October 12, 2026·76 min read

Cisco Systems, Inc. (CSCO), Financial Analysis

Insights derived from analysing SEC filings. Independent analysis, not a publication of the SEC.

Figures are read from the Forms 10-K for FY2022 to FY2026, the latest for the fiscal year ended 25 July 2026, the Forms 10-Q for Q1 FY2025 to Q3 FY2026, the Forms 8-K of August 2022 to October 2026 with their quarterly earnings exhibits 99.1, the proxy statements of October 2024 and October 2025, Schedules 13G, Forms 13F and Forms 3, 4 and 144 on the record for central index key 858877, together with the comparable filings of seven peers and five hyperscalers. Accession numbers for every filing used appear in the Sources appendix. Market prices are closing prices of 9 October 2026.

Cisco (CSCO) closed at $118.39 on 9 October 2026, 35.6x FY2026 diluted GAAP EPS of $3.33 and 29.4x the $4.03 midpoint of FY2027 guidance. Q4 FY2026 revenue rose 17.6% to $17.25bn, AI infrastructure orders from hyperscalers (the largest cloud operators) were $9.3bn in FY2026, and inventory purchase commitments rose 125.9% to $17.17bn.

Key findings

Q4 FY2026 (quarter ended 25 July 2026) revenue was $17.25bn, up 17.6% year on year; GAAP diluted EPS rose 51.6% to $0.97 and non GAAP EPS 23.2% to $1.22, with GAAP operating margin of 24.7% and non GAAP operating margin of 35.9%.
Product orders rose 35% in Q4 FY2026 and 25% excluding hyperscalers; AI infrastructure orders from hyperscalers were $4bn in the quarter and $9.3bn in FY2026.
FY2027 guidance is revenue of $72.2bn to $73.4bn, 14.0% to 15.9% above FY2026, GAAP EPS of $4.00 to $4.06 and non GAAP EPS of $5.05 to $5.11; Q1 FY2027 non GAAP gross margin is guided at 65% to 66% against 66.3% in Q4 FY2026.
Inventory purchase commitments were $17.17bn at 25 July 2026 against $7.60bn a year earlier, inventories rose 80.0% to $5.69bn, and net debt was $13.62bn; FY2026 free cash flow (FCF, operating cash flow less capital expenditure) fell 3.9% to $12.77bn, 20.2% of revenue, and dividends plus repurchases equaled 99.2% of FCF.
At $118.39 shares trade at 7.6x enterprise value (EV) to sales, 35.6x price to earnings (P / E) and 36.6x P / FCF, against peer medians of 18.5x, 46.1x on five peers and 45.8x; revenue growth was 11.8% against a peer median of 32.6%.
Vanguard Capital Management reported 283.8m shares (7.18%) at 31 March 2026 and BlackRock 358.7m shares (9.10%) at 30 June 2026; the advisory pay vote on 16 December 2025 received 89.0% of votes cast against 77.1% a year earlier; CEO total compensation was $52.84m for FY2025 against $39.20m for FY2024, a pay ratio of 298 to 1.
Forms 4 report open market sales of 1.30m shares for $105.78m, 0.03% of shares outstanding, and open market purchases of 0 in the twelve months to 10 October 2026; CEO Charles H. Robbins sold 665,005 shares for $53.44m, 97% of shares sold carry the Rule 10b5-1 box, and 47 Form 144 notices cover 1.58m shares at $127.14m stated market value.
Three sets of stated assumptions for FY2028 to FY2030 give arithmetic outcomes of $54, $117 and $241 per share at end FY2030.

Table 0.1 Cisco Systems at a glance

Measure	Value	Basis
Share price	$118.39	Close, 9 October 2026
Market cap	$466.8bn	3.94bn shares, 10-K cover, 27 August 2026
Net debt	$13.62bn	Debt $29.53bn less cash and investments $15.92bn, 25 July 2026
EV	$480.4bn	Market cap plus net debt
TTM revenue	$63.33bn	TTM (trailing twelve months) equals FY2026, the four quarters to 25 July 2026
TTM revenue growth	11.8%	Q4 FY2026: 17.6%
Operating margin, FY2026	24.3% GAAP; 34.8% non GAAP	Non GAAP as reported by the company
TTM FCF margin	20.2%	FCF of $12.77bn
Remaining performance obligations (RPO)	$46.73bn	25 July 2026; 49% due within 12 months
Inventory purchase commitments	$17.17bn	25 July 2026; $7.60bn a year earlier
EV / sales	7.6x	TTM revenue; peer median 18.5x
P / E	35.6x	TTM diluted GAAP EPS of $3.33; peer median 46.1x on five peers
P / FCF	36.6x	Market cap over TTM FCF; peer median 45.8x
Diluted shares	3.99bn	FY2026 weighted average
Insider open market sales	$105.78m	1.30m shares on Forms 4, twelve months to 10 October 2026; purchases 0
Form 144 notices	$127.14m	Stated market value of 1.58m shares in 47 notices, twelve months to 10 October 2026
CEO total compensation, FY2025	$52.84m	FY2024 $39.20m; pay ratio 298 to 1

Source: 10-K FY2026, 8-K Exhibit 99.1 of 12 August 2026, DEF 14A filed 28 October 2025, Forms 4 and 144 in Tables 7.2 and 7.5; SEC filings via SEC-API.io; Market data, 9 October 2026

1 Revenue & Business Model

Cisco revenue was $17.25bn in Q4 FY2026, up 17.6% year on year, and $63.33bn in FY2026, up 11.8% (FY2026 10-K). Networking product revenue rose 28.3% in Q4 FY2026 to $9.79bn and services revenue rose 0.2% to $3.79bn.

Cisco business model and revenue model

Cisco sells networking, security, collaboration and observability products as hardware, software licenses and software as a service (SaaS), plus technical support and professional services. Hardware and perpetual licenses are recognized when control transfers; software maintenance, SaaS and services are recognized over the contract term.

Table 1.1 Cisco business model as filed

Element	Filed fact
Reportable segments	3 geographic segments: Americas; Europe, Middle East and Africa (EMEA); Asia Pacific, Japan and China (APJC); each is measured on revenue and gross margin
Product categories	Networking (switching, routing, wireless, servers, Acacia optics, systems built on Cisco Silicon One); Security; Collaboration (Webex); Observability (Splunk Observability, AppDynamics, ThousandEyes)
Services	Technical support and professional services; 23.7% of FY2026 revenue
Subscription revenue	Term software licenses, security software licenses, SaaS and associated service arrangements; $31.98bn, 50.5% of FY2026 revenue
Software revenue	$23.2bn in FY2026 across all product areas and services, up 4%
Customer markets	Enterprise; public sector; service provider and cloud, which includes carriers and hyperscalers
Sales channels	A substantial portion of sales goes through channel partners (systems integrators, service providers, resellers, distributors) and the remainder is direct; about 25,400 sales and marketing employees
Payment and financing	Standard payment terms are typically 30 days; Cisco Capital provides loans, leases and channel financing; channel partner financing volume was $29.9bn in FY2026
Manufacturing	Contract manufacturers perform circuit board assembly, test, repair and product assembly under arrangements renewed as needed; certain components come from limited or single sources
Acquisitions	Splunk acquired on 18 March 2024 for about $27bn in cash at $157 per share; acquisitions completed in FY2026 totaled $550m of purchase consideration
Employees	About 82,400 at 25 July 2026
Category definitions	4 product categories since the FY2024 10-K, which recast FY2022 and FY2023; the FY2023 10-K reported 6 product categories

Source: FY2026 10-K, Items 1 and 7, Notes 3, 4, 13 and 18, cover; FY2024 10-K; FY2023 10-K; SEC filings via SEC-API.io

Cisco revenue by product category and region

Figure 1.1 Cisco revenue by product category and services, FY2022 to FY2026

Networking added $6.36bn of the $6.67bn FY2026 revenue increase. Security rose 59.5% in FY2025, the first full year with Splunk, and 1.7% in FY2026.

Table 1.2 Cisco revenue by product category and services, FY2022 to FY2026

$bn	FY2022	FY2023	FY2024	FY2025	FY2026
Networking	29.27	34.57	29.23	28.30	34.67
Security	3.70	3.86	5.08	8.09	8.23
Collaboration	4.47	4.05	4.11	4.15	4.30
Observability	0.58	0.66	0.84	1.06	1.10
Total product	38.02	43.14	39.25	41.61	48.30
Services	13.54	13.86	14.55	15.05	15.03
Total revenue	51.56	57.00	53.80	56.65	63.33
Networking share	56.8%	60.7%	54.3%	50.0%	54.7%
Security share	7.2%	6.8%	9.4%	14.3%	13.0%
Services share	26.3%	24.3%	27.0%	26.6%	23.7%
Total growth (FY2021 base year had 53 weeks)	3.5%	10.6%	(5.6)%	5.3%	11.8%

Source: FY2026 10-K, Note 18 (FY2024 to FY2026); FY2024 10-K (FY2022, FY2023); FY2023 10-K (FY2021 base for FY2022 growth); shares and growth are derived; SEC filings via SEC-API.io

Figure 1.2 Cisco revenue by geographic segment, FY2022 to FY2026

FY2026 growth by geographic segment ranged from 9.1% in APJC to 12.3% in Americas, and United States revenue was 54.3% of the total.

Table 1.3 Cisco revenue by geographic segment, FY2022 to FY2026

$bn	FY2022	FY2023	FY2024	FY2025	FY2026
Americas	29.81	33.45	31.97	33.66	37.80
EMEA	13.72	15.14	14.12	14.82	16.61
APJC	8.03	8.42	7.72	8.17	8.91
United States, within Americas	26.7	29.9	28.7	30.4	34.4
Americas share	57.8%	58.7%	59.4%	59.4%	59.7%
EMEA share	26.6%	26.6%	26.2%	26.2%	26.2%
APJC share	15.6%	14.8%	14.3%	14.4%	14.1%
United States share	51.8%	52.5%	53.3%	53.7%	54.3%
Americas growth	2.2%	12.2%	(4.4)%	5.3%	12.3%
EMEA growth	5.9%	10.4%	(6.7)%	5.0%	12.1%
APJC growth	4.2%	4.9%	(8.3)%	5.9%	9.1%

Source: FY2026 10-K, Note 18 (FY2024 to FY2026); FY2024 10-K (FY2022, FY2023); FY2023 10-K (FY2021 base for FY2022 growth); United States revenue is filed in $bn to one decimal; shares and growth are derived; SEC filings via SEC-API.io

Figure 1.3 Cisco quarterly revenue by type and growth, Q3 FY2025 to Q4 FY2026

Table 1.4 Cisco quarterly revenue by product category, services and geographic segment, Q3 FY2025 to Q4 FY2026

$bn	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026
Networking	7.07	7.63	7.77	8.29	8.82	9.79
Security	2.01	1.95	1.98	2.02	2.01	2.23
Collaboration	1.03	1.04	1.06	1.05	1.02	1.17
Observability	0.26	0.26	0.27	0.28	0.27	0.28
Total product	10.37	10.89	11.08	11.64	12.12	13.46
Services	3.78	3.79	3.81	3.71	3.72	3.79
Total revenue	14.15	14.67	14.88	15.35	15.84	17.25
Americas	8.38	8.82	8.99	8.85	9.57	10.40
EMEA	3.74	3.65	3.78	4.43	4.05	4.35
APJC	2.03	2.21	2.11	2.08	2.22	2.51
Total growth, year on year	11.4%	7.6%	7.5%	9.7%	12.0%	17.6%
Product growth	15.0%	10.4%	9.5%	13.8%	16.8%	23.6%
Networking growth	8.4%	12.2%	15.0%	21.1%	24.7%	28.3%
Security growth	54.4%	9.2%	(1.8)%	(4.4)%	(0.2)%	14.0%
Services growth	2.6%	0.1%	2.1%	(1.3)%	(1.4)%	0.2%

Source: Q3 FY2025 10-Q, Q1 FY2026 10-Q, Q2 FY2026 10-Q, Q3 FY2026 10-Q, FY2025 10-K, FY2026 10-K; Q4 equals fiscal year less nine months; growth derived; SEC filings via SEC-API.io

Cisco customer concentration and AI infrastructure orders

Table 1.5 Cisco customer concentration and AI infrastructure demand as filed

Item	Filed fact
Customers at 10% or more of revenue, FY2026	1: a global channel partner, unnamed in the 10-K, at about 11% of total revenue
Customers at 10% or more of revenue, FY2025 and FY2024	0
Accounts receivable concentration, 25 July 2026	A global channel partner at about 15% of accounts receivable of $7.47bn
AI infrastructure revenue from hyperscaler customers	About 6% of FY2026 revenue; less than 2% in FY2025 (10-K, Item 7)
AI infrastructure orders from hyperscalers	$4bn in Q4 FY2026 and $9.3bn in FY2026 (8-K)
AI infrastructure revenue from hyperscalers	About $4bn in FY2026; company expectation for FY2027 is $7.5bn (8-K)
Product orders, Q4 FY2026	Total up 35% year on year and up 25% excluding hyperscalers; Networking orders up 40% (8-K)
Concentration risk as stated in Item 1A	Sales to the service provider and cloud market may be concentrated among a limited number of customers

Source: FY2026 10-K, Items 1A and 7, Notes 3 and 18; 8-K of 12 August 2026, Exhibit 99.1; SEC filings via SEC-API.io

Cisco RPO, deferred revenue and purchase commitments

Figure 1.4 Cisco RPO, deferred revenue and inventory purchase commitments, FY2022 to FY2026

Inventory purchase commitments rose 125.9% to $17.17bn in FY2026, which the 10-K attributes mainly to Cisco Silicon One manufacturing for hyperscalers and other customers and to memory supply agreements. RPO rose 7.4% to $46.73bn.

Table 1.6 Cisco subscription revenue, RPO, deferred revenue and inventory purchase commitments, FY2022 to FY2026

$bn at fiscal year end	FY2022	FY2023	FY2024	FY2025	FY2026
Subscription revenue, fiscal year	22.39	24.64	27.38	31.53	31.98
Subscription share of revenue	43.4%	43.2%	50.9%	55.6%	50.5%
RPO	31.54	34.87	41.05	43.53	46.73
Product RPO	14.09	15.80	20.06	21.57	23.44
Services RPO	17.45	19.07	20.99	21.96	23.30
Deferred revenue	23.26	25.55	28.48	28.78	29.78
Unbilled contract revenue	8.28	9.32	12.57	14.75	16.95
Inventory purchase commitments	12.96	7.25	5.16	7.60	17.17
RPO due within 12 months	54%	51%	51%	50%	49%
RPO growth	2.1%	10.6%	17.7%	6.1%	7.4%

Source: FY2026 10-K, Notes 3, 7 and 13; FY2025 10-K; FY2024 10-K; FY2023 10-K; RPO equals deferred revenue plus unbilled contract revenue; shares and growth are derived; SEC filings via SEC-API.io

Table 1.7 Cisco quarterly RPO, deferred revenue, inventory purchase commitments and subscription revenue, Q3 FY2025 to Q4 FY2026

$bn at quarter end	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026
RPO	41.67	43.53	42.87	43.41	43.46	46.73
Deferred revenue	27.99	28.78	27.97	28.40	28.60	29.78
Inventory purchase commitments	6.35	7.60	8.32	10.06	16.03	17.17
Subscription revenue, quarter	7.92	7.90	8.00	7.84	7.79	8.35

Source: Q3 FY2025 10-Q, Q1 FY2026 10-Q, Q2 FY2026 10-Q, Q3 FY2026 10-Q, FY2026 10-K; Q4 subscription revenue equals fiscal year less nine months; SEC filings via SEC-API.io

2 Financial Analysis & Ratios

Q4 FY2026 diluted EPS rose 51.6% to $0.97 on revenue up 17.6%; pretax income included $869m of investment gains and a $511m restructuring charge (8-K Exhibit 99.1 of 12 August 2026). FY2026 operating margin rose to 24.3% from 20.8% (10-K FY2026).

