Cisco Systems
ConvictionStrong
Hardware (switches, routers, optics/silicon) plus a growing software and subscription mix (security, observability/Splunk, collaboration) sold through a global channel; ~$31B annualized recurring revenue base plus large services attach.
Revenue
$56.7BFY2025, ended Jul 26, 2025); FY2026 tracking to $62.8-63.0B (company guideRev growth
+5% FY2025 YoY+12% YoY in Q3 FY2026Gross margin
~65% GAAP / ~68% non-GAAPFY2025); compressed to 63.6% GAAP / 66.0% non-GAAP in Q3 FY2026 on memory-cost inflationOp margin
~23% GAAPFY2025); Q3 FY2026 25.0% GAAP / 34.2% non-GAAPCapex intensity
Low~2% of revenue (asset-light; ~$1B annual capex vs ~$57B revenueMarket cap
~$442BNasdaq: CSCO, ~$112.48/share, Jul 6, 2026The read
Where our coverage leans
Coverage leans bullish
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Cisco Systems
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence