思科 (CSCO) 2026 Q1 法說會逐字稿

Welcome to Cisco's first-quarter in fiscal year 2026 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2026財年第一季財務業績電話會議。應思科公司要求，今天的會議將進行錄製。如有任何異議，您可以斷開連接。

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

現在，我謹向大家介紹投資人關係主管薩米‧巴德里。先生，您可以開始了。

Good afternoon, everyone. This is Sami Badri, Cisco's Head of Investor Relations, and I am joined by Chuck Robbins, our Chair and CEO, and Mark Patterson, our CFO.

大家下午好。我是思科投資者關係主管薩米‧巴德里，與我一同出席的還有我們的董事長兼執行長查克‧羅賓斯，以及我們的財務長馬克‧帕特森。

Cisco's earnings press release and supplemental information, including GAAP to non-GAAP reconciliations are available on our Investor Relations website. Following this call, we will also make the recorded webcast and slides available on the website.

思科的獲利新聞稿和補充資料（包括 GAAP 與非 GAAP 的調整表）可在我們的投資者關係網站上查閱。通話結束後，我們還將在網站上提供錄製的網路直播和幻燈片。

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. All comparisons will be made on a year-over-year basis.

在今天的電話會議中，我們將同時提及GAAP和非GAAP財務表現。除非另有說明，否則我們將從收入和地理角度討論產品業績，並從產品訂單角度討論客戶業績。所有比較均以同比為基礎。

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

請注意，我們今天的討論將包含前瞻性陳述，包括我們對 2026 年第二季和財年的業績指引。這些聲明受到我們在提交給美國證券交易委員會的文件中詳細列出的風險和不確定性的影響，尤其是在我們最新的 10-K 報告中，這些文件列出了可能導致實際結果與我們的前瞻性聲明中包含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.

有關指導意見，請參閱本次徵集活動附帶的投影片和新聞稿，以了解更多詳情。除非透過明確的公開揭露，否則思科不會對本季的財務預期發表評論。

Now I'll turn it over to Chuck.

現在我把麥克風交給查克。

Thanks, Sami, and thank you all for joining us today. We had a strong start to fiscal '26 with Q1 revenue and earnings per share both coming in above the high end of our guidance ranges. We delivered record Q1 revenue, putting Cisco on track to deliver our strongest year yet as indicated in our guidance for the full year.

謝謝薩米，也謝謝各位今天蒞臨現場。2026 財年開局強勁，第一季營收和每股盈餘都高於我們預期範圍的上限。我們第一季營收創歷史新高，使思科有望實現迄今為止最強勁的一年，正如我們在全年業績指引中所指出的那樣。

In Q1, total revenue increased 8% year over year with product revenue up 10%, driven by robust demand for our AI infrastructure and campus networking solutions. Our strong top-line performance, combined with operating efficiencies and solid execution by our teams, contributed to non-GAAP EPS growth of 10% as we continue to grow earnings faster than revenue.

第一季總營收年增 8%，產品營收成長 10%，這主要得益於市場對我們人工智慧基礎設施和校園網路解決方案的強勁需求。我們強勁的營收成長，加上營運效率的提升和團隊的穩健執行，使得非GAAP每股盈餘成長了10%，我們的獲利成長速度持續超過營收成長速度。

We delivered solid margins and cash flows, allowing us to return $3.6 billion in capital to our shareholders through dividends and share repurchases, representing 125% of free cash flow in Q1. Additionally, we generated solid growth in annualized recurring revenue and remaining cornice obligations, both of which continue to provide a strong foundation for our future performance in FY26 and beyond.

我們實現了穩健的利潤率和現金流，透過分紅和股票回購向股東返還了 36 億美元的資本，相當於第一季自由現金流的 125%。此外，我們的年度經常性收入和剩餘簷口義務均實現了穩健增長，這兩項都將繼續為我們在 2026 財年及以後的未來業績奠定堅實的基礎。

Cisco's strong start to fiscal '26 as a testament to the critical role of secure networking and the strength of our portfolio as organizations look to deploy AI across their businesses. That said, we know many customers still have a lot of work to do to ensure they have the modern, scalable, secure networking infrastructure to support their AI goals.

思科在 2026 財年的強勁開局證明了安全網路的關鍵作用，以及隨著各組織尋求在其業務中部署人工智慧，我們產品組合的強大實力。儘管如此，我們知道許多客戶仍需付出大量努力，以確保他們擁有現代化、可擴展、安全的網路基礎設施來支援他們的 AI 目標。

According to our 2025 global AI readiness index, only one-third of organizations fill their IT infrastructure can accommodate the needs of their planned AI projects, which creates a massive opportunity for Cisco. With our industry-leading networking portfolio powered by Silicon One, AI native security solutions, and operating systems, we are well positioned today to provide the critical infrastructure for the AI era.

根據我們 2025 年全球人工智慧準備指數，只有三分之一的組織機構的 IT 基礎設施能夠滿足其計畫中的人工智慧專案的需求，這為思科創造了巨大的機會。憑藉我們業界領先的由 Silicon One 提供支援的網路產品組合、AI 原生安全解決方案和作業系統，我們目前已做好充分準備，為人工智慧時代提供關鍵基礎設施。

Now let me comment on the strong demand we saw in Q1. Overall, total product orders grew 13% year over year, with growth across all geographies and customer markets. Enterprise product orders were up 4% year over year in Q1 on top of mid-teens growth, excluding Splunk a year ago, with strength in our campus switching and wireless solutions. Public sector orders were up 12% year over year with growth across all geographies and cohorts, including US Federal.

現在我想談談我們在第一季看到的強勁需求。整體而言，產品訂單總量年增 13%，所有地區和客戶市場均成長。第一季企業產品訂單年增 4%，在去年同期兩位數成長的基礎上進一步成長（不包括 Splunk），其中園區交換和無線解決方案表現強勁。公共部門訂單年增 12%，所有地區和群體均實現成長，包括美國聯邦政府。

Product orders from service provider and cloud customers continue to be very strong, up 45% year over year driven by high double-digit order growth in hyperscalers, even on a tough triple-digit growth comparison from Q1 of FY25. Demand from telco customers was also strong in Q1 with orders growing more than 25% year over year.

來自服務供應商和雲端客戶的產品訂單依然非常強勁，同比增長 45%，這主要得益於超大規模企業的高兩位數訂單增長，即使與 2025 財年第一季三位數的增長相比，這一增長仍然十分強勁。第一季電信客戶的需求也十分強勁，訂單年增超過 25%。

Now some color on demand from a product perspective. Networking product orders accelerated to high teens growth in Q1, marking the fifth consecutive quarter of double-digit growth, driven by hyperscale infrastructure, enterprise routing, campus switching, wireless, industrial IoT, and servers.

現在從產品角度來看，我們需要一些按需著色。第一季網路產品訂單成長加快，達到兩位數以上，連續第五個季度實現兩位數成長，主要得益於超大規模基礎設施、企業路由、園區交換、無線、工業物聯網和伺服器的需求成長。

Within our campus networking portfolio, we are seeing very strong demand for switching, routing, and wireless products, indicating that enterprise customers are investing in the connectivity needed for AI deployments.

在我們的校園網路產品組合中，我們看到對交換、路由和無線產品的需求非常強勁，這表明企業客戶正在投資人工智慧部署所需的連接。

As early catalyst switching generations like the 4K and 6K near end of support, we see growing demand for our Cat9k series. Additionally, all of our next-generation solutions, including smart switches, secure routers, and Wi-Fi 7 wireless products are ramping faster than in prior product launches. This marks the beginning of a multiyear, multibillion-dollar refresh opportunity.

隨著 4K 和 6K 等早期催化劑轉換世代產品即將停止支持，我們看到市場對 Cat9k 系列的需求不斷增長。此外，我們所有的新一代解決方案，包括智慧交換器、安全路由器和 Wi-Fi 7 無線產品，其產能提升速度都比以往的產品發布速度更快。這標誌著一項耗時多年、價值數十億美元的更新換代計畫的開始。

We're also seeing consistent progress across our industrial IoT portfolio including new ruggedized equipment with orders growing more than 25% year over year in Q1. We expect this demand to increase, driven by onshoring of manufacturing to the United States, the increase of AI workloads at the network edge, and the emergence of physical AI.

我們也看到，我們的工業物聯網產品組合也取得了持續進展，包括新型加固型設備，第一季訂單年增超過 25%。我們預計，隨著製造業回流美國、網路邊緣人工智慧工作負載的增加以及實體人工智慧的出現，這種需求將會增加。

AI infrastructure orders taken from hyperscalers in Q1 totaled $1.3 billion, balanced between Silicon One Systems and Optics, marking a significant acceleration in growth and demonstrating our strength for advanced AI use cases. We expect to recognize roughly $3 billion in AI infrastructure revenue from hyperscalers in fiscal year '26.

第一季從超大規模資料中心獲得的 AI 基礎設施訂單總額為 13 億美元，Silicon One Systems 和 Optics 的訂單金額基本上持平，這標誌著成長速度顯著加快，並證明了我們在高級 AI 用例方面的實力。我們預計在 2026 財年將從超大規模資料中心獲得約 30 億美元的 AI 基礎設施收入。

As these hyperscale customers look to extend AI clusters across their infrastructure, we see robust demand for Acacia's market-leading coherent pluggable optics, offering significant cost and power savings. All hyperscalers are now customers of these products.

隨著這些超大規模客戶尋求在其基礎設施中擴展 AI 集群，我們看到市場對 Acacia 的市場領先的相干可插拔光元件的需求強勁，這些元件可顯著節省成本和電力。所有超大規模資料中心營運商現在都是這些產品的客戶。

In Q1, we also announced our latest Cisco 8223 router, powered by our Silicon P200 chip. This first-to-market 51.2 terabits per second fixed Ethernet routing system is designed for the intense AI workload traffic between data centers.

第一季度，我們也發布了最新的思科 8223 路由器，該路由器採用我們的 Silicon P200 晶片。這款首創的每秒 51.2 太比特固定乙太網路路由系統專為資料中心之間高強度的 AI 工作負載流量而設計。

With Silicon One's unmatched scalability, power efficiency, and programmability, we can provide the performance and speed across data centers that would have previously only been possible within a data center with a switching infrastructure. Demand for Silicon One continues to grow, and we expect to ship our 1 millionth chip in Q2 of fiscal year '26.

