Cisco Systems, Inc.: Comprehensive Corporate Profile

Source: Cisco Systems, Inc. 2025 Annual Report and Form 10-K for the fiscal year ended July 26, 2025.

Quick Facts / Company Snapshot

Data Metric	Corporate Detail / Reported Financial Value
Official Company Name	Cisco Systems, Inc.
Stock Ticker & Exchange	CSCO — The Nasdaq Stock Market LLC (Nasdaq Global Select Market)
Corporate Headquarters	170 West Tasman Drive, San Jose, California 95134-1706
State & Year of Incorporation	California (1984); Reincorporated in Delaware (2021)
IRS Employer Identification No.	77-0059951
Chair & Chief Executive Officer	Charles H. Robbins
Executive VP & Chief Financial Officer	Mark Patterson
Global Workforce	Approximately 86,200 employees (as of July 26, 2025)
Fiscal 2025 Total Revenue	$56,654 million
Fiscal 2025 Gross Margin	$36,790 million (64.9% of total revenue)
Fiscal 2025 Operating Income	$11,760 million (20.8% of total revenue)
Fiscal 2025 Net Income	$10,180 million
Fiscal 2025 Diluted Earnings Per Share	$2.55
Total Cash, Cash Equivalents & Investments	$16,110 million (as of July 26, 2025)
Cash Provided by Operating Activities	$14,193 million (Fiscal 2025)
Free Cash Flow	$13,288 million (Fiscal 2025)
Total Assets	$122,291 million (as of July 26, 2025)
Total Cisco Stockholders’ Equity	$46,843 million (as of July 26, 2025)
Total Outstanding Debt	$28,093 million (as of July 26, 2025)
Remaining Performance Obligations (RPO)	$43,533 million (as of July 26, 2025)

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Company Overview

Cisco Systems, Inc. is an enterprise technology provider that designs and sells technologies that power, secure, and extract insights from computing networks and the Internet. The company integrates artificial intelligence (AI) across its hardware, software, and services infrastructure. It serves small commercial enterprises, global corporations, government agencies, telecommunication carriers, and cloud providers.

Cisco conducts operations worldwide, organized across three geographic segments: the Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC). Its offerings are categorized into Networking, Security, Collaboration, and Observability, supported by technical and lifecycle professional services.

• Global Footprint: Cisco serves more than 1,000,000 customers across 150 countries, including 99% of the Fortune 500 and over 82,000 government organizations.
• Partner Network: The company’s global go-to-market engine relies on an ecosystem of over 37,000 trusted partners.
• Revenue Base: In fiscal 2025, Cisco generated $56,654 million in net revenue, with recurring subscription models contributing $31,526 million.
• Workforce Scale: As of July 26, 2025, the company employed approximately 86,200 full-time personnel across operations, research, and sales.

Cisco’s operating model has evolved from transactional equipment manufacturing to software-enabled infrastructure. Driven by the acquisition of Splunk Inc., closed in March 2024, Cisco combined security telemetry and full-stack observability with its campus, cloud, and data center switching and routing platforms.

The corporate strategic mission is to “Securely Connect Everything to Make Anything Possible,” backed by a stated purpose to “Power an Inclusive Future for All”.

Business Segments

Cisco manages and evaluates its business performance primarily based on three geographic operating segments. Operational responsibilities for sales, regional distribution, and technical deployment are coordinated within these regional segments.

Geographic Segment	FY25 Revenue ($M) \vert{} FY25 Share of Total Revenue (%) \vert{} FY24 Revenue ($M)	FY23 Revenue ($M) \vert{} YoY Dollar Variance ($M)	YoY Growth (%)
Americas	$33,656	59.4%	$31,971
EMEA	$14,824	26.2%	$14,117
APJC	$8,174	14.4%	$7,716
Total Consolidated Revenue	$56,654	100.0% (Calculated by FirmsWorld)	$53,803

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Across all three segments, revenues rebounded during fiscal 2025 following macroeconomic adjustments and inventory absorption in fiscal 2024. Geographic segment performance was driven by an expanding software base and demand for webscale AI infrastructure.

• Americas Contribution: The Americas segment provided $33,656 million, representing 59.4% of consolidated revenue.
• EMEA Expansion: EMEA delivered $14,824 million, matching the corporate 5% growth rate.
• APJC Outperformance: APJC generated $8,174 million, leading regional growth at 6%.

                FISCAL 2025 REVENUE BREAKDOWN BY GEOGRAPHIC SEGMENT
┌─────────────────────────────────────────────────────────┬──────────────┬────────┐
│ Segment                                                 │ Revenue ($M) │  Share │
├─────────────────────────────────────────────────────────┼──────────────┼────────┤
│ Americas                                                │   $33,656    │  59.4% │
│ Europe, Middle East, and Africa (EMEA)                  │   $14,824    │  26.2% │
│ Asia Pacific, Japan, and China (APJC)                   │   $8,174     │  14.4% │
└─────────────────────────────────────────────────────────┴──────────────┴────────┘

Americas

The Americas segment encompasses operations in the United States, Canada, and Latin America. It serves enterprise customers, federal and municipal governments, service providers, and webscale operators. Regional executive leadership operates out of the global corporate headquarters in San Jose, California.

Product revenues in the Americas reached $24,637 million in fiscal 2025, up 6% from $23,142 million in fiscal 2024. Services generated $9,019 million, up 2% compared to $8,829 million in fiscal 2024. Growth was led by enterprise demand and webscale AI infrastructure orders, partially offset by reduced federal public sector expenditures.

• United States Product Revenue: Rose 7% year over year.
• Canada Product Revenue: Increased 4% year over year.
• Brazil Product Revenue: Expanded 8% year over year.
• Segment Gross Margin: Reached $22,962 million, achieving an operational gross margin rate of 68.2%.

Europe, Middle East, and Africa (EMEA)

The EMEA segment covers Western and Eastern Europe, the Middle East, and the African continent, with regional headquarters in Amsterdam, Netherlands. The division addresses multinational enterprises, telecommunications consortiums, and sovereign public sector organizations.

Total segment revenues reached $14,824 million in fiscal 2025, compared to $14,117 million in fiscal 2024. The product division contributed $11,122 million, representing a 4% year-over-year increase, while services billings delivered $3,702 million, reflecting a 7% expansion.

