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It's been a heck of a year for Cisco Systems (CSCO). The stock is up more than 60% in 2026, and the company is about to put a bow on its fiscal year with fourth-quarter earnings due Wednesday after the market closes. The question is whether the rally has more room to run or if the good news is already priced in.
Let's dig into what Wall Street is expecting, what the experts are saying, and what to watch when the numbers hit the tape.
Analysts are looking for Cisco to report fourth-quarter revenue of $16.82 billion, a nice jump from the $14.67 billion it posted in the same period last year. If that comes through, it would be a new company record, topping the $15.84 billion Cisco reported in the third quarter.
On the earnings side, the consensus is for $1.17 per share, up from 99 cents a year ago. Cisco has been on a roll lately, beating analyst estimates for both revenue and earnings per share in four straight quarters and in eight of the last ten quarters overall. That's a pretty solid track record, but it also means expectations are high.
Jay Woods, Chief Market Strategist at Freedom Capital Markets, has been watching Cisco's chart closely. In a recent newsletter, he noted that "earnings reactions have been mixed" for the stock, but he's encouraged by the momentum. Cisco shares jumped 13.4% after last quarter's report, and Woods points out that the average post-earnings move is plus or minus 5.2%.
Woods sees the stock looking good on both the daily and weekly charts, with "much optimism about a path higher." He pegs $110 as a key support level as Cisco looks to push toward new all-time highs. "If it can breakout, expect a new leg to accelerate higher over the coming months with upside targets nearing $200," he said. That would represent a gain of about 64% from current levels.
Analysts have been warming up to the stock too. Here's a quick rundown of recent ratings and price target changes:
With four straight beats in the rearview mirror, the pressure is on Cisco to deliver again. But the bigger focus will likely be on forward guidance. After the third quarter, the company raised its full-year revenue and earnings per share outlook, and investors will want to see if that momentum continues.
One of the bright spots in the last report was CEO Chuck Robbins highlighting strong demand for Cisco's products. The company said it had received orders of $5.3 billion year-to-date, and it now expects total orders of $9 billion for fiscal 2026, up from a prior forecast of $5 billion. The driver? AI infrastructure demand, which has been a major tailwind for the networking giant.
So, keep an eye on any commentary about orders for the next fiscal year and early guidance. If Cisco can keep the AI story going, the stock could have more room to run.
Cisco shares were down 2.11% to $120.47 on Tuesday, sitting within a 52-week range of $65.75 to $130.37. The stock is still up 60.3% year-to-date, and it's hovering just below its all-time high of $130.37. Whether it breaks through that level could depend on what the company says Wednesday afternoon.
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