Cisco Q4 FY2026 and FY2026 results year on year

Table 2.1 What changed, Q4 FY2026 and FY2026 against prior year

Metric	Q4 FY2026	Q4 FY2025	Change	FY2026	FY2025	Change
Revenue, $bn	17.25	14.67	17.6%	63.33	56.65	11.8%
Gross profit, $bn	11.06	9.28	19.2%	40.86	36.79	11.1%
Operating expenses, $bn	6.80	6.19	9.8%	25.49	25.03	1.8%
Restructuring and other charges, $m	511	35	1,360.0%	693	744	(6.9)%
Operating income, $bn	4.26	3.09	38.1%	15.37	11.76	30.7%
Non GAAP operating income, $bn	6.20	5.03	23.2%	22.04	19.49	13.1%
Other income (loss), net, $bn	0.82	0.05	1,450.9%	1.25	(0.07)	n/a
Net income, $bn	3.86	2.55	51.3%	13.27	10.18	30.3%
Non GAAP net income, $bn	4.87	3.95	23.2%	17.25	15.21	13.4%
Diluted EPS, $	0.97	0.64	51.6%	3.33	2.55	30.6%
Non GAAP diluted EPS, $	1.22	0.99	23.2%	4.33	3.81	13.6%
Gross margin	64.1%	63.2%	0.9 pts	64.5%	64.9%	(0.4) pts
Product gross margin	62.6%	61.5%	1.1 pts	63.2%	63.7%	(0.5) pts
Services gross margin	69.4%	68.3%	1.1 pts	68.8%	68.5%	0.3 pts
Non GAAP gross margin	66.3%	68.4%	(2.1) pts	66.9%	68.7%	(1.8) pts
Operating margin	24.7%	21.0%	3.7 pts	24.3%	20.8%	3.5 pts
Non GAAP operating margin	35.9%	34.3%	1.6 pts	34.8%	34.4%	0.4 pts
Net margin	22.4%	17.4%	5.0 pts	21.0%	18.0%	3.0 pts
Effective tax rate	21.8%	15.0%	6.8 pts	17.1%	8.3%	8.8 pts
Operating cash flow, $bn	5.39	4.23	27.2%	14.18	14.19	(0.1)%
Capital expenditure, $bn	0.39	0.22	79.7%	1.41	0.91	55.8%
FCF, $bn	5.00	4.02	24.4%	12.77	13.29	(3.9)%
FCF margin	29.0%	27.4%	1.6 pts	20.2%	23.5%	(3.3) pts
Share based compensation (SBC), $bn	0.93	0.95	(2.2)%	3.83	3.64	5.2%
SBC as % of revenue	5.4%	6.5%	(1.1) pts	6.0%	6.4%	(0.4) pts
Dividends paid, $bn	1.66	1.63	2.1%	6.55	6.44	1.8%
Share repurchases, $bn	1.50	1.25	19.9%	6.11	6.00	1.8%
Diluted shares, bn	3.984	3.992	(0.2)%	3.987	3.998	(0.3)%

Source: 10-K FY2026, 10-Q Q3 FY2026, 10-K FY2025, 10-Q Q3 FY2025, 8-K Exhibit 99.1 of 12 August 2026; SEC filings via SEC-API.io

Figure 2.1 Quarterly revenue by product and services with operating margin, Q1 FY2025 to Q4 FY2026

Cisco gross margin, inventory and quarterly financials

FY2026 product gross margin fell 0.5 points to 63.2%. FY2026 10-K assigns (3.6) points to product mix from higher Networking revenue and states that higher memory costs reduced productivity gains.

Figure 2.2 Product gross margin change by factor as filed, FY2025 to FY2026

Table 2.2 Quarterly financials, Q1 FY2025 to Q4 FY2026

Line	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026
Revenue, $bn	13.84	13.99	14.15	14.67	14.88	15.35	15.84	17.25
Revenue growth year on year	(5.6)%	9.4%	11.4%	7.6%	7.5%	9.7%	12.0%	17.6%
Gross margin	65.9%	65.1%	65.6%	63.2%	65.5%	65.0%	63.6%	64.1%
Product gross margin	65.1%	63.7%	64.4%	61.5%	64.5%	63.9%	61.9%	62.6%
Services gross margin	68.0%	68.9%	68.7%	68.3%	68.4%	68.4%	69.2%	69.4%
Non GAAP gross margin	69.3%	68.7%	68.6%	68.4%	68.1%	67.5%	66.0%	66.3%
Research and development, $bn	2.29	2.30	2.34	2.38	2.40	2.36	2.38	2.43
Sales and marketing, $bn	2.75	2.67	2.72	2.82	2.87	2.88	2.86	2.95
General and administrative, $m	795	752	739	706	733	688	661	679
Restructuring and other charges, $m	665	10	34	35	147	36	(1)	511
Operating income, $bn	2.36	3.11	3.20	3.09	3.36	3.78	3.96	4.26
Operating margin	17.0%	22.3%	22.6%	21.0%	22.6%	24.6%	25.0%	24.7%
Non GAAP operating margin	34.1%	34.7%	34.5%	34.3%	34.4%	34.6%	34.2%	35.9%
Interest expense, $m	418	404	403	368	350	370	377	373
Other income (loss), net, $m	41	(60)	(102)	53	156	25	242	822
Net income, $bn	2.71	2.43	2.49	2.55	2.86	3.18	3.37	3.86
Effective tax rate	(19.6)%	15.9%	15.5%	15.0%	15.7%	12.9%	16.5%	21.8%
Diluted EPS, $	0.68	0.61	0.62	0.64	0.72	0.80	0.85	0.97
Non GAAP diluted EPS, $	0.91	0.94	0.96	0.99	1.00	1.04	1.06	1.22
Operating cash flow, $bn	3.66	2.24	4.06	4.23	3.21	1.82	3.76	5.39
Capital expenditure, $m	217	210	261	217	323	283	414	390
FCF, $bn	3.44	2.03	3.80	4.02	2.89	1.54	3.34	5.00
SBC, $bn	0.83	0.92	0.95	0.95	1.06	0.93	0.91	0.93
Dividends paid, $bn	1.59	1.59	1.63	1.63	1.62	1.62	1.66	1.66
Share repurchases, $bn	2.00	1.24	1.51	1.25	1.99	1.36	1.25	1.50
Cash and investments, $bn	18.67	16.85	15.64	16.11	15.74	15.78	16.64	15.92
Total debt, $bn	31.99	31.04	29.28	28.09	28.09	30.09	31.30	29.53
Commercial paper, $bn	11.87	10.92	4.17	3.48	3.48	5.47	8.43	6.66
Accounts receivable, $bn	4.46	5.67	5.28	6.70	4.83	6.61	6.48	7.47
Inventory, $bn	3.14	2.93	2.83	3.16	3.40	3.92	4.71	5.69
Inventory days: quarter end inventory over product cost of sales times 91	81	72	70	69	79	85	93	103
Equity, $bn	45.28	45.53	45.94	46.84	46.87	47.72	48.86	50.29
Diluted shares, bn	4.013	4.005	4.002	3.992	3.993	3.984	3.982	3.984

Source: 10-Q Q1 FY2025, 10-Q Q2 FY2025, 10-Q Q3 FY2025, 10-K FY2025, 10-Q Q1 FY2026, 10-Q Q2 FY2026, 10-Q Q3 FY2026, 10-K FY2026, 10-K FY2024; 8-K Exhibit 99.1 of 12 November 2025, 11 February 2026, 13 May 2026, 12 August 2026; SEC filings via SEC-API.io

Inventory was $5.69bn at 25 July 2026, 117 days of product cost of sales against 76 days a year earlier.

Figure 2.3 Inventory, inventory purchase commitments and inventory days at quarter end

Cisco income statement, cash flow, balance sheet and ratio analysis

Table 2.3 Income statement, cash flow and balance sheet, FY2022 to FY2026

Line	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue, $bn	51.56	57.00	53.80	56.65	63.33
Gross profit, $bn	32.25	35.75	34.83	36.79	40.86
Research and development, $bn	6.77	7.55	7.98	9.30	9.56
Sales and marketing, $bn	9.09	9.88	10.36	10.97	11.56
General and administrative, $bn	2.10	2.48	2.81	2.99	2.76
Amortization of purchased intangible assets, cost of sales and operating expenses, $bn	1.08	0.93	1.65	2.20	1.86
Restructuring and other charges, $m	6	531	789	744	693
Operating income, $bn	13.97	15.03	12.18	11.76	15.37
Non GAAP operating income, $bn	17.35	19.07	18.38	19.49	22.04
Interest income, $bn	0.48	0.96	1.37	1.00	0.87
Interest expense, $bn	0.36	0.43	1.01	1.59	1.47
Other income (loss), net, $bn	0.39	(0.25)	(0.31)	(0.07)	1.25
Income tax, $bn	2.67	2.71	1.91	0.92	2.74
Net income, $bn	11.81	12.61	10.32	10.18	13.27
Diluted EPS, $	2.82	3.07	2.54	2.55	3.33
Non GAAP diluted EPS, $	3.36	3.89	3.73	3.81	4.33
Dividends declared per share, $	1.50	1.54	1.58	1.62	1.66
Operating cash flow, $bn	13.23	19.89	10.88	14.19	14.18
Capital expenditure, $bn	0.48	0.85	0.67	0.91	1.41
FCF, $bn	12.75	19.04	10.21	13.29	12.77
SBC, $bn	1.89	2.35	3.07	3.64	3.83
Acquisitions, net of cash acquired, $bn	0.37	0.30	25.99	0.29	0.52
Debt issued, $bn	1.05	0.00	31.82	19.29	13.05
Debt repaid, $bn	3.55	0.50	9.83	22.07	12.25
Dividends paid, $bn	6.22	6.30	6.38	6.44	6.55
Share repurchases, $bn	7.69	4.29	5.79	6.00	6.11
Cash and investments, $bn	19.27	26.15	17.85	16.11	15.92
Accounts receivable, $bn	6.62	5.85	6.69	6.70	7.47
Inventory, $bn	2.57	3.64	3.37	3.16	5.69
Goodwill, $bn	38.30	38.54	58.66	59.14	59.48
Purchased intangible assets, $bn	2.57	1.82	11.22	9.18	7.56
Total assets, $bn	94.00	101.85	124.41	122.29	129.64
Short term debt, $bn	1.10	1.73	11.34	5.23	10.16
Commercial paper within short term debt, $bn	0.60	0.00	10.85	3.48	6.66
Long term debt, $bn	8.42	6.66	19.62	22.86	19.37
Total liabilities, $bn	54.23	57.50	78.96	75.45	79.35
Equity, $bn	39.77	44.35	45.46	46.84	50.29
Diluted shares, bn	4.192	4.105	4.062	3.998	3.987

Source: 10-K FY2022, 10-K FY2023, 10-K FY2024, 10-K FY2025, 10-K FY2026; 8-K Exhibit 99.1 of 17 August 2022, 14 August 2024, 12 August 2026; SEC filings via SEC-API.io

Table 2.4 Ratios, FY2022 to FY2026

Ratio	FY2022	FY2023	FY2024	FY2025	FY2026
Gross margin	62.5%	62.7%	64.7%	64.9%	64.5%
Product gross margin	61.0%	61.5%	63.5%	63.7%	63.2%
Services gross margin	66.8%	66.4%	68.1%	68.5%	68.8%
Non GAAP gross margin	64.6%	64.5%	67.5%	68.7%	66.9%
Operating margin	27.1%	26.4%	22.6%	20.8%	24.3%
Non GAAP operating margin	33.6%	33.5%	34.2%	34.4%	34.8%
Net margin	22.9%	22.1%	19.2%	18.0%	21.0%
FCF margin	24.7%	33.4%	19.0%	23.5%	20.2%
SBC as % of revenue	3.7%	4.1%	5.7%	6.4%	6.0%
Research and development as % of revenue	13.1%	13.2%	14.8%	16.4%	15.1%
Operating expenses as % of revenue	35.5%	36.4%	42.1%	44.2%	40.3%
Amortization of purchased intangible assets as % of revenue	2.1%	1.6%	3.1%	3.9%	2.9%
Effective tax rate	18.4%	17.7%	15.6%	8.3%	17.1%
ROE (return on equity): net income over average equity	29.1%	30.0%	23.0%	22.1%	27.3%
ROIC (return on invested capital): operating income taxed at 21% over average debt plus equity	21.6%	23.3%	14.9%	12.3%	15.7%
ROA (return on assets): net income over average assets	12.3%	12.9%	9.1%	8.3%	10.5%
Current ratio	1.43x	1.38x	0.91x	1.00x	0.93x
Debt to equity	0.24x	0.19x	0.68x	0.60x	0.59x
Total debt, $bn	9.52	8.39	30.96	28.09	29.53
Net cash or (net debt): cash and investments less total debt, $bn	9.75	17.76	(13.11)	(11.98)	(13.62)
Interest cover: operating income over interest expense	38.8x	35.2x	12.1x	7.4x	10.5x
DSO (days sales outstanding): year end receivables over revenue times 365	47	37	45	43	43
Inventory days: year end inventory over product cost of sales times 365	63	80	86	76	117
Inventory turns: product cost of sales over average inventory	7.18x	5.34x	4.09x	4.63x	4.01x
Inventory plus purchase commitments over product cost of sales	1.05x	0.66x	0.59x	0.71x	1.29x
Asset turnover: revenue over average assets	0.54x	0.58x	0.48x	0.46x	0.50x
Capital expenditure as % of revenue	0.9%	1.5%	1.2%	1.6%	2.2%
Goodwill and purchased intangible assets as % of total assets	43.5%	39.6%	56.2%	55.9%	51.7%
FCF per diluted share, $	3.04	4.64	2.51	3.32	3.20
Dividends paid as % of FCF	48.8%	33.1%	62.5%	48.4%	51.3%
Share repurchases as % of FCF	60.3%	22.6%	56.7%	45.2%	47.8%
Dividends and repurchases as % of FCF	109.1%	55.7%	119.2%	93.6%	99.2%
Deferred revenue growth	5.0%	9.8%	11.4%	1.1%	3.5%

Source: 10-K FY2022, 10-K FY2023, 10-K FY2024, 10-K FY2025, 10-K FY2026; 8-K Exhibit 99.1 of 17 August 2022, 14 August 2024, 12 August 2026; SEC filings via SEC-API.io

FY2026 FCF fell 3.9% to $12.77bn: inventory absorbed $2.54bn of operating cash flow and capital expenditure rose 55.8% to $1.41bn. Net debt of $13.62bn includes $6.66bn of commercial paper.

Figure 2.4 Free cash flow, dividends, share repurchases and net cash or debt, FY2022 to FY2026

Cisco GAAP and non GAAP earnings

FY2026 non GAAP diluted EPS rose 13.6% to $4.33 against 30.6% for GAAP diluted EPS. FY2025 GAAP earnings included a $720m tax benefit and FY2026 GAAP earnings $1.40bn of investment gains.

