EARNINGS & CATALYSTS · November 12, 2026
Ahead of November 12 earnings: Cisco margins and Applied Materials demand face a test
Ahead of the November 12 after-close reports, compare Cisco’s profitability with its prior outlook and watch whether Applied Materials can sustain chip-equipment growth.
| Company | Report date | Window | EPS estimate | Revenue estimate |
|---|---|---|---|---|
| Cisco Systems, Inc. (CSCO) | November 12, 2026Expected · subject to change | After close | 1.33 | 18.12B |
| Applied Materials, Inc. (AMAT) | November 12, 2026Expected · subject to change | After close | 4.06 | 10.3B |
1) Which reports are expected after close?
Cisco confirmed that its fiscal first-quarter 2027 results, for the period ended October 24, will be released after close on November 12, 2026. Applied Materials confirmed an after-close earnings call on November 12 for its fiscal fourth quarter and full year 2026; the results release is expected ahead of the call. Both reports are still upcoming in this preview.
2) Cisco: watch the margin behind the growth
Cisco sells networking equipment, software and security products. Its August 12 outlook for the coming report included revenue of $18.0 billion to $18.2 billion and an adjusted operating margin of 35.5% to 36.5%. Operating margin is the share of sales left after operating costs. Adjusted figures exclude certain accounting items. Compare the new annual outlook with the prior $72.2 billion to $73.4 billion revenue range. Strong sales with weaker profitability would tell a different story from growth that also produces more cash. These figures are company guidance, not analyst consensus.
3) Applied Materials: watch the next equipment cycle
Applied sells equipment and services used to manufacture chips. Its August 13 forecast called for fourth-quarter sales of $9.75 billion to $10.75 billion and adjusted profit per share of $3.82 to $4.22. These are management targets, not reported results or analyst estimates. The next forecast matters because chipmakers can change the timing of factory investments. Watch demand for advanced chips and memory, service revenue, and the effects of export restrictions. Higher sales are more valuable when deliveries and cash collection keep pace.
4) What peers add to the picture
Arista reported $3.66 billion of third-quarter revenue on November 3, showing strong demand in networking. Lam Research reported $8.22 billion of September-quarter revenue on October 21, compared with $6.72 billion in the previous quarter. These provide context for the two markets, but different products and customers limit direct comparisons.
5) How to assess the first headlines
Start with the outlook, then check margins and cash flow. A stronger forecast supported by profitable deliveries would reinforce confidence in demand. A weaker forecast or rising costs would challenge that view. Keep company guidance separate from analyst expectations, and avoid treating a peer’s growth as a guarantee for either business.