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CISCO SYSTEMS, INC.CSCO

Sector
Technology
Industry
Computer Communications Equipment
Exchange
Nasdaq

Stock Price $CSCO

Latest filings

You are here#11 of 67 in Technology by market cap

Filing record · 2016–202610-K1110-Q328-K146

CSCO filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 146 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. FY2019 annual report10-K · Sep ’19Sep ’19
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $56.65B
YoY changeLargest recent move+10.6%in FY23Latest +5.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All CSCO Financial Metrics62 metrics

Income Statement16

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

CISCO SYSTEMS, INC. Financial Overview 2021–2025

Updated Jul 10, 2026

Cisco's massive 59%a surge in Security revenue during FY2025 proves the legacy hardware giant has successfully rewired its DNA. Anchored by its integration of Splunk, this pivot validates the central investment thesis: Cisco is rapidly transforming from a cyclical router vendor into a high-margin software and recurring revenue powerhouse.

The underlying business transition is evident in the top line, with total revenue growing from $49.8 billion in FY2021 to $56.65 billionb in FY2025. While traditional Networking revenue saw a 3% contraction in FY2025 due to normalized customer inventory levels, the software-heavy portfolio mix structurally elevated profitability. Total gross margins hit 64.7% in FY2024 and held strong as Observability revenue jumped 26% in FY2025. Operational cash flow remained formidable throughout this transition, enabling Cisco to return $12.4 billion to shareholders through dividends and buybacks over the fiscal year.

Wall Street has rewarded this software-centric evolution and the company's aggressive strategic pivot toward AI infrastructure. At the close of FY2025, shares traded at 26.9x earnings and finished at $68.69c. This priced the enterprise at a $272.0 billion market cap, supported by a fortress balance sheet holding $16.1 billion in cash and investments to fund its next phase of growth.

Recent Developments (Q2 and Q3 2026)

Cisco's accelerating momentum in AI infrastructure and campus solutions drove a 12% year-over-year revenue increase to $15.8 billiond in Q3 2026, outpacing the 10% growth seen in Q2 2026. Product revenue surged 17% in the third quarter, fueled by a 25% spike in Networking sales. Profitability also expanded, with operating income margins climbing to 25.0% in Q3 2026 from 22.6% a year prior. To further prioritize growth vectors like silicon and optics, management announced a restructuring plan carrying up to $1 billion in pre-tax charges, alongside the appointment of Nichlas Fink as Chief Accounting Officer.

Bulls argue that double-digit top-line acceleration and expanding margins validate Cisco's aggressive AI hardware investments. Conversely, bears caution that a lofty valuation of 45.2x earnings as of May 19, 2026, leaves little margin for error, especially with services revenue contracting 1% in the latest quarter.

What to watch: execution of the $450 millione in restructuring charges slated for Q4 2026; potential stabilization in the Security portfolio following recent cloud transition headwinds.

