思科 (CSCO) 2026 Q4 法說會逐字稿

Welcome to Cisco's fourth quarter and 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. Now I would like to introduce Sami Badri, Head of Investor Relations. Sir, you may begin.

歡迎參加思科 2026 會計年度第四季暨全年財務業績電話會議。應思科要求，今日會議將進行錄音；如您有任何異議，請中斷連線。現在我想介紹投資人關係主管 Sami Badri。先生，您可以開始了。

Good afternoon, everyone. This is Sami Badri, Cisco's Head of Investor Relations, and I'm joined by Chuck Robbins, our Chair and CEO; and Mark Patterson, our CFO. Cisco's earnings press release and supplemental information, including GAAP to non-GAAP reconciliations are available on our Investor Relations website. Today's call is also being live streamed on YouTube, LinkedIn and X. Following this call, we will also make the recorded webcast and slides available on our website.

各位下午好。我是思科投資人關係主管 Sami Badri，與我一同出席的有董事長暨執行長 Chuck Robbins，以及財務長 Mark Patterson。思科的財報新聞稿與補充資訊（包含 GAAP 與非 GAAP 的調節表）已公布於我們的投資人關係網站。今日電話會議也將在 YouTube、LinkedIn 與 X 進行直播。會後，我們也會在網站上提供錄製的網路直播回放與簡報投影片。

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 and all comparisons will be made on a year-over-year basis unless stated otherwise. Please note that our discussion today will include forward-looking statements, including our guidance for the first quarter and fiscal year 2027.

在今天的電話會議中，我們將同時引用 GAAP 與非 GAAP 的財務結果。我們將以營收來討論產品表現，並以產品訂單來討論地區與客戶表現；除非另有說明，所有比較皆以年對年為基準。請注意，我們今天的討論將包含前瞻性陳述，包括我們對 2027 會計年度第一季與全年之財測指引。

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. 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.

這些陳述受我們向美國證券交易委員會（SEC）提交之文件中所詳述的風險與不確定性影響，特別是我們最新的 10-K 與 10-Q 報告；其中列示的重要風險因素可能導致實際結果與前瞻性陳述所載內容出現重大差異。關於財測指引，亦請參閱本次電話會議隨附的投影片與新聞稿以取得更多細節。除非透過明確的公開揭露，思科在季度期間將不對其財務指引發表評論。

Now I'll turn it over to Chuck.

現在把時間交給 Chuck。

Thanks, Sami, and thank you all for joining us today. We delivered a very strong close to fiscal 2026, making it a record year for Cisco with revenue exceeding $63 billion and growing 12% year-over-year. In fact, in FY26, we delivered the highest revenue, operating margin and earnings per employee in 30 years, demonstrating excellent execution from our teams and the increasingly critical role our technology has in the AI era. In FY27, we expect all these metrics to continue to improve, as indicated in our guidance, demonstrating outstanding productivity and earnings power. We believe the accelerating adoption of agentic AI is fueling a networking super cycle.

謝謝你，Sami，也感謝各位今天加入我們。我們在 2026 會計年度交出非常強勁的收官表現，創下思科的紀錄年度：營收超過 630 億美元，年增 12%。事實上，在 FY26，我們創下 30 年來最高的營收、營業利益率與每位員工的盈餘，展現團隊卓越的執行力，以及在 AI 時代我們技術日益關鍵的角色。在 FY27，我們預期如同指引所示，這些指標將持續改善，展現出色的生產力與獲利能力。我們相信，代理式 AI（agentic AI）的加速採用正推動網路的超級循環。

As customers look to manage increasing traffic and costs, they are investing in Cisco's Networking stack, for inferencing across cloud, on-premise and edge environments. At the same time, the rise of agentic AI is expanding the threat landscape, driving demand for our Security and Observability solutions to help monitor agent behavior and mitigate evolving threats. This presents a unique opportunity for Cisco, and we believe we're only at the beginning of this super cycle.

當客戶希望管理不斷增加的流量與成本時，他們正投資於思科的網路堆疊（Networking stack），以支援在雲端、本地端與邊緣環境中的推論（inferencing）。同時，代理式 AI 的興起正在擴大威脅版圖，帶動對我們安全與可觀測性（Observability）解決方案的需求，以協助監控代理行為並降低不斷演進的威脅。這為思科帶來獨特機會，我們相信這個超級循環才剛開始。

Turning to Q4. We delivered record revenue of $17.3 billion in the quarter, up an impressive 18% year-over-year with Product revenue up 24% year-over-year. Our record top line performance, combined with operating efficiencies, resulted in non-GAAP EPS growth of 23% in Q4 and 14% for the full year. This demonstrates strong operating leverage with the bottom line growing faster than the top line for both the quarter and the full year. The profitable growth of our business continues to produce strong cash flows supporting our commitment to deliver consistent capital returns.

接著談第四季。本季我們創下 173 億美元的紀錄營收，年增亮眼的 18%，其中產品營收年增 24%。我們創紀錄的營收表現，結合營運效率提升，使得第四季非 GAAP 每股盈餘（EPS）年增 23%，全年年增 14%。這顯示出強勁的營運槓桿：無論就本季或全年而言，獲利端的成長速度都快於營收端。我們業務的獲利性成長持續帶來強勁現金流，支持我們致力於提供穩定資本回饋的承諾。

In Q4, we returned $3.2 billion in capital to our shareholders through share repurchases and dividends, bringing the total return in fiscal '26 to $12.7 billion in value or 99% of free cash flow. Our results are a testament to the trust we built with our customers and our commitment to deliver the outcomes needed as they navigate this period of accelerating technological change. Now some color on demand. We saw strong momentum and broad-based demand for our technology globally, with total Product orders up 35% year-over-year in Q4 and hyperscale orders up triple digits. Excluding hyperscale, product orders were up 25%.

第四季，我們透過庫藏股回購與股利向股東回饋 32 億美元資本，使 2026 會計年度累計回饋達 127 億美元，約相當於自由現金流的 99%。我們的成果證明了客戶對我們建立的信任，以及我們致力於在其面對加速的科技變革期間，交付所需成果的承諾。接著補充一些需求面的情況。我們看到全球對我們技術的強勁動能與廣泛需求：第四季整體產品訂單年增 35%，超大規模（hyperscale）客戶訂單更呈現三位數成長。若排除 hyperscale，產品訂單年增 25%。

Enterprise product order growth accelerated to 21% year-over-year in Q4 with double-digit growth in every product category and geography. Public sector order growth also accelerated to 30% year-over-year, with continued momentum in EMEA and APJC and accelerated growth in the Americas driven by US Federal. Product orders from service provider and cloud customers grew 95% year-over-year, with four of the top hyperscalers each growing AI infrastructure orders in the triple digits. We also saw increasing strength in Telco in Q4 with orders growing over 30% year-over-year.

第四季企業客戶產品訂單成長加速至年增 21%，且各產品類別與各地區皆達雙位數成長。公部門訂單成長亦加速至年增 30%；EMEA 與 APJC 持續保持動能，而美洲地區在美國聯邦政府帶動下成長加速。來自服務供應商與雲端客戶的產品訂單年增 95%，四大頂級 hyperscaler 中有四家各自的 AI 基礎設施訂單皆呈三位數成長。我們也在第四季看到電信（Telco）需求走強，訂單年增超過 30%。

Now turning to product demand. Networking product orders grew 40% in Q4 driven by triple-digit growth in Service Provider Routing and Acacia Optics, and double-digit growth in Data Center Switching, Compute, Campus Switching, Wireless, Enterprise Routing and Industrial IoT products. Q4 marked the eighth consecutive quarter of double-digit growth for our Networking portfolio overall supporting our view that we are in a multiyear, multibillion-dollar networking super cycle. It is also worth noting that more than half of our customers purchased both Campus and Data Center Networking Solutions, demonstrating our differentiated platform approach where new technology investments compound the value of existing investments.

接著談產品需求。第四季網路產品訂單成長 40%，主要由服務供應商路由（Service Provider Routing）與 Acacia 光學（Optics）的三位數成長所帶動，並且資料中心交換（Data Center Switching）、運算（Compute）、園區交換（Campus Switching）、無線（Wireless）、企業路由（Enterprise Routing）與工業物聯網（Industrial IoT）產品也皆呈雙位數成長。第四季是我們整體網路產品組合連續第八季達成雙位數成長，支持我們的觀點：我們正處於一個跨多年、規模達數十億美元的網路超級循環之中。同時也值得注意的是，超過一半的客戶同時採購園區與資料中心網路解決方案，展現我們差異化的平台策略：新的技術投資會疊加並放大既有投資的價值。

Moving to AI infrastructure for hyperscalers. We took $4 billion in orders in Q4, bringing the total for FY26 to $9.3 billion, approximately 4.5 times our fiscal year '25 total. The mix of these orders in both Q4 and FY26 was approximately 60% Silicon One-based Systems and 40% Optics. Our Acacia business had another very strong quarter with over $1 billion in orders in Q4 and to date, we have shipped over 850,000 400-gig and over 75,000 800-gig Coherent Pluggable Optics. As AI workloads become increasingly distributed across clusters and facilities, we believe demand for this technology will remain strong, and I'm incredibly proud of our market leadership in this space.

再來看 hyperscaler 的 AI 基礎設施。我們在第四季取得 40 億美元訂單，使 FY26 全年合計達 93 億美元，約為 2025 會計年度總額的 4.5 倍。這些訂單在第四季與 FY26 的組合約為：60% 為基於 Silicon One 的系統，40% 為光學產品。我們的 Acacia 業務本季再度表現非常強勁，第四季訂單超過 10 億美元；截至目前，我們已出貨超過 850,000 個 400G，以及超過 75,000 個 800G 相干可插拔光學（Coherent Pluggable Optics）。隨著 AI 工作負載日益分散於不同叢集與設施之間，我們相信此技術的需求將維持強勁，我也為我們在此領域的市場領導地位感到無比自豪。

We won three new design wins with hyperscalers in Q4. One of these was for our Silicon One P200 power system for scale across, bringing our total to three scale across design wins for the P200 since launch, each with a separate hyperscaler, and we have already received orders for these in Q4. We believe this is only the beginning of the scale-across motion. As AI models grow in complexity and size, hyperscalers need to connect or scale-across multiple data centers due to physical and power limitations in a single data center. Power efficiency, reliability and scale are critical in ensuring distributed GPUs function as if they were in the same location.

第四季我們在 hyperscaler 客戶中贏得三個新的設計導入（design win）。其中之一是我們的 Silicon One P200 power system，用於 scale across；自推出以來，P200 已累計取得三個 scale across 的設計導入，且各自來自不同的 hyperscaler，我們也已在第四季收到相關訂單。我們相信這只是 scale-across 推進動能的開始。隨著 AI 模型在複雜度與規模上持續提升，受限於單一資料中心的物理與電力限制，hyperscaler 需要連接或以 scale-across 方式跨多個資料中心擴展。電力效率、可靠性與可擴展性是確保分散式 GPU 能像位於同一地點般運作的關鍵。

Given these requirements, Cisco is well positioned with our P200 Powered Systems market-leading Optics, Open Line Systems and coming soon Multi-rail Optical Systems to provide hyperscalers the technology needed for these complex use cases.

