思科 (CSCO) 2026 Q2 法說會逐字稿

Welcome to Cisco's second quarter 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財年第二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.

現在我來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. 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. Following this call, we will also make the recorded webcast and slides available on the website.

大家下午好。這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 Chuck Robbins，以及我們的財務長 Mark Patterson。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 third 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.

請注意，我們今天的討論將包含前瞻性陳述，包括我們對第三季和 2026 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（特別是我們最新的 10-K 和 10-Q 報告）中詳細列出的風險和不確定性的影響，這些報告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. Q2 was a very strong quarter with revenue and earnings per share both growing double digits and coming in above the high end of our guidance ranges. We delivered record revenue in Q2, 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。第二季業績表現非常強勁，營收和每股盈餘均實現了兩位數成長，並超過了我們預期範圍的上限。第二季度，我們實現了創紀錄的營收，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 Q2, total revenue growth accelerated to 10% year-over-year with product revenue up 14%, driven by robust demand for 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 11%, which continued to grow faster than revenue. This strong performance allowed us to return $3 billion in capital to shareholders in the quarter, bringing the total value returned year-to-date to $6.6 billion. Today, we also announced an increase to Cisco's dividend, demonstrating our commitment to returning value to shareholders through consistent capital returns.

第二季度，總營收年增率加速至 10%，其中產品收入成長 14%，這主要得益於對人工智慧基礎設施和園區網路解決方案的強勁需求。我們強勁的營收表現，加上營運效率的提升和團隊的穩健執行，使得非GAAP每股收益成長了11%，且這一成長速度持續超過營收成長速度。這一強勁的業績使我們得以在本季度向股東返還 30 億美元的資本，使今年迄今返還的總價值達到 66 億美元。今天，我們也宣布提高思科的股息，體現了我們致力於透過持續的資本回報為股東創造價值的承諾。

Our innovation engine is firing on all cylinders, and our commitment to customers has never been stronger. Last week, Cisco hosted its AI Summit, gathering AI visionaries and geopolitical experts to explore the economic, societal and business impacts of AI. While it was clear that expectations for adoption and execution are high, one major challenge still exists. Legacy infrastructure was not designed for the performance, speed and security needs of AI.

我們的創新引擎火力全開，我們對客戶的承諾也從未如此堅定。上週，思科舉辦了人工智慧高峰會，匯集了人工智慧領域的遠見卓識者和地緣政治專家，共同探討人工智慧對經濟、社會和商業的影響。雖然很明顯人們對採納和執行的期望很高，但仍有一個重大挑戰。傳統基礎設施並非為滿足人工智慧的效能、速度和安全需求而設計。

Our strong first half of FY26 demonstrates both the power of our portfolio and the fundamental role we play in this once-in-a-generation transition. With our industry-leading networking portfolio powered by Silicon One, AI native security solutions and operating systems, Cisco is well positioned to provide the critical infrastructure needed for the AI era.

我們在 2026 財年上半年的強勁表現，不僅體現了我們投資組合的實力，也體現了我們在這一代人一次的轉型中發揮的關鍵作用。憑藉由 Silicon One 提供支援的業界領先的網路產品組合、AI 原生安全解決方案和作業系統，思科完全有能力提供人工智慧時代所需的關鍵基礎設施。

I'd also like to address the recent significant increases in memory prices across the market. Leveraging our industry-leading supply chain team, we are proactively implementing three key strategies: First, we have already announced price increases, and we'll continue to monitor market trends and make additional adjustments as necessary. Second, we are revising contractual terms with channel partners and customers to address evolving component prices.

我還想談談近期市場上內存價格大幅上漲的問題。憑藉我們行業領先的供應鏈團隊，我們正在積極實施三項關鍵策略：首先，我們已經宣布提價，我們將繼續關注市場趨勢，並根據需要進行額外調整。其次，我們正在修訂與通路合作夥伴和客戶的合約條款，以因應不斷變化的零件價格。

Third, Cisco's operating scale and industry-leading position help us negotiate favorable terms and secure supply to fulfill current and future demand. Overall, we feel confident in our ability to manage this industry-wide dynamic better than our peers.

第三，思科的營運規模和行業領先地位有助於我們協商有利的條款並確保供應，以滿足當前和未來的需求。整體而言，我們有信心比同業更能應對這種產業範圍內的動態變化。

Now let me comment on the strong demand we saw in Q2. Overall, total product orders grew 18% year-over-year, even on top of double-digit growth in Q2 fiscal year '25. Excluding hyperscalers, product orders were up 10% year-over-year, demonstrating the broad-based demand we see for our technology globally. Enterprise product orders were up 8% year-over-year in Q2 with strength across our entire networking portfolio. Public sector orders were up 11% year-over-year with double-digit growth across all geographies.

現在我想談談我們在第二季度看到的強勁需求。總體而言，產品訂單總量年增 18%，即使在 2025 財年第二季實現兩位數成長的基礎上，仍然保持了這一增長。除超大規模資料中心外，產品訂單年增 10%，這表明我們在全球範圍內對我們的技術有著廣泛的需求。第二季企業產品訂單年增 8%，我們整個網路產品組合均表現強勁。公共部門訂單年增 11%，所有地區均達到兩位數成長。

Product orders from service provider and cloud customers accelerated in Q2, growing 65%, driven by triple-digit order growth across hyperscalers. We also saw continued growth from telco and cable customers in Q2 with orders up almost 20% on a combined basis.

第二季度，來自服務供應商和雲端客戶的產品訂單加速成長 65%，其中超大規模雲端服務商的訂單成長達到三位數。第二季度，電信和有線電視客戶的訂單也持續成長，合計成長近 20%。

Now some color on demand from a product perspective. Growth in networking product orders continued to accelerate, reaching more than 20% in Q2 and marking the sixth consecutive quarter of double-digit growth driven by service provider routing, data center switching, campus switching, wireless, servers and industrial IoT products.

現在從產品角度來看，我們需要一些按需著色。網路產品訂單成長持續加速，第二季增幅超過 20%，連續第六個季度達到兩位數成長，主要得益於服務供應商路由、資料中心交換、園區交換、無線、伺服器和工業物聯網產品的推動。

Within our Campus networking portfolio, we are seeing strong demand for our next-generation switching, routing and wireless products, which continue to ramp faster than prior product launches. We are delivering AI native capabilities across these products, including weaving security into the fabric of the network and modernizing the operational stack of Campus networks.

在我們的園區網路產品組合中，我們看到對下一代交換、路由和無線產品的需求強勁，其成長速度持續超過以往的產品發布速度。我們正在這些產品中提供 AI 原生功能，包括將安全性融入網路結構以及對園區網路的營運堆疊進行現代化改造。

These new capabilities, combined with an installed base representing tens of billions of dollars across early catalyst generations nearing end of support, underpin the multiyear, multibillion-dollar refresh opportunity for Cisco. We continue to see strong demand for our industrial IoT portfolio, which has now grown double digits for seven consecutive quarters. This demand is driven by onshoring of manufacturing to the United States, the increase of AI workloads at the network edge and the emergence of physical AI.

這些新功能，加上早期催化劑產品即將停止支援、價值數百億美元的已安裝基礎，為思科帶來了多年、數十億美元的更新換代機會。我們持續看到市場對工業物聯網產品組合的強勁需求，該產品組合已連續七季實現兩位數成長。這項需求是由製造業回流美國、網路邊緣人工智慧工作負載增加以及實體人工智慧的出現所驅動的。

AI infrastructure orders taken from hyperscalers totaled $2.1 billion in Q2 compared to $1.3 billion just last quarter and equal to the total orders taken in all of fiscal year '25, marking another significant acceleration in growth across our silicon, systems and optics. We shipped our 1 millionth Silicon One chip in Q2 and plan to deploy our Silicon One architecture across our high-performance networking systems by fiscal year '29.

第二季從超大規模資料中心營運商獲得的 AI 基礎設施訂單總額為 21 億美元，而上一季為 13 億美元，與 2025 財年全年訂單總額持平，這標誌著我們在矽、系統和光學領域的成長再次顯著加速。我們在第二季度交付了第 100 萬顆 Silicon One 晶片，並計劃在 2029 財年之前將 Silicon One 架構部署到我們的高效能網路系統。

Just this week at Cisco Live Amsterdam, we introduced our 102.4 terabit per second G300 chip, positioning Cisco in an exclusive group of silicon providers delivering over 100 terabits per second switching speeds. In addition, we launched four new systems powered by G300. The Cisco 8000 and Nexus 9000 102.4 terabit systems offer flexible air-cooled options for traditional data center architectures as well as liquid cooled option designed for the latest ground-up facilities.

就在本週的 Cisco Live Amsterdam 大會上，我們推出了每秒 102.4 太比特的 G300 晶片，讓思科躋身於少數幾家能夠提供每秒超過 100 太比特交換速度的晶片供應商之列。此外，我們也推出了四款採用 G300 處理器的新系統。Cisco 8000 和 Nexus 9000 102.4 太比特系統為傳統資料中心架構提供靈活的風冷選項，並為最新的新建設施提供液冷選項。

Silicon One's programmability puts Cisco silicon in a class of its own, capable of adapting to a wide range of use cases and network infrastructure designs. We also announced two new pluggable optics, a 1.6 terabit per second OSFP and an 800-gig LPO, both built with Cisco silicon photonics technology, delivering greater efficiency and reliability in high-performance AI infrastructure.

