CSCO · 10-K · 2026A · Full report

Other Investment Income

CISCO SYSTEMS, INC. · 2026-09-02 · Importance 55 · Surprise 82 · No source text

Other income, net increased $1.313 billion to $1.245 billion in fiscal 2026 from a $68 million loss in fiscal 2025. The improvement was primarily driven by $1.409 billion of gains on non-marketable equity securities, compared with a $164 million loss in fiscal 2025. Net gains on investments totaled $1.393 billion, including a $14 million loss on available-for-sale debt investments and a $2 million loss on marketable equity securities. Future results may fluctuate because non-marketable equity-security gains and losses depend on observable financing rounds at varying valuations.

Key facts

• Other income (loss), net was $1,245 million in fiscal 2026 compared with $(68) million in fiscal 2025, driven by higher unrealized gains on non-marketable equity securities. source
• Net gains on non-marketable equity securities were $1,409 million in fiscal 2026. source
• Cisco has total funding commitments of $0.4 billion related to non-marketable equity securities. source
• The carrying value of these non-marketable equity investments and the additional funding commitments collectively represent Cisco's maximum exposure related to non-marketable equity securities. source
• Available-for-sale debt investment losses were $(14) million in fiscal 2026 compared with $(100) million in fiscal 2025. source
• Of the total carrying value of Cisco's non-marketable equity securities as of July 25, 2026, $1.1 billion are considered to be in variable interest entities which are unconsolidated. source

Impact estimates