憑藉 Silicon One 無與倫比的可擴展性、能源效率和可編程性，我們可以在資料中心範圍內提供以前只有在具有交換基礎設施的資料中心內才能實現的效能和速度。對 Silicon One 的需求持續成長，我們預計將在 2026 財年第二季交付第 100 萬顆晶片。

Product orders for AI use cases beyond hyperscaler training are also gaining traction with orders for data center systems, including switching and compute, growing double digits in Q1 as customers prepare their networks for inferencing and agentic workflows.

除了超大規模資料中心訓練之外，人工智慧應用場景的產品訂單也越來越受歡迎，資料中心系統（包括交換器和運算）的訂單在第一季度實現了兩位數的成長，因為客戶正在為推理和智能體工作流程準備網路。

We see a growing pipeline in excess of $2 billion for our high-performance networking products across sovereign, neocloud, and enterprise customers. To capture this opportunity, we continue to make progress both within our own portfolio and across our strategic partnerships.

我們看到，面向主權、新雲端和企業客戶的高效能網路產品，其潛在訂單金額已超過 20 億美元。為了抓住這一機遇，我們不斷在自身業務組合和策略夥伴關係中取得進展。

We recently announced an expansion of our partnership with G42 in the UAE to power, connect, and secure G42's large-scale AI clusters featuring AMD GPUs. Other strategic partnerships in the region, including HUMAIN and Stargate UAE, are progressing as planned.

我們最近宣布擴大與阿聯酋 G42 的合作關係，為 G42 的大規模 AI 集群（採用 AMD GPU）提供動力、連接和保護。該地區的其他戰略合作夥伴關係，包括 HUMAIN 和 Stargate UAE，都在按計劃推進。

We also launched our sovereign critical infrastructure portfolio for European customers to operate in their own air gapped, on-prem physical environments. This includes our networking and collaboration products, enhanced by security and observability.

我們也為歐洲客戶推出了主權關鍵基礎設施產品組合，以便他們在自己的實體隔離環境中運作。這包括我們的網路和協作產品，並透過安全性和可觀測性得到增強。

In addition, Cisco announced an expansion of our NVIDIA partnership and our new N9100 switch based on Spectrum-X silicon. We are now the first NVIDIA partner to offer networking compliant with their cloud reference architecture. The N9100 available in the second half of fiscal year '26 will provide the operational consistency and flexibility needed for sovereign and neocloud providers to build and manage AI at scale.

此外，思科宣布擴大與 NVIDIA 的合作關係，並推出基於 Spectrum-X 晶片的新型 N9100 交換器。我們現在是首家提供符合NVIDIA雲端參考架構的網路解決方案的NVIDIA合作夥伴。2026 財年下半年推出的 N9100 將為主權雲端和新雲端供應商提供建置和管理大規模人工智慧所需的營運一致性和靈活性。

We are also delivering new capabilities and features for Cisco Secure AI factory with NVIDIA announced in Q3 of fiscal year '25. These advancements strengthen our commitment to high performance, secure and trusted AI infrastructure globally. We expect Cisco's AI opportunity across sovereign, neocloud, and enterprise customers to ramp in the second half of fiscal year '26.

我們也與 NVIDIA 合作，為 Cisco Secure AI Factory 提供新的功能和特性，該合作已於 2025 財年第三季宣布。這些進展鞏固了我們對全球高效能、安全可靠的人工智慧基礎設施的承諾。我們預期思科在 2026 財年下半年面向主權雲端、新雲端和企業客戶的 AI 機會將大幅成長。

Now shifting to security. We continue to see order growth for our new and refreshed products which comprise around one-third of our security portfolio and includes Secure Access, XDR, Hypershield, AI Defense, and our refreshed firewalls. Nearly 3,000 customers have purchased a new product since launch, and we saw mid-teens growth in demand for our next-generation firewalls in Q1. This growth was partially offset by a decline in our prior generation platforms.

現在轉向安全問題。我們持續看到新產品和升級產品的訂單成長，這些產品約占我們安全產品組合的三分之一，包括安全存取、XDR、Hypershield、AI Defense 和我們升級的防火牆。自推出以來，已有近 3,000 名客戶購買了新產品，並且我們在第一季看到了下一代防火牆需求的 15% 左右的成長。這一增長被我們上一代平台的下滑部分抵消。

We continue to see strong performance from Splunk, closing one of our largest Splunk deals to date in Q1 enabled by joint Cisco and Splunk sales engagement. Splunk's ARR and product RPO grew double digits as we saw a notable change in how customers consume Splunk offerings in Q1 with a shift to more cloud subscriptions and fewer on-premise deals.

Splunk 繼續保持強勁的業績，在第一季度，我們達成了迄今為止最大的 Splunk 交易之一，這得益於 Cisco 和 Splunk 的聯合銷售合作。隨著客戶在第一季使用 Splunk 產品的方式發生顯著變化，轉向更多雲端訂閱和更少的本地部署交易，Splunk 的 ARR 和產品 RPO 實現了兩位數的成長。

Revenue for cloud subscriptions is recognized ratably, whereas product revenue for on-prem deals is recognized on delivery. While this shift negatively impacted security revenue growth in Q1, it is purely a timing issue. We are actually pleased to see more cloud subscriptions for Splunk as they enable greater adoption and expansion and allow us to deliver innovation faster to enable customers to unlock value from AI.

雲端訂閱收入按比例確認，而本地部署交易的產品收入在交付時確認。雖然這一轉變對第一季的安全收入成長產生了負面影響，但這純粹是一個時間問題。我們很高興看到 Splunk 的雲端訂閱用戶越來越多，因為這能夠促進更廣泛的採用和擴展，並使我們能夠更快地提供創新，從而使客戶能夠從人工智慧中釋放價值。

Now let me comment on some of our recent innovations. As we look at the AI opportunity, we see customer use cases growing across training, inferencing, and connectivity with secured networking increasingly critical as workloads move from the data center to end users, devices, and agents at the edge.

現在讓我來談談我們最近的一些創新。當我們審視人工智慧的機會時，我們看到客戶用例在訓練、推理和連接方面不斷增長，隨著工作負載從資料中心轉移到邊緣的最終用戶、設備和代理，安全網路變得越來越重要。

As mentioned last quarter, agents are transforming network traffic from predictable bursts to persistent high-intensity loads with Agentic AI queries generating up to 25 times more network traffic than chatbots. Instead of pulling data to and from the data center, AI workloads require models and infrastructure to be closer to where data is created and decisions are made, particularly in industries such as retail, health care, and manufacturing.

正如上個季度所提到的，代理商正在將網路流量從可預測的突發性流量轉變為持續的高強度負載，代理 AI 查詢產生的網路流量比聊天機器人多出 25 倍。人工智慧工作負載不需要像傳統方式那樣從資料中心拉取數據，而是需要模型和基礎設施更靠近數據創建和決策的地方，尤其是在零售、醫療保健和製造業等行業。

This is why we introduced Cisco Unified Edge last week, an industry-first converged platform for the network edge, integrating compute, networking, and storage into a single system. Unified Edge enables real-time inferencing for agentic and physical AI workloads, so enterprises can confidently deploy and manage AI at scale.

這就是為什麼我們上週推出了 Cisco Unified Edge，這是業界首個面向網路邊緣的融合平台，它將運算、網路和儲存整合到一個系統中。Unified Edge 為智慧體和實體 AI 工作負載提供即時推理功能，因此企業可以自信地大規模部署和管理 AI。

We also announced Cisco Data Fabric in September. A Splunk-powered architecture to unify and manage machine data across various sources, allowing enterprises to build AI models with their previously unused proprietary data. As always, these innovations are designed to further Cisco's platform advantage where every new technology investment compounds the value of a customer's existing investment.

我們在9月也發布了思科資料架構。基於 Splunk 的架構，可統一和管理來自各種來源的機器數據，使企業能夠利用以前未使用的專有數據來建立 AI 模型。與以往一樣，這些創新旨在進一步提升思科的平台優勢，每項新技術投資都會增加客戶現有投資的價值。

To summarize, we are seeing strong demand across all customer markets and geographies as well as expanded opportunities as our customers power their AI use cases from the data center to the edge. We continue to innovate at unprecedented scale to build AI-ready data centers, power future-proof workplaces, and create a foundation of digital resilience.

總而言之，我們看到所有客戶市場和地區的強勁需求，以及隨著客戶從資料中心到邊緣增強其 AI 用例而帶來的更多機會。我們持續以前所未有的規模進行創新，以建立人工智慧就緒的資料中心，為面向未來的工作場所提供動力，並建立數位化韌性的基礎。

And our strong performance is fueling our capital allocation model, returning significant value to our shareholders while positioning our business for Cisco's strongest year yet in fiscal '26 as indicated in our guidance.

我們強勁的業績正在推動我們的資本配置模式，為股東創造顯著價值，同時正如我們的業績指引所示，為思科在 2026 財年取得迄今為止最強勁的業績奠定基礎。

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

現在我將把發言權交給馬克，讓他詳細介紹本季的情況和我們的展望。

Thanks, Chuck. We delivered a strong quarter to launch our new fiscal year with revenue, operating margin, and earnings per share all above the high end of our guidance, coupled with solid gross margin and operating cash flow.

謝謝你，查克。我們以強勁的季度業績開啟了新的財年，營收、營業利潤率和每股盈餘均高於我們預期的上限，同時毛利率和營運現金流也表現穩健。

For the quarter, total revenue was $14.9 billion, up 8% year over year. Non-GAAP net income was $4 billion, up 9%, and non-GAAP earnings per share was $1, up 10%, demonstrating continuing operating leverage with non-GAAP earnings growing faster than revenue.

本季總營收為 149 億美元，年增 8%。非GAAP淨收入為40億美元，成長9%；非GAAP每股收益為1美元，成長10%，這顯示持續的經營槓桿效應，非GAAP收益成長速度超過了營收成長速度。

Looking at our Q1 revenue in more detail. Total product revenue was $11.1 billion, up 10%, and service revenue was $3.8 billion, up 2% year over year. Networking was a standout with growth of 15% with strength across the portfolio, led by high double-digit growth in service provider routing, which was largely driven by revenue from AI infrastructure.

讓我們更詳細地分析一下我們第一季的收入狀況。產品總收入為 111 億美元，年增 10%；服務收入為 38 億美元，年增 2%。網路業務表現突出，成長了 15%，整個業務組合表現強勁，其中服務供應商路由業務實現了兩位數的高速成長，這主要得益於人工智慧基礎設施的收入。

Data Center switching and enterprise routing also contributed double-digit growth in campus switching had growth in the high single digits. Security was down 2%, reflecting declines in prior generation products and a shift to cloud subscriptions in our Splunk business that Chuck referenced, partially offset by growth in Secure Firewall, Duo, and SASE.

