CSCO
SP100NasdaqGSCisco Systems, Inc.
Technology · Communication Equipment · United States
Cisco Systems, Inc. designs, develops, and sells technologies that help to power, secure, and draw insights from the internet in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company offers data center switching; network security, identity and access management, and secure access service edge; threat intelligence, detection, and response solutions; interconnects public and private wireline and mobile networks, delivering connectivity to campus, data center, and branch networks; WEBEX suite, collaboration devices, and contact center; communication platform as a service software, including perpetual licenses, subscription arrangements, and hardware solutions; network assurance, monitoring and analytics, and observability suite; issue resolution, software support, and hardware replacement; professional services, such as planning, design, implementation, and high-value consulting; service and support packages, financing, and managed network services; and regional, national, and international wireline carriers, webscale products, internet, and cable. It also delivers connectivity to campus, data center, and branch networks; wireless products, including indoor and outdoor wireless coverage designed for seamless roaming use of voice, video, and data applications; end-to-end collaboration solutions through cloud, on-premise, or within hybrid cloud environments, transition collaboration solutions from on-premise to the cloud; and network assurance, monitoring and analytics, and observability suite. In addition, it offers technical support and advisory services. The company serves businesses, public institutions, governments, and service providers. It sells its products and services directly, through systems integrators, service providers, resellers, and distributors. Cisco Systems, Inc. was incorporated in 1984 and is headquartered in San Jose, California.
www.cisco.com ↗Shares trade at a premium 37.6× trailing earnings, easing to 23.6× on forward estimates. Profitability shows a net margin of 19.7% and return on equity of 25.2%. Leverage is modest at 1.0× net debt/EBITDA. Revenue grew 12.0% year-on-year. It yields 1.5% in dividends. The mean analyst target of USD127.18 sits 12.9% above the current price (Buy, 22 analysts).
business model
Cisco Systems is a leading networking-technology company that designs and sells hardware, software, and services for building and securing enterprise, data-center, and service-provider networks. It is shifting its mix toward recurring software subscriptions and security, and earns revenue from product sales plus ongoing service and support contracts.
revenue segments
Revenue spans Networking (switching, routing, wireless, and data-center infrastructure), Security (bolstered by the Splunk acquisition), Collaboration (Webex), and Observability, along with a large and growing services segment; software and subscriptions are an increasing share.
key dependencies
Cisco depends on enterprise and service-provider capital spending on networking, its transition to software/subscription and recurring revenue, data-center and AI-driven networking demand, security-product growth, and channel partners for distribution.
competitors
Competitors include Arista Networks and Juniper (Juniper being acquired by HPE) in switching/routing, Hewlett Packard Enterprise/Aruba in enterprise networking, Huawei internationally, Palo Alto Networks, Fortinet, and others in security, and Zoom/Microsoft in collaboration.
moat
Cisco's moat rests on scale and market leadership in networking, deeply entrenched installed-base and switching costs, integration across a broad product portfolio, certified-engineer ecosystem and channel relationships, and recurring service revenue.
risks
Risks include cyclical and lumpy enterprise IT spending, share loss in high-growth areas like cloud/data-center switching to Arista and merchant-silicon-based competitors, integration risk from large acquisitions (Splunk), and the ongoing hardware-to-software transition.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $56.65B | $53.80B | $57.00B | $51.56B | — |
| Cost of revenue | $19.86B | $18.98B | $21.25B | $19.31B | — |
| Gross profit | $36.79B | $34.83B | $35.75B | $32.25B | — |
| Operating expense | $24.29B | $21.86B | $20.19B | $18.27B | — |
| R&D | $9.30B | $7.98B | $7.55B | $6.77B | — |
| Operating income | $12.50B | $12.97B | $15.56B | $13.97B | — |
| Interest expense | $1.59B | $1.01B | $427.00M | $360.00M | — |
| Pretax income | $11.10B | $12.23B | $15.32B | $14.48B | — |
| Tax provision | $920.00M | $1.91B | $2.71B | $2.67B | — |
| Net income | $10.18B | $10.32B | $12.61B | $11.81B | — |
| EBITDA | $15.50B | $15.75B | $17.47B | $16.79B | — |
| Diluted EPS | $2.61 | $2.54 | $3.07 | $2.82 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $122.29B | $124.41B | $101.85B | $94.00B | — |
| Current assets | $34.99B | $36.86B | $43.35B | $36.72B | — |
| Cash & equivalents | $8.35B | $7.51B | $10.12B | $7.08B | — |
| Inventory | $3.16B | $3.37B | $3.64B | $2.57B | — |
| Total liabilities | $75.45B | $78.96B | $57.50B | $54.23B | — |
| Current liabilities | $35.06B | $40.58B | $31.31B | $25.64B | — |
| Total debt | $28.09B | $30.97B | $8.39B | $9.52B | — |
| Long-term debt | $22.86B | $19.63B | $6.66B | $8.42B | — |
| Shareholders' equity | $46.84B | $45.46B | $44.35B | $39.77B | — |
| Retained earnings | $50.00M | $1.09B | $1.64B | -$1.32B | — |
| Working capital | -$78.00M | -$3.72B | $12.04B | $11.08B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $14.19B | $10.88B | $19.89B | $13.23B | — |
| Investing cash flow | $1.73B | -$20.48B | -$5.11B | $1.55B | — |
| Financing cash flow | -$15.81B | $6.84B | -$11.63B | -$15.96B | — |
| Capital expenditure | -$905.00M | -$670.00M | -$849.00M | -$477.00M | — |
| Free cash flow | $13.29B | $10.21B | $19.04B | $12.75B | — |
| Dividends paid | -$6.44B | -$6.38B | -$6.30B | -$6.22B | — |
| Share buybacks | -$7.22B | -$6.78B | -$4.89B | -$8.38B | — |
| End cash position | $8.91B | $8.84B | $11.63B | $8.58B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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