CSCO Cisco Systems, Inc. - Common Stock

NASDAQ · Communications · View on SEC EDGAR ↗
$111.57
Price · Aug 18, 2026
Fundamentals as of May 19, 2026

About Cisco Systems, Inc. - Common Stock Company overview from Wikipedia

Cisco Systems, Inc., doing business as Cisco, is an American multinational technology conglomerate corporation that develops, manufactures, and sells hardware, software, telecommunications equipment and other high-technology services and products focused on networking, cybersecurity and AI. Cisco specializes in specific tech markets, such as the Internet of things (IoT), domain security, videoconferencing, and energy management, including products such as Webex, OpenDNS, Jabber, and Jasper. The company is headquartered in San Jose, California, and, as of June 29, 2026, has a market capitalization of $461 billion.

Read more

Cisco Systems, Inc., doing business as Cisco, is an American multinational technology conglomerate corporation that develops, manufactures, and sells hardware, software, telecommunications equipment and other high-technology services and products focused on networking, cybersecurity and AI. Cisco specializes in specific tech markets, such as the Internet of things (IoT), domain security, videoconferencing, and energy management, including products such as Webex, OpenDNS, Jabber, and Jasper. The company is headquartered in San Jose, California, and, as of June 29, 2026, has a market capitalization of $461 billion.

Cisco Systems was founded in December 1984 by Leonard Bosack and Sandy Lerner, two Stanford University computer scientists. They pioneered the concept of a local area network (LAN) being used to connect distant computers over a multiprotocol router system. The company went public in 1990 and, by the end of the dot-com bubble in 2000, had a market capitalization of $500 billion, surpassing Microsoft as the world's most valuable company, prior to losing 80 percent of its value by 2002, as the market bubble burst.

Cisco stock (CSCO), trading on Nasdaq since 1990, was added to the Dow Jones Industrial Average on June 8, 2009. It is also included in the S&P 500, Nasdaq-100, and the Russell 1000 indices.

History

1984–1995

Cisco Systems was founded in December 1984 by Sandy Lerner, along with her husband Leonard Bosack. Lerner was the director of computer facilities for the Stanford University Graduate School of Business. Bosack was in charge of the Stanford University computer science department's computers.

Cisco's initial product has roots in Stanford University's campus technology. In the early 1980s, students and staff at Stanford, including Bosack, used technology on the campus to link all of the school's computer systems to talk to one another, creating a box that functioned as a multi-protocol router called the "Blue Box". The Blue Box used circuitry made by Andy Bechtolsheim, and software that was originally written at Stanford by research engineer William Yeager. Due to the underlying architecture, and its ability to scale well, Yeager's well-designed invention became a key to Cisco's early success.

In 1985, Bosack and Stanford employee Kirk Lougheed began a project to formally network Stanford's campus. They adapted Yeager's software into what became the foundation for Cisco IOS, despite Yeager's claims that he had been denied permission to sell the Blue Box commercially. On July 11, 1986, Bosack and Lougheed were forced to resign from Stanford and the university contemplated filing criminal complaints against Cisco and its founders for the theft of its software, hardware designs, and other intellectual properties. In 1987, Stanford licensed the router software and two computer boards to Cisco. In addition to Bosack, Lerner, Lougheed, Greg Satz (a programmer), and Richard Troiano (who handled sales), completed the early Cisco team. The company's first CEO was Bill Graves, who held the position from 1987 to 1988. In 1988, John Morgridge was appointed CEO.

The name "Cisco" was derived from the city name San Francisco, which is why the company's engineers insisted on using the lower case "cisco" in its early years. The logo is a stylized depiction of the two towers of the Golden Gate Bridge.

On February 16, 1990, Cisco Systems went public with a market capitalization of $224 million, and was listed on the NASDAQ stock exchange. On August 28, 1990, Lerner was fired. Upon hearing the news, her husband Bosack resigned in protest.

Although Cisco was not the first company to develop and sell dedicated network nodes, it was one of the first to sell commercially successful routers supporting multiple network protocols. Classical, CPU-based architecture of early Cisco devices coupled with flexibility of operating system IOS allowed for keeping up with evolving technology needs by means of frequent software upgrades. Some popular models of that time (such as Cisco 2500) managed to stay in production for almost a decade virtually unchanged. The company was quick to capture the emerging service provider environment, entering the SP market with product lines such as Cisco 7000 and Cisco 8500.

Between 1992 and 1994, Cisco acquired several companies in Ethernet switching, such as Kalpana, Grand Junction and most notably, Mario Mazzola's Crescendo Communications, which together formed the Catalyst business unit. At the time, the company envisioned layer 3 routing and layer 2 (Ethernet, Token Ring) switching as complementary functions of different intelligence and architecture—the former was slow and complex, the latter was fast but simple. This philosophy dominated the company's product lines throughout the 1990s.

In 1995, John Morgridge was succeeded by John T. Chambers.

1996–2005: Internet and silicon intelligence

The Internet Protocol (IP) became widely adopted in the mid-to-late 1990s. Cisco introduced products ranging from modem access shelves (AS5200) to core GSR routers, making them a major player in the market. In late March 2000, at the height of the dot-com bubble, Cisco became the most valuable company in the world, with a market capitalization of more than $500 billion, before the loss of $431 billion when the bubble burst.

The perceived complexity of programming routing functions in silicon led to the formation of several startups determined to find new ways to process IP and MPLS packets entirely in hardware and blur boundaries between routing and switching. One of them, Juniper Networks, shipped its first product in 1999 and by 2000 chipped away about 30% from Cisco SP Market share. In response, Cisco later developed homegrown ASICs and fast processing cards for GSR routers and Catalyst 6500 switches. In 2004, Cisco also started the migration to new high-end hardware CRS-1 and software architecture IOS XR.

2006–2012: The Human Network

As part of a rebranding campaign in 2006, Cisco Systems adopted the shortened name "Cisco" and created "The Human Network" advertising campaign. These efforts were meant to make Cisco a "household" brand—a strategy designed to support the low-end Linksys products and future consumer products.

On the more traditional business side, Cisco continued to develop its routing, switching and security portfolio. The quickly growing importance of Ethernet also influenced the company's product lines. Limits of IOS and aging Crescendo architecture also forced Cisco to look at merchant silicon in the carrier Ethernet segment. This resulted in a new ASR 9000 product family intended to consolidate the company's carrier Ethernet and subscriber management business around EZChip-based hardware and IOS-XR.

In March 2007, Cisco acquired Reactivity Inc, a privately held XML gateway provider based in Redwood City, California. Cisco placed the Reactivity team and product portfolio under its Datacenter Switching and Security Technology Group, which reported to the company's then senior vice president Jayshree Ullal.

Throughout the mid-2000s, Cisco also built a significant presence in India, establishing its Globalization Centre East in Bangalore for $1 billion. Cisco also expanded into new markets by acquisition, including its 2009 purchase of mobile specialist Starent Networks for $2.9 billion.

Cisco continued to be challenged by both domestic competitors Alcatel-Lucent, Juniper Networks, and an overseas competitor Huawei. Due to lower-than-expected profit in 2011, Cisco reduced annual expenses by $1 billion. The company cut around 3,000 employees with an early-retirement program who accepted a buyout and planned to eliminate as many as 10,000 jobs (around 14 percent of the 73,400 total employees before curtailment). During the 2011 analyst call, Cisco's CEO John Chambers called out several competitors by name, including Juniper and HP.

On July 24, 2012, Cisco received approval from the EU to acquire NDS (a TV software developer) for US$5 billion. In 2013, Cisco sold its Linksys home-router unit to Belkin International Inc., signaling a shift to sales to businesses rather than consumers.

2013–present

On July 23, 2013, Cisco Systems announced a definitive agreement to acquire Sourcefire for $2.7 billion. On August 14, 2013, Cisco Systems announced it would cut 4,000 jobs from its workforce, which was roughly 6%, starting in 2014. At the end of 2013, Cisco announced poor revenue due to depressed sales in emerging markets, caused by economic uncertainty and by fears of the National Security Agency planting backdoors in its products.

In April 2014, Cisco announced funding for early-stage firms to focus on the Internet of Things. The investment fund was allocated to investments in IoT accelerators and startups such as The Alchemist Accelerator, Ayla Networks and EVRYTHNG. Later that year, the company announced it was laying off another 6,000 workers or 8% of its global workforce, as part of a second restructuring. On November 4, 2014, Cisco announced an investment in Stratoscale.

In July 2014, it was again among the most valuable companies, with a market cap of about US$129 billion.

On May 4, 2015, Cisco announced CEO and Chairman John Chambers would step down as CEO on July 26, 2015, but remain chairman. Chuck Robbins, senior vice president of worldwide sales & operations and 17-year Cisco veteran, was announced as the next CEO. On July 23, 2015, Cisco announced the divestiture of its television set-top-box and cable modem business to Technicolor SA for $600 million, a division originally formed by Cisco's $6.9 billion purchase of Scientific Atlanta. The deal came as part of Cisco's gradual exit from the consumer market, and as part of an effort by Cisco's new leadership to focus on cloud-based products in enterprise segments. Cisco indicated that it would still collaborate with Technicolor on video products. On November 19, 2015, Cisco, alongside ARM Holdings, Dell, Intel, Microsoft and Princeton University, founded the OpenFog Consortium, to promote interests and development in fog computing.

In January 2016, Cisco invested in VeloCloud, a software-defined WAN (SD-WAN) start-up with a cloud offering for configuring and optimizing branch office networks. Cisco contributed to VeloCloud's $27 million Series C round, led by March Capital Partners.

In February 2017, Cisco launched a cloud-based secure internet gateway, called Cisco Umbrella, to provide safe internet access to users who do not use their corporate networks or VPNs to connect to remote data centers. Immediately after reporting its fourth-quarter earnings for 2017, Cisco's price-per-share value jumped by over 7%, while its earnings per share ratio increased from 60 to 61 cents per share, due in part to Cisco's outperformance of analyst expectations. In September 2017, Chambers announced that he would step down from the executive chairman role at the end of his term on the board in December 2017. On December 11, 2017, Robbins was elected to succeed Chambers as executive chairman while retaining his role as CEO, and Chambers was given the title of "Chairman Emeritus".

Reuters reported that "Cisco Systems Inc's (CSCO.O) product revenue in Russia grew 20 percent in 2017, ahead of Cisco's technology product revenue growth in the other so-called BRIC countries of Brazil, China and India." As of 2017, Cisco Systems shares were mainly held by institutional investors, including The Vanguard Group, BlackRock, and State Street Corporation.)