資料中心交換和企業路由也實現了兩位數的成長，而園區交換的成長則達到了接近兩位數。安全業務下降了 2%，這反映了上一代產品的下滑以及 Chuck 提到的 Splunk 業務向雲端訂閱的轉變，但 Secure Firewall、Duo 和 SASE 的成長部分抵消了這一影響。

Collaboration was down 3%, reflecting declines in devices and WebEx. Observability was up 6%, primarily driven by growth in ThousandEyes.

協作量下降了 3%，反映出裝置和 WebEx 的使用量下降。可觀測性提高了 6%，主要得益於 ThousandEyes 的成長。

Looking at our recurring metrics. Total RPO was $42.9 billion, up 7%. Product RPO grew 10%, of which the long-term portion was $11.8 billion, up 13%. Total ARR ended the quarter at $31.4 billion, an increase of 5% with product ARR growth of 7%. Total subscription revenue was $8 billion and represented 54% of Cisco's total revenue.

查看我們的周期性指標。RPO 總額為 429 億美元，成長 7%。產品 RPO 成長了 10%，其中長期部分為 118 億美元，成長了 13%。本季總 ARR 為 314 億美元，成長 5%，其中產品 ARR 成長 7%。訂閱總收入為 80 億美元，佔思科總營收的 54%。

Total software revenue was up 3% to $5.7 billion. Q1 product orders were up 13% year over year. Product orders were up across all geographic segments, with the Americas up 16% and EMEA up 8%; and APJC up 13%. Product orders were also up across all customer markets with service provider and cloud up 45%, public sector up 12%, and enterprise up 4%.

軟體總收入成長3%，達到57億美元。第一季產品訂單較去年同期成長13%。所有地理區域的產品訂單均有所增長，其中美洲增長了 16%，歐洲、中東和非洲地區增長了 8%，亞太及日本地區增長了 13%。所有客戶市場的產品訂單均有所成長，其中服務供應商和雲端服務成長了 45%，公共部門成長了 12%，企業成長了 4%。

Total non-GAAP gross margin came in at 68.1%, down 120 basis points year over year but coming in slightly above the midpoint of our guidance range. Non-GAAP product gross margin was 67.2%, down 170 basis points, driven by negative impacts from mix and pricing, partially offset by productivity improvements. Non-GAAP services gross margin was 70.7%, up 40 basis points.

非GAAP毛利率總額為68.1%，較去年同期下降120個基點，但略高於我們預期範圍的中點。非GAAP產品毛利率為67.2%，下降170個基點，主要受產品組合和定價的負面影響，部分被生產力的提高所抵銷。非GAAP服務業毛利率為70.7%，上升40個基點。

We continue our focus on enhancing profitability and driving financial discipline. With non-GAAP operating margin at 34.4%, above the high end of our guidance range. Our non-GAAP tax rate was 19% for the quarter.

我們將繼續專注於提高獲利能力和加強財務紀律。非GAAP營業利益率為34.4%，高於我們預期範圍的上限。本季我們的非GAAP稅率為19%。

Shifting to the balance sheet. We ended Q1 with total cash, cash equivalents, and investments of $15.7 billion. Operating cash flow was $3.2 billion, down 12% due to investments to meet growing customer demand for AI infrastructure.

轉向資產負債表。第一季末，我們持有的現金、現金等價物和投資總額為 157 億美元。由於投資以滿足客戶對人工智慧基礎設施日益增長的需求，營運現金流為 32 億美元，下降了 12%。

From a capital allocation perspective, we returned $3.6 billion to our shareholders during the quarter comprised of $1.6 billion for our quarterly cash dividend and $2 billion of share repurchases, with $12.2 billion remaining under our share repurchase program.

從資本配置的角度來看，本季我們向股東返還了 36 億美元，其中包括 16 億美元的季度現金股利和 20 億美元的股票回購，而我們的股票回購計畫下還剩餘 122 億美元。

To summarize, we had a solid start to fiscal 2026 with top- and bottom-line performance exceeding our expectations, driven by strong order growth and margins, all demonstrating the power of our innovation engine to drive strong top line growth as well as operating leverage to fuel profitability.

總而言之，我們在 2026 財年開局穩健，營收和利潤均超出預期，這主要得益於強勁的訂單增長和利潤率，所有這些都證明了我們創新引擎的強大力量，能夠推動營收強勁增長，並透過營運槓桿提高盈利能力。

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，以掌握我們所看到的未來​​巨大成長機會。這將繼續以嚴格的支出管理為基礎，正是這種強有力的組合持續推動強勁的現金流，並使我們能夠為股東創造巨大的價值。

Turning to guidance. Please note our Q2 and fiscal year 2026 guide assumes current tariffs and exemptions remain in place through the end of fiscal 2026. These assumptions remain unchanged from our prior guidance with the exception of the China fentanyl tariff being reduced from 20% to 10%. Looking ahead, you can expect us to continue our focus on durable growth with financial discipline, driving operating leverage and continued capital returns.

尋求指導。請注意，我們的 2026 年第二季和財政年度指南假設目前的關稅和豁免政策將持續到 2026 財年結束。除了中國芬太尼關稅從 20% 降至 10% 之外，這些假設與我們先前的指導意見保持不變。展望未來，我們將繼續專注於穩健成長，秉持財務紀律，提高經營槓桿，並持續實現資本回報。

For fiscal Q2, our guidance is as follows: we expect revenue to be in the range of $15 billion to $15.2 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 33.5% to 34.5%. Non-GAAP earnings per share is expected to range from $1.01 to $1.03. We are assuming a non-GAAP effective tax rate of approximately 19%.

對於第二財季，我們的預期如下：預計營收將在 150 億美元至 152 億美元之間。我們預計非GAAP毛利率將在67.5%至68.5%之間。非GAAP營業利益率預計在33.5%至34.5%之間。預計非GAAP每股收益在1.01美元至1.03美元之間。我們假設非GAAP有效稅率約為19%。

For fiscal year '26, our guidance is as follows: we expect revenue to be in the range of $60.2 billion to $61 billion. Non-GAAP earnings per share is expected to range from $4.08 to $4.14.

對於 2026 財年，我們的預期如下：我們預計營收將在 602 億美元至 610 億美元之間。預計非GAAP每股收益在4.08美元至4.14美元之間。

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

薩米，現在我們進入問答環節。

Thank you, Mark. Before we start the Q&A portion of the call, I'd like to remind analysts to ask one question in a single follow-up question at the same time. Operator, can we move to the first analyst in the queue?

謝謝你，馬克。在開始電話會議的問答環節之前，我想提醒各位分析師，請一次提出後續問題。操作員，我們可以換到佇列中的第一位分析師嗎？

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yeah. Thanks for taking a question and congrats on the quarter. I guess I want to dive a little bit deeper into the AI orders. Obviously, tracking to, I think that was a $3 billion number in fiscal '26 from the web scale vertical, so maybe start there. As we think about the diversity that Cisco is seeing in the web scale opportunity, how has that evolved? And have you guys been engaged in deepening super spine or even scale across opportunities in the web scale vertical?

是的。感謝您回答問題，並祝賀您本季取得佳績。我想更深入地研究一下人工智慧指令。顯然，據我所知，2026 財年網路規模垂直領域的收入為 30 億美元，所以也許可以從那裡開始。當我們思考思科在網路規模化機會中所看到的多元化時，這種多元化是如何演變的？你們是否參與過深化超級脊柱，或在網路規模垂直領域拓展各種機會？

And then as a follow-up on the enterprise side, I think the number was $2 billion pipeline, I think the slide deck says $200 million versus last quarter. How do we expect that to progress through this fiscal year? Thank you.

然後，在企業方面，我認為相關項目儲備金為 20 億美元，而投影片上說的是比上一季減少了 2 億美元。我們預計本財年內這目標將如何進展？謝謝。

Thanks, Aaron. So let me -- I want to just clarify the $3 billion number that we gave out was a revenue number from the hyperscale AI infrastructure in the fiscal year. I would say that the $1.3 billion was -- were new orders that we took during the quarter from the same customers that we measured last year, and it's the same products that we measured last year. So it's clearly -- it's definitely apples-to-apples, first and foremost.

謝謝你，亞倫。所以，我想澄清一下——我們公佈的 30 億美元數字是指本財年超大規模人工智慧基礎設施的收入數字。我認為這 13 億美元是——我們在本季度從去年我們統計過的同一批客戶那裡獲得的新訂單，而且是去年我們統計過的同一批產品。所以很明顯——首先，這絕對是同類比較。

What we expect from an orders perspective this year is that we will -- we're expecting at least 2 times the orders that we received in fiscal year '25 from that same set of customers. So we see a lot of solid pipeline throughout the rest of the year. And the use cases we see it expanding. Obviously, we've been selling networking infrastructure under the training models. We've been selling scale out.

從訂單的角度來看，我們預計今年從同一批客戶收到的訂單量至少是 2025 財年的兩倍。因此，我們預計今年剩餘時間將會有許多穩定的專案儲備。我們看到它的應用場景正在不斷擴展。顯然，我們一直在以培訓模型為框架銷售網路基礎設施。我們一直在大規模銷售。

We launched the P200 base router that will begin to address some of the scale across opportunities. We clearly have seen great success with our pluggable optics. All of the hyperscalers now are officially customers of our pluggable optics. So we feel like that's a great opportunity. They not only plug into our products, but they can be used with other companies' products with our competitors or white boxes.

我們推出了 P200 基礎路由器，這將有助於解決一些規模化難題。我們的可插拔光學元件已經取得了巨大的成功。現在所有超大規模資料中心營運商都正式成為我們可插拔光模組的客戶。所以我們認為這是一個絕佳的機會。它們不僅可以插入我們的產品，還可以與競爭對手或其他公司的產品或白盒一起使用。

So that's been good. We've also begun to see inferencing use cases where we're also winning there.

所以這方面還不錯。我們也開始看到一些推理應用案例，在這些案例中我們也成功了。

I'd say the other thing that we saw in Q1 is that we had four of the major hyperscalers who grew triple digits during the quarter, and we had four meaningful use case wins during the quarter. One from each of those four, so across four different hyperscalers. So the momentum continues with the silicon.

