Company file · CSCO
Cisco
Networking sales rose by more than a fifth at Cisco in fiscal 2026
Networking brought in $34.7B in the year to Jul 25, 2026, up 22.5%, while security and collaboration barely grew. Total revenue rose 11.8% to $63.3B.
Key facts
Cisco (Nasdaq: CSCO) closed fiscal 2026 on Jul 25, 2026 with revenue of $63.3B, up 11.8% from a year before; net income came to $13.3B, up 30.3%. Its newest quarterly report covers the three months to Apr 25, 2026: revenue of $15.8B, up 12.0% on the same stretch of the prior year, and net income of $3.4B. Broken down by product category, Networking led with 55% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed Sep 2, 2026) and 10-Q for the quarter ended Apr 25, 2026 (filed May 19, 2026).
Source: 10-K FY2026, filed Sep 2, 2026
Source: 10-Q filed Nov 18, 2025 · 10-Q filed Feb 17, 2026 · 10-Q filed May 19, 2026
How it makes money
Networking was 55% of FY2026 revenue, services 24%, security 13%, collaboration 7% and observability 2%. Subscription revenue, which overlaps those categories, was $32.0B.
Source: 10-K FY2026
By segment (region), FY2026
Share is of the FY2026 total; the last column is the change from FY2025.
What changed last quarter
Source: 10-Q, quarter ended Apr 25, 2026, filed May 19, 2026
The bull case and the bear case
The bull case
- Networking revenue grew 22.5% in FY2026 to $34.7B. 10-K, FY2026
- Net income rose 30.3% in FY2026 to $13.3B, on revenue up 11.8%. 10-K, FY2026
- Networking was $8.8B in the quarter ended Apr 25, 2026, up 24.7% on a year earlier. 10-Q, quarter ended Apr 25, 2026
- Revenue in the Americas grew 12.3% in FY2026 to $37.8B. 10-K, FY2026
The bear case
- Security revenue grew just 1.7% in FY2026, and services revenue was $15.0B, about flat. 10-K, FY2026
- Operating cash flow was $8.8B in the first 9 months of FY2026, down 11.7% on a year earlier. 10-Q, quarter ended Apr 25, 2026
- Total debt was $29.5B at Jul 25, 2026, against cash and equivalents of $7.2B. 10-K, FY2026
- The 10-K warns that sales to cloud companies for AI infrastructure can be lumpy and that supply-chain constraints can delay shipments. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Cisco sells networking equipment and software, security and collaboration products, observability software (including Splunk) and related services to businesses, governments and telecom and cloud companies.
Cisco groups its products into networking (switches, routers, wireless and data center networking), security, collaboration (Webex and devices) and observability (Splunk and other monitoring tools). It also earns services revenue from technical support and advisory work.
It reports three geographic segments: the Americas, EMEA, and Asia Pacific, Japan and China (APJC). Its fiscal year ends on the last Saturday of July, so FY2026 means the year to Jul 25, 2026.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Cisco's latest 10-K. Read the original for the full list.
- Uneven resultsOrders and revenue can swing from quarter to quarter, especially from service providers and cloud companies.
- Economy and geopoliticsWeak spending, tariffs and international tension can delay purchases.
- Supply chain and marginsComponent shortages and price changes can hurt shipments and gross margins.
- Competition and new productsRivals and the move of some workloads to cloud services compete for its customers.
- AcquisitionsDeals such as Splunk may not deliver the expected results.
- Security and AIProduct vulnerabilities, cyberattacks and legal issues around AI are listed risks.
- Debt, tax and legalDebt, tax changes, litigation and intellectual-property disputes could raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | $53.8B | $56.7B | $63.3B |
| Net income | $10.3B | $10.2B | $13.3B |
| Operating cash flow | $10.9B | $14.2B | $14.2B |
| Cash & equivalents (year end) | $7.5B | $8.3B | $7.2B |
| Total debt (year end) | $31.0B | $28.1B | $29.5B |
| Diluted shares | 4.06B | 4.00B | 3.99B |
- Revenue: Product sales (hardware and software) plus services such as support and advisory work.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term debt (including commercial paper) plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Cisco's latest annual report (FY2026, to Jul 25, 2026) is newer than its latest 10-Q, which covers the quarter ended Apr 25, 2026. Cisco doesn't file a 10-Q for its fourth fiscal quarter, so “What changed last quarter” uses that quarter.
- Subscription revenue is Cisco's own measure across product and service lines, so it is shown on its own.
Recent filings
Latest filings
- Oct 134:13 PM ET
Form 4
Cisco EVP Oliver Tuszik reports about 2,260 shares withheld for taxes
The filing reports about 2,260 shares withheld to pay the exercise price or tax (code F).
- Oct 134:11 PM ET
Form 4
Cisco director Girish D. Rishi reports an award of 419 shares
The filing reports 419 shares in a grant or award (code A).
- Oct 94:08 PM ET
8-K
Cisco files an 8-K on director or officer changes
Cisco filed a Form 8-K on Oct 9, 2026 at 4:08 PM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).
Common questions about Cisco
How does Cisco make money?
Fiscal 2026 revenue: $63.3B. Networking was 55% of FY2026 revenue, services 24%, security 13%, collaboration 7% and observability 2%. Subscription revenue, which overlaps those categories, was $32.0B. Source: 10-K for fiscal 2026, filed Sep 2, 2026.
What was Cisco's revenue in fiscal 2026?
$63.3B, up 11.8% from fiscal 2025 ($56.7B). The year ended Jul 25, 2026; for fiscal 2024 the figure was $53.8B. Source: 10-K for fiscal 2026, filed Sep 2, 2026.
Is Cisco profitable?
Net income was $13.3B in fiscal 2026 (up 30.3%; fiscal 2025 was $10.2B). That counts as a GAAP profit. The latest quarter, ended Apr 25, 2026: net income was $3.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Sep 2, 2026.
What did Cisco report in its latest quarterly filing?
For the three months to Apr 25, 2026: revenue $15.8B (up 12.0% from $14.1B) and net income $3.4B (up 35.4% from $2.5B). Source: 10-Q for the quarter ended Apr 25, 2026, filed May 19, 2026.
How much cash and debt does Cisco have?
As of Jul 25, 2026: $7.2B of cash and cash equivalents, $29.5B of total debt. Total debt here is short-term debt (including commercial paper) plus long-term debt, at carrying value. Source: 10-K filed Sep 2, 2026.
What are the main risks Cisco lists?
The risk factors are in Item 1A of the 10-K filed Sep 2, 2026. This page sorts them into 7 groups (Uneven results; economy and geopolitics; supply chain and margins; competition and new products; acquisitions; security and AI; debt, tax and legal). The first group in plain English: Orders and revenue can swing from quarter to quarter, especially from service providers and cloud companies. Source: 10-K, Item 1A Risk Factors.
Where do these Cisco numbers come from?
The 10-K filed Sep 2, 2026 (fiscal 2026) and the 10-Q filed May 19, 2026 (quarter ended Apr 25, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in CSCO
- The editor holds no position in Cisco (CSCO). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell CSCO from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CSCO, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| CiscoCSCO | FY2026 | $63.3B | +11.8% | $13.3B |
| BroadcomAVGO | FY2025 | $63.9B | +23.9% | $23.1B |
| MicrosoftMSFT | FY2026 | $331.8B | +17.8% | $133.7B |
| PalantirPLTR | FY2025 | $4.5B | +56.2% | $1.6B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.