On May 1, 2018, Cisco Systems agreed to buy AI-driven business intelligence startup Accompany for $270 million. As of June 2018, Cisco Systems ranked 444th on Forbes Global 2000 list, with $221.3 billion market cap.

In 2019, Cisco acquired CloudCherry, a customer experience management company, and Voicea, an artificial intelligence company.

In 2019, Cisco also introduced the "Silicon One" ASIC chip with the G100 model reaching a speed of 25.6 Tbit/s. The Silicon One competes against the Tomahawk series by Broadcom the Nvidia Spectrum, the Marvell Teralynx and the Intel Tofino. In 2023, the Silicon One G200 will offer a speed of 51.2 Tbit/sec.

In March 2020, SVP and GM of Enterprise Networking David Goeckeler left to become CEO of Western Digital. and was replaced by Todd Nightingale, head of Cisco Meraki. In August 2020, Cisco announced the creation of a new 130,000 square feet Midwest headquarters in Chicago at the Old Chicago Main Post Office accommodating 1,200 employees. Cisco maintains over 200 corporate offices in more than 80 countries.

In 2021,Cisco shares reached $46.25, remaining 42 percent below their 2000 peak.

In October 2022, Cisco announced a partnership adding the Microsoft Teams app to its meeting devices.

Cisco completely curtailed sales of its equipment in Russia after the 2022 Russian invasion of Ukraine, and completely discontinued service for already-sold devices. In April 2023, it became known that the company had destroyed equipment, spare parts, and even vehicles and office furniture worth 1.86 billion rubles (about $23 million) due to the impossibility of re-exporting. In February 2023, Cisco also wrote off the debt of the Russian mobile operator MTS in the amount of 1.234 billion rubles. As expected, these are unpaid amounts for previous equipment deliveries. In 2023, Cisco announced plans to begin manufacturing equipment in India.

On February 15, 2024, Cisco announced it would lay off more than 4,000 employees, or 5% of its global workforce, and lowered its annual revenue forecast due to economic challenges and reduced demand from telecom and cable service providers.

In March 2024, Cisco Systems received unconditional EU antitrust approval for its $28 billion bid for cybersecurity firm Splunk.

On April 24, 2024, Chuck Robbins, CEO of Cisco, met with Pope Francis and signed the Rome Call for AI ethics at the Vatican, endorsing the document's principles for responsible and ethical AI use.

On August 14, 2024, Cisco announced it would lay off another 7% of employees as part of an effort to consolidate its networking, security, and collaboration teams. At the same time, it announced $10.3 billion in profit for the fiscal year.

In October 2024 Cisco consolidated its corporate offices in the Bay Area and moved its main headquarters to the former Splunk office on the south side of Santana Row in San Jose.

On August 13, 2025, Cisco announced it would eliminate 221 positions across its Milpitas and San Francisco offices. At the same time, the company announced an 8% increase in revenue for the fiscal year.

As of June 24, 2026, Cisco's market cap was $471.91 billion.

Financials

Acquisitions and subsidiaries

Cisco acquired a variety of companies to spin products and talent into the company. In 1995–1996 the company completed 11 acquisitions. Several acquisitions, such as Stratacom, were one of the biggest deals in the industry when they occurred. During the Internet boom in 1999, the company acquired Cerent Corporation, a start-up company located in Petaluma, California, for about US$7 billion. It was the most expensive acquisition made by Cisco to that date, and only the acquisition of Scientific Atlanta has been larger. In 1999, Cisco also acquired a stake for $1 billion in KPMG Consulting to enable establishing Internet firm Metrius founded by Keyur Patel of Fuse. Several acquired companies have grown into $1Bn+ business units for Cisco, including LAN switching, Enterprise Voice over Internet Protocol (VOIP) platform Webex and home networking. The latter came as result of Cisco acquiring Linksys in 2003 and in 2010 was supplemented with new product line dubbed Cisco Valet.

Cisco announced on January 12, 2005, that it would acquire Airespace for US$450 million to reinforce the wireless controller product lines.

Cisco announced on January 4, 2007, that it would buy IronPort in a deal valued at US$830 million and completed the acquisition on June 25, 2007. IronPort was best known for its IronPort AntiSpam, its SenderBase email reputation service and its email security appliances. Accordingly, IronPort was integrated into the Cisco Security business unit. Ironport's Senderbase was renamed as Sensorbase to take account of the input into this database that other Cisco devices provide. SensorBase allows these devices to build a risk profile on IP addresses, therefore allowing risk profiles to be dynamically created on http sites and SMTP email sources.

In 2010, Cisco bought Starent Networks (a mobile packet core company) for $2.9 billion and Moto Development Group, a product design consulting firm that helped develop Cisco's Flip video camera. Also in 2010, Cisco became a key stakeholder in e-Skills Week. In March 2011, Cisco completed the acquisition of privately held network configuration and change management software company Pari Networks.

Although many buy-ins (such as Crescendo Networks in 1993, Tandberg in 2010) resulted in acquisition of flagship technology to Cisco, many others have failed—partially or completely. For instance, in 2010 Cisco occupied a meaningful share of the packet-optical market, revenues were still not on par with US$7 billion price tag paid in 1999 for Cerent. Some of acquired technologies (such as Flip from Pure Digital) saw their product lines terminated.

Cisco announced on March 15, 2012, that it would acquire NDS Group for $5bn.

In January 2013, Cisco Systems acquired Israeli software maker Intucell for around $475 million in cash, a move to expand its mobile network management offerings. In the same month, Cisco Systems acquired Cognitive Security, a company focused on Cyber Threat Protection. Cisco also acquired SolveDirect (cloud services) in March 2013 and UK-based Ubiquisys (mobile software) in April 2013 for $310 million.

Cisco acquired cyber-security firm Sourcefire, in October 2013. On June 16, 2014, Cisco announced that it has completed the acquisition of ThreatGRID, a company that provided dynamic malware analysis and threat intelligence technology.

On June 17, 2014, Cisco announced its intent to acquire privately held Tail-f Systems, a leader in configuration management software.

On April 2, 2015, Cisco announced plans to buy Embrane, a software-defined networking startup. The deal will give Cisco Embrane's software platform, which provides layer 3–7 network services for things such as firewalls, VPN termination, server load balancers and SSL offload.

On May 7, 2015, Cisco announced plans to buy Tropo, a cloud API platform that simplifies the addition of real-time communications and collaboration capabilities within applications.

On June 30, 2015, Cisco acquired privately held OpenDNS, the company best known for its DNS service that adds a level of security by monitoring domain name requests.

On August 6, 2015, Cisco announced that it has completed the acquisition of privately held MaintenanceNet, the US-based company best known for its cloud-based contract management platform ServiceExchange. On the same month, Cisco acquired Pawaa, a privately held company in Bangalore, India that provides secure on-premises and cloud-based file-sharing software.

On September 30, 2015, Cisco announced its intent to acquire privately held Portcullis Computer Security, a UK-based company that provides cybersecurity services to enterprise clients and the government sectors.

On October 26, 2015, Cisco announced its intent to acquire ParStream, a privately held company based in Cologne, Germany, that provides an analytics database that allows companies to analyze large amounts of data and store it in near real-time anywhere in the network.

On October 27, 2015, Cisco announced that it would acquire Lancope, a company that focuses on detecting threat activity, for $452.5 million in a cash-and-equity deal.

On June 28, 2016, Cisco announced its intent to acquire CloudLock, a privately held cloud security company founded in 2011 by three Israeli military veterans, for $293 million. The acquisition was completed on August 1, 2016.

In August 2016, Cisco announced it is getting closer to making a deal to acquire Springpath, the startup whose technology is used in Cisco's HyperFlex Systems. Cisco already owns an undisclosed stake in the hyper-converged provider. In September 2023, Cisco announced discontinuation of its HyperFlex infrastructure products.

In January 2017, Cisco announced it would acquire AppDynamics, a company that monitors application performance, for $3.7 billion. The acquisition came just one day before AppDynamics was set to IPO.

On January 26, 2017, Cisco founded the Innovation Alliance in Germany with eleven other companies bringing together 40 sites and 2,000 staff to provide small businesses in Germany with expertise.

On August 1, 2017, Cisco completed the acquisition of Viptela Inc. for $610 million in cash and assumed equity awards. Viptela was a privately held software-defined wide area network (SD-WAN) company based in San Jose, Ca.

On October 23, 2017, Cisco Systems announced it would be acquiring Broadsoft for $1.9 Billion to further entrench itself in the cloud communication and collaboration area.

On October 1, 2018, Cisco completed its acquisition of Ann Arbor–based Duo Security in a deal valued at about $2.35 billion.

On August 7, 2020, Cisco completed its acquisition of network intelligence company ThousandEyes for around $1 billion.

On October 1, 2020, Cisco announced that it would be acquiring Israeli startup Portshift for a reported $100 million.

On December 7, 2020, Cisco announced that it would be acquiring Slido to improve Q&A, polls and engagement in WebEx videoconferencing

On December 7, 2020, Cisco announced the acquisition of U.K based IMImobile in a $730M deal.

On May 3, 2021, Cisco completed its acquisition of Q&A and polling platform Slido, which it offered both as a standalone product and with integrations.

In 2023, Cisco acquired the following cybersecurity companies: Valtix, Lightspin, and Armorblox. Cisco also announced its intention to acquire networking and security startup Isovalent later that year.

On September 21, 2023, Cisco announced the acquisition of cybersecurity firm Splunk in a $28 billion deal, its biggest acquisition yet, and the acquisition is announced to be completed on March 18, 2024.

Products and services

Cisco provides IT products and services across five major technology areas: networking, security, collaboration, data center and IoT.

Cisco is the dominant vendor in the Australian market across all market segments. It uses its Australian office as one of the main headquarters for the Asia-Pacific region.

Hosted Collaboration Solution (HCS)

Cisco partners offer cloud-based services based on Cisco's virtualized Unified Computing System (UCS). The Cisco Unified Services Delivery Solution includes hosted versions of Cisco Unified Communications Manager (UCM), Cisco Unified Contact Center, Cisco Unified Mobility, Cisco Unified Presence, Cisco Unity Connection (unified messaging) and Cisco Webex Meeting Center.

Network Emergency Response

As part of its Crisis Response initiative, Cisco maintains several Network Emergency Response Vehicles (NERV)s. The vehicles are maintained and deployed by Cisco employees during natural disasters and other public crises. The vehicles are self-contained and provide wired and wireless services including voice and radio interoperability, voice over IP, network-based video surveillance and secured high-definition video-conferencing for leaders and first responders in crisis areas with up to 3-72 Mbit/s of bandwidth (up and down) via a 1.8-meter satellite antenna.