鑑於這些需求，Cisco 憑藉我們在市場領先的 P200 Powered Systems 光學（Optics）、開放式線路系統（Open Line Systems）以及即將推出的多軌（Multi-rail）光學系統，具備良好優勢，可為超大規模客戶提供支援這些複雜使用情境所需的技術。

The additional hyperscale design wins in Q4 were for a scale-out use case with our G200 Power System and one for a Managed Optical Fiber Network, which leverages our Line System Technology and enables the use of our Digital Coherent Optics directly in third-party equipment. The optical win is strategic as it positions Cisco as an alternative supplier to an incumbent competitor and has the potential to disrupt traditional delivery of managed optical fiber networks. Additionally, we have line of sight to multiple AI design wins expected over the next six months across our G300, G200 and P200 Silicon One chip designs as well as for Optics.

第四季新增的超大規模設計中標案，包括一項採用我們 G200 Power System 的橫向擴展（scale-out）使用情境，以及一項受管光纖網路（Managed Optical Fiber Network）標案；後者運用我們的線路系統技術，並使我們的數位相干光學（Digital Coherent Optics）可直接在第三方設備中使用。這項光學中標具有策略性意義，因其使 Cisco 成為既有競爭對手（ incumbent competitor ）之外的替代供應商，並有潛力顛覆受管光纖網路的傳統交付方式。此外，我們也已掌握未來六個月內預期將出現的多項 AI 設計中標案，涵蓋我們的 G300、G200 與 P200 Silicon One 晶片設計，以及光學產品。

As I've said before, our success with hyperscalers can be attributed to Silicon One, the industry's most scalable and programmable architecture for a wide range of use cases and infrastructure designs. Notably, we plan to roll out Silicon One comprehensively across our high-performance Networking Systems by fiscal year '29, which gives us greater control over our supply chain and innovation pipeline. Importantly, our control of the Silicon Systems and Software will enable us to develop more performance secure networking, reinforcing our competitive differentiation and positioning us for market share gains.

如我先前所說，我們在超大規模客戶的成功可歸因於 Silicon One——業界最具可擴展性且可程式化的架構，可支援廣泛的使用情境與基礎設施設計。值得注意的是，我們計畫在 2029 財政年度前，將 Silicon One 全面導入我們的高效能網路系統（Networking Systems），這將使我們對供應鏈與創新管線擁有更高的掌控度。更重要的是，我們對 Silicon 系統與軟體的掌控，將使我們能打造更高效且更安全的網路，強化我們的競爭差異化，並使我們具備提升市占率的有利位置。

Overall, our Hyperscale business continues to show great momentum with AI infrastructure revenue projected to grow to $7.5 billion in fiscal year '27 supported by demand growth and market share gains. For perspective, in FY26, approximately 6% of our total revenue was from AI infrastructure for hyperscalers, up from less than 2% in FY25.

整體而言，我們的超大規模業務持續展現強勁動能；在需求成長與市占提升的支撐下，AI 基礎設施營收預計將於 2027 財政年度成長至 75 億美元。作為對照，在 FY26，我們總營收中約 6% 來自超大規模客戶的 AI 基礎設施，高於 FY25 的不到 2%。

In addition to the hyperscaler demand, we took over $400 million in AI infrastructure orders from neo-cloud, sovereign and enterprise customers in Q4, bringing the total for the year to over $1 billion. We had a new design win in Q4 with a major neo-cloud provider for our G200 Powered System for a scale-out use case. In Enterprise, Nexus Switch orders tagged for AI deployments were up more than 85% sequentially. As these customers look to scale AI economically, there is increasing focus on managing token consumption. Selecting the right model in the right location for each workload.

除超大規模客戶需求外，我們在第四季也從新雲（neo-cloud）、主權（sovereign）及企業客戶取得超過 4 億美元的 AI 基礎設施訂單，使全年總額超過 10 億美元。第四季我們亦與一家主要新雲供應商取得新的設計中標案，採用我們的 G200 Powered System，用於橫向擴展（scale-out）使用情境。在企業市場，標記為 AI 部署用途的 Nexus 交換器訂單，較前一季成長超過 85%。隨著這些客戶尋求以更具經濟效益的方式擴大 AI 規模，對於管理 token 消耗的關注日益提高。為每個工作負載在正確的位置選擇正確的模型。

We believe on-premise AI infrastructure will become an important option for enterprise customers as they look to optimize both the business value and cost of AI. Enterprises need GPU clusters on-premise and at the edge with low latency, high-bandwidth networking and built-in security, observability and automation, all of which Cisco can provide and codesign vertically integrated stack. Regardless of how or where customers choose to deploy AI, whether in the public cloud through neo or sovereign clouds on-premise or at the edge, we believe Cisco will benefit because of the unmatched depth and breadth of our portfolio and our expertise in each scenario.

我們相信，隨著企業客戶尋求同時最佳化 AI 的商業價值與成本，地端（on-premise）AI 基礎設施將成為一個重要選項。企業需要在地端與邊緣部署 GPU 叢集，並具備低延遲、高頻寬網路，以及內建的安全性、可觀測性與自動化；這些 Cisco 都能提供，並可共同設計垂直整合的技術堆疊（stack）。無論客戶選擇如何或在何處部署 AI——不論是在公有雲、透過新雲或主權雲、在地端或在邊緣——我們相信 Cisco 都將受益，因為我們的產品組合具備無可匹敵的深度與廣度，且在各種情境中都擁有專業能力。

As we look at overall Enterprise demand, we see customers investing in infrastructure across their environments. In Q4, overall Data Center Networking orders grew more than 35% year-over-year. Notably, a leading US global bank placed an order for 1,000 Cisco Data Center Smart Switches replacing a major networking competitor and a major firewall competitor, transitioning to a secured networking architecture, which only Cisco can provide. Customers are also focused on modernizing the workplaces, and we continue to see strong demand for Campus Networking Solutions with 20% year-over-year growth in product orders in Q4.

就整體企業需求而言，我們看到客戶正跨其各種環境投資基礎設施。第四季整體資料中心網路（Data Center Networking）訂單年增超過 35%。值得注意的是，美國一家領先的全球性銀行下單採購 1,000 台 Cisco 資料中心智慧交換器（Smart Switches），取代一家主要網路競爭對手與一家主要防火牆競爭對手，轉向安全網路架構，而這是只有 Cisco 能提供的。客戶也聚焦於工作場所現代化；我們持續看到園區網路解決方案（Campus Networking Solutions）需求強勁，第四季產品訂單年增 20%。

Our next-generation Switching, Routing and Wireless products continue to ramp faster than prior product launches with WiFi 7 orders representing more than 50% of total Wireless orders in Q4. We see the momentum in Campus Networking being driven by infrastructure modernization to both scale AI initiatives and to strengthen defenses against a rapidly evolving cyber landscape.

我們的新一代交換、路由與無線產品持續以快於以往產品上市的速度放量；第四季 WiFi 7 訂單占總無線訂單的比例超過 50%。我們看到園區網路的動能，主要由基礎設施現代化所驅動，目的在於同時擴大 AI 計畫規模並強化對快速演變的資安環境之防禦。

A leading frontier AI company has chosen Cisco's Campus Networking Solution, including WiFi 7 access points, Smart Switches and end-to-end segmentation to enable innovation at speed and provide the security for that innovation as they rapidly scale to new locations. Orders for our Industrial IoT portfolio have also now grown in double digits for nine consecutive quarters, and continued to accelerate in Q4, driven by deployments in manufacturing and utilities as well as in data center facilities where ruggedized networking equipment is needed to withstand extreme operating conditions.

一家領先的前沿（frontier）AI 公司已選擇 Cisco 的園區網路解決方案，包括 WiFi 7 存取點、智慧交換器（Smart Switches）以及端到端分段（end-to-end segmentation），以加速創新並在其快速擴展至新據點時，為該創新提供安全保障。我們的工業物聯網（Industrial IoT）產品組合訂單也已連續九個季度維持雙位數成長，且在第四季持續加速，主要由製造業與公用事業的部署所帶動，同時也包括資料中心設施中需要耐用型（ruggedized）網路設備以承受極端運作條件的需求。

Now shifting to Security. Our entire security portfolio including Splunk saw double-digit order growth in Q4. In our core Security portfolio, over 1,500 customers purchased our new products, including Secure Access, XDR, Hypershield and AI Defense in Q4, this brings the total number of net new customers to over 6,400 since launch. Orders for Firewalls grew over 30% in Q4. When it comes to securing AI, customers increasingly want a unified approach across users, applications and agents, and we are seeing greater adoption of our AI security capabilities of AI Defense and guardrails and Secure Access.

接著談到資安（Security）。我們整體資安產品組合（包含 Splunk）在第四季的訂單成長達到雙位數。在核心資安產品組合方面，第四季有超過 1,500 家客戶購買我們的新產品，包括 Secure Access、XDR、Hypershield 與 AI Defense，使自上市以來的新增客戶總數超過 6,400 家。第四季防火牆（Firewalls）訂單成長超過 30%。在 AI 防護方面，客戶愈來愈希望在使用者、應用程式與代理（agents）之間採取一致的整合式方法；我們也看到客戶更廣泛採用我們的 AI 資安能力，包括 AI Defense 與防護欄（guardrails），以及 Secure Access。

As quantum computing creates risk both today and in the future, customers will need to assess the exposure of their infrastructure to these risks. We believe Cisco is uniquely positioned to help customers assess potential exposure and implement quantum safe protection across devices, networks and data using post-quantum cryptography or PQC. Some of our newest systems, including Cisco Secure Routers, Smart Switches, Wireless Controllers and Secure Firewall platforms are PQC-compliant making them very compelling, especially for the most highly regulated industries.

隨著量子運算在當下與未來都帶來風險，客戶將需要評估其基礎設施對這些風險的曝險程度。我們相信 Cisco 具備獨特優勢，可協助客戶評估潛在曝險，並透過後量子密碼學（post-quantum cryptography，PQC）在裝置、網路與資料層面導入量子安全防護。我們部分最新系統，包括 Cisco 安全路由器（Secure Routers）、智慧交換器（Smart Switches）、無線控制器（Wireless Controllers）與安全防火牆平台（Secure Firewall platforms）皆符合 PQC 規範，使其極具吸引力，特別是對於高度受監管的產業。

Turning to Splunk. We see good momentum as solutions are integrated into our Security offerings and contributing to several whole portfolio agreements in Q4. We also added more than 280 new logos to Splunk's customer base and secured the highest number of competitive wins in any quarter in fiscal year '26. As a result, we exceeded our target of 1,000 new logos for the year.

接著談 Splunk。我們看到良好動能，因為相關解決方案正整合進我們的資安產品中，並在第四季促成多項全產品組合協議（whole portfolio agreements）。我們也為 Splunk 的客戶基礎新增超過 280 個新標誌客戶（new logos），並在 FY26 的任一季度中取得最高數量的競爭性勝出（competitive wins）。因此，我們超越了全年新增 1,000 個新標誌客戶的目標。

In our Collaboration business, we saw the best quarterly performance in seven years with double-digit order growth in Q4 and Video Devices growing 40% year-over-year. Now I'd like to comment on our innovation pipeline.

