CSCO · CISCO SYSTEMS, INC.

420 filings

8-K

CSCO 8-K Current Reports

CISCO SYSTEMS, INC. - 420 current reports

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

Showing 1-50 of 420 filings

8-K

Leadership Changes

CISCO 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.

Oct 9, 2026 8-K

Earnings & ResultsExhibits & Filings

CISCO 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.

Aug 12, 2026 8-K

Earnings & ResultsFinancial EventsExhibits & Filings

CISCO 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.

May 13, 2026 8-K

Leadership Changes

CISCO 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.

May 1, 2026 8-K

Leadership Changes

CISCO 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.

Apr 6, 2026 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Feb 11, 2026)

Cisco reported fiscal second quarter 2026 (ended January 24, 2026) results that beat the high end of its own guidance on both top and bottom line. Revenue rose 10% year over year to a record $15.3 billion, GAAP EPS climbed 31% to $0.80, and non-GAAP EPS rose 11% to $1.04. Product revenue grew 14%, led by Networking at +21%, while Services was down 1% and Security fell 4%. Product orders were up 18% year over year, with networking orders accelerating to more than 20%, and hyperscaler AI infrastructure orders reached $2.1 billion. Management highlighted a multi-year, multi-billion-dollar campus networking refresh cycle as underway. Profitability was strong but mixed beneath the headline. Non-GAAP gross margin declined about 120 basis points year over year to 67.5%, and GAAP gross margin fell to 65.0% from 65.1%. Non-GAAP operating margin was 34.6%, while GAAP operating cash flow fell 19% to $1.8 billion. Cash and investments dropped to $15.8 billion from $16.1 billion at fiscal year-end, and short-term debt rose sharply to $8.7 billion from $5.2 billion. Deferred revenue grew 2% and total RPO grew 5%, signaling moderating forward visibility relative to product order momentum. Looking ahead, Cisco guided fiscal Q3 2026 revenue to $15.4–$15.6 billion and non-GAAP EPS to $1.02–$1.04, with GAAP EPS of $0.73–$0.77. For full-year FY2026 it guided revenue to $61.2–$61.7 billion and non-GAAP EPS to $4.13–$4.17, with GAAP EPS of $3.00–$3.08. Guidance includes the estimated impact of tariffs under current trade policy. The quarterly dividend was raised 2% to $0.42 per share, and the company returned $3.0 billion to shareholders in the quarter.

Feb 11, 2026 8-K

Leadership ChangesShareholder MattersExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Dec 17, 2025)

Cisco Systems, Inc. (CSCO) filed an 8-K report on December 16, 2025, detailing the outcomes of its Annual Meeting of Stockholders held on December 15, 2025. The most significant event for investors is the approval of the amendment and restatement of the Cisco Systems, Inc. 2005 Stock Incentive Plan. This amendment, effective upon stockholder approval, increases the number of shares authorized for issuance under the plan by 57,490,000 shares. The plan will now terminate on the date of the 2030 Annual Meeting unless re-adopted or extended. The report also provides the voting results for five proposals presented at the meeting. All nine nominated directors were elected, and executive compensation was approved on an advisory basis. Furthermore, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2026 was ratified with overwhelming support. A stockholder proposal requesting a report on the financial value of Cisco's inclusion programs, however, received substantial opposition.

Dec 17, 2025 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Nov 12, 2025)

Cisco reported fiscal first quarter 2026 (ended October 25, 2025) results that exceeded the high end of its guidance ranges on both top and bottom lines. Revenue rose 8% year over year to $14.9 billion, with product revenue up 10% and services up 2%. Networking was the standout, growing 15%, and total product orders rose 13%, with double-digit Networking order growth for a fifth consecutive quarter. Management cited an early ramp of a multi-year, multi-billion-dollar campus networking refresh and $1.3 billion of AI infrastructure orders from hyperscaler customers. Profitability showed operating leverage. GAAP EPS was $0.72 (up 6%) and non-GAAP EPS was $1.00 (up 10%). Non-GAAP operating margin reached 34.4% and non-GAAP gross margin was 68.1%, though non-GAAP gross margin declined about 120 basis points year over year. GAAP operating income rose 43% to $3.4 billion, helped by lower restructuring charges than the prior year. Operating cash flow fell 12% to $3.2 billion, and Security (down 2%) and Collaboration (down 3%) remained soft. Cisco returned $3.6 billion to shareholders in the quarter through buybacks and dividends, declared a $0.41 quarterly dividend, and guided fiscal Q2 2026 revenue to $15.0-15.2 billion with non-GAAP EPS of $1.01-$1.03. Full-year FY2026 guidance calls for $60.2-61.0 billion in revenue and non-GAAP EPS of $4.08-$4.14. Management noted that margin and EPS guidance includes the estimated impact of current tariffs.

Nov 12, 2025 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Oct 17, 2025)

Cisco Systems, Inc. (CSCO) has filed an 8-K reporting that Wesley G. Bush has decided not to stand for re-election at the upcoming 2025 annual meeting of stockholders. Mr. Bush will continue to serve as a director until that meeting concludes. This filing is primarily informational, indicating a change in board composition that will occur following the annual meeting.

Oct 17, 2025 8-K

Corporate ChangesExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Bylaw Amendment (Aug 25, 2025)

Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing an amendment to its Amended and Restated Bylaws, effective August 21, 2025. The primary change introduces a 'cure period' for stockholders submitting director nomination notices. This amendment allows stockholders an opportunity to correct deficiencies in their nomination submissions, provided they are submitted within the designated timeframe outlined in the bylaws. The company also made minor ministerial adjustments for clarity and consistency within the bylaws. This change is primarily procedural and aims to enhance the shareholder engagement process for director nominations. Investors should note that while this amendment facilitates a smoother nomination process, it does not fundamentally alter Cisco's corporate governance structure or its strategic direction. The full text of the Amended and Restated Bylaws and a version highlighting the changes are available as exhibits to this filing.

