EARNINGS & CATALYSTS · November 12, 2026
Cisco and Applied Materials earnings ahead: can AI spending sustain growth? — November 12, 2026
Cisco and Applied Materials are due after close on November 12. Watch AI orders turning into sales, chip-equipment demand and the profit outlook after strong results from Arista and Lam Research.
| 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 earnings are coming?
Cisco has confirmed fiscal first-quarter 2027 results after close on November 12, 2026, covering the period ended October 24. Applied Materials has confirmed its fiscal fourth-quarter and full-year 2026 earnings call for November 12 after close; its quarter ended October 25. The Applied results release is expected after close ahead of that call. These are upcoming reports, not announced results.
2) Cisco: converting AI orders into sales
Cisco sells networking equipment, security products and software. In its August 12 report, it recorded $9.3 billion of fiscal 2026 AI infrastructure orders from large cloud providers and projected $7.5 billion of related revenue for fiscal 2027. Orders are commitments; revenue is recognized as the business delivers. Watch delivery progress and demand beyond the biggest cloud customers. Its prior first-quarter outlook called for revenue of $18.0 billion to $18.2 billion and adjusted EPS of $1.32 to $1.34. EPS means profit per share; adjusted figures exclude certain accounting items. These are management forecasts, not analyst consensus.
3) Applied Materials: demand and delivery capacity
Applied earns money from chipmaking equipment and services. Its August 13 outlook called for fiscal fourth-quarter revenue of $9.75 billion to $10.75 billion and adjusted EPS of $3.82 to $4.22. Management highlighted demand for advanced logic chips, memory and packaging that connects chip components. Watch whether the next outlook supports further growth without sacrificing profitability. Export restrictions, concentrated customers and the timing of factory investments can make sales uneven. Strong demand matters most when equipment can be delivered and paid for.
4) What recently reported peers tell us
Arista reported third-quarter revenue of $3.66 billion on November 3 and forecast fourth-quarter sales of $3.9 billion to $4.0 billion. That provides encouraging context for networking demand, although its customer mix differs from Cisco’s. Lam Research reported September-quarter revenue of $8.22 billion on October 21, up from $6.72 billion in the preceding quarter. It forecast December-quarter revenue of $8.6 billion, plus or minus $400 million. This supports the case for equipment demand, but Applied sells a different mix of technologies. Neither peer’s results guarantee a similar outcome.
5) What would change the investment case?
An outlook supported by stronger sales, steady margins and cash generation would strengthen confidence that AI investment is producing durable business. Slower deliveries or weaker profitability would challenge that view even if headline revenue grows. Read the revenue outlook and cash-flow commentary together before drawing conclusions from profit per share alone.