NERVs are based at Cisco headquarters sites in San Jose, California, and at Research Triangle Park, North Carolina, allowing strategic deployment in North America. They can become fully operational within 15 minutes of arrival. High-capacity diesel fuel-tanks allow the largest vehicles to run for up to 72 hours continuously. The NERV has been deployed to incidents such as the October 2007 California wildfires; hurricanes Gustav, Ike and Katrina; the 2010 San Bruno gas pipeline explosion, tornado outbreaks in North Carolina and Alabama in 2011; and Hurricane Sandy in 2012.

The Crisis Response Operations team maintains and deploys smaller, more portable communication kits to emergencies outside of North America. In 2010, the team deployed to assist in earthquake recovery in Haiti and Christchurch (New Zealand). In 2011, they deployed to flooding in Brazil, as well as in response to the 2011 earthquake and tsunami in Japan.

In 2011, Cisco received the Innovation Preparedness award from the American Red Cross Silicon Valley Chapter for its development and use of these vehicles in disasters.

Certifications

Cisco Systems also sponsors a line of IT professional certifications for Cisco products. There are five (path to network designers) levels of certification: Entry (CCT), Associate (CCNA/CCDA), Specialist (Cisco Certified Specialist), Professional (CCNP/CCDP), Expert (CCIE/CCDE), and recently Architect (CCAr: CCDE previous), as well as eight different paths, Collaboration, CyberOps, Data Center, DevNet, Enterprise, Security, and Service Provider.

Cisco also provides training for these certifications via a portal called the Cisco Networking Academy. Qualifying schools can become members of the Cisco Networking Academy and then provide CCNA level or other level courses. Cisco Academy Instructors must be CCNA certified to be a CCAI certified instructor.

In March 2013, Cisco announced its interest in Myanmar by investing in two Cisco Networking Academies in Yangon and Mandalay and a channel partner network.

Corporate affairs

Facilities

Cisco is headquartered in San Jose, California at 170 West Tasman Dr. with dozens of buildings comprising its corporate campus. Over 15,000 full-time employees are based at the San Jose campus and the surrounding Bay Area. Cisco's second largest campus in the United States is located at Research Triangle Park in North Carolina with 7,000 employees spanning across 12 buildings.

Awards and accolades

Cisco products, including IP phones and Telepresence, have been seen in movies and TV series. The company was featured in the documentary film Something Ventured which premiered in 2011.

Cisco was a 2002–03 recipient of the Ron Brown Award, a U.S. presidential honor to recognize companies "for the exemplary quality of their relationships with employees and communities". Cisco ranked number one in Great Place to Work's World's Best Workplaces 2019. In 2020, Fortune magazine ranked Cisco Systems at number four on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee survey of satisfaction.

According to a report by technology consulting firm LexInnova, Cisco was one of the leading recipients of network security-related patents with the largest portfolio within other companies (6,442 security-related patents) in 2015.

In 2024, Cisco was awarded Best Office Phone for its CP-8861 model by PhonePrices.co.uk.

Sponsorship

In February 2021, Webex signed a multi-year partnership with McLaren Racing as the Official Collaboration Partner of the team. In the following year, the partnership was extended to Cisco as the Official Technology Partner of the team. In October 2023, Cisco was announced as the Official Primary Partner of the McLaren F1 Academy programme. Cisco's branding will be carried on Bianca Bustamante's car, race suit and team kit in the 2024 F1 Academy season.

Controversies

Shareholder relations

A class action lawsuit filed on April 20, 2001, accused Cisco of making misleading statements that "were relied on by purchasers of Cisco stock" and of insider trading. While Cisco denied all allegations in the suit, on August 18, 2006, Cisco's liability insurers, its directors and officers paid the plaintiffs US$91.75 million to settle the suit.

Intellectual property disputes

On December 11, 2008, the Free Software Foundation filed suit against Cisco regarding Cisco's failure to comply with the GPL and LGPL licenses and make the applicable source code publicly available. On May 20, 2009, Cisco settled this lawsuit by complying with FSF licensing terms and making a monetary contribution to the FSF.

In October 2020, Cisco was ordered to pay US$1.9 billion to Centripetal Networks for infringement on four cybersecurity patents.

China

Cisco has been criticized for its involvement in censorship in the People's Republic of China. According to author Ethan Gutmann, Cisco and other telecommunications equipment providers supplied the Chinese government with surveillance and Internet infrastructure equipment that is used to block Internet websites and track online activities in China. Cisco has stated that it does not customize or develop specialized or unique filtering capabilities to enable governments to block access to information and that it sells the same equipment in China as it sells worldwide.

Wired News had uncovered a purported leaked, confidential PowerPoint presentation from Cisco that detailed the commercial opportunities of the Golden Shield Project of Internet control. In May 2011, a group of Falun Gong practitioners filed a lawsuit under the Alien Tort Statute alleging that Cisco knowingly developed and customized its product to assist the Chinese government in prosecution and abuse of Falun Gong practitioners. The lawsuit was dismissed in September 2014 by the United States District Court for the Northern District of California, which decision was appealed to United States Court of Appeals for the Ninth Circuit in September 2015. On July 7, 2023, the Court of Appeals for the Ninth Circuit reversed the lower court's decision and ruled the lawsuit may proceed to trial. Cisco filed an appeal with the U.S. Supreme Court.

On April 28, 2026, the U.S. Supreme Court heard a case alleging that Cisco Systems aided the Chinese government in repressing Falun Gong members through its "Golden Shield" surveillance system. Filed in 2011 under the Alien Tort Statute, the lawsuit raises questions about corporate complicity in human rights abuses and the use of technology for government control in China.

In 2020, the Australian Strategic Policy Institute accused at least 82 major brands, including Cisco, of being connected to forced Uyghur labor in Xinjiang.

Tax fraud investigation

In October 2007, employees of Cisco's Brazilian unit were arrested on charges that they had imported equipment without paying import duties. In response, Cisco stated that it does not import directly into Brazil, and instead use middlemen.

Antitrust lawsuit

On December 1, 2008, Multiven filed an antitrust lawsuit against Cisco Systems, Inc. Multiven's complaint alleges that Cisco harmed Multiven and consumers by bundling and tying bug fixes/patches and updates for its operating system software to its maintenance services (SMARTnet). In May 2010, Cisco accused the person who filed the antitrust suit, British-Nigerian technology entrepreneur Peter Alfred-Adekeye, with hacking and pressured the US government to extradite him from Canada. Cisco settled the antitrust lawsuit two months after Alfred-Adekeye's arrest by making its software updates available to all Multiven customers.

Remotely monitoring users' connections

Cisco's Linksys E2700, E3500, E4500 devices have been reported to be remotely updated to a firmware version that forces users to register for a cloud service, allows Cisco to monitor their network use and ultimately shut down the cloud service account and thus render the affected router unusable.

Firewall backdoor developed by NSA

According to the German magazine Der Spiegel the NSA has developed JETPLOW for gaining access to ASA (series 5505, 5510, 5520, 5540 and 5550) and 500-series PIX Firewalls.

Cisco's Chief Security Officer addressed the allegations publicly and denied working with any government to weaken Cisco products for exploitation or to implement security backdoors.

A document included in the trove of National Security Agency files released with Glenn Greenwald's book No Place to Hide details how the agency's Tailored Access Operations (TAO) unit and other NSA employees intercept servers, routers and other network gear being shipped to organizations targeted for surveillance and install covert firmware onto them before they are delivered. These Trojan horse systems were described by an NSA manager as being "some of the most productive operations in TAO because they pre-position access points into hard target networks around the world."

Cisco denied the allegations in a customer document saying that no information was included about specific Cisco products, supply chain intervention or implant techniques, or new security vulnerabilities. Cisco's general counsel also said that Cisco does not work with any government, including the United States government, to weaken its products. The allegations are reported to have prompted the company's CEO to express concern to the President of the United States. Whistle blowers like Edward Snowden, and journalist reporter Julian Assange have echoed similar sentiments publicly.

Backdoor on Unified Communications Manager

In April 2025, it was found that Cisco had a backdoor in the Unified Communications Manager. In July 2025, Cisco removed the backdoor.

Spherix patent suit

In March 2014, Spherix Incorporated (now AIkido Pharma) initiated a patent infringement lawsuit against Cisco Systems in the U.S. District Court for the District of Delaware. Spherix alleged that Cisco's routers and switches infringed upon 11 patents it had acquired from the defunct Canadian telecommunications company Nortel Networks. The patents pertained to technologies related to networking and telecommunications equipment.

Spherix contended that Cisco's sales of these products in the United States over a five-year period, ending July 27, 2013, amounted to over $43 billion, the majority of which allegedly utilized the patented technologies. The lawsuit sought unspecified damages and accused Cisco of willful infringement.

In June 2015, the court ruled in favor of Cisco, granting summary judgment of non-infringement. The decision was based on the finding that Spherix had failed to demonstrate that Cisco's products infringed upon the asserted patents. Spherix subsequently dismissed its litigation against Cisco. In March 2020, Spherix changed its name to AIkido Pharma Inc.

India net censorship role

As of April 2020 Cisco Systems is alleged to be helping the Indian Jammu and Kashmir administration build a firewall that will prevent Internet users in Kashmir from accessing blacklisted websites, including social media portals, through fixed-line connections. Cisco denies the allegations.

Caste discrimination lawsuit

In 2020, a lawsuit was initiated against Cisco and two of its employees by the California Department of Fair Employment and Housing for alleged discrimination against an Indian engineer on account of him being from a lower caste than them.

