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

Price

$116.65

Market Cap

$272.01B

P/E (TTM)

26.9

EPS (TTM)

$2.55

Revenue (TTM)

$56.65B

Div Yield

2.4%

ROE

22.0%

Debt/Equity

0.5

52W Range

$62 – $119

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

2017-07-29 → 2025-07-26

EPS $2.55

2017-07-29 → 2025-07-26

Free Cash Flow $13.29B

2017-07-29 → 2025-07-26

Margins 18.0%

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)

26.9

39.9

P/S (TTM)

4.8

3.6

P/B

5.8

4.6

EV / EBITDA

22.5

—

Price / FCF

20.5

—

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

Metric

5Y trend

CSCO

Peer Median

Gross Margin

64.9%

59.4%

Operating Margin

20.8%

—

Net Profit Margin

18.0%

1.6%

ROA

8.2%

1.3%

ROE

22.0%

4.0%

ROIC

15.1%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

CSCO

Peer Median

Debt / Equity

0.5

34.4

Current Ratio

1.0

1.9

Quick Ratio

0.7

—

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

Metric

5Y trend

CSCO

Peer Median

Revenue YoY

5.3%

—

Revenue CAGR 3Y

3.2%

—

Revenue CAGR 5Y

2.8%

—

EPS YoY

0.39%

—

Net Income YoY

-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)

$2.55

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

CSCO

Peer Median

Payout Ratio

63.2%

—

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

Dividend Yield

2.4%

Payout Ratio

63.2%

5Y Div CAGR

—

Ex-date	Amount
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
July 2, 2021	$0.3700

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

BUY 32 analysts

Strong Buy 7 21.9%
Buy 16 50.0%
Hold 9 28.1%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

23 analysts · 2026-05-19

Median $125.00

Now $116.65

Low $84.98

High $150.00

Median target $125.00 +7.2%

Mean target $122.87 +5.3%

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

Avg Surprise

0.00%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$1.06	$1.06	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 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%
CIEN	$26.78B	223.4	18.8%	2.6%	4.5%	42.0%
LITE	$6.61B	256.1	21.0%	1.6%	2.6%	28.0%
MSI	$63.52B	30.1	8.0%	18.4%	104.7%	51.7%
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%
VIAV	$2.23B	66.7	8.4%	3.2%	4.8%	57.3%
VSAT	$1.36B	-2.3	5.5%	-12.7%	-12.0%	—
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	2025	2024	2023	2022	2021	2020	2019	2018	2018	2017	2016	2015
Revenue	$56.65B	$53.80B	$57.00B	$51.56B	$49.82B	$49.30B	$51.90B	·	$49.33B	$48.01B	$49.25B	$49.16B
Cost of Revenue	$19.86B	$18.98B	$21.25B	$19.31B	$17.92B	$17.62B	$19.24B	·	$18.72B	$17.78B	$18.29B	$19.48B
Gross Profit	$36.79B	$34.83B	$35.75B	$32.25B	$31.89B	$31.68B	$32.67B	·	$30.61B	$30.22B	$30.96B	$29.68B
R&D Expense	$9.30B	$7.98B	$7.55B	$6.77B	$6.55B	$6.35B	$6.58B	·	$6.33B	$6.06B	$6.30B	$6.21B
SG&A Expense	$2.99B	$2.81B	$2.48B	$2.10B	$2.15B	$1.93B	$1.83B	·	$2.14B	$1.99B	$1.81B	$2.04B
Operating Expenses	$25.03B	$22.65B	$20.72B	$18.28B	$19.06B	$18.06B	$18.45B	·	$18.30B	$18.25B	$18.30B	$18.91B
Operating Income	$11.76B	$12.18B	$15.03B	$13.97B	$12.83B	$13.62B	$14.22B	·	$12.31B	$11.97B	$12.66B	$10.77B
Interest Expense	·	·	$427M	$360M	$434M	$585M	$859M	·	$943M	$861M	$676M	$566M
Other Non-op	$-68M	$-306M	$-248M	$392M	$245M	$15M	$-97M	·	$165M	$-163M	$-69M	$228M
Pretax Income	$11.10B	$12.23B	$15.32B	$14.48B	$13.26B	$13.97B	$14.57B	·	$13.04B	$12.29B	$12.92B	$11.20B
Income Tax	$920M	$1.91B	$2.71B	$2.67B	$2.67B	$2.76B	$2.95B	·	$12.93B	$2.68B	$2.18B	$2.22B
Net Income	$10.18B	$10.32B	$12.61B	$11.81B	$10.59B	$11.21B	$11.62B	·	$110M	$9.61B	$10.74B	$8.98B
EPS (Basic)	$2.56	$2.55	$3.08	$2.83	$2.51	$2.65	$2.63	·	$0.02	$1.92	$2.13	$1.76
EPS (Diluted)	$2.55	$2.54	$3.07	$2.82	$2.50	$2.64	$2.61	·	$0.02	$1.90	$2.11	$1.75
Shares (Basic)	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	·	4,837,000,000	5,010,000,000	5,053,000,000	5,104,000,000
Shares (Diluted)	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	·	4,881,000,000	5,049,000,000	5,088,000,000	5,146,000,000
EBITDA	$12.46B	$12.88B	$15.73B	$14.77B	$13.63B	$14.52B	$15.22B	·	$13.41B	$13.07B	$13.66B	$11.87B