在協作（Collaboration）業務方面，我們創下七年來最佳單季表現；第四季訂單成長達到雙位數，且視訊裝置（Video Devices）年增 40%。接下來我想談談我們的創新管線。

At Cisco Live US in June, we introduced Cisco Cloud Control, a single management plane and unified data layer for all Cisco products built for humans and agents. Cisco Cloud Control incorporates key innovations such as AI Canvas and Cisco IQ. Since launch, nearly 4,500 enterprises have signed up for Cisco Cloud Control and are highlighting the value they're getting from AI Canvas and other insights. For example, a network engineer at a major US enterprise software company, spent more than eight hours trying to troubleshoot dropped video calls before prompting AI Canvas, which pinpointed within minutes the specific access point, identified the root cause and laid out next steps. Customers are now prompting AI Canvas daily to surface previously unavailable insights and helped deliver huge productivity gains.

在 6 月的 Cisco Live US，我們推出 Cisco Cloud Control——一個為人與代理（agents）打造、適用於所有 Cisco 產品的單一管理平面（single management plane）與統一資料層（unified data layer）。Cisco Cloud Control 納入多項關鍵創新，例如 AI Canvas 與 Cisco IQ。自推出以來，已有近 4,500 家企業註冊使用 Cisco Cloud Control，並強調他們從 AI Canvas 與其他洞察中獲得的價值。例如，美國一家大型企業軟體公司的網路工程師，曾花費超過八小時嘗試排除視訊通話中斷問題；在提示 AI Canvas 後，系統於數分鐘內即鎖定特定存取點、辨識根因並列出後續步驟。客戶現在每天都會提示 AI Canvas，以挖掘過去無法取得的洞察，並協助帶來巨大的生產力提升。

We continue to innovate in Security and recently launched Antares a family of open weight, small language models designed to help cybersecurity professionals pinpoint known vulnerabilities within a code base. Antares is part of a broader Cisco effort to define practical and trustworthy AI tools for cybersecurity professionals and help develop standards to support AI security adoption. Last month, we also introduced Resilient Infrastructure Services, powered by Cisco IQ, which now has over 8,600 customers. Resilient Infrastructure Services help customers identify vulnerabilities prioritize actions and implement continuous protection autonomously and at machine speed. We also continue to accelerate AI advancements across our entire business, both internally for our teams and to better serve our customers.

我們持續在資安領域創新，近期推出 Antares——一系列開放權重的小型語言模型，旨在協助資安專業人員在程式碼庫中精準定位已知弱點。Antares 是思科更廣泛努力的一部分，目標是為資安專業人員打造實用且值得信賴的 AI 工具，並協助制定標準以支持 AI 資安採用。上個月，我們也推出由 Cisco IQ 驅動的 Resilient Infrastructure Services，目前已擁有超過 8,600 位客戶。Resilient Infrastructure Services 可協助客戶識別弱點、排定行動優先順序，並以自主且機器速度實施持續防護。我們也持續在整個業務加速 AI 進展，無論是內部賦能團隊，或是為了更好地服務客戶。

We are using generative AI and agentic systems across our customer experience organization, which is dramatically expediting quote turnaround, and case resolution times as well as driving higher renewal rates. In FY26, 145,000 support cases were resolved entirely by AI with zero human intervention. Circuit, our on-prem proprietary AI assistant is fully embedded in how Cisco operates, supporting over 75 million prompts in Q4, Circuit runs on our Secure AI Factory infrastructure, which improves GPU utilization and automatically routes each task to the appropriate large language model, allowing us to manage token consumption.

我們在客戶體驗組織中廣泛運用生成式 AI 與代理式系統，大幅加快報價回覆速度與案件解決時間，並推動更高的續約率。在 FY26，有 145,000 件支援案件完全由 AI 在零人工介入下解決。Circuit 是我們的內部部署專有 AI 助理，已全面嵌入思科的營運方式；在 Q4 支援超過 7,500 萬次提示。Circuit 運行於我們的 Secure AI Factory 基礎架構之上，可提升 GPU 使用率，並自動將每項任務路由至適當的大型語言模型，使我們得以管理 Token 消耗。

To summarize, I'm incredibly proud of our teams and how they show up every day to ensure our customers get the very best from Cisco. We believe we are in the early stages of a networking super cycle, presenting a massive opportunity for our business, and we are committed to helping our customers modernize and secure their infrastructure to unlock the full potential and value of their AI investments.

總結來說，我對我們的團隊深感自豪，他們每天全力以赴，確保客戶能從思科獲得最好的成果。我們相信網路產業正處於超級循環的早期階段，為我們的業務帶來巨大的機會；我們也致力於協助客戶現代化並強化其基礎架構安全，以釋放其 AI 投資的全部潛力與價值。

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

接下來我把時間交給 Mark，請他更詳細說明本季表現與我們的展望。

Thanks, Chuck. We delivered a very strong quarter, exceeding the high end of our guidance across revenue, operating margin and EPS, with solid operating cash flow. For the quarter, total revenue was a record $17.3 billion, up 18% year-over-year. Non-GAAP net income was $4.9 billion and non-GAAP earnings per share was $1.22, each a record and up 23%, demonstrating excellent operating leverage with net income and EPS growth outpacing revenue growth. Total Product revenue was $13.5 billion, up 24% and Services revenue was $3.8 billion, flat year-over-year.

謝謝，Chuck。我們交出非常強勁的一季，在營收、營業利益率與 EPS 方面皆超越指引區間上緣，且營運現金流表現穩健。本季總營收創新高，達 173 億美元，年增 18%。非 GAAP 淨利為 49 億美元，非 GAAP 每股盈餘為 1.22 美元，兩者皆創新高且年增 23%，展現優異的營運槓桿效果，淨利與 EPS 的成長速度超越營收成長。產品總營收為 135 億美元，年增 24%；服務營收為 38 億美元，與去年同期持平。

Product revenue growth was led by Networking with growth accelerating to 28% year-over-year, driven by triple-digit growth in AI infrastructure, double-digit growth in Data Center Switching and continued growth in Campus Networking.

產品營收成長主要由網路業務帶動，年增率加速至 28%，動能來自 AI 基礎架構的三位數成長、資料中心交換器的雙位數成長，以及園區網路的持續成長。

Security delivered a strong quarter, up 14%, reflecting strength in Splunk, Network Security and SASE. Collaboration was up 12% with solid growth in WEBEX, Devices and Contact Center. Turning to our recurring metrics. Total RPO was $46.7 billion, up 7%, with Product RPO up 9%. Total ARR ended the quarter at $32.1 billion, an increase of 3% with product ARR growth of 5%.

資安業務交出強勁的一季，年增 14%，反映 Splunk、網路安全與 SASE 的強勢表現。協作業務年增 12%，WEBEX、裝置與聯絡中心皆有穩健成長。接著看我們的經常性指標。總 RPO 為 467 億美元，年增 7%，其中產品 RPO 年增 9%。本季末總 ARR 為 321 億美元，成長 3%，其中產品 ARR 成長 5%。

Total subscription revenue represented 48% of Cisco's total revenue. Total software revenue was $6.2 billion, up 11%. Q4 product orders were up 35% year-over-year with broad-based strength across geographies, technologies and customer markets. All geographies saw double-digit growth with Americas up 44%, EMEA, up 25% and APJC up 19%.

訂閱營收占思科總營收的 48%。軟體總營收為 62 億美元，年增 11%。Q4 產品訂單年增 35%，在各地區、各技術領域與各客戶市場均呈現廣泛的強勁表現。所有地區皆達雙位數成長：美洲年增 44%，EMEA 年增 25%，APJC 年增 19%。

In terms of customer markets, the growth was led by service provider and cloud with 95% growth. We also saw strength in public sector and enterprise, which were up 30% and 21%, respectively. Total non-GAAP gross margin came in at 66.3% down 210 basis points year-over-year, but up 30 basis points quarter-over-quarter. Non-GAAP product gross margin was 64.8% down 270 basis points, primarily driven by higher hardware mix and memory costs, partially offset by productivity improvements and price increases. Non-GAAP services gross margin was 71.6%, up 80 basis points.

就客戶市場而言，成長由服務供應商與雲端帶動，年增 95%。我們也看到公部門與企業市場表現強勁，分別年增 30% 與 21%。非 GAAP 總毛利率為 66.3%，較去年同期下降 210 個基點，但較前一季上升 30 個基點。非 GAAP 產品毛利率為 64.8%，下降 270 個基點，主要受較高的硬體組合占比與記憶體成本上升影響，部分被生產力提升與漲價所抵銷。非 GAAP 服務毛利率為 71.6%，上升 80 個基點。

We continue our focus on providing consistent profitability through financial discipline with non-GAAP operating margin at 35.9%, reflecting strong execution and operational efficiency. Our non-GAAP tax rate was 18.8% for the quarter.

我們持續以財務紀律聚焦於提供一致的獲利能力，非 GAAP 營業利益率為 35.9%，反映強勁的執行力與營運效率。本季非 GAAP 稅率為 18.8%。

Shifting to the balance sheet. We ended Q4 with total cash, cash equivalents and investments of $15.9 billion. Operating cash flow was $5.4 billion, up 27%, driven by strong revenue growth and operating leverage. From a capital allocation perspective, we returned $3.2 billion to our shareholders during the quarter, comprised of $1.7 billion for our quarterly cash dividend, and $1.5 billion of share repurchases. There is $8.1 billion remaining under our share repurchase program.

接著看資產負債表。Q4 期末現金、約當現金與投資合計為 159 億美元。營運現金流為 54 億美元，年增 27%，主要由強勁的營收成長與營運槓桿帶動。就資本配置而言，本季我們向股東回饋 32 億美元，其中包含 17 億美元的季度現金股利，以及 15 億美元的庫藏股回購。在我們的股票回購計畫下，尚餘 81 億美元可用額度。

Turning to the full fiscal year. Revenue was a record $63.3 billion, up 12%. We achieved this while also increasing our non-GAAP operating margin by 40 basis points to 34.8% demonstrating continuing operating leverage. On the bottom line, non-GAAP net income was $17.2 billion, up 13% and non-GAAP earnings per share was $4.33, up 14%, both a record and growing faster than our double-digit top line revenue growth rate. We returned $12.7 billion in capital to our shareholders through cash dividends and share repurchases.

接著看整個會計年度。營收創新高，達 633 億美元，年增 12%。同時，我們也將非 GAAP 營業利益率提高 40 個基點至 34.8%，展現持續的營運槓桿。在獲利方面，非 GAAP 淨利為 172 億美元，年增 13%；非 GAAP 每股盈餘為 4.33 美元，年增 14%；兩者皆創新高，且成長速度快於我們雙位數的營收成長率。我們透過現金股利與股票回購向股東回饋資本 127 億美元。

This was comprised of $6.6 billion in quarterly cash dividends and $6.1 billion of share repurchases. We increased our dividend for the 15th consecutive year in FY26, reinforcing our confidence in the strength and stability of our ongoing cash flows. In summary, we achieved record-breaking performance for both the quarter and the fiscal year with top and bottom line results that exceeded our expectations.

其中包含 66 億美元的季度現金股利與 61 億美元的股票回購。在 FY26，我們連續第 15 年提高股利，強化我們對持續現金流強度與穩定性的信心。總結而言，我們在本季與本會計年度皆創下破紀錄的表現，營收與獲利結果均超出我們的預期。

This success is a direct result of our accelerated pace of innovation across our portfolio, our strong order momentum and disciplined expense management. We remain focused on making strategic investments in organic innovation to capitalize on the significant growth opportunities we see ahead as well as complementary M&A opportunities.