Israeli-Palestinian conflict

The Israeli military uses Cisco data centers to support its AI targeting operations in the Gaza Strip and other defense and intelligence activities. At least 32 Cisco employees lost 288 family members in Gaza since October 2023. Employees who have spoken out against Cisco's ties to Israel have been fired, attempts to organize employees in support of divestment have been censored, and the company banned discussion of the conflict in company meetings in April 2025.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

CSCO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$111.57
Market Cap
$441.82B
P/E (TTM)
43.8
EPS (TTM)
$2.55
Revenue (TTM)
$56.65B
Div Yield
1.5%
ROE
22.0%
Debt/Equity
0.5
52W Range
$66 – $130

CSCO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $56.65B
9-point trend, +18.0%
2017-07-29 2025-07-26
EPS $2.55
9-point trend, +34.2%
2017-07-29 2025-07-26
Free Cash Flow $13.29B
9-point trend, +2.9%
2017-07-29 2025-07-26
Margins 18.0%
9-point trend, +3.1%
2017-07-29 2025-07-26

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
CSCO
Peer Median
P/E (TTM)
5-point trend, +21.6%
43.8
31.1
P/S (TTM)
5-point trend, +2.4%
7.8
3.4
P/B
5-point trend, +2.6%
9.4
4.1
EV / EBITDA
5-point trend, +39.2%
36.1
Price / FCF
5-point trend, +29.4%
33.2

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
CSCO
Peer Median
Gross Margin
5-point trend, +1.4%
64.9%
57.1%
Operating Margin
5-point trend, -19.4%
20.8%
Net Profit Margin
5-point trend, -15.5%
18.0%
6.8%
ROA
5-point trend, -25.1%
8.2%
3.8%
ROE
5-point trend, -15.2%
22.0%
13.1%
ROIC
5-point trend, -22.3%
15.1%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
CSCO
Peer Median
Debt / Equity
5-point trend, +88.2%
0.5
0.0
Current Ratio
5-point trend, -33.0%
1.0
2.1
Quick Ratio
5-point trend, -43.6%
0.7

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
CSCO
Peer Median
Revenue YoY
5-point trend, +13.7%
5.3%
Revenue CAGR 3Y
5-point trend, +13.7%
3.2%
Revenue CAGR 5Y
5-point trend, +13.7%
2.8%
EPS YoY
5-point trend, +2.0%
0.39%
Net Income YoY
5-point trend, -3.9%
-1.4%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
CSCO
Peer Median
EPS (Diluted)
5-point trend, +2.0%
$2.55

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
CSCO
Peer Median
Payout Ratio
5-point trend, +8.7%
63.2%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
1.5%
Payout Ratio
63.2%
5Y Div CAGR
Ex-dateAmount
July 6, 2026$0.4200
April 2, 2026$0.4200
Jan. 2, 2026$0.4100
Oct. 3, 2025$0.4100
July 3, 2025$0.4100
April 3, 2025$0.4100
Jan. 3, 2025$0.4000
Oct. 2, 2024$0.4000
July 5, 2024$0.4000
April 3, 2024$0.4000
Jan. 3, 2024$0.3900
Oct. 3, 2023$0.3900
July 5, 2023$0.3900
April 4, 2023$0.3900
Jan. 4, 2023$0.3800
Oct. 4, 2022$0.3800
July 5, 2022$0.3800
April 5, 2022$0.3800
Jan. 4, 2022$0.3700
Oct. 4, 2021$0.3700

CSCO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 33 analysts
  • Strong Buy 6 18.2%
  • Buy 17 51.5%
  • Hold 10 30.3%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

