In Q2'26, Cisco's total operating expenses reached $5.92B USD, comprising $2.36B USD in R&D expenses and $3.57B USD in SG&A expenses, reflecting a slight quarterly decline from $6.00B USD in Q1'26 primarily due to a dip in R&D spending. Over the period from Q3'23 to Q2'26, operating expenses exhibited an overall upward trend, growing from $5.13B USD to $5.92B USD, driven by consistent increases in both R&D (from $1.96B USD to a peak of $2.40B USD in Q1'26 before easing) and SG&A (from $3.17B USD to $3.57B USD), with notable accelerations in Q4'24 and Q1'25 that suggest expansions in research investments and administrative costs; SG&A consistently dominated the breakdown, accounting for approximately 60% of total expenses throughout.