這項成功直接來自我們在產品組合上的加速創新步伐、強勁的訂單動能，以及嚴謹的費用管理。我們仍專注於對內生創新進行策略性投資，以把握我們所見的重大成長機會，同時也尋求互補性的併購機會。

In Q4, we closed the acquisitions of Galileo Technologies, Inc. and Astrix Securities Limited to further expand our Observability and Security offerings. All these investments continue to be underpinned by our commitment to disciplined spend management. It is this powerful combination that continues to fuel strong cash flow and our ability to return significant value to our shareholders. Looking ahead, you can expect us to continue our focus on driving durable growth with financial discipline, driving operating leverage and continued capital returns.

在 Q4，我們完成對 Galileo Technologies, Inc. 與 Astrix Securities Limited 的收購，以進一步擴展我們的可觀測性（Observability）與資安產品與服務。所有這些投資仍以我們對嚴謹支出管理的承諾為基礎。正是這種強大的組合，持續推動強勁的現金流，以及我們向股東回饋可觀價值的能力。展望未來，您可以期待我們持續以財務紀律為核心，專注推動可持續的成長、提升營運槓桿，並持續回饋資本。

Turning to guidance. For fiscal Q1, our guidance is as follows. We expect revenue to be in the range of $18 billion to $18.2 billion. We anticipate non-GAAP gross margin to be in the range of 65% to 66%. Non-GAAP operating margin is expected to be in the range of 35.5% to 36.5%.

接著談指引。針對會計年度第一季，我們的指引如下。我們預期營收將落在180億至182億美元之間。我們預期非GAAP毛利率將落在65%至66%之間。非GAAP營業利益率預期將落在35.5%至36.5%之間。

Non-GAAP earnings per share is expected to range from $1.32 to $1.34. We are assuming a non-GAAP effective tax rate of approximately 18.5%. Our guidance for fiscal year '27 is as follows. We expect revenue to be in the range of $72.2 billion to $73.4 billion. Non-GAAP earnings per share is expected to range from $5.05 to $5.11.

非GAAP每股盈餘預期將介於1.32至1.34美元。我們假設非GAAP有效稅率約為18.5%。我們對會計年度'27的指引如下。我們預期營收將落在722億至734億美元之間。非GAAP每股盈餘預期將介於5.05至5.11美元。

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

Sami，現在我們進入問答環節。

Thank you, Mark. I want to remind analysts to ask a single question and a single follow-up. Operator, can we move to the first analyst in the queue?

謝謝你，Mark。我想提醒各位分析師一次只提一個問題，並且只追問一次。接線員，我們可以請隊列中的第一位分析師發問嗎？

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Congrats on some really impressive numbers here. I guess maybe my question to start it would be, Chuck, your fiscal '27 guide at the midpoint is implying 15% revenue growth. Even if I take the AI revenues out of the equation, it's implying double-digit 10% growth ex-AI versus your long-term model that's at 4% to 6%. Can you just touch on what's driving the ex-AI growth? And how do you think about the durability of this growth given your comments around the start of a networking super cycle that would be really helpful to understand because I think everyone will worry that is this the peak of the cycle?

恭喜你們交出非常亮眼的數字。我想我的第一個問題可能是，Chuck，你們會計年度'27的指引以中位數來看，意味著營收成長15%。即使我把AI營收因素拿掉，它也意味著扣除AI後仍有兩位數、約10%的成長，這高於你們長期模型的4%到6%。你能否談談是什麼在推動扣除AI後的成長？另外，考量你提到網路超級循環的起點，你如何看待這種成長的持續性？這會很有助於理解，因為我想大家都會擔心：這是不是週期的高峰？

And then as my follow-up, you're guiding for the $7.5 billion AI revenues in fiscal '27. I'm hoping you can double-click on how are you thinking about the scale across opportunity across Silicon One and Optics? Especially as you get ready to launch your own Multi-rail Hyper-rail solution next year.

接著作為追問，你們指引會計年度'27的AI營收為75億美元。我希望你能更深入說明，你如何看待Silicon One與光學（Optics）在「scale across」機會上的規模與布局？特別是你們準備在明年推出自家的Multi-rail Hyper-rail解決方案之際。

Thanks, Amit. Let me just write this down real quick. So first of all, I'm incredibly proud of the team and what we've accomplished. It's been several years in the making, and we'll talk about that throughout the Q&A today.

謝謝你，Amit。我先很快把這些記下來。首先，我對團隊以及我們所達成的成果感到無比自豪。這是多年累積的成果，我們今天在問答中也會一路談到。

But I think this super cycle is really -- it's enabled because we uniquely have our Systems, our Silicon, our Optics, Security, Observability and really being able to integrate that into a stack for our customers. If you look at the overarching opportunity that we see, if you just go across what's happening today, I think it's clear what's happening in the hyperscalers with AI. We did in excess of -- we did $9.3 billion in orders last quarter. We've now giving you a revenue number of $7.5 billion. We -- that's revenue and not orders, just to be clear, in FY27.

但我認為這個超級循環之所以能發生，是因為我們獨特地同時具備系統（Systems）、矽（Silicon）、光學（Optics）、資安（Security）、可觀測性（Observability），並且能把這些整合成一個堆疊（stack）提供給客戶。如果你看我們所看到的整體機會，放眼目前正在發生的事情，我想超大規模業者（hyperscalers）在AI上的動向非常明顯。我們上季的訂單超過——我們上季訂單達93億美元。我們現在給你一個75億美元的營收數字。我們——為了清楚起見，那是會計年度27的營收而不是訂單。

So we got the hyperscalers moving forward. We've got the telcos that are building out. We had orders in Q4 in excess of 30%, and they're building out their infrastructure to actually be ready for technologies like the scale-across opportunity that you discussed, which we think the network traffic related to AI-based scale across versus traditional data center interconnect is roughly 14 times what it might have been before. So the telcos are building to get ready for that. You have the enterprises that we've talked about for over a year now, where they're modernizing their networks to be ready for AI.

所以我們看到超大規模業者持續往前推進。我們也看到電信業者（telcos）正在擴建。我們在第四季的訂單成長超過30%，他們正在擴建基礎設施，以便為你提到的「scale-across」機會等技術做好準備；我們認為，與AI相關的scale-across網路流量，相較於傳統資料中心互連（data center interconnect），大約是過去的14倍。因此電信業者正在為此建設。還有我們談了一年多的企業客戶，他們正在現代化其網路，以便為AI做好準備。

Now we have this impending Mythos effect that they're all looking forward to downstream, we have quantum that they need to prepare for. And those are all drivers of what we've been talking about relative to just an overarching campus refresh, where for the first time ever we've had. We have our Campus Networking, our both Switching, Routing as well as Wireless and everything -- all of those are going through a refresh at the same time. And that's all -- is actually accelerated by -- when we think about Mythos, we think about customers doing analysis right now on their LDOS or their last day of support footprint, products that can't be patched. I mean -- all of these things, we believe, are going to actually drive this super cycle for a while to come.

現在我們還有即將到來的Mythos效應，大家都在期待其在下游的影響；我們也有量子（quantum），他們需要為此做準備。而這些都是我們一直在談的驅動因素，關於整體的園區（campus）更新潮；這也是我們第一次出現——我們的園區網路（Campus Networking），包含交換（Switching）、路由（Routing）以及無線（Wireless）等所有項目——都在同一時間進行更新。而這一切——在我們看待Mythos時——其實被加速了；我們認為客戶目前正在針對其LDOS（最後支援日）或最後支援日的既有部署版圖做分析，包含那些無法修補（patched）的產品。我的意思是——我們相信，所有這些因素都將在未來一段時間內推動這個超級循環。

So we feel very good about that. On your second question relative to scale across. I think if you look at it, I mentioned a few minutes ago that we think the traffic that's generated from AI-based scale across, which is effectively what used to be data center interconnect is 14 times what it was historically. And we're uniquely positioned because in that space, we've got our P200, which we talked about having three wins already in that space across three different hyperscalers. By the way, we started taking orders from all three of them in Q4.

所以我們對此感到非常有信心。至於你第二個問題、關於scale across。我想如果你看這件事，我幾分鐘前提到，我們認為由AI驅動的scale-across所產生的流量——也就是過去所謂的資料中心互連——是歷史水準的14倍。而我們具備獨特優勢，因為在那個領域我們有P200；我們談到在該領域已經拿下三個勝利，分別來自三家不同的超大規模業者。順帶一提，我們在第四季已開始接收這三家的訂單。

So that's positive. We also have our Optics, which has -- Acacia had another $1 billion quarter, as we discussed. And we actually announced our first design win in multi -- in Optical Networking, and we have the Multi-rail Systems that we're actually beginning to deploy in these platforms as well. So we think that if you look at the opportunity for scale across, it's massive, and we believe that we're very well positioned to take advantage of that as we go forward.

所以這是正面的。我們也有光學業務——如我們所說，Acacia又交出一個10億美元的季度。而且我們實際上宣布了在多——在光網路（Optical Networking）上的第一個設計導入（design win），同時我們也有Multi-rail系統，正開始在這些平台上部署。因此我們認為，如果你看scale-across的機會，它非常龐大；我們相信，隨著未來推進，我們具備非常好的定位來把握這個機會。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Nice results, Chuck and Mark. I wanted to ask about gross margins. What is your approach here in the first quarter and for the year for them to contract a little bit? Like just what are you seeing? Are you being conservative? And how did you just come up with 65% to 66%, given some of the constraints, and what's the color there?

結果很不錯，Chuck和Mark。我想問一下毛利率。你們在第一季以及全年，對毛利率小幅收縮的看法與做法是什麼？例如你們看到了什麼？你們是在採取保守假設嗎？在一些限制因素之下，你們是如何得出65%到66%這個區間的？能否提供一些背景說明？

And then I wanted to also ask just kind of another approach here to the revenue guidance for the year. What is your -- your Networking orders are 20% and plus 50% plus 40% the last couple of quarters. Obviously, that would mean revenue in Networking is going to grow slower than what we've seen in orders in your guidance. Is this a conservative approach that you have -- why wouldn't Networking revenue kind of meet the order patterns in the middle as we go throughout the year?

另外我也想再問一下全年營收指引的制定方式。你們的網路（Networking）訂單在最近幾季分別是20%以及50%+、40%+的成長。顯然，這意味著在你們的指引中，Networking營收成長會比訂單成長慢。這是你們採取的保守作法嗎——為什麼Networking營收在全年推進的過程中，不會在中段更貼近訂單的走勢？

Mark, do you want to take the first comment or take them both actually.

Mark，你想先回答第一個問題，還是其實兩個一起回答？

Yes. So Ben, maybe just to kind of step back and give a little bit of color and unpack the the key assumptions that underpin the guide, and I'll hit on the gross margin piece and the second part of your question as well.

是的。Ben，或許先稍微退一步，補充一些背景，拆解一下支撐這份指引的關鍵假設；我也會談到毛利率的部分，以及你問題的第二段。

So I think as you look at the full year, we ended FY26 with double-digit top line and bottom line growth, 12% and 14%. We see acceleration in both of those. So accelerating to 15% on the top line, 17% on the bottom line, again, driving that operating leverage with bottom line growth faster than the top line. With the $7.5 billion in hyperscale revenue if you kind of back that out, you get to the core business growing at about 10%, which is obviously significantly faster than Investor Day that we've done awful long ago at this point. And then underneath revenue, maybe a couple of other data points, and then I'll get to the gross margins.