Table 2.5 GAAP to non GAAP net income, $bn, and non GAAP effective tax rate

Line	Q4 FY2026	Q4 FY2025	FY2026	FY2025
GAAP net income	3.859	2.550	13.267	10.180
Share based compensation expense	0.889	0.947	3.770	3.603
Amortization of acquisition related intangible assets	0.462	0.488	1.834	2.179
Acquisition and divestiture related costs	0.072	0.117	0.375	0.857
Legal and indemnification settlements and charges	0.000	0.355	0.000	0.355
Supplier component remediation adjustment	0.000	0.000	0.000	(0.007)
Significant asset impairments and restructurings	0.511	0.035	0.693	0.744
(Gains) and losses on investments	(0.869)	(0.115)	(1.398)	(0.187)
Income tax effect of non GAAP adjustments	(0.386)	(0.426)	(1.490)	(1.682)
Significant tax matters	0.330	0.000	0.198	(0.829)
Non GAAP net income	4.868	3.951	17.249	15.213
Non GAAP effective tax rate	18.8%	18.1%	19.0%	18.4%

Source: 8-K Exhibit 99.1 of 12 August 2026; SEC filings via SEC-API.io

Table 2.6 One off items in GAAP results, FY2025 and FY2026

Period	Item	Charge or (gain)
FY2026	Net gains on non marketable equity securities in other income	($1.41bn)
Q4 FY2026	Charges under the restructuring plan announced 13 May 2026, with total pretax charges estimated at up to $1bn	$511m
FY2026	Increase in valuation allowance on deferred tax assets, mainly California	$0.5bn
FY2025	Tax benefit from a US Tax Court opinion on deemed foreign dividends	($720m)

Source: 10-K FY2026, 10-K FY2025; SEC filings via SEC-API.io

3 MD&A & Management Commentary

Cisco guides FY2027 revenue of $72.2bn to $73.4bn, 14.0% to 15.9% above FY2026 revenue of $63.33bn, and non GAAP EPS of $5.05 to $5.11 against $4.33 (8-K, 12 August 2026). Q4 FY2026 revenue was 2.7% above the guidance midpoint and non GAAP EPS of $1.22 was $0.04 above the top of the guided range.

Cisco guidance against actual results

Revenue exceeded the top of the guided range in 5 of the last 6 quarters and non GAAP EPS in 6 of 6. Non GAAP gross margin guidance stepped down from 67.5% to 68.5% for Q2 FY2026 to 65% to 66% for Q1 FY2027.

Table 3.1 Quarterly guidance against actual, Q3 FY2025 to Q4 FY2026 (revenue in $bn, EPS in $, margins non GAAP)

Quarter	Guided on	Revenue guidance	Revenue actual	Actual against midpoint	EPS guidance	EPS actual	Gross margin guidance	Gross margin actual	Operating margin guidance	Operating margin actual
Q4 FY2026	13 May 2026	16.7 to 16.9	17.25	2.7%	1.16 to 1.18	1.22	65.5% to 66.5%	66.3%	34% to 35%	35.9%
Q3 FY2026	11 Feb 2026	15.4 to 15.6	15.84	2.2%	1.02 to 1.04	1.06	65.5% to 66.5%	66.0%	33.5% to 34.5%	34.2%
Q2 FY2026	12 Nov 2025	15.0 to 15.2	15.35	1.6%	1.01 to 1.03	1.04	67.5% to 68.5%	67.5%	33.5% to 34.5%	34.6%
Q1 FY2026	13 Aug 2025	14.65 to 14.85	14.88	0.9%	0.97 to 0.99	1.00	67.5% to 68.5%	68.1%	33% to 34%	34.4%
Q4 FY2025	14 May 2025	14.5 to 14.7	14.67	0.5%	0.96 to 0.98	0.99	67.5% to 68.5%	68.4%	33.5% to 34.5%	34.3%
Q3 FY2025	12 Feb 2025	13.9 to 14.1	14.15	1.1%	0.90 to 0.92	0.96	67% to 68%	68.6%	33% to 34%	34.5%

Source: Exhibit 99.1 of 8-K, 12 August 2026, 8-K, 13 May 2026, 8-K, 11 February 2026, 8-K, 12 November 2025, 8-K, 13 August 2025, 8-K, 14 May 2025, 8-K, 12 February 2025; SEC filings via SEC-API.io

Figure 3.1 Quarterly revenue guidance range against actual, Q3 FY2025 to Q1 FY2027

Cisco FY2027 guidance and FY2026 guidance changes

FY2026 revenue was 6.4% and non GAAP EPS 7.4% above the midpoints first guided on 13 August 2025, after three increases during the year.

Table 3.2 Full year and next quarter guidance in order of issue

Filing	Period	Revenue	Non GAAP EPS	GAAP EPS	What management said
8-K, 12 August 2026	FY2027	$72.2bn to $73.4bn	$5.05 to $5.11	$4.00 to $4.06	Guidance assumes tax rates of about 14.5% GAAP and 18.5% non GAAP and $0.11 per share of restructuring charges. Company expects $7.5bn of AI infrastructure revenue from hyperscalers in FY2027 against about $4bn in FY2026; derived: guidance midpoint less that amount is $65.3bn, 10.1% above the $59.3bn FY2026 equivalent.
8-K, 12 August 2026	Q1 FY2027	$18.0bn to $18.2bn	$1.32 to $1.34	$1.08 to $1.10	Revenue range is 20.9% to 22.3% above Q1 FY2026 revenue of $14.88bn. Non GAAP gross margin 65% to 66%, non GAAP operating margin 35.5% to 36.5%.
8-K, 12 August 2026	FY2026 actual	$63.33bn	$4.33	$3.33	Revenue 6.4% and non GAAP EPS 7.4% above the midpoints first guided on 13 August 2025. GAAP EPS includes $1.40bn of pretax investment gains that non GAAP EPS excludes.
8-K, 13 May 2026	FY2026	$62.8bn to $63.0bn	$4.27 to $4.29	$3.16 to $3.21	Third increase of FY2026 guidance; expected FY2026 AI infrastructure orders raised to $9bn from $5bn and revenue to $4bn from $3bn.
8-K, 11 February 2026	FY2026	$61.2bn to $61.7bn	$4.13 to $4.17	$3.00 to $3.08	Second increase of FY2026 guidance; Q3 FY2026 non GAAP gross margin guided at 65.5% to 66.5%, 2 points below the Q2 FY2026 range.
8-K, 12 November 2025	FY2026	$60.2bn to $61.0bn	$4.08 to $4.14	$2.87 to $2.98	First increase of FY2026 guidance; margin and EPS guidance stated to include the estimated effect of tariffs under current trade policy.
8-K, 13 August 2025	FY2026	$59.0bn to $60.0bn	$4.00 to $4.06	$2.79 to $2.91	Initial FY2026 guidance was issued with FY2025 results.

Source: Exhibit 99.1 of each 8-K linked in the first column; SEC filings via SEC-API.io

Figure 3.2 FY2026 guidance range at each update against actual

Cisco product orders by customer market

Table 3.3 Product orders growth year on year and hyperscaler AI infrastructure orders, as stated by management

Measure	Q2 FY2026	Q3 FY2026	Q4 FY2026
Total product orders	18%	35%	35%
Excluding hyperscalers	10%	19%	25%
Enterprise	8%	18%	21%
Public sector	11%	27%	30%
Service provider and cloud	65%	105%	95%
Americas	23%	35%	44%
EMEA	11%	39%	25%
APJC	15%	25%	19%
Networking product orders	more than 20%	more than 50%	40%
Hyperscaler AI infrastructure orders	$2.1bn	$1.9bn	$4.0bn

Source: Earnings calls, 11 February 2026, 13 May 2026 and 12 August 2026; total product orders also in 8-K, 11 February 2026, 8-K, 13 May 2026 and 8-K, 12 August 2026; SEC filings via SEC-API.io for the 8-K figures

Figure 3.3 Product orders growth by customer market, Q2 to Q4 FY2026

Trends and risks Cisco management flags

In Q4 FY2026 non GAAP gross margin was 66.3%, 2.1 points below Q4 FY2025, and non GAAP operating margin was 35.9%, 1.6 points above. FY2026 operating cash flow was flat at $14.18bn while net income rose 30.3% to $13.27bn.

Table 3.4 Trends and risks named by management, with source and date

Topic	What management states	Source and date
AI demand	On AI infrastructure demand from hyperscalers: "We expect this demand to remain a significant driver of our results in fiscal 2027".	FY2026 10-K, Item 7, 2 September 2026
AI demand	The CEO said four of the largest hyperscalers each grew AI infrastructure orders at triple digit rates, FY2026 orders were about 60% Silicon One based systems and 40% optics, and AI orders from neocloud, sovereign and enterprise customers passed $1bn in FY2026.	Earnings call, 12 August 2026
Customer concentration	Hyperscalers or other large customers may change orders or buying patterns with limited advance notice, and part of the prepayments and deposits with suppliers may then be unrecoverable.	FY2026 10-K, Item 7, 2 September 2026
Supply and memory	Supplier deposits and prepayments were $1.10bn at 25 July 2026. "We expect our inventory balances may increase in future quarters as we work to fulfill this demand."	FY2026 10-K, Item 7, 2 September 2026
Supply and memory	The CFO said silicon supply was secured through calendar 2026.	Earnings call, 13 May 2026
Gross margin	Americas segment gross margin fell from 68.2% in FY2025 to 65.1% in FY2026; Figure 2.2 gives the product gross margin factors.	FY2026 10-K, Item 7, 2 September 2026
Pricing	The CFO said price increases contributed about 4 to 5 points to the acceleration in product order growth outside hyperscalers in Q3 FY2026.	Earnings call, 13 May 2026
Tariffs	Exposure to new and proposed tariffs: "the extent of such exposure is uncertain but could be significant".	FY2026 10-K, Item 7, 2 September 2026
Tariffs	After the US Supreme Court ruling of 20 February 2026 on tariffs imposed under the International Emergency Economic Powers Act, Cisco states it may be eligible for refunds; benefit recorded: $0.	Q3 FY2026 10-Q, Item 2, 19 May 2026
Restructuring	The May 2026 plan is to be substantially complete by the end of FY2027; "the overall cost savings from these restructuring plans are not expected to be material".	FY2026 10-K, Item 7, 2 September 2026
GAAP EPS as released and as filed	Q4 FY2025 GAAP EPS was released at $0.71 on 13 August 2025 and filed at $0.64 after a supplier settlement on 26 August 2025.	8-K, 13 August 2025; FY2025 10-K, Item 7, 3 September 2025
Cash flow	FY2026 operating cash flow of $14.18bn came after a final US transition tax payment of $2.3bn and higher supplier payments.	FY2026 10-K, Item 7, 2 September 2026
Capital return	Stated target: return at least 50% of FCF to stockholders each year.	FY2026 10-K, Item 7, 2 September 2026
Leadership	Mark Patterson is quoted as CFO from the 13 August 2025 release; Scott Herren was quoted as CFO on 14 May 2025.	8-K, 13 August 2025; 8-K, 14 May 2025

Source: filings linked in the third column, SEC filings via SEC-API.io; earnings call rows are management statements on the dates shown

4 Sector & Competitor Analysis

Cisco revenue growth of 11.8% in FY2026 is the lowest of eight networking and security companies, against a peer median of 32.6%; Q4 FY2026 growth was 17.6%. Shares trade at 7.6x EV / sales against a peer median of 18.5x (Market data, 9 October 2026).

AI data center capital spending by hyperscalers

Five hyperscalers spent $586.4bn on property and equipment in their latest twelve months; spending in their latest fiscal years was $464.6bn, up 79.7%.

Figure 4.1 Purchases of property and equipment by five hyperscalers

Table 4.1 Purchases of property and equipment by five hyperscalers

Company	Latest fiscal year	Capital expenditure	Prior year	Growth	TTM capital expenditure	TTM to
Amazon	FY to 31 Dec 2025	$131.8bn	$83.0bn	58.8%	$173.0bn	30 Jun 2026
Alphabet	FY to 31 Dec 2025	$91.4bn	$52.5bn	74.1%	$132.4bn	30 Jun 2026
Microsoft	FY to 30 Jun 2026	$115.9bn	$64.6bn	79.6%	$115.9bn	30 Jun 2026
Meta	FY to 31 Dec 2025	$69.7bn	$37.3bn	87.1%	$89.3bn	30 Jun 2026
Oracle	FY to 31 May 2026	$55.7bn	$21.2bn	162.4%	$75.7bn	31 Aug 2026
Total		$464.6bn	$258.6bn	79.7%	$586.4bn

Source: Amazon 10-K 0001018724-26-000004, Amazon 10-Q 0001018724-26-000026, Alphabet 10-K 0001652044-26-000018, Alphabet 10-Q 0001652044-26-000071, Microsoft 10-K 0001193125-26-323660, Meta 10-K 0001628280-26-003942, Meta 10-Q 0001628280-26-050705, Oracle 10-K 0001193125-26-277521, Oracle 10-Q 0001193125-26-389274; SEC filings via SEC-API.io

Ethernet switch, router and network security market size

IDC puts Q2 2026 Ethernet switch revenue at $18.9bn, up 43.4%, with Cisco at a 28.7% share of the total and 18.2% of the data center segment.

Table 4.2 Named research on networking and security markets

Source	Date	Finding
IDC Ethernet switch market, Q2 2026	11 Sep 2026	Market $18.9bn, up 43.4% year on year; data center $12.3bn, up 64.5%; campus and branch $6.6bn, up 15.7%
Same IDC release	11 Sep 2026	Cisco Ethernet switch revenue $5.4bn, up 36.2%, a 28.7% share; data center share: NVIDIA 20.4%, Arista 18.7%, Cisco 18.2%
Same IDC release	11 Sep 2026	Router market $4.5bn, up 22.8%; Cisco $1.6bn, up 31.6%, a 34.7% share; Huawei 29.9%; Hewlett Packard Enterprise (HPE) 10.7%
IDC enterprise wireless LAN market, 2025	19 Mar 2026	2025 market $10.5bn, up 11.4%; Cisco $3.9bn, up 4.9%, a 37.2% share; HPE 19.7%
Gartner information security forecast 3Q26, as reported by Software Strategies Blog	5 Oct 2026	2026 information security spending $247.5bn, up 13.6%; network security $27.0bn; firewall equipment $19.7bn
Dell'Oro Group campus switch report, 2Q 2026	8 Sep 2026	Campus switch average selling price up 19%; Cisco, Arista, Ubiquiti and Extreme gained share year on year

Source: IDC, Gartner and Dell'Oro Group publications linked in the table

Cisco versus Arista, HPE, Palo Alto Networks, Fortinet, Broadcom, NVIDIA and Ciena

Peers are seven US listed companies named as competitors in the 10-K. Cisco operating margin of 24.3% and ROIC of 15.7% compare with peer medians of 32.4% and 22.8%.

Figure 4.2 Revenue growth and operating margin of Cisco and seven peers

Table 4.3 Operating comparison, latest twelve months reported by each filer

Company	Period	Revenue	Growth	Gross margin	Operating margin	FCF margin	SBC % of revenue	R&D % of revenue	Inventory days on total cost of revenue	ROIC	RPO
Cisco Systems	FY to 25 Jul 2026	$63.3bn	11.8%	64.5%	24.3%	20.2%	6.0%	15.1%	93	15.7%	$46.7bn
Arista Networks	TTM to 30 Jun 2026	$10.5bn	32.6%	63.0%	43.1%	48.9%	4.8%	13.0%	237	28.0%	$8.4bn
Hewlett Packard Enterprise	TTM to 31 Jul 2026	$41.9bn	26.6%	36.7%	6.2%	9.9%	1.9%	8.8%	163	4.3%	$10.9bn
Palo Alto Networks	FY to 31 Jul 2026	$11.5bn	24.5%	70.4%	6.1%	35.8%	15.5%	22.2%	n/a	3.0%	$21.2bn
Fortinet	TTM to 30 Jun 2026	$7.5bn	18.8%	80.2%	32.4%	41.4%	3.9%	11.2%	104	75.6%	$7.7bn
Broadcom	TTM to 2 Aug 2026	$89.1bn	48.7%	68.8%	48.0%	44.2%	9.5%	13.3%	59	22.8%	$179.2bn
NVIDIA	TTM to 26 Jul 2026	$303.0bn	83.4%	74.7%	65.2%	41.9%	2.4%	7.8%	150	84.2%	$3.2bn
Ciena	TTM to 1 Aug 2026	$6.0bn	32.6%	44.1%	12.3%	13.5%	3.5%	15.4%	95	11.0%	$2.5bn
Peer median			32.6%	68.8%	32.4%	41.4%	3.9%	13.0%	127	22.8%

Source: filings linked per company in Table 4.7; SEC filings via SEC-API.io

Figure 4.3 Cisco against the range of seven peers

Table 4.4 Networking and security revenue lines of seven peers as filed

Company	Revenue line	Period	Revenue	Prior year period	Growth
Arista	Total revenue	Six months to 30 Jun 2026	$5.74bn	$4.21bn	36.5%
HPE	Networking segment revenue	Nine months to 31 Jul 2026	$8.29bn	$3.81bn	117.3%
Palo Alto Networks	Total revenue	FY to 31 Jul 2026	$11.5bn	$9.22bn	24.5%
Fortinet	Product revenue	Six months to 30 Jun 2026	$1.42bn	$968m	46.5%
Broadcom	Semiconductor solutions revenue	Nine months to 2 Aug 2026	$48.4bn	$25.8bn	87.6%
NVIDIA	Networking revenue	FY to 25 Jan 2026	$31.4bn	$13.0bn	141.5%
Ciena	Total revenue	Nine months to 1 Aug 2026	$4.67bn	$3.42bn	36.6%

Source: filings linked per company in Table 4.7; SEC filings via SEC-API.io

Valuation multiples EV / sales, P / E and P / FCF

Cisco trades at 35.6x TTM diluted GAAP EPS and 36.6x FCF. Peer medians are 46.1x for P / E on five peers and 45.8x for P / FCF on seven peers.

