Cisco

Cisco designs and sells a broad range of technologies including hardware, software, and artificial intelligence (AI) powered digital infrastructure to power, help secure, and draw insights from the Internet.

10-K, Sep 2, 2026

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about Cisco?

Jim CramerInvestorAug 13, 2026Invests

Our summary: Cramer said Cisco's post-earnings drop on cautious guidance was a buying opportunity, calling it an AI networking play.

“The stock's decline is giving the wrong signal”

CNBC article ›

Details ⓘ

Speaker: Jim Cramer, CNBC Investing Club
Role: Investor
Source: CNBC
Format: News article
Date: Aug 13, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Aug 13, 2026; the view may have changed.

Jim LebenthalInvestorJun 4, 2026Mixed

Our summary: Lebenthal disclosed on Halftime Report that he trimmed his Cisco position.

CNBC interview ›

Details ⓘ

Speaker: Jim Lebenthal, Cerity Partners
Role: Investor
Source: CNBC
Format: TV interview
Date: Jun 4, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Jun 4, 2026; the view may have changed.

All 2 Voices on Cisco ›

Business

How does Cisco make money?

Networking is 54.7% of revenue.

Networking54.7%

Services23.7%

Security13.0%

Collaboration6.8%

What is left of every $100?

Of every $100 in revenue, $21 is net income.

Revenue$100

Gross profit$65

Operating income$24

Net income$21

Free cash flow$20

Where do customers sit?

The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).

In the company’s words ›

“We are incorporating AI into our product portfolios across networking, security, collaboration and observability, as well as integrating our products more tightly together into a platform.”

“We are simplifying how our technology is delivered, managed and optimized and helping customers maximize the business value of their technology investments.”

“We conduct our business globally and manage our business by geography.”

Item 1 · Business · 10-K · 0000858877-26-000132 · filed Sep 2, 2026

Where did the growth actually come from?

Networking drove 57% of Cisco’s growth.

Revenue FY2024$53.8B

Networking+$5.4B

Security+$3.2B

Services+$480M

Not allocated+$257M

Collaboration+$188M

Revenue FY2026$63.3B

Thesis

Why do people invest?

2 reasons in the company’s own words.

Revenue +12%

“Total revenue was $63.3 billion, an increase of 12% compared with fiscal 2025.”
Item 7 · MD&A · 10-K · 0000858877-26-000132 · filed Sep 2, 2026
Number check (revenue): stated $63.3B matches the stored value ($63.3B, ±10%)

Revenue: $63.3B FY2026 · +11.8% vs FY2025 · KPIs
Position (in the company’s words)

“Our networking business is built on a foundation of industry-leading technologies, including switching, routing, wireless, and servers, offered through a comprehensive suite of both hardware and software solutions.”
Item 1 · Business · 10-K · 0000858877-26-000132 · filed Sep 2, 2026

Dependencies

How much revenue hangs on one customer?

One customer: 11% of revenue.

Customer A11%

Customers, suppliers, stakes and mentions ›

Only what filings state. Anonymous customers stay anonymous.

Largest customers (Cisco annual report)

Customer A11% not named · FY2026 · share of revenue (basis not confirmed in the filing text)

10-K · 0000858877-26-000132 · filed Sep 2, 2026

Suppliers named by Cisco

No supplier among the covered companies is named in the filings.

Cisco holds stakes in

CoreWeave0.2% calculated

SpaceX0.0% calculated

Others name Cisco

9 competitor mentions (e.g. Arista, Celestica, Ciena, Datadog) · 2 other mentions (e.g. Arista, Marvell) · 2 partner mentions (e.g. Everpure, NetApp) in covered companies’ filings. Mentions, not confirmed relationships.

Risks

What could go wrong?

4 of 37 risk factors, one per theme.

Customer concentration
“Sales to the service provider and cloud market, including sales of AI infrastructure solutions to large cloud and hyperscaler customers, are especially volatile and may be concentrated among a limited number of customers, and weakness in orders from this industry may harm our results of operations or financial condition.”
Item 1A · Risk Factors · 10-K · 0000858877-26-000132 · filed Sep 2, 2026
Competition
“The markets in which we compete are intensely competitive, which could negatively impact our achievement of revenue growth.”
Item 1A · Risk Factors · 10-K · 0000858877-26-000132 · filed Sep 2, 2026
Trade, government policy and geopolitics
“Our results of operations may be negatively impacted by unfavorable economic and market conditions and the uncertain geopolitical environment.”
Item 1A · Risk Factors · 10-K · 0000858877-26-000132 · filed Sep 2, 2026
AI and new products
“Issues related to the development and use of artificial intelligence (AI) could give rise to legal and/or regulatory action, damage our reputation or otherwise materially harm our business.”
Item 1A · Risk Factors · 10-K · 0000858877-26-000132 · filed Sep 2, 2026

Who’s invested

Who owns more than 5%?