Aug 25, 2025 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 13, 2025)

Cisco reported fiscal Q4 and full-year 2025 results (quarter ended July 26, 2025) that landed at the high end of guidance on revenue, gross margin and operating margin, with non-GAAP EPS of $0.99 ahead of the top of its range. Q4 revenue rose 8% year over year to $14.7 billion, led by Networking (+12%) and Security (+9%), while Observability grew 4% and Collaboration 2%. Services revenue was flat. GAAP EPS rose 31% to $0.71 and non-GAAP EPS rose 14% to $0.99. For the full fiscal year, revenue grew 5% to $56.7 billion, non-GAAP EPS rose 2% to $3.81, and operating cash flow climbed 30% to $14.2 billion. Management highlighted AI infrastructure orders from webscale customers exceeding $2 billion for FY2025, more than double the original $1 billion target. Total remaining performance obligations reached $43.5 billion (up 6%), and deferred revenue was $28.8 billion (up 1%). Cisco returned $2.9 billion to shareholders in Q4 through dividends and buybacks, and declared a quarterly dividend of $0.41 per share. For fiscal 2026, Cisco guided revenue to $59.0-$60.0 billion and non-GAAP EPS to $4.00-$4.06, with GAAP EPS of $2.79-$2.91. Q1 FY2026 guidance calls for revenue of $14.65-$14.85 billion and non-GAAP EPS of $0.97-$0.99. Management noted that margin and EPS guidance includes the estimated impact of current tariff policy. Non-GAAP results exclude share-based compensation and acquisition-related amortization, which together account for a large share of the gap between GAAP and non-GAAP EPS.

Aug 13, 2025 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Jun 9, 2025)

Cisco Systems, Inc. (CSCO) filed an 8-K on June 8, 2025, detailing a significant executive compensation matter. The Compensation and Management Development Committee approved an equity award for Mark Patterson, who was recently appointed as Executive Vice President and Chief Financial Officer. This filing provides specific details on the awarded restricted stock units (RSUs), aligning with the company's previously announced leadership change. Investors should note that Mr. Patterson has been granted 47,832 RSUs, which are designed to vest over a three-year period. The vesting schedule includes a 34% cliff vesting after the first year, followed by quarterly vesting of 8.25% thereafter. This structure is intended to incentivize long-term commitment and performance from the new CFO.

Jun 9, 2025 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (May 14, 2025)

Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing significant executive leadership changes. Effective July 26, 2025, Scott Herren will retire as Executive Vice President and Chief Financial Officer, though he will continue as an Executive Advisor until May 2026. Mark Patterson, currently Executive Vice President and Chief Strategy Officer, has been appointed to succeed Mr. Herren as CFO, starting July 27, 2025. Additionally, Jeetu Patel has been appointed President and Chief Product Officer, effective May 14, 2025. These appointments reflect internal promotions and transitions within Cisco's senior management team, aimed at maintaining continuity and leveraging existing leadership expertise. Investors should note the appointment of an experienced internal candidate to the critical CFO role, which typically signals a stable transition.

May 14, 2025 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (May 14, 2025)

Cisco reported fiscal third quarter 2025 results (quarter ended April 26, 2025) that beat the high end of its own guidance on revenue, margins and EPS. Revenue rose 11% year over year to $14.1 billion, with product revenue up 15% and services up 3%. Growth was led by Security (up 54%) and Observability (up 24%), while Networking grew 8% and Collaboration 4%. GAAP EPS was $0.62 (up 35%) and non-GAAP EPS was $0.96 (up 9%). Product orders rose 20% year over year, or 9% excluding Splunk, and AI infrastructure orders from webscale customers exceeded $600 million, surpassing the company's $1 billion target one quarter early. Profitability was solid. Non-GAAP gross margin was 68.6% and non-GAAP operating margin was 34.5%, both down modestly year over year on a margin basis. GAAP operating income rose 46% to $3.2 billion. Operating cash flow was $4.1 billion, and remaining performance obligations reached $41.7 billion, up 7%. Cisco returned $3.1 billion to shareholders in the quarter through a $0.41 dividend and about 25 million shares repurchased at an average of $59.78. Cash and investments declined to $15.6 billion from $17.9 billion at fiscal year-end 2024. Looking ahead, Cisco guided Q4 FY2025 revenue to $14.5 billion to $14.7 billion and non-GAAP EPS to $0.96 to $0.98, and full-year FY2025 revenue to $56.5 billion to $56.7 billion with non-GAAP EPS of $3.77 to $3.79. All margin and EPS guidance includes the estimated impact of tariffs under current trade policy. The Splunk acquisition continues to influence year-over-year comparisons, and the company's GAAP results remain affected by large amortization and share-based compensation charges that are excluded from its non-GAAP figures.

May 14, 2025 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (May 13, 2025)

Cisco Systems, Inc. (CSCO) has announced a significant addition to its Board of Directors with the appointment of Kevin Weil, the Chief Product Officer of OpenAI. This appointment, effective May 12, 2025, brings a notable figure from the artificial intelligence and product innovation space onto Cisco's governing body. Mr. Weil has been deemed independent under Nasdaq listing standards, which is a positive signal for good corporate governance. This strategic move suggests Cisco's continued focus on advancing its product strategy and leveraging cutting-edge technology, particularly in areas where OpenAI is a leader. Investors will likely view this appointment as a sign of Cisco's commitment to innovation and its efforts to stay at the forefront of the rapidly evolving technology landscape. The compensation structure for Mr. Weil as a new director aligns with Cisco's standard policies for non-employee directors, involving both cash and equity awards.

May 13, 2025 8-K/A

Leadership Changes

CISCO SYSTEMS, INC. 8-K/A Report, Executive Changes (Feb 27, 2025)

Cisco Systems, Inc. (CSCO) has filed an 8-K/A amendment to its previous filing, updating the departure date for Gary Steele, President, Go-to-Market. The effective date of his resignation has been extended from its previously announced date to May 12, 2025. This change provides a slightly longer transition period for Steele's departure and the associated responsibilities within Cisco's go-to-market strategy.

Feb 27, 2025 8-K

Material AgreementsFinancial EventsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Material Agreement (Feb 24, 2025)

Cisco Systems, Inc. (CSCO) has filed an 8-K report detailing a significant debt issuance, raising a total of $5 billion. This offering comprises multiple tranches of senior notes with varying maturities and interest rates, ranging from 4.550% for the 2028 Notes to 5.500% for the 2055 Notes. The proceeds from this offering are earmarked for general corporate purposes, including the repayment of outstanding commercial paper, indicating a strategic move to manage short-term liabilities and potentially optimize the company's capital structure. Investors should note the specific coupon rates and maturity dates associated with each note series, as these will impact future interest expenses and cash flow requirements. The notes are unsecured and rank equally with other senior unsecured indebtedness, but effectively subordinate to liabilities of Cisco's subsidiaries. The company has included standard covenants related to mergers, consolidations, and asset sales, along with typical events of default. This issuance demonstrates Cisco's ongoing access to capital markets to fund its operations and strategic initiatives.