22 analysts · 2026-08-18
Median target $135.00 +21.0%
Mean target $136.05 +21.9%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.01%
Period EPS Actual EPS Est Surprise
Sept. 30, 2026 $1.22 $1.19 0.03%
June 30, 2026 $1.22 $1.19 0.00%
March 31, 2026 $1.04 $1.04 -0.00%
Dec. 31, 2025 $1.00 $1.00 -0.00%
Sept. 30, 2025 $0.99 $0.99 -0.01%
June 30, 2025 $0.96 $0.94 0.02%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
CSCO $272.01B 26.9 5.3% 18.0% 22.0% 64.9%
ANET $164.64B 47.6 28.6% 39.0% 30.2% 64.1%
MSI $63.52B 30.1 8.0% 18.4% 104.7% 51.7%
LITE $72.38B -8.8 83.2% -230.1% -252.6% 41.7%
CIEN $26.78B 223.4 18.8% 2.6% 4.5% 42.0%
UI $24.90B 35.0 33.5% 27.7% 148.5% 43.4%
FFIV $18.64B 27.4 9.7% 22.4% 20.1% 81.4%
AAOI $2.61B -54.5 82.8% -8.4% -6.6% 30.0%
VSAT $6.25B -183.2 2.7% -0.73% -0.74%
VIAV $11.76B -366.4 40.0% -2.0% -2.7% 57.7%
ONDS $3.72B -15.7 605.3% -260.7% -57.0% 39.7%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17
Annual Income Statement data for CSCO
Metric Trend 20252024202320222021202020192018201720162015
Revenue 10-point trend, +15.2% $56.65B $53.80B $57.00B $51.56B $49.82B $49.30B $51.90B · $48.01B $49.25B $49.16B
Cost of Revenue 10-point trend, +2.0% $19.86B $18.98B $21.25B $19.31B $17.92B $17.62B $19.24B · $17.78B $18.29B $19.48B
Gross Profit 10-point trend, +24.0% $36.79B $34.83B $35.75B $32.25B $31.89B $31.68B $32.67B · $30.22B $30.96B $29.68B
R&D Expense 10-point trend, +49.8% $9.30B $7.98B $7.55B $6.77B $6.55B $6.35B $6.58B · $6.06B $6.30B $6.21B
SG&A Expense 10-point trend, +46.7% $2.99B $2.81B $2.48B $2.10B $2.15B $1.93B $1.83B · $1.99B $1.81B $2.04B
Operating Expenses 10-point trend, +32.4% $25.03B $22.65B $20.72B $18.28B $19.06B $18.06B $18.45B · $18.25B $18.30B $18.91B
Operating Income 10-point trend, +9.2% $11.76B $12.18B $15.03B $13.97B $12.83B $13.62B $14.22B · $11.97B $12.66B $10.77B
Interest Expense 8-point trend, -24.6% · · $427M $360M $434M $585M $859M · $861M $676M $566M
Other Non-op 10-point trend, -129.8% $-68M $-306M $-248M $392M $245M $15M $-97M · $-163M $-69M $228M
Pretax Income 10-point trend, -0.9% $11.10B $12.23B $15.32B $14.48B $13.26B $13.97B $14.57B · $12.29B $12.92B $11.20B
Income Tax 10-point trend, -58.6% $920M $1.91B $2.71B $2.67B $2.67B $2.76B $2.95B · $2.68B $2.18B $2.22B
Net Income 10-point trend, +13.4% $10.18B $10.32B $12.61B $11.81B $10.59B $11.21B $11.62B · $9.61B $10.74B $8.98B
EPS (Basic) 10-point trend, +45.5% $2.56 $2.55 $3.08 $2.83 $2.51 $2.65 $2.63 · $1.92 $2.13 $1.76
EPS (Diluted) 10-point trend, +45.7% $2.55 $2.54 $3.07 $2.82 $2.50 $2.64 $2.61 · $1.90 $2.11 $1.75
Shares (Basic) 10-point trend, -22.1% 3,976,000,000 4,043,000,000 4,093,000,000 4,170,000,000 4,222,000,000 4,236,000,000 4,419,000,000 · 5,010,000,000 5,053,000,000 5,104,000,000
Shares (Diluted) 10-point trend, -22.3% 3,998,000,000 4,062,000,000 4,105,000,000 4,192,000,000 4,236,000,000 4,254,000,000 4,453,000,000 · 5,049,000,000 5,088,000,000 5,146,000,000
EBITDA 10-point trend, +5.0% $12.46B $12.88B $15.73B $14.77B $13.63B $14.52B $15.22B · $13.07B $13.66B $11.87B
Balance Sheet 28
Annual Balance Sheet data for CSCO
Metric Trend 20252024202320222021202020192018201720162015
Cash & Equivalents 10-point trend, +21.4% $8.35B $7.51B $10.12B $7.08B $9.18B $11.81B $11.75B · $11.71B $7.63B $6.88B
Short-term Investments 10-point trend, -85.5% $7.76B $10.35B $16.02B $12.19B $15.34B $17.61B $21.66B · $58.78B $58.12B $53.54B
Receivables 11-point trend, +25.4% $6.70B $6.68B $5.85B $6.62B $5.77B $5.47B $5.50B $5.45B $5.15B $5.85B $5.34B
Inventory 11-point trend, +94.5% $3.16B $3.37B $3.64B $2.57B $1.56B $1.28B $1.38B $1.54B $1.62B $1.22B $1.63B
Other Current Assets 11-point trend, +299.3% $5.95B $5.61B $4.35B $4.36B $2.89B $2.35B $2.37B $3.29B $1.59B $1.63B $1.49B
Current Assets 10-point trend, -52.3% $34.99B $36.86B $43.35B $36.72B $39.11B $43.57B $47.76B · $83.70B $78.72B $73.37B
PP&E (Net) 10-point trend, -36.6% $2.11B $2.09B $2.08B $2.00B $2.34B $2.45B $2.79B · $3.32B $3.51B $3.33B
PP&E (Gross) 10-point trend, -22.8% $9.59B $9.87B $10.06B $10.16B $10.92B $11.01B $12.04B · $12.82B $12.56B $12.43B
Accum. Depreciation 10-point trend, -17.8% $7.48B $7.78B $7.97B $8.17B $8.58B $8.56B $9.25B · $9.50B $9.06B $9.10B
Goodwill 10-point trend, +141.7% $59.14B $58.66B $38.53B $38.30B $38.17B $33.81B $33.53B · $29.77B $26.62B $24.47B
Intangibles 10-point trend, +286.2% $9.18B $11.22B $1.82B $2.57B $3.62B $1.58B $2.20B · $2.54B $2.50B $2.38B
Other Non-current Assets 11-point trend, +299.7% $6.06B $5.94B $6.01B $5.96B $5.02B $3.74B $2.50B $1.95B $1.51B $1.84B $1.52B
Total Assets 11-point trend, +7.9% $122.29B $124.41B $101.85B $94.00B $97.50B $94.85B $97.79B $109.87B $129.82B $121.65B $113.37B
Accounts Payable 10-point trend, +129.0% $2.53B $2.30B $2.31B $2.28B $2.36B $2.22B $2.06B · $1.39B $1.06B $1.10B
Accrued Liabilities · · · · · · · · · · $36M
Short-term Debt Flat — no change across 2 periods · · · · · · · · · $0 $0
Current Liabilities 10-point trend, +49.8% $35.06B $40.58B $31.31B $25.64B $26.26B $25.33B $31.71B · $27.58B $24.91B $23.41B
Capital Leases 6-point trend, +77.8% $1.18B $906M $707M $724M $831M $661M · · · · ·
Deferred Tax 10-point trend, -78.5% $75M $76M $62M $55M $134M $81M $95M · $271M $278M $349M
Other Non-current Liabilities 11-point trend, +91.7% $3.00B $2.54B $2.13B $1.97B $2.39B $2.15B $1.31B $1.53B $1.45B $1.43B $1.56B
Total Liabilities 10-point trend, +40.6% $75.45B $78.96B $57.50B $54.23B $56.22B $56.93B $64.22B · $63.68B $58.07B $53.67B
Long-term Debt 10-point trend, -3.0% $24.60B $20.10B $8.40B $8.90B $11.50B $14.60B $20.50B · $30.47B $28.64B $25.35B
Total Debt 10-point trend, -2.9% $24.61B $20.11B $8.39B $8.91B $11.53B $14.58B $20.47B · $30.47B $28.64B $25.35B
Retained Earnings 11-point trend, -99.7% $50M $1.09B $1.64B $-1.32B $-654M $-2.76B $-5.90B $5.13B $20.84B $19.40B $16.05B
AOCI 11-point trend, -1663.9% $-954M $-1.43B $-1.57B $-1.62B $-417M $-519M $-792M $-1.02B $46M $-326M $61M
Stockholders' Equity 10-point trend, -21.5% $46.84B $45.46B $44.35B $39.77B $41.27B $37.92B $33.57B · $66.14B $63.59B $59.70B
Liabilities + Equity 11-point trend, +7.9% $122.29B $124.41B $101.85B $94.00B $97.50B $94.85B $97.79B $109.87B $129.82B $121.65B $113.37B
Shares Outstanding 10-point trend, -22.1% 3,960,000,000 4,007,000,000 4,066,000,000 4,110,000,000 4,217,000,000 4,237,000,000 4,250,000,000 · 4,983,000,000 5,029,000,000 5,085,000,000
Cash Flow 19
Annual Cash Flow data for CSCO
Metric Trend 20252024202320222021202020192018201720162015
D&A 10-point trend, -36.4% $700M $700M $700M $800M $800M $900M $1.00B · $1.10B $1.00B $1.10B
Stock-based Comp 10-point trend, +152.8% $3.64B $3.07B $2.35B $1.89B $1.76B $1.57B $1.57B · $1.53B $1.46B $1.44B
Amort. of Intangibles 10-point trend, +186.4% $1.03B $698M $282M $313M $215M $141M $150M · $259M $303M $359M
Restructuring 10-point trend, +53.7% $744M $789M $531M $6M $886M $481M $322M · $756M $268M $484M
Other Non-cash 10-point trend, -131.8% $-328M $-3.21B $4.22B $-1.27B $2.30B $1.74B $1.64B · $1.64B $373M $1.03B
Operating Cash Flow 10-point trend, +13.1% $14.19B $10.88B $19.89B $13.23B $15.45B $15.43B $15.83B · $13.88B $13.57B $12.55B
CapEx 10-point trend, -26.2% $905M $670M $849M $477M $692M $770M $909M · $964M $1.15B $1.23B
Investing Cash Flow 9-point trend, +121.4% $1.73B $-20.48B $-5.11B $1.55B $-5.29B $3.50B $14.84B · $-6.04B $-8.12B ·
Debt Issued 10-point trend, +287.3% $19.29B $31.82B $0 $1.05B $0 $0 $2.25B · $6.98B $6.98B $4.98B
Net Debt Issued 10-point trend, +331.3% $19.29B $31.82B $-500M $-2.50B $-3.00B $-6.72B $-4.53B · $2.83B $3.12B $4.47B
Stock Issued 10-point trend, -63.5% $736M $714M $700M $660M $643M $655M $640M · $708M $1.13B $2.02B
Stock Repurchased 10-point trend, +38.8% $6.00B $5.79B $4.29B $7.69B $2.88B $2.66B $20.72B · $3.69B $3.91B $4.32B
Net Stock Activity 10-point trend, -128.1% $-5.26B $-5.07B $-3.59B $-7.03B $-2.23B $-2.00B $-20.08B · $-2.98B $-2.78B $-2.31B
Dividends Paid 10-point trend, +57.5% $6.44B $6.38B $6.30B $6.22B $6.16B $6.02B $5.98B · $5.50B $4.80B $4.09B
Financing Cash Flow 9-point trend, -236.6% $-15.81B $6.84B $-11.63B $-15.96B $-12.10B $-18.86B $-27.89B · $-3.81B $-4.70B ·
Net Change in Cash 10-point trend, -55.0% $68M $-2.79B $3.05B $-1.36B $-1.87B $40M $2.78B · $4.03B $754M $151M
Taxes Paid 10-point trend, +77.7% $3.89B $7.43B $3.57B $3.66B $3.60B $3.12B $2.99B · $2.74B $2.67B $2.19B
Free Cash Flow 10-point trend, +17.3% $13.29B $10.21B $19.04B $12.75B $14.76B $14.66B $14.92B · $12.91B $12.42B $11.32B
Levered FCF 8-point trend, +71.9% · · $18.69B $12.46B $14.42B $14.19B $14.24B · $12.24B $11.86B $10.87B
Profitability 8
Annual Profitability data for CSCO
Metric Trend 20252024202320222021202020192018201720162015
Gross Margin 10-point trend, +7.6% 64.9% 64.7% 62.7% 62.5% 64.0% 64.3% 62.9% · 63.0% 62.9% 60.4%
Operating Margin 10-point trend, -5.2% 20.8% 22.6% 26.4% 27.1% 25.8% 27.6% 27.4% · 24.9% 25.7% 21.9%
Net Margin 10-point trend, -1.6% 18.0% 19.2% 22.1% 22.9% 21.3% 22.8% 22.4% · 20.0% 21.8% 18.3%
Pretax Margin 10-point trend, -14.0% 19.6% 22.7% 26.9% 28.1% 26.6% 28.3% 28.1% · 25.6% 26.2% 22.8%
EBITDA Margin 10-point trend, -8.9% 22.0% 23.9% 27.6% 28.6% 27.4% 29.4% 29.3% · 27.2% 27.7% 24.1%
ROA 10-point trend, +0.4% 8.2% 9.1% 12.9% 12.3% 11.0% 11.6% 11.2% · 7.6% 9.1% 8.2%
ROE 10-point trend, +42.7% 22.0% 22.6% 29.1% 29.5% 26.0% 30.5% 33.0% · 14.8% 17.4% 15.4%
ROIC 10-point trend, +48.7% 15.1% 15.7% 23.5% 23.4% 19.4% 20.8% 21.0% · 9.7% 11.4% 10.2%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for CSCO
Metric Trend 20252024202320222021202020192018201720162015
Current Ratio 10-point trend, -69.1% 1.0 0.9 1.4 1.4 1.5 1.7 1.5 · 3.0 3.2 3.2
Quick Ratio 10-point trend, -76.6% 0.7 0.6 1.0 1.0 1.2 1.4 1.2 · 2.7 2.9 2.8
Debt / Equity 10-point trend, +23.7% 0.5 0.4 0.2 0.2 0.3 0.4 0.6 · 0.5 0.5 0.4
LT Debt / Equity 10-point trend, +35.8% 0.5 0.4 0.2 0.2 0.2 0.3 0.4 · 0.4 0.4 0.4
Interest Coverage 8-point trend, +85.0% · · 35.2 38.8 29.6 23.3 16.6 · 13.9 18.7 19.0
Efficiency 3
Annual Efficiency data for CSCO
Metric Trend 20252024202320222021202020192018201720162015
Asset Turnover 10-point trend, +2.1% 0.5 0.5 0.6 0.5 0.5 0.5 0.5 · 0.4 0.4 0.4
Inventory Turnover 10-point trend, -49.8% 6.1 5.4 6.8 9.4 12.6 13.2 13.1 · 12.6 12.9 12.1
Receivables Turnover 10-point trend, -9.6% 8.5 8.6 9.1 8.3 8.9 9.0 9.5 · 8.7 8.8 9.4
Per Share 7
Annual Per Share data for CSCO
Metric Trend 20252024202320222021202020192018201720162015
Book Value / Share 10-point trend, +0.8% $11.83 $11.34 $10.91 $9.68 $9.79 $8.95 $7.90 · $13.27 $12.64 $11.74
Revenue / Share 10-point trend, +48.3% $14.17 $13.25 $13.88 $12.30 $11.76 $11.59 $11.66 · $9.51 $9.68 $9.55
Cash Flow / Share 10-point trend, +45.5% $3.55 $2.68 $4.84 $3.16 $3.65 $3.63 $3.56 · $2.75 $2.67 $2.44
Cash / Share 10-point trend, +55.8% $2.11 $1.87 $2.49 $1.72 $2.18 $2.79 $2.76 · $2.35 $1.52 $1.35
Dividend / Share 10-point trend, +102.5% $2 $2 $2 $2 $1 $1 $1 · $1 $1 $1
Dividend Paid / Share 7-point trend, +87.5% · · · $2 $1 $1 $1 · $1 $1 $1
EPS (TTM) 10-point trend, +45.7% $2.55 $2.54 $3.07 $2.82 $2.50 $2.64 $2.61 · $1.90 $2.11 $1.75
Growth Rates 10
Annual Growth Rates data for CSCO
Metric Trend 20252024202320222021202020192018201720162015
Revenue YoY 5-point trend, +404.8% 5.3% -5.6% 10.5% 3.5% 1.1% · · · · · ·
Revenue CAGR 3Y 3-point trend, -35.6% 3.2% 2.6% 5.0% · · · · · · · ·
Revenue CAGR 5Y 2.8% · · · · · · · · · ·
EPS YoY 5-point trend, +107.4% 0.39% -17.3% 8.9% 12.8% -5.3% · · · · · ·
EPS CAGR 3Y 3-point trend, -164.0% -3.3% 0.53% 5.2% · · · · · · · ·
EPS CAGR 5Y -0.69% · · · · · · · · · ·
Net Income YoY 5-point trend, +75.5% -1.4% -18.2% 6.8% 11.5% -5.6% · · · · · ·
Net Income CAGR 3Y 3-point trend, -221.0% -4.8% -0.86% 4.0% · · · · · · · ·
Net Income CAGR 5Y -1.9% · · · · · · · · · ·
Dividend CAGR 5Y 1.4% · · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for CSCO
Metric Trend 20252024202320222021202020192018201720162015
Revenue TTM 10-point trend, +15.2% $56.65B $53.80B $57.00B $51.56B $49.82B $49.30B $51.90B · $48.01B $49.25B $49.16B
Net Income TTM 10-point trend, +13.4% $10.18B $10.32B $12.61B $11.81B $10.59B $11.21B $11.62B · $9.61B $10.74B $8.98B
Market Cap 10-point trend, +88.4% $272.01B $191.86B $211.80B $186.47B $233.50B $196.60B $240.25B · $157.06B $153.54B $144.41B
Enterprise Value 10-point trend, +156.5% $280.51B $194.11B $194.04B $176.12B $220.50B $181.76B $227.31B · $117.04B $116.42B $109.35B
P/E 10-point trend, +66.0% 26.9 18.9 17.0 16.1 22.1 17.6 21.7 · 16.6 14.5 16.2
P/S 10-point trend, +63.4% 4.8 3.6 3.7 3.6 4.7 4.0 4.6 · 3.3 3.1 2.9
P/B 10-point trend, +140.0% 5.8 4.2 4.8 4.7 5.7 5.2 7.2 · 2.4 2.4 2.4
P / Tangible Book 2-point trend, -31.6% · · 52.9 · · 77.5 · · · · ·
P / Cash Flow 10-point trend, +66.6% 19.2 17.6 10.7 14.1 15.1 12.7 15.2 · 11.3 11.3 11.5
P / FCF 10-point trend, +60.5% 20.5 18.8 11.1 14.6 15.8 13.4 16.1 · 12.2 12.4 12.8
EV / EBITDA 10-point trend, +144.4% 22.5 15.1 12.3 11.9 16.2 12.5 14.9 · 9.0 8.5 9.2
EV / FCF 10-point trend, +118.6% 21.1 19.0 10.2 13.8 14.9 12.4 15.2 · 9.1 9.4 9.7
EV / Revenue 10-point trend, +122.6% 5.0 3.6 3.4 3.4 4.4 3.7 4.4 · 2.4 2.4 2.2
Dividend Yield 10-point trend, -16.3% 2.4% 3.3% 3.0% 3.3% 2.6% 3.1% 2.5% · 3.5% 3.1% 2.8%
Earnings Yield 10-point trend, -39.8% 3.7% 5.3% 5.9% 6.2% 4.5% 5.7% 4.6% · 6.0% 6.9% 6.2%
Payout Ratio 10-point trend, +39.0% 63.2% 61.9% 50.0% 52.7% 58.2% 53.6% 51.6% · 57.2% 44.2% 45.5%
Annual Payout 10-point trend, +57.5% $6.44B $6.38B $6.30B $6.22B $6.16B $6.02B $5.98B · $5.50B $4.80B $4.09B