Balance Sheet 28

Annual Balance Sheet data for CSCO
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2018	2017	2016	2015
Cash & Equivalents	$8.35B	$7.51B	$10.12B	$7.08B	$9.18B	$11.81B	$11.75B	·	$8.93B	$11.71B	$7.63B	$6.88B
Short-term Investments	$7.76B	$10.35B	$16.02B	$12.19B	$15.34B	$17.61B	$21.66B	·	$37.61B	$58.78B	$58.12B	$53.54B
Receivables	$6.70B	$6.68B	$5.85B	$6.62B	$5.77B	$5.47B	$5.50B	$5.45B	$5.60B	$5.15B	$5.85B	$5.34B
Inventory	$3.16B	$3.37B	$3.64B	$2.57B	$1.56B	$1.28B	$1.38B	$1.54B	$1.85B	$1.62B	$1.22B	$1.63B
Other Current Assets	$5.95B	$5.61B	$4.35B	$4.36B	$2.89B	$2.35B	$2.37B	$3.29B	$2.94B	$1.59B	$1.63B	$1.49B
Current Assets	$34.99B	$36.86B	$43.35B	$36.72B	$39.11B	$43.57B	$47.76B	·	$61.84B	$83.70B	$78.72B	$73.37B
PP&E (Net)	$2.11B	$2.09B	$2.08B	$2.00B	$2.34B	$2.45B	$2.79B	·	$3.01B	$3.32B	$3.51B	$3.33B
PP&E (Gross)	$9.59B	$9.87B	$10.06B	$10.16B	$10.92B	$11.01B	$12.04B	·	$12.24B	$12.82B	$12.56B	$12.43B
Accum. Depreciation	$7.48B	$7.78B	$7.97B	$8.17B	$8.58B	$8.56B	$9.25B	·	$9.24B	$9.50B	$9.06B	$9.10B
Goodwill	$59.14B	$58.66B	$38.53B	$38.30B	$38.17B	$33.81B	$33.53B	·	$31.71B	$29.77B	$26.62B	$24.47B
Intangibles	$9.18B	$11.22B	$1.82B	$2.57B	$3.62B	$1.58B	$2.20B	·	$2.55B	$2.54B	$2.50B	$2.38B
Other Non-current Assets	$6.06B	$5.94B	$6.01B	$5.96B	$5.02B	$3.74B	$2.50B	$1.95B	$1.58B	$1.51B	$1.84B	$1.52B
Total Assets	$122.29B	$124.41B	$101.85B	$94.00B	$97.50B	$94.85B	$97.79B	$109.87B	$108.78B	$129.82B	$121.65B	$113.37B
Accounts Payable	$2.53B	$2.30B	$2.31B	$2.28B	$2.36B	$2.22B	$2.06B	·	$1.90B	$1.39B	$1.06B	$1.10B
Accrued Liabilities	·	·	·	·	·	·	·	·	·	·	·	$36M
Short-term Debt	·	·	·	·	·	·	·	·	·	·	$0	$0
Current Liabilities	$35.06B	$40.58B	$31.31B	$25.64B	$26.26B	$25.33B	$31.71B	·	$27.04B	$27.58B	$24.91B	$23.41B
Capital Leases	$1.18B	$906M	$707M	$724M	$831M	$661M	·	·	·	·	·	·
Deferred Tax	$75M	$76M	$62M	$55M	$134M	$81M	$95M	·	$141M	$271M	$278M	$349M
Other Non-current Liabilities	$3.00B	$2.54B	$2.13B	$1.97B	$2.39B	$2.15B	$1.31B	$1.53B	$1.43B	$1.45B	$1.43B	$1.56B
Total Liabilities	$75.45B	$78.96B	$57.50B	$54.23B	$56.22B	$56.93B	$64.22B	·	$65.58B	$63.68B	$58.07B	$53.67B
Long-term Debt	$24.60B	$20.10B	$8.40B	$8.90B	$11.50B	$14.60B	$20.50B	·	$25.57B	$30.47B	$28.64B	$25.35B
Total Debt	$24.61B	$20.11B	$8.39B	$8.91B	$11.53B	$14.58B	$20.47B	·	$25.57B	$30.47B	$28.64B	$25.35B
Retained Earnings	$50M	$1.09B	$1.64B	$-1.32B	$-654M	$-2.76B	$-5.90B	$5.13B	$1.23B	$20.84B	$19.40B	$16.05B
AOCI	$-954M	$-1.43B	$-1.57B	$-1.62B	$-417M	$-519M	$-792M	$-1.02B	$-849M	$46M	$-326M	$61M
Stockholders' Equity	$46.84B	$45.46B	$44.35B	$39.77B	$41.27B	$37.92B	$33.57B	·	$43.20B	$66.14B	$63.59B	$59.70B
Liabilities + Equity	$122.29B	$124.41B	$101.85B	$94.00B	$97.50B	$94.85B	$97.79B	$109.87B	$108.78B	$129.82B	$121.65B	$113.37B
Shares Outstanding	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	·	4,614,000,000	4,983,000,000	5,029,000,000	5,085,000,000

