速度那麼高了。因此我們仍將低於 FY25 水準。但好消息是他們預測會出現成長。這樣就更好了。

But I still think I would stack rank them, service provider, enterprise and service provider, including cloud, obviously, and then enterprise and public sector. On the Nexus portfolio, so you've got I think we've got the 800-gig Nexus product that is silicon on base. We've got the smart switches that will be silicon on based. So it's our intent to actually drive this as fast as we possibly can. And so I think your assumption is not too far off.

但我仍然認為我會對它們進行排序，服務提供者、企業和服務提供者，顯然包括雲，然後是企業和公共部門。在 Nexus 產品組合中，我認為我們擁有基於矽的 800gig Nexus 產品。我們已經擁有基於矽的智慧開關。因此，我們的目標是盡可能快速地推動這一進程。所以我認為你的假設並不太離譜。

Thank you, Karl. Michelle, can we move to the next analyst.

謝謝你，卡爾。米歇爾，我們可以換下一位分析師嗎？

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik)。

It's Adrienne Colby for Atif. The EMEA orders accelerated in the quarter, and I was hoping you could provide some color there. And I also wanted to just circle back on the sovereign AI opportunities about your expectations in terms of order flow and revenue recognition there.

我是阿德里安·科爾比 (Adrienne Colby)，她代表阿蒂夫 (Atif)。歐洲、中東和非洲地區的訂單在本季加速成長，我希望您能提供一些詳細資訊。我還想回顧一下主權人工智慧機會，以及您對訂單流和收入確認的期望。

Okay. Great. So if you look at EMEA, we saw 10% overall orders. Enterprise was up in the mid-teens. Public sector, roughly flat, SP in the mid-teens. We saw strength in the UK, Germany, Saudi. SP was strong, security was strong, a little obviously flat in public sector. We'd like to see it a little better. And I think there in Europe, I think we see opportunities.

好的。偉大的。因此，如果你看一下 EMEA，我們看到整體訂單量為 10%。企業號的股價上漲了十幾美元。公共部門，大致持平，SP 在十幾歲左右。我們看到了英國、德國、沙烏地阿拉伯的實力。SP 表現強勁，安全性表現強勁，公部門表現明顯持平。我們希望它能變得更好一些。我認為在歐洲我們看到了機會。

There's a couple of things going on. Number one, there's a lot of focus on sovereignty and a lot of focus on building out their own tech stack and tech solutions. In many cases, they are very keen on having on-prem solutions like think on-prem Splunk or on-prem WebEx from a sovereignty and geopolitical perspective, that's where they're going.

有幾件事正在發生。首先，他們非常注重主權，也非常注重建構自己的技術堆疊和技術解決方案。在許多情況下，他們非常熱衷於擁有本地解決方案，例如從主權和地緣政治角度考慮本地 Splunk 或本地 WebEx，這就是他們的目標。

So we think the opportunity there and the defense spending and and everything else, we think that will continue to be a good opportunity for us in Europe. In that space, obviously, in Europe, Middle East, Africa, we've got a couple of sovereigns that we've announced. And we have not taken any orders from them yet.

因此，我們認為那裡的機會、國防開支以及其他一切，我們認為這將繼續為我們在歐洲提供一個良好的機會。顯然，在歐洲、中東和非洲，我們已經宣告了一些主權國家。我們還沒有接到他們的任何訂單。

We've been in the planning phases with them. They're obviously working through getting the licenses for the GPUs. And we sort of expect that's going to I would lean towards looking for that even the order flow to be sort of middle year into the second half, and then revenue would follow.

我們已經與他們一起處於規劃階段。他們顯然正在努力獲取 GPU 授權。我們預計，我傾向於認為訂單流將在年中進入下半年，然後收入也會隨之增加。

Thank you, Adrienne. Michelle, can we move to the final question from the analyst queue.

謝謝你，艾德麗安。米歇爾，我們可以轉到分析師隊列中的最後一個問題嗎？

Sebastien Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

My first question is on the back-end AI network opportunity, but maybe a little bit more longer term. There's a lot of chatter from your main silicon competitor about new chips that are going to enable Ethernet for scale-up connectivity. So within the racks, I wanted just to ask what your expectations are for Ethernet and scale up going forward and if we should expect new Silicon One announcements tailored to that opportunity?

我的第一個問題是關於後端人工智慧網路機會，但也許更長遠。您的主要矽片競爭對手正在大肆宣傳能夠支援乙太網路擴展連接的新晶片。因此，在機架內，我只想問一下您對乙太網路和未來擴充的期望是什麼，以及我們是否應該期待針對這一機會推出新的 Silicon One 公告？

And then my second question is just on the campus network. You announced the integration of Meraki and Catalyst platforms at Cisco Live, and I think the reactions have been generally pretty positive. But I'm wondering if you expect this to shift behavior and hardware purchases at all. So could we see, for example, outside strength in Meraki and slower demand for catalyst or vice versa in the next few years?

我的第二個問題是關於校園網路的。您在 Cisco Live 上宣布了 Meraki 和 Catalyst 平台的整合，我認為大家的反應總體上非常積極。但我想知道您是否希望這會改變行為和硬體購買。那麼，我們是否會看到，在未來幾年內，Meraki 的外部實力增強，而催化劑的需求放緩，或者反之亦然？

Yes, two great questions. So I think on the back end side, as I've said before, the in the networking side, the two areas where the value is really derived is either in the silicon or in the software. And so given that many of these folks are using a lot of their own operating systems, you have to have silicon to play in the first place. So the good news is we do.