Feb 24, 2025 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Feb 12, 2025)

Cisco Systems, Inc. (CSCO) has announced a significant executive change with the departure of Gary Steele, President of Go-to-Market, who will be resigning from the company effective April 25, 2025. This resignation is driven by Mr. Steele's acceptance of an external CEO opportunity. While the departure of a key executive can introduce short-term uncertainty, investors should note that Mr. Steele's exit is for a chief executive role elsewhere, indicating continued demand for his leadership expertise. Investors will be closely watching Cisco's strategy for managing its Go-to-Market operations in Mr. Steele's absence and how the company plans to ensure a smooth transition. The company will likely provide further updates regarding leadership changes or interim arrangements in subsequent filings or communications. The immediate impact on stock performance may depend on market perception of the Go-to-Market segment's stability and Cisco's succession planning.

Feb 12, 2025 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Feb 12, 2025)

Cisco reported fiscal second quarter 2025 (ended January 25, 2025) revenue of $14.0 billion, up 9% year over year, beating the high end of its guidance range. GAAP EPS was $0.61, down 6%, while non-GAAP EPS was $0.94, up 8% and also above the top of guidance. The headline growth is heavily influenced by the Splunk acquisition: excluding Splunk, total revenue declined 1%, and Networking fell 3%. Security (up 117%, or 4% excluding Splunk) and Observability (up 47%, or 3% excluding Splunk) drove the reported gains, while Collaboration grew 1%. Product orders rose 29% year over year and 11% excluding Splunk, and AI infrastructure orders exceeded $350 million in the quarter, bringing the first-half total to roughly $700 million. Profitability and cash generation were strong. Non-GAAP gross margin was 68.7% and non-GAAP operating margin was 34.7%. GAAP operating expenses rose 17%, largely due to acquisition-related amortization and share-based compensation, and GAAP operating margin was 22.3%. Operating cash flow was $2.2 billion, up 177%. Remaining performance obligations reached $41.3 billion, up 16%, with product RPO up 25%. Cisco returned $2.8 billion to shareholders in the quarter through dividends and buybacks, raised the quarterly dividend 3% to $0.41, and added $15 billion to its repurchase authorization, leaving roughly $17 billion available. Forward guidance calls for Q3 FY25 revenue of $13.9 to $14.1 billion and non-GAAP EPS of $0.90 to $0.92, with FY25 revenue of $56.0 to $56.5 billion and non-GAAP EPS of $3.68 to $3.74. Management noted that gross margin guidance includes the estimated impact of proposed tariffs on Mexico, Canada, and China. Investors should weigh the strong order momentum and AI demand against the flat organic top line, the widening gap between GAAP and non-GAAP earnings, and the tariff headwind.

Feb 12, 2025 8-K

Shareholder Matters

CISCO SYSTEMS, INC. 8-K Report, Shareholder Vote Results (Dec 11, 2024)

This 8-K filing from Cisco Systems, Inc. (CSCO) reports on the outcomes of the Annual Meeting of Stockholders held on December 9, 2024. The primary focus is on the voting results for three key proposals, including the election of directors, advisory approval of executive compensation, and ratification of the independent auditor. All proposals received overwhelming support from shareholders, indicating continued confidence in the company's leadership and governance. The election of all nine director nominees passed with a significant majority of votes cast. Similarly, the advisory vote to approve executive compensation was overwhelmingly favored by shareholders. Finally, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the upcoming fiscal year was ratified with near-unanimous support. These results generally reflect positive sentiment from the shareholder base regarding the company's strategic direction and financial oversight.

Dec 11, 2024 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Nov 13, 2024)

Cisco reported fiscal first quarter 2025 results (quarter ended October 26, 2024) with revenue of $13.8 billion, down 6% year over year, and GAAP net income of $2.7 billion, or $0.68 per diluted share, down 24%. Non-GAAP EPS was $0.91, down 18%. Results were at the high end of or above guidance on revenue, gross margin, and EPS. Growth was concentrated in Security (up 100%, though much of that reflects the Splunk acquisition; excluding Splunk, Security grew 2%) and Observability (up 36%, or 1% excluding Splunk). Networking, the largest product line, fell 23%, and total revenue excluding Splunk declined 14%. Product orders rose 20% year over year, or 9% excluding Splunk, which management characterized as broad-based acceleration in demand as customers invest in AI-related infrastructure. Profitability was mixed. GAAP results were boosted by a $720 million tax benefit from a U.S. Tax Court decision on deemed foreign dividends, which produced a GAAP tax benefit rate of 19.6%. Non-GAAP operating margin was 34.1%, down 1.4 points, and non-GAAP gross margin was 69.3%, up from 67.1%. GAAP operating expenses rose 28% to $6.8 billion, driven by restructuring charges of $665 million and higher acquisition-related costs. Operating cash flow grew 54% to $3.7 billion. Remaining performance obligations reached $40.0 billion, up 15%, and deferred revenue was $27.5 billion, up 7%. Cisco returned $3.6 billion to shareholders through a $0.40 quarterly dividend and $2.0 billion of buybacks at an average price of $49.56. For the second quarter of fiscal 2025, Cisco guided revenue to $13.75 billion to $13.95 billion and non-GAAP EPS to $0.89 to $0.91. For full-year fiscal 2025, it guided revenue to $55.3 billion to $56.3 billion and non-GAAP EPS to $3.60 to $3.66, with GAAP EPS of $2.26 to $2.38. Investors will likely focus on whether the order acceleration converts into sustained revenue growth, since Networking remains under pressure and the Splunk integration and restructuring costs weigh on reported profitability.

Nov 13, 2024 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Oct 11, 2024)

Cisco Systems, Inc. (CSCO) has filed a Form 8-K on October 10, 2024, to report a key change in its Board of Directors. Ekta Singh-Bushell has informed the company that she will not seek re-election at the upcoming 2024 Annual Meeting of Stockholders. While she will continue her service until the meeting, this signifies a change in the board's composition moving forward. This departure, while not an unexpected resignation or removal, is noteworthy for investors as it impacts the continuity and experience of the board. Investors should monitor future filings for information regarding the election of new directors or any shifts in committee assignments. The announcement itself does not indicate any performance issues or strategic disagreements but rather a personal decision regarding future board service.