• United Kingdom Product Revenue: Increased 9% year over year.
• Germany Product Revenue: Grew 4% year over year.
• France Product Revenue: Expanded 6% year over year.
• Segment Gross Margin: Reached $10,545 million, representing a segment gross margin rate of 71.1%.

Asia Pacific, Japan, and China (APJC)

The APJC segment manages operations across East Asia, South Asia, Australasia, and Greater China, coordinated through its regional headquarters in Singapore. It addresses commercial enterprises, state telecommunication entities, and industrial manufacturers.

APJC generated $8,174 million in consolidated net sales in fiscal 2025, compared to $7,716 million in fiscal 2024. Product sales grew 7% to $5,849 million, while services expanded 3% to $2,325 million.

• Japan Product Revenue: Increased 7% year over year.
• Australia Product Revenue: Grew 11% year over year.
• India Product Revenue: Expanded 11% year over year.
• China Product Revenue: Rose 10% year over year.
• Segment Gross Margin: Stood at $5,431 million, generating a segment gross margin rate of 66.4%.

History and Evolution

Cisco was founded in California in 1984 as an enterprise networking equipment pioneer. The company built routing architectures that standardized data exchanges across corporate Local Area Networks (LANs) and Wide Area Networks (WANs), helping establish the infrastructure for the global Internet.

To modernize its legal and corporate framework, Cisco reincorporated in Delaware in January 2021.

• Foundational Networking Era (1984–2000): Cisco developed multi-protocol routers and enterprise switches, transitioning businesses from disparate communications standards to unified Internet Protocol (IP) networks.
• Expansion into Optical and Unified Communications (2001–2015): The company broadened its portfolio to include routed optical systems, security appliances, and enterprise voice/video collaboration tools.
• Software and Platform Shift (2015–2023): Under the leadership of Chuck Robbins, appointed CEO in 2015, Cisco transitioned toward software subscriptions, SaaS architectures, and cloud management platforms like Meraki and ThousandEyes.
• The AI and Observability Era (2024–Present): Cisco acquired Splunk Inc. in March 2024 for approximately $27 billion, integrating security operations, telemetry analytics, and observability into its networking fabric.

In fiscal 2025, Cisco secured over $2 billion in AI infrastructure orders from webscale operators. This marked its shift toward high-density Silicon One semiconductor architectures and distributed cyber-defense systems.

Products and Services

Cisco categorizes its commercial portfolio into two components: Product sales and Services. Products are organized into four groups: Networking, Security, Collaboration, and Observability.

Offering Category	FY25 Revenue ($M)	FY25 Share of Total Revenue (%)	FY24 Revenue ($M) \vert{} FY23 Revenue ($M)	YoY Growth (%)
Networking	$28,304	50.0%	$29,229	$34,570
Services (Lifecycle Support)	$15,046	26.6%	$14,550	$13,856
Security	$8,094	14.3%	$5,075	$3,859
Collaboration	$4,154	7.3%	$4,113	$4,052
Observability	$1,055	1.9%	$837	$661
Total Products	$41,608	73.4%	$39,253	$43,142
Total Services	$15,046	26.6%	$14,550	$13,856
Total Consolidated Revenue	$56,654	100.0% (Calculated by FirmsWorld)	$53,803	$56,998

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Total product revenue increased 6% to $41,608 million in fiscal 2025, driven by security and observability acquisitions. Networking contracted 3% as customer inventory deliveries normalized relative to the elevated fulfillment rates of early fiscal 2024.

• Hardware vs. Services Mix: Hardware and software products generated 73.4% of consolidated revenues, while recurring lifecycle technical services accounted for 26.6%.
• Recurring Revenue Expansion: Total subscription revenue reached $31,526 million in fiscal 2025, up 15% from $27,380 million in fiscal 2024.
• Software Billings: Consolidated software revenue reached $22.3 billion, an increase of 21% year over year.

                 FISCAL 2025 REVENUE BY OFFERING CATEGORY
┌─────────────────────────────────────────────────────────┬──────────────┬────────┐
│ Category                                                │ Revenue ($M) │  Share │
├─────────────────────────────────────────────────────────┼──────────────┼────────┤
│ Networking Products                                     │   $28,304    │  50.0% │
│ Services (Support & Advisory)                           │   $15,046    │  26.6% │
│ Security Solutions                                      │   $8,094     │  14.3% │
│ Collaboration Suite                                     │   $4,154     │   7.3% │
│ Observability Platform                                  │   $1,055     │   1.9% │
└─────────────────────────────────────────────────────────┴──────────────┴────────┘

Networking

Networking is Cisco’s core revenue category, covering enterprise switching, routing, wireless hardware, servers, and network management software. The portfolio helps organizations automate, modernize, and unify their digital transport layers across campus, cloud, and edge environments.

During fiscal 2025, revenue from Networking stood at $28,304 million, down 3% from $29,229 million in fiscal 2024. The decline was primarily driven by normalized server shipments and lower campus switching volumes.

• Campus Switching & Cisco DNA: The Catalyst 9000 family combines physical switches with Cisco DNA software subscriptions to deliver automated network provisioning, segmentation, and policy enforcement.
• Data Center Architecture: The Nexus 9000 series provides high-speed infrastructure for traditional, hybrid, and public cloud facilities. In fiscal 2025, Cisco launched the N9300 Smart Switch, integrating Data Processing Units (DPUs) directly into switches to offload compute tasks and run Cisco Hypershield security controls.
• Cisco Silicon One: A unified semiconductor architecture that powers enterprise routing and webscale AI back-end clusters. Silicon One anchors the Cisco 8000 series routers, reducing operational footprints and energy consumption for cloud operators.
• Next-Gen Smart Switches: In fiscal 2025, Cisco released the 9350 and 9610 switches, which feature quantum-resistant security, post-quantum cryptography, and unified management via the Catalyst Center or Meraki Dashboard.
• Wireless Solutions: Includes indoor and outdoor access points managed via cloud or on-premise controllers, providing converged roaming with Cisco switches.

Services

Cisco’s services division provides technical support and consulting services, helping customers deploy and maintain their digital networks.

Services revenue expanded 3% to $15,046 million in fiscal 2025, up from $14,550 million in fiscal 2024. Growth was led by software, cloud, and virtualization support from Splunk, as well as core hardware maintenance programs.

• Cisco Technical Support: Offers around-the-clock technical assistance, issue remediation, operating software patches, and automated hardware replacement to maintain system uptime.
• Professional & Advisory Services: Provides network design, implementation planning, and architecture assessments aligned with enterprise customer outcomes.
• AI Integration: Two-thirds of customer support cases are now addressed using automated AI systems and conversational agents.

Security

Cisco’s security division provides integrated cybersecurity platforms designed to protect data, applications, networks, and identities across distributed enterprise environments.

Security revenue rose 59% to $8,094 million in fiscal 2025, up from $5,075 million in fiscal 2024. Growth was primarily driven by Threat Intelligence, Detection, and Response (TIDR) offerings, which included a full year of revenue contribution from Splunk.

• Threat Intelligence, Detection & Response (TIDR): Combines Cisco Extended Detection and Response (XDR) with Splunk Enterprise Security to correlate alerts and investigate cyber threats across network endpoints and multi-cloud footprints.
• Cisco Hypershield: An AI-native, cloud-distributed architecture that places security enforcement directly into network fabrics, virtual machines, and DPU-enabled hardware.
• Secure Access Service Edge (SASE): Unifies networking capabilities with cloud-delivered security, including Zero Trust Network Access (ZTNA) and Secure Web Gateways.
• Cisco AI Defense: Introduced in fiscal 2025, this platform identifies enterprise AI assets, discovers configuration vulnerabilities, and protects generative AI deployments against data exfiltration.
• Customer Adoption: Over 2,000 customers have deployed Cisco’s newer security offerings, including Secure Access, XDR, Hypershield, and AI Defense.

Collaboration

The Collaboration segment provides communication platforms, video conferencing endpoints, and contact center technologies for hybrid enterprise work environments.

Revenues rose 1% to $4,154 million in fiscal 2025, compared to $4,113 million in fiscal 2024. Growth in collaboration devices, cloud contact center platforms, and Communication Platform as a Service (CPaaS) was partially offset by contractions in legacy on-premise Webex suites.

• Webex Suite: A cloud collaboration platform that integrates video conferencing, messaging, calling, and virtual events with embedded AI noise reduction and transcription.
• Collaboration Devices: Purpose-built video conference bars, interactive touch boards, and desktop displays designed for meeting spaces.
• Cloud Contact Center & CPaaS: An omnichannel customer interaction management system that routes customer journeys across APIs and corporate communications channels.

Observability

Observability includes full-stack monitoring tools and network assurance software that provide visibility across enterprise applications and digital infrastructure.

Revenues grew 26% to $1,055 million in fiscal 2025, up from $837 million in fiscal 2024. Performance was driven by the integration of Splunk Observability and the expansion of ThousandEyes network assurance, partially offset by contractions in legacy monitoring packages.

• ThousandEyes Network Assurance: Maps connectivity performance across enterprise networks, public clouds, third-party SaaS environments, and the global Internet to detect traffic bottlenecks.
• Observability Suite (Splunk & AppDynamics): Correlates application telemetry, backend database queries, and cloud microservice dependencies to track service performance and prevent application downtime.

Brand Portfolio

Cisco markets its platforms under distinct commercial brands, unified under an integrated “One Cisco” product architecture.

┌─────────────────────────────────────────────────────────────────────────┐
│                           ONE CISCO PLATFORM                            │
├───────────────────┬────────────────────┬────────────────────────────────┤
│ Networking        │ Security           │ Observability & Collaboration  │
├───────────────────┼────────────────────┼────────────────────────────────┤
│ • Catalyst        │ • Splunk           │ • Splunk Observability         │
│ • Nexus           │ • Hypershield      │ • ThousandEyes                 │
│ • Meraki          │ • Cisco XDR        │ • AppDynamics                  │
│ • Silicon One     │ • Cisco AI Defense │ • Webex                        │
└───────────────────┴────────────────────┴────────────────────────────────┘

• Catalyst: Cisco’s flagship enterprise campus brand, covering the Catalyst 9000 switching and routing series and the Cisco Catalyst Center management console.
• Nexus: Enterprise and cloud data center switching architectures, led by the Nexus 9000 family.
• Splunk: A data analytics, security information and event management (SIEM), and observability platform acquired in March 2024. In fiscal 2024, Splunk generated $1.4 billion in revenue during the four months following the transaction’s close.
• Meraki: A cloud-managed IT brand offering plug-and-play Wi-Fi access points, security firewalls, and campus switches controlled via a web dashboard.
• ThousandEyes: A network assurance platform delivering telemetry across external SaaS providers, transit providers, and Internet links.
• Silicon One: Cisco’s proprietary semiconductor architecture, providing switching and routing chips for webscale data centers, AI training clusters, and telecommunication networks.
• Webex: Cisco’s hybrid work and collaboration brand, encompassing meetings, cloud calling, messaging, contact center software, and smart conference room hardware.
• AppDynamics: A full-stack application performance monitoring brand within the Observability portfolio.

Geographical Presence

Cisco operates in more than 150 countries, with regional headquarters in San Jose, California; Amsterdam, Netherlands; and Singapore.

                     GLOBAL CORPORATE HEADQUARTERS FOOTPRINT
┌────────────────────────────┬─────────────────────────┬──────────────────┐
│ Operating Region           │ Headquarters City       │ Facility Type    │
├────────────────────────────┼─────────────────────────┼──────────────────┤
│ Americas                   │ San Jose, California    │ Owned Corporate  │
│ EMEA                       │ Amsterdam, Netherlands  │ Leased Regional  │
│ APJC                       │ Singapore               │ Leased Regional  │
└────────────────────────────┴─────────────────────────┴──────────────────┘

Geographical Revenue Breakdown

Region / Geographic Segment	FY25 Total Revenue ($M)	FY25 Share of Total (%)	FY24 Total Revenue ($M) \vert{} FY23 Total Revenue ($M)	YoY Growth Rate (%)
Americas	$33,656	59.4%	$31,971	$33,447
EMEA	$14,824	26.2%	$14,117	$15,135
APJC	$8,174	14.4%	$7,716	$8,417
Total Global Revenue	$56,654	100.0% (Calculated by FirmsWorld)	$53,803	$56,998

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Segment Product Revenue Breakdown