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-07-262024-07-272023-07-292022-07-302021-07-31
Revenue $56.65B$53.80B$57.00B$51.56B$49.82B
Gross Margin % 64.9%64.7%62.7%62.5%64.0%
Operating Margin % 20.8%22.6%26.4%27.1%25.8%
Net Income $10.18B$10.32B$12.61B$11.81B$10.59B
Diluted EPS $2.55$2.54$3.07$2.82$2.50
Balance Sheet
2025-07-262024-07-272023-07-292022-07-302021-07-31
Debt / Equity 0.50.40.20.20.3
Current Ratio 1.00.91.41.41.5
Quick Ratio 0.70.61.01.01.2
Cash Flow
2025-07-262024-07-272023-07-292022-07-302021-07-31
Free Cash Flow $13.29B$10.21B$19.04B$12.75B$14.76B

CSCO AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

I see Cisco's bull case hinging on its rock-solid margins and earnings growth fueling reliable dividends in a stabilizing enterprise network market. Gross margin stays steady at 64.81%, which underscores Cisco's ability to protect pricing power despite commoditizing hardware. EPS TTM climbed to 2.7763, signaling accelerating profitability from software subscriptions. ROE rose to 23.64%, reflecting efficient capital use that supports ongoing buybacks and payouts.

↓ Bearish

The bear case centers on Cisco's premium valuation exposing it to AI-driven disruption from nimbler peers. P/E TTM at 30.13 looks stretched when ROE trails peer medians like ANET's 31%. Current ratio at 0.955 falls below 1.0, hinting at liquidity risks if spending spikes. News of billionaire holdings feels more legacy than catalyst amid competitive pressures.

Claude NEUTRAL 0.62
↑ Bullish

Cisco is a cash-generative fortress in networking infrastructure, and the market is finally pricing in its durability. The gross margin of 64.81% sits flat and fortress-like, meaning pricing power in core switching and routing remains intact even as competition intensifies. EPS climbed to 2.78 from 2.59 last quarter—real earnings growth, not multiple expansion. At 30.1x trailing P/E, yes, it's premium, but that reflects a 23.64% ROE that justifies a modest multiple for a company that converts shareholder capital into profit at rates most hardware peers cannot touch. Ken Fisher's renewed interest signals institutional conviction in the long hold.

↓ Bearish

Cisco trades at a 30x multiple in a market where growth is slowing and AI disruption is rewriting networking. The current ratio sits at 0.955—below the 1.0 comfort line—which means short-term liquidity is tightening just as capex cycles in the sector are uncertain. Price-to-sales of 5.65 is elevated; the company is not growing revenue fast enough to justify that valuation multiple. Most troubling: peers like ANET trade at 58x but show 31% ROE versus Cisco's 23.64%, and MSI's 103% ROE dwarfs Cisco's return profile. If networking spending softens or AI shifts traffic patterns, Cisco's premium multiple has no margin for error.

Gemini NEUTRAL 0.75
↑ Bullish

Cisco is successfully transitioning into a high-margin software and subscription powerhouse, which justifies its premium valuation. The company is delivering a 23.64% return on equity. This level of efficiency shows that management is generating significant value from shareholder capital despite the company's massive scale. With a gross margin of 64.81%, Cisco is proving it can maintain immense pricing power even as it shifts away from legacy hardware. This shift is clearly catching the eye of long-term institutional investors like Ken Fisher, who see the company as a stable anchor in a volatile tech sector.

↓ Bearish

The company's current liquidity position is a major red flag that suggests it is stretching its balance sheet too thin. Cisco has a current ratio of 0.955. This means the company does not have enough liquid assets to cover its short-term obligations, which is a precarious spot for a hardware giant. Furthermore, at a trailing P/E of 30.13, the market is pricing this stock as a high-growth tech disruptor rather than a mature networking firm. Investors are paying a steep price for earnings growth that may not justify such a high multiple in a tightening market.

Chatgpt NEUTRAL 0.62
↑ Bullish

I think Cisco's earnings power and margin discipline make it a dependable compounder into 2026. EPS TTM is 2.7763, up from 2.5856 last quarter. That uptick translates into stronger per-share profitability and a clearer path to earnings growth. ROE TTM is 23.64%. That level of return on equity signals efficient capital use and upside from consistent profit generation. Gross margin TTM is 64.81%. High gross margins support operating leverage and resilience to revenue shifts. Recent coverage notes institutional interest (Ken Fisher's 3/19 move) could help sustain a durable bid for Cisco.

↓ Bearish

I think the bearish case centers on valuation and liquidity headwinds. Current ratio: 0.955. Below 1.0 implies a thinner buffer to cover short-term obligations. Debt/equity: 59.93%. That leverage level can amplify cash-flow risk if rates rise or cycles slow. P/E TTM: 30.1342. At 30x, the stock looks expensive for a mature hardware company if growth slows. News sentiment is mixed; March 19, 2026 coverage about Ken Fisher signals potential interest from large holders, but Cisco's growth trajectory remains uncertain.

Round 2 — Responses & Rebuttals

Grok

ChatGPT, I disagree that debt-to-equity at 59.93% amplifies cash-flow risk—it's actually conservative leverage that strengthens Cisco's resilience. That 0.6x ratio means low borrowing relative to equity, giving ample buffer for dividends and buybacks even if rates tick up. ROE climbing to 23.64% shows management turning that stable balance sheet into solid returns, not vulnerability.

Claude

I think Gemini is overstating the liquidity risk here. A current ratio of 0.955 is tight, yes—but Cisco is not a retailer or manufacturer burning cash month-to-month. This is a software-transitioning company with 64.81% gross margins and $2.78 in TTM EPS, meaning it converts sales into cash faster than most peers. The real liquidity question is whether Cisco can service debt and fund buybacks, not whether it can pay invoices next quarter. Gemini conflates balance-sheet structure with operational stress—they're different problems for a cash-generative business.

Gemini ⇄ Mind changed

Grok, your point about the valuation being stretched by AI-driven disruption is spot on, and it forces me to reconsider the risk profile here. You noted the P/E of 30.13 is hard to justify when peers like Arista are capturing the high-growth AI infrastructure spend. That multiple means investors are paying a steep premium for a legacy networking giant that is still struggling to prove it can outpace the specialized competition. I am revising my take to reflect that the valuation gap is less about stability and more about a potential lack of growth catalysts.

Chatgpt

Claude, your liquidity concern is noted, but the current ratio of 0.955 isn't a hard barrier for Cisco. That means Cisco typically operates with a lean short-term cushion. The bigger risk, in my view, is the valuation premium amid a potentially softer capex cycle; however, the company’s robust gross margin and ongoing software transition give it an earnings path even if growth slows.

Round 3 — Final Rebuttals

G
Grok

Gemini, your revision highlights valid AI disruption risks, but the tape widens the frame to bullish positioning. Cisco rallied 20% from its April 25 close of 56.71 to July 11's 67.95. That surge on volumes like 126 million shares the week of June 27 signals institutions accumulating for Cisco's role in hyperscaler network builds, not ceding ground to specialists like Arista.

C
Claude

I want to push back on something nobody's challenged yet: Grok, you said Cisco's 59.93% debt-to-equity is conservative leverage, but that's not the full picture. A D/E of 0.6x would be conservative—Cisco's is actually 59.93%, which means nearly 60 cents of debt for every dollar of equity. That's material leverage for a mature hardware company, and it matters because Cisco's current ratio of 0.955 means they're running lean on cash while carrying that debt load. If capex cycles spike or software transition stumbles, that combination—tight liquidity plus elevated leverage—becomes a real constraint on dividend growth, not a strength. The ROE climb to 23.64% looks good on paper, but some of that return is being amplified by that debt structure, not purely operational excellence.

G
Gemini ⇄ Mind changed

I want to challenge Grok’s assertion that Cisco’s current debt-to-equity ratio of 59.93% is purely a sign of strength. That ratio tells us how much debt the company uses to finance its assets relative to shareholder equity. While Grok sees it as conservative, it ignores the reality that Cisco is currently in a massive, capital-intensive pivot toward AI-optimized switching. If Cisco fails to gain traction against Arista’s 7000-series platforms, that debt burden becomes a drag on cash flow rather than a tool for leverage. We are betting on a legacy giant to out-execute pure-play AI infrastructure specialists, and that is a high-stakes gamble.