Silicon One 的可程式性使思科晶片獨樹一幟，能夠適應各種使用場景和網路基礎設施設計。我們也發布了兩款新的可插拔光模組，分別是每秒 1.6 太比特的 OSFP 和 800 千兆的 LPO，這兩款模組均採用思科矽光子技術製造，可在高性能 AI 基礎設施中提供更高的效率和可靠性。

Acacia reported its strongest quarter to date with triple-digit growth in bookings. All major hyperscalers are deploying its market-leading coherent pluggable optics for data center interconnect and scale across use cases. We see growth in both 400-gig and 800-gig coherent optics and transponder shipments with 800-gig pluggables ramping significantly.

Acacia公佈了迄今為止最強勁的一個季度業績，預訂量實現了三位數成長。所有主要的超大規模資料中心營運商都在部署其市場領先的相干可插拔光元件，用於資料中心互連和跨用例的擴展。我們看到 400G 和 800G 相干光元件和轉發器出貨量均有所成長，其中 800G 可插拔元件的出貨量顯著增加。

Given the strong demand for our Silicon One systems and optics, we now expect to take AI orders in excess of $5 billion and to recognize over $3 billion in AI infrastructure revenue from hyperscalers in FY26. Beyond hyperscalers, we have a separate AI opportunity across neocloud, sovereign and enterprise customers. We took $350 million in AI orders from these customers in Q2 and have a growing pipeline in excess of $2.5 billion for our high-performance AI infrastructure portfolio. We continue to develop our strategic partnerships to capture this opportunity.

鑑於市場對我們 Silicon One 系統和光學產品的強勁需求，我們現在預計將在 2026 財年獲得超過 50 億美元的 AI 訂單，並從超大規模資料中心確認超過 30 億美元的 AI 基礎設施收入。除了超大規模雲端服務商之外，我們還為新雲端、主權雲端和企業客戶提供獨立的 AI 機會。第二季度，我們從這些客戶那裡獲得了價值 3.5 億美元的人工智慧訂單，而我們高性能人工智慧基礎設施產品組合的訂單儲備已超過 25 億美元。我們將繼續發展策略夥伴關係，以抓住這一機會。

In Q2, we announced plans to form a joint venture with AMD and HUMAIN to deliver up to 1 gigawatt of AI infrastructure by 2030. This joint venture expects to begin operations this calendar year with a plan to build out 100 megawatts in Saudi Arabia as Phase 1 of the project. We are seeing strong interest from European customers in our sovereign critical infrastructure portfolio designed to operate in air-gapped on-prem environments, giving organizations control over sensitive data and critical infrastructure. As AI adoption accelerates, concerns over privacy, data governance and regulatory compliance are top of mind for our customers, making sovereign solutions an essential foundation for building digital trust.

第二季度，我們宣布計劃與 AMD 和 HUMAIN 成立合資企業，到 2030 年交付高達 1 吉瓦的 AI 基礎設施。該合資企業預計將於今年開始運營，計劃在沙烏地阿拉伯建設 100 兆瓦的發電項目，作為該項目的第一階段。我們看到歐洲客戶對我們自主關鍵基礎設施產品組合表現出濃厚的興趣，該產品組合旨在與外部網路隔離的本地環境運行，使組織能夠控制敏感資料和關鍵基礎設施。隨著人工智慧的普及，隱私、資料治理和監管合規性問題成為客戶最為關注的問題，因此，主權解決方案成為建立數位信任的重要基礎。

Now shifting to Security. In Q2, we continued to see order growth across our new and refreshed products, which represent roughly one-third of our security portfolio and include Secure Access, XDR, Hypershield, AI Defense and refreshed firewalls. Excluding the refreshed firewalls, over 1,000 new customers purchased these products in Q2, representing more than 100% growth quarter-over-quarter and bringing the total of net new customers since launch to roughly 4,000. We have also seen three consecutive quarters of double-digit growth in the number of firewalls ordered.

現在轉到安全領域。第二季度，我們的新產品和升級產品的訂單持續成長，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 和升級後的防火牆。除更新後的防火牆外，第二季有超過 1,000 名新客戶購買了這些產品，較上季成長超過 100%，自推出以來淨新增客戶總數達到約 4,000 名。我們也看到防火牆訂單數量連續三個季度實現了兩位數成長。

For Secure Access specifically, we booked over 2.5 million users in Q2 and more than 50% of added customers were new logos. As the adoption of AI tools grow and Agentic AI increases at the network edge, we expect to see continued momentum in our SASE business, including Secure Access and SD-WAN. As mentioned in prior quarters, growth in our new and refreshed portfolio continues to be offset by a decline in our prior generation portfolio.

具體來說，就安全存取而言，我們在第二季新增了超過 250 萬用戶，其中超過 50% 的新增客戶是新客戶。隨著人工智慧工具的普及和網路邊緣智慧人工智慧的增強，我們預計我們的 SASE 業務（包括安全存取和 SD-WAN）將持續保持成長勢頭。正如前幾季所提到的，我們新推出的和更新後的產品組合的成長繼續被我們上一代產品組合的下滑所抵消。

Turning to Splunk. We saw a similar trend in Q2 as seen in Q1 with continued acceleration to cloud subscriptions and fewer on-premise deals. While this shift is creating a drag on revenue growth, which we expect to continue in the second half of fiscal year '26, cloud subscriptions enable greater adoption, expansion and faster delivery of innovation to customers. So overall, we are pleased with this transition. Splunk also continued to win new customers in Q2, reaching 500 new logos for the first half of fiscal year '26 and is on track to add 1,000 new logos for the year.

轉而使用Splunk。第二季我們看到的趨勢與第一季類似，即雲端訂閱持續加速成長，而本地部署交易減少。雖然這種轉變正在拖累收入成長，我們預計這種情況將在 2026 財年下半年持續，但雲端訂閱能夠讓客戶更廣泛地採用、擴展和更快地獲得創新成果。總的來說，我們對這次過渡感到滿意。Splunk 在第二季也持續贏得新客戶，在 2026 財年上半年新增了 500 位客戶，並預計在全年新增 1,000 位客戶。

We are accelerating our innovation across our offerings, both for and with AI. At Cisco Live Amsterdam this week, we unveiled major AI defense and SASE advancements to help secure organizations as AI agents enter the workforce. AI Defense can now scan models and repositories for vulnerabilities and provide an AI bill of materials for centralized governance.

我們正在加速推進所有產品和服務的創新，包括面向人工智慧和與人工智慧相結合的創新。在本週的 Cisco Live Amsterdam 大會上，我們發布了 AI 防禦和 SASE 的重大進展，以幫助保護組織免受 AI 代理進入勞動力市場的影響。AI Defense 現在可以掃描模型和儲存庫中的漏洞，並提供 AI 物料清單以實現集中式治理。

In Cisco SASE, we launched a new semantic inspection engine that can evaluate the intent of Agentic interactions and block sophisticated context-dependent threats. We are also making AgenticOps the operating model for AI-driven IT to enable autonomous troubleshooting, continuous optimization and trusted validation. We are deploying AI agents to work hand-in-hand with human administrators within our product dashboards, AI assistant and AI Canvas. We continue to make AI advancements internally with expanded use cases in Q2 across nearly every organization.

在 Cisco SASE 中，我們推出了一種新的語意偵測引擎，它可以評估代理互動的意圖並阻止複雜的上下文相關威脅。我們也將 AgenticOps 打造為 AI 驅動型 IT 的營運模式，以實現自主故障排除、持續最佳化和可信任驗證。我們正在部署 AI 代理，以便在我們的產品儀表板、AI 助理和 AI Canvas 中與人類管理員攜手合作。第二季度，我們繼續在內部推動人工智慧技術的發展，並在幾乎所有組織中擴大了人工智慧的應用案例。

Today, the majority of our product developers are using AI coding assistant and working alongside agents, which help us innovate faster across our portfolio. Currently, over 90% of customer experience support cases are touched by AI and automation, enabling us to resolve a greater proportion of complex cases within 1 day and contributing to our highest ever customer satisfaction scores. Additional use cases across sales, security and trust, supply chain and corporate functions are also providing significant cost savings and efficiency gains.

如今，我們的大多數產品開發人員都在使用 AI 編碼助理並與代理商協同工作，這有助於我們更快地在整個產品組合中進行創新。目前，超過 90% 的客戶體驗支援案例都由人工智慧和自動化技術處理，這使我們能夠在一天內解決更大比例的複雜案例，並促成了我們有史以來最高的客戶滿意度評分。在銷售、安全和信任、供應鏈和企業職能等領域的其他應用案例也帶來了顯著的成本節約和效率提升。

To summarize, we see strong demand for our solutions across all customer markets and geographies, solidifying Cisco's role in providing the critical infrastructure needed for this once-in-a-generation transition. The value of our innovation is exemplified by Silicon One, which positions Cisco for the broadest range of AI deployments, even the most technologically challenging. And with over 40 years of customer trust and global scale, Cisco is committed to leading in the AI era to drive breakthrough innovation, manage complexity and risk and deliver faster business outcomes to customers globally.