Table 4.5 Valuation and capital structure at 9 October 2026 closing prices

Company	Price	Shares	Market cap	Net cash (debt)	Debt / equity	EV	EV / sales	P / E (n/m: multiple above 100x)	P / FCF
Cisco Systems	$118.39	3.94bn	$466.8bn	($13.6bn)	0.59x	$480.4bn	7.6x	35.6x	36.6x
Arista Networks	$216.74	1.26bn	$273.4bn	$13.3bn	0.00x	$260.0bn	24.7x	68.6x	53.0x
Hewlett Packard Enterprise	$73.46	1.33bn	$97.5bn	($14.0bn)	0.76x	$111.5bn	2.7x	37.9x	23.5x
Palo Alto Networks	$418.78	818m	$342.6bn	$6.1bn	0.06x	$336.4bn	29.3x	n/m	83.3x
Fortinet	$194.75	734m	$142.9bn	$4.0bn	0.32x	$138.9bn	18.5x	68.8x	45.8x
Broadcom	$361.54	4.77bn	$1.73tn	($35.4bn)	0.60x	$1.76tn	19.8x	46.1x	43.8x
NVIDIA	$229.28	24.10bn	$5.53tn	$66.0bn	0.15x	$5.46tn	18.0x	29.0x	43.5x
Ciena	$449.77	142m	$63.8bn	($386m)	1.06x	$64.2bn	10.7x	n/m	78.3x
Peer median					0.32x		18.5x	46.1x	45.8x

Source: share counts and balance sheets from the filings linked per company in Table 4.7; SEC filings via SEC-API.io; Market data, 9 October 2026, for prices (closes of Arista, Palo Alto Networks, Broadcom and NVIDIA: single source)

Figure 4.4 Valuation multiples at 9 October 2026 closing prices

Table 4.6 Metric definitions and basis

Item	Definition or basis
TTM	Last four reported quarters: latest fiscal year plus current year to date less prior year to date; Cisco and Palo Alto Networks on fiscal years ended July 2026
Growth	TTM revenue against the prior TTM, acquisitions included; HPE consolidates Juniper from July 2025
FCF	Operating cash flow less capital expenditure
SBC	Expense as shown in the cash flow statement
Gross margin	As filed; HPE derived as revenue less cost of products, cost of services and financing cost
Inventory days	Inventory at the latest balance sheet over TTM cost of revenue, times 365; n/a where the balance sheet has no inventory line; Cisco is 117 on product cost of sales in Table 2.4
ROIC	TTM operating income taxed at 21% over the average of debt plus equity at the start and end of the TTM period
RPO	Balance at the latest balance sheet as each filer reports it; Arista figure includes deferred revenue
Shares and market cap	Shares outstanding from the cover of the latest 10-Q or 10-K, times the closing price
Net cash (debt)	Cash and marketable securities less debt; NVIDIA marketable securities include $42.8bn of equity securities; lease liabilities and HPE preferred stock excluded
EV	Market cap less net cash
P / E	Closing price over TTM diluted GAAP EPS; peer median on the five multiples shown
P / FCF	Market cap over TTM FCF

Source: definitions applied to the filings in Table 4.7

Table 4.7 Filings behind each peer figure

Company	Latest annual report	Latest interim report	Prior year interim report
Cisco Systems	10-K 0000858877-26-000132
Arista Networks	10-K 0001596532-26-000013	10-Q 0001596532-26-000175	10-Q 0001596532-25-000216
Hewlett Packard Enterprise	10-K 0001645590-25-000130	10-Q 0001645590-26-000080	10-Q 0001645590-25-000101
Palo Alto Networks	10-K 0001327567-26-000023
Fortinet	10-K 0001262039-26-000007	10-Q 0001262039-26-000021	10-Q 0001262039-25-000028
Broadcom	10-K 0001730168-25-000121	10-Q 0001730168-26-000080	10-Q 0001730168-25-000098
NVIDIA	10-K 0001045810-26-000021	10-Q 0001045810-26-000075	10-Q 0001045810-25-000209
Ciena	10-K 0001628280-25-056698	10-Q 0001628280-26-060361	10-Q 0000936395-25-000041

Source: SEC filings via SEC-API.io

5 Material Events & Contracts

Cisco filed 9 current reports (Form 8-K) between 10 October 2025 and 10 October 2026: 4 with quarterly results, 4 on director or officer changes and 1 on the annual meeting; the report of 13 May 2026 adds a restructuring plan of up to $1bn.

Figure 5.1 Cisco material events by filing type, October 2025 to October 2026

Cisco 8-K filings last twelve months

Form 8-K reports under Items 1.01, 2.01 and 2.03: 0. Reports of a CEO or CFO change: 0.

Table 5.1 Cisco 8-K filings, 10 October 2025 to 10 October 2026, newest first

Filed	Items	Event summary	Accession number
9 Oct 2026	5.02	Board appointed Girish D. Rishi, CEO of Cognite Holding B.V., as an independent director effective 9 October 2026, with a pro rata share of the $105,000 annual cash retainer and of the $270,000 initial equity award.	0000858877-26-000156
12 Aug 2026	2.02, 9.01	Q4 FY2026 revenue $17.25bn, up 17.6% year on year; GAAP diluted EPS $0.97 and non GAAP $1.22; FY2026 revenue $63.33bn, up 11.8%; AI infrastructure orders from hyperscalers $4bn in Q4 and $9.3bn in FY2026; FY2027 guidance of $72.2bn to $73.4bn revenue and $5.05 to $5.11 non GAAP EPS; dividend of $0.42 declared.	0000858877-26-000106
13 May 2026	2.02, 2.05, 9.01	Q3 FY2026 revenue $15.84bn, up 12.0%; GAAP diluted EPS $0.85 and non GAAP $1.06; restructuring plan with pretax charges of up to $1bn, primarily cash, about $450m of it expected in Q4 FY2026 and the remainder in FY2027; expected FY2026 AI infrastructure orders raised to $9bn from $5bn.	0000858877-26-000075
1 May 2026	5.02	M. Victoria Wong notified Cisco on 27 April 2026 of her retirement as Senior Vice President and Chief Accounting Officer effective 19 May 2026; Nichlas A. Fink, Vice President and Corporate Controller, succeeded her on 20 May 2026 with an expected restricted stock unit award of $500,000.	0000858877-26-000057
6 Apr 2026	5.02	Director Daniel H. Schulman, on becoming CEO of Verizon Communications Inc., gave notice on 31 March 2026 of his resignation effective 21 May 2026; Peter A. Shimer joined the board and its Audit Committee as an independent director on 6 April 2026.	0000858877-26-000048
11 Feb 2026	2.02, 9.01	Q2 FY2026 revenue $15.35bn, up 9.7%; GAAP diluted EPS $0.80 and non GAAP $1.04; quarterly dividend raised 2% to $0.42; AI infrastructure orders from hyperscalers $2.1bn; 18m shares repurchased for $1.4bn; NeuralFabric Corp. and EzDubs, Inc. acquired.	0000858877-26-000006
17 Dec 2025	5.02, 5.07, 9.01	Annual meeting of 16 December 2025: 9 directors elected; 2005 Stock Incentive Plan amended to add 57.49m shares, with 96.7% of votes for and against in favor; advisory pay vote 89.0% for; PricewaterhouseCoopers LLP ratified with 91.4%; stockholder proposal on a report on inclusion programs received 1.1%.	0000858877-25-000199
12 Nov 2025	2.02, 9.01	Q1 FY2026 revenue $14.88bn, up 7.5%; GAAP diluted EPS $0.72 and non GAAP $1.00; AI infrastructure orders from hyperscalers $1.3bn; 29m shares repurchased for $2.0bn at an average $68.28; dividend of $0.41 declared; Aura Asset Intelligence acquired.	0001193125-25-277624
17 Oct 2025	5.02	Director Wesley G. Bush notified Cisco on 15 October 2025 that he would leave the board at the 2025 annual meeting, and he served until that meeting.	0000858877-25-000145

Source: Cisco Forms 8-K with Exhibits 99.1 and 10.1; SEC filings via SEC-API.io

Cisco purchase commitments, commercial paper and debt

Inventory purchase commitments rose $6.0bn in Q3 FY2026, and $14.3bn of the $17.2bn total at 25 July 2026 falls due within one year. Commercial paper outstanding rose to $6.7bn from $3.5bn under a $15.0bn program.

Figure 5.2 Inventory purchase commitments at quarter end by period due, $bn

Table 5.2 Purchase commitments and short term debt at quarter end

Quarter end	Purchase commitments	Due within 1 year	Due after 1 year	Liability recorded for excess commitments	Commercial paper outstanding	Commercial paper effective rate	Current portion of senior notes
25 Jul 2026	$17.2bn	$14.3bn	$2.8bn	$294m	$6.7bn	3.84%	$3.5bn
25 Apr 2026	$16.0bn	$14.1bn	$1.9bn	$209m	$8.4bn	3.78%	$3.5bn
24 Jan 2026	$10.1bn	$9.6bn	$440m	$185m	$5.5bn	3.88%	$3.2bn
25 Oct 2025	$8.3bn	$7.9bn	$442m	$185m	$3.5bn	4.09%	$3.2bn
26 Jul 2025	$7.6bn	$7.2bn	$397m	$206m	$3.5bn	4.37%	$1.7bn
26 Apr 2025	$6.3bn	$5.8bn	$572m	$246m	$4.2bn	4.49%	$2.2bn
25 Jan 2025	$5.8bn	$5.1bn	$770m	$383m	$10.9bn	4.75%	$496m
26 Oct 2024	$5.3bn	$4.3bn	$1.0bn	$439m	$11.9bn	5.19%	$493m

Source: 10-K FY2026, 10-Q Q3 FY2026, 10-Q Q2 FY2026, 10-Q Q1 FY2026, 10-Q Q3 FY2025, 10-Q Q2 FY2025, 10-Q Q1 FY2025; SEC filings via SEC-API.io

Figure 5.3 Commercial paper and long term debt principal by maturity at 25 July 2026, $bn

Cisco material contracts

FY2026 10-K exhibit index lists 6 contracts under Exhibit 10 and the Splunk merger agreement; supply agreements filed as exhibits: 0.

Table 5.3 Material contracts and commitments in force

Contract	Counterparty	Date and term	What it does and main terms	Termination	Filing
Third Amended and Restated Credit Agreement (Exhibit 10.6)	Bank of America, N.A. as administrative agent, and a lender group	2 Feb 2024; matures 2 Feb 2029; up to 2 extensions of 1 year each	Unsecured revolving credit line of $5.0bn that Cisco can draw for cash, with $250m sublimits for letters of credit and swing line loans, $1.0bn for other currencies and an option to add $2.0bn. Margin of 0.625% to 1.000% over Term SOFR (the secured overnight financing rate for a fixed term) and commitment fee of 0.04% to 0.10% on undrawn amounts, both set by debt rating. Covenant: consolidated EBITDA (earnings before interest, tax, depreciation and amortization) to interest expense of at least 3.0 to 1.0; limits on liens. Borrowed at 25 July 2026: $0.	Cisco may terminate or reduce commitments on notice of five business days. Events of default include cross default above $500m and a change of control, defined as 35% or more of voting equity; lenders may then cancel commitments and demand repayment.	8-K filed 8 Feb 2024, Exhibit 10.1; 10-K FY2026, Note 11
Commercial paper program	Holders of the notes	Program limit $15.0bn	Short term notes of up to $15.0bn for general corporate purposes; $6.66bn outstanding at 25 July 2026 at an effective rate of 3.84% ($3.48bn at 4.37% a year earlier). Notes rank equally with the senior notes.	Notes fall due at their stated maturities.	10-K FY2026, Note 11
Senior fixed rate notes under indentures of 2009, 2014 and 2024 (Exhibits 4.1 to 4.12)	The Bank of New York Mellon Trust Company, N.A. as trustee	14 series maturing 20 Sep 2026 to 26 Feb 2064	Principal of $23.0bn with coupons of 2.50% to 5.90% and interest paid twice a year; $3.5bn falls due in FY2027 ($1.5bn on 20 Sep 2026 and $2.0bn on 26 Feb 2027). Notes of $1.0bn (4.90%) and $750m (2.95%) matured in Feb 2026. Cisco reports compliance with all debt covenants.	Cisco may redeem each series at any time against a make whole premium.	10-K FY2026, Note 11 and exhibit index
Inventory purchase commitments	Contract manufacturers and component suppliers	Up to 5 years; $14.3bn within 1 year, $2.6bn in 1 to 3 years, $0.3bn in 3 to 5 years	Agreements that let manufacturers and suppliers procure inventory against Cisco forecasts, plus multi year supply agreements at fixed dollar amounts and agreements for fixed quantities of memory at market prices. Total $17.2bn; deposits and prepayments $1.10bn ($825m); liability for excess commitments $294m ($206m).	Some agreements allow Cisco to cancel, reschedule or adjust before firm orders are placed; the 10-K states that much of the total is firm and unconditional.	10-K FY2026, Item 1, Item 7 and Note 13
Other purchase obligations	Suppliers of goods and services	$2.5bn within 1 year; $3.5bn in 1 to 3 years; $1.1bn beyond	Contracted goods and services other than leases and inventory commitments: $7.0bn. Operating lease payments add $1.87bn ($461m in FY2027) on a weighted average term of 5.7 years.		10-K FY2026, Item 7 and Note 8
Agreement and Plan of Merger with Splunk Inc. (Exhibit 2.1)	Splunk Inc. and Spirit Merger Corp.	20 Sep 2023; closed 18 Mar 2024	Cash merger at $157 per share; purchase consideration $27.1bn, allocated to $19.3bn of goodwill and $10.6bn of intangible assets.	Merger completed; the agreement set termination fees of $1.48bn payable by Cisco and $1.0bn payable by Splunk.	8-K filed 21 Sep 2023; 10-K FY2026, Note 4
2005 Stock Incentive Plan, amended and restated (Exhibit 10.1)	Employees, consultants and directors	Effective 16 Dec 2025; terminates at the 2030 annual meeting	Equity award plan with a reserve of 928.04m shares after the 57.49m added in Dec 2025; each share granted as stock or stock units counts as 1.5 shares. Annual limits: 5.0m shares per person for each award type and $800,000 of awards plus cash fees per non employee director. Available for grant at 25 July 2026: 131m shares.	Board may amend or terminate at any time.	8-K filed 17 Dec 2025, Exhibit 10.1; 10-K FY2026, Note 15
Employee Stock Purchase Plan (Exhibit 10.2)	Eligible employees	Restated 16 Sep 2025; ends on the earlier of 3 Jan 2030 or sale of all shares	Employees buy shares through payroll deductions of up to 10% of earnings at 85% of the lower of the price at grant or at purchase, capped at $25,000 of stock per calendar year. Issued in FY2026: 19m shares; available: 31m shares.		10-Q Q1 FY2026, Exhibit 10.1; 10-K FY2026, Note 15
Executive Incentive Plan (Exhibit 10.4)	Officers and key employees	Restated 11 Dec 2017; performance periods of up to 36 months	Cash bonus plan tied to performance goals set by the compensation committee, with a maximum award of $10m per participant per fiscal year; the committee may reduce or cancel an award.	Committee may terminate at any time; accrued awards stay in force.	8-K filed 12 Dec 2017, Exhibit 10.2
Form of Indemnity Agreement (Exhibit 10.5)	Each director and officer, including Mr. Rishi, Mr. Shimer and Mr. Fink	Form filed 25 Jan 2021	Cisco indemnifies the individual and advances legal expenses to the fullest extent permitted by Delaware law; the individual repays advances where a court finds against entitlement. Claims the individual initiates need board consent.	Advances continue until final disposition of a proceeding.	Form 8-K filed 25 Jan 2021 by Cisco as successor issuer, Exhibit 10.1; 8-K filed 9 Oct 2026
2009 Deferred Compensation Plan (Exhibit 10.3)	Selected management and highly paid employees	Restated 1 Oct 2022	Unfunded plan under which participants defer up to 75% of base salary and 100% of bonus and commissions; balances are bookkeeping entries and an unsecured claim on Cisco.		10-Q filed 22 Nov 2022, Exhibit 10.3

Source: filings linked in the last column; SEC filings via SEC-API.io

Cisco restructuring, buyback, dividend and Rule 10b5-1 trading plans

Cisco returned $12.7bn in FY2026: $6.11bn of repurchases at an average $80.26 and $6.55bn of dividends, with $8.1bn of repurchase authority remaining. Restructuring charges of $511m in Q4 FY2026 leave up to $489m of the plan ceiling for FY2027.