我想如果你看全年，我們在 FY26 以營收與獲利（底線）雙位數成長作收，分別是 12% 與 14%。我們看到兩者都在加速。也就是營收加速到 15%，獲利加速到 17%，再次展現營運槓桿，讓獲利成長快於營收。若把 75 億美元的超大規模（hyperscale）營收扣除，你會看到核心業務約成長 10%，這顯然比我們很久以前做的投資人日（Investor Day）時所預期的快得多。接著在營收之下，我再補充幾個數據點，然後我會談毛利率。

If you look at Security and Observability, I would think about those going from kind of low single-digit growth in full year FY26 to high single-digit growth in full year FY27, and we can talk more about the shape of that maybe later in the call. But Services. I also think you're going to see improvement there as well and turning positive in FY27 and for the full year, seeing gradual improvement as we move through the year and then for the full year kind of being in that low single-digit growth range.

如果看 Security 與 Observability，我會把它們視為從 FY26 全年低個位數成長，提升到 FY27 全年高個位數成長；我們也許稍後在電話會議中可以再多談談其走勢形狀。至於 Services。我也認為你會看到那邊有所改善，FY27 轉為正成長；以全年來看，隨著年度推進逐步改善，全年大致落在低個位數成長區間。

When you think about operating margins and gross margins, first off, as Chuck said, we are in this networking super cycle, which we're very early in the cycle, and we're shipping high volumes of hardware, which is increasing the revenue mix to hardware considerably. So you should expect a slight gross margin headwind as we move through FY27 as we address these very high-growth opportunities. And operating margin is really a better indicator of our profitability as our guide implies operating margin of about 35% for the full year FY27, which would be a high watermark for us as a company.

談到營業利益率與毛利率，首先，如 Chuck 所說，我們正處於這個網路（Networking）超級循環中，而且仍在循環早期；我們正在出貨大量硬體，這使得營收組合中硬體占比顯著提高。因此，隨著我們在 FY27 把握這些高成長機會，你應該預期毛利率會面臨些微逆風。而營業利益率其實更能反映我們的獲利能力；我們的指引暗示 FY27 全年營業利益率約 35%，這將是公司的一個高水位。

And in terms of -- I think the second part of your question was could Networking grow even faster and is there some conservatism in there? Certainly been really happy with the Networking growth and a lot of the underlying demand trends that Chuck outlined, I think though as you get into sort of Q2 through Q4, the implied growth is more like 13%. And it's really the comps. As you look at last year, the first half being in top line growth of kind of single-digit growth. And as you get into the second half being sort of mid- to high teens growth, the comps are going to get much tougher there. Also the linearity, if you just look at Q1 revenue guide versus the full year is at about 25% of the year and our three-year average is for Q1 to be about 25%.

至於——我想你問題的第二部分是：Networking 是否可能成長得更快，以及其中是否帶有保守性？我們當然對 Networking 的成長，以及 Chuck 所概述的許多底層需求趨勢感到非常滿意；不過我認為當你進入 Q2 到 Q4 時，隱含的成長率更像是 13%。這主要是比較基期（comps）的問題。回看去年，上半年營收成長大概是個位數。而下半年則是中到高十幾%的成長，因此下半年的比較基期會變得更具挑戰。另外就線性（linearity）而言，如果你只看 Q1 的營收指引相對於全年，大約占全年 25%，而我們三年平均的 Q1 也大約是 25%。

Mark, I want to make one comment on the operating margins. When you think about the 35%, I think it -- the thing to really understand is that it indicates the profitable scale of the strategic opportunities that we're pursuing, particularly with the hyperscalers. If you think about the the triple-digit growth that we talked about in the hyperscalers, our expenses to actually capture that growth are minimal in addition to what we spend today.

Mark，我想就營業利益率補充一點。當你看 35% 時，我認為——真正需要理解的是，這顯示我們正在追求的策略性機會具備可獲利的規模，特別是在超大規模客戶（hyperscalers）方面。如果你想到我們談到的超大規模客戶三位數成長，為了實際抓住這些成長所需的額外費用，相較於我們今天的支出，增加幅度很小。

So if you think about our traditional business, you could largely say our growth rate and our expenses, they're not 1:1, but they're much closer. This business because of the magnitude of it and the growth rates, it allows us to take, even in some cases, a lower margin business from a gross margin perspective, that actually turns out to be highly profitable because we don't have to add incremental expenses to go gather that business. So these are strategic decisions we're making about business to pursue, and we feel really good about the profitability impact of those businesses.

所以如果你看我們的傳統業務，你大致可以說成長率與費用並非 1:1，但彼此更接近。而這個業務因為規模與成長率的量級，它讓我們即使在某些情況下，從毛利率角度看是較低毛利的業務，最終仍能非常獲利，因為我們不需要增加額外費用去取得這些業務。因此，這些是我們在選擇要追求哪些業務時所做的策略決策，我們對這些業務對獲利的影響感到非常有信心。

Yes, maybe just a quick data point on that, Chuck. So I think Q4 is a great example of that. Gross margins on a year-over-year basis were down 2.1%, but OpEx was also down 3.7% as a percentage of revenue, which then allowed us to move from operating margins are upping as a percentage of revenue, from 34.3% to 35.9%. So really showing incredible scale and productivity.

是的，Chuck，我再補充一個快速的數據點。我認為 Q4 就是很好的例子。毛利率年對年下降 2.1%，但營業費用（OpEx）占營收比重也下降了 3.7%，因此讓我們的營業利益率占營收比重從 34.3% 提升到 35.9%。這真的展現了驚人的規模效益與生產力。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Nice to see the pickup in the Security business, 14% year-over-year, pretty meaningful improvement in growth. Just wanted to get a sense there. Is that anniversarying some of the headwinds from a business model perspective on Splunk? Is that a lot of technical debt being replaced?

很好。很高興看到 Security 業務年對年成長 14%，成長改善相當明顯。我想了解一下。這是否是在對比（anniversarying）Splunk 在商業模式面的一些逆風？是否有很多技術債正在被替換？

And then maybe a second question for you, Chuck. You spoke to enterprises are changing kind of how they're thinking about on-premise to cloud. Given the amount of conversations you're having, is this cost argument that they're making as a security data sovereignty, just how are you seeing that conversation with customers evolve?

另外可能第二個問題想請教你，Chuck。你提到企業正在改變他們對於從地端（on-premise）到雲端的思考方式。以你們目前進行的大量對話來看，他們提出的成本論點是出於安全與資料主權（data sovereignty）嗎？你看到與客戶的對話是如何演變的？

Yes, I'll take the first part, Meta. So on Security, obviously, really pleased with the 14% revenue growth that we saw in Q4. What I think we've done is we've really turned the corner on Security, I think, and Splunk both, meaning that the trend line will be good now. We'll exit FY26 with full year growth in overall Security in low single digits, it will be high single digits is what we expect for FY27. But that 14% did have, and you kind of alluded to this could be the fact, they have a little bit of an anomaly in there.

是的，Meta，我先回答第一部分。在 Security 方面，我們當然對 Q4 看到的 14% 營收成長非常滿意。我認為我們確實已經讓 Security（以及 Splunk）走出谷底、轉折向上，也就是說，接下來趨勢線會更好。我們 FY26 全年整體 Security 成長將以低個位數作收，而我們對 FY27 的預期是高個位數。不過這個 14% 的確——你也提到了——可能包含了一點異常因素。

We saw Splunk during the quarter, and it always just depends on customer preference. And during the quarter, we had some sizable on-prem deals that also had a little bit longer duration. So that significantly helped the overall Security number in terms of revenue. We see that longer term really being likely going back to more of a two-thirds in the cloud, one-third on-prem. So I think overall, though, Security is probably mid- to high single digits in Q1 and improving as we go through the year.

我們在本季看到 Splunk 的表現，而這一向取決於客戶偏好。本季我們有一些規模不小的地端（on-prem）交易，而且合約期間也稍微更長。因此在營收面，這對整體 Security 的數字有顯著拉抬。長期來看，我們認為結構很可能會回到更接近三分之二在雲端、三分之一在地端。不過整體而言，我認為 Security 在 Q1 可能是中到高個位數成長，並在年度進行中逐步改善。

Yes, Meta, I think one of the comments I'd make on Security and then I'll answer your enterprise question. I think we talked a lot about our belief that the organic Cisco solutions would begin to improve as we got through last year and then into this year. And what I would say is I think our comment was that they'd be approaching double-digit growth as we exited the year, and they were high single digits, so they did exactly that. We had 1,600 new customers for the new products, bringing our year to over 6,400, new customers on the new technologies that our teams have built and we saw a second quarter in a row of 30% growth in firewalls in Cisco Firewalls.

是的，Meta，我想我會先對 Security 補充一點，然後再回答你關於企業的問題。我想我們談了很多：我們相信 Cisco 自有（organic）的解決方案在去年走完、進入今年之後會開始改善。而我會說，我們當時的說法是：在年度結束時它們會接近雙位數成長；實際上它們是高個位數，所以確實如預期發生。我們的新產品新增了 1,600 家客戶，使得全年新技術的新客戶總數超過 6,400 家；同時我們也連續第二季看到 Cisco 防火牆（Cisco Firewalls）防火牆業務成長 30%。

So we think that will just continue to get better next year as we said on our last call. On the question relative to the enterprise and this whole discussion of on-prem cloud, is it a cost issue security issue, a sovereignty issue? The answer is yes.

因此我們認為，正如我們在上次電話會議中所說，明年這個情況只會持續改善。至於與企業端以及整個「地端（on-prem）雲」討論相關的問題：這是成本問題、資安問題，還是主權問題？答案是：以上皆是。

I think what you're seeing right now, it all started with this whole discussion around tokenomics, and then it's expanded quickly into open models, open weight models, foundational or frontier models. And what's -- how are enterprises going to navigate this -- the future there's a agentic security that's coming into it, there's security of my data, there's sovereignty of my data that comes into it. So what we believe is going to happen is you're going to have customers that are going to make intelligent decisions about which models they use based on use cases, and which ones are most appropriate for whatever agentic applications are running.

我認為你現在看到的，一開始是圍繞整個代幣經濟學（tokenomics）的討論，接著很快擴展到開放模型、開放權重模型、基礎模型或前沿（frontier）模型。而企業將如何在未來因應這些——其中會引入代理式（agentic）安全，還有我的資料安全、我的資料主權等議題。因此我們相信，接下來會發生的是：客戶會根據使用情境，對要使用哪些模型做出明智的決策，並選擇最適合其正在運行之各種代理式應用的模型。

So for us, in particular, if they continue to use cloud-based models, that's good for us just like it has been for the last two years. If they move to open-weight models or models that they're running on-prem, that's great for us because it means they will invest in more enterprise private data center networking, which we've seen in the last two quarters. Q3 was in excess of 40%, I believe. And in Q4, it was in excess of 35%. So we've seen continued growth in investment in that space.

