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, 2026Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-09-03. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$49.8B
FY’22
$51.6B+3%
FY’23
$57.0B+11%
FY’24
$53.8B-6%
FY’25
$56.7B+5%
Margins & balance sheet — FY’25
Gross margin64.9%
Operating margin20.8%
Net margin18.0%
Net debt$15.8B
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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