Product Segment	FY25 Product Revenue ($M)	FY25 Regional Product Share (%)	FY24 Product Revenue ($M) \vert{} FY23 Product Revenue ($M)	YoY Product Growth (%)
Americas	$24,637	59.2%	$23,142	$25,019
EMEA	$11,122	26.7%	$10,645	$11,866
APJC	$5,849	14.1%	$5,466	$6,257
Total Products	$41,608	100.0% (Calculated by FirmsWorld)	$39,253	$43,142

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Segment Services Revenue Breakdown

Services Segment	FY25 Services Revenue ($M)	FY25 Regional Services Share (%)	FY24 Services Revenue ($M) \vert{} FY23 Services Revenue ($M)	YoY Services Growth (%)
Americas	$9,019	59.9%	$8,829	$8,427
EMEA	$3,702	24.6%	$3,472	$3,269
APJC	$2,325	15.5%	$2,249	$2,160
Total Services	$15,046	100.0% (Calculated by FirmsWorld)	$14,550	$13,856

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

• Country-Level Product Performance:
  • In the Americas, product billings grew 7% in the United States, 4% in Canada, and 8% in Brazil.
  • In EMEA, product sales grew 9% in the United Kingdom, 4% in Germany, and 6% in France.
  • In APJC, product growth was led by 11% gains in both Australia and India, 10% in China, and 7% in Japan.
• Segment Profitability: The Americas delivered $22,962 million in gross margin (68.2%), EMEA generated $10,545 million (71.1%), and APJC generated $5,431 million (66.4%). Unallocated corporate items totaled $(2,148) million, leaving consolidated gross margin at $36,790 million.

Profit and Loss

Cisco’s consolidated statements of operations reflect higher revenues, steady gross margins, and strategic investments in AI research and corporate restructuring.

Consolidated Statements of Operations

Consolidated Statement Line Item	FY25 ($M) \vert{} FY24 ($M)	FY23 ($M) \vert{} YoY Dollar Variance ($M)	YoY Change (%)
Product Revenue	$41,608	$39,253	$43,142
Services Revenue	$15,046	$14,550	$13,856
Total Revenue	$56,654	$53,803	$56,998
Cost of Product Sales	$15,121	$14,339	$16,590
Cost of Services Sales	$4,743	$4,636	$4,655
Total Cost of Sales	$19,864	$18,975	$21,245
Total Gross Margin	$36,790	$34,828	$35,753
Research and Development (R&D)	$9,300	$7,983	$7,551
Sales and Marketing	$10,966	$10,364	$9,880
General and Administrative (G&A)	$2,992	$2,813	$2,478
Amortization of Purchased Intangibles	$1,028	$698	$282
Restructuring and Other Charges	$744	$789	$531
Total Operating Expenses	$25,030	$22,647	$20,722
Operating Income	$11,760	$12,181	$15,031
Interest Income	$1,001	$1,365	$962
Interest Expense	$(1,593)	$(1,006)	$(427)
Other Income (Loss), Net	$(68)	$(306)	$(248)
Total Interest & Other Loss, Net	$(660)	$53	$287
Income Before Income Taxes	$11,100	$12,234	$15,318
Provision for Income Taxes	$920	$1,914	$2,705
Net Income	$10,180	$10,320	$12,613
Diluted Earnings Per Share (EPS) ($)	$2.55	$2.54	$3.07
Basic Earnings Per Share ($)	$2.56	$2.55	$3.08
Diluted Shares Outstanding (M)	3,998	4,062	4,105

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Key Operating & Financial Margins

Operating Margin Ratio	FY25 Value (%)	FY24 Value (%)	FY23 Value (%)	YoY Basis Point Variance
Total Gross Margin	64.9%	64.7%	62.7%	+20 bps
Product Gross Margin	63.7%	63.5%	61.5%	+20 bps
Services Gross Margin	68.5%	68.1%	66.4%	+40 bps
R&D Expense Ratio	16.4%	14.8%	13.2%	+160 bps
Sales & Marketing Ratio	19.4%	19.3%	17.3%	+10 bps
G&A Expense Ratio	5.3%	5.2%	4.3%	+10 bps
Operating Margin	20.8%	22.6%	26.4%	-180 bps
Effective Income Tax Rate	8.3%	15.6%	17.7%	-730 bps
Net Profit Margin	18.0%	19.2%	22.1% (Calculated by FirmsWorld)	-120 bps

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Total gross margin improved 20 basis points to 64.9% in fiscal 2025. This expansion was supported by higher-margin Splunk software billings and production efficiencies, which offset pricing pressures and intangible amortization.

• Drivers of Product Margin: Operating productivity contributed +2.0 percentage points and product mix added +1.1 points. Offsets included price adjustments (-1.6 points), a supplier legal dispute settlement (-0.8 points), and purchased intangible amortization (-0.4 points).
• Research and Development Investments: R&D spending grew 16% to $9,300 million (16.4% of revenue), reflecting development in AI platforms, Silicon One processors, and security integrations.
• Tax Court Settlement: The effective tax rate fell to 8.3%. This decrease was driven by a $720 million discrete tax benefit following a favorable U.S. Tax Court decision regarding foreign dividend taxation under the Tax Cuts and Jobs Act.
• Restructuring Activity: Operating expenses included $744 million in restructuring charges under a program announced in Q1 fiscal 2025. This initiative is planned to affect approximately 7% of Cisco’s global workforce and incur total pretax costs of up to $1 billion through Q2 fiscal 2026.

Balance Sheet

Cisco’s balance sheet reflects liquidity reserves, recurring revenue obligations, and investments in software acquisitions.