對我們而言，特別是如果他們持續使用雲端型模型，這對我們有利，就像過去兩年一樣。如果他們轉向開放權重模型或在地端運行的模型，這對我們同樣非常好，因為這意味著他們將投資更多企業私有資料中心網路，我們在過去兩個季度已經看到這點。我記得第三季（Q3）超過 40%。而在第四季（Q4）則超過 35%。因此我們看到在該領域的投資持續成長。

So that's good for us. And as you see them deploy agents in this whole focus on agentic security and the network implications of running thousands and thousands of agents in your infrastructure and the performance and the latency issues the edge deployments that are going to occur, we think that regardless of the architecture that enterprise customers choose to take and how they deploy, whether it's on-prem or cloud, we think it's going to be a positive for us.

所以這對我們是好事。而當你看到他們部署代理（agents），並聚焦於代理式安全，以及在你的基礎設施中運行成千上萬個代理所帶來的網路影響、效能與延遲問題、以及將會發生的邊緣端部署時，我們認為，不論企業客戶選擇何種架構與部署方式——無論是地端或雲端——對我們都將是正面因素。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行（Wells Fargo）。

Congrats on the results. I wanted to try and unpack a little bit more, I guess, the implied guide in this current quarter would suggest over 20% year-over-year growth. It looks like it would imply maybe a deceleration into the subsequent quarters to hit the midpoint of your guidance. So I was wondering if you could help us bridge the $7.5 billion of revenue that you expect from AI, the linearity of what you're assuming through the course of fiscal '27?

恭喜這次的業績。我想再多拆解一下：我想，本季隱含的指引看起來顯示年增率會超過 20%。但看起來可能也隱含著，為了達到你們指引的中位數，後續幾季的成長可能會放緩。所以我想請你們協助我們銜接一下：你們預期 AI 帶來的 75 億美元營收，以及你們對 2027 財年期間（fiscal '27）各季線性（linearity）的假設是什麼？

And then as a quick follow-up, just curious on the supply side. I see the inventory continues to grow. I guess, given the dynamics we're seeing in the component availability environment, what has Cisco done in terms of just continually incrementally adding purchase obligations or expanding the supply chain ecosystem to support the demand?

另外快速追問供應端：我看到庫存仍在增加。考量我們在零組件供應可得性環境中看到的動態，思科在持續逐步增加採購承諾，或擴大供應鏈生態系以支援需求方面，做了哪些事情？

Yes. Aaron, -- so I think there's a few things in there. I think in terms of just sort of the Q1 versus rest of year and the implied slowdown. I think a couple of things. I think we're being prudent on the remainder of the year.

是的。Aaron——我想這裡面有幾個點。就第一季（Q1）相對於全年其餘期間，以及隱含的放緩而言，我認為有幾件事。我想我們對今年剩餘期間採取了審慎的態度。

I also think that the two data points that I threw out earlier in terms of the comps getting much tougher. That's certainly something as well as the overall linearity for the year being right in line with Q1 being right about 25% of the year. It makes us feel good in total.

我也認為，我先前提到的兩個數據點——也就是比較基期（comps）會變得更具挑戰——這當然也是因素之一；此外，全年整體的線性也與第一季大致占全年約 25% 相當一致。這讓我們整體感覺良好。就總體而言，這讓我們很有信心。

I think on the $7.5 billion revenue for AI hyperscale, you should sort of expect a good trend line in terms of gradual increases as we move from Q1 through Q4. And then the last piece on the components, I think the big thing is we're really leaning into our financial strength. We feel like we've got a world-class supply chain team and they've been voted as such actually for a number of years. And we really do not have any significant lead time issues that we're seeing, unlike we've heard a number of different peers talk about. We're consistently entering into strategic agreements.

至於 AI 超大規模（hyperscale）的 75 億美元營收，你應該可以預期從第一季到第四季會呈現逐步增加的良好趨勢線。最後關於零組件，我認為最重要的是我們確實倚重我們的財務實力。我們覺得我們擁有世界級的供應鏈團隊，而且實際上他們多年來也被評選為世界級。而且我們目前並沒有看到任何重大的交期（lead time）問題，這點不同於我們聽到不少同業所提到的情況。我們也持續簽訂策略性協議。

You've seen us make investments like we did in Nanya on the memory side. We don't have any middleman between us and TSMC. So when we are securing silicon, we're looking at the whole supply chain, whether it's wafer substrates, assembly and test and really dealing directly with TSMC. We feel we've got adequate supply to meet not only the guide for FY27. But if demand actually strengthens and goes above that, we feel like we're in really good shape to meet that as well.

你也看到我們做了一些投資，例如在記憶體方面對南亞（Nanya）的投資。我們與台積電（TSMC）之間沒有任何中間商。因此當我們在確保矽晶供應時，我們會檢視整個供應鏈——不論是晶圓基板、封裝測試——並且確實直接與台積電往來。我們認為我們有足夠的供應，不僅能滿足 2027 財年的指引。而且如果需求實際上走強並高於該水準，我們也認為我們具備非常好的條件來滿足。

David Vogt, UBS.

David Vogt，瑞銀（UBS）。

Great. Chuck (inaudible) probably going to beat a dead horse here. If I think about where your AI orders were a year ago on an LTM basis, I think you guys have done like [$2 billion] of AI orders. And if I just assume that half of that, that recognizes the revenue this year, it feels like you did about $3 billion of rev-rec from over $9.3 billion of orders. I know you don't give backlog numbers, but I guess what I'm trying to understand is, I understand you took the numbers from $6 billion to $7.5 billion for AI revenue.

很好。Chuck（聽不清）我可能要老調重彈一下。如果我回想你們一年前以過去十二個月（LTM）為基礎的 AI 訂單，我認為你們大概做了約 [20 億美元] 的 AI 訂單。如果我假設其中一半在今年認列營收，感覺你們大概從超過 93 億美元的訂單中認列了約 30 億美元的營收。我知道你們不提供在手訂單（backlog）數字，但我想理解的是：我理解你們把 AI 營收從 60 億美元上調到 75 億美元。

But again, that just strikes me as very, very conservative. Is there something about the timing of the order deliveries or orders stay shipped out north of 12 months? Or is it supply chain related? And I'll give you my second question on Campus. Obviously, you've implemented a series of price increases going back aways now.

但這仍然讓我覺得非常、非常保守。是否有什麼與訂單交付時點有關的因素，例如訂單出貨時程拉長到超過 12 個月？或者是與供應鏈相關？另外我第二個問題是關於 Campus（園區網路）。很明顯你們已經實施了一系列的漲價措施，而且已經有一段時間了。

Can you talk to what was the effect of price increases on the non-AI part of the business within Networking? And what are the conversations sound like from a receptivity perspective from customers where they sit in the, I guess, market today? Are they accepting the price increases? Or are they just ordering ahead? Just any qualitative commentary that you could share there would be helpful.

你能談談漲價對 Networking（網路）業務中非 AI 部分的影響嗎？以及從客戶的接受度角度來看，對話聽起來如何——也就是他們在我想的當前市場環境中的立場？他們是在接受漲價嗎？還是只是提前下單？任何你能分享的質性評論都會很有幫助。

Yes, sir, David. So a couple of things there. I think on the AI orders, just for clarity, we did about $4 billion in revenue and $9 billion in orders for FY26. So obviously, you're entering with some good backlog as we go into '27. But these are nonlinear orders that are massive in scale and are usually placed well ahead of time.

是的，David 先生。這裡有幾點。先釐清一下 AI 訂單：我們在 2026 財年（FY26）大約做了 40 億美元的營收，以及 90 億美元的訂單。所以很明顯，在進入 '27 時我們帶著不錯的在手訂單。但這些是非線性（nonlinear）的訂單，規模非常龐大，而且通常會提前很久下單。

So I think the $7.5 billion is a good prudent guide for the year. In terms of the price increases, as you look at the impact on the financials, it was about 5 points in terms of top line revenue growth that we saw in Q4. As we look to FY27, you're going to begin to lap those price increases that we really started to put in place in the second half there. So you have more of an impact in the first half than the second half. And overall, we're sort of planning for that kind of 4 points to 5 points of impact this year as well.

因此我認為 75 億美元是對全年一個良好且審慎的指引。至於漲價，從財務影響來看，我們在第四季（Q4）看到對營收年增的貢獻大約是 5 個百分點。展望 2027 財年（FY27），你將開始進入「追平」（lap）這些漲價的階段——我們主要是在下半年開始落實這些漲價。因此上半年影響會比下半年更大。整體而言，我們也在規劃今年大約 4 到 5 個百分點的影響。

I would just tell you that price increases are certainly a last resort for us. I mean we're doing everything we can to secure the right supply at the right prices and build up strategic inventory where needed and advanced purchase commitments and -- and we're also doing a lot internally.

我只想告訴你，對我們而言，漲價絕對是最後手段。我的意思是，我們正竭盡所能以合適的價格確保正確的供應，並在需要的地方建立策略性庫存、提前採購承諾，而且——而且我們在內部也做了很多工作。

Jeetu and the teams have got over 30 different programs that are all around the most efficient utilization of memory in our products. So that certainly helps us as well. WiFi 7 is a big example there, where the improvements that the team have done within about a 90-day period actually reduced the memory utilization in WiFi 7 by 50%. So really strong, I think, there as well. So overall, the other thing, I guess, maybe just to keep in mind for you is the price increases that we've done have been single digit, unlike other companies that may have a majority of their products that are servers.

Jeetu 和團隊有超過 30 個不同的專案，全部都圍繞在我們產品中記憶體的最高效率使用。所以這也確實對我們有幫助。WiFi 7 就是一個很大的例子，團隊在大約 90 天內所做的改進，實際上把 WiFi 7 的記憶體使用量降低了 50%。所以我認為那方面也非常強勁。總體而言，另外一點我想也許你要記住的是，我們做的漲價幅度是個位數百分比，不像其他公司可能有多數產品是伺服器。

95% of what we sell are not servers roughly. And so rather than two-thirds of the bill of materials value being in memory, you're in kind of the 15% to 20% of the bill of materials might be memory-related for our products. The price increases that we do are specific to hardware not specific to software, for instance, and they're really driven towards those products that have a higher level of memory utilization so that we really try to zero-in on where the pain is being felt and make sure that we're only passing on what we need to there. But we're doing a good job of passing that price on. I think the customers -- while they don't like it, they understand that it's an industry issue, not a Cisco issue.

我們銷售的產品中，大約 95% 不是伺服器。因此，相較於物料清單（BOM）價值中有三分之二在記憶體上，我們產品的物料清單中，與記憶體相關的可能大約是 15% 到 20%。我們的漲價是針對硬體、不是針對軟體等，而且主要是針對記憶體使用量較高的產品，讓我們能真正聚焦在痛點所在，並確保只把必要的部分轉嫁出去。但我們在把這些價格轉嫁出去方面做得不錯。我認為客戶——雖然他們不喜歡，但他們理解這是產業問題，不是思科的問題。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

And maybe just one for me and somewhat of a follow-up, I guess, from some of the other ones but maybe pulling at the thread at a different angle. I just wanted to better understand the conversations you're having with enterprise customers, and the sustainability of spend here. Specifically, it seems like the spend is really broad-based across the IT stack. We're seeing it with the server vendors, we're seeing it with you on the networking side, which is also in this backdrop of this inflationary environment.

