财务状况 毛利率变化与成本管理：第三财季调整后毛利率指引为65.5%–66.5%，较去年同期下降，主要因AI相关 支出和关税不确定性。市场将密切监测利润率能否企稳或改善。 经济观察网 基于2026年2月12日发布的财报及相关报道，思科（CSCO）近期已公布2026财年第二财季 （截至2026年1月24日）业绩，并更新了指引。未来值得关注的事件主要围绕财务表现、AI需求推动的 业务增长及合作伙伴关系展开。 业绩经营情况 第三财季业绩发布与指引兑现：思科预计第三财季营收为154亿至156亿美元，调整后每股收益（EPS） 约1.02–1.04美元，市场将关注实际数据是否达到或超出这一指引。第三财季业绩通常于财季结束后（约 2026年4月）公布。 业务进展情况 AI基础设施订单的持续增长：第二财季来自超大规模云厂商的AI基础设施订单达21亿美元，同比增长 显著加速。投资者将关注后续订单能否维持高增速，以验证AI需求对收入的拉动作用。 合作项目与产品推进：思科已宣布与AMD合作参与沙特阿拉伯的AI基础设施项目，并推出了搭载英伟 达芯片的网络交换机。这些合作可能在未来财季贡献增量收入，尤其关注2026财年下半年至2027 ...

Core Insights - Cisco Systems raised its quarterly dividend to $0.42 per share, reflecting confidence in its role in AI infrastructure development [1] - Despite surpassing Q2 earnings estimates, Cisco's stock dropped nearly 12% due to gross margin pressure and guidance that only met current-quarter estimates [2] - Cisco is positioned to benefit from a significant technology shift, with hyperscalers ordering billions in networking equipment for AI data centers [2] Dividend Metrics - The increase in the quarterly dividend to $0.42 represents a commitment to return at least 50% of free cash flow to shareholders annually [3] - Cisco returned $3 billion to shareholders in Q2 through dividends and buybacks, with an annualized dividend payout of $1.68 per share, resulting in a forward yield of 2.2% [3][7] - Cisco's annual dividend expense is approximately $6.63 billion, with projected free cash flow of $13.64 billion in fiscal 2026, indicating a payout ratio of 48.60% [4] Financial Performance - In Q2 of fiscal 2026, Cisco's revenue increased by 10% year-over-year to $15.3 billion, and earnings per share rose by 11% to $1.04 [8] - The company expects AI infrastructure orders to exceed $5 billion in fiscal 2026, up from a previous estimate of $4 billion, with hyperscalers ordering $2.1 billion in AI gear during the quarter [8] - Cisco's capital returns in Q2 amounted to $3 billion, with $1.6 billion in dividends and $1.4 billion in buybacks, and year-to-date returns totaling $6.6 billion [9]

黄仁勋:对，对。并且要意识到你是多么幸运。 图片来源：Cisco AI Summit Z Highlights 本次对话发生在 2026 年 2 月 4 日的 Cisco AI Summit 现场。 NVIDIA 创始人黄仁勋在结束了为期两周、跨越亚洲五个城市的紧凑行程后，作为压轴嘉宾登场。 在与 Cisco CEO Chuck Robbins 的对谈中，他在轻松的氛围下分享了对计算范式重构、企业 AI 转型以及 " 物理 AI" 未来的深刻洞见。 开启计算新纪元：从显式到隐式的跨越 Chuck Robbins:我感觉我这工作就像在陪酒。 黄仁勋:首要原则是"不造成伤害"。 Chuck Robbins:"不造成伤害"？ Chuck Robbins:没错。首先，感谢大家在这个漫长的一天来到这里。我们从今天清晨就开始了，我们迎来了一个又一个的讲演者，然后我们休息了大约两 个半小时，现在大家又回来见你了。 黄仁勋:我从凌晨一点就起床了。 Chuck Robbins:这位老兄正处于为期两周的亚洲五城之旅的尾声。 黄仁勋:一天前我还在中国台湾，昨晚在休斯顿，现在我在这儿。 Chuck Robbins:他已经离家两周了， ...