Consolidated Balance Sheets

Balance Sheet Line Item ($M) \vert{} As of July 26, 2025 \vert{} As of July 27, 2024 \vert{} Dollar Variance ($M)	Variance (%)
Current Assets:
Cash and cash equivalents	$8,346
Current investments	$7,764
Accounts receivable, net	$6,701
Inventories	$3,164
Financing receivables, net (current)	$3,061
Other current assets	$5,950
Total Current Assets	$34,986
Property and equipment, net	$2,113
Financing receivables, net (noncurrent)	$3,466
Goodwill	$59,136
Purchased intangible assets, net	$9,175
Deferred tax assets	$7,356
Other noncurrent assets	$6,059
Total Noncurrent Assets	$87,305 (Calculated by FirmsWorld)
TOTAL ASSETS	$122,291
Current Liabilities:
Short-term debt	$5,232
Accounts payable	$2,528
Income taxes payable (current)	$1,857
Accrued compensation	$3,611
Deferred revenue (current)	$16,416
Other current liabilities	$5,420
Total Current Liabilities	$35,064
Long-term debt	$22,861
Income taxes payable (noncurrent)	$2,165
Deferred revenue (noncurrent)	$12,363
Other long-term liabilities	$2,995
Total Noncurrent Liabilities	$40,384 (Calculated by FirmsWorld)
TOTAL LIABILITIES	$75,448
Cisco Stockholders’ Equity:
Common stock and additional paid-in capital	$47,747
Retained earnings	$50
Accumulated other comprehensive loss (AOCI)	$(954)
TOTAL STOCKHOLDERS’ EQUITY	$46,843
TOTAL LIABILITIES AND EQUITY	$122,291

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Total assets stood at $122,291 million at the close of fiscal 2025, compared to $124,413 million at the end of fiscal 2024. Goodwill was $59,136 million, reflecting historical acquisitions including Splunk.

• Liquidity Balances: Total cash, cash equivalents, and investment securities reached $16,110 million.
• Debt Obligations: Total debt stood at $28,093 million, consisting of $5,232 million in short-term maturities and commercial paper, alongside $22,861 million in long-term senior notes. In February 2025, Cisco issued $5.0 billion in new senior notes to refinance existing obligations.
• Deferred Revenue Base: Combined current and noncurrent deferred revenue reached $28,779 million, providing visibility into future contracted subscription software and services billings.
• Remaining Performance Obligations: Total RPO rose 6% to $43,533 million, of which approximately 50% ($21,723 million) is scheduled to be recognized as revenue within 12 months (Company guidance).

Cash Flow

Cisco generates operational cash flow from software renewals, maintenance contracts, and equipment deliveries.

Consolidated Statements of Cash Flows

Cash Flow Summary Line Item ($M)	FY25 ($M)	FY24 ($M)	FY23 ($M)	YoY Dollar Variance ($M)
Net Income	$10,180	$10,320	$12,613	$(140)
Depreciation, Amortization, and Other	$2,811	$2,507	$1,726	$304 (Calculated by FirmsWorld)
Share-Based Compensation Expense	$3,641	$3,074	$2,353	$567 (Calculated by FirmsWorld)
Provision for Receivables	$24	$34	$31	$(10) (Calculated by FirmsWorld)
Deferred Income Taxes	$(1,133)	$(972)	$(2,085)	$(161) (Calculated by FirmsWorld)
(Gains) Losses on Divestitures & Investments	$(38)	$215	$206	$(253) (Calculated by FirmsWorld)
Change in Operating Assets & Liabilities	$(1,292) (Calculated by FirmsWorld)	$(4,298) (Calculated by FirmsWorld)	$5,042 (Calculated by FirmsWorld)	$3,006 (Calculated by FirmsWorld)
Net Cash Provided by Operating Activities	$14,193	$10,880	$19,886	$3,313 (Calculated by FirmsWorld)
Capital Expenditures (Property & Equipment)	$(905)	$(670)	$(849)	$(235) (Calculated by FirmsWorld)
Purchases of Available-for-Sale Investments	$(4,589)	$(4,230)	$(10,871)	$(359) (Calculated by FirmsWorld)
Proceeds from Sales of Investments	$2,643	$4,136	$1,054	$(1,493) (Calculated by FirmsWorld)
Proceeds from Maturities of Investments	$4,943	$6,367	$5,978	$(1,424) (Calculated by FirmsWorld)
Acquisition of Businesses, Net of Cash Acquired	$(291)	$(25,994)	$(301)	$25,703 (Calculated by FirmsWorld)
Other Investing Activities, Net	$(73) (Calculated by FirmsWorld)	$(87) (Calculated by FirmsWorld)	$(118) (Calculated by FirmsWorld)	$14 (Calculated by FirmsWorld)
Net Cash Provided by (Used in) Investing Activities	$1,733	$(20,478)	$(5,107)	$22,211 (Calculated by FirmsWorld)
Net Issuances of Common Stock	$736	$714	$700	$22 (Calculated by FirmsWorld)
Repurchase of Stock — Repurchase Program	$(6,000)	$(5,787)	$(4,293)	$(213) (Calculated by FirmsWorld)
Shares Repurchased for Employee Tax Withholding	$(1,222)	$(992)	$(597)	$(230) (Calculated by FirmsWorld)
Net Short-Term Borrowings (<= 90 Days)	$(31)	$478	$(602)	$(509) (Calculated by FirmsWorld)
Proceeds from Debt Issuances	$19,292	$31,818	$0	$(12,526) (Calculated by FirmsWorld)
Repayments of Outstanding Debt	$(22,073)	$(9,826)	$(500)	$(12,247) (Calculated by FirmsWorld)
Repayment of Splunk Convertible Notes	$0	$(3,140)	$0	$3,140 (Calculated by FirmsWorld)
Cash Dividends Paid to Stockholders	$(6,437)	$(6,384)	$(6,302)	$(53) (Calculated by FirmsWorld)
Other Financing Activities	$(80)	$(37)	$(32)	$(43) (Calculated by FirmsWorld)
Net Cash Provided by (Used in) Financing Activities	$(15,815)	$6,844	$(11,626)	$(22,659) (Calculated by FirmsWorld)
Effect of Exchange Rate on Cash Balances	$(43)	$(31)	$(105)	$(12) (Calculated by FirmsWorld)
Net Increase (Decrease) in Cash and Restricted Cash	$68	$(2,785)	$3,048	$2,853 (Calculated by FirmsWorld)
Closing Cash, Cash Equivalents & Restricted Cash	$8,910	$8,842	$11,627	$68

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Operating cash flow increased 30% to $14,193 million in fiscal 2025, up from $10,880 million in fiscal 2024. The improvement was driven by operational performance and lower corporate income tax payments. Cash paid for income taxes fell to $3,892 million in fiscal 2025, compared to $7,426 million in fiscal 2024.