我這邊可能再問一個，也算是對前面一些問題的延伸，但也許是從不同角度去追問。我想更好地理解你們與企業客戶之間的對話，以及這裡支出的可持續性。具體來說，看起來支出在整個 IT 技術堆疊上都相當廣泛。我們在伺服器供應商那邊看到，也在你們網路端看到，而這一切也發生在通膨環境的背景之下。

And so as we take a step back and we think about kind of this -- your enterprise customers' budgets, what are they communicating with you? Are they increasing in tandem with this demand? Or at some point, are you expecting them to get stretched? Just trying to understand how that's playing out and what you're hearing from your customers?

因此，當我們退一步、思考你們企業客戶的預算時，他們在跟你們傳達什麼？他們的預算是否隨著這股需求同步增加？或者在某個時間點，你們是否預期他們會被拉得很緊？只是想了解這件事如何發展，以及你們從客戶那裡聽到的是什麼？

Joseph, I think most of our enterprise customers today, they recognize that we are in the midst of probably the fastest moving technology transition that we've ever seen. And from my peers, the CEOs and these companies, there's a combination of ensuring that they're moving with enough caution that they actually get this right, but not moving too slow to where their competition actually creates a competitive differentiation that puts them at a disadvantage. And so I think that they're continuing to move and they all have a real recognition that if they were to pause that they put the companies that they run at risk. And so that's the backdrop.

Joseph，我認為我們目前大多數企業客戶都認知到，我們正處於可能是我們所見過、變化最快的一次技術轉型之中。從我的同業、這些公司的 CEO 那裡，我看到的是一種組合：既要足夠謹慎，確保把事情做對，但也不能動得太慢，以免競爭對手形成競爭差異化，讓他們處於劣勢。因此我認為他們仍在持續推進，而且他們都非常清楚，如果他們暫停，會讓他們所經營的公司承受風險。這就是大背景。

Now as it relates to budgets, what I think is going on, what we're hearing from our customers is they're currently re-prioritizing within their existing budgets. But I would also say that you're beginning to see a trend where our customers are looking at AI readiness, Mythos readiness, quantum readiness in a similar vein to how they looked at cybersecurity spend over the last three to four to five years. It's just not optional. And we have to make sure we're ready. We have to make sure that we're secure, we're prepared.

至於預算方面，我認為正在發生、也是我們從客戶那裡聽到的是：他們目前是在既有預算內重新排序優先順序。但我也會說，你開始看到一個趨勢：客戶看待 AI 就緒、Mythos 就緒、量子就緒的方式，類似於過去三到四到五年他們看待資安支出的方式。這不是可選項。我們必須確保我們已準備好。我們必須確保我們是安全的、我們有準備。

We're doing the best we can, not to have vulnerabilities exposed, and I think from that perspective, that's creating a shift of dollars from other areas in the organizations to IT to actually do that work. And so as an example, we haven't seen a massive amount of impact from Mythos yet. But we are having a ton of conversations. We've got customers that are running Cisco IQ that are actually assessing their infrastructure, understanding what's last day of support, what can be patched, what can't be patched and we've seen the pipeline increase meaningfully as a result of Mythos which is really showing up as a network refresh, but is probably underneath viewed as a cybersecurity spend. So that's kind of what we're seeing in that space.

我們正盡最大努力不讓弱點暴露出來，而我認為從這個角度看，這正在促使資金從組織內其他領域轉移到 IT，以實際完成這些工作。舉例來說，我們尚未看到 Mythos 帶來非常巨大的影響。但我們正在進行大量對話。我們有客戶在運行 Cisco IQ，實際上在評估他們的基礎架構，了解哪些已到最後支援日、哪些可以修補、哪些不能修補；而且我們看到因 Mythos 而使管線顯著增加——這表面上呈現為網路汰換更新，但底層可能被視為資安支出。所以這就是我們在那個領域看到的情況。

Karl Ackerman, BNP Paribas.

Karl Ackerman，法國巴黎銀行。

I have two. For my first one, you indicated that Campus Networking products orders grew 20% year-over-year in Q4. Are you quantifying how Cisco Cloud Control contributed to this product growth? Or is that synergy a driver going forward? And as you address that, can you comment on the durability of enterprise IT demand budgets going into fiscal '27 given your stronger-than-expected results so far in the second half of '26?

我有兩個問題。第一個，你提到校園網路（Campus Networking）產品的訂單在第四季年增 20%。你們是否量化了 Cisco Cloud Control 對這項產品成長的貢獻？或者這種綜效會是未來的驅動因素？另外，在你回答時，能否評論一下：鑑於你們在 26 財年下半年迄今的表現優於預期，進入 27 財年時企業 IT 需求預算的持久性如何？

I'll -- I think they're very connected. The second question is a lot of what I just went through. But I think the Cisco Cloud Control, first of all, is getting a ton of positive feedback from our customers. I think we have 4,500 or so customers that have signed up and want to actually be part of a white glove program that we're running right now. So we're working through those.

我——我認為這兩者關聯很深。第二個問題很大一部分就是我剛剛講過的內容。但我認為 Cisco Cloud Control，首先，正從我們的客戶那裡獲得大量正面回饋。我想我們大約有 4,500 位左右的客戶已經註冊，並希望實際參與我們目前正在運行的白手套（white glove）計畫。所以我們正在逐步推進這些工作。

I think it goes GA in the next month or so in the US and then in the next three to six months or this month, it goes GA in the US. And I think -- while I wouldn't say Cisco Cloud controlling to itself as good as it is, I wouldn't say that's what driving it. But I will say that Cisco Cloud Control is emblematic of the platform approach that our teams have taken in our product organization, which customers have absolutely seen.

我認為它在美國會在接下來一個月左右進入 GA（正式可用），然後在接下來三到六個月——或者就是這個月——在美國進入 GA。而我認為——雖然我不會說 Cisco Cloud Control 單靠它自己、儘管它很出色，我不會說它就是驅動因素。但我會說，Cisco Cloud Control 代表了我們產品組織團隊所採取的平台化方法，而客戶確實已經看見了。

So if you think about like consolidated AI Canvas, which is part of Cisco Cloud Control. You think about the ability to manage cloud-based and on-prem networking devices from the same platform. All those things have contributed to that demand. And I think, as Mark said earlier in the call, I think what you're going to see is when the Q2 market share numbers come out, you're going to see that because of the product innovation as well as this platform approach, our sales teams are telling us very consistently that, that's what's resonating with our customers, and that's leading to this durable demand that we see in addition to what I just described relative to how the customers are thinking about their budgets.

所以如果你想想像是整合式的 AI Canvas（它是 Cisco Cloud Control 的一部分）。你再想想能夠在同一個平台上管理雲端與地端（on-prem）網路設備的能力。所有這些都促成了那樣的需求。而且我認為，正如 Mark 在電話會議稍早提到的，我認為你將會看到，當第二季的市占率數據出來時，你會看到因為產品創新以及這種平台化方法，我們的銷售團隊非常一致地告訴我們，這正是引起客戶共鳴的地方，並且帶來我們所看到的這種持久需求，此外也加上我剛剛描述的、關於客戶如何思考其預算的部分。

Tal Liani, BofA Securities.

Tal Liani，BofA Securities。

It's actually Thomas Zilberman on for Tal tonight. I wanted to ask about the Hyperscaler order trajectory that you're seeing. I think you said earlier in the call that Telco orders were up 30% this quarter, and I think that compares to 9% growth last quarter. But if I look at the combined segment growth last quarter, telcos and cloud was up 105% and this quarter it was up 95%, which means that there was some slowdown of the hyperscaler orders this quarter. The question is, is there anything notable you're seeing in terms of the demand environment? Or is it just about nonlinearity of orders? And I guess the follow-up would be, if there's any color you can give us into how you're thinking about AI orders next year?

今晚由 Thomas Zilberman 代替 Tal。我想請教你們目前看到的超大規模雲端（Hyperscaler）訂單走勢。我記得你先前在電話會議中提到，本季電信業（Telco）訂單成長 30%，相較於上季約 9% 的成長。但如果我看上季合併分部成長，電信與雲端合計成長 105%，而本季是 95%，這代表本季超大規模雲端的訂單似乎有些放緩。問題是，你們在需求環境方面是否看到任何值得注意的現象？還是這只是訂單非線性所致？另外追問一下，你們能否分享一些你們對明年 AI 訂單的看法？

Let me take the first part, and then Mark, you may want to talk about AI orders and how we're going to talk about it this year. I think going from 105% to 95%, I think that's probably some sort of comparison issue from a year ago would be my guess because we had the four big hyperscalers all grew triple digits for us, I think, during the quarter. So we did not see -- and again, at the beginning of the quarter, we said we would do over $4 billion and we saw -- we did over $4 billion, which was obviously the largest quarter of the year for us.

我先回答第一部分，然後 Mark，你可能想談談 AI 訂單，以及我們今年會如何對外說明。我認為從 105% 到 95%，我猜可能是與去年同期比較基期的問題，因為本季四大超大規模雲端客戶對我們的成長都達到三位數。所以我們沒有看到——而且再說一次，在本季一開始我們就說會超過 40 億美元，而我們也——確實超過了 40 億美元，這顯然是我們今年最大的一季。

I think the good news is the Telco business accelerated, and I don't know what the comparisons are off the top of my head, but that might have had something to do with it. But the difference in size of these businesses quite meaningful now. So you're just not going to see a 9% to 30% move in Telco have that massive of an impact on the total number. But I actually view it very positively because I think they're both big elements of the super cycle we're talking about.

我認為好消息是電信業務加速成長；我一時想不起來比較基期是什麼，但這可能也有影響。不過這些業務的規模差異現在相當明顯。所以你不會看到電信從 9% 到 30% 的變化就對總數造成那麼巨大的影響。但我其實非常正面看待，因為我認為它們都是我們所談的這個超級循環中的重要元素。

When the telco recognizes the fact that the cloud providers and their network requirements for these AI workloads and particularly the scale across technology, they're getting the inbounds from these customers talking about their need for bandwidth, and that's what's leading them to spend. And so I don't think there's been any change at all in the material demand from our hyperscaler customers. Mark, do you want to talk about how we're thinking about revenue versus orders?

當電信業者意識到雲端服務供應商在這些 AI 工作負載上的網路需求，特別是跨技術的大規模擴展時，他們會收到這些客戶主動找上門，談到他們對頻寬的需求，而這正是促使他們增加支出的原因。因此，我不認為我們的超大規模雲端客戶在實質需求上有任何改變。Mark，你要不要談談我們如何看待營收相對於訂單？

Sure. Thanks, Tommer. Yes. So if you look back at FY25 and gave you an order target, if you will, for the year and then continue to update that as we move through the year. The big reason why we did that is really to just demonstrate the size of the opportunity itself as well as the criticality of our role in this space as we were really beginning to communicate this and really making our move into this space.

當然。謝謝，Tommer。是的。如果你回頭看 FY25，我們給了你們一個年度訂單目標（如果你願意這麼稱呼），並且在年度進行中持續更新。我們這麼做的主要原因，是為了展示這個機會本身的規模，以及我們在這個領域所扮演角色的關鍵性，因為當時我們正開始對外溝通，並真正加速切入這個領域。

As we get into FY27 we'll move to a more traditional revenue target, which we gave you of $7.5 billion. You're going to get regular updates from us on forward-looking metrics design wins, orders taken, et cetera, as we move through the year. So we'll continue to update you on that front as well. I just won't put out an annual target. But instead, we'll have an annual revenue target -- you should though expect orders to be meaningfully higher, I would say, in FY27 than they were in FY26.