我想說，我們在第一季看到的另一件事是，四家主要的超大規模資料中心營運商在本季度實現了三位數的成長，並且我們在本季度獲得了四個有意義的用例。從這四個不同的超大規模資料中心各選出一個。因此，矽產業的發展動能仍在持續。

Your second question relative to the enterprise, what we said was that the neocloud, sovereign, cloud, enterprise pipeline, basically for the rest of our fiscal year, for the next three quarters, exceeds $2 billion. We booked $200 million in Q1 and so that provides incremental opportunity for us as we look to the future, and that's through the end of our fiscal year. Thank you.

關於您提出的第二個企業相關問題，我們表示，新雲端、主權雲、企業通路，基本上在本財年剩餘時間，也就是接下來的三個季度，將超過 20 億美元。我們在第一季實現了 2 億美元的收入，這為我們展望未來提供了更多機會，這種情況將持續到我們本財年結束。謝謝。

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

謝謝你，亞倫。米歇爾，我們可以請下一位分析師發言了嗎？

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Thanks. Maybe just following up on Aaron's question. Just in terms of some of that strength that you're seeing, is the upside that you're seeing to some of these AI orders coming from scale across strengthening?

偉大的。謝謝。或許只是想回應一下 Aaron 的問題。就您目前看到的這些強勁勢頭而言，您看到的這些人工智慧訂單的成長是否源自於規模的擴大？

Or is it just coming from deepening engagement because I guess our view is that scale across has strengthened throughout the quarter? So just want to get a sense of if that is something you've picked up on as well.

或者這只是由於參與度的提高，因為我認為整個季度以來，規模都在不斷擴大？所以，我只是想了解一下，你是否也注意到了這一點。

And then just as a follow-up question, just any commentary around DRAM pricing has certainly become more elevated. Just how you guys are thinking about that in terms of the gross margin? Thanks.

最後還有一個後續問題，關於DRAM價格的任何評論無疑都變得更加高漲了。你們是如何考慮毛利率的？謝謝。

Thanks, Meta. I would say that the scale across opportunity is emerging, and we obviously announced the 51.2 terabit router that will help us go after that opportunity. I'd say, in general, most of what we saw in Q1 was just a deepening of existing use cases. We want the four new ones, but candidly, there wasn't a ton of new orders from them during the quarter. So those are all yet to be recognized.

謝謝，Meta。我認為，規模化機會正在湧現，我們顯然發布了 51.2 太比特路由器，這將幫助我們抓住這個機會。總的來說，我認為我們在第一季看到的大部分內容只是現有用例的深化。我們想要這四款新產品，但坦白說，本季我們並沒有收到很多來自他們的新訂單。所以這些都還沒有被認可。

But we think the scale across opportunity will continue to grow and evolve. And again, we saw pretty meaningful acceleration in pluggable optics, which is a really solid business for us and gives us yet another opportunity to pursue with these customers.

但我們認為，各種機會的規模將繼續擴大和發展。此外，我們看到可插拔光元件領域出現了相當顯著的成長，這對我們來說是一個非常穩健的業務，也為我們提供了與這些客戶繼續合作的另一個機會。

On the DRAM question, Mark, I'll pass that one to you.

關於DRAM的問題，Mark，我把這個問題交給你來回答。

Yeah. So I would just say across memory as well as PCB and Optics we've noticed a bit of a tightening of supply. On the memory side, we've seen what you all have all seen as well, and that's pretty significant price increases as well. Both of those in terms of the supply as well as the pricing, though are both included and considered in our updated guide for the Q2 as well as the year.

是的。因此，我想說的是，無論是記憶體、PCB 還是光學元件，我們都注意到供應有所收緊。在記憶體方面，我們也看到了大家所看到的，那就是價格也大幅上漲。供應和定價方面的這兩個因素都已納入我們更新後的第二季和全年指南中並加以考慮。

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

謝謝你，Meta。米歇爾，我們可以開始下一位分析師的分析了嗎？

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hello. Great quarter. It's hard for me to ask a tough question in a great quarter, but I'm going to do it anyway with your permission. If I remove $1 billion from last year revenues, which were the AI back end and I removed $3 million from the guidance for next year. The rest of the business, which is the majority, [$55 billion] base for last year is only growing 3.6%.

你好。很棒的季度。在這個情況大好的季度裡，我很難提出一個棘手的問題，但徵得你的同意後，我還是要問。如果我從去年的收入中減去 10 億美元（這部分收入來自人工智慧後端），並且從明年的預期收入中減去 300 萬美元。其餘業務（佔大部分，去年的基數為 550 億美元）僅成長了 3.6%。

Why don't we see greater growth with what we have in Wi-Fi and campus. And security, why don't we see more than 3.5% growth for the rest of the business?

為什麼我們在Wi-Fi和校園設施方面沒有看到更大的成長？那麼，為什麼其他業務的成長率沒有超過 3.5% 呢？

Hey, Tal, it's a good question and you're always allowed to ask tough ones. So I'm just going to point out on the orders front for Q1, and then I'm going to let Mark talk a little bit about the P&L.

嘿，塔爾，你問了個好問題，你隨時都可以問難題。所以我接下來要重點介紹第一季的訂單狀況，然後我會讓馬克談談損益情況。

Just to be clear on the -- if you normalize out the hyperscaler growth in Q1, the rest of the business grew 9% from an orders perspective. So that's not a data point we've given you, I want you to have that.

需要明確的是——如果將第一季超大規模資料中心的成長剔除，從訂單角度來看，其餘業務成長了 9%。所以這不是我們提供給你的數據點，我希望你能掌握它。

And then Mark, do you want to touch on --

那麼馬克，你想談談…--

Yeah, Tal. Thanks for the question, Tal. I would say we're 90 days into the year, we've got a very good start, as you've seen in the order growth rates and the momentum that we're building. But as we get into the second half of the year, we're seeing much more difficult comps.

是的，塔爾。謝謝你的提問，Tal。我想說，今年已經過去90天了，我們開局非常好，正如你們從訂單增長率和我們正在建立的勢頭中看到的那樣。但隨著我們進入下半年，我們看到的比賽難度要大得多。

I mean, the comps in Q1, Q2 a year ago were [minus 6 and plus 9]. The comps as you get into Q3 and Q4, [plus 11 and plus 8] on the top line. So much tougher comps there, but I do follow your math, and that sounds about right.

我的意思是，去年第一季和第二季的比較數據是…[-6 和 +9]。進入第三季和第四季後，年比數據分別成長了 11 倍和 8 倍。那裡的競爭更加激烈，但我理解你的計算，聽起來差不多是對的。

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

謝謝你，塔爾。米歇爾，我們可以請下一位分析師發言了嗎？

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

Hey, how you guys doing? Hey, Chuck, I wanted to talk about one of your comments around the multiyear nature of the cycles. I know you guided for the year. So I mean, we're good with that. But can you just elaborate a little bit more on that? What are you seeing that gives you the confidence to talk about multiyear cycles?

嘿，你們好嗎？嘿，查克，我想談談你之前關於週期多年性的評論。我知道你這一年擔任指導老師。所以，我們對此沒意見。能否再詳細解釋一下？你看到了什麼，讓你有信心談論多年周期？

Maybe highlight the key ones you're thinking about a little more? And what made you say that comment which was particularly interesting. Thanks so much.

或許可以重點強調你正在考慮的關鍵問題？為什麼會說出那番特別有趣的評論？非常感謝。

Yeah, thank you, Ben. I think when we look at the refresh opportunity, Iif you recall, we announced a new suite of products in our enterprise routing space. We announced new Wi-Fi 7 portfolio and we announced a new suite of campus switches.

是啊，謝謝你，本。我認為，當我們審視此次更新換代的機會時，如果你還記得的話，我們發布了一套全新的企業路由產品。我們發布了新的 Wi-Fi 7 產品組合，並發布了一套新的校園交換器。

And what we saw is we -- I think if you think about the Cat4k and the Cat6k installed base that's coming to end of support, that's one factor that's driving it. We saw -- as we ramp this launch of these new products, all three of those product families are ramping faster than they have in historical launches. So that leads us to believe that the customers are actually aggressively moving on this.

我們看到的情況是——我認為，如果你想想即將停止支援的 Cat4k 和 Cat6k 已安裝基礎，這就是推動這一趨勢的一個因素。我們看到—隨著這些新產品的推出，這三個產品系列的成長速度都比以往任何一次推出都要快。因此，這讓我們相信客戶們實際上正在積極地推動這項業務。

And I think the other is that the -- it indicates that customers are still very focused on modernizing their network infrastructure in the enterprise in preparation for inferencing and AI workloads. And so -- but it's -- these things are always multiyear Ben.

我認為另一個原因是——這表明客戶仍然非常關注企業網路基礎設施的現代化，為推理和人工智慧工作負載做好準備。所以——但是——這些事情總是要持續好幾年的，本。

When we launched a Catalyst 9K in 2017. And I mean that transition just kept going for five, six, seven years. And so that's just typically what we see when these things move and the fact that they're growing -- they're ramping faster than what we've seen in the past would indicate there's a lot of interest in this portfolio.

我們在 2017 年推出了 Catalyst 9K。我的意思是，這種轉變持續了五、六、七年。所以，當這些事物發生變化時，我們通常會看到這種情況，而且它們正在成長——它們的成長速度比我們過去看到的要快得多，這表明人們對這個投資組合非常感興趣。

The last thing I would say is that these new switching platforms, which truly enable security to be fused deeply into the network. It is a message that's resonating with our customers, particularly as they look to agentic workflows in the future. They realize they can't port this traffic off to a firewall. They're going to have to be applying security policies in the network as the traffic moves. And I think that's another consideration that they're preparing for.

最後我想說的是，這些新的交換平台真正實現了將安全性深度融入網路。這項訊息引起了我們客戶的共鳴，尤其是在他們展望未來採用代理工作流程的時候。他們意識到無法將這些流量轉移到防火牆上。隨著網路流量的流動，他們需要在網路中應用安全策略。我認為這也是他們正在考慮的另一個因素。

Thank you, Ben. I also want to remind analysts to ask a question and a follow-up question at the same time. Michelle, we can move to the next analyst.

謝謝你，本。我還想提醒分析師們，要同時提出一個問題和一個後續問題。米歇爾，我們可以開始討論下一位分析師了。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys. Good stuff on the networking side. I guess, how for long or what's the penetration of Silicon One into the product portfolio now? And as a stand-alone product, what are you guys seeing as why Silicon One starting to gain some of that traction with the hyperscalers and what it can do versus the custom solutions that are being talked about as well as Broadcom's latest chips?