總而言之，我們看到所有客戶市場和地區對我們的解決方案都有強勁的需求，這鞏固了思科在為這一代一次的轉型提供關鍵基礎設施方面的作用。Silicon One 充分體現了我們創新的價值，它使思科能夠部署最廣泛的人工智慧，即使是最具技術挑戰性的專案。憑藉 40 多年的客戶信賴和全球規模，思科致力於引領人工智慧時代，推動突破性創新，管理複雜性和風險，並為全球客戶帶來更快的業務成果。

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 another strong quarter with record revenue in Q2 and both operating margin and earnings per share coming in above the high end of our guidance. For the quarter, total revenue was $15.3 billion, up 10% year-over-year. Non-GAAP net income was $4.1 billion, up 10% and non-GAAP earnings per share was $1.04, up 11%, demonstrating continuing operating leverage with non-GAAP earnings per share growing faster than revenue.

謝謝你，查克。第二季我們又取得了強勁的業績，營收創歷史新高，營業利潤率和每股盈餘都高於我們預期的上限。本季總營收為 153 億美元，年增 10%。非GAAP淨利為41億美元，成長10%；非GAAP每股收益為1.04美元，成長11%，這顯示持續的營運槓桿效應，非GAAP每股收益的成長速度超過了營收的成長速度。

Looking at our Q2 revenue in more detail. Total product revenue was $11.6 billion, up 14% and services revenue was $3.7 billion, down 1% year-over-year. Networking was again the standout with growth of 21%, driven by AI infrastructure and campus refresh. We saw double-digit growth in campus switching, data center switching, wireless, service provider routing, enterprise routing and compute.

讓我們更詳細地分析一下第二季的收入狀況。產品總收入為 116 億美元，年增 14%；服務收入為 37 億美元，年減 1%。網路業務再次成為亮點，成長了 21%，這主要得益於人工智慧基礎設施和園區改造。我們在園區交換、資料中心交換、無線、服務供應商路由、企業路由和運算領域都實現了兩位數的成長。

Security was down 4%, reflecting similar dynamics discussed last quarter with declines in prior generation products and the transition in our Splunk business from an on-prem deal to cloud subscriptions, partially offset by growth in new and refreshed products. Collaboration posted solid growth of 6%, led by double-digit growth in devices as well as growth in CPaaS, Webex and Cloud Contact Center.

安全業務下降了 4%，這與上一季度討論的類似動態相符，即上一代產品的下滑以及 Splunk 業務從本地部署協議向雲端訂閱的過渡，但新產品和更新產品的成長部分抵消了這些下滑。協作業務實現了 6% 的穩健成長，這主要得益於設備業務的兩位數成長，以及 CPaaS、Webex 和雲端聯絡中心業務的成長。

Looking at our recurring metrics. Total RPO was $43.4 billion, up 5%. Product RPO grew 8%, of which the long-term portion was $11.8 billion, up 11%. Total ARR ended the quarter at $31 billion, an increase of 3% with product ARR growth of 6%. The subscription revenue -- total subscription revenue was $7.8 billion and represented 51% of Cisco's total revenue.

查看我們的周期性指標。RPO 總額為 434 億美元，成長 5%。產品 RPO 成長 8%，其中長期部分為 118 億美元，成長 11%。本季總 ARR 為 310 億美元，成長 3%，其中產品 ARR 成長 6%。訂閱收入－訂閱總收入為 78 億美元，佔思科總收入的 51%。

Total software revenue was $5.7 billion, up 2%. Q2 product orders were up 18% year-over-year. Product orders were up double digits across all geographic segments with the Americas up 23%, EMEA up 11% and APJC up 15% Product orders were also up across all customer markets with service provider and cloud up 65%, public sector up 11% and enterprise up 8%.

軟體總收入為 57 億美元，成長 2%。第二季產品訂單年增18%。所有地理區域的產品訂單均實現了兩位數成長，其中美洲成長了 23%，歐洲、中東和非洲地區成長了 11%，亞太及日本地區成長了 15%。所有客戶市場的產品訂單也均有所成長，其中服務供應商和雲端服務成長了 65%，公共部門成長了 11%，企業成長了 8%。

Total non-GAAP gross margin came in at 67.5%, down 120 basis points year-over-year. Non-GAAP product gross margin was 66.4%, down 130 basis points, primarily driven by negative impacts from mix and higher memory costs, partially offset by productivity improvements. Non-GAAP services gross margin was 70.9%, down 70 basis points. We continue our focus on enhancing profitability and driving financial discipline with non-GAAP operating margin at 34.6%, above the high end of our guidance range. Our non-GAAP tax rate was 19% for the quarter.

非GAAP毛利率總額為67.5%，較去年同期下降120個基點。非GAAP產品毛利率為66.4%，下降130個基點，主要受產品組合和記憶體成本上升帶來的負面影響，部分被生產率的提高所抵銷。非GAAP服務業毛利率為70.9%，下降70個基點。我們持續專注於提高獲利能力和加強財務紀律，非GAAP營業利潤率達到34.6%，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 Q2 with total cash, cash equivalents and investments of $15.8 billion. Operating cash flow was $1.8 billion, down 19% due to the final transition tax payment of $2.3 billion from the 2017 Tax Cuts and Jobs Act and continued investments to meet growing overall demand as well as specifically for AI infrastructure.

轉向資產負債表。第二季末，我們持有的現金、現金等價物及投資總額為 158 億美元。營運現金流為 18 億美元，下降 19%，原因是 2017 年《減稅與就業法案》的最終過渡稅款 23 億美元，以及為滿足不斷增長的整體需求（特別是人工智慧基礎設施需求）而進行的持續投資。

From a capital allocation perspective, we returned $3 billion to our shareholders during the quarter, comprised of $1.6 billion for our quarterly cash dividend and $1.4 billion of share repurchases with $10.8 billion remaining under our share repurchase program. Given the confidence we have in our business and the strength of our ongoing cash flows, today, we announced that we are raising our dividend by $0.01 to $0.42 per quarter. This dividend increase demonstrates our commitment to returning a minimum of 50% of free cash flow annually to our shareholders.

從資本配置的角度來看，本季我們向股東返還了 30 億美元，其中包括 16 億美元的季度現金股利和 14 億美元的股票回購，而我們的股票回購計畫下還剩餘 108 億美元。鑑於我們對自身業務的信心以及持續強勁的現金流，今天我們宣布將每季股息提高 0.01 美元至 0.42 美元。此次提高股息顯示我們致力於每年至少將 50% 的自由現金流返還給股東。

To summarize, we had another quarter with top and bottom-line performance exceeding our expectations, driven by strong order growth and robust margins, all demonstrating the power of our innovation engine to drive strong top line growth as well as operating leverage to fuel profitability. We remain focused on making strategic investments in innovation to capitalize on the significant growth opportunities that we see ahead. This will continue to be underpinned by our commitment to disciplined spend management and this powerful combination that continues to fuel strong cash flow and our ability to return significant value to our shareholders.

總而言之，在強勁的訂單成長和穩健的利潤率的推動下，我們又迎來了一個營收和利潤均超出預期的季度，這充分展現了我們創新引擎在推動營收強勁增長以及利用營運槓桿提升盈利能力方面的強大作用。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。我們將繼續秉持嚴格的支出管理原則，而這強而有力的組合將繼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 Q3 and fiscal year 2026 guide assumes current tariffs and exemptions remain in place through the end of fiscal 2026. These assumptions remain unchanged from prior guidance. Looking ahead, you can expect us to continue our focus on durable growth with financial discipline driving operating leverage and continued capital returns. For fiscal Q3, our guidance is as follows: we expect revenue to be in the range of $15.4 billion to $15.6 billion. We anticipate non-GAAP gross margin to be in the range of 65.5% to 66.5%.

尋求指導。請注意，我們的 2026 年第三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。這些假設與先前的指導意見保持一致。展望未來，我們將繼續專注於永續成長，透過財務紀律推動營運槓桿和持續資本回報。對於第三財季，我們的預期如下：預計營收將在 154 億美元至 156 億美元之間。我們預計非GAAP毛利率將在65.5%至66.5%之間。

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 $1.02 to $1.04. We are assuming a non-GAAP effective tax rate of approximately 19%. Cisco is positioned for its strongest year ever as indicated in our guidance for fiscal year 2026, which is as follows: we expect revenue to be in the range of $61.2 billion to $61.7 billion. Non-GAAP earnings per share is expected to range from $4.13 to $4.17.

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1.02美元至1.04美元之間。我們假設非GAAP有效稅率約為19%。思科預計將迎來有史以來業績最好的一年，正如我們對 2026 財年的預測所示，具體如下：我們預計營收將在 612 億美元至 617 億美元之間。預計非GAAP每股收益在4.13美元至4.17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. (Event Instructions) Operator, can we move to the first analyst in the queue?