03—Filings

Recent SEC Filings

  1. 8-KCISCO SYSTEMS, INC. 8-K Report, Executive Changes (Oct 9, 2026)Cisco Systems, Inc. (CSCO) announced a strategic addition to its Board of Directors with the appointment of Girish D. Rishi, CEO of Cognite Holding B.V., effective October 9, 2026. Mr. Rishi has been deemed an "independent" director under Nasdaq listing standards, bringing external expertise to the company's governance. His appointment is expected to enhance board oversight and strategic decision-making. Mr. Rishi will receive standard compensation for non-employee directors, including a pro rata annual cash retainer and an initial equity award. The compensation structure allows for flexibility, with options to defer cash or equity awards. Investors should note that Mr. Rishi's specific committee assignments are yet to be determined. The company also highlighted its standard indemnification agreement for directors.
  2. 8-KCISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 12, 2026)Cisco reported fiscal Q4 and full-year 2026 results (quarter ended July 25, 2026) that exceeded the high end of its guidance ranges. Q4 revenue rose 18% year over year to $17.3 billion, with product revenue up 24% and Networking up 28%. Management attributes the strength to a broad-based AI infrastructure build-out, citing $4 billion of Q4 AI infrastructure orders from hyperscalers, $9.3 billion of such orders for FY 2026, and expected FY 2027 AI infrastructure revenue of $7.5 billion. Q4 non-GAAP operating margin was 35.9% and non-GAAP EPS was $1.22, up 23%. GAAP EPS was $0.97, up 52%, helped by $869 million of investment gains that were excluded from non-GAAP results. For full-year FY 2026, revenue reached $63.3 billion (up 12%), non-GAAP EPS was $4.33 (up 14%), and GAAP EPS was $3.33 (up 31%). Operating cash flow was flat at $14.2 billion. Gross margin pressure is visible: Q4 non-GAAP gross margin fell to 66.3% from 68.4%, and inventories rose to $5.7 billion from $3.2 billion, while short-term debt climbed to $10.2 billion from $5.2 billion. For FY 2027, Cisco guided revenue to $72.2–73.4 billion and non-GAAP EPS to $5.05–5.11, against GAAP EPS of $4.00–4.06. Q1 FY 2027 guidance calls for revenue of $18.0–18.2 billion and non-GAAP EPS of $1.32–1.34. The board declared a quarterly dividend of $0.42 per share, and the company repurchased about 13 million shares in Q4 for $1.5 billion, with $8.1 billion remaining under the authorization.
  3. 8-KCISCO SYSTEMS, INC. 8-K Report, Financial Results (May 13, 2026)Cisco reported fiscal third quarter 2026 results (quarter ended April 25, 2026) that beat the high end of its guidance, with record revenue of $15.8 billion, up 12% year over year. GAAP EPS was $0.85, up 37%, and non-GAAP EPS was $1.06, up 10%. Growth was led by networking, where product revenue rose 25% and total product orders climbed 35% (19% excluding hyperscalers). Hyperscaler AI infrastructure orders reached $5.3 billion year to date, and management raised its FY26 AI orders expectation to $9 billion from $5 billion and its FY26 AI revenue expectation to $4 billion from $3 billion. Profitability was strong, with non-GAAP operating margin of 34.2% and non-GAAP gross margin of 66.0%, though GAAP operating cash flow fell 7% to $3.8 billion. Cisco raised FY26 revenue guidance to $62.8-63.0 billion and set non-GAAP EPS guidance of $4.27-4.29. Q4 guidance calls for revenue of $16.7-16.9 billion and non-GAAP EPS of $1.16-1.18. Guidance includes the estimated impact of tariffs. Cisco also announced a restructuring plan of up to $1 billion in pre-tax charges, mostly cash-based, to fund investment in silicon, optics, security and AI. About $450 million will be recognized in Q4 FY26 and the remainder in FY27. Cisco declared a quarterly dividend of $0.42 per share and repurchased $1.3 billion of stock in the quarter, with $9.6 billion remaining under its authorization.
  4. 8-KCISCO SYSTEMS, INC. 8-K Report, Executive Changes (May 1, 2026)This 8-K filing from Cisco Systems, Inc. announces a key leadership transition within its finance department. M. Victoria Wong, the Senior Vice President and Chief Accounting Officer, has decided to retire from her role effective May 19, 2026. Ms. Wong will provide a transition period by serving as an Executive Advisor until July 25, 2026, ensuring continuity in financial reporting and operations. The company has appointed Nichlas A. Fink, currently the Vice President and Corporate Controller, to succeed Ms. Wong as the new Senior Vice President and Chief Accounting Officer, effective May 20, 2026. Mr. Fink has a deep understanding of Cisco's financial operations, having been with the company since 2016 in various senior finance roles. His appointment is accompanied by a $500,000 restricted stock unit award, reflecting the company's investment in key executive talent.
  5. 8-KCISCO SYSTEMS, INC. 8-K Report, Executive Changes (Apr 6, 2026)Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing changes to its Board of Directors. Daniel H. Schulman has resigned from the Board, effective May 21, 2026, due to increased time commitments from his new role as CEO of Verizon Communications Inc. This departure removes a director whose tenure might have provided continuity, but it's also presented as a strategic move driven by external responsibilities. Concurrently, Cisco has appointed Peter A. Shimer to its Board, effective April 6, 2026. Mr. Shimer has been deemed independent and appointed to the Audit Committee. His appointment is accompanied by standard director compensation arrangements, including cash retainers and equity awards, with provisions for deferred settlement and participation in a charitable matching program. The company has also entered into a standard Indemnity Agreement with Mr. Shimer, a common practice for directors.
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04—See also

Related Companies

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