嘿，夥計們。網路方面進展順利。我想問的是，Silicon One 目前在產品組合中的滲透率有多高？作為一款獨立產品，你們認為 Silicon One 開始在超大規模資料中心領域獲得一些關注的原因是什麼？它與目前正在討論的客製化解決方案以及博通的最新晶片相比，有哪些優勢？

And just as a follow-up, why is it now that Splunk is starting to see some of those greater shifts to cloud at this point? And any sense of the impact it had on the security number this quarter? Thanks, guys.

最後，我想問一下，為什麼 Splunk 現在才開始看到更大向雲端運算的轉變？那麼，這是否對本季的安全資料產生了影響？謝謝各位。

Yeah, Jim. So on the Silicon, we are -- we think -- by the end of fiscal '29, so we think in another 2.5 years, we'll have that fully rolled -- we'll have Silicon One fully rolled across the entire portfolio. So that's the intent. It's in some of our data center switching products going to the enterprise, it's obviously in the hyperscaler products. And I think it's a combination of performance, programmability, and low power consumption.

是的，吉姆。所以，在矽谷方面，我們認為──到 2029 財年末，也就是再過 2.5 年，我們將完成全面推廣──我們將把 Silicon One 全面推廣到整個投資組合中。這就是目的。它應用於我們面向企業的一些資料中心交換器產品中，顯然也應用於超大規模資料中心產品。我認為這是性能、可編程性和低功耗的綜合體現。

And our -- and I think the other thing is that they just -- they enjoy having multiple sources, and they really enjoy the custom engagements that we have with them to really look at their unique requirements for each. I think that is -- that's really what's changed the trajectory for us with these customers.

而且我認為還有一點是，他們喜歡擁有多個資源，他們真的很喜歡我們與他們進行的客製化合作，以便真正了解他們每個人的獨特需求。我認為正是這一點改變了我們與這些客戶的發展軌跡。

And I mean, for those of you who are on these calls five, six, seven years ago, you remember I kept telling you that we hadn't done well here. We hadn't done well here and our intent was to do so. And I'm really proud of what the teams have accomplished.

我的意思是，對於那些五、六、七年前參加過這些電話會議的人來說，你們應該記得我一直告訴你們，我們在這裡做得併不好。我們在這裡表現不佳，而我們的目標就是如此。我為團隊的成就感到非常自豪。

On the security stuff, Jim, I'm glad you picked up the revenue issue. As I said in my prepared comments on Splunk, and then Mark, I'll let you talk a little bit about the implications. But we just saw a pretty meaningful mix shift during the quarter to cloud.

吉姆，關於安全方面的問題，我很高興你注意到了收入問題。正如我在關於 Splunk 的準備好的評論中所說，Mark，我會讓你們談談這其中的影響。但我們看到本季雲端業務佔比顯著上升。

I think the prior quarter, it was somewhere roughly 50-50, and I think it was down to -- the on-prem was only about one-third of the revenue. So we expected more of a 50-50 mix because that's what we had seen.

我認為上一季度，這個比例大概是 50/50，而本地部署的收入只佔總收入的三分之一左右。所以我們預期會出現 50/50 的比例，因為我們之前看到的都是這種情況。

And at the end of the day, it's actually quite positive, as I said, because it allows us to drive adoption with our customers' expansion as well as deliver innovation real time because it's cloud tethered.

歸根結底，這實際上是相當積極的，正如我所說，因為它使我們能夠隨著客戶的擴張而推動採用，並且由於與雲端連接，可以即時交付創新。

So from a long-term perspective, it's good. In the quarter, it was obviously a onetime timing issue on the revenue front. If you look at all the dynamics on the order side, things are generally the way they were the prior quarter. We saw positive order growth in our new and refreshed products. We saw the same drag from our prior generation products, although that number is getting smaller.

所以長遠來看，這是好事。本季度，營收方面顯然出現了一次性的時間性問題。從訂單方面的所有動態來看，情況總體上與上個季度相同。我們的新產品和升級產品的訂單量均實現了正成長。我們發現上一代產品也存在著同樣的拖累現象，儘管這個數字正在縮小。

And then we saw double-digit ARR, double-digit RPO on the product side as it relates to Splunk. So on the demand side, there's not a lot to worry about. We just had the onetime revenue issue associated with this recognition with the 606 accounting.

然後我們看到，與 Splunk 相關的產品方面，ARR 和 RPO 都達到了兩位數。所以從需求方面來看，沒什麼好擔心的。我們剛剛遇到了與 606 會計準則確認相關的一次性收入問題。

So Mark, anything to add?

馬克，還有什麼要補充的嗎？

Yeah. So if you look at this transition that we're seeing on the Splunk side, as you mentioned, Chuck, it's a good thing. Despite the timing difference that we're -- you will see based on ASC 606 and the revenue recognition based on on-prem versus cloud, we expect to actually recognize more revenue over time.

是的。所以，正如你所提到的，Chuck，如果我們看看 Splunk 這邊正在發生的這種轉變，這是一件好事。儘管存在時間上的差異——您將根據 ASC 606 和基於本地部署與雲端的收入確認方式看到這一點——但我們預計隨著時間的推移，實際確認的收入將會增加。

So when we look at the cloud offers, they're stickier than the on-prem offers. Customers are actually able to adopt the technology faster, adopt features, et cetera. And so it's a good thing.

因此，當我們審視雲端服務時，會發現它們比本地部署服務更具使用者黏性。客戶實際上能夠更快地接受這項技術，接受各項功能等等。所以這是好事。

What you are seeing in, I think, a better measure of the health of the business at Splunk as we really look at ARR and RPO, both of those grew in the double digits for the quarter. So again, while we're disappointed with the timing a little bit in the quarter, overall, it's actually a really good thing for us.

我認為，透過 ARR 和 RPO 這兩項指標，我們可以更好地衡量 Splunk 的業務健康狀況，這兩項指標在本季度均實現了兩位數的成長。所以，雖然我們對本季的時間安排有點失望，但總體而言，這對我們來說實際上是一件非常好的事情。

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

謝謝你，吉姆。操作員，我們可以切換到下一位分析師了。

David Vogt, UBS.

David Vogt，瑞銀集團。

Great. Thanks, guys, for taking my questions. One, maybe just to start, just to pivot the campus, I think in the deck in your prepared remarks, you talked about the next-gen solutions ramping faster than prior product launches.

偉大的。謝謝各位回答我的問題。首先，或許只是為了轉變校園的格局，我認為在您準備好的演講稿中，您談到了下一代解決方案的推出速度比以往的產品發布速度更快。

Can you give us a sense for like what's driving that? Is it a competitive -- is it just better for competitive products? Are you seeing disruption from some of the smaller players, like number two and number three in the marketplace given the dynamics in that integration there? Just more color there would be helpful.

你能大概說說是什麼原因導致這種情況嗎？它是否具有競爭力——或者它只是對同類產品更有利？鑑於市場整合的動態，您是否看到一些規模較小的參與者，例如市場中的第二名和第三名，對市場造成了衝擊？如果能多一些色彩就更好了。

And then along those lines, maybe when you think about the campus market, I do know you mentioned in the prepared remarks, there's a lot of end-of-life product out there. How do you think about that as it relates to some of those customers, I think, are government customers is not public sector customers put in the context of what's going on actually in D.C. right now.

然後，沿著這個思路，也許當你想到校園市場時，我知道你在準備好的演講稿中提到過，市面上有很多即將報廢的產品。您認為這與某些客戶（我認為是政府客戶，而不是公共部門客戶）有關嗎？考慮到目前華盛頓特區正在發生的事情，您又該如何看待這個問題？

So is that part of the strategy going forward, just to upgrade those as many starts to free up and get this first? I'm just trying to marry the two markets here, both campus and government, what's going on there?

所以，未來的策略之一就是盡可能升級這些資源，以便騰出資源優先以獲得這個資源嗎？我只是想把校園和政府這兩個市場結合起來，目前的狀況如何？

Yeah, thank you, David. I'd say on the campus, it's a lot of what I said before. I think it's the sales stuff, the Cat4k, Cat6k older Wi-Fi, and so we see in these early days of it, we see slightly faster adoption than we've seen historically with these launches.

是的，謝謝你，大衛。我覺得校園裡的情況，跟我之前說的差不多。我認為這是銷售方面的原因，例如 Cat4k、Cat6k 和較早的 Wi-Fi 產品，所以我們在早期階段看到，它們的普及速度比以往的同類產品發布速度要快一些。

As it relates to number two and number three, there's clearly been some confusion in the marketplace, particularly around Wi-Fi. We've been talking about that for several quarters. And so I think that's been positive for us. I can't give you any specifics relative to whether that's a big part of it now.

至於第二點和第三點，市場上顯然存在一些混亂，尤其是在 Wi-Fi 方面。我們已經討論這個問題好幾個季度了。所以我認為這對我們來說是件好事。我無法具體說明這是否是其中一個重要的部分。

And the other two things I think they're driving it are AI preparation and this belief that security does ultimately have to be in the network, and we're the only ones who have both security and networking. You've seen some of our competitors announce partnerships with security vendors. And those are hard to pull off.

我認為推動這一趨勢的另外兩點是人工智慧的準備工作，以及安全最終必須體現在網路中的這種信念，而我們是唯一一家同時擁有安全和網路技術的公司。您可能已經看到我們的一些競爭對手宣布與安全廠商建立合作關係。而且這些都很難做到。

I mean, it's hard to get the level of integration you're going to need to have when you don't own each of the technologies. So we feel like we're well positioned there. So we think all of those things are having an impact on various customers.

我的意思是，如果你不擁有每項技術，就很難達到你需要的整合程度。所以我覺得我們在這方面處於有利地位。所以我們認為所有這些因素都會對不同的客戶產生影響。

As it relates to the government, we were pleased last quarter that our US federal business, despite the shutdown grew high single digits. From an orders perspective, we thought that was quite positive. We're optimistic that the vote happens today and that the government reopens, and we don't have to talk about this much more.

就政府業務而言，我們很高興地看到，儘管政府停擺，但我們上季度的美國聯邦業務仍實現了接近兩位數的成長。從訂單角度來看，我們認為這是一個相當正面的訊號。我們樂觀地認為，投票今天能夠順利進行，政府能夠重新開放，這樣我們就不用再過多討論這個問題了。

But as it relates to the end of support stuff that happens to be in the -- particularly in the federal government, there is a lot of discussion and a lot of pressure beginning to build on ensuring that, that equipment gets updated just from a cyber risk perspective and a hygiene perspective.