Oct 11, 2024 8-K

Earnings & ResultsFinancial EventsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 14, 2024)

Cisco reported fiscal fourth quarter and full-year 2024 results (quarter ended July 27, 2024) that were weaker on the top and bottom line year over year but included several bright spots and a clear forward plan. Q4 revenue was $13.6 billion, down 10% year over year, with product revenue down 15% and services up 6%. Networking fell 28%, while Security rose 81% and Observability rose 41%, though much of that growth reflects the Splunk acquisition (Splunk contributed roughly $960 million in the quarter). Excluding Splunk, Security grew 6% and Observability 12%. Product orders grew 14% year over year (6% excluding Splunk), and total RPO reached $41.0 billion, up 18%, which supports forward visibility. Profitability held up better than revenue: Q4 non-GAAP gross margin was 67.9% and FY2024 non-GAAP gross margin of 67.5% was described as the highest in 20 years. GAAP EPS fell 44% to $0.54 and non-GAAP EPS fell 24% to $0.87, with Splunk-related financing and acquisition costs weighing on both measures. Management guided fiscal 2025 revenue to $55.0 billion to $56.2 billion and non-GAAP EPS to $3.52 to $3.58, with GAAP EPS of $1.93 to $2.05. The company also announced a restructuring affecting roughly 7% of its global workforce, with pre-tax charges of up to $1 billion, mostly cash-based and largely recognized in fiscal Q1 2025 ($700 million to $800 million). Capital returns continued with a $0.40 quarterly dividend and about $2.0 billion of buybacks in the quarter, though cash and investments declined to $17.9 billion and total debt rose sharply after the Splunk deal, making the balance sheet and operating cash flow trends (down 45% for the year) key points for investors to monitor.

Aug 14, 2024 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Jul 19, 2024)

Cisco Systems (CSCO) filed this Form 8-K on July 19, 2024 to disclose a separation agreement with Jeff Sharritts, its former Executive Vice President and Chief Customer and Partner Officer. Mr. Sharritts signed the agreement on July 15, 2024, the same day his employment ended in an executive advisor role. The filing is a governance and compensation disclosure rather than a financial-results or guidance update, and it does not report any change to Cisco's revenue, earnings, or outlook. The key economic terms are a one-time cash payment of $2,585,710.91, equal to eighteen months of base salary, his annual target bonus, and 17 months of COBRA premiums. He also receives accelerated vesting of time-based restricted stock units scheduled to vest through December 10, 2025, and is deemed eligible for retirement vesting on certain performance-based RSUs. In exchange, he signed a release of claims and agreed to continue complying with Cisco's Code of Business Conduct, related policies, and his Proprietary Information and Inventions Agreement. The filing does not state the number of shares involved or the accounting charge, so the total cost to Cisco cannot be fully determined from this document. For investors, the filing is best read as a routine executive transition. It signals a senior customer and partner leadership departure, which could matter if it coincides with account or channel disruption, but the filing itself offers no operational detail. The full Separation Agreement, filed as Exhibit 10.1, would be needed to confirm the equity acceleration terms and any non-compete or non-solicitation provisions.

Jul 19, 2024 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Jun 14, 2024)

Cisco Systems, Inc. (CSCO) announced a new addition to its Board of Directors, appointing Ekta Singh-Bushell, a former executive from the Federal Reserve Bank of New York, effective June 14, 2024. Ms. Singh-Bushell brings a background in operations and regulatory environments, making her an independent director under Nasdaq listing standards. She has also been appointed to key board committees, including the Audit Committee and the Environmental, Social, and Public Policy Committee. This appointment is a strategic move by Cisco to enhance its board's expertise and oversight. Investors can view this as a positive development, indicating the company's commitment to robust governance. Ms. Singh-Bushell will receive standard compensation for non-employee directors, including cash retainers and equity awards, with options for deferred settlement, aligning her interests with long-term shareholder value. Her inclusion on the Audit Committee, in particular, suggests a continued focus on financial integrity and regulatory compliance.

Jun 14, 2024 8-K

Earnings & ResultsLeadership ChangesExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (May 15, 2024)

Cisco reported fiscal third quarter 2024 results (quarter ended April 27, 2024) showing revenue of $12.7 billion, down 13% year over year, in line with management expectations as customers work through products already on hand. GAAP net income fell 41% to $1.9 billion ($0.46 per diluted share), while non-GAAP net income declined 14% to $3.6 billion ($0.88 per share, down 12%). Management highlighted continued operating leverage, with Q3 revenue, gross margin, and non-GAAP EPS at or above the high end of guidance, both including and excluding Splunk. Splunk, acquired in March 2024, contributed $413 million of revenue and reduced GAAP EPS by $0.09, largely due to financing costs and amortization, and roughly $0.01 on a non-GAAP basis. The quarter shows a mixed mix shift. Product revenue fell 19%, with Networking down 27%, while Security (up 36%, or 3% excluding Splunk) and Observability (up 27%, or 14% excluding Splunk) grew. Subscription revenue reached $6.9 billion (54% of total), and product ARR rose 44% to $15.5 billion. Total RPO grew 21% to $38.8 billion. Cash and investments fell to $18.8 billion from $26.1 billion, reflecting Splunk-related debt and cash outlays, with total debt rising sharply to roughly $32 billion in short- and long-term borrowings. For guidance, Cisco expects Q4 FY2024 revenue of $13.4 to $13.6 billion and non-GAAP EPS of $0.84 to $0.86, and full-year FY2024 revenue of $53.6 to $53.8 billion with non-GAAP EPS of $3.69 to $3.71. The company also declared a $0.40 quarterly dividend and repurchased about $1.3 billion of stock during the quarter. Separately, Gary Steele, former Splunk CEO, was named President of Go-to-Market, and Jeff Sharritts, Chief Customer and Partner Officer, will depart in mid-July 2024.

May 15, 2024 8-K

Acquisitions & DispositionsRegulation FDExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Acquisition Completed (Mar 18, 2024)

On March 18, 2024, Cisco Systems (CSCO) completed its acquisition of Splunk Inc. through a merger in which Merger Sub merged into Splunk, leaving Splunk as a wholly owned subsidiary. Splunk common stockholders received $157.00 per share in cash, for an aggregate equity value of approximately $28 billion. Unvested and vested Splunk equity awards were converted into cash awards on the same or equivalent vesting terms, and Splunk's shares ceased trading on NASDAQ before the market opened that day. Cisco management frames the deal as strategically transformative, positioning the combined company as one of the largest software companies globally and combining Cisco's networking infrastructure with Splunk's security and observability platforms to address AI-driven demand for data, infrastructure, security, and monitoring. The company expects the transaction to be cash flow positive (excluding certain acquisition-related items) and non-GAAP gross margin accretive in fiscal 2025, non-GAAP EPS accretive in fiscal 2026, and accretive to revenue growth and non-GAAP gross margin expansion over time. For investors, the key considerations are the scale of the cash outlay relative to Cisco's balance sheet, the integration risk of combining two large software and networking businesses, and whether the promised accretion and revenue acceleration materialize. The filing itself contains no GAAP financial impact, purchase price allocation, or pro forma figures, and the non-GAAP projections are explicitly unreconciled to GAAP, so investors should look to Cisco's subsequent periodic reports for those details.

Mar 18, 2024 8-K

Material AgreementsFinancial EventsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Material Agreement (Feb 26, 2024)

On February 26, 2024, Cisco Systems, Inc. (CSCO) completed a seven-tranche senior unsecured note offering totaling $15.0 billion in principal, spanning maturities from 2026 to 2064. The notes carry coupons from 4.800% (2027 notes) to 5.350% (2064 notes), and the Company stated that the proceeds are intended for general corporate purposes, including partial financing of its proposed acquisition of Splunk Inc. under the September 20, 2023 merger agreement. The offering was executed under a Form S-3 shelf registration and an underwriting agreement dated February 21, 2024, with BofA Securities, Barclays, Citigroup, Deutsche Bank, J.P. Morgan and Wells Fargo acting as underwriters. For investors, the most significant feature is the contingent special mandatory redemption provision. If the Splunk acquisition is not consummated by the Special Mandatory Redemption End Date, or if Cisco notifies the trustee it will not pursue the deal, all notes must be redeemed at 101% of principal plus accrued interest. This effectively converts the debt into a conditional bridge-style financing tied to deal completion, limiting the balance-sheet risk if the transaction fails. Otherwise, the notes are unsecured, rank pari passu with Cisco's other senior unsecured debt, and are structurally subordinated to all liabilities of subsidiaries. The indenture contains limited covenants, primarily restricting consolidations, mergers and asset sales, and standard events of default relating to nonpayment and covenant breaches. The filing signals a substantial increase in Cisco's long-term debt load, with a weighted-average coupon in the mid-5% range and maturities extending out to 40 years. Investors should weigh the incremental interest expense and leverage against the strategic rationale of the Splunk acquisition, and monitor whether the deal closes within the outside date set by the indenture.

Feb 26, 2024 8-K

Earnings & ResultsFinancial EventsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Feb 14, 2024)

Cisco's fiscal Q2 2024 (quarter ended January 27, 2024) showed a mixed picture: revenue of $12.8 billion fell 6% year over year, GAAP EPS was $0.65 (down 3%), and non-GAAP EPS was $0.87 (down 1%). Product revenue declined 9%, driven by a 12% drop in Networking, while Security (+3%), Collaboration (+3%), and Observability (+16%) grew. Management highlighted operating leverage and progress in shifting to recurring revenue: software subscription revenue rose 5%, product annualized recurring revenue (ARR) grew 9%, and total RPO reached $35.7 billion, up 12%. Operating cash flow of $0.8 billion fell 83% from the prior year's quarter, a weak data point investors will want explained. Cisco also announced a restructuring affecting roughly 5% of its global workforce, with pre-tax charges of about $800 million, mostly cash-based, weighted toward the third fiscal quarter of 2024. The company raised its quarterly dividend 3% to $0.40 per share and returned $2.8 billion to shareholders in the quarter through buybacks and dividends. Guidance for Q3 FY2024 calls for revenue of $12.1–$12.3 billion and non-GAAP EPS of $0.84–$0.86, while full-year FY2024 revenue is expected at $51.5–$52.5 billion with non-GAAP EPS of $3.68–$3.74. The restructuring charges will depress GAAP results in the coming quarters, so investors should focus on the non-GAAP trajectory, the pace of the recurring-revenue transition, and whether Networking stabilizes.

Feb 14, 2024 8-K

Material AgreementsFinancial EventsOther Events+1

CISCO SYSTEMS, INC. 8-K Report, Material Agreement (Feb 8, 2024)

Cisco Systems, Inc. (CSCO) has entered into a Third Amended and Restated Credit Agreement on February 2, 2024, establishing a $5.0 billion unsecured revolving credit facility. This facility, which can be expanded up to $7.0 billion and has an initial maturity of five years with options for extension, provides significant financial flexibility. The agreement outlines various borrowing options including U.S. dollar loans tied to Term SOFR or Base Rate, and foreign currency loans. It also includes a commitment fee on the undrawn amount and fees for outstanding letters of credit, with terms influenced by Cisco's senior debt credit ratings.

Feb 8, 2024 8-K

Leadership ChangesShareholder MattersExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Dec 8, 2023)

This 8-K filing from Cisco Systems, Inc. details the outcomes of their Annual Stockholders Meeting held on December 6, 2023. The primary event of note for investors is the stockholder approval of the amendment and restatement of the 2005 Stock Incentive Plan. This amendment materially increases the number of authorized shares for issuance by 80.575 million, a key action for future equity-based compensation. The Amended Stock Plan will now expire on the date of the 2030 Annual Meeting. Additionally, the filing provides the voting results for several other proposals, including the election of nine board members, an advisory vote on executive compensation, the frequency of future advisory votes on executive compensation, the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm, and a stockholder proposal regarding tax transparency. All proposals, except the stockholder proposal on tax transparency, received substantial support from stockholders.

Dec 8, 2023 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Nov 15, 2023)

Cisco reported fiscal first quarter 2024 (ended October 28, 2023) revenue of $14.7 billion, up 8% year over year, which management described as the strongest first quarter in the company's history for both revenue and profitability. GAAP EPS was $0.89 (up 37%) and non-GAAP EPS was $1.11 (up 29%). Growth was led by Networking (up 10%) and Observability (up 21%), and software subscription revenue and total software revenue each rose 13%. Annualized recurring revenue reached $24.5 billion (up 5%, with product ARR up 10%), and remaining performance obligations rose 12% to $34.8 billion. The quarter was not uniformly strong. Management acknowledged a slowdown in new product orders, which it attributed to customers still installing product delivered over the prior three quarters, estimating one to two quarters of shipped orders remain to be implemented. Operating cash flow fell 40% to $2.4 billion, mainly because of the timing of tax payments, and Americas-driven growth was offset by APJC revenue declining 3%. Q2 FY2024 guidance is for revenue of $12.6 to $12.8 billion and non-GAAP EPS of $0.82 to $0.84, with full-year FY2024 revenue guided to $53.8 to $55.0 billion and non-GAAP EPS to $3.87 to $3.93. Capital returns continued, with $2.8 billion returned to shareholders in the quarter through a $0.39 quarterly dividend and about 23 million shares repurchased for $1.3 billion. Cisco also remains in the process of acquiring Splunk, announced September 21, 2023, with closing expected by the end of calendar Q3 2024, subject to regulatory and shareholder approvals. Investors will likely focus on whether product order growth reaccelerates in the second half of the fiscal year as management expects, and on the progress of the Splunk transaction.

