Earnings calls, dissected.

Cisco delivered record quarterly revenue of $15.8 billion in Q3 FY2026, beating the high end of guidance on both top and bottom lines, driven by an explosive surge in AI infrastructure orders from hyperscalers and an accelerating campus networking refresh cycle. Management raised FY2026 AI order expectations to $9 billion from $5 billion and lifted full-year revenue guidance to $62.8–$63.0 billion.

Apple delivered its best March quarter on record, with revenue of $111.2 billion rising 17% year over year and diluted EPS of $2.01 up 22%, both surpassing consensus expectations. The results were underpinned by a record iPhone quarter and an all-time high in Services revenue, with double-digit growth across every geographic segment.

Amazon delivered a powerful Q1 2026, with total net sales of $181.5 billion (+17% Y/Y) and operating income of $23.9 billion (+30% Y/Y), both ahead of consensus. AWS accelerated to $37.6 billion in revenue (+28% Y/Y) while net income more than doubled to $30.3 billion, aided by a $16.8 billion Anthropic-related gain.