但就終止支援工作而言，尤其是在聯邦政府內部，人們開始進行大量討論，並施加了很大的壓力，以確保這些設備能夠從網路風險和衛生角度進行更新。

So we would expect that there'll be some upside from that as they get back and begin working again and reopening the government.

因此，我們預計隨著他們重返工作崗位並重新開始工作，政府重新開放，這將帶來一些好處。

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

謝謝你，大衛。米歇爾，我們可以開始討論下一位分析師了。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi. Thanks for taking my questions. Chuck, maybe both questions on the AI front itself. Firstly, on optical, you talked about the strong growth you're seeing in Acacia. Could you just talk about optical more broadly in terms of the demand you're seeing inside the data center versus outside the data center in terms of like pull-through from scale across, et cetera? And what -- how you -- how is Cisco is participating in both of those aspects?

你好。謝謝您回答我的問題。查克，或許這兩個問題都與人工智慧本身有關。首先，關於光學方面，您談到了相思樹的強勁成長勢頭。您能否更廣泛地談談光纖通信，例如資料中心內部和資料中心外部的需求，以及規模化帶來的拉動效應等等？那麼，思科是如何參與這兩個面向的呢？

And then for the follow-up, for the I heard you say twice the number of orders in terms of AI orders from the same customer group in fiscal '26 and the sovereign customers, it looks like you are progressing on the engagement, but haven't seen orders as much yet. So that would be upside to that number? I just wanted to clarify that the sovereigns aren't included as those orders come through that $4 billion number that you're highlighting for orders. Thank you.

至於後續問題，我聽說您在 2026 財年從同一客戶群和主權客戶那裡獲得的 AI 訂單數量翻了一番，看來您在合作方面取得了進展，但還沒有看到很多訂單。所以這對這個數字來說是利好？我只是想澄清一下，主權國家的訂單不包括在內，因為這些訂單都包含在你提到的 40 億美元的訂單數字中。謝謝。

Yeah, Samik, thank you. On the optic side of AI, we're participating in both. We're blessed to have great solutions in both inside the data center and then outside the data center DCI scale across, I think we'll -- and we'll continue to innovate there. As I said, we now are selling our pluggable optics to the -- all of the hyperscalers, all the major hyperscalers. And I think that we'll continue to have -- we'll continue to see great opportunities across both of those.

是的，薩米克，謝謝你。在人工智慧的光學方面，我們兩方面都在參與。我們很幸運，在資料中心內部和資料中心外部都有出色的解決方案，DCI 規模化發展前景廣闊，我認為我們會繼續在這方面進行創新。正如我所說，我們現在正在向所有超大規模資料中心營運商，所有主要的超大規模資料中心營運商銷售我們的可插拔光模組。我認為我們將繼續擁有——我們將繼續在這兩個領域看到巨大的機會。

And again, it's a really large market that is meaningful even on par with the switching side of it. So we're pleased to be on both sides of it.

而且，這確實是一個非常龐大的市場，其重要性甚至可以與換機市場相提並論。所以我們很高興能夠同時站在雙方的立場。

On the order front, yeah, what my comment was is that we expect this year that we would be at least 2x the orders that we saw from the hyperscale customers last year, and that's the same products that we measured last year and the same customers that we measured last year. So no change.

在訂單方面，是的，我的評論是，我們預計今年來自超大規模客戶的訂單量至少是去年的兩倍，而且我們衡量的產品和客戶都與去年相同。所以沒有變化。

On the neocloud, sovereign cloud, enterprise, there's those -- that upside where I said we had $2 billion-plus of pipeline for the balance of the year. None of that is included in that 2x number that I quoted. So you had that exactly right.

在新雲端、主權雲、企業雲等領域，存在著一些優勢——我說過，我們今年剩餘時間有超過 20 億美元的專案儲備。我引用的2倍數字中不包含這些因素。你說的完全正確。

And maybe just to add, Chuck, on the sovereign side, the early phases of the sovereign build-out are really not material to this year's guide as well.

查克，或許還要補充一點，就主權國家而​​言，主權建設的早期階段對今年的指南來說也並非實質內容。

Yeah. And I would say that, as you all know, Samik, the there's export licenses have to be attained in many of these cases. And so we're still working through that, and it's -- so we expect most -- some of that stuff will really start flowing in probably the second half of our fiscal year. But to Mark's point, it's not a material part of the guide this year.

是的。正如你們所知，薩米克，在許多情況下，都需要取得出口許可證。所以我們還在努力解決這個問題，而且我們預計大部分事情可能會在本財年的下半年真正開始進展。但正如馬克所說，這並非今年指南的實質內容。

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

謝謝你，薩米克。米歇爾，我們可以開始討論下一位分析師了。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

Hey, good afternoon. Thanks for the question. I just have two. First, the G42 partnership, it looked like it was a full rack solution using AMD chips. I was just wondering if you have some preferred partnership with AMD. Should we see more of that as we head out through the year? And how important is that combination of compute and networking as rack solutions potentially get more important?

嘿，下午好。謝謝你的提問。我只有兩個。首先是 G42 合作項目，看起來像是採用 AMD 晶片的全機架解決方案。我只是想問一下，你們是否與AMD有某種特殊的合作關係。隨著年數的增加，我們是否會看到更多這樣的情況？隨著機架式解決方案的重要性日益增加，運算和網路技術的結合究竟有多重要？

And then second, I wanted to ask about some of the channel partner program changes that are supposed to kick off next year. Any feedback or comments just on the drivers of that change and what you expect to be the result on the business going forward? Thank you.

其次，我想詢問明年即將開始的一些通路合作夥伴計畫的變化。對於促成這項變化的因素，以及您預期其對公司未來業務發展的影響，您有什麼回饋或評論嗎？謝謝。

Yeah, thanks, Michael. On the -- we're really pleased with the G42 partnership. I was over there again a couple of weeks ago. And you're right, the first announcement is with AMD.

謝謝你，麥可。我們對與G42的合作感到非常滿意。幾週前我又去了一趟那裡。你說得對，第一個發布訊息的是 AMD。

And I would say what we believe is that there are going to be multiple GPU providers, particularly in the world of inferencing, you're going to continue to see an expansive portfolio of GPUs and XPUs. And what we want to do is participate as a connectivity layer across as many of those as we possibly can.

而且我認為，我們相信未來會有多家 GPU 供應商，尤其是在推理領域，你將繼續看到種類繁多的 GPU 和 XPU 產品組合。我們希望盡可能地參與這些專案中，成為其中的連結層。

And so that would -- we work very closely with AMD. We've been very close with them on the G42 opportunity, and we continue to talk to them about other opportunities that are occurring around the world. So my anticipation is we'll have as many ecosystem partnerships as we possibly can.

因此，我們會與 AMD 密切合作。我們與他們就 G42 計畫的機會保持著非常密切的聯繫，我們也將繼續與他們探討世界各地出現的其他機會。因此，我預計我們將盡可能建立生態系統合作夥伴關係。

On the partner program, I'll make some comments on it, Mark, if you want to -- because I actually -- most of you know that 25 years ago, I helped build the program in our partner and build our partner strategy. And I think that what this really is, is it's a recognition of the growth opportunities ahead of us and how to align our programs so that our teams are incented, our partner teams are incented in the same way to go after these growth opportunities that we see in the future.

關於合作夥伴計劃，馬克，如果你想的話，我可以發表一些看法——因為實際上——你們大多數人都知道，25 年前，我幫助建立了我們的合作夥伴計劃和合作夥伴戰略。我認為這實際上是對我們未來發展機會的認識，以及如何調整我們的計劃，從而激勵我們的團隊和我們的合作夥伴團隊以同樣的方式去追求我們未來看到的這些發展機會。

And I'd say we had our Partner Summit last week, our annual Partner Summit and the partners were generally positive. We've launched tools to help them assess the monetary impact of the new program versus their old program.

我想說，我們上週舉行了合作夥伴高峰會，也就是一年一度的合作夥伴高峰會，合作夥伴們的回饋總體上是正面的。我們推出了一些工具，幫助他們評估新專案與舊專案在經濟上的影響。

Does it get better? Does it hurt you? And if it's hurting you, how can you adjust your sales strategy or your go-to-market strategy to actually increase your performance in the program?

情況會好轉嗎？你覺得痛嗎？如果它對你造成了損害，你該如何調整銷售策略或市場推廣策略，才能真正提高你在專案中的表現？

And I think we have a new worldwide partner leader, Tim Kogan, who is very well trusted by the partners, they know them really well. And every time we do one of these major changes, we know there's a reasonable chance that we missed something along the way, and our commitment to them is that if we miss something, we'll fix it.

我認為我們有了一位新的全球合作夥伴負責人，蒂姆·科根，他深受合作夥伴的信任，合作夥伴們對他非常了解。每次我們進行這些重大變革時，我們都知道很有可能在過程中遺漏了某些東西，而我們對這些變革的承諾是，如果我們遺漏了什麼，我們會改正它。

And we've got a long history of doing that. And so I think, in general, the partners feel pretty good about it, and they feel good about the fact that we're going to continue to adapt the program to make sure it drives our growth priorities and helps them have a profitable journey alongside us.

我們在這方面有著悠久的歷史。因此，我認為，總的來說，合作夥伴們對此感覺相當不錯，他們也對我們將繼續調整該計劃以確保其推動我們的成長重點並幫助他們與我們一起實現盈利之旅感到滿意。

Yeah, Chuck, maybe just to add three things. I think one, the new partner program is really about simplification. We've had a number of different rewards and incentive programs, just really tried to streamline that and bring that together.

是的，查克，或許我還要補充三點。我認為，第一，新的合作夥伴計畫的真正意義在於簡化流程。我們之前有很多不同的獎勵和激勵計劃，現在只是想簡化並整合這些計劃。

Secondly, the new program rewards partners for not only portfolio breadth, but the depth of expertise. And I think that's a really important thing.

其次，新計劃不僅獎勵合作夥伴的投資組合廣度，還獎勵其專業知識的深度。我認為這非常重要。

And then lastly, it gets some laser focused on what really matters, what truly matters. And that's campus refresh, AI, security, and then premium services. So all in all, I'd say, while there's always some concerns, as you mentioned, whenever you do something new, I think it's being accepted quite well.