Nov 15, 2023 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Oct 10, 2023)

This Form 8-K filing from Cisco Systems, Inc. announces significant changes to its Board of Directors. Three long-standing directors, M. Michele Burns, Roderick C. McGeary, and Dr. Lisa T. Su, have decided not to seek re-election at the upcoming 2023 Annual Meeting. This signals a period of transition and potential refreshment on the board. Concurrently, Cisco has appointed Daniel H. Schulman, former CEO of PayPal Holdings, Inc., to its Board of Directors, effective October 10, 2023. Mr. Schulman's extensive leadership experience is expected to bring valuable insights. His compensation will align with Cisco's standard non-employee director package, including cash retainers and equity awards, with the ability to defer these compensation components. He will also be subject to Cisco's standard indemnity agreement.

Oct 10, 2023 8-K

Regulation FD

CISCO SYSTEMS, INC. 8-K Report, Regulation FD Disclosure (Sep 25, 2023)

This Cisco Systems, Inc. (CSCO) 8-K filing primarily provides forward-looking financial projections related to its previously announced acquisition of Splunk Inc. Cisco expects the transaction to be cash flow positive and gross margin accretive in the first fiscal year post-close. Furthermore, the company anticipates the acquisition to be non-GAAP EPS accretive in the second fiscal year following the closing. These projections are based on specific definitions of "positive or accretive cash flow" which exclude certain transaction costs and equity-related payments. Investors should note that these are forward-looking statements subject to significant risks and uncertainties, as detailed in the cautionary statement within the filing. The company also reminds investors that non-GAAP measures are not prepared in accordance with GAAP and should be considered alongside GAAP measures. Additional information regarding the acquisition, including proxy statements, will be made available on the SEC's website and through Splunk's investor relations.

Sep 25, 2023 8-K

Material AgreementsRegulation FDOther Events+1

CISCO SYSTEMS, INC. 8-K Report, Material Agreement (Sep 21, 2023)

On September 20, 2023, Cisco (CSCO) entered into a definitive Agreement and Plan of Merger to acquire Splunk (SPLK) for $157.00 per share in cash, an aggregate equity value of approximately $28 billion. The deal was unanimously approved by both boards. Splunk shareholders would receive the cash consideration at closing, while unvested equity awards would be converted into cash rights that continue to vest on their original schedules. Splunk stock would be delisted from Nasdaq and deregistered upon completion. Closing is subject to Splunk stockholder approval (majority of outstanding shares), HSR and other antitrust and foreign investment clearances, the absence of prohibiting orders, and the accuracy of representations and covenant compliance. The parties expect the deal to close by the end of Q3 calendar 2024, and either party may terminate if it has not closed by March 20, 2025. Cisco would owe Splunk a $1.478 billion termination fee in certain antitrust-related scenarios, while Splunk would owe Cisco $1.0 billion if it accepts a superior proposal or the board changes its recommendation. Hellman & Friedman, which holds about 7.6% of Splunk's shares, signed a voting and support agreement to vote in favor of the merger. Management expects the transaction to be cash flow positive and gross margin accretive in the first full fiscal year after close, and non-GAAP EPS accretive in year two. Cisco states the deal will not affect its existing share buyback or dividend programs. Investors should weigh the strategic benefit of expanding recurring software revenue and security/observability capabilities against the size of the cash outlay, integration risk, and the long regulatory path to closing.

Sep 21, 2023 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 16, 2023)

Cisco closed fiscal 2023 (ended July 29, 2023) with a strong fourth quarter: revenue of $15.2 billion, up 16% year over year, and GAAP EPS of $0.97, up 43%. Non-GAAP EPS was $1.14, up 37%. Full-year revenue reached $57.0 billion (up 11%), with GAAP EPS of $3.07 (up 9%) and non-GAAP EPS of $3.89 (up 16%). Operating cash flow was $6.0 billion in the quarter (up 62%) and $19.9 billion for the year (up 50%). Management credited the results to growth in Secure, Agile Networks (up 33% in Q4) and to progress on its business model transformation, with software revenue up 17%, software subscription revenue up 20%, and product ARR up 10%. The quality of growth is mixed beneath the headline. Non-GAAP gross margin expanded to 65.9% from 63.3%, and non-GAAP operating margin rose to 35.4%, supporting operating leverage. However, Q4 Collaboration revenue fell 12%, and total annualized recurring revenue grew only 5% to $24.3 billion, suggesting the shift to subscriptions is still in progress. Cash and investments rose to $26.1 billion, and the company returned $2.8 billion to shareholders in the quarter through dividends and buybacks. Looking ahead, Cisco guided Q1 FY2024 revenue to $14.5–14.7 billion and non-GAAP EPS to $1.02–1.04, and FY2024 revenue to $57.0–58.2 billion (roughly flat to up 2%) with non-GAAP EPS of $4.01–4.08. The company also declared a quarterly dividend of $0.39 per share, payable October 25, 2023. Investors should weigh the strong margin and cash flow performance against the modest near-term top-line outlook and the slowing ARR growth.

Aug 16, 2023 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Jul 19, 2023)

Cisco Systems, Inc. (CSCO) announced a key executive appointment in an 8-K filing dated July 18, 2023. The company's Board of Directors has appointed M. Victoria Wong as the new Senior Vice President and Chief Accounting Officer, effective July 30, 2023. Ms. Wong will be taking over from Prat Bhatt and brings extensive experience within Cisco's finance organization, having held various leadership roles since 2007, including Deputy Chief Accounting Officer and Corporate Controller. Her prior experience includes a tenure as a partner at KPMG LLP.

