CSCO · 10-K · 2025A · Full report
Revenue Performance and Mix
CISCO SYSTEMS, INC. · 2025-09-03 · Importance 55 · Surprise 32
Total revenue grew 5% to $56.7 billion in fiscal 2025, driven by product revenue (+6%, $41.6 billion) and services (+3%). The full‑year contribution from the Splunk acquisition materially supported software and subscription demand. Product growth was led by enterprise and service provider/cloud markets, with Americas, EMEA and APJC all showing year‑over‑year increases. The company notes both large sporadic customer purchases and timing of multi‑obligation transactions can materially affect reported segment revenue.
Key facts
- Fiscal 2025 includes a full year of Splunk results versus approximately four months of Splunk results in fiscal 2024.
- Total revenue by geographic segment — Americas in fiscal 2025: $33,656 million, increased $1,685 million versus fiscal 2024.
- Total revenue in fiscal 2025: $56,654 million, increased 5% compared with fiscal 2024.
- Fourth quarter fiscal 2025 total revenue increased 8% year over year; product revenue increased 10% and services revenue was flat year over year.
- Product revenue in fiscal 2025: $41,608 million, increased 6% compared with fiscal 2024.
- Product revenue by segment — Americas in fiscal 2025: $24,637 million, increased $1,495 million versus fiscal 2024.
- In APJC, product revenue increased by 7%, with country increases in Japan, Australia, India, and China of 7%, 11%, 11%, and 10%, respectively.
- Fourth quarter fiscal 2025 geographic revenue changes year over year: Americas up 9%, EMEA up 4%, APJC up 7%.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +4.4% | Total revenue in fiscal 2025: $56,654 million, increased 5% compared with fiscal 2024. |
| revenue | positive | realized | +2.8% | Total revenue by geographic segment — Americas in fiscal 2025: $33,656 million, increased $1,685 million versus fiscal 2024. |
| revenue | positive | realized | +2.5% | Product revenue by segment — Americas in fiscal 2025: $24,637 million, increased $1,495 million versus fiscal 2024. |
| revenue | positive | realized | +1.2% | Total revenue by geographic segment — EMEA in fiscal 2025: $14,824 million, increased $707 million versus fiscal 2024. |
| revenue | positive | realized | +0.8% | Product revenue by segment — EMEA in fiscal 2025: $11,122 million, increased $477 million versus fiscal 2024. |
| revenue | positive | realized | +0.8% | Total revenue by geographic segment — APJC in fiscal 2025: $8,174 million, increased $458 million versus fiscal 2024. |
| revenue | positive | realized | +0.7% | Services revenue in fiscal 2025: $15,046 million, increased 3% compared with fiscal 2024. |
| revenue | positive | realized | +0.6% | Product revenue by segment — APJC in fiscal 2025: $5,849 million, increased $383 million versus fiscal 2024. |
| revenue | positive | realized | +0.1% | Product revenue by category — Collaboration in fiscal 2025: $4,154 million, increased 1% year over year. |
| revenue | positive | realized | — | Fiscal 2025 includes a full year of Splunk results versus approximately four months of Splunk results in fiscal 2024. |
| revenue | positive | realized | — | Product revenue in fiscal 2025: $41,608 million, increased 6% compared with fiscal 2024. |
| revenue | positive | realized | — | In APJC, product revenue increased by 7%, with country increases in Japan, Australia, India, and China of 7%, 11%, 11%, and 10%,… |