C
Chatgpt

I think, Claude, the key swing factor for CSCO is regulatory and macro dynamics, not just the margin story. Metric: P/E TTM 30.1. That premium implies investors expect durable earnings power, which means policy headwinds could compress the multiple if capex slows. Regulatory/Macro: US export controls on advanced networking gear and ongoing supply-chain reshuffling could slow Cisco's international deals and enterprise spend. Bottom line: if policymaking tightens capital outlays for infrastructure, Cisco's valuation cushion could narrow even with steady margins.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $71.00 6M Target $75.00 Reasoning I think Cisco merits modest upside from its recent 67.95 close as sticky margins and EPS growth outweigh liquidity quibbles in a stabilizing network spend environment. The key catalyst is Cisco's Q3 2026 earnings on August 13, where guidance affirming 5%+ subscription revenue growth could spark a re-rating. The big risk is a guidance cut on softening hyperscaler capex, echoing Arista's edge in AI switches. My 6-month target of 75 implies a 27x P/E on TTM EPS of 2.78, a fair compression from today's 30x that rewards proven 23.64% ROE without overpaying for disruption hype. (98 words)
C Claude 3M Target $71.50 6M Target $76.25 Reasoning Cisco's cash generation and 64.81% gross margins justify a modest premium, but the 30.1x P/E leaves no room for stumbles. My thesis: the stock re-rates higher only if Cisco proves AI-driven capex demand offsets legacy hardware softness. Catalyst: Q3 2026 earnings (late August) showing software revenue acceleration and enterprise AI spending traction would validate the premium multiple. Risk: if capex guidance disappoints or Arista gains material share in hyperscaler builds, the multiple compresses fast given tight liquidity and 59.93% D/E. At 30x earnings, investors are paying for flawless execution on a pivot—realistic but not assured. Current close $67.95 suggests modest upside into year-end if momentum holds.
G Gemini 3M Target $62.50 6M Target $66.00 Reasoning My thesis is that Cisco will trade sideways to slightly higher as it proves its software-driven margins can survive the intense AI infrastructure arms race. The catalyst for a move toward 66.00 is the 2026Q3 earnings report, where I need to see a clear acceleration in subscription revenue to justify the stock's current valuation. The primary risk is a contraction in enterprise spending if interest rates remain elevated, forcing firms to delay network upgrades. At a 30.13 trailing P/E, the market is already paying for high-growth expectations; if Cisco fails to deliver on that growth, the multiple will likely compress toward the peer median.
C Chatgpt 3M Target $58.00 6M Target $63.00 Reasoning I think CSCO can drift modestly higher over 3-6 months on durable margins and a steady software transition fueling earnings power. Catalyst: the July 2026 Q3 earnings print and updated guidance that cements software/subscription growth and margin discipline. Risk: a softer-than-expected Q3 guidance or a broader capex slowdown could trigger multiple compression if growth momentum stalls. P/E around 30x matters: it prices in durable earnings, so any hiccup in growth or margins would pressure the multiple more than a cheaper stock would.

Latest News Recent headlines mentioning this company

Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

My Metrics Your personal watchlist — selected rows from Full Fundamentals

📊

Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.

Your selection is saved and follows you across all tickers.

Institutional owners (13F) 4,407 filers · $211.4B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
467 (+201 vs prior Q) 89 (-36 vs prior Q) 1,355 (-130 vs prior Q) 1,750 (+147 vs prior Q) +466.5M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $28,752,719,781 244,787,330 13.60% Shares
STATE STREET CORP $23,157,598,663 197,153,062 10.95% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $14,014,134,981 119,309,850 6.63% Shares
GEODE CAPITAL MANAGEMENT, LLC $10,315,863,564 88,001,200 4.88% Shares
Capital Research Global Investors $7,890,299,515 67,174,294 3.73% Shares
NORGES BANK $6,441,000,617 54,835,694 3.05% Shares
FMR LLC $5,712,227,644 48,631,259 2.70% Shares
Fisher Asset Management, LLC $3,924,658,829 33,412,725 1.86% Shares
AMERIPRISE FINANCIAL INC $3,015,810,247 25,675,482 1.43% Shares
DIMENSIONAL FUND ADVISORS LP $2,748,558,257 23,399,950 1.30% Shares
Capital International Investors $2,663,726,048 22,677,729 1.26% Shares
VANGUARD FIDUCIARY TRUST CO $2,567,798,580 21,861,047 1.21% Shares
MORGAN STANLEY $2,324,067,674 19,786,035 1.10% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $2,271,609,565 19,339,431 1.07% Shares
WELLINGTON MANAGEMENT GROUP LLP $1,905,048,267 16,218,698 0.90% Shares
BANK OF AMERICA CORP /DE/ $1,868,401,231 15,906,702 0.88% Shares
UBS Group AG $1,754,543,833 14,937,373 0.83% Shares
GOLDMAN SACHS GROUP INC $1,561,294,406 13,292,137 0.74% Shares
VICTORY CAPITAL MANAGEMENT INC $1,503,741,166 12,802,148 0.71% Shares
BNP PARIBAS FINANCIAL MARKETS $1,427,559,624 12,153,581 0.68% Shares
Swiss National Bank $1,308,563,130 11,140,500 0.62% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $1,195,319,552 10,176,574 0.57% Shares
ENVESTNET ASSET MANAGEMENT INC $1,178,931,551 10,036,893 0.56% Shares
Legal & General Group Plc $1,148,080,117 9,774,222 0.54% Shares
National Pension Service $1,140,935,494 9,713,396 0.54% Shares
Sumitomo Mitsui Trust Group, Inc. $1,127,699,514 9,600,711 0.53% Shares
BlackRock, Inc. $1,127,167,420 9,596,181 0.53% Shares
CANADA PENSION PLAN INVESTMENT BOARD $1,124,467,367 9,573,194 0.53% Shares
VANGUARD ASSET MANAGEMENT, Ltd $1,048,101,688 8,923,052 0.50% Shares
NORDEA INVESTMENT MANAGEMENT AB $1,020,145,881 8,608,826 0.48% Shares
Vanguard Global Advisers, LLC $1,004,379,905 8,550,825 0.48% Shares
ALLIANCEBERNSTEIN L.P. $995,349,504 12,828,322 0.47% Shares
Pictet Asset Management Holding SA $910,107,787 7,748,146 0.43% Shares
BARCLAYS PLC $840,224,622 7,153,283 0.40% Shares
California Public Employees Retirement System $831,121,001 7,075,779 0.39% Shares
RHUMBLINE ADVISERS $822,759,217 7,004,591 0.39% Shares
LPL Financial LLC $784,595,209 6,679,680 0.37% Shares
FIL Ltd $712,493,331 6,065,838 0.34% Shares
WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST $704,760,000 6,000,000 0.33% Shares
RAYMOND JAMES FINANCIAL INC $701,137,666 5,969,161 0.33% Shares
JANE STREET GROUP, LLC $697,982,558 5,942,300 0.33% Call option
Bank Julius Baer & Co. Ltd, Zurich $692,040,127 5,885,971 0.33% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $666,989,555 8,596,334 0.32% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $654,913,735 5,575,632 0.31% Shares
NEUBERGER BERMAN GROUP LLC $643,976,450 5,482,148 0.30% Shares
Robeco Institutional Asset Management B.V. $642,073,949 5,466,320 0.30% Shares
Allianz Asset Management GmbH $579,719,601 4,935,464 0.27% Shares
VANGUARD GROUP INC $569,814,019 7,397,300 0.27% Shares
PRIMECAP MANAGEMENT CO/CA/ $568,325,512 4,838,460 0.27% Shares
Caisse de depot et placement du Quebec $553,470,580 4,711,992 0.26% Shares
NEW YORK STATE COMMON RETIREMENT FUND $547,319,787 4,659,627 0.26% Shares
ProShare Advisors LLC $538,259,394 4,582,491 0.25% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $495,807,914 4,252,802 0.23% Shares
PNC Financial Services Group, Inc. $484,049,724 4,120,975 0.23% Shares
JANE STREET GROUP, LLC $478,755,214 4,075,900 0.23% Put option
HighTower Advisors, LLC $476,514,495 4,056,824 0.23% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $467,295,551 6,022,626 0.22% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $465,928,230 3,966,697 0.22% Shares
MACKENZIE FINANCIAL CORP $465,910,258 3,966,544 0.22% Shares
1832 Asset Management L.P. $439,567,974 3,742,278 0.21% Shares
BANK OF MONTREAL /CAN/ $436,066,256 3,712,466 0.21% Shares
AVIVA PLC $414,516,105 3,528,998 0.20% Shares
D. E. Shaw & Co., Inc. $411,287,247 3,501,509 0.19% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $406,719,463 3,462,621 0.19% Shares
FIFTH THIRD BANCORP $402,881,862 3,429,950 0.19% Shares
Qube Research & Technologies Ltd $397,862,979 3,387,221 0.19% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $397,605,976 3,385,033 0.19% Shares
TD Asset Management Inc $396,943,032 3,379,389 0.19% Shares
AMERICAN CENTURY COMPANIES INC $388,521,272 3,307,689 0.18% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $388,507,891 3,307,568 0.18% Shares
Artemis Investment Management LLP $387,368,750 3,297,878 0.18% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $387,303,675 3,297,324 0.18% Shares
APG Asset Management N.V. $373,746,049 3,637,867 0.18% Shares
PRUDENTIAL FINANCIAL INC $369,502,027 3,145,769 0.17% Shares
MILLENNIUM MANAGEMENT LLC $368,542,496 3,137,600 0.17% Put option
LONDON CO OF VIRGINIA $362,291,288 3,084,363 0.17% Shares
Quantinno Capital Management LP $361,853,105 3,080,649 0.17% Shares
CAPTRUST FINANCIAL ADVISORS $354,692,635 3,019,689 0.17% Shares
PFA Pension, Forsikringsaktieselskab $350,946,727 2,987,798 0.17% Shares
NEOS Investment Management LLC $346,142,757 2,946,899 0.16% Shares
STOREBRAND ASSET MANAGEMENT AS $345,544,650 2,941,807 0.16% Shares
US BANCORP \DE\ $342,392,729 2,914,973 0.16% Shares
Korea Investment CORP $322,162,123 2,742,739 0.15% Shares
Focus Partners Wealth $321,296,908 2,735,412 0.15% Shares
THORNBURG INVESTMENT MANAGEMENT INC $319,016,897 2,715,962 0.15% Shares
Guinness Asset Management LTD $318,893,509 2,727,849 0.15% Shares
MARSHALL WACE, LLP $313,101,376 2,665,600 0.15% Shares
CITIGROUP INC $311,503,920 2,652,000 0.15% Put option
Corient Private Wealth LP $311,216,439 2,649,538 0.15% Shares
JENNISON ASSOCIATES LLC $303,551,762 2,584,299 0.14% Shares
Cullen Capital Management, LLC $300,422,954 2,557,662 0.14% Shares
CINCINNATI FINANCIAL CORP $299,111,890 2,546,500 0.14% Shares
MILLENNIUM MANAGEMENT LLC $294,895,076 2,510,600 0.14% Call option
NewEdge Advisors, LLC $294,332,174 2,505,809 0.14% Shares
ING GROEP NV $284,061,270 2,418,366 0.13% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $278,156,000 2,368,091 0.13% Shares
Nuveen, LLC $277,712,322 2,364,314 0.13% Shares
Ensign Peak Advisors, Inc $275,026,247 2,341,446 0.13% Shares
Mitsubishi UFJ Trust & Banking Corp $266,541,994 2,269,215 0.13% Shares
CITADEL ADVISORS LLC $252,807,631 2,152,287 0.12% Shares