                     FISCAL 2025 CAPITAL ALLOCATION RECONCILIATION
┌──────────────────────────────────────────────────────────┬──────────────┐
│ Metric / Allocation Program                              │ Amount ($M)  │
├──────────────────────────────────────────────────────────┼──────────────┤
│ Net Cash Provided by Operating Activities                │   $14,193    │
│ Less: Acquisition of Property & Equipment (Capex)        │    $(905)    │
├──────────────────────────────────────────────────────────┼──────────────┤
│ Free Cash Flow Generated                                 │   $13,288    │
├──────────────────────────────────────────────────────────┼──────────────┤
│ Dividends Paid to Stockholders                           │    $6,437    │
│ Share Repurchases (Repurchase Program)                   │    $5,995    │
├──────────────────────────────────────────────────────────┼──────────────┤
│ Total Capital Returned to Stockholders                   │   $12,432    │
│ Shareholder Capital Return (% of Free Cash Flow)         │     93.6%    │
└──────────────────────────────────────────────────────────┴──────────────┘

• Free Cash Flow Generation: Reached $13,288 million, up 30% from $10,210 million in fiscal 2024.
• Stockholder Return Target: Cisco’s stated capital allocation strategy targets returning a minimum of 50% of annual free cash flow through dividends and repurchases (Management target). In fiscal 2025, the company returned $12,432 million, representing 93.6% of annual free cash flow (Calculated by FirmsWorld).
• Dividend Growth: Cash dividends paid reached $1.62 per common share ($6,437 million), up from $1.58 in fiscal 2024 and $1.54 in fiscal 2023.
• Share Repurchase Activity: Cisco repurchased 105 million shares under its stock repurchase program for $5,995 million, at an average purchase price of $56.53 per share. The remaining authorized repurchase balance stood at $14.2 billion as of July 26, 2025, with no scheduled termination date.

Board of Directors and Leadership Team

Cisco’s governance structure separates functional operations across an Executive Leadership Team and an independent Board of Directors.

Executive Leadership Team

• Charles H. Robbins — Chair and Chief Executive Officer: Leads Cisco’s corporate strategy. Appointed CEO in July 2015 and Chair of the Board in December 2017, Robbins joined Cisco in 1997 and held senior sales roles, including SVP of Americas and SVP of Worldwide Field Operations. He serves on the Board of Directors of BlackRock, Inc..
• Mark Patterson — Executive Vice President and Chief Financial Officer: Oversees global financial reporting, capital allocation, and investor relations. Appointed CFO in July 2025, Patterson joined Cisco in 2000 and served as EVP and Chief Strategy Officer, and Senior VP and Chief of Staff to the CEO.
• Jeetendra (Jeetu) Patel — President and Chief Product Officer: Oversees product strategy across Networking, Security, Collaboration, and Observability. Patel joined Cisco in July 2020 and served as EVP and GM of Security and Collaboration. He previously served as Chief Product Officer and Chief Strategy Officer at Box, Inc., and serves on the board of Jones Lang LaSalle Incorporated.
• Deborah L. Stahlkopf — Executive Vice President and Chief Legal Officer: Directs legal affairs, compliance, intellectual property, and corporate governance. Joined Cisco in August 2021 after 14 years at Microsoft, where she served as Corporate VP, General Counsel, and Corporate Secretary. She serves on the board of NextEra Energy, Inc..
• Thimaya Subaiya — Executive Vice President, Operations: Manages operational infrastructure, digital transformation, and the Security and Trust Organization. Subaiya joined Cisco in 2018 and previously served as Chief Transformation Officer. He previously served as Chief Operating Officer of Customer Success at Salesforce, Inc., and serves on the board of Genpact Limited.
• Oliver Tuszik — Executive Vice President, Global Sales: Directs Cisco’s global commercial sales channels. Joined Cisco in 2013 and previously served as SVP of EMEA Sales, SVP of Global Partner Organization, and Country Leader for Germany.
• Liz Centoni — Executive Vice President and Chief Customer Experience Officer: Directs customer adoption and technical support services.
• Eyal Dagan — Executive Vice President, Strategic Projects: Directs strategic engineering initiatives.
• Ammar Maraqa — Senior Vice President and Chief Strategy Officer: Oversees corporate development, alliances, and market entry strategy.
• Maria Poveromo — Senior Vice President and Chief Communications Officer: Oversees external communications and media relations.
• Francine Katsoudas — Executive Vice President and Chief People, Policy & Purpose Officer: Directs human resources, corporate purpose, and public policy.
• Carrie Palin — Senior Vice President and Chief Marketing Officer: Directs global brand positioning and product marketing.
• Martin Lund — Executive Vice President, Common Hardware Group: Oversees silicon architecture and hardware engineering.

Board of Directors

The Board consists of 10 directors, 9 of whom are independent. The average board tenure is 6.8 years, with an average age of 60 years.

Director Name	Age	Director Since	Independent Status	Board Committee Memberships	Professional Background
Michael D. Capellas	71	2006	Yes (Lead Independent)	Comp & Mgmt Dev; Nom & Gov	Founder & CEO, Capellas Strategic Partners; Former CEO, Compaq
Wesley G. Bush	64	2019	Yes	Comp & Mgmt Dev; Public Policy	Former Chair and CEO, Northrop Grumman Corporation
Mark Garrett	67	2018	Yes	Audit (Chair)	Former Executive VP and CFO, Adobe Systems Incorporated
John D. Harris II	64	2021	Yes	Comp & Mgmt Dev; Public Policy	Former Vice President of Business Development, Raytheon Company
Dr. Kristina M. Johnson	68	2012	Yes	Nom & Gov; Public Policy (Chair)	Former President, The Ohio State University
Sarah Rae Murphy	42	2022	Yes	Audit	Former Chief Procurement Officer and SVP, United Airlines Holdings
Charles H. Robbins	59	2015	No (Board Chair)	None (Management Director)	Chair and Chief Executive Officer, Cisco Systems, Inc.
Daniel H. Schulman	67	2023	Yes	Audit; Nom & Gov (Chair)	Chief Executive Officer, Verizon Communications, Inc.; Former CEO, PayPal
Marianna Tessel	57	2021	Yes	Audit; Comp & Mgmt Dev	Executive VP and General Manager, Small Business Group, Intuit Inc.
Kevin Weil	42	2025	Yes	Comp & Mgmt Dev; Public Policy	Vice President, OpenAI for Science, OpenAI

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

The board operates five committees: Audit; Compensation and Management Development; Nomination and Governance; and Public Policy. All members of the standing committees are independent.