Figure 5.4 Share repurchases by quarter and authority remaining, $bn

Table 5.4 Events disclosed in periodic reports, newest first

Event date	Where disclosed	Event summary
12 Aug 2026	10-K FY2026, Note 14	Board declared a quarterly dividend of $0.42 per share payable 21 October 2026 to holders of record on 2 October 2026; dividends paid in FY2026 were $6.55bn ($6.44bn in FY2025).
25 Jul 2026	10-K FY2026, Note 6	Fiscal 2026 restructuring plan: $511m charged ($450m severance, $61m other), $155m paid in cash, liability $302m; completion expected by the end of FY2027.
25 Jul 2026	10-K FY2026, Note 6; 10-Q Q1 FY2026, Note 6	Fiscal 2025 restructuring plan, announced as affecting about 7% of the global workforce: $182m charged in FY2026, $926m cumulative, substantially complete. Total restructuring charges were $693m in FY2026 and $744m in FY2025.
25 Jul 2026	10-K FY2026, Note 4; 10-Q Q3 FY2026, Note 4	Acquisitions completed in FY2026 cost $550m (goodwill $350m, intangible assets $190m), of which $49m in the first nine months; Q4 additions were Galileo Technologies, Inc. and Astrix Securities Ltd. FY2025 total: $293m. Future cash compensation expense of up to $293m may be recognized under acquisition agreements, contingent on continued employment (all acquisitions).
25 Jul 2026	10-K FY2026, Note 13	Channel partner financing volume $29.9bn in FY2026, of which $1.2bn was subject to Cisco guarantees at year end; maximum potential future payments $127m; funding commitments to privately held investees $0.4bn.
6 Jun 2026	10-K FY2026, Item 9B	Chief Accounting Officer Nichlas A. Fink adopted a Rule 10b5-1 trading plan for the sale of 14,440 shares, ending 25 June 2027.
18 Feb to 17 Mar 2026	10-Q Q3 FY2026, Part II Item 5	Rule 10b5-1 plans adopted by Chair and CEO Charles H. Robbins (494,027 shares, to 27 March 2027), Ms. Wong (21,150 shares) and Executive Vice President Thimaya Subaiya (74,487 shares).
26 and 28 Feb 2026	10-K FY2026, Note 11	Senior notes of $1.0bn at 4.90% and $750m at 2.95% matured and carry a balance of $0 at 25 July 2026; carrying amount of senior notes, current portion included, fell to $22.9bn from $24.6bn.
16 to 19 Dec 2025	10-Q Q2 FY2026, Part II Item 5	Rule 10b5-1 plans adopted by CFO Mark Patterson (87,228 shares), President and Chief Product Officer Jeetendra I. Patel (163,293 shares), Chief Legal Officer Deborah L. Stahlkopf (149,243 shares) and Chief Sales Officer Oliver Tuszik (44,768 shares), each ending 19 December 2026.

Source: 10-K FY2026, 10-Q Q3 FY2026, 10-Q Q2 FY2026, 10-Q Q1 FY2026; SEC filings via SEC-API.io

6 Ownership, Voting Power & Annual Meeting

Vanguard Capital Management reported 283.8m Cisco shares, 7.18% of common stock, at 31 March 2026, and the 16 December 2025 advisory vote on executive pay passed with 89.0% of votes cast, against 77.1% a year earlier. Cisco has one class of common stock with one vote per share. Directors and executive officers as a group held 487,889 shares, 0.01% of the class.

Cisco major shareholders, voting power and Schedule 13D and 13G filings

Schedule 13G filings from 10 October 2024 to 10 October 2026: 4. Schedule 13D filings: 0.

Table 6.1 Holders of 5% or more and Schedule 13G filings, October 2024 to October 2026: shares, share of class and voting power as filed

Holder	Filing basis	Shares beneficially owned	% of class, as filed	Sole voting power	Shared voting power	Voting power, % of class (derived: sole plus shared votes over shares owned, times % of class)
BlackRock, Inc.	2025 proxy, from Schedule 13G/A filed 25 Jan 2024	351.1m	8.9%	318.6m	0	8.08%
Vanguard Capital Management	Schedule 13G filed 29 Apr 2026, holdings at 31 Mar 2026	283.8m	7.18%	40.1m	0	1.01%
State Street Corporation	Schedule 13G filed 7 Aug 2026, holdings at 30 Jun 2026	197.4m	5.0%	0	117.6m	2.98%
The Vanguard Group	2025 proxy, from Schedule 13G/A filed 13 Feb 2024	383.9m	9.7%	0	5.1m	0.13%
The Vanguard Group	Schedule 13G/A (No. 10) filed 5 Nov 2025, holdings at 31 Oct 2025	396.4m	10.02%	0	23.3m	0.59%
The Vanguard Group	Schedule 13G/A (No. 11) filed 26 Mar 2026, holdings at 13 Mar 2026	0	0.00%	0	0	0.00%

Source: DEF 14A filed 28 October 2025 and Schedule 13G filings linked in the table; SEC filings via SEC-API.io

Table 6.2 Directors and executive officers: beneficial ownership at 28 August 2025

Holder	Position as filed	Shares beneficially owned	Of which deferred stock units, restricted stock units and dividend equivalents	% of class	Shares, 30 August 2024	Change
Michael D. Capellas	Lead Independent Director	169,887	0	below 1%	165,731	4,156
Dr. Kristina M. Johnson	Director	71,629	61,513	below 1%	73,461	(1,832)
Wesley G. Bush	Director until the 2025 annual meeting	60,205	50,205	below 1%	52,435	7,770
Mark Garrett	Director	36,928	0	below 1%	32,772	4,156
Marianna Tessel	Director	33,031	28,875	below 1%	27,587	5,444
John D. Harris II	Director	24,834	0	below 1%	20,678	4,156
Sarah Rae Murphy	Director	15,825	0	below 1%	11,669	4,156
Daniel H. Schulman	Director	10,456	10,456	below 1%	6,041	4,415
Gary Steele	Former President, Go to Market	7,243	0	below 1%	6,447	796
Dev Stahlkopf	Executive Vice President and Chief Legal Officer	4,482	4,482	below 1%	4,357	125
Kevin Weil	Director	4,313	2,911	below 1%	n/a	n/a
Thimaya Subaiya	Executive Vice President, Operations	3,459	3,459	below 1%	2,634	825
R. Scott Herren	Former Executive Vice President and Chief Financial Officer	1,693	0	below 1%	1,648	45
Charles H. Robbins	Chair and Chief Executive Officer; excludes 243,000 fully vested deferred stock units and 48,719 dividend equivalents settling after 60 days	526	0	below 1%	587	(61)
Jeetu Patel	President and Chief Product Officer	200	0	below 1%	n/a	n/a
All current executive officers, directors and nominees (15 persons)	Group total; 14 persons in 2024	487,889	166,286	below 1%	408,634	79,255

Source: DEF 14A filed 28 October 2025; DEF 14A filed 18 October 2024; SEC filings via SEC-API.io

Table 6.3 Share structure, board and pay facts

Item	Fact
Classes of voting stock	1 (common stock), one vote per share; cumulative voting: none
Shares outstanding	3.94bn at the record date, 17 October 2025, and at 27 August 2026 (10-K cover)
Registered stockholders, 27 August 2026	29,241
Board elected 16 December 2025	9 directors, elected annually by majority of votes cast
Board Chair and lead director	Charles H. Robbins, Chair and Chief Executive Officer; Michael D. Capellas, Lead Independent Director
Director appointed after the meeting	Girish D. Rishi, effective 9 October 2026
Stockholder rights	Action by written consent; holders of 10% of shares may call a special meeting; proxy access bylaw; stockholder rights plans (poison pills) in force: 0
Pledging and hedging of company stock	Prohibited for executive officers and directors
CEO total compensation	FY2025 $52.84m; FY2024 $39.20m; FY2023 $31.84m; change on prior year (derived): FY2025 34.8%; FY2024 23.1%
CEO stock awards, grant date fair value	FY2025 $45.87m; FY2024 $35.37m; FY2023 $24.11m; share of total compensation (derived): 86.8%; 90.2%; 75.7%
CEO total as adjusted for alternative stock award values	FY2025 $41.27m; FY2024 $39.85m; FY2023 $38.73m
Median employee total compensation, FY2025	$177,115
CEO pay ratio, FY2025	298 to 1
Gross burn rate (equity awards granted, % of shares)	FY2025 1.77%; FY2024 1.57%; FY2023 1.77%
Say on pay, % of votes cast for	December 2022 about 89%; December 2023 about 75%; December 2024 77.1%; December 2025 89.0%

Source: DEF 14A filed 28 October 2025; DEF 14A filed 18 October 2024; 10-K for FY2026; 8-K filed 9 October 2026; 8-K filed 17 December 2025; 8-K filed 11 December 2024; SEC filings via SEC-API.io

Cisco 13F institutional holders

Form 13F filings reporting Cisco common stock rose from 3,548 for 30 September 2025 to 4,189 for 30 June 2026, up 18.1%. Invesco reported 138.2m shares at 30 June 2026 against 53.6m at 30 September 2025; BlackRock reported 358.7m against 376.2m.

Figure 6.1 Form 13F filings reporting Cisco common stock and shares held by 9 filer groups

Table 6.4 Cisco shares reported by 12 large Form 13F filers

Filer	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Change Q3 2025 to Q2 2026	% of shares outstanding, Q2 2026
BlackRock, Inc.	376.2m	378.3m	n/a	358.7m	(17.6m)	9.10%
Vanguard Group Inc	394.9m	398.9m	n/a	n/a	n/a	n/a
Vanguard Capital Management LLC	n/a	n/a	243.8m	244.8m	n/a	6.21%
Vanguard Portfolio Management LLC	n/a	n/a	117.8m	119.3m	n/a	3.03%
State Street Corp	194.5m	195.5m	193.6m	197.2m	2.7m	5.00%
Invesco Ltd.	53.6m	148.6m	139.7m	138.2m	84.6m	3.50%
Geode Capital Management	101.0m	99.6m	102.1m	101.0m	(11,108)	2.56%
Morgan Stanley	75.1m	75.3m	77.7m	80.4m	5.3m	2.04%
FMR LLC	73.5m	65.4m	67.4m	76.1m	2.6m	1.93%
Capital Research Global Investors	0	0	63.9m	67.2m	67.2m	1.70%
Bank of America Corp	50.7m	52.1m	51.8m	50.2m	(543,971)	1.27%
JPMorgan Chase & Co	37.1m	30.3m	35.8m	48.9m	11.8m	1.24%

Source: Form 13F filings for the four quarter ends, CUSIP 17275R102, with the filing for 30 June 2026 linked per filer: BlackRock, Inc.; Vanguard Capital Management LLC; Vanguard Portfolio Management LLC; State Street Corp; Invesco Ltd.; Geode Capital Management; Morgan Stanley; FMR LLC; Capital Research Global Investors; Bank of America Corp; JPMorgan Chase & Co; Invesco Q4 2025 and Q1 2026 include the 13F-HR/A filed 15 July 2026; shares outstanding 3.94bn from the 10-K cover; SEC filings via SEC-API.io

Figure 6.2 Cisco shares reported by 12 large Form 13F filers, four quarter ends

Cisco 2025 annual meeting voting results

Holders of 3.33bn shares, 84.4% of shares entitled to vote, were represented on 16 December 2025. Stockholders approved 57.5m additional shares for the 2005 Stock Incentive Plan with 96.7% of votes cast. A stockholder proposal from the National Center for Public Policy Research, which the board opposed, received 1.1%.

Table 6.5 Annual meeting results, 16 December 2025, with 9 December 2024 comparison

Item	Board position	For	Against	Abstained	Broker non votes	% of votes cast for (for over for plus against)
Item 1: elect director Michael D. Capellas	For	2.66bn	230.0m	4.60m	426.5m	92.1%
Item 1: elect director Mark Garrett	For	2.82bn	70.3m	4.59m	426.5m	97.6%
Item 1: elect director John D. Harris II	For	2.87bn	21.0m	4.70m	426.5m	99.3%
Item 1: elect director Dr. Kristina M. Johnson	For	2.81bn	86.3m	4.30m	426.5m	97.0%
Item 1: elect director Sarah Rae Murphy	For	2.89bn	8.2m	4.38m	426.5m	99.7%
Item 1: elect director Charles H. Robbins	For	2.62bn	262.3m	15.16m	426.5m	90.9%
Item 1: elect director Daniel H. Schulman	For	2.59bn	268.5m	42.21m	426.5m	90.6%
Item 1: elect director Marianna Tessel	For	2.87bn	20.8m	4.37m	426.5m	99.3%
Item 1: elect director Kevin Weil	For	2.88bn	9.8m	4.57m	426.5m	99.7%
Item 2: amend and restate 2005 Stock Incentive Plan (shares authorized to 928.0m)	For	2.79bn	93.8m	15.35m	426.5m	96.7%
Item 3: advisory vote on executive compensation	For	2.55bn	314.6m	34.00m	426.5m	89.0%
Item 4: ratify PricewaterhouseCoopers LLP for fiscal 2026	For	3.03bn	285.5m	5.10m	0	91.4%
Item 5: stockholder proposal: report on financial value of inclusion programs (National Center for Public Policy Research)	Against	30.5m	2.83bn	41.84m	426.5m	1.1%
2024: elect director Charles H. Robbins	For	2.66bn	243.1m	16.36m	468.3m	91.6%
2024: advisory vote on executive compensation	For	2.24bn	666.1m	13.03m	468.3m	77.1%
2024: ratify PricewaterhouseCoopers LLP	For	3.13bn	255.3m	4.55m	0	92.5%

Source: 8-K Item 5.07 filed 17 December 2025; 8-K Item 5.07 filed 11 December 2024; DEF 14A filed 28 October 2025 for proponent and board positions; SEC filings via SEC-API.io

Figure 6.3 Votes at the 16 December 2025 annual meeting, with share of votes cast in favor

Figure 6.4 CEO total compensation and say on pay vote, FY2023 to FY2025

7 Insider Activity

Cisco insiders sold 1.30m shares for $105.78m in the open market in the twelve months to 10 October 2026, 0.03% of 3.94bn shares outstanding, and bought 0; 54,130 of those shares, $6.03m, were sold after FY2026 ended on 25 July 2026. Forms 4 with the Rule 10b5-1 box checked carry 97% of shares sold. Filings: 103 Forms 4, 2 Forms 3, 0 Forms 5, 18 reporting persons.