最後，它將焦點集中在真正重要的事情上，真正重要的事情。其中包括校園改造、人工智慧、安全保障以及高級服務。總而言之，我想說，雖然總是會有一些擔憂，正如你所提到的，但每當你做一些新的事情時，我認為它都會被很好地接受。

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

謝謝你，麥可。米歇爾，我們可以開始下一位分析師的分析了嗎？

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Thanks a lot for taking my question I have two as well. I guess, post on the $3 billion of AI sales in fiscal '26 that you just talked about is there a way to think about how much of that do you think is optics versus systems? And do you see the overall margin of AI really being comparable to the corporate averages? That's the first one.

非常感謝您回答我的問題，我也有兩個問題。我想，關於您剛才提到的 2026 財年 30 億美元的 AI 銷售額，您認為其中有多少是光學產品，又有多少是系統產品？你認為人工智慧的整體利潤率真的能與企業平均相提並論嗎？這是第一個。

The second one, Chuck, security revenue was down 2%, and I thought I hold you on the legacy pressure and the mix shift that you've also had on the cloud side. Could you just talk about what do you think normalized security growth could look like once this mix stabilizes? I'm just trying to square that against the prior guide of mid-teens you've had on the security side, that would be helpful. Thanks a lot.

第二個問題是，Chuck，安全收入下降了 2%，我認為你應該考慮到傳統業務的壓力以及你在雲端業務方面所面臨的組合變化。您能否談談，一旦這種組合趨於穩定，您認為正常的安保成長會是什麼樣子？我只是想把這個和你之前給十幾歲孩子製定的安全指南進行對比，這會很有幫助。多謝。

Yeah. I'm going to let Mark take the revenue and the margin one, then I'll come back to the security one. Mark.

是的。我打算讓馬克先處理收入和利潤率的問題，然後再回來處理安全方面的問題。標記。

Yeah, happy to. So when you look at it, certainly, we've got a broad portfolio and a range of margin, if you will, across. And we've always had that, whether it's across geographies, it's across technologies that we sell, it's across customer markets, et cetera. I think what you're seeing right now is strong margins, 68.1% for Q1. We're pleased with that.

是的，我很樂意。所以從整體來看，我們確實擁有廣泛的產品組合和一系列的利潤率。我們一直都擁有這種優勢，無論是在地理上、在我們銷售的技術中、在客戶市場中等等。我認為你現在看到的是強勁的利潤率，第一季為 68.1%。我們對此感到滿意。

In the guide that we gave you as well, you can see that both Q2 as well as the full year for '26 that we're expecting to grow the top line faster than the -- sorry, the bottom line faster than the top line. So a real focus on leverage and profitable growth, if you will. And I would just tell you that optics, web scale, service provider or true enterprise core portfolio, et cetera, that's all part of the mix and all part of the guide that we gave you.

在我們提供給您的指南中，您可以看到，我們預計 2026 年第二季和全年的營收成長速度將超過——抱歉，是利潤成長速度將超過營收成長速度。所以，重點在於利用槓桿效應和獲利成長。我只想告訴你們，光學、網路規模、服務提供者或真正的企業核心產品組合等等，這些都是組合的一部分，也是我們給你們的指南的一部分。

And then, Amit, on the security front at negative 2%, yeah, we -- first and foremost, I just want to reiterate, we still are committed to the mid-teens long-term guide on revenue for security. I've talked a lot about the fact, and by the way, none of us are happy about where we are right now. Let me be clear about that. But I think we think that it will continue to accelerate through the year and it will come out of the year at a much higher rate.

然後，Amit，關於安全方面的負2%，是的，我們——首先，我只想重申，我們仍然致力於實現安全收入長期目標，即達到15%左右。我已經多次談到這個事實，順便說一句，我們對目前的處境都不滿意。讓我把話說清楚。但我認為，我們認為這一趨勢將在今年繼續加速，並在年底達到更高的成長速度。

And then I think the normalization of this mix shift is probably going to take us four quarters to get to where the year-over-year comparisons are apples-to-apples on the mix side.

然後我認為，這種組合轉變的正常化可能需要四個季度的時間，才能使同比數據在組合方面真正具有可比性。

So that's how I think about it. We're going to just give you as much transparency as we possibly can. The other thing I would tell you is that we don't need security to materially improve from here to hit the guide for Q2 or the year that we've given you. We baked that in.

我就是這麼想的。我們會盡可能做到資訊透明。我還要告訴你們的是，我們不需要安全狀況從現在開始有實質的改善就能達到我們給出的第二季或全年的業績目標。我們把它烤進去了。

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

謝謝你，阿米特。米歇爾，我們可以開始下一位分析師的分析了嗎？

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes. Thank you. I have two as well. For my first question, I guess, Chuck, how much of the incremental $1 billion in revenue in fiscal '26 is coming from an earlier-than-expected enterprise campus refresh versus AI growth?

是的。謝謝。我也有兩個。我的第一個問題是，查克，2026 財年新增的 10 億美元收入中，有多少來自比預期更早的企業園區更新，又有多少來自人工智慧的成長？

And then separately, for my follow-up, maybe for Mark, have you been able to secure enough capacity or are you constrained in any way from fulfilling a doubling of AI orders among hyperscale customers this year? Thank you.

另外，我想再問一下，或許可以問問 Mark，你們是否能夠確保足夠的產能，或者在滿足今年超大規模客戶 AI 訂單翻倍的需求方面是否存在任何限制？謝謝。

I am on the first one, I think you're referring to the incremental $1 billion being the increase in our guide from last time on the year. And I'd say it's a combination of those two things. I mean if you look at the hyperscale growth and orders is certainly going to be meaningful. But when you look at the larger business that we're talking about that was -- orders were up 9% in Q1. I think it'd be a mix.

我正在看第一張圖，我想你指的是新增的 10 億美元，也就是我們今年的指導價比去年同期增加。我認為這是這兩方面因素的結合。我的意思是，如果你看看超大規模的成長和訂單，那肯定會意義重大。但從我們所談論的更大的業務來看，第一季的訂單量增加了 9%。我認為會是兩者兼有。

I don't know that we have an exact number Mark to go through and you want to take a --

我不知道我們是否有一個確切的數字需要核對，馬克，你想拿一個--

We're seeing strength clearly on both sides. Yeah, and as far as whether we've been able to secure the capacity, if you will, in the supply. If you just look at -- we always think the best measure is to look at inventory plus advanced purchase commitments on a combined basis. If you look at that for the quarter, just in the last 90 days, we're up almost $1 billion, and year over year, we're up 38%, about $3 billion plus.

雙方實力都十分強勁。是的，至於我們是否能夠確保供應能力，或者說，是否能夠確保供應能力。如果只看——我們始終認為最好的衡量方法是將庫存加上預購承諾結合起來。如果只看本季度，光是過去 90 天裡，我們就成長了近 10 億美元；與去年同期相比，我們成長了 38%，約 30 億美元以上。

So we are making those advanced purchase commitments and making sure that we can secure the supply and the inventory that we need to meet the accelerating demand that we're seeing in hyperscale.

因此，我們正在做出這些預先採購承諾，並確保我們能夠獲得所需的供應和庫存，以滿足我們在超大規模領域看到的不斷增長的需求。

Thank you, Karl. Michell, can we take the next analyst?

謝謝你，卡爾。米歇爾，我們可以接下一位分析師了嗎？

Antoine Chkaiban, New Street Research.

Antoine Chkaiban，新街研究公司。

Hi, thank you very much for taking my question. I'd love to follow up about Cisco Unified Edge. How large do you think that opportunity can be relative to the large-scale multi-gigawatt cloud data centers and I think you mentioned use cases in retail, health care, manufacturing, if you can double-click on each of them?

您好，非常感謝您回答我的問題。我很想進一步了解思科統一邊緣（Cisco Unified Edge）的相關情況。您認為相對於大規模多千兆瓦雲端資料中心而言，這個機會有多大？我想您提到了零售、醫療保健、製造業等領域的應用案例，如果您可以逐一雙擊查看，請說明一下？

And what's the preferred deployment strategy for Edge AI Compute. Do you think that's more an opportunity for players with Edge assets like CDN or operators? Or do you think that's more something enterprises will deploy on-prem?

那麼，邊緣AI運算的最佳部署策略是什麼？你認為這對於擁有邊緣資產（例如 CDN 或營運商）的參與者來說，機會更大嗎？或者您認為這更適合企業在本地部署？

And maybe as a follow-up, so is Cisco planning to participate to the scale-up opportunity? And will that be material? And what partnerships would you be forming to do that? Thank you.

那麼，思科是否也計劃參與到規模擴張的機會中來呢？那會是實質的嗎？為了實現這一目標，你會建立哪些合作關係？謝謝。

Thanks, Antoine. So yeah, the Unified Edge product is something we're really excited about. As we all know, when you're really trying to do real-time inferencing, in a retail environment when a customer is there, and you're trying to learn something or gain very critical information at that moment in time, you're going to have to push that inferencing to the edge and you can't send the data back and forth to a data center.

謝謝你，安托萬。是的，我們對 Unified Edge 產品感到非常興奮。我們都知道，在零售環境中，當顧客在場，而你又想在那一刻進行即時推理，並試圖從中了解某些資訊或獲取非常關鍵的資訊時，你必須將推理推向邊緣，而不能將資料來回發送到資料中心。

So we think this Unified Edge over time is going to have huge applicability, retail, restaurant chains, health care, and it's a unique thing that we can put together because we own all of those technologies. And so I'm proud again of the team for coming across -- coming together across all of our business units and actually seeing the need to deliver that product and delivering it.

因此，我們認為這種統一邊緣技術隨著時間的推移將具有巨大的應用前景，例如零售、連鎖餐廳、醫療保健等領域。這是我們能夠將其整合在一起的獨特優勢，因為我們擁有所有這些技術。因此，我再次為團隊感到自豪，他們跨越所有業務部門，團結一致，真正認識到交付該產品的必要性並最終交付了該產品。

We'll see how it scales and ramps but I think it's something that's going to be very interesting to our customers. Years and years ago, we had branch solutions that had integrated compute, et cetera, and integrated security. And I think this is is the revitalization of that technology at the edge.

我們會看看它如何擴展和發展，但我認為這對我們的客戶來說會非常有趣。很多年前，我們有了整合了運算等功能以及整合安全功能的分公司解決方案。我認為這是邊緣運算技術的復興。

From a deployment strategy perspective, I'd say it's all of the above. I think you could see CDN players. I think it is something that hopefully, the carriers and the telcos who have these distributed POPs that are very close to these customers can offer this as a consumption service. I think customers will also choose to put it on-prem. In certain cases, every customer has a different perspective.