Subsidiaries, Associates, Joint Ventures

Cisco executes technology acquisitions to add technical talent, intellectual property, and product lines.

Major Disclosed Acquisitions

Acquired Entity	Date Acquired	Total Consideration ($M)	Cash Paid ($M)	Goodwill Recorded ($M)	Intangibles Acquired ($M)	Primary Business Focus
Splunk Inc.	March 18, 2024	$27,090	$26,950	$19,301	$10,550	Cybersecurity Analytics & SIEM
Other FY24 Acquisitions	Fiscal 2024	$1,370	$1,346 (Calculated by FirmsWorld)	$917	$500	Cloud Networking & Software
FY25 Acquisitions (Combined)	Fiscal 2025	$293	$278 (Calculated by FirmsWorld)	$193	$121	Networking Software & Security
Acacia Communications	Fiscal 2021	Undisclosed in FY25 filing	Undisclosed in FY25 filing	Undisclosed in FY25 filing	Amortized	Optical Networking Systems

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Purchase Price Allocation for Splunk Inc.

The Splunk transaction represented approximately $27 billion in merger consideration ($157.00 per common share in cash). It was accounted for as a business combination under ASC 805.

Balance Sheet Item Acquired	Recorded Value ($M)
Cash and cash equivalents	$2,422
Investments	$285
Accounts receivable, net	$623
Goodwill	$19,301
Purchased intangible assets	$10,550
Deferred tax assets	$1,308
Other current and noncurrent assets	$1,176
Accounts payable assumed	$(39)
Accrued compensation assumed	$(337)
Current portion of deferred revenue assumed	$(1,768)
Splunk convertible notes assumed	$(3,344)
Deferred tax liabilities	$(2,523)
Noncurrent portion of deferred revenue assumed	$(86)
Other current and noncurrent liabilities assumed	$(478)
Total Purchase Consideration Transferred	$27,090

Source: Cisco Systems, Inc. Form 10-K for the fiscal year ended July 26, 2025.

Intangibles acquired through Splunk included $6,140 million in customer relationships (9.1-year useful life), $3,900 million in technology (6.0-year useful life), and $510 million in trade names (12.0-year useful life). Splunk contributed approximately $1.4 billion in revenue and a net loss of $557 million to Cisco’s fiscal 2024 results.

Other Investments (Including Minority / Portfolio Holdings)

Cisco holds minority equity investments and debt securities for liquidity management and corporate development.

                     INVESTMENT PORTFOLIO CONCENTRATION
┌──────────────────────────────────────────────────────────┬──────────────┐
│ Asset Class / Investment Category                        │ Value ($M)   │
├──────────────────────────────────────────────────────────┼──────────────┤
│ Available-for-Sale Debt Investments (Current)            │    $7,381    │
│ Investments in Privately Held Companies (Noncurrent)     │    $1,900    │
│ Marketable Equity Securities (Current)                   │      $383    │
│ Unconsolidated Variable Interest Entity (VIE) Assets     │      $800    │
├──────────────────────────────────────────────────────────┼──────────────┤
│ Committed Funding Obligations (Privately Held Portfolio) │      $300    │
└──────────────────────────────────────────────────────────┴──────────────┘

• Available-for-Sale Debt Investments: Cisco held $7,381 million in investment-grade debt securities as of July 26, 2025, down from $9,865 million in fiscal 2024. The portfolio consists of U.S. government debt, corporate notes, and commercial paper.
• Privately Held Investments: Cisco Investments held $1.9 billion in minority stakes across private early-stage technology startups as of July 26, 2025, compared to $1.8 billion in fiscal 2024. These are measured at cost less impairment, adjusted for observable price changes.
• Variable Interest Entities (VIEs): Of the privately held portfolio, $0.8 billion was invested in unconsolidated VIEs where Cisco is not the primary beneficiary.
• Unfunded Commitments: Cisco maintains total unfunded capital commitments of $0.3 billion to support private portfolio companies.
• Marketable Equity Securities: The fair value of publicly traded equity investments stood at $383 million as of July 26, 2025, down from $481 million in fiscal 2024. Changes in fair value are recognized in other income (loss), net.

Physical Properties

Cisco owns and leases facilities globally to support research and development, sales, and administration.

Headquarters and Owned Real Estate

• San Jose Corporate Headquarters: Cisco owns its corporate headquarters campus in San Jose, California, which hosts corporate administration, engineering laboratories, and Americas regional operations.
• Other Owned U.S. Sites: Cisco owns operating facilities in the vicinity of San Jose, California; Research Triangle Park, North Carolina; and Richardson, Texas.

Leased Properties and Global Network

• Americas Leased Operations: Cisco leases office facilities across several metropolitan areas throughout the United States, Canada, and Latin America.
• EMEA Regional Hub: Leases regional corporate headquarters in Amsterdam, Netherlands.
• APJC Regional Hub: Leases regional corporate headquarters in Singapore.
• Significant International Facilities: Leases facilities in Australia, Belgium, Canada, China, Germany, India, Israel, Norway, Poland, and the United Kingdom.

Investments and Capital Expenditure Plans

Cisco’s capital deployment strategy balances research and development investments, facility upgrades, and shareholder returns.

                     ANNUAL CAPITAL EXPENDITURES (CAPEX)
┌──────────────────────────────────────────────────────────┬──────────────┐
│ Fiscal Reporting Period                                  │ Capex ($M)   │
├──────────────────────────────────────────────────────────┼──────────────┤
│ Fiscal Year 2025                                         │     $905     │
│ Fiscal Year 2024                                         │     $670     │
│ Fiscal Year 2023                                         │     $849     │
└──────────────────────────────────────────────────────────┴──────────────┘

• Capital Expenditures: Property and equipment additions totaled $905 million in fiscal 2025, compared to $670 million in fiscal 2024 and $849 million in fiscal 2023.
• R&D Spending: Research and development expenses were $9,300 million in fiscal 2025, representing 16.4% of consolidated revenues.
• Semiconductor Supply Commitments: Cisco entered into $7,599 million in purchase commitments with contract manufacturers and component suppliers, up 47% from $5,158 million in fiscal 2024. This increase was driven by long-lead commitments for Cisco Silicon One semiconductors and webscale AI products.
• Venture Capital & Non-Profit Deployments: The Cisco Foundation has deployed capital under a $100 million ten-year commitment (established in 2021) for climate technology and sustainability grants.