謝謝你，馬克。（事件指令）操作員，我們可以轉到佇列中的第一位分析師嗎？

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Good afternoon. I guess my two questions, maybe the first one, you folks obviously have very solid momentum on the AI side with a $5 billion AI target for fiscal '26. Can you just help us think about the mix between Silicon One versus Optics in the book? And then really, as you think about some of the newer products like the G300 and the P200 on the Silicon One side, do you see these opening up incremental markets or workloads for Cisco? Or is it more about deepening your existing relationship? I'd love to just kind of understand that side.

午安.我想問兩個問題，或許第一個問題是，你們在人工智慧方面顯然發展勢頭強勁，2026 財年的人工智慧目標為 50 億美元。您能否幫我們思考一下書中 Silicon One 與 Optics 之間的連結？那麼，當你考慮像 Silicon One 的 G300 和 P200 這樣的新產品時，你認為這些產品會為思科開闢新的市場或工作負載嗎？或者，這更多的是為了加深你們現有的關係？我很想了解那方面的情況。

And then maybe on a follow-up, Mark, you just touched on the gross margin decline in April. I assume it's all memory related, but would love to just understand what's happening there. And if you feel like that's a trough on the gross margin and memory issues or not. Thank you.

然後，馬克，也許可以接著問一個後續問題，你剛才提到了四月毛利率下降的問題。我猜想這都與記憶有關，但我很想了解那裡究竟發生了什麼事。如果你覺得這是毛利率的低谷，或是有記憶體問題，那又如何呢？謝謝。

Hey Amit, thank you very much for the question. So on the AI infrastructure side, the $5 billion that we now have raised our estimates to during fiscal 2026 does not include any of the recently announced P200 products, nor G300, also neither of the Optics solutions that we announced this week at Cisco Live EMEA. We talked about this past quarter, the mix was 60% systems, 40% optics. And I think that's been reasonably consistent over the last few quarters.

嗨，Amit，非常感謝你的提問。因此，在人工智慧基礎設施方面，我們目前已將 2026 財年的預算提高到 50 億美元，但這並不包括最近發布的 P200 產品、G300 產品，也不包括我們本週在 Cisco Live EMEA 上發布的任何光模組解決方案。我們討論過上個季度的情況，其中系統佔 60%，光學元件佔 40%。我認為在過去的幾個季度裡，這種情況一直相當穩定。

Your final question about whether these open up new markets, I think these will allow us to continue to sell next-generation solutions across our existing customer base, and I think it will continue to help us gain traction with the neoclouds, the sovereign clouds, et cetera, help us get the scale across technologies out and continue to sell these solutions to existing customers as well as new customers. But just to reiterate, P200 and G300 are not in the $5 billion expected for fiscal '26. Mark?

關於您最後一個問題，即這些是否會開闢新市場，我認為這些將使我們能夠繼續向現有客戶群銷售下一代解決方案，並且我認為這將繼續幫助我們在新雲、主權雲等方面獲得發展動力，幫助我們擴大跨技術的規模，並繼續向現有客戶和新客戶銷售這些解決方案。但需要再次強調的是，P200 和 G300 不包含在 2026 財年預計的 50 億美元中。標記？

Yes. Thanks, Amit. And I'll take the gross margin question. So really, as you look at the Q3 guide, there's two primary things at work. One is mix and the other is memory prices, as you mentioned. First off, I just want to acknowledge the significant growth in hardware that we're seeing across our existing and new platforms that have been introduced and the fact that they're accelerating much faster than previous launches.

是的。謝謝你，阿米特。我來回答毛利率的問題。所以實際上，當你查看第三季指南時，你會發現有兩個主要因素在起作用。正如你所提到的，一個是混合價格，另一個是記憶體價格。首先，我想肯定的是，我們現有和新推出的平台在硬體方面都取得了顯著增長，而且它們的增長速度比以往任何一次發布都要快得多。

Secondly, in terms of memory, we're going to control what we can control. And Chuck talked a little bit about the fact that we've already announced price increases. We're going to stay very close to that and adjust as needed going forward. Secondly, there's some Ts and Cs with partners and customers that we're going to adjust to really bolster our position there.

其次，就記憶體而言，我們將控制我們能夠控制的東西。查克也簡單地談到了我們已經宣布提價的事實。我們將密切關注這一目標，並根據需要進行調整。其次，我們將調整與合作夥伴和客戶之間的一些條款和條件，以真正鞏固我們在那裡的地位。

Thirdly, it's really leaning into our financial strength and our world-class supply chain. If you look at it, it's evidenced by our advanced purchase commitments that just in the last 90 days are up $1.8 billion. If you look at it on a year-over-year basis, they're up about 73%. A big chunk of that is around memory.

第三，這確實是靠我們的財力和世界級的供應鏈。從我們的預購承諾來看，光是過去 90 天裡，預購承諾就增加了 18 億美元，這足以證明這一點。如果按年計算，它們增長了約 73%。其中很大一部分與記憶體有關。

And then lastly, I think in terms of focusing on what we can control, we're focused on financial discipline and profitability. And we're focused on growing EPS faster than revenue. You saw that in Q1. You saw it in Q2. And it's also in our full year FY26 guide. And if you -- we don't guide Q4, but if you go sort of back into the implied guide for Q4, you see it there as well.

最後，我認為就我們能夠控制的事情而言，我們專注於財務紀律和獲利能力。我們的目標是實現每股盈餘成長速度超過營收成長速度。你在第一季已經看到了。你在第二季已經看到了。而且它也包含在我們的2026財年全年指南中。而且，我們不提供第四季度業績指引，但如果你回顧第四季度的隱含指引，你也會在那裡看到相關資訊。

Tal Liani, Bank of America Securities.

Tal Liani，美國銀行證券。

Hi, I have two questions. The first one is, when I look at product revenue growth, the entire outperformance came from networking, which grew 21.1%. Can you drill down and tell us -- you spoke about orders in the prepared remarks. Can you speak about revenue growth? How did the various segments of networking grew? And where did the outperformance came from?

您好，我有兩個問題。首先，從產品收入成長來看，全部超額收益都來自網路業務，成長了 21.1%。您能否詳細說明一下—您在準備好的發言稿中談到了訂單問題。能談談營收成長情況嗎？網路的各個組成部分是如何發展的？那麼，這種優異表現究竟來自哪裡呢？

The second one is I can back out your 4Q guidance. And when I look at the sequential growth from Q3 to Q4, it's only 1.4%. So normally, it's 5%, 6%. This is a seasonally strong quarter. So why is it so low? Is it just conservatism? Or is it -- is there a growth concentration in the next two quarters?

第二點是，我可以撤回你對第四季的業績預期。當我查看第三季到第四季的環比成長率時，發現只有 1.4%。所以通常是 5%、6%。這是一個季節性強季度。為什麼數值這麼低？僅僅是保守主義嗎？或者說－未來兩季是否有成長集中期？

Yes. So thanks, Tal. Really, across networking, we're seeing strength, frankly, across the entire portfolio from the Campus to the data center, to the manufacturing floor in terms of our IoT offerings as well. So you're seeing very strong growth. Again, we talked about data center switching being six out of the last eight quarters, double-digit growth.

是的。謝謝你，塔爾。坦白說，從網路領域來看，從園區到資料中心，再到製造車間，我們的整個產品組合，包括物聯網產品，都展現出了強勁的勢頭。所以你看到的是非常強勁的成長。我們之前提到過，資料中心切換在過去八個季度中有六個季度實現了兩位數的成長。

It was double-digit growth this quarter. You're seeing strengthening again in the campus and a move to these new platforms that's faster than previous launches. And I think your second part of the question was really just around seasonality. Is that right?

本季度實現了兩位數成長。您可以看到校園內的實力再次增強，並且向這些新平台的遷移速度比以往的發布速度更快。我認為你問題的第二部分實際上只是關於季節性的。是這樣嗎？

Yes, sequential seasonality.

是的，具有連續季節性。

Yes, sequential. So if you look at it, the product revenue typically is kind of down mid-single digits quarter-over-quarter, and we were up 5%. And as you look at Q3, really the typical seasonality is kind of low single digits. And that's right where we are despite the fact that we had a huge Q2 in terms of year-over-year growth, 14% and also seasonally a very strong quarter in Q2 as well. So we feel pretty good about the Q3.

是的，按順序。所以你看，產品收入通常每季都會下降個位數百分比，而我們卻成長了 5%。而到了第三季度，典型的季節性波動幅度其實只有個位數。儘管我們第二季度年增了 14%，而且第二季度也是季節性成長非常強勁的季度，但我們目前的處境依然如此。所以我們對第三季的業績感覺相當不錯。

Yes. One other comment, Tal, I'd make on that is that I think with the nonlinear nature of the hyperscaler business, it creates a little bit of uncertainty relative to our historical numbers that you're so used to seeing.

是的。Tal，關於這一點，我還有一點要補充，我認為超大規模資料中心業務的非線性特性，會造成一些與我們以往資料相比的不確定性，而這些資料是你習以為常看到的。

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

Hey, thanks. I want to ask the gross margin in a different way. Backing into the EPS guidance, it seems like EPS is a little higher than where the Street is in the fourth quarter, maybe a couple of pennies. And that would imply that the gross margin is expected to trough and get better? Or is that just due to operating margin?