從部署策略的角度來看，我認為以上所有因素都成立。我想你可以看到CDN玩家。我認為，擁有靠近客戶的分散式存取點的營運商和電信公司或許可以考慮將這種服務作為消費服務提供。我認為客戶也會選擇將其部署在本地。在某些情況下，每位顧客的看法都不同。

If I go to your second question on the scale-up opportunity, if you look at the slide that we had in our prepared notes on our Silicon One road maps, we did have a scale-up silicon offering on the right side of that slide. So we have talked a bit about our future ability to participate in a scale up.

如果我回答你關於規模化機會的第二個問題，如果你看一下我們準備的關於 Silicon One 路線圖的幻燈片，我們確實在那張幻燈片的右側有一個規模化矽產品方案。我們已經討論了一些關於我們未來參與規模化發展的能力。

We do believe that that's going to transition to a version of Ethernet. And it's our intent to play in that market. So you should expect to see something from us over time, for sure.

我們相信它最終會過渡到乙太網路的某個版本。我們的目標是進軍這個市場。所以，隨著時間的推移，你們肯定會看到我們的一些作品。

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

謝謝你，安托萬。米歇爾，我們可以開始討論下一位分析師了。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thank you for taking the question. I've got the two as well. One is, I want to understand what's motivating the customers in this campus refresh. And where I'm coming from is we had the backlog flush after the pandemic. So 2023 was a phenomenal year for your campus business. And so I assume the embedded base is relatively young. So help me understand the motivation or why you're succeeding here?

感謝您回答這個問題。我也有這兩樣。首先，我想了解是什麼促使客戶進行這次校園改造。我的意思是，疫情過後，我們積壓的工作都清理乾淨了。所以，2023年對你們校園企業來說是碩果累累的一年。因此，我認為嵌入的基底相對較新。所以，請幫我理解你的動機，或是說你為什麼在這裡成功？

And the second question is, we've heard that other governments, international governments, state and local governments have picked up more of the slack with the federal challenges you saw earlier this year. Could you unpack what you're seeing, particularly on the international governments? Thank you.

第二個問題是，我們聽說其他國家政府、國際政府、州政府和地方政府已經承擔了更多聯邦政府在今年稍早面臨的挑戰。您能否詳細解讀一下您所看到的情況，特別是關於國際政府方面的情況？謝謝。

Yeah, Simon. So on the campus side, I think the reality is that I think the size of that installed base and how much of it was actually flushed in 2023 is probably overestimated. I mean it was a big move, granted. But if you look at the amount of end of support equipment that our teams have identified, it's billions and billions and billions of dollars of installed base that is pre-Cat9k. So not only it didn't get an upgrade to the Cat9k, it didn't get upgraded in the 2023 push. So all of that is still out there, and I think that's part of what we're seeing.

是的，西蒙。所以就校園方面而言，我認為實際情況是，我認為已安裝的基數規模以及 2023 年實際沖走的基數可能被高估了。我的意思是，這的確是一項重大舉措。但如果你看看我們團隊已經確定的停止支援設備的數量，你會發現這是 Cat9k 之前的安裝基礎，價值數十億美元。所以它不僅沒有升級到 Cat9k，也沒有在 2023 年的升級浪潮中獲得升級。所以所有這些問題仍然存在，我認為這就是我們現在所看到現象的一部分。

On the other government front, we see dynamics in Europe where, from a defense perspective and from a geopolitical perspective, we see lots of investment happening in public sector in Europe. We see it in the UK and Germany. We obviously saw US Federal growing strongly even though it was closed.

在另一個政府方面，我們看到歐洲正在發生一些變化，從國防和地緣政治的角度來看，歐洲公共部門正在進行大量投資。我們在英國和德國都看到了這種情況。即使美國聯邦銀行關閉，我們仍然看到其業務強勁成長。

The government was closed, but public sector globally has been strong for several quarters in a row, and we anticipate that given the push for general sovereignty around the world, not just data sovereignty and tech sovereignty, but overall sovereignty, we would expect that to continue.

政府雖然關閉了，但全球公共部門已經連續幾季保持強勁增長，鑑於世界各地都在推動普遍主權，不僅是數據主權和技術主權，而是整體主權，我們預計這種情況還會繼續下去。

Yeah, Simon, I would just add to your point, I think you were alluding to this. All three of our geographies grew in public sector, but the bulk of the strength or the greatest strength that we saw was actually outside the US, and in the mid to upper teens in EMEA and APJC. So good strength there.

是的，西蒙，我只想補充一點，我想你指的就是這個。我們三個地區的公共部門業務均有所成長，但我們看到的大部分成長或最大成長實際上來自美國以外，EMEA 和 APJC 的成長均達到 15% 到 20% 左右。所以這方面實力不錯。

Thank you, Simon. Michelle, can we move to the last and final analyst in the queue?

謝謝你，西蒙。米歇爾，我們可以轉到隊列中最後一位分析師了嗎？

Ben Bollin, Cleveland Research.

本‧博林，克利夫蘭研究公司。

Good afternoon, everyone. Thanks for getting me in. A bigger picture question for you, Chuck. When you look at the current AI build-out, how do you think about this relative to in the late '90s with respect to the Internet build-out. And interested in your thoughts on durability, sustainability, integrity, just how you're contemplating and thinking about all these orders and the optionality going forward?

大家下午好。謝謝你讓我加入。查克，我想問你一個更宏觀的問題。當你審視當前的人工智慧發展時，你如何看待它與 90 年代末網路發展之間的關係？我很想了解您對耐用性、可持續性、完整性的看法，以及您如何思考所有這些訂單和未來的選擇？

Yeah, thanks, Ben. I think this is a common question that we get, particularly since we live through it. I think there's a few differences. I think that the speed at which this transition is moving is even faster than what it was, I think, at the turn of the century and in the dot-com days.

謝謝你，本。我認為這是我們經常被問到的問題，尤其因為我們親身經歷了這一切。我認為兩者之間存在一些差異。我認為，這種轉變的速度甚至比世紀之交和網路泡沫時期還要快。

I also think that the companies that are investing in this are massive, strong balance sheet, strong cash flow, profitable companies and that's -- a lot of the spend is coming from companies that are incredibly strong who view this as is existential, right?

我也認為投資於此的公司都是規模龐大、資產負債表穩健、現金流充裕、盈利能力強的公司，而且——很多投資都來自實力雄厚的公司，他們認為這是關乎生存的，對吧？

And so -- this is not -- it's not -- there aren't as many companies that are making bets that don't have business models. I mean there's clearly going to be winners and losers. But I think there's such a concentration of spend from highly profitable strong balance sheet, strong cash flow companies. I think that's a big difference. And I think the pace at which this is moving is meaningfully different.

所以——這並不是——這並不是——現在沒有那麼多公司在沒有商業模式的情況下進行投資。我的意思是，很明顯會有贏家和輸家。但我認為，支出主要集中在那些獲利能力強、資產負債表穩健、現金流充裕的公司。我認為這差別很大。我認為這件事的進展速度截然不同。

I think just to be determined, the impact on society and the impact on business relative to what we saw in the -- at the turn of the century, around 2000. But it is the pace is what's hugely different for me. So it's an area we're really excited about.

我認為，還需要進一步確定，與世紀之交（2000 年左右）的情況相比，這對社會和商業的影響究竟有多大。但對我來說，最大的不同之處在於節奏。所以，我們對此領域感到非常興奮。

So thanks for the question, Ben.

謝謝你的提問，本。

Thank you, Ben. I'm going to hand it over to Chuck for some closing remarks on our conference call.

謝謝你，本。我將把發言權交給查克，讓他為我們的電話會議做總結發言。

Yeah. Let me just start by saying how proud I am of our team. How hard they've worked to get to these results. I think the innovation that our teams are delivering is at an all-time high. The commitment and the focus on listening to our customers and delivering the technology that they need right now is fantastic.

是的。首先，我想表達我對我們團隊的自豪。他們為了取得這些成果付出了多少努力啊！我認為我們團隊的創新能力正處於歷史最高點。我們致力於傾聽客戶的需求，並專注於提供他們現在需要的技術，這種精神和專注令人讚嘆。

I think the last 12 to 18 months, the real emergence of the importance of the network in this AI wave is very clear, and that's what we do best. And so driving a lot of innovation in the network, I think at a time where the network is becoming more important is huge. It's just the beginning. We have momentum with the hyperscalers. We see the growing opportunity across enterprise, sovereign, and neocloud.

我認為在過去的 12 到 18 個月裡，網路在人工智慧浪潮中的重要性真正顯現出來，這一點非常明顯，而這正是我們最擅長的。因此，在網路變得越來越重要的當下，推動網路領域的大量創新意義重大。這只是個開始。我們在超大規模資料中心領域擁有發展動能。我們看到企業、主權雲和新雲領域都蘊藏著日益增長的機會。

We've got this multiyear, multibillion-dollar network refresh opportunity. And again, with what I think is an unmatched innovation pipeline as well as an acceleration of our global partnerships, and it really does position us for the strongest fiscal year we've ever had.

我們迎來了一個耗時多年、價值數十億美元的網路升級改造機會。而且，我認為我們擁有無與倫比的創新管道，並加速推進全球合作夥伴關係，這確實使我們迎來了有史以來最強勁的財政年度。

So we have a lot of confidence. We have a lot of excitement and I want to just once more thank the teams for everything they do. And then Sami, I'll turn it back over to you.

所以我們信心十足。我們都非常激動，我只想再次感謝所有團隊所做的一切。然後，薩米，我就把機會還給你。

Thank you, Chuck. Cisco's next quarterly call, which will outline our second-quarter fiscal year 2026 results will be on Wednesday, February 11, 2026, at 1:30 PM Pacific Time, 4:30 PM Eastern Time.

謝謝你，查克。思科的下一次季度電話會議將於 2026 年 2 月 11 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 2026 財年第二季的業績。

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。如果您還有其他疑問，請隨時聯絡思科投資者關係部門。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 800-839-2232. For participants dialing from outside the US, please dial 203-369-3662. This concludes today's call. You may disconnect at this time.

感謝您參加今天的電話會議。如果您想收聽完整的通話錄音，可以撥打 800-839-2232。對於從美國境外撥入的參與者，請撥打 203-369-3662。今天的電話會議到此結束。您現在可以斷開連線了。