Jul 19, 2023 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (May 17, 2023)

Cisco reported fiscal third quarter 2023 results (quarter ended April 29, 2023) with revenue of $14.6 billion, up 14% year over year, and GAAP EPS of $0.78 (up 7%) alongside non-GAAP EPS of $1.00 (up 15%). Growth was broad-based, led by product revenue up 17% and total software revenue up 18%. Secure, Agile Networks grew 29%, while Collaboration declined 13%. Operating cash flow rose 43% to $5.2 billion, and the company highlighted progress in its subscription-based business model, with total annualized recurring revenue (ARR) at $23.8 billion (up 6%) and remaining performance obligations (RPO) at $32.1 billion (up 6%). Margins were mixed. Non-GAAP gross margin was 65.2%, down from 65.3% a year earlier, and non-GAAP operating margin was 33.9%, up from 34.7% in the prior-year period on a non-GAAP basis as reported in the reconciliation table. Operating expenses grew faster than revenue, rising 16% on a non-GAAP basis. GAAP interest and other income fell sharply to $11 million from $191 million, reflecting a $142 million other loss, which weighed on GAAP net income growth of 6%. Management raised full-year fiscal 2023 guidance, now calling for 10% to 10.5% revenue growth and non-GAAP EPS of $3.80 to $3.82, and guided Q4 revenue growth of 14% to 16%. Cisco also declared a quarterly dividend of $0.39 per share and repurchased about 25 million shares for $1.3 billion during the quarter, with $12.2 billion remaining under its buyback authorization. Investors will likely focus on the sustainability of software and subscription momentum, the Collaboration weakness, and whether margin pressure from operating expense growth persists.

May 17, 2023 8-K

Corporate ChangesExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Bylaw Amendment (Mar 10, 2023)

Cisco Systems, Inc. (CSCO) filed an 8-K on March 9, 2023, reporting amendments to its Amended and Restated Bylaws, effective immediately as of March 9, 2023. These changes are primarily driven by the need to comply with recent amendments to the Delaware General Corporation Law (DGCL) and to adapt to new regulations, specifically Rule 14a-19 of the Securities Exchange Act of 1934, commonly known as the Universal Proxy Rules. Key modifications include enhanced disclosure requirements for stockholders seeking to nominate directors or solicit proxies, stricter limitations on the number of director nominees a single stockholder can propose, and updated procedures to align with the Universal Proxy Rules. These updates aim to standardize proxy solicitations, provide Cisco with remedies for non-compliance, and ensure clarity in the shareholder voting process. Investors should note these changes primarily relate to corporate governance and the mechanics of shareholder meetings, rather than financial performance or operational updates.

Mar 10, 2023 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Feb 21, 2023)

Cisco Systems, Inc. (CSCO) announced the resignation of a key board member, Brenton L. Saunders, effective February 21, 2023. Mr. Saunders is departing to assume the role of Chair and Chief Executive Officer at Bausch + Lomb Corporation, a separate public company. This change impacts the composition of Cisco's Board of Directors.

Feb 21, 2023 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Feb 15, 2023)

Cisco reported fiscal second quarter 2023 (ended January 28, 2023) with revenue of $13.6 billion, up 7% year over year, and GAAP EPS of $0.67, down 6%. Non-GAAP EPS was $0.88, up 5%, and non-GAAP net income was $3.6 billion. Results were driven by product revenue growth of 9%, with Secure, Agile Networks up 14% and End-to-End Security up 7%, while Collaboration fell 10%. Services grew 2%. GAAP operating expenses rose 13% and GAAP operating income fell 6%, reflecting $243 million in restructuring charges tied to the November 2022 restructuring plan. Recurring revenue metrics show the continuing business model transformation. Annualized recurring revenue (ARR) reached $23.3 billion, up 6%, with product ARR up 11% and software subscription revenue up 15%. Remaining performance obligations (RPO) rose 4% to $31.8 billion, and 53% is expected to be recognized over the next 12 months. Operating cash flow for the quarter was $4.7 billion, up 93%. Cisco returned $2.8 billion to shareholders through buybacks and dividends and raised its quarterly dividend by 1 cent to $0.39. Management raised its full-year outlook. Fiscal 2023 revenue growth is now guided at 9% to 10.5%, and non-GAAP EPS at $3.73 to $3.78. For Q3, guidance calls for 11% to 13% revenue growth and non-GAAP EPS of $0.96 to $0.98. Gross margin pressure remains visible, with non-GAAP gross margin down 1.6 points year over year to 63.9%. Investors should weigh the strength of recurring revenue and cash generation against softer Collaboration demand, restructuring costs, and the reliance on non-GAAP adjustments to reach headline EPS.

Feb 15, 2023 8-K

Other Events

CISCO SYSTEMS, INC. 8-K Report, Corporate Update (Dec 16, 2022)

This 8-K filing from Cisco Systems, Inc. (CSCO) primarily details the adoption of pre-arranged stock trading plans by two key executives: Deborah L. Stahlkopf, Executive Vice President, Chief Legal Officer and Chief Compliance Officer, and Prat Bhatt, Senior Vice President and Chief Accounting Officer. These plans, adopted under Rule 10b5-1 guidelines, allow for the sale of Cisco stock over a specified period, terminating in December 2023 for Ms. Stahlkopf and September 2023 for Mr. Bhatt. From an investor's perspective, the adoption of these Rule 10b5-1 plans indicates a structured and pre-determined approach to stock sales by insiders, mitigating concerns about trading on material non-public information. While these filings report the *adoption* of plans and not actual sales yet, they signal a potential future increase in the supply of Cisco shares in the market by these executives. Investors should monitor subsequent Form 144 and Form 4 filings for actual transaction details.

Dec 16, 2022 8-K

Shareholder Matters

CISCO SYSTEMS, INC. 8-K Report, Shareholder Vote Results (Dec 9, 2022)

Cisco Systems, Inc. (CSCO) filed an 8-K on December 8, 2022, detailing the results of its Annual Meeting of Stockholders held on December 7, 2022. The primary focus for investors is the overwhelmingly positive outcome of the shareholder votes on key corporate governance matters. All twelve proposed directors were elected with substantial support, indicating confidence in the current board's leadership and oversight. Furthermore, the advisory vote to approve executive compensation also passed with a significant majority, suggesting shareholder alignment with the company's compensation strategies. The appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm was ratified with very strong support, reinforcing auditor independence and financial reporting integrity. Notably, a shareholder proposal requesting a tax transparency report was not approved, reflecting a divergence between a segment of shareholders and the board's current approach to tax reporting. Overall, the results demonstrate strong shareholder engagement and support for Cisco's established governance practices and leadership team.