嘿，謝謝。我想換個方式問一下毛利率。回溯到每股盈餘預期，似乎第四季的每股盈餘比華爾街的預期略高，可能高出幾美分。那是不是意味著毛利率預計會觸底？或者這只是營業利潤率造成的？

And then I was wondering if you could address that. I think the first question talked about the trough. But if I look at the guidance that way, something is getting a little better on the operating margin line. Is that from cost cutting or gross margin in the fourth quarter? And then I have a follow-up.

然後我想問您是否可以回答這個問題。我認為第一個問題是關於水槽的。但如果我這樣看待業績指引，營業利益率似乎有所改善。這是第四季成本削減還是毛利率提高的結果？然後我還有一個後續問題。

Yes. Thanks, Ben. So on gross margin, certainly, a lot of what we talked about relative to what we can control and some of the memory price increases that we've seen, some of that is just timing. So we think that will improve as we move forward. And then certainly, we're not here to talk about FY27. But as you get into FY27, we think that software growth will improve as well, and that will certainly help us.

是的。謝謝你，本。所以就毛利率而言，當然，我們討論的很多事情都與我們能夠控制的因素有關，而我們看到的一些記憶體價格上漲，其中一些只是時機問題。所以我們認為隨著工作的推進，情況會有所改善。當然，我們今天不是來討論2027財年的。但到了 2027 財年，我們認為軟體成長也會有所改善，這肯定會對我們有所幫助。

You had a second question, I think, Ben. Okay.

我想你還有第二個問題，本。好的。

Ben, we can catch up with you afterward.

本，我們之後可以再找你聊聊。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yeah, thanks for, taking the question. I guess I want to go more into the architecture stuff, Chuck. As we think about the AI networking opportunity and the traction that you've been seeing, I'm curious of your updated thoughts on how you view scale up as an opportunity for Cisco. What have you been doing? When does that start to maybe materialize if you see that as a large opportunity?

謝謝你回答這個問題。查克，我想更多地了解建築方面的東西。考慮到人工智慧網路帶來的機會以及您所看到的進展，我很想知道您對思科如何看待規模化發展機會的最新看法。你這陣子都在幹嘛？如果你認為這是一個巨大的機遇，那麼它何時開始變成現實？

And as my second question, I'm curious, given the traction you're seeing in the neoclouds and the sovereign opportunities, just maybe an update of the relationship, the engagement you've had with NVIDIA and how much that started to become maybe a driver outside of the hyperscalers? Thank you.

我的第二個問題是，鑑於您在新雲端和主權雲端領域看到的進展，我很好奇，能否更新一下您與 NVIDIA 的關係和合作情況，以及這種合作在多大程度上開始成為超大規模資料中心之外的驅動因素？謝謝。

Yes. Thanks, Aaron. So we haven't made any announcements on scale up. I think in the past, I've said we do plan to participate in it, and we expect in the future to have products and revenue from scale-up, but haven't announced anything. So I would say stay tuned on that front.

是的。謝謝你，亞倫。所以，我們還沒有發布任何關於擴大規模的公告。我記得以前說過，我們計劃參與其中，我們預計未來會透過規模化生產獲得產品和收入，但目前還沒有公佈任何消息。所以我想說，請大家繼續關注這方面的消息。

On the enterprise, sovereign and neocloud space, the first thing I would say is that the sovereign side, there's really no real need nor expectation for meaningful impact in FY26. And so we don't need that to actually accelerate for the guide that we've provided. It's purely upside. And then the neoclouds, I'd say, are generally the same. We expect the ramp to begin in the second half but really be FY27.

關於企業雲端、主權雲端和新雲端領域，我首先要說的是，就主權雲而言，在 2026 財年真的沒有真正的必要也沒有期望產生有意義的影響。因此，我們並不需要它來加速我們提供的指南。完全是利好。然後，我認為，新生雲總體上是相同的。我們預計產能爬坡將在下半年開始，但實際上要到 2027 財年才會開始。

As it relates to Nvidia, I think we had a quarter where we really began to see the acceleration of the engagements. We track the number of engagements we have in the field with NVIDIA. And while it was not a massive number leading up, we increased it by 70% from -- sequentially. And so we see those engagements continue to increase. We had -- obviously, Jensen was recently with us at our AI Summit and talked about the power of their GPU and compute with our networking and security, which was emblematic of the relationship and why we're doing it. So we're starting to see some early, early success there, and I think it will only ramp from here.

就英偉達而言，我認為我們有一個季度真正開始看到用戶參與度的加速成長。我們會追蹤我們在現場與 NVIDIA 的合作次數。雖然之前的數字不大，但我們還是連續成長了 70%。因此，我們看到這些參與度持續成長。顯然，Jensen 最近參加了我們的 AI 高峰會，並談到了他們的 GPU 和運算能力與我們的網路和安全技術的結合，這象徵著我們之間的關係以及我們為什麼要這樣做。所以我們已經開始看到一些早期成功，我認為未來只會越來越好。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great, thanks. Maybe building on that last question, just kind of the -- coming out of that AI Summit, clearly talking to a lot of customers. Just where are you seeing or how evolved is that enterprise appetite for investment? Or when do you think that, that kind of enterprise AI story takes off more?

太好了，謝謝。或許可以接著上一個問題繼續討論，就像──從人工智慧高峰會出來後，顯然與許多客戶進行了交流。您認為企業在哪些方面或多大程度上需要投資？或者，你認為這種企業人工智慧的故事什麼時候會真正興起？

And then maybe just a second question, just in terms of the price increases, any demonstrable kind of change to demand or forward ordering that you saw as a result of that? Thanks.

那麼，或許可以再問一個問題，就價格上漲而言，您是否觀察到因此而產生的需求或預購訂單方面有任何明顯的變化？謝謝。

I'll take the first. You take the second. Okay. So on the AI front, I think, first of all, on the AI Summit, I think if you looked at the lineup of representation that we have there, I think it speaks to the partnerships that we've built and the role that the entire ecosystem thinks that we're going to play across that ecosystem. So we were really excited about that and got a lot of positive feedback.

我選第一個。你選第二個。好的。所以在人工智慧方面，我認為，首先，就人工智慧高峰會而言，如果你看看我們在那裡的代表陣容，我認為這體現了我們已經建立的合作夥伴關係，以及整個生態系統認為我們將在該生態系統中扮演的角色。所以，我們對此感到非常興奮，並收到了很多正面的回饋。

On the enterprise side, what we're seeing is early use cases around things like quant, fraud detection, video analytics. We're seeing it across financials, manufacturing, pharmaceuticals. I also see examples in retail where you have -- they're leveraging agents on mobile devices in retail to help their staff do a better job engaging with their customers.

在企業方面，我們看到的是一些早期用例，例如量化分析、詐欺偵測、視訊分析。我們在金融、製造業、製藥業等各個領域都看到了這種情況。我也看到零售業的一些例子，他們利用行動裝置上的代理商來幫助員工更好地與顧客互動。

And I think you can see the way this is playing out, we're seeing a combination of both investment in cloud-based architectures as well as on-prem. I think if you look at our data center switching business, which is enterprise focused, we've had double-digit order growth six out of the last eight quarters, and we still had positive growth in the other two. So we continue to see meaningful investment in private data centers to support these applications.

我認為你可以看到事情的發展趨勢，我們看到的是雲端架構和本地部署兩種投資方式的結合。我認為，如果你看看我們以企業為中心的資料中心交換機業務，在過去的八個季度中，我們有六個季度的訂單增長達到兩位數，另外兩個季度也保持了正增長。因此，我們持續看到對私有資料中心的大量投資，以支援這些應用。

Yes. Meta, on the second part of your question, around pull forwards, we really didn't see anything in the quarter that would point us to evidence that there were any significant pull forwards there at all. We looked at the typical things in terms of linearity in the quarter. We had -- frankly, we had good double-digit growth as we move through the entire quarter.

是的。Meta，關於你問題的第二部分，也就是提前發售，我們本季確實沒有看到任何證據表明存在任何明顯的提前發售。我們從季度線性角度考察了典型情況。坦白說，整個季度我們都保持了兩位數的良好成長。

We looked at whether we had any pipeline pull forwards from future quarters, didn't really see that, looked at software activations, as you'd expect, channel checks and whatnot. And we actually saw the pipeline begin to build really in the out quarters rather than being pulled forward. So feel good about that.

我們查看了未來幾季是否有提前交付的訂單，但並沒有發現這種情況；我們還查看了軟體啟動情況，正如你所預料的那樣，進行了渠道檢查等等。我們實際上看到管道開始在外圍區域堆積，而不是向前推進。所以，為此感到高興吧。

And in terms of the price increase and whether or not it sort of lands with customers, I would say as you talk to customers, I think they understand it. They understand this is industry-wide. And I don't -- I haven't talked to any customers that are really willing to delay or defer any sort of strategic investments that they're making in technology. And I think there's no concern that we've seen there yet whatsoever.

至於價格上漲以及顧客是否能接受，我想說的是，當你和顧客交談時，我認為他們會理解的。他們明白這是整個產業普遍存在的問題。而且我還沒有——我還沒有和任何客戶談過，他們真的願意推遲或推遲他們在技術方面進行的任何戰略投資。我認為目前為止，我們還沒有看到任何令人擔憂的問題。

I would just add to that, Mark. Mark and I had lunch with one of our absolute biggest customers yesterday here on our campus, and we had a very detailed discussion about the different dynamics that are happening in this space and the pricing pressure.

