CSCO · 10-K · 2026A

CISCO SYSTEMS, INC.

Filed 2026-09-02 · Technology · View original filing on EDGAR

Ranked Events

• Commercial Paper TrendsImportance 81 · Surprise 64
  Cisco maintained a commercial paper program with capacity of up to $15.0 billion for general corporate purposes. Commercial paper outstanding increased to $6.7 billion at July 25, 2026 from $3.5 billion at July 26,…
• Outstanding IndebtednessImportance 81 · Surprise 64
  Senior fixed-rate notes totaled $23.0 billion at July 25, 2026, down from $24.75 billion a year earlier after $1.75 billion of notes matured in February 2026. Commercial paper outstanding increased 91% to $6.7 billion…
• Supply Chain CommitmentsImportance 77 · Surprise 82
  Cisco increased purchase commitments with contract manufacturers and suppliers for Cisco Silicon One and other products to meet hyperscaler and broader customer demand. The company is also committing to memory and…
• AI Infrastructure DemandImportance 75 · Surprise 64
  Cisco reported strong fiscal 2026 demand for AI infrastructure from hyperscaler customers, which represented approximately 6% of total revenue versus less than 2% in fiscal 2025. Management expects hyperscaler AI…
• Products and TechnologyImportance 65 · Surprise 48
  Cisco’s Networking category includes switching, routing, wireless, and servers, with fiscal 2026 growth driven particularly by AI Infrastructure and Campus Networking solutions. Cisco Silicon One-based systems and…
• R&D Investment in AIImportance 63 · Surprise 50
  Fiscal 2026 R&D expense increased to $9.563 billion, primarily because of higher headcount-related expenses reflecting investments in AI. Cisco also increased discretionary spending and share-based compensation in R&D,…
• Financing Receivables and GuaranteesImportance 59 · Surprise 48
  Cisco provides customer financing for purchases of hardware, software, technical support, professional services, and network installation and integration. Financing receivables increased 28% year over year to $8.332…
• Remaining Performance ObligationsImportance 55 · Surprise 32
  Cisco’s remaining performance obligations increased 7% year over year to $46.734 billion as of July 25, 2026. Product obligations rose 9% to $23.436 billion, while services obligations increased 6% to $23.298 billion.…
• Other Investment IncomeImportance 55 · Surprise 82
  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,…
• Revenue Performance and MixImportance 54 · Surprise 40
  Fiscal 2026 revenue increased 12% to $63.325 billion, with product revenue rising 16% to $48.295 billion and services revenue declining $16 million to $15.030 billion. Product mix increased to 76.3% of revenue from…
• Income Tax Rate ChangesImportance 53 · Surprise 82
  Cisco's effective tax rate increased to 17.1% in fiscal 2026 from 8.3% in fiscal 2025. The increase primarily reflected the absence of a $720 million fiscal 2025 tax benefit related to a U.S. Tax Court opinion on…
• Restructuring and HeadcountImportance 51 · Surprise 50
  Cisco recorded $693 million of restructuring and other charges in fiscal 2026, compared with $744 million in fiscal 2025. A fourth-quarter fiscal 2026 restructuring plan targets investments in silicon, optics,…
• Contractual ObligationsImportance 49 · Surprise 6
  Cisco reported $51.075 billion of contractual obligations at July 25, 2026, plus $2.424 billion of obligations with uncertain payment timing. Inventory commitments with contract manufacturers and suppliers represented…
• Liquidity and Cash PositionImportance 42 · Surprise 14
  Cash, cash equivalents, and investments totaled $15.918 billion at July 25, 2026, down $192 million from fiscal 2025, including $7.218 billion of cash and cash equivalents. Fiscal 2026 operating cash flow was $14.177…
• Capital Return ProgramImportance 42 · Surprise 14
  Cisco returned $12.659 billion to stockholders in fiscal 2026 through $6.553 billion of dividends and $6.106 billion of common-stock repurchases. Dividends paid increased from $6.437 billion in fiscal 2025, and the…
• Operating Expense TrendsImportance 42 · Surprise 14
  R&D expense increased 3% to $9.563 billion, driven by higher AI-related headcount, discretionary spending, and share-based compensation, partially offset by lower acquisition-related and contracted-services costs.…
• Geographic Revenue PerformanceImportance 41 · Surprise 22
  Americas revenue increased $4.143 billion to $37.799 billion, representing 59.7% of fiscal 2026 revenue. EMEA revenue increased $1.789 billion to $16.613 billion and remained 26.2% of total revenue, while APJC revenue…
• Trade Policy and TariffsImportance 37 · Surprise 42
  Cisco identified trade policy as a continuing challenge in its fiscal 2026 operating environment. The company is exposed to new and proposed tariffs and other trade policies, although the scope and financial impact…
• Competition And Pricing PressureImportance 32 · Surprise 24
  Cisco continues to operate in a highly competitive and complex environment, particularly concerning memory constraints and costs and trade policy. Product gross margin was pressured by product mix, with higher…
• Interest Rate and Refinancing ExposureImportance 18 · Surprise 14
  Interest income declined by $135 million in fiscal 2026 because Cisco held lower average cash and available-for-sale debt investments and experienced lower interest rates. Interest expense decreased by $123 million,…

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Revenue by Geography (in millions)