Shareholding Pattern

Cisco’s common stock is registered on the Nasdaq Global Select Market under ticker symbol CSCO.

• Registered Stockholders: Cisco had 30,790 stockholders of record as of August 28, 2025.
• Institutional Stockholder Outreach: During fiscal 2025, management conducted investor outreach with institutions representing approximately 61% of outstanding shares. Senior executives held meetings with holders of approximately 28% of outstanding shares, including 30% of Cisco’s top 30 institutional owners.
• Shares Outstanding: Total common shares issued and outstanding stood at 3,960 million as of July 26, 2025, down from 4,007 million at the end of fiscal 2024, reduced by share repurchases.

Future Strategy

Cisco’s corporate strategy focuses on “One Cisco,” an integrated platform approach to connect and secure customer infrastructure.

                       THREE CORE CUSTOMER PRIORITIES
┌─────────────────────────────┬───────────────────────────┬───────────────────────────┐
│ Modern Infrastructure       │ Cybersecurity             │ AI and Data               │
├─────────────────────────────┼───────────────────────────┼───────────────────────────┤
│ High-speed Silicon One      │ Platform security         │ High-density switches     │
│ Converged cloud management  │ Network fabric controls   │ ThousandEyes assurance    │
│ Energy-efficient optics     │ Splunk telemetry data     │ Splunk observability      │
└─────────────────────────────┴───────────────────────────┴───────────────────────────┘

AI-Ready Data Centers

Cisco is developing networking systems to support AI training and inference cluster buildouts for enterprise and webscale customers.

• Silicon Innovation: Deploying Cisco Silicon One across 8000 series routers and Nexus switching hardware to achieve lower packet latency and reduced power draw.
• Partnership with NVIDIA: Expanding collaboration with NVIDIA to integrate Cisco networking platforms with GPU compute systems for enterprise AI data center deployments.
• Sovereign Cloud Alliances: Developing partnerships with international entities, including HUMAIN (Saudi Arabia), G42 (United Arab Emirates), and the AI Infrastructure Partnership (AIP), to build sovereign AI infrastructure.

Future-Proofed Workplaces

Cisco provides infrastructure to support hybrid work models and smart corporate facilities.

• Smart Workspaces: Turning networking devices into environmental sensors that monitor space utilization, indoor air quality, and power consumption.
• Converged Campus Management: Unifying hardware deployments under common user interfaces, allowing IT teams to manage Catalyst hardware through either the Catalyst Center or the Meraki Dashboard.

Digital Resilience

Cisco is integrating network assurance and threat response into a unified operations layer.

• Telemetry Integration: Integrating Splunk analytics with Cisco XDR to identify network anomalies and automate threat response.
• Cisco AI Canvas: Deploying an interface powered by Cisco’s Deep Network Model to unify telemetry feeds and assist IT teams with troubleshooting.

Key Strengths

Cisco’s competitive position is supported by its market presence, installed base, and balance sheet.

• Enterprise Footprint: Cisco’s customer base spans over 1,000,000 commercial entities across 150 nations, including 99% of the Fortune 500 and more than 82,000 public sector agencies.
• Distribution Reach: A network of more than 37,000 channel partners generates the majority of Cisco’s product and service billings.
• Platform Breadth: Over 50% of Cisco’s networking customers purchase both campus switching and data center switching platforms.
• Recurring Revenue Visibility: Total remaining performance obligations of $43,533 million and deferred revenues of $28,779 million provide multi-year cash flow visibility.
• Proprietary Semiconductor IP: Cisco Silicon One gives the company architectural control over high-density switching and routing designs, reducing dependence on merchant silicon.
• Workplace Culture: Cisco was ranked #3 on the Fortune 100 Best Companies to Work For in the United States for 2025, having appeared on the list annually since 1998.

Key Challenges and Risks

Cisco operates in a dynamic enterprise technology market and faces several operational, legal, and macroeconomic risks.

• Supply Chain and Component Commitments: Inventory purchase commitments grew 47% to $7,599 million in fiscal 2025, driven by multi-year semiconductor component arrangements. If demand slows or shifts, Cisco faces risks of inventory write-downs and supplier termination liabilities.
• Supplier Dispute Charges: On August 26, 2025, Cisco settled a dispute with a component supplier regarding long-term purchase obligations. This settlement resulted in a GAAP charge to product cost of sales that reduced product gross margin by 0.8 percentage points.
• Customer Volatility in Service Provider & Cloud: Webscale and telecommunication customers make large, sporadic orders with extended sales cycles. Customer concentration in bespoke webscale architectures increases exposure to order timing fluctuations.
• Integration of Splunk: Splunk’s integration involves risks related to sales force alignment, software engineering workflows, and customer churn. It also added $19.3 billion in goodwill and $10.6 billion in finite-lived purchased intangibles that are subject to periodic impairment testing.
• Cybersecurity Threats: Nation-state actors and malicious groups target Cisco’s internal IT systems and commercial platforms. Vulnerabilities or supply chain intrusions could damage customer trust, interrupt SaaS platforms, or lead to regulatory penalties.
• Tariffs and Trade Restrictions: Cisco relies on global contract manufacturing partners, primarily outside the United States. Changes in import tariffs, trade barriers, or export restrictions regarding encryption and AI semiconductors could increase manufacturing costs or limit sales in key markets.
• Debt Obligations: Cisco holds $24.8 billion in senior unsecured notes and $3.5 billion in commercial paper notes. Higher interest rates could increase refinancing costs as existing notes mature.

Conclusion and Strategic Outlook

Cisco concluded fiscal 2025 with $56.7 billion in net revenue and $10.2 billion in net income. The company generated $13.3 billion in free cash flow, returning 94% of it to stockholders through share repurchases and dividends.

The integration of Splunk expanded Cisco’s software and subscription revenue base to $31.5 billion, representing more than half of its total business. By embedding security controls into its switching fabric and securing more than $2 billion in webscale AI orders, Cisco has positioned its networking, telemetry, and silicon platforms to support modern enterprise and AI data center infrastructure.

Official Site: https://www.cisco.com