图片来源： Cisco AI Summit Z Highlights 本次对话发生在 2026 年 2 月 4 日的 Cisco AI Summit 现场。 NVIDIA 创始人黄仁勋在结束了为期两周、跨越亚洲五个城市的紧凑行程后，作为压轴嘉宾登 场。在与 Cisco CEO Chuck Robbins 的对谈中，他在轻松的氛围下分享了对计算范式重构、企业 AI 转型以及 " 物理 AI" 未来的深刻洞见。 开启计算新纪元：从显式到隐式的跨越 Chuck Robbins: 我感觉我这工作就像在陪酒。 我们正从过去的 " 显式编程 " 转向 " 隐式编程 " 。 不再是编写程序通过 API 传递变量，而是向计算机传达意图，让它自动解决问题。 摩尔定律 10 年提升 100 倍，而 AI 10 年提升 100 万倍。企业应假设算力是无限且光速的，并以此心态去重新解决公司内部最有影响力、最困难的核 心工作。 在初期很难论证新技术的 ROI 。 企业应允许员工在安全环境下实验各种模型。创新并不总是在掌控下的，过度追求控制会导致平庸，你应该施加影 响而非强加控制。 写代码本质上只是打字，是一种会被 AI 取代的 " 商 ...

北京时间2026年2月13日凌晨，美国股市收盘的钟声敲响，但带来的不是平静，而是一片刺眼的红色。 道琼斯工业指数下跌669.42点，跌幅定格在1.34%，报收于49451.98点。 以科技股为主的纳斯达克综合指数遭遇了更猛烈的抛售，暴跌469.32点，跌幅高达 2.03%，收于22597.15点。 标普500指数也未能幸免，下跌108.71点，跌幅1.57%，报6832.76点。 这不仅仅是数字的下跌。 整个市场超过4100只股票收跌，上涨的股票寥寥无几。 交易员们盯着屏幕，看着三大指数从开盘的普遍上涨，一步步演变成盘中 跳水，尾盘加速下跌的"高开低走"惨剧。 纳斯达克指数开盘时还上涨了0.38%，但盘中越走越低，最终以大跌收盘。 标普500指数开盘上涨0.40%，却在盘 中经历了两次明显的跳水。 市场的恐慌情绪像病毒一样蔓延。 投资者开始疯狂抛售手中的资产，尤其是那些曾经备受追捧的科技股和成长股。 衡量市场恐慌程度的VIX指数大幅飙 升，显示市场避险情绪急剧升温。 这种抛售不是针对某一家公司，而是席卷了整个市场，从科技巨头到传统行业，几乎无一幸免。 在众多下跌的板块中，有色金属和贵金属板块的崩盘尤为惨烈。 ...

U.S. equity markets extended their slide on Friday, February 13, 2026, as a deepening sell-off in the technology sector overshadowed a surprisingly cool inflation report. Despite data showing that price pressures are easing faster than economists anticipated, investor anxiety regarding the long-term profitability of artificial intelligence (AI) and a significant technical setback for the world’s largest company sent major indexes into the red for a second consecutive session.Major Market Indexes Performance ...

Wall Street got the kind of macro backdrop investors typically celebrate—solid job growth and easing inflation — yet stocks struggled to gain traction as concerns over tech costs and margin pressure capped enthusiasm.January Jobs Report Beats ExpectationsThe U.S. economy added 130,000 nonfarm payrolls in January, well above expectations of 70,000. Private employers accounted for 172,000 of those jobs, the strongest gain since December 2024. Government payrolls dropped by 42,000, the fourth consecutive month ...

Cisco logo centered in a blue-lit data center aisle with glowing server racks, representing AI networking growth. Key Points Cisco is well-positioned to benefit from a multi-year tech refresh cycle. AI underpins the need for newer, faster, more efficient networking and connectivity solutions. Analysts and institutions support this market: dividends, distribution growth, and buybacks attract buy-and-hold investors. Interested in Cisco Systems, Inc.? Here are five stocks we like better. It is a bold ...

Cisco Systems (CSCO) reported positive free cash flow (FCF) for the latest quarter ending Jan. 24, 2026, albeit lower than last year. Nevertheless, its FCF margin is still strong, and despite higher capex, management's guidance was for higher earnings. As a result, analysts have higher target prices for CSCO stock. For example, Yahoo! Finance now reports that the average of 26 analysts' price targets is $87.86. That's 14% higher than today's price. More News from Barchart CSCO is trading at $76.87, down ...

Where Will Cisco (CSCO) Stock Be in 5 Years? - 24/7 Wall St.[S&P 5006,854.40 +0.10%][Dow Jones49,563.00 +0.14%][Nasdaq 10024,756.20 -0.01%][Russell 20002,658.83 +1.65%][FTSE 10010,450.20 +0.14%][Nikkei 22557,428.00 +0.72%][Stock Market Live February 13, 2026: S&P 500 (SPY) Fighting to Go Green][Investing]# Where Will Cisco (CSCO) Stock Be in 5 Years?### Quick ReadAfter some share-price ups and downs, Cisco Systems (CSCO) now trades at a fairly reasonable 21.44 times historic earnings.Cisco reported a respec ...