Company insiders 69 insiders · 30 officers · 32 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Richard Scott Herren EVP and CFO June 17, 2025 S 309,543 0 0 $0
Kelly A. Kramer EVP and CFO Nov. 27, 2020 S 297,078 0 0 $0
Frank Calderoni EVP and CFO Dec. 1, 2014 S 357,419 0 0 $0
Dennis D Powell EVP, CFO Sept. 21, 2007 F 103,042 0 0 $0
Gary Steele President, Go-to-Market Sept. 19, 2024 A 174,962 0 0 $0
Gary B Moore President & COO March 16, 2015 S 523,332 0 0 $0
Robert Wayne Lloyd President, Dev. & Sales Feb. 17, 2015 M 361,265 0 0 $0
Maria Martinez EVP & Chief Operating Officer Feb. 16, 2024 S 521,518 0 0 $0
Maria Victoria Wong SVP & Chief Acctg Officer May 10, 2026 F 26,689 0 9 $-1,273,378
Jeffery S. Sharritts EVP & Chief Cust & Prtnr Offcr May 10, 2024 F 239,032 0 0 $0
Prat Bhatt SVP & Chief Acctg Officer June 13, 2023 S 45,092 0 0 $0
Geraldine Elliott EVP & Chief Cust & Prtnr Offcr Feb. 10, 2022 F 380,869 0 0 $0
Mark D Chandler EVP, LglSrvs & GenCnsl March 11, 2021 S 177,731 0 0 $0
Irving Tan EVP, Chief of Operations Nov. 24, 2020 S 167,538 0 0 $0
David Goeckeler EVP, Networking and Security Feb. 19, 2020 F 315,312 0 0 $0
Rebecca Jacoby SVP & Chief of Operations Dec. 19, 2017 S 257,476 0 0 $0
Karen Walker SVP & Chief Marketing Officer Nov. 22, 2017 S 176,418 0 0 $0
John T Chambers Executive Chairman Nov. 22, 2017 S 712,736 0 0 $0
Chris Dedicoat EVP, Worldwide Sales & Fld Ops Nov. 20, 2017 F 246,686 0 0 $0
Patel Pankaj EVP, Chief Development Officer June 23, 2016 S 0 0 0 $0
Wim Elfrink EVP, Chief Globalisation Ofr May 22, 2015 M 251,418 0 0 $0
Katherine Blair Christie SVP, Chief Marketing Officer Feb. 26, 2015 S 230,881 0 0 $0
Randall E Pond EVP, Ops, Processes & Systems Sept. 18, 2013 A 209,501 0 0 $0
Susan L Bostrom EVP, Chief Marketing Officer Sept. 21, 2010 F 366,679 0 0 $0
Jonathan Chadwick SVP,CorpContrl,PrincAcctgOfcr Sept. 21, 2008 F 83,491 0 0 $0
Richard J Justice EVP, WW Oper & Bus Dev Sept. 21, 2008 F 193,773 0 0 $0
Charles H Giancarlo EVP, Chief Development Officer Sept. 20, 2007 A 100,932 0 0 $0
James Richardson SVP, Commercial Business Nov. 9, 2006 S 57,846 0 0 $0
Betsy Rafael VP,CorpContrllr,PrincAcctgOfcr June 22, 2006 M 1,160 0 0 $0
Mario Mazzola SVP, Chief Development Officer Aug. 23, 2004 A 93,810 0 0 $0
Marianna Tessel Director June 15, 2026 A 37,447 0 0 $0
Kevin Weil Director June 15, 2026 A 7,491 0 0 $0
JOHNSON KRISTINA M Director June 15, 2026 A 62,996 0 1 $-1,039,790
Peter A Shimer Director April 6, 2026 A 2,333 0 0 $0
Sarah Rae Murphy Director Dec. 19, 2025 G 19,306 0 0 $0
Mark Garrett Director Dec. 19, 2025 G 40,409 0 0 $0
Michael D Capellas Director Dec. 19, 2025 S 146,368 0 2 $-2,084,932
John D Harris Director Dec. 16, 2025 A 28,315 0 0 $0
Wesley G Bush Director Dec. 16, 2025 A 50,653 0 0 $0
Daniel H Schulman Director Dec. 16, 2025 A 13,937 0 0 $0
Ekta Singh-Bushell Director June 14, 2024 A 2,587 0 0 $0
Lisa T Su Director Dec. 6, 2023 A 27,960 0 0 $0
Michele M Burns Director Aug. 18, 2023 G 79,558 0 0 $0
Roderick C Mcgeary Director June 14, 2023 S 103,992 0 0 $0
Brent L Saunders Director Dec. 8, 2022 A 24,143 0 0 $0
Arun Sarin Director Feb. 20, 2018 S 0 0 0 $0
Carol Bartz Director Dec. 20, 2017 G 60,026 0 0 $0
Steven M West Director Dec. 13, 2017 G 72,225 0 0 $0
Amy Chang Director Dec. 11, 2017 A 14,099 0 0 $0
John L. Hennessy Director Dec. 11, 2017 A 86,693 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 1 position

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Cisco Systems, Inc. ×6 filings Jan. 20, 2021 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 314 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IYZ · iShares Trust 22.79% 2,325,841 SH Aug. 8, 2026 Daily
FDND · First Trust Exchange-Traded Fund IV 7.10% 7,450 NS April 30, 2026 N-PORT
DJD · Invesco Exchange-Traded Fund Trust 6.23% 255,083 SH Aug. 8, 2026 Daily
XPND · First Trust Exchange-Traded Fund VI… 5.71% 19,471 NS May 31, 2026 N-PORT
TRFK · Pacer Funds Trust 5.36% 359,631 NS April 30, 2026 N-PORT
FLAG · Global X Funds 5.19% 935 NS April 30, 2026 N-PORT
CSCL · Direxion Shares ETF Trust 4.86% 2,639 NS April 30, 2026 N-PORT
GEND · Spinnaker ETF Series 4.81% 2,353 NS April 30, 2026 N-PORT
VLUE · iShares Trust 4.73% 3,687,748 SH Aug. 8, 2026 Daily
IDGT · iShares Trust 4.67% 197,465 SH Aug. 8, 2026 Daily
WEBL · Direxion Shares ETF Trust 4.65% 56,933 NS April 30, 2026 N-PORT
KNCT · Invesco Exchange-Traded Fund Trust 4.56% 60,542 SH Aug. 8, 2026 Daily
OUSA · ALPS ETF Trust 4.47% 275,513 NS May 31, 2026 N-PORT
DIVY · Tidal Trust I 4.46% 10,521 NS May 31, 2026 N-PORT
VEGN · ETF Series Solutions 4.43% 75,052 NS April 30, 2026 N-PORT
XAIX · DBX ETF Trust 4.11% 53,150 NS May 31, 2026 N-PORT
SPVU · Invesco Exchange-Traded Fund Trust … 4.04% 45,310 NS May 31, 2026 N-PORT
SPHQ · Invesco Exchange-Traded Fund Trust 3.86% 6,277,129 SH Aug. 8, 2026 Daily
AIQ · Global X Funds 3.82% 3,446,062 NS May 31, 2026 N-PORT
VALQ · AMERICAN CENTURY ETF TRUST 3.77% 108,694 NS May 31, 2026 N-PORT
RW · EA Series Trust 3.75% 7,143 NS April 30, 2026 N-PORT
CHPX · Global X Funds 3.60% 77,003 NS May 31, 2026 N-PORT
TBG · EA Series Trust 3.50% 88,065 NS April 30, 2026 N-PORT
FMTM · EA Series Trust 3.38% 43,027 NS April 30, 2026 N-PORT
AIPI · ETF Opportunities Trust 3.30% 119,400 NS May 31, 2026 N-PORT
SNPV · DBX ETF Trust 3.24% 61,931 NS May 29, 2026 N-PORT
TDV · ProShares Trust 3.23% 77,819 NS May 31, 2026 N-PORT
CGDV · Capital Group Dividend Value ETF 3.02% 8,806,926 NS May 31, 2026 N-PORT
REVS · Columbia ETF Trust I 3.01% 93,434 NS April 30, 2026 N-PORT
HUSV · First Trust Exchange-Traded Fund III 2.82% 22,376 NS April 30, 2026 N-PORT
QTOP · iShares Trust 2.81% 66,812 SH Aug. 8, 2026 Daily
QDIV · Global X Funds 2.69% 7,303 NS May 31, 2026 N-PORT
HAPI · Harbor ETF Trust 2.68% 137,839 NS April 30, 2026 N-PORT
LOWV · AB Active ETFs, Inc. 2.68% 45,505 NS May 31, 2026 N-PORT
QDF · FlexShares Trust 2.62% 609,840 NS April 30, 2026 N-PORT
BKDV · BNY Mellon ETF Trust II 2.58% 390,231 NS April 30, 2026 N-PORT
MTUM · iShares Trust 2.58% 5,430,668 SH Aug. 8, 2026 Daily
FFLV · FIDELITY COVINGTON TRUST 2.55% 4,854 NS April 30, 2026 N-PORT
CGCV · Capital Group Conservative Equity E… 2.51% 364,714 NS May 31, 2026 N-PORT
IETC · iShares U.S. ETF Trust 2.48% 145,049 SH Aug. 8, 2026 Daily
ACVF · ETF Opportunities Trust 2.42% 38,563 NS April 30, 2026 N-PORT
FBCV · FIDELITY COVINGTON TRUST 2.32% 40,561 NS April 30, 2026 N-PORT
ITAN · EA Series Trust 2.32% 17,159 NS May 29, 2026 N-PORT
SNSR · Global X Funds 2.28% 47,542 NS May 31, 2026 N-PORT
QIDX · Spinnaker ETF Series 2.23% 9,331 NS April 30, 2026 N-PORT
CRTC · DBX ETF Trust 2.21% 23,814 NS May 31, 2026 N-PORT
EGLE · Global X Funds 2.18% 489 NS April 30, 2026 N-PORT
FLV · AMERICAN CENTURY ETF TRUST 2.17% 63,468 NS May 31, 2026 N-PORT
OALC · Unified Series Trust 2.15% 43,358 NS May 31, 2026 N-PORT
IGM · iShares Trust 2.11% 1,862,938 SH Aug. 8, 2026 Daily