Insider buying and selling by month

Figure 7.1 Insider open market sales by month, value and shares, Oct 2025 to Oct 2026

November 2025 carries 1.08m shares and $84.49m, 80% of sale value in the twelve months; performance based restricted stock units (PRSUs) settled on 10 November 2025. Buy to sell ratio on open market transactions (Form 4 codes P and S): 0.00.

Table 7.1 Insider transactions by month, shares and sale value

Month	Sold (S)	Sale value	Sellers	Awards and settlements (A)	Withheld for tax (F)	Transferred to own trust (G)
Oct 2025	0	0	0	0	2,109	0
Nov 2025	1,084,480	$84.49m	7	1,678,842	926,936	0
Dec 2025	42,654	$3.30m	4	28,676	2,137	6,962
Jan 2026	0	0	0	0	2,108	0
Feb 2026	43,256	$3.32m	4	0	35,178	0
Mar 2026	18,300	$1.44m	5	1,149	2,014	0
Apr 2026	0	0	0	2,333	2,260	0
May 2026	43,428	$5.14m	5	0	44,898	0
Jun 2026	17,131	$2.06m	3	5,354	13,657	0
Jul 2026	0	0	0	0	2,259	0
Aug 2026	49,069	$5.48m	6	0	45,327	0
Sep 2026	5,061	$0.55m	4	588,895	3,222	0
Oct 2026	0	0	0	0	0	0
Total	1,303,379	$105.78m	10	2,305,249	1,082,107	6,962

Source: Forms 3 and 4 filed 10 Oct 2025 to 10 Oct 2026; SEC filings via SEC-API.io

Insider sales by person

Chair and CEO Charles H. Robbins sold 665,005 shares for $53.44m, 51% of the total, and reported 769,779 shares and units held on the Form 4 filed 18 September 2026.

Figure 7.2 Shares and units held directly after each Form 4 transaction, executive officers

Table 7.2 Reporting persons: twelve month sales, plan transactions and latest reported holding

Insider	Role	Sale filings	Shares sold (S)	Sale value	Sold with Rule 10b5-1 box checked	Awards and settlements (A)	Withheld for tax (F)	Held directly including unvested units	Held indirectly	Latest Form 3 or 4
Charles H. Robbins	Chair and CEO	4	665,005	$53.44m	665,005	1,126,759	535,763	769,779	0	0000858877-26-000150
Jeetu Patel	President and Chief Product Officer	4	189,483	$15.26m	189,483	395,283	187,678	369,818	200	0000858877-26-000152
Dev Stahlkopf	Executive Vice President (EVP) and Chief Legal Officer	4	185,658	$14.95m	185,658	314,820	130,674	222,806	0	0000858877-26-000149
Mark Patterson	EVP and CFO	6	93,704	$8.02m	93,704	167,309	64,837	258,595	0	0000858877-26-000151
Thimaya Subaiya	EVP, Operations	7	83,031	$7.01m	83,031	116,585	82,673	183,351	0	0002015287-26-000022
Oliver Tuszik	EVP, Global Sales	7	30,733	$2.74m	30,733	128,697	66,049	232,950	0	0000858877-26-000148
Michael D. Capellas	Director	1	27,000	$2.08m	0	3,481	0	146,368	0	0000858877-25-000222
Dr. Kristina M. Johnson	Director	1	13,481	$1.04m	0	4,632	0	63,645	0	0001116268-26-000015
M. Victoria Wong	Senior Vice President (SVP) and Chief Accounting Officer to 19 May 2026	5	13,010	$1.00m	13,010	9,493	13,227	26,689	0	0000858877-26-000070
Nichlas A. Fink	SVP and Chief Accounting Officer from 20 May 2026	1	2,274	$0.25m	2,274	12,327	1,205	39,178	0	0000858877-26-000147
Wesley G. Bush	Director	0	0	0	0	438	0	50,653	10,000	0000858877-25-000215
Marianna Tessel	Director	0	0	0	0	4,389	0	37,831	0	0001784171-26-000005
John D. Harris II	Director	0	0	0	0	3,481	0	28,315	0	0000858877-25-000212
Daniel H. Schulman	Director	0	0	0	0	3,481	0	13,937	0	0000858877-25-000217
Kevin Weil	Director	0	0	0	0	4,779	0	7,793	1,403	0000858877-26-000140
Peter A. Shimer	Director	0	0	0	0	2,333	0	2,333	0	0000858877-26-000052
Mark Garrett	Director	0	0	0	0	3,481	0	0	40,409	0000858877-25-000224
Sarah Rae Murphy	Director	0	0	0	0	3,481	0	0	19,306	0000858877-25-000223
Total		40	1,303,379	$105.78m	1,262,898	2,305,249	1,082,107

Source: Forms 3 and 4 linked in the table; Form 4 filer names that differ from the proxy: Patel Jeetendra I, Stahlkopf Deborah L, Wong Maria Victoria; SEC filings via SEC-API.io

Table 7.3 Ten largest open market sales by value

Date	Insider	Role	Shares	Price as reported	Value	Held after transaction	Form 4
17 Nov 2025	Charles H. Robbins	Chair and CEO	150,546	$77.83	$11.72m	952,201	0000858877-25-000176
17 Nov 2025	Charles H. Robbins	Chair and CEO	131,314	$78.95	$10.37m	820,887	0000858877-25-000176
14 Nov 2025	Charles H. Robbins	Chair and CEO	131,920	$78.20	$10.32m	1,102,747	0000858877-25-000176
14 Nov 2025	Dev Stahlkopf	EVP and Chief Legal Officer	111,081	$78.20	$8.69m	196,738	0000858877-25-000178
14 Nov 2025	Jeetu Patel	President and Chief Product Officer	110,996	$78.20	$8.68m	281,108	0000858877-25-000177
18 Nov 2025	Charles H. Robbins	Chair and CEO	82,742	$77.17	$6.38m	738,145	0000858877-25-000176
14 Nov 2025	Charles H. Robbins	Chair and CEO	51,028	$77.37	$3.95m	1,234,667	0000858877-25-000176
18 Nov 2025	Mark Patterson	EVP and CFO	48,632	$77.16	$3.75m	229,181	0000858877-25-000182
19 Nov 2025	Thimaya Subaiya	EVP, Operations	39,976	$78.50	$3.14m	179,780	0000858877-25-000183
14 Nov 2025	Dev Stahlkopf	EVP and Chief Legal Officer	37,723	$77.38	$2.92m	307,819	0000858877-25-000178

Source: Forms 4 linked in the table; SEC filings via SEC-API.io

Stock awards, tax withholding and transfers

Shares withheld for tax total 1.08m, $81.89m at reported prices, 0.83 times shares sold.

Figure 7.3 Awards, tax withholding and open market sales by officer, 12 months

Table 7.4 Insider transactions by type

Type	Code	Transactions	Insiders	Shares or units	Value at reported price
Open market purchase	P	0	0	0	0
Open market sale	S	95	10	1,303,379	$105.78m
Shares withheld for tax on vesting	F	45	8	1,082,107	$81.89m
PRSUs settled on 10 Nov 2025, with dividend equivalents	A	7	7	1,678,842	n/a
Restricted stock units (RSUs) granted to officers, 3 Jun and 16 Sep 2026	A	8	7	592,431	n/a
Stock or deferred units awarded to directors	A	9	9	30,181	n/a
Shares or deferred units in lieu of director cash fees	A	11	4	3,795	$0.36m
Transfer from direct holding to own trust	G	2	2	6,962	n/a
Option exercise	M	0	0	0	0

Source: Forms 4 filed 10 Oct 2025 to 10 Oct 2026; SEC filings via SEC-API.io

Form 144 notices of proposed sale and new insiders on Form 3

Form 144 notices cover 1.58m shares at $127.14m stated market value, 0.04% of shares outstanding; 42 of 47 state a Rule 10b5-1 plan adoption date.

Table 7.5 Form 144 notices filed 10 Oct 2025 to 10 Oct 2026, by person

Person for whose account	Relationship	Notices	Filed	Shares to be sold	Stated market value	Sold on Forms 4	Form 144
Charles H. Robbins	Director	6	14 Nov 2025 to 14 Aug 2026	665,005	$53.29m	665,005	1, 2, 3, 4, 5, 6
Richard Scott Herren	Officer	2	14 Nov 2025 to 19 Nov 2025	255,578	$19.78m	0	1, 2
Jeetu Patel	Officer	4	14 Nov 2025 to 14 Aug 2026	189,483	$15.17m	189,483	1, 2, 3, 4
Dev Stahlkopf	Officer	4	14 Nov 2025 to 14 Aug 2026	185,658	$14.86m	185,658	1, 2, 3, 4
Mark Patterson	Officer	6	18 Nov 2025 to 11 Sep 2026	93,704	$8.04m	93,704	1, 2, 3, 4, 5, 6
Thimaya Subaiya	Officer	7	19 Nov 2025 to 14 Sep 2026	83,031	$6.95m	83,031	1, 2, 3, 4, 5, 6, 7
Oliver Tuszik	Officer	7	14 Nov 2025 to 14 Sep 2026	30,733	$2.73m	30,733	1, 2, 3, 4, 5, 6, 7
Michael D. Capellas	Director	1	18 Dec 2025	27,000	$2.05m	27,000	1
Daniel H. Schulman	Director	1	26 May 2026	14,080	$1.67m	0	1
M. Victoria Wong	Officer	7	24 Nov 2025 to 4 Jun 2026	15,576	$1.31m	13,010	1, 2, 3, 4, 5, 6, 7
Dr. Kristina M. Johnson	Director	1	18 Dec 2025	13,481	$1.04m	13,481	1
Nichlas A. Fink	Officer	1	8 Sep 2026	2,274	$0.25m	2,274	1
Total		47		1,575,603	$127.14m	1,303,379

Source: Forms 144 linked in the table; SEC filings via SEC-API.io

Table 7.6 Forms 3 filed and board appointments, 10 Oct 2025 to 10 Oct 2026

Person	Role	Effective	Appointment 8-K	Form 3 filed	Securities on Form 3	Form 3
Peter A. Shimer	Director	6 Apr 2026	0000858877-26-000048	7 Apr 2026	0	0000858877-26-000051
Nichlas A. Fink	SVP and Chief Accounting Officer	20 May 2026	0000858877-26-000057	26 May 2026	29,804	0000858877-26-000090
Girish D. Rishi	Director	9 Oct 2026	0000858877-26-000156	Forms 3 filed by 10 Oct 2026: 0	n/a	n/a

Source: Forms 3 and 8-K filings linked in the table; SEC filings via SEC-API.io

8 Risk Factors

Cisco's 10-K FY2026 carries 38 risk factors in 13,047 words under the same 38 headings as the 10-K FY2025 (13,231 words); 13 gained substance, led by a cloud factor rewritten around AI infrastructure sales concentrated among a limited number of hyperscaler customers. Risk factors added: 0. Risk factors dropped: 0.

Cisco risk factors by category

Table 8.1 Risk factor count, word count and status by category, FY2026 against FY2025

Category	Count FY2025	Count FY2026	Words FY2025 (headings and body)	Words FY2026 (headings and body)	Change in words	Substance added	Text removed	Edited (same substance, shorter or reordered wording)	Unchanged
Business and industry	30	30	10,465	10,078	(387)	9	5	15	1
Intellectual property	3	3	905	818	(87)	1	0	2	0
Cybersecurity, privacy and regulation	4	4	1,652	1,942	290	3	0	1	0
Ownership of stock	1	1	209	209	0	0	0	0	1
Total	38	38	13,231	13,047	(184)	13	5	18	2

Source: 10-K FY2025, 10-K FY2026; SEC filings via SEC-API.io

Figure 8.1 Status of FY2026 risk factors against FY2025 by category

Cisco risk factor changes FY2026 against FY2025

Table 8.2 Item 1A risk factors in the FY2026 10-K and change against the FY2025 10-K