我只想補充一點，馬克。昨天，我和馬克在我們園區與我們最大的客戶之一共進午餐，我們詳細討論了該領域正在發生的各種動態以及價格壓力。

And they completely understood and are going to work with us to actually make sure that the entire partnership actually continues to work for both of us. So I think customers -- it's an industry-wide issue. Customers get it. And while they may not like it, they understand that it's a dynamic that we're all dealing with.

他們完全理解，並將與我們合作，確保整個合作關係繼續對我們雙方都有利。所以我認為，這是整個產業都存在的問題。顧客們都明白。雖然他們可能不喜歡這樣，但他們也明白這是我們所有人都在面對的現實。

I think, frankly, also a lot of them understand that we'll probably be able to manage this a lot better than some of our peers, too. So we'll get through this together.

坦白說，我認為他們中的許多人也明白，我們或許能夠比一些同行更好地應對這種情況。所以我們會一起渡過難關。

David Vogt, UBS.

David Vogt，瑞銀集團。

Great, thanks guys for taking the question. I have a two-parter around the order numbers. So one, I appreciate the strength that you guys reported in AI orders. But it certainly sounds like the over $5 billion of order numbers sounds a bit conservative given the momentum that you're seeing in sort of the CapEx programs that have been announced over the last couple of weeks. So maybe if you could talk to why that number is only moving up to in excess of $5 billion. I think you said in the past it would double the prior year.

太好了，謝謝各位回答這個問題。我有一個關於訂單號碼的兩部分內容。首先，我很欣賞你們報告的人工智慧訂單的強勁表現。但考慮到過去幾週宣布的資本支出計畫所展現出的勢頭，超過 50 億美元的訂單數字聽起來確實有點保守。所以，或許您可以解釋為什麼這個數字只會成長到超過 50 億美元。我想你之前說過，這個數字會是去年的兩倍。

And then along those lines, I think you also mentioned that you're only going to recognize over $3 billion in AI-related revenue this year. And I think previously, you had said about $3 billion. So does that suggest that the timing from a revenue recognition perspective shifts into fiscal '27 and gives you more visibility from an AI infrastructure revenue perspective next year on top of the growth that you're seeing here in '26? Thanks.

然後，我想您也提到過，今年您預計只能確認 30 億美元以上的 AI 相關收入。我記得你之前說過大約30億美元。那麼，這是否意味著從收入確認的角度來看，時間點將轉移到 2027 財年，並且在 2026 年的增長基礎上，明年從人工智慧基礎設施收入的角度來看，您將有更大的可見性？謝謝。

Mark, I'll take the orders and you take the revenue one. I think -- thanks, David, for the questions. On the AI orders and the $5 billion, I think the thing to really remember about these customers is they're nonlinear. So -- and you just have to -- it's quite lumpy. There's only -- there's less than a handful of these major customers that are placing these orders.

馬克，我負責接單，你負責營收。我想──謝謝你，大衛，提出這些問題。關於人工智慧訂單和50億美元的訂單，我認為真正需要記住的是，這些客戶的需求是非線性的。所以——而且你必須——它很粗糙。只有寥寥幾個這樣的大客戶在下這些訂單。

So we're giving you that number based on the pipeline we see. Clearly, our teams will be working to make that number as big as they possibly can, but that's what we see today. And we just wanted to give you as close to a real number as we could see today.

所以，我們根據我們看到的管道情況給出這個數字。顯然，我們的團隊會努力讓這個數字盡可能大，但這就是我們今天看到的。我們只是想盡可能地給您一個接近真實數字的數據。

I didn't mention earlier, but I would also call out that during Q2, we actually won three new use cases. across these major players. So we won one Optics and two on the system side. And so we continue to see new opportunity. And hopefully, that will result in us giving you a better number at some point, David.

我之前沒提到，但我還要指出，在第二季度，我們實際上贏得了三個新的應用案例，涉及這些主要廠商。所以我們在光學方面贏得了一項冠軍，在系統方面贏得了兩項冠軍。因此，我們不斷看到新的機會。希望這能讓我們在某個時候給你一個更好的數字，大衛。

Yes. And David, just on the revenue question, these customers plan well in advance, which has its advantages to it. You're seeing orders converting to revenue. I think that you're seeing a continued ramp as we move through the year. And you're spot on in terms of giving us better visibility on some of the revenue rec that we would look at into '27 that will continue to follow on.

是的。大衛，就收入問題而言，這些客戶會提前做好計劃，這有它的優勢。你可以看到訂單正在轉化為收入。我認為隨著時間的推移，你會看到成長勢頭持續增強。你說的完全正確，這讓我們對一些收入確認有了更清晰的了解，我們將在 2027 年繼續關注這些收入確認。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi, thanks for taking my questions. Maybe one on AI Optics and one on non-AI. For the AI part, Chuck, you talked about the new products you're launching in Optics or the pluggable optics that you've launched recently. Particularly a big focus this year is CPO and sort of support for that in the infrastructure. So any thoughts or insights in terms of how Cisco plans around sort of addressing the CPO functionality, particularly, are you seeing customers sort of look at that as part of your road map? Are they looking for Cisco to have that as part of their road map in optics?

您好，感謝您回答我的問題。或許一本關於人工智慧光學，一本關於非人工智慧。查克，關於人工智慧部分，你談到了你在光學領域推出的新產品，或者說是你最近推出的可插拔光學元件。今年的重點之一是首席採購官 (CPO) 以及基礎設施方面對 CPO 的支援。那麼，關於思科如何規劃解決 CPO 功能方面，您有什麼想法或見解嗎？特別是，您是否看到客戶將此視為您產品路線圖的一部分？他們是否希望思科將此功能納入其光元件發展路線圖？

And then for my non-AI part, just trying to get a sense of what you're seeing on the order front for campus in the sense that we see your networking orders did accelerate, but when we strip out AI from it, what are the trends you're seeing on that order front for ex AI in networking and whether the end of life of Cat4K and 6K just to put that in context in terms of how much of a tailwind that is to your campus orders?

然後，就我非人工智慧部分而言，我只是想了解您在校園訂單方面看到的情況。我們看到您的網路訂單確實加速成長，但如果我們把人工智慧因素排除在外，您在網路訂單方面看到了哪些趨勢？例如，Cat4K 和 6K 的生命週期結束是否對您的校園訂單產生了多大的影響？

Thank you.

謝謝。

Thanks, Samik. I would say on the CPO, it's -- we absolutely believe it's going to happen. We don't believe it's actually imminent right now. If you recall, we actually demonstrated this technology, I think, two years ago or more. And so we have the technology to build it, and we will as customers want it.

謝謝你，薩米克。關於首席採購官（CPO），我想說——我們絕對相信它會發生。我們認為目前來看，這種情況還不會很快發生。如果你還記得的話，我們其實在兩年前或更久之前就已經展示過這項技術。因此，我們擁有製造它的技術，而且由於客戶需要，我們也會製造它。

But today, they want choice. And I think in many cases, customers want the differentiation between Optics and silicon so they have choice and they don't get locked in. It reduces their multi-vendor choice. But we did announce the 800-gig LPO, which is -- gives customers huge power savings, greater efficiency for AI scale out, and we'll continue to innovate as well on that front.

但如今，他們想要的是選擇。而且我認為在很多情況下，客戶希望區分光學元件和矽元件，這樣他們就有選擇權，不會被鎖定在某個裝置上。這減少了他們從多家供應商中選擇的餘地。但我們確實發布了 800G LPO，它能為客戶節省大量電力，並提高 AI 橫向擴展的效率，我們也將繼續在這方面進行創新。

I'd say on the Campus, basically on the enterprise networking side, let me just give you some color. And then, Mark, you may want to expand on the order rates. But the first thing I'd say is that when you look at the enterprise switching, enterprise routing, the wireless and the industrial IoT platforms, all four of them, the transition is ramping faster in all four of those areas than the prior transitions that we've seen historically at Cisco. So they're all ramping faster. That being said, we're in the top of the first inning.

我想說的是校園網路方面，基本上就是企業網路方面，讓我簡單介紹一下狀況。然後，馬克，你可能想詳細介紹訂單費率。但首先我想說的是，當你檢視企業交換、企業路由、無線和工業物聯網平台這四個領域時，你會發現，這四個領域的轉型速度都比思科以往的轉型速度更快。所以它們的增速都在加快。也就是說，我們現在才剛開始第一局。

So this thing is just getting started. So there's a lot of runway. We talked about the network products being up double digits now for six consecutive quarters. Data center switching was up double digits, six of the last eight quarters. All these things are ramping faster. I think Wi-Fi 7 was up 80% sequentially. I think our campus switching business was up close to double digits on orders. So we're seeing a fair amount of momentum and a lot of energy around customers that want to actually move on these upgrades.