Vanguard Capital Management LLC holds 7.18%.

Vanguard Capital Management LLC7.18%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
State Street Corp5%
13G · as of Jun 30, 2026 · filed Aug 7, 2026
BlackRock Inc.8.6% (then)
13G/A · filed Jan 25, 2024 · older than 18 months, current position unknown

13F holders and insider trades ›

Largest institutional holders, 13F, quarter ending Jun 30, 2026

BlackRock, Inc.11.3%
358.7M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.7%
244.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp6.2%
197.2M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.3%
138.2M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC3.8%
119.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported

4,069 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.

Insiders, last 12 months (Form 4, open market)

0 purchases · 95 sales · $106M sold

Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026

All metrics

All metrics · 41 SEC metrics, FY2017–FY2026

Income statement 12

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cost of revenue

D&A

G&A

Gross profit

Income taxes

Interest expense

Net income

Operating income

Research and development

Revenue

SG&A calc.

Sales & marketing

Balance sheet 10

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents

Current liabilities

Current portion of long-term debt

Equity

Equity incl. NCI

Long-term debt

Short-term debt (balance sheet line)

Total assets

Total debt calc.

Total liabilities & equity

Cash flow 7

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Buybacks

Capex

Dividends

Free cash flow calc.

Interest paid										not reported

Operating cash flow

Stock-based compensation

Per share & shares 4

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
EPS basic

EPS diluted

Wtd. shares basic

Wtd. shares diluted

Segments 5

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023
Revenue Collaboration calc.	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Revenue Networking calc.	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Revenue Product calc.

Revenue Security calc.	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Revenue Services

Other 3

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Other income (incl. interest)

Pretax income

Total liabilities

Cisco

Source and method

What do investors say about Cisco?

Business

Networking is 54.7% of revenue. i

Source and method

Of every $100 in revenue, $21 is net income. i

Source and method

The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).

Networking drove 57% of Cisco’s growth.

Cisco redrew its segments in FY2024.

Thesis

2 reasons in the company’s own words. i

Source and method

KPIs

Revenue grew 12% to $63.3B.

Revenue grew 18% YoY to $17.3B.

Per share, revenue grew 14.4%.

24.3% operating margin, up from 20.8%.

64.5% gross margin, down from 64.9%.

Operating income grew 31% to $15.4B.

Net income grew 30% to $13.3B.

R&D grew 2.8% to $9.6B.

SG&A grew 2.6% to $14.3B.

EPS diluted grew 31% to $3.33.

24.7% operating margin, up from 21.0%.

64.1% gross margin, up from 63.2%.

Operating income grew 38% YoY to $4.3B.

Net income grew 51% YoY to $3.9B.

R&D grew 2.1% YoY to $2.4B.

SG&A grew 3.0% YoY to $3.6B.

EPS diluted: $0.97 in FY2026 Q4.

Keeps $20 of every $100 as free cash.

Operating cash flow fell 0.1% to $14.2B.

Capex grew 56% to $1.4B.

Buybacks grew 1.8% to $6.1B.

Dividends grew 1.8% to $6.6B.

Stock-based compensation grew 5.2% to $3.8B.

Free cash flow grew 24% YoY to $5.0B.

Operating cash flow grew 27% YoY to $5.4B.

Capex grew 80% YoY to $390M.

Buybacks grew 20% YoY to $1.5B.

Dividends grew 2.1% YoY to $1.7B.

Stock-based compensation fell 2.2% YoY to $927M.

$7.2B cash vs $29.5B debt.

Total debt grew 5.1% to $29.5B.

Interest expense fell 7.7% to $1.5B.

Total assets grew 6.0% to $129.6B.

Equity grew 7.3% to $50.3B.

Cash fell 14% YoY to $7.2B.

Total debt grew 5.1% YoY to $29.5B.

Interest expense grew 1.4% YoY to $373M.

Total assets grew 6.0% YoY to $129.6B.

Equity grew 7.3% YoY to $50.3B.

Product revenue grew 16% to $48.3B.

Security revenue grew 1.7% to $8.2B.

Product revenue grew 24% YoY to $13.5B.

Security revenue grew 14% YoY to $2.2B.

Dependencies

One customer: 11% of revenue.

Risks

4 of 37 risk factors, one per theme. i

Source and method

Who’s invested

Vanguard Capital Management LLC holds 7.18%. i

Source and method

All metrics

Method

Networking is 54.7% of revenue.

Of every $100 in revenue, $21 is net income.

2 reasons in the company’s own words.

4 of 37 risk factors, one per theme.

Vanguard Capital Management LLC holds 7.18%.