Category	Risk factor	Words FY2026	Change in words	Status	What changed
Business and industry	Fluctuating results	374	(33)	Edited	Factor list regrouped; mix of cloud based and on premise software sales named as a variable; "Internet businesses" replaced by cloud customers.
Business and industry	Economic conditions and geopolitics	238	(62)	Text removed	Sentence on reports of US government intelligence gathering methods and their effect on customer perception removed; government disruptions or shutdowns added.
Business and industry	Revenue predictability	506	(193)	Text removed	Paragraph on excess and obsolete inventory charges from higher purchase commitments removed, with its cross reference to MD&A; shipping patterns added beside sales patterns.
Business and industry	Supply chain and component supply	1,237	72	Substance added	Names "the memory shortages experienced in fiscal 2026" and rising cost of constrained memory; adds purchase commitments above actual requirements, higher deposits and prepayments, losses on purchase commitments and demand that is hard to predict in AI infrastructure; supplier settlement sentence removed.
Business and industry	Gross margin	392	17	Substance added	Higher semiconductor and memory cost described as seen in fiscal 2026 and expected to continue; mix of cloud based and on premise software added; statement that product gross margin rose in fiscal 2025 removed.
Business and industry	Service provider and cloud sales	630	183	Substance added	Heading now covers AI infrastructure sales to large cloud and hyperscaler customers that "may be concentrated among a limited number of customers"; adds delay, reduction or cancellation of deployments, internal development by customers and customized products with supply commitments.
Business and industry	Distribution model	400	(11)	Edited	Sentences shortened by 11 words.
Business and industry	Competition	743	154	Substance added	Adds that AI and cloud customers select network architectures before products; names semiconductor companies, systems providers and cloud providers as competitors; adds that hyperscalers can design their own networking equipment, semiconductors and software; adds price reductions and loss of market share.
Business and industry	Channel inventory	187	(48)	Edited	Sentence on higher purchase commitments in periods of supply constraint removed; remaining text shortened.
Business and industry	AI development and use	368	75	Substance added	Adds agentic AI systems: unauthorized actions, privilege escalation, exploitation by malicious actors and behavior that is harder to monitor and control.
Business and industry	Software subscription offerings	575	(15)	Substance added	Adds that exposure to cyber attacks on cloud services grows as AI capabilities spread among threat actors; date of the Splunk acquisition removed.
Business and industry	New products and technology trends	628	(40)	Substance added	Adds hyperscaler requirements on performance, cost and power efficiency, Cisco Silicon One and optics as strategic priorities, and pace of semiconductor and optical design; list of product success factors removed.
Business and industry	Restructuring and impairments	319	31	Substance added	Adds the restructuring plan initiated in Q4 FY2026, expected to be substantially completed by the end of FY2027.
Business and industry	Long term investment	179	2	Unchanged	Text identical apart from "results of operations" replacing "operating results".
Business and industry	Acquisitions	398	(95)	Edited	Risk list condensed by 95 words; Splunk removed as the example of a large acquired company.
Business and industry	New and developing markets	163	(13)	Edited	Rewritten in shorter sentences; closing sentence on harm to results added.
Business and industry	Strategic alliances	172	(20)	Edited	Rewritten in shorter sentences; competing and cooperating with the same partner kept.
Business and industry	Product quality	214	13	Edited	Defects described as "isolated or systemic"; cross reference to the cybersecurity risk factors added.
Business and industry	Global operations	248	(118)	Edited	Country risk list converted to five bullets and cut by 118 words; pandemics, tariffs and China and Taiwan relations kept.
Business and industry	Customer credit risk	188	(88)	Text removed	Statement of typical payment terms of 30 days in the United States removed; reference to bankruptcies among Internet businesses and service providers removed.
Business and industry	Investment portfolio	170	1	Edited	Privately held investments renamed non marketable equity securities; possible loss now reads "all or part of" the investments.
Business and industry	Currency exchange rates	118	(15)	Edited	Sentences shortened by 15 words.
Business and industry	Key personnel	223	(25)	Edited	Sentences shortened by 25 words; claims of improper hiring practices kept.
Business and industry	Claims and litigation	143	(51)	Text removed	Example of the supplier dispute settled on 26 August 2025 removed; note reference moved from Note 14 to Note 13.
Business and industry	Counterfeit products	148	(4)	Edited	Rewritten in shorter sentences; adds that enforcement efforts "in certain cases" may be unsuccessful.
Business and industry	Income taxes	301	(91)	Text removed	Paragraph on the OECD Pillar Two framework and its 15% minimum tax removed (91 words net).
Business and industry	Natural catastrophes and climate	165	(24)	Edited	Wildfires, storms, drought and sea level rise moved into the list of events at customer and supplier sites.
Business and industry	Terrorism and war	184	18	Substance added	Adds restrictions "arising out of the current conflicts and wars in the Middle East" beside those tied to the Russia and Ukraine war.
Business and industry	Debt	222	2	Edited	Figures updated: senior notes $23.0bn (FY2025 $24.8bn), commercial paper $6.7bn (FY2025 $3.5bn) under a $15.0bn program.
Business and industry	Environmental, social and governance matters	245	(9)	Edited	Examples "environmental sustainability and climate change" removed; assumptions now cover product energy consumption and clean energy in electric grids.
Intellectual property	Enforcement of proprietary rights	268	(50)	Edited	Rewritten and cut by 50 words; limits on protection for works made with generative AI tools kept.
Intellectual property	Infringement claims	422	(30)	Substance added	Developments in patent policy and practice at the US Patent and Trademark Office added as a driver of more claims; acquisition related exposure moved up.
Intellectual property	Third party licenses	128	(7)	Edited	Sentences shortened by 7 words; renewal of licenses added beside obtaining them.
Cybersecurity, privacy and regulation	Cyber attacks and data breaches	631	48	Substance added	AI capabilities described as raising the speed, scale and effectiveness of attacks, "further reducing the time to identify and mitigate threats"; insider threats and criminals named.
Cybersecurity, privacy and regulation	Vulnerabilities and security defects	755	238	Substance added	Adds 238 words: AI enabled discovery and exploitation of vulnerabilities with little or no delay, chaining of low severity vulnerabilities, preliminary mitigations, post quantum cryptography and security practices of acquired companies.
Cybersecurity, privacy and regulation	Data protection and privacy	271	2	Substance added	EU Data Act and industrial data added beside the General Data Protection Regulation; California Privacy Rights Act replaces the California Consumer Privacy Act.
Cybersecurity, privacy and regulation	Product and service regulation	285	2	Edited	Sourcing, sovereignty and localization added to the list of customer procurement requirements.
Ownership of stock	Stock price volatility	209	0	Unchanged	Text identical at 209 words.

Source: 10-K FY2025, 10-K FY2026; SEC filings via SEC-API.io

Figure 8.2 Change in word count by risk factor, FY2026 against FY2025

Hyperscaler concentration, agentic AI and prepayment text first appears in the 10-K filed 2 September 2026; memory supply and AI enabled exploitation entered through the FY2026 10-Q filings.

Table 8.3 Filing in which selected Item 1A changes first appear

Filing	Filed	Changes first appearing in Item 1A
10-Q Q1 FY2026	18 Nov 2025	Memory supply constraints seen in Q1 FY2026 named in the supply chain factor; customers for Cisco Silicon One commitments described as hyperscalers, previously webscale; EU Data Act and California Privacy Rights Act named; sovereignty added to procurement requirements.
10-Q Q2 FY2026	17 Feb 2026	Statement that Cisco has been and expects to continue to be adversely impacted by higher cost of constrained memory components; memory components added to new purchase commitments; sentence on US government intelligence gathering methods removed; US Patent and Trademark Office policy added to infringement claims.
10-Q Q3 FY2026	19 May 2026	AI enabled identification and exploitation of vulnerabilities with little or no delay; post quantum cryptography; restructuring plan initiated in Q4 FY2026; AI mentions rise from 20 to 24.
10-K FY2026	2 Sep 2026	Cloud factor heading extended to AI infrastructure and customer concentration; agentic AI; deposits and prepayments with suppliers; hyperscalers that design their own equipment; OECD Pillar Two paragraph, supplier settlement example and 30 day payment terms removed; AI mentions rise to 36.

Source: 10-Q Q1 FY2026, 10-Q Q2 FY2026, 10-Q Q3 FY2026, 10-K FY2026; SEC filings via SEC-API.io

Figure 8.3 Mentions of selected terms in Item 1A, last five filings

Cisco purchase commitments, legal proceedings and Brazil tax claims

FY2026 10-K states that much of the purchase commitments supports products sold to hyperscalers and other large customers, whose orders may be canceled, rescheduled or modified with limited notice. Charges for excess inventory and purchase commitments were $387m in FY2026 and reduce product gross margin.

Table 8.4 Filed figures behind the supply chain risk factor

Measure	FY2026	FY2025	FY2024
Inventory purchase commitments due in 1 to 3 years	$2.6bn	$320m	n/a
Inventory purchase commitments due in 3 to 5 years	$266m	$77m	n/a
Inventory deposits and prepayments	$1.1bn	$825m	$973m
Liability for purchase commitments above demand forecasts	$294m	$206m	$498m
Provisions for inventory and purchase commitment liability, in cost of sales	$387m	$493m	$819m

Source: 10-K FY2025, 10-K FY2026 (Item 7 and Notes 6, 13 and 18); balances at fiscal year end; SEC filings via SEC-API.io

Asserted Brazilian tax claims total $1.44bn at 25 July 2026 ($1.25bn a year earlier), of which interest is $969m.

Table 8.5 Legal proceedings in the notes to the financial statements

Matter	FY2026 10-K, Note 13(f)	FY2025 10-K, Note 14(f)
Brazil import tax claims for calendar years 2004 to 2007	Tax $153m, interest $969m, penalties $315m; likelihood and range of loss stated as undeterminable; final judicial determination expected in several years	Tax $141m, interest $816m, penalties $289m; same assessment
Centripetal Networks patent cases (United States, Germany, France)	Federal Circuit affirmed the US finding of no infringement on 29 April 2026; German court gave a preliminary opinion of no infringement on 2 April 2026, related invalidity appeal hearing set for 10 November 2026; final hearing in France set for 8 October 2026	US appeals pending; German appeals pending; French hearing expected in Q3 of calendar 2026; damages, if any, assessed as immaterial
Ramot at Tel Aviv University patent cases (Cisco and Acacia)	Delaware court granted summary judgment of no infringement on all patents in suit before trial; Ramot appeal to the Federal Circuit ongoing; damages, if any, assessed as immaterial	Delaware trial set for 3 November 2025; Texas and Delaware infringement cases stayed
Egenera patent case	0 mentions	Federal Circuit affirmed judgment in favor of Cisco on 7 July 2025
Supplier dispute over long term supply arrangements	MD&A cites the fiscal 2025 charge as absent in fiscal 2026	Settled 26 August 2025: $355m charge in Q4 FY2025, $563m of escrow released to Cisco, about $450m of prepayments forfeited (Note 21)

Source: 10-K FY2025, 10-K FY2026; SEC filings via SEC-API.io

Cisco market risk sensitivity and cybersecurity governance

Non marketable equity securities rose to $4.0bn from $1.9bn, including $1.4bn of net unrealized gains in FY2026; Item 7A adds that the carrying amount may fall if later transactions occur at lower valuations.

Table 8.6 Item 7A market risk disclosures as filed

Measure	25 Jul 2026	26 Jul 2025
Available for sale debt investments, fair value	$8.34bn	$7.38bn
Fair value after a 150 basis point rate rise	$8.26bn	$7.31bn
Fair value after a 150 basis point rate fall	$8.42bn	$7.45bn
Financing receivables, carrying value	$8.3bn	$6.5bn
Change in financing receivables fair value for 50 basis points	about $0.1bn	about $0.1bn
Senior fixed rate notes, principal	$23.0bn	$24.8bn
Senior fixed rate notes, fair value	$22.7bn	$25.0bn
Change in fixed rate debt fair value for 50 basis points	about $0.7bn	about $0.8bn
Marketable equity securities, fair value	$361m	$383m
Non marketable equity securities, carrying amount	$4.0bn	$1.9bn
Foreign exchange forwards purchased, notional	$4.09bn	$4.50bn
Foreign exchange forwards sold, notional	$4.60bn	$4.48bn
Share of operating expenses in US dollars	about 75%	about 75%
Currency effect on operating expenses for the fiscal year, net of hedging	$195m increase, 0.8%	$16m decrease, 0.1%

Source: 10-K FY2025, 10-K FY2026 (Item 7A); SEC filings via SEC-API.io

Table 8.7 Item 1C cybersecurity disclosure, FY2026 against FY2025

Topic	FY2026 10-K	FY2025 10-K
Program lead	Chief Security and Trust Officer, reporting to the Executive Vice President, Operations; over 25 years in information technology and security roles	Same
Board oversight	Audit Committee receives reports at least four times a year and a live presentation at least twice a year	Same
Threat intelligence	Security and Trust Organization works with the Talos Threat Intelligence Group, governments and peer companies	Same
Material effect	Company states no material effect on business, results or financial condition from cybersecurity risks to date, including previously identified incidents	Same

Source: 10-K FY2025, 10-K FY2026 (Item 1C); SEC filings via SEC-API.io

9 Stock Price, Scenarios & Sensitivity

Three sets of stated assumptions for FY2028 to FY2030 give arithmetic outcomes of $54, $117 and $241 per share at end FY2030, against a close of $118.39 on 9 October 2026. That close is 35.6x FY2026 diluted GAAP EPS of $3.33 and 29.4x the $4.03 midpoint of company FY2027 guidance. Dividends of $0.42 per quarter (1.4% yield) are excluded from every implied price.

Table 9.1 Share price range, price change and further multiples

Measure	Value	Basis
52 week range	$66.81 to $130.37	52 weeks to 9 October 2026
Change since October 2021 month end	112%	From $55.97
Change since 31 December 2025	53.7%	From $77.03
P / E on FY2027 guidance	29.4x	$4.03 midpoint of company guidance for diluted GAAP EPS
Price / non GAAP EPS	27.3x	Company non GAAP EPS $4.33, FY2026
EV / operating income	31.3x	EV $480.4bn over FY2026 operating income $15.37bn
FCF yield	2.7%	FY2026 FCF $12.77bn over market cap $466.8bn

Source: 10-K FY2026, 8-K Exhibit 99.1 of 12 August 2026; SEC filings via SEC-API.io; Market data, 9 October 2026 (month end closes before October 2025: single source)

Figure 9.1 CSCO month end share price, October 2021 to 9 October 2026

Shares closed at $113.47 on 13 August 2026, a change of (8.4)% from the $123.88 close on 12 August 2026, the day of the Q4 FY2026 release.

Table 9.2 Last four results releases and share price change over each release month

Release	Quarter	Revenue growth year on year	Change over release month
12 November 2025	Q1 FY2026	7.5%	5.2%
11 February 2026	Q2 FY2026	9.7%	1.5%
13 May 2026	Q3 FY2026	12.0%	31.6%
12 August 2026	Q4 FY2026	17.6%	(4.7)%

Source: 10-Q Q1 FY2026, 10-Q Q2 FY2026, 10-Q Q3 FY2026, 8-K Exhibit 99.1 of 12 August 2026; SEC filings via SEC-API.io; Market data, 9 October 2026

FY2027 estimate from company guidance

Table 9.3 FY2027 estimate build

Item	FY2026 filed	Company guidance	FY2027 estimate	Basis of estimate
Revenue	$63.33bn	$72.2bn to $73.4bn	$72.80bn	Guidance midpoint
Revenue growth	11.8%	14.0% to 15.9%	15.0%	Guidance midpoint
Gross margin (GAAP)	64.5%	63% to 64%, Q1 FY2027	63.5%	Q1 FY2027 guidance midpoint
Diluted GAAP EPS	$3.33	$4.00 to $4.06	$4.03	Guidance midpoint
Non GAAP EPS	$4.33	$5.05 to $5.11	$5.08	Guidance midpoint
Effective tax rate (GAAP)	17.1%	About 14.5%	14.5%	Guidance
Diluted shares	3.99bn	n/a	3.98bn	Q4 FY2026 diluted shares
Net income	$13.27bn	n/a	$16.06bn	EPS times diluted shares
Interest and other, net	$641m	n/a	($757m)	FY2026 non GAAP amount, which excludes $1.40bn of investment gains
Operating income (GAAP)	$15.37bn	n/a	$19.54bn	Net income grossed up for tax, less interest and other
Operating margin (GAAP)	24.3%	28% to 29%, Q1 FY2027	26.8%	Operating income over revenue
FCF	$12.77bn	n/a	$14.68bn	FY2026 FCF margin of 20.2%

Source: 10-K FY2026, 8-K Exhibit 99.1 of 12 August 2026; SEC filings via SEC-API.io

Scenario analysis FY2028 to FY2030: worst, base and best case

Base case is an estimate under the assumptions in Table 9.4. Its implied price falls below the 9 October 2026 close if revenue growth is under 8.5% per year, operating margin under 27.4% or exit P / E under 23.3x.