這件事才剛開始。所以還有很長的路要走。我們討論過網路產品已經連續六個季度實現兩位數成長。資料中心交換量在過去八個季度中有六個季度實現了兩位數成長。所有這些事情都在加速發展。我認為 Wi-Fi 7 的市佔率較上季成長了 80%。我認為我們校園交換機業務的訂單量接近兩位數成長。因此，我們看到客戶們對升級表現出了相當大的熱情和動力。

Yes. And I would just -- maybe just to add to that, Chuck, I mean, to reiterate, if you look at that 18% bookings growth, excluding web scale, we were still at double digits, 10% year-over-year growth. So really, really strong quarter from an order standpoint. And when you look at the three geographies that we look at, all three grew in the double digits. All 3 accelerated their growth from Q1 just 90 days ago. So a really strong quarter overall.

是的。我只想補充一點，查克，我的意思是，重申一下，如果你看一下18%的預訂量增長，不包括網絡規模，我們仍然保持著兩位數的增長，同比增長10%。所以從訂單角度來看，這確實是一個非常強勁的季度。當我們觀察我們所關注的三個地區時，會發現這三個地區的成長率均為兩位數。這三家公司在短短90天前就實現了比第一季更快的成長。所以總體來說，這是一個非常強勁的季度。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes, I have 2 as well, please. First, of the roughly -- or excuse me, I understand that security was weaker as Splunk transitioned from perpetual licenses to SaaS. However, could you speak to the order rates and new product demand traction of your security portfolio that could augur well for recovery in your security offerings for the balance of '26?

是的，我也有兩個，謝謝。首先，大致來說——或者抱歉，我理解隨著 Splunk 從永久許可證過渡到 SaaS，安全性有所降低。不過，您能否談談貴公司安全產品組合的訂單率和新產品需求情況，這些情況可能預示著貴公司安全產品在 2026 年剩餘時間內將出現良好的復甦？

And just as my follow-up, please, Chuck, I noticed you indicated that your $5 billion of AI orders does not include your G300 or the 100 terabit switch portfolio. But more broadly, can you talk about the order rates you are seeing for your 51 terabit and 100 terabit data center switch portfolio because demand seems to be accelerating there. Thank you.

查克，我還有一個後續問題，我注意到你曾表示，你50億美元的人工智慧訂單不包括你的G300或100太比特交換器產品組合。但更廣泛地說，您能否談談您51太比特和100太比特資料中心交換器產品組合的訂單量，因為該領域的需求似乎正在加速成長。謝謝。

Yes. Thanks, Karl. So on the security update, here's what I would say. There's really three key points. Number one, we talked about the Splunk transition that has a short-term revenue headwind with the accounting treatment of on-prem versus cloud.

是的。謝謝你，卡爾。關於安全性更新，我想說的是：其實有三個關鍵點。首先，我們討論了 Splunk 的轉型，由於本地部署與雲端部署的會計處理方式不同，短期內會對收入造成不利影響。

The second thing is that we -- on the new products, and these are products that largely didn't exist three years ago. This is everything from Secure Access to XDR to AI Defense to Hypershield. We had 1,000 new customers of those products during the past quarter, and it was up 100% sequentially. So we're seeing the ramp now where customers are adopting these new products, which is a really good sign. And there's 4,000 customers who have bought one of those products since we built them. And these are -- again, these did not exist. So that's positive.

第二點是，我們──關於新產品，而這些產品在三年前基本上還不存在。這涵蓋了從安全存取、XDR、AI防禦到Hypershield等所有方面。上個季度我們新增了 1,000 位此類產品的客戶，較上季成長了 100%。所以我們現在看到客戶正在逐步接受這些新產品，這是一個非常好的跡象。自從我們生產這些產品以來，已有 4,000 位客戶購買了其中一款產品。而這些——再說一遍，這些都不存在。這是個好消息。

We -- on the refreshed firewalls, we had our third consecutive quarter of double-digit unit growth, and we just launched our new high-end refresh firewalls in the last 120 days. So we expect that to continue. And where that would lead us is as we exit Q4 this year, the organic Cisco security portfolio will be growing revenue close to double digits as we exit. So the teams are a little -- they're a little behind where we -- not the teams, but this portfolio is a little behind where we thought we'd be exiting the year, but it's still performing relatively well. It's just masked right now with the Splunk situation on the accounting treatment.

在升級後的防火牆方面，我們連續第三個季度實現了兩位數的銷售成長，而且我們在過去 120 天內剛剛推出了新的高階升級版防火牆。所以我們預計這種情況還會持續下去。而這將使我們在今年第四季末實現接近兩位數的有機成長。所以，這些團隊有點——他們有點落後於我們——不是說這些團隊，而是這個投資組合有點落後於我們預期的年底表現，但它仍然表現得相對良好。目前，Splunk 在會計處理方面的問題只是暫時掩蓋了這個問題。

On the $5 billion and the 51.2 product, I think we're selling as much as we can build at this point. We see demand across a couple of major customers that are literally asking for as much as they can get. And we're seeing huge acceleration in the 800-gig optics. We're seeing huge acceleration, obviously, in the Acacia portfolio. So I think the demand is there, and we just need to continue to build capacity.

關於 50 億美元和 51.2 產品，我認為我們目前的銷售量已經達到了我們能夠生產的上限。我們看到幾個主要客戶的需求量很大，他們真的想要盡可能多的產品。我們看到 800G 光傳輸技術正在迅速發展。很明顯，我們看到 Acacia 投資組合正在經歷巨大的加速成長。所以我認為市場需求是存在的，我們只需要繼續提高產能。

Yes. I think -- and just to add to that, it's not only the demand, but also continuing to make inroads with each of these hyperscalers across the portfolio, but also additional design wins that we saw this quarter as well.

是的。我認為——而且補充一點，這不僅是需求，也是我們繼續與投資組合中的每個超大規模資料中心營運商取得進展，以及我們本季度還獲得了其他設計項目。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

Hey, good afternoon. Thank you for the question. I have two as well. First, I was wondering if you could just talk a little bit about the EBIT margin outperformance in the quarter. Was that driven by cost savings? Is that a mix benefit as you do more with hyperscale customers?

嘿，下午好。謝謝你的提問。我也有兩個。首先，我想請您談談本季息稅前利潤率的優異表現。這是出於節省成本的考量嗎？隨著您與超大規模客戶的合作增多，這是否會帶來混合優勢？

And then second, I wanted to just revisit the comments around the April quarter gross margins. And I know you talked a little bit about that just being timing. Is the implication that you'll just take more pricing over the coming quarters to kind of recover a lot of that commodity cost inflation? Or is that a timing comment around just the mix of AI revenue perhaps? Just would love your general thoughts on that. Thank you.

其次，我想再談談關於四月份季度毛利率的評論。我知道你之前也稍微提到過，這只是時機問題。這是否意味著你們將在接下來的幾季裡提高價格，以彌補大宗商品成本上漲的影響？或者這只是針對人工智慧收入組合的時機性評論？很想聽聽你對此的看法。謝謝。

Yes. So thanks, Michael. So I'll take the first one just on the op inc percentage. As you pointed out, 34.6% for us is actually the highest in four quarters. So even though you saw a little bit of margin decline on a quarter-over-quarter basis and certainly year-over-year, we're just continuing to execute very well.

是的。謝謝你，麥可。所以我選擇第一個，就看它的營運成本百分比了。正如你所指出的，34.6% 對我們來說實際上是四個季度以來的最高值。所以，儘管我們看到季度環比和同比利潤率略有下降，但我們仍然保持著非常好的執行力。

And you're seeing us be very financially prudent in our expenditures and just really determined to drive profitability, and you saw that in the fact that EPS and top line both grew double digits, but the EPS line actually exceeded the top line.

您可以看到我們在支出方面非常謹慎，並且決心提高盈利能力，這一點從每股收益和營收都實現了兩位數增長這一事實中可以看出，但每股收益實際上超過了營收。

And then in terms of the timing, I think the measures that we talked about in terms of price increases and then some of the Ts and Cs that we're going to be modifying with our partners and customers, those just take a little bit of time to run through. So you'll start to see that over time.

至於時間安排方面，我認為我們之前討論的價格上漲措施，以及我們將與合作夥伴和客戶修改的一些條款和條件，都需要一些時間來落實。所以隨著時間的推移，你會開始看到這一點。

Pierre Ferragu, New Street.

皮埃爾費拉古，新街。

Hey, Apologies, I was on mute. Yes. So Chuck, can you give us a sense of how your commercial momentum is evolving on the cloud, like on the AI front? So you mentioned a couple of use cases you won with large customers on hyperscale. So I guess it's really like the kind of use case game. So what can you tell us about a typical use case where you make a difference where really you beat your main competition? So what's your -- how do you win there?

嘿，抱歉，我剛才靜音了。是的。查克，你能為我們介紹一下你的商業發展勢頭在雲端運算領域，例如人工智慧方面，是如何演變的嗎？你提到了一些你為大型客戶在超大規模應用程式場景下贏得的用例。所以我覺得這其實就是一種用例遊戲。那麼，您能否介紹一下您如何運用自身優勢，真正擊敗主要競爭對手的典型應用案例？那麼你的——你如何在那裡獲勝？

And then as you're expanding into the new cloud opportunities, the broader market, what do the dynamics look there? Is that a similar like use case focused kind of competitive game? And are you like second source for your clients? Or do you see actually clients to go for like Cisco as a primary source for networking for AI?