Dec 9, 2022 8-K

Earnings & ResultsFinancial EventsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Nov 16, 2022)

Cisco reported fiscal first quarter 2023 results (quarter ended October 29, 2022) with revenue of $13.6 billion, up 6% year over year, the largest quarterly revenue in the company's history. GAAP EPS was $0.65, down 7% year over year, reflecting a 10% decline in GAAP net income to $2.7 billion, while non-GAAP EPS rose 5% to $0.86 and non-GAAP net income grew 2% to $3.5 billion. The GAAP-to-non-GAAP gap widened mainly from share-based compensation, a $109 million equity investment loss, and a higher GAAP tax rate (23.2% versus a 19.0% non-GAAP rate). Product revenue grew 8% led by Secure, Agile Networks (up 12%), while services were flat, and the business model transformation showed traction with total ARR of $23.2 billion (up 7%) and product ARR up 12%. Management raised full-year guidance, citing visibility from backlog, RPO of $30.9 billion (up 3%), and an easing supply situation. FY2023 revenue growth guidance is 4.5% to 6.5%, with non-GAAP EPS of $3.51 to $3.58 and GAAP EPS of $2.63 to $2.76. Q2 guidance calls for 4.5% to 6.5% revenue growth and non-GAAP EPS of $0.84 to $0.86. Cisco also announced a restructuring plan of approximately $600 million in pre-tax charges, mostly cash-based, to rebalance the organization, reinvest in priority areas, and optimize its real estate portfolio. About $300 million is expected in Q2 FY2023, which will weigh on GAAP results and is excluded from non-GAAP figures. For investors, the key takeaways are the solid top-line acceleration and recurring revenue growth, offset by GAAP earnings pressure and the near-term cost of the restructuring. Capital returns remained substantial, with $2.1 billion paid in dividends and buybacks during the quarter and $14.7 billion of remaining repurchase authorization.

Nov 16, 2022 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Nov 16, 2022)

Cisco Systems, Inc. (CSCO) has filed an 8-K reporting a key executive change. Prat Bhatt, Senior Vice President and Chief Accounting Officer, has announced his retirement, which will be effective July 29, 2023. This provides a significant runway for a smooth transition. The company expects to appoint M. Victoria Wong, currently Vice President and Corporate Controller, to succeed Mr. Bhatt.

Nov 16, 2022 8-K

Material AgreementsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Material Agreement (Oct 4, 2022)

Cisco Systems, Inc. (CSCO) filed an 8-K on October 3, 2022, primarily announcing changes to its commercial paper program. The company entered into a new Commercial Paper Issuing and Paying Agent Agreement with Citibank, N.A., replacing Bank of America, National Association as its agent. This change is part of the operational management of its existing $10 billion commercial paper program. In conjunction with this paying agent replacement, Cisco also amended its Commercial Paper Dealer Agreements with J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, and BofA Securities, Inc. These amendments update the terms for dealers involved in the issuance of commercial paper. The filing also notes the termination of the previous agreement with Bank of America, National Association, effective September 29, 2022. Overall, these are routine administrative updates related to Cisco's debt financing infrastructure, aimed at maintaining efficient access to short-term funding.

Oct 4, 2022 8-K

Other Events

CISCO SYSTEMS, INC. 8-K Report, Corporate Update (Sep 15, 2022)

This 8-K filing from Cisco Systems, Inc. (CSCO) announces that on September 12, 2022, CEO Charles Robbins adopted a pre-arranged stock trading plan. This plan allows for the sale of Cisco stock over a period extending until August 2023, and was established in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934 and Cisco's internal policies. The adoption of such a plan is designed to facilitate orderly diversification of personal investments while ensuring adherence to regulations preventing insider trading.

Sep 15, 2022 8-K

Leadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Aug 24, 2022)

Cisco Systems, Inc. (CSCO) announced the appointment of Sarah Rae Murphy to its Board of Directors, effective August 24, 2022. Ms. Murphy brings a wealth of experience from her previous role as Chief Procurement Officer and Senior Vice President of Global Sourcing at United Airlines Holdings, Inc., which is expected to be valuable for Cisco's strategic oversight. Her appointment to the Audit Committee further strengthens the board's financial governance capabilities.

Aug 24, 2022 8-K

Earnings & ResultsExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Financial Results (Aug 17, 2022)

Cisco closed fiscal 2022 (ended July 30, 2022) with a fourth quarter that was flat year over year at $13.1 billion in revenue, while full-year revenue rose 3% to $51.6 billion. Management highlighted record full-year product orders and backlog, Annualized Recurring Revenue (ARR) of $22.9 billion (up 8%), and remaining performance obligations (RPO) of $31.5 billion. Profitability was steady rather than growing: Q4 non-GAAP EPS fell 1% to $0.83 and GAAP EPS fell 4% to $0.68, while full-year non-GAAP EPS rose 4% to $3.36 and GAAP EPS rose 13% to $2.82. Q4 gross margin compressed, with non-GAAP total gross margin down about 230 basis points to 63.3%, and Q4 operating cash flow fell 18% to $3.7 billion. Segment performance was mixed. Q4 End-to-End Security grew 20% and Optimized Application Experiences grew 8%, while Internet for the Future fell 10% and Secure, Agile Networks declined 1%. EMEA was the standout region with 8% growth, while the Americas declined 3%. Cash and investments dropped to $19.3 billion from $24.5 billion a year earlier, partly reflecting Cisco's $4.0 billion of Q4 shareholder returns, including $2.4 billion of buybacks at an average price of $44.02 and a $0.38 quarterly dividend. Guidance for fiscal 2023 calls for 4% to 6% revenue growth and non-GAAP EPS of $3.49 to $3.56, with Q1 revenue growth of 2% to 4% and non-GAAP EPS of $0.82 to $0.84. Investors will likely focus on whether the strong backlog and RPO convert into revenue as supply constraints ease, and on how the transition toward subscription and software revenue affects margins over time.

Aug 17, 2022 8-K

Other Events

CISCO SYSTEMS, INC. 8-K Report, Corporate Update (Jun 17, 2022)

This 8-K filing from Cisco Systems, Inc. (CSCO) reports on a pre-arranged stock trading plan adopted by Jeffery Sharritts, Executive Vice President and Chief Customer and Partner Officer. The plan, set to terminate in June 2023, allows Mr. Sharritts to sell shares of Cisco stock over an extended period. This type of plan is adopted under Rule 10b5-1 of the Securities Exchange Act, which provides a framework for individuals to sell company stock when they do not possess material non-public information, ensuring diversification of their investment portfolios in a structured manner. For investors, this announcement primarily indicates an intended future sale of a significant executive's shares. While the plan itself is designed to be compliant with regulations and mitigate insider trading concerns, the market may perceive it as a signal of executive liquidity needs or diversification strategies. The actual sales will be disclosed through subsequent SEC filings (Form 144 and Form 4), providing transparency on the timing and volume of shares traded. Investors should monitor these future filings to understand the extent of the sales.

Jun 17, 2022

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