到了 FY27，我們會轉向較傳統的營收目標，也就是我們提供給你們的 75 億美元。隨著年度推進，你們會定期從我們這裡獲得前瞻性指標的更新，例如設計導入（design wins）、接單（orders taken）等等。因此我們也會在這方面持續更新你們。只是我不會再公布年度訂單目標。相反地，我們會有年度營收目標——不過你們應該預期 FY27 的訂單會顯著高於 FY26。

Ben Bollin, Cleveland Research.

Ben Bollin，Cleveland Research。

Chuck, I'm interested in your thoughts on this incremental demand that you're seeing, urgency around some of the newer variables, such as Mythos. Where do you see the customer budget coming from? What are they doing to fund this stuff? How are you capturing more of that opportunity? And then I have a follow-up for Mark.

Chuck，我想了解你對目前看到的增量需求的看法，以及對一些較新變數（例如 Mythos）所帶來的急迫性的看法。你認為客戶的預算會從哪裡來？他們是怎麼籌措資金來支應這些項目？你們又是如何掌握更多這類機會？另外我還有一個問題要問 Mark。

Do you want to go ahead and ask the follow-up, and then we'll get it over to them.

你要不要先把追問也一起問了，然後我們再交給他們回答。

The other question would be, if I look at -- he said really no issues on lead times. Could you discuss where lead times are for your non-Silicon One product versus Silicon One products? And then just spend a little bit more talking about that direct line of comp, communication with TSM and how that influences lead times?

另一個問題是，如果我看——你提到交期（lead times）基本沒有問題。你能否說明你們非 Silicon One 產品相較於 Silicon One 產品的交期目前在哪個水準？另外也請多談一點你們與 TSM 之間那條直接的補償／溝通管道，以及它如何影響交期？

So let me talk about increased demand and where the budgets are coming from. So I'll just give you an example. I had one of my CEO friends who runs a major manufacturer in the United States who -- their team called early on in the Mythos wave and just said, hey, listen, we got to some of this stuff that's passed LDOS, which is last day of support. We got to get it out. And that was their team calling.

我先談談需求增加以及預算來源。我給你一個例子。我有一位 CEO 朋友，經營一家美國大型製造商——他們的團隊在 Mythos 這波浪潮初期就打電話來說，嘿，聽著，我們有一些已經超過 LDOS（最後支援日，last day of support）的設備。我們必須把它換掉。而那是他們的團隊主動打來的。

So I in turn texted the CEO and said, tell me what you're thinking. And they said, well, I just -- I want to make sure that we're getting this equipment in here. We've got to get this done. And I think the whole discussion of where the budget comes from is -- it's not even an issue. I'm sure they figured out behind the scenes, but I think they start from the premise of we don't have a choice and then they figure out how to fund it. And I think that's just a much different place than we have been.

所以我反過來傳簡訊給那位 CEO，說說看你在想什麼。他們說，嗯，我只是——我想確保我們把這些設備導入進來。我們必須把這件事做完。我認為關於預算從哪裡來的整個討論——甚至都不是問題。我相信他們在幕後會想辦法，但我覺得他們是從「我們別無選擇」這個前提出發，然後再去想怎麼籌資。我認為這和我們過去所處的位置非常不同。

Now right now, the customers have been doing a lot of analysis with our teams. We've got 8,000 or 9,000 customers running Cisco IQ today that are actually assessing their infrastructure to understand exactly what they have, what's patchable, what's not. And -- but again, we haven't seen material Mythos or last day of support in our numbers to date, but the pipeline is building as we think about our teams. The other thing to just contemplate is that we have the ability to go after the equipment -- our equipment sitting in our customers' base this past last day of support, but our competitors last day of support is also a market opportunity for us. And this particular customer talked about their manufacturing floors and some of their competitive gear that was all passed last day of support some -- from one of our competitors that they wanted us to repeat as well.

目前客戶正與我們的團隊做大量分析。今天有 8,000 或 9,000 家客戶在使用 Cisco IQ，實際上是在評估他們的基礎架構，以精確了解他們擁有什麼、哪些能修補（patchable）、哪些不能。而且——但再說一次，到目前為止，我們在數字上還沒有看到 Mythos 或最後支援日帶來的重大影響，但從我們團隊的角度來看，管線正在建立。另外值得思考的是，我們有能力去爭取——我們設備在客戶既有基礎中已經超過最後支援日的汰換需求；同時，競爭對手設備的最後支援日對我們而言也是市場機會。而這位客戶特別提到他們的製造現場，有一些競品設備早已超過最後支援日——來自我們某個競爭對手——他們也希望我們一併替換。

So I think they're just figured out, and it's going to create a movement of dollars internally from other budgets to IT. I just think that's fundamentally what's happening. Mark, do you want to talk about lead times, and I'll help if you need it.

所以我認為他們就是會想出辦法，而這將在內部促成資金從其他預算轉移到 IT。我認為根本上正在發生的就是這件事。Mark，你要不要談談交期？如果需要我也可以補充。

Yes. So thanks, Ben. Again, just to reiterate, not seeing any significant lead time issues at all. I think we've got some tightness, obviously, in some parts of the supply chain. I'm not sure I would even say constraints.

是的。所以謝謝你，Ben。再次重申，我們完全沒有看到任何顯著的交期問題。我認為供應鏈的某些環節顯然有些吃緊。但我甚至不確定是否可以稱之為限制。

I would say that I'm not hearing any escalations from customers on lead time issues, if you will. And so we feel like we're in really good shape there. On the TSMC specific question. I think that the biggest thing is we're not waiting on any sort of allocation and commits and de-commits if you will, from from any merchant silicon providers. We're dealing directly with TSMC. Jeetu and Chuck have been directly engaged and I know we're spending time with them.

可以這麼說，我沒有聽到客戶就交期問題提出任何升級反映。因此我們覺得在這方面狀況非常好。至於你提到的台積電（TSMC）具體問題。我認為最重要的一點是，我們不需要等待任何商用矽晶片供應商所謂的配額分配、承諾與取消承諾等。我們是直接與台積電合作。Jeetu 和 Chuck 都直接參與其中，我知道我們也花時間與他們交流。

We have a trip planned soon.

我們很快也安排了一趟行程。

Yes. And so I just think that it's important from the standpoint of sort of managing our own destiny and controlling that supply, but also our own innovation pipeline and being able to have that much more control over that. I think those are the two really big things early on. I think in out years, you're going to see, obviously, I think, some some avoidance of stacking margins with merchant silicon as well, but that's kind of down the road just a little bit.

是的。所以我認為，從某種程度上來說，這很重要：一方面是管理我們自己的命運並掌控供應；另一方面是掌控我們自己的創新管線，並能對其有更高的控制力。我認為這兩點是早期最重要的。我想在更長期的未來，你會看到，顯然，我認為也能在一定程度上避免與商用矽晶片相關的利潤層層堆疊，但那還要再往後一些。

I want to hand it over to Chuck for some final remarks.

我想把時間交給 Chuck 做一些最後的補充。

Yes. First of all, I want to thank you all for being on the call with us today. I'm going to make a few comments here because I think it's important. I think it's an important thing for us to step back and look at how we got to where we are -- and not just -- I want to make sure we're not thinking that we're accidental recipients of what's going on in this AI transition, particularly as it relates to the hyperscalers.

是的。首先，我要感謝各位今天參與我們的電話會議。我想在這裡做幾點說明，因為我認為這很重要。我認為我們有必要退一步回顧我們是如何走到今天這一步——而且不只是——我想確保我們不會認為自己只是這波 AI 轉型的偶然受益者，尤其是在與超大規模雲端業者（hyperscalers）相關的部分。

For those of you who have been on these calls since I've been CEO, there were first several years, I talked about our situation with hyperscalers, our lack of relationships with them and our lack of business from them. And if you go back just over six years, we had virtually no business with them inside their data centers. We had a little bit of enterprise technology that we were selling them and through a combination of key investments and acquisitions that we made in Silicon, Optics and Security. We obviously rebuilt our relationships with our hyperscaler customers. We told them we'd meet them where they are by selling them silicon software or systems or any combination of those.

對於自從我擔任 CEO 以來就一直參與這些電話會議的各位，最初的幾年我談到我們與超大規模雲端業者的處境：我們與他們缺乏關係，也缺乏來自他們的業務。如果回到六年多前，我們在他們資料中心內幾乎沒有任何業務。我們只賣給他們一些企業技術；而透過我們在矽晶片、光學與安全領域所做的一系列關鍵投資與併購，我們顯然重建了與超大規模雲端客戶的關係。我們告訴他們，我們會在他們所在之處與他們合作——可以向他們銷售矽晶片、軟體或系統，或任何組合。

We worked hard on moving our products to a platform approach that Jeetu and the team have done a great job on, and we assembled the right team to execute and help achieve this breakthrough scale that we're seeing right now.

我們努力推動產品轉向平台化的方法，Jeetu 和團隊在這方面做得非常出色；同時我們也組建了合適的團隊來執行，並協助達成我們目前所看到的這種突破性的規模成長。

So I just want to congratulate the teams on all the things that have been done over honestly over a decade to prepare us for what's going on today. It's clear that the demand for our tech is stronger than ever. I think our results are evident of that. We certainly feel the continued AI momentum hyperscalers, enterprise, the neocloud, sovereign telco, everywhere refresh opportunity is in its early, early stages. We do believe that this supercycle is underway, and we think that the network remains an absolute critical factor as to whether AI deployments succeed or fail.

因此，我想祝賀各團隊，因為坦白說，過去十多年所做的一切都在為今天的局勢做準備。很明顯，市場對我們技術的需求比以往任何時候都更強勁。我認為我們的業績已經證明了這一點。我們確實感受到 AI 動能持續推進——來自超大規模雲端業者、企業、neocloud（新型雲端）、主權雲、電信業者——各處的汰換更新機會都仍處於非常、非常早期的階段。我們確信這個超級循環已經展開，而我們認為網路仍是決定 AI 部署成敗的絕對關鍵因素。

So we view that role as critical. We view our responsibility to deliver secure networking for every AI deployment that our customers choose to deploy. And I want to just reiterate how proud I am of our teams and how optimistic I am for what's ahead in FY27 and beyond. Thank you.

因此我們認為這個角色至關重要。我們也認為，我們的責任是為客戶選擇部署的每一個 AI 專案提供安全的網路連線。我也想再次強調，我為我們的團隊感到非常自豪，並且對 FY27 及更長遠的未來充滿信心。謝謝。

Cisco's next quarterly call, which will reflect our first quarter FY 2027 results will be on Thursday, November 12, 2026 at 1:30 PM Pacific Time, 4:30 PM Eastern Time. 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.

思科下一次季度電話會議（將反映我們 FY 2027 第一季的業績）將於 2026 年 11 月 12 日（星期四）舉行，時間為太平洋時間下午 1:30、東部時間下午 4:30。今天的電話會議到此結束。如有任何進一步問題，歡迎聯絡思科投資人關係部門，並非常感謝各位今天參與本次電話會議。

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. Thank you.

感謝各位參與今天的電話會議。若您希望收聽完整電話會議內容，可撥打 1800-839-2232。美國以外地區的與會者，請撥打 203-369-3662。今天的電話會議到此結束。您現在可以掛線。謝謝。