然後，隨著您拓展到新的雲端電腦遇和更廣闊的市場，那裡的動態會是什麼樣的呢？這是一款類似以特定應用場景為中心的競技遊戲嗎？你是否能成為客戶的第二資訊來源？或者您看到客戶真正選擇思科作為人工智慧網路的主要供應商？

Thanks, Pierre. So on the first one, I would say, how do we win? First of all, our Optics portfolio is really just well received and is, I'd say, number 1 in the world. I mean we have the best Optics portfolio that our customers want. And we just need -- we need to increase capacity to actually continue to deal with more and more demand there.

謝謝你，皮埃爾。所以對於第一個問題，我會問，我們如何贏？首先，我們的光學產品組合非常受歡迎，而且我認為它是世界第一。我的意思是，我們擁有客戶想要的最好的光學產品組合。我們需要－我們需要提高產能，才能繼續應對那裡日益增長的需求。

I'd say on the system side and the silicon side, we've talked a lot over the years about their desire to have silicon diversity. So that's a starting point for why they're interested in us being successful. But then our systems when we build these, I think there's two big differentiators for us. There's programmability of the silicon and then there's just the power efficiency that we're building into it.

我想說，在系統方面和晶片方面，多年來我們已經多次討論過他們對晶片多樣性的渴望。所以，這就是他們為什麼希望我們成功的原因之一。但是，當我們建立這些系統時，我認為我們有兩個很大的優勢。矽晶片具有可程式性，而且我們還在晶片中融入了節能特性。

And those generally -- and I think the way we do business and the commercial relationship that we have, the team -- the partnership that we have with them, I think they just -- they appreciate that. And I think it contributes to their desire for us to be able to do more with them. The second was neocloud, right?

而且一般來說——我認為我們做生意的方式以及我們與團隊建立的商業關係——我們與他們建立的伙伴關係，我認為他們——他們很欣賞這一點。我認為這促使他們希望我們能夠與他們一起做更多的事情。第二個是NeoCloud，對吧？

Enterprise.

企業。

Enterprise. Yes, on the enterprise side, there's opportunity across AI factory with Nvidia, so with GPUs. But what we really focus on and what we're most interested in is networking and security in addition to strategically where we need to position the GPUs. But by and large, we are the network standard, particularly when we're partnering with Nvidia in the enterprise right now. So that's what we see happening.

企業。是的，在企業方面，英偉達的 AI 工廠，也就是 GPU 領域，存在著許多機會。但我們真正關注和最感興趣的是網路和安全，以及我們需要在戰略上將 GPU 部署在哪裡。但總的來說，我們是網路標準，尤其是在我們目前與英偉達在企業領域合作的情況下。這就是我們看到的情況。

And again, we think bundling our security solutions like AI Defense and those sorts of technologies in these AI factory solutions is a good opportunity for us as we go forward.

我們再次認為，將我們的安全解決方案（例如 AI 防禦）和這類技術與 AI 工廠解決方案捆綁在一起，對我們來說是一個很好的發展機會。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys, thanks for squeezing me in. Just on the campus side, going back to a couple of questions here and trying to bridge it all together. You guys have talked about the refresh opportunity historically as more your fiscal '27, but now you're starting to say it's ongoing. I get it, Chuck, first inning of a Braves game for you, right? But what's changed?

嘿，各位，謝謝你們擠出時間陪我。就校園方面而言，回到這裡的幾個問題，並試圖將它們聯繫起來。你們之前一直把產品更新換代的機會說成是 2027 財年的事，但現在你們開始說這項工作正在進行中。我明白了，查克，這是你觀看勇士隊比賽的第一局，對吧？但究竟發生了什麼變化？

And then why wouldn't they start -- why wouldn't customers, especially in the enterprise, start pulling in their orders here given the pricing increases that they know are coming. These are smart buyers. And it kind of reminds a lot of enterprise out there of the supply chain issues a few years ago where we did start to see a pull-in of orders.

那麼，鑑於價格上漲即將到來，為什麼客戶，尤其是企業客戶，不會開始在這裡下單？這些都是精明的買家。這讓許多企業想起了幾年前的供應鏈問題，我們開始看到訂單減少的情況。

Yeah, okay. Thanks, Jim. So first of all, I think we are seeing a ramp in an acceleration. I wasn't sure if this is what you asked, but I'll make a couple of comments just to be clear. Many of these customers learned from COVID and they recognize that in these major times of transition, they don't want to ever be stuck with technology that's not modern. And as they look at the architectures that are required for Agentic AI, the security architecture, the network architecture, the latency requirements, all of that is leading them to look at making sure that their infrastructure is modernized.

好的。謝謝你，吉姆。首先，我認為我們正在看到加速成長的趨勢。我不確定這是否是您要問的，但為了明確起見，我還是補充幾點。許多客戶從新冠疫情中吸取了教訓，他們意識到，在這樣重大的轉型時期，他們絕對不想再使用過時的技術。當他們審視智能體人工智慧所需的架構、安全架構、網路架構、延遲要求時，所有這些都促使他們考慮確保其基礎設施現代化。

So that, combined with the fact that there's been a lot of learnings over the last couple of years about equipment that's past last day of support and the cybersecurity risks that are associated with that. I think those are well documented. And that's another thing that's leading them to do so.

因此，再加上過去幾年裡，人們對已過支援期限的設備以及與之相關的網路安全風險有了很多了解。我認為這些都有詳細的記錄。這也是促使他們這麼做的另一個原因。

I would say that on the core networking side, the memory content is not quite as high as what you'd see in compute platforms. And so the price increases are more nominal than they are in sort of the compute systems that you see some of our competitors talking about and the things that are a larger percentage of their portfolio. So do I think customers will try to buy ahead in some cases, perhaps, but I don't think it's going to be a big trend in the networking side of our business. And UCS for us is just -- it's not as big a percentage as it represents for some of our peers.

我認為，在核心網路方面，其記憶體佔用量並不像運算平台那麼高。因此，與一些競爭對手談論的計算系統以及他們在產品組合中佔比更大的產品相比，這些價格上漲幅度要小得多。所以我認為，在某些情況下，客戶可能會嘗試提前購買，但我認為這不會成為我們業務網絡的一個大趨勢。對我們來說，UCS 所佔的比例並沒有像一些同業那麼高。

All right. Thank you, Jim. I want to hand it over to Chuck for some closing remarks following the Q&A.

好的。謝謝你，吉姆。問答環節結束後，我想把發言權交給 Chuck，讓他做一些總結性發言。

First, I want to thank all of you for being with us today. And I also want to thank our team. I'm very proud of what they've done and the hard work that they put in. And this -- the results today are like -- they're coming together after multiple years of effort to get here. And we want to continue to deliver this innovation to our customers, and our teams are dedicated to do so. We're proud of the performance, especially in the core. I think it's important to really think about two big areas of momentum opportunity for us, and we're very early in all of these.

首先，我要感謝各位今天蒞臨現場。我還要感謝我們的團隊。我為他們所取得的成就和付出的辛勤努力感到非常自豪。而今天所取得的成果，就像是多年努力的結晶。我們希望繼續為客戶帶來這種創新，我們的團隊也致力於實現這一目標。我們對整體表現感到自豪，尤其是在核心部分。我認為，對我們來說，真正值得思考的兩個主要發展機會領域是非常重要的，而我們在所有這些領域都還處於非常早期的階段。

First of all, with the hyperscalers and the AI build-outs, the Silicon One architecture, the new innovation that we announced this week, the new use cases that we won during the quarter. We obviously see a growing opportunity with enterprise sovereign and the neoclouds in AI. And then this beginning of this campus refresh, as I said, feels like the top of the first inning. It's a multiyear, multibillion-dollar opportunity for us. So I have a high degree of confidence that we're going to deliver our strongest fiscal year yet.

首先，讓我們來看看超大規模資料中心和人工智慧建設、Silicon One 架構、我們本周宣布的新創新、以及我們在本季贏得的新用例。我們顯然看到了企業主權和人工智慧領域的新雲端帶來的日益增長的機會。正如我所說，這次校園改造的開始感覺就像是第一局的上半場。對我們來說，這是一個價值數十億美元、歷時多年的機會。因此，我非常有信心，我們將迎來迄今為止業績最好的一個財年。

And again, I want to thank our teams, and I want to thank all of you for joining us. And Sami, I'll hand it back to you.

再次感謝我們的團隊，也感謝各位的參與。薩米，我會把它還給你。

Thank you, Chuck. Cisco's next quarterly call, which will outline our third quarter fiscal year 2026 results will be on Wednesday, May 13, 2026, at 1:30 PM Pacific Time, 4:30 PM. Eastern Time. This concludes today's call.

謝謝你，查克。思科的下一次季度電話會議將於 2026 年 5 月 13 日星期三太平洋時間下午 1:30（美國東部時間下午 4:30）舉行，屆時將概述我們 2026 財年第三季的業績。美國東部時間。今天的電話會議到此結束。

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.

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 1800-839-2232. 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 1800-839-2232。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。