Table 9.4 Scenario assumptions and FY2030 outcomes

Line	Worst	Base	Best
Revenue growth per year, FY2028 to FY2030 (assumption)	2%	8%	14%
Gross margin (assumption)	62.5%	64.0%	65.0%
Operating margin (GAAP) (assumption)	22%	27%	30%
FCF margin (assumption)	19%	22%	26%
Diluted share count change per year (assumption)	0.0%	(0.5)%	(1.5)%
Exit P / E on FY2030 EPS (assumption; July month end P / E, FY2022 to FY2026: low 16.1x, average 22.7x, high 34.8x)	16x	23x	35x
Interest and other, net, per year (assumption)	($757m)	($757m)	($757m)
Effective tax rate (assumption)	17.0%	17.0%	17.0%
Starting revenue, FY2027 estimate	$72.80bn	$72.80bn	$72.80bn
Starting diluted shares, FY2027 estimate	3.98bn	3.98bn	3.98bn
FY2030 revenue	$77.26bn	$91.71bn	$107.86bn
FY2030 gross profit	$48.28bn	$58.69bn	$70.11bn
FY2030 operating income	$17.00bn	$24.76bn	$32.36bn
FY2030 net income	$13.48bn	$19.92bn	$26.23bn
FY2030 FCF	$14.68bn	$20.18bn	$28.04bn
FY2030 diluted shares	3.98bn	3.92bn	3.81bn
FY2030 diluted EPS	$3.38	$5.08	$6.89
Implied price, end FY2030, undiscounted	$54	$117	$241
Against close of $118.39	(54)%	(1)%	104%
FCF, FY2028 to FY2030 cumulative	$43.18bn	$56.15bn	$74.22bn

Source: 10-K FY2026, 8-K Exhibit 99.1 of 12 August 2026; SEC filings via SEC-API.io; Market data, 9 October 2026

Figure 9.2 Revenue and diluted EPS, FY2021 to FY2026 filed, FY2027 estimate and scenarios to FY2030

Table 9.5 Scenario paths, FY2028 and FY2029

Case	Fiscal year	Revenue	Operating income	FCF	Diluted EPS
Worst	FY2028	$74.26bn	$16.34bn	$14.11bn	$3.25
Worst	FY2029	$75.74bn	$16.66bn	$14.39bn	$3.31
Base	FY2028	$78.62bn	$21.23bn	$17.30bn	$4.29
Base	FY2029	$84.91bn	$22.93bn	$18.68bn	$4.67
Best	FY2028	$82.99bn	$24.90bn	$21.58bn	$5.11
Best	FY2029	$94.61bn	$28.38bn	$24.60bn	$5.93

Source: scenario arithmetic on inputs in Table 9.4; starting point from 8-K Exhibit 99.1 of 12 August 2026; SEC filings via SEC-API.io

Table 9.6 Best case factors and the filed data point for each

Factor	Filed data point	Best case input it supports
Product orders	Q4 FY2026 product orders up 35% year on year, 25% excluding hyperscalers; networking product orders up 40%	Revenue growth of 14% per year
AI infrastructure demand from hyperscalers	Orders of $9.3bn in FY2026, $4.0bn of them in Q4; revenue of about $4.0bn in FY2026 and $7.5bn expected in FY2027; about 6% of FY2026 revenue against less than 2% in FY2025	Revenue growth of 14% per year
Networking revenue	$34.67bn in FY2026, up 22%; product revenue up 16%, services revenue flat	Revenue growth of 14% per year
Contracted future revenue	RPO of $46.73bn at 25 July 2026, up 7%; product RPO up 9%	Revenue growth of 14% per year
Supply secured	Inventory purchase commitments of $17.17bn, up 126% from $7.60bn; $14.34bn due within one year; inventories $5.69bn, up 80%	Revenue growth of 14% per year
Gross margin	64.5% in FY2026 against 64.9% in FY2025; the 10-K attributes the product margin decrease to product mix and higher memory costs	Gross margin of 65.0%
Operating expense ratio	GAAP operating margin of 24.3% in FY2026 against 20.8%; research, sales and administrative expenses down 3.4 points of revenue; Q1 FY2027 guidance of 28% to 29%	Operating margin of 30%
Capital return	Repurchases of $6.11bn for 76m shares in FY2026; $8.1bn authorization remaining; diluted share count change of (0.3)% in FY2026	Share count change of (1.5)% per year

Source: 10-K FY2026, 8-K Exhibit 99.1 of 12 August 2026; SEC filings via SEC-API.io

Table 9.7 Diluted share count change and P / E at July month end, FY2022 to FY2026 and FY2027 estimate

Measure	FY2022	FY2023	FY2024	FY2025	FY2026	FY2027 estimate
Diluted share count change	(1.0)%	(2.1)%	(1.0)%	(1.6)%	(0.3)%	(0.1)%
P / E at July month end (FY2027 estimate: 9 October 2026 close)	16.1x	17.0x	19.1x	26.7x	34.8x	29.4x

Source: 10-K FY2022, 10-K FY2024, 10-K FY2026, 8-K Exhibit 99.1 of 12 August 2026; SEC filings via SEC-API.io; Market data, 9 October 2026

Sensitivity analysis: growth, exit multiple and operating margin

Exit P / E moves the base case implied price between $81 and $178, revenue growth between $98 and $138, and operating margin between $94 and $130.

Figure 9.3 Sensitivity of implied price and FY2030 EPS to growth, exit multiple and operating margin

Figure 9.4 Implied price range by input, each moved from worst case to best case value

Sources and method

Filings: 10-K FY2026 and the 10-K filings for FY2022 to FY2025; 10-Q Q3 FY2026 and the 10-Q filings from Q1 FY2025; DEF 14A of 28 October 2025; 8-K filings of 12 August 2026 (results and FY2027 guidance), 13 May 2026 (results and restructuring plan), 17 December 2025 (annual meeting) and 9 October 2026 (director appointment); Forms 3, 4, 144, 13F and Schedule 13G; peer 10-K and 10-Q filings.
SEC filings via SEC-API.io.
Market data as of 9 October 2026.
Earnings calls of 11 February 2026, 13 May 2026 and 12 August 2026, in indirect speech.
Third party research: IDC, Gartner and Dell'Oro Group publications as dated in Table 4.2.
Scenario figures are arithmetic outcomes of stated assumptions.

Sources appendix

Every filing referenced in this analysis, sorted by form and then by date. Each accession number links to the filing on sec.gov. Count: 181 filings.

Table A.1 Cisco Systems, Inc. filings, with ownership filings by holders and insiders

Form	Period or filing date	Accession number
10-K	25 Jul 2026	0000858877-26-000132
10-K	26 Jul 2025	0000858877-25-000111
10-K	27 Jul 2024	0000858877-24-000017
10-K	29 Jul 2023	0000858877-23-000023
10-K	30 Jul 2022	0000858877-22-000013
10-Q	25 Apr 2026	0000858877-26-000078
10-Q	24 Jan 2026	0000858877-26-000021
10-Q	25 Oct 2025	0000858877-25-000171
10-Q	26 Apr 2025	0000858877-25-000033
10-Q	25 Jan 2025	0000858877-25-000007
10-Q	26 Oct 2024	0000858877-24-000030
10-Q	29 Oct 2022	0000858877-22-000025
8-K	9 Oct 2026	0000858877-26-000156
8-K	12 Aug 2026	0000858877-26-000106
8-K	13 May 2026	0000858877-26-000075
8-K	27 Apr 2026	0000858877-26-000057
8-K	6 Apr 2026	0000858877-26-000048
8-K	11 Feb 2026	0000858877-26-000006
8-K	17 Dec 2025	0000858877-25-000199
8-K	12 Nov 2025	0001193125-25-277624
8-K	17 Oct 2025	0000858877-25-000145
8-K	13 Aug 2025	0001193125-25-179820
8-K	14 May 2025	0001193125-25-119864
8-K	12 Feb 2025	0001193125-25-025114
8-K	11 Dec 2024	0000858877-24-000039
8-K	14 Aug 2024	0001193125-24-200636
8-K	8 Feb 2024	0001193125-24-028353
8-K	21 Sep 2023	0001193125-23-239165
8-K	17 Aug 2022	0001193125-22-223250
8-K	12 Dec 2017	0001193125-17-367515
8-K12B	25 Jan 2021	0001193125-21-016255
DEF 14A	28 Oct 2025	0000858877-25-000150
DEF 14A	18 Oct 2024	0001104659-24-109859
Schedule 13G	30 Jun 2026	0000093751-26-000434
Schedule 13G	31 Mar 2026	0002100119-26-000311
Schedule 13G/A	30 Jun 2026	0000102909-26-000916
Schedule 13G/A	31 Oct 2025	0000102909-25-000352
13F-HR	30 Jun 2026	0000019617-26-000325
13F-HR	30 Jun 2026	0000070858-26-000442
13F-HR	30 Jun 2026	0000093751-26-000583
13F-HR	30 Jun 2026	0000315066-26-002260
13F-HR	30 Jun 2026	0000895421-26-000243
13F-HR	30 Jun 2026	0000914208-26-000343
13F-HR	30 Jun 2026	0001214717-26-000008
13F-HR	30 Jun 2026	0001422848-26-000094
13F-HR	30 Jun 2026	0002012383-26-003238
13F-HR	30 Jun 2026	0002100119-26-001527
13F-HR	30 Jun 2026	0002100121-26-001018
13F-HR	31 Mar 2026	0000019617-26-000225
13F-HR	31 Mar 2026	0000070858-26-000315
13F-HR	31 Mar 2026	0000093751-26-000315
13F-HR	31 Mar 2026	0000315066-26-001390
13F-HR	31 Mar 2026	0000895421-26-000183
13F-HR	31 Mar 2026	0000914208-26-000193
13F-HR	31 Mar 2026	0001214717-26-000006
13F-HR	31 Mar 2026	0001422848-26-000041
13F-HR	31 Mar 2026	0002100119-26-001306
13F-HR	31 Mar 2026	0002100121-26-000861
13F-HR	31 Dec 2025	0000019617-26-000083
13F-HR	31 Dec 2025	0000070858-26-000116
13F-HR	31 Dec 2025	0000093751-26-000100
13F-HR	31 Dec 2025	0000102909-26-000031
13F-HR	31 Dec 2025	0000315066-26-000611
13F-HR	31 Dec 2025	0000895421-26-000187
13F-HR	31 Dec 2025	0000914208-26-000071
13F-HR	31 Dec 2025	0001214717-26-000003
13F-HR	31 Dec 2025	0001374170-26-000012
13F-HR	31 Dec 2025	0001422848-26-000005
13F-HR	31 Dec 2025	0002012383-26-000920
13F-HR	30 Sep 2025	0000019617-25-001093
13F-HR	30 Sep 2025	0000070858-26-000025
13F-HR	30 Sep 2025	0000093751-25-000651
13F-HR	30 Sep 2025	0000102909-25-000353
13F-HR	30 Sep 2025	0000315066-25-002929
13F-HR	30 Sep 2025	0000895421-26-000186
13F-HR	30 Sep 2025	0000914208-25-000430
13F-HR	30 Sep 2025	0001214717-25-000016
13F-HR	30 Sep 2025	0001422848-25-000223
13F-HR	30 Sep 2025	0002012383-25-002949
13F-HR/A	31 Mar 2026	0000914208-26-000216
13F-HR/A	31 Dec 2025	0000914208-26-000214
Form 3	20 May 2026	0000858877-26-000090
Form 3	6 Apr 2026	0000858877-26-000051
Form 4	18 Sep 2026	0000858877-26-000147
Form 4	18 Sep 2026	0000858877-26-000148
Form 4	18 Sep 2026	0000858877-26-000149
Form 4	18 Sep 2026	0000858877-26-000150
Form 4	18 Sep 2026	0000858877-26-000151
Form 4	18 Sep 2026	0000858877-26-000152
Form 4	18 Sep 2026	0002015287-26-000022
Form 4	17 Sep 2026	0000858877-26-000140
Form 4	17 Sep 2026	0001116268-26-000015
Form 4	17 Sep 2026	0001784171-26-000005
Form 4	12 May 2026	0000858877-26-000070
Form 4	7 Apr 2026	0000858877-26-000052
Form 4	19 Dec 2025	0000858877-25-000222
Form 4	19 Dec 2025	0000858877-25-000223
Form 4	19 Dec 2025	0000858877-25-000224
Form 4	18 Dec 2025	0000858877-25-000212
Form 4	18 Dec 2025	0000858877-25-000215
Form 4	18 Dec 2025	0000858877-25-000217
Form 4	19 Nov 2025	0000858877-25-000183
Form 4	18 Nov 2025	0000858877-25-000176
Form 4	18 Nov 2025	0000858877-25-000182
Form 4	14 Nov 2025	0000858877-25-000177
Form 4	14 Nov 2025	0000858877-25-000178
Form 144	14 Sep 2026	0001950047-26-009434
Form 144	14 Sep 2026	0001950047-26-009435
Form 144	11 Sep 2026	0001950047-26-009350
Form 144	8 Sep 2026	0001950047-26-009185
Form 144	19 Aug 2026	0001950047-26-008415
Form 144	14 Aug 2026	0001950047-26-008132
Form 144	14 Aug 2026	0001950047-26-008135
Form 144	14 Aug 2026	0001950047-26-008137
Form 144	14 Aug 2026	0001950047-26-008140
Form 144	14 Aug 2026	0001950047-26-008166
Form 144	16 Jun 2026	0001950047-26-006211
Form 144	11 Jun 2026	0001950047-26-005938
Form 144	11 Jun 2026	0001950047-26-005939
Form 144	4 Jun 2026	0001950047-26-005675
Form 144	26 May 2026	0001958244-26-000316
Form 144	22 May 2026	0001950047-26-004990
Form 144	22 May 2026	0001950047-26-005000
Form 144	15 May 2026	0001950047-26-004603
Form 144	15 May 2026	0001950047-26-004605
Form 144	15 May 2026	0001950047-26-004607
Form 144	15 May 2026	0001950047-26-004631
Form 144	20 Mar 2026	0001950047-26-002866
Form 144	18 Mar 2026	0001950047-26-002802
Form 144	17 Mar 2026	0001950047-26-002744
Form 144	12 Mar 2026	0001950047-26-002528
Form 144	11 Mar 2026	0001950047-26-002494
Form 144	24 Feb 2026	0001950047-26-001732
Form 144	19 Feb 2026	0001950047-26-001515
Form 144	13 Feb 2026	0001950047-26-001268
Form 144	13 Feb 2026	0001950047-26-001269
Form 144	13 Feb 2026	0001950047-26-001272
Form 144	18 Dec 2025	0001950047-25-010500
Form 144	18 Dec 2025	0001968582-25-001263
Form 144	12 Dec 2025	0001950047-25-010226
Form 144	11 Dec 2025	0001950047-25-010157
Form 144	24 Nov 2025	0001950047-25-009247
Form 144	20 Nov 2025	0001950047-25-009145
Form 144	19 Nov 2025	0001950047-25-009092
Form 144	19 Nov 2025	0001950047-25-009095
Form 144	18 Nov 2025	0001950047-25-009028
Form 144	18 Nov 2025	0001950047-25-009032
Form 144	17 Nov 2025	0001950047-25-008944
Form 144	14 Nov 2025	0001950047-25-008895
Form 144	14 Nov 2025	0001950047-25-008896
Form 144	14 Nov 2025	0001950047-25-008897
Form 144	14 Nov 2025	0001950047-25-008898
Form 144	14 Nov 2025	0001950047-25-008900

Table A.2 Filings of peers and other companies

Company	Form	Period or filing date	Accession number
Alphabet	10-K	31 Dec 2025	0001652044-26-000018
Alphabet	10-Q	30 Jun 2026	0001652044-26-000071
Amazon	10-K	31 Dec 2025	0001018724-26-000004
Amazon	10-Q	30 Jun 2026	0001018724-26-000026
Arista Networks	10-K	31 Dec 2025	0001596532-26-000013
Arista Networks	10-Q	30 Jun 2026	0001596532-26-000175
Arista Networks	10-Q	30 Jun 2025	0001596532-25-000216
Broadcom	10-K	2 Nov 2025	0001730168-25-000121
Broadcom	10-Q	2 Aug 2026	0001730168-26-000080
Broadcom	10-Q	3 Aug 2025	0001730168-25-000098
Ciena	10-K	1 Nov 2025	0001628280-25-056698
Ciena	10-Q	1 Aug 2026	0001628280-26-060361
Ciena	10-Q	2 Aug 2025	0000936395-25-000041
Fortinet	10-K	31 Dec 2025	0001262039-26-000007
Fortinet	10-Q	30 Jun 2026	0001262039-26-000021
Fortinet	10-Q	30 Jun 2025	0001262039-25-000028
Hewlett Packard Enterprise	10-K	31 Oct 2025	0001645590-25-000130
Hewlett Packard Enterprise	10-Q	31 Jul 2026	0001645590-26-000080
Hewlett Packard Enterprise	10-Q	31 Jul 2025	0001645590-25-000101
Meta	10-K	31 Dec 2025	0001628280-26-003942
Meta	10-Q	30 Jun 2026	0001628280-26-050705
Microsoft	10-K	30 Jun 2026	0001193125-26-323660
NVIDIA	10-K	25 Jan 2026	0001045810-26-000021
NVIDIA	10-Q	26 Jul 2026	0001045810-26-000075
NVIDIA	10-Q	27 Jul 2025	0001045810-25-000209
Oracle	10-K	31 May 2026	0001193125-26-277521
Oracle	10-Q	31 Aug 2026	0001193125-26-389274
Palo Alto Networks	10-K	31 Jul 2026	0001327567-26-000023

This report is for information only and is not financial advice.

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