Quarterly guidance

Revenue
$13.9 billion to $14.8 billion.
Networking revenue
Grow 11% to 13%.
Cloud and AI revenue
Grow 60% to 72%.
EPS
$1.20 to $1.30.

Annual guidance

FY26 EPS
$3.75 to $3.85.
FY26 Free Cash Flow
At least $3.75 billion.
FY27 Revenue Growth
13% to 17%.
FY27 EPS
$4.40 to $4.60.

Outlook

AI Demand
AI is inflecting beyond proof-of-concepts into broader enterprise workflow transformation, driving demand for inferencing and agentic AI.
Supply Chain
Supply constraints, particularly in wafer and clean room capacity, are expected to persist, though the company has doubled purchase commitments to improve conversion.
Networking
Networks for AI is expected to be a meaningful growth engine, with the year-end order target increased to $2.5 billion to $3 billion.
Margins
Gross margins are expected to moderate toward historical levels due to the increasing mix of AI systems.
Operating Expenses
Operating expenses are expected to decrease in FY27 as variable compensation normalizes and transformation efficiencies continue.
Juniper Integration
Synergy capture remains on track to achieve $600 million in annual run rate savings by the end of FY28.