是的，兩個很好的問題。因此我認為在後端方面，正如我之前所說，在網路方面，真正產生價值的兩個領域要么在矽片中，要么在軟體中。因此，考慮到許多人都在使用自己的作業系統，你首先必須擁有矽片才能運作。好消息是，我們確實有。

Then when you look -- when you look at this scale-up opportunity in the back end and the hyperscalers in many -- in most cases, the they're not using the clusters with the scale up inside the cluster. They're using native connectivity within the clusters and then between clusters. And we think there that, that probably remains the predominant play.

然後，當您查看後端的這種擴展機會以及許多超大規模器時，在大多數情況下，他們不會使用集群內部擴展的集群。他們在集群內以及集群之間使用本機連接。我們認為這可能仍是主流做法。

We're seeing the desire for some of these clusters and neo clouds, et cetera, because they're easy, but there's still a connectivity layer, obviously, between the clusters. From a scale-up perspective, we think over time, that opportunity could shift to more of an Ethernet variant, which would give us obviously an easy way to play.

我們看到了對其中一些集群和新雲等的需求，因為它們很容易，但顯然，集群之間仍然存在連接層。從擴大規模的角度來看，我們認為隨著時間的推移，這個機會可能會轉向更多的乙太網路變體，這顯然會給我們一個簡單的運作方式。

We've got road maps that we're working on that haven't been announced yet, but I think downstream, if that occurs, we could definitely play in that space.

我們正在製定路線圖，但尚未公佈，但我認為，如果順利的話，我們肯定可以在該領域開展業務。

On the Meraki Catalyst question, I actually think the opposite is actually what you would see is you'd see more openness to catalysts because of the cloud management, the simple cloud management. I think there's 35 million devices now being managed by the cloud. And so it just gives customers choice.

關於 Meraki Catalyst 的問題，我實際上認為情況恰恰相反，由於雲端管理、簡單的雲端管理，您會看到對催化劑更加開放。我認為現在有 3500 萬台設備由雲端管理。所以它只是給顧客提供選擇。

It rationalizes the hardware down to a single platform that you can run in either mode. You can run it on-prem or you can run it cloud managed, and I think that's a big benefit for our customers as we go forward.

它將硬體合理化為可以在任一模式下運行的單一平台。您可以在本地運行它，也可以在雲端管理中運行它，我認為這對我們的客戶來說是一個很大的好處。

Thank you, Sebastian. I will now hand it over to Chuck for some closing remarks.

謝謝你，賽巴斯蒂安。現在我將把時間交給查克來做結束語。

Yes. I want to thank everybody for joining today and again reiterate my thanks to our team for all their great work in Q4 and fiscal '25, which really did set a solid foundation for fiscal year '26. Mark, welcome. We're excited about your first earnings and what's ahead. I'm happy to -- I'm really excited about working with you.

是的。我要感謝大家今天的參與，並再次感謝我們的團隊在第四季度和 25 財年所做的出色工作，這確實為 26 財年奠定了堅實的基礎。馬克，歡迎光臨。我們對您的第一筆收入以及未來的發展感到興奮。我很高興——我真的很高興能和你一起工作。

Obviously, we see good demand for our technology. We see great things working across a great portion of our portfolio. AI is clearly a major tailwind. And the web scale momentum, the emergence of the enterprise, the sovereign and the neo cloud opportunities. We've got the Agentic phase coming along.

顯然，我們看到了對我們的技術良好的需求。我們看到，我們投資組合中的很大一部分都發揮了巨大的作用。人工智慧顯然是一大推動力。還有網路規模的動能、企業的出現、主權和新雲的機會。我們已經進入了代理階段。

I feel good about where we are. I feel good about the performance. We still have to continue to execute. And we feel really good that we've got the business positioned for success in 2026. There are certainly a lot of dynamics in a very complex world that we're all managing on a daily basis. But based on what we can control, we feel really good about it.

我對我們的現狀感到滿意。我對這場演出感覺很好。我們還是要繼續執行。我們非常高興，我們已經為 2026 年的業務成功做好了準備。我們每天都要應對這個非常複雜的世界，其中肯定存在著許多動態因素。但基於我們能夠控制的事情，我們對此感覺非常好。

I want to thank you for being with us once again. And Sami, I'll turn it back over to you.

我想感謝您再次與我們在一起。薩米，我把它交還給你。

Thanks, Chuck. Cisco's next quarterly call, which will outline our first-quarter FY26 results will be on Wednesday, November 12, 2025 at 1:30 PM Pacific, 4:30 PM Eastern Time.

謝謝，查克。思科的下一次季度電話會議將於 2025 年 11 月 12 日星期三太平洋時間下午 1:30、東部時間下午 4:30 舉行，屆時將概述我們 26 財年第一季的業績。

This concludes today's call. If you have any further questions, please feel free to contact the Cisco Investor Relations department, and we thank you very much for joining the call today.

今天的電話會議到此結束。如果您有任何其他問題，請隨時聯繫思科投資者關係部，非常感謝您今天參加電話會議。

Thank you for participating on today's conference call. If you would like to listen to the call in its entirety, you may call 1 (800) 391-9853. For participants dialing from outside the US, please dial (203) 369-3269. This concludes today's call. You may disconnect at this time.

感謝您參加今天的電話會議。如果您想完整收聽電話會議，請撥打1 (800) 391-9853。對於從美國境外撥打電話的參與者，請撥打 (203) 369-3269。今天的電話會議到此結束。您現在可以斷開連線。