Cash Flow 19

Annual Cash Flow data for CSCO
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2018	2017	2016	2015
D&A	$700M	$700M	$700M	$800M	$800M	$900M	$1.00B	·	$1.10B	$1.10B	$1.00B	$1.10B
Stock-based Comp	$3.64B	$3.07B	$2.35B	$1.89B	$1.76B	$1.57B	$1.57B	·	$1.58B	$1.53B	$1.46B	$1.44B
Amort. of Intangibles	$1.03B	$698M	$282M	$313M	$215M	$141M	$150M	·	$221M	$259M	$303M	$359M
Restructuring	$744M	$789M	$531M	$6M	$886M	$481M	$322M	·	$358M	$756M	$268M	$484M
Other Non-cash	$-328M	$-3.21B	$4.22B	$-1.27B	$2.30B	$1.74B	$1.64B	·	$10.88B	$1.64B	$373M	$1.03B
Operating Cash Flow	$14.19B	$10.88B	$19.89B	$13.23B	$15.45B	$15.43B	$15.83B	·	$13.67B	$13.88B	$13.57B	$12.55B
CapEx	$905M	$670M	$849M	$477M	$692M	$770M	$909M	·	$834M	$964M	$1.15B	$1.23B
Investing Cash Flow	$1.73B	$-20.48B	$-5.11B	$1.55B	$-5.29B	$3.50B	$14.84B	·	$15.32B	$-6.04B	$-8.12B	·
Debt Issued	$19.29B	$31.82B	$0	$1.05B	$0	$0	$2.25B	·	$6.88B	$6.98B	$6.98B	$4.98B
Net Debt Issued	$19.29B	$31.82B	$-500M	$-2.50B	$-3.00B	$-6.72B	$-4.53B	·	$-5.50B	$2.83B	$3.12B	$4.47B
Stock Issued	$736M	$714M	$700M	$660M	$643M	$655M	$640M	·	$623M	$708M	$1.13B	$2.02B
Stock Repurchased	$6.00B	$5.79B	$4.29B	$7.69B	$2.88B	$2.66B	$20.72B	·	$17.55B	$3.69B	$3.91B	$4.32B
Net Stock Activity	$-5.26B	$-5.07B	$-3.59B	$-7.03B	$-2.23B	$-2.00B	$-20.08B	·	$-16.92B	$-2.98B	$-2.78B	$-2.31B
Dividends Paid	$6.44B	$6.38B	$6.30B	$6.22B	$6.16B	$6.02B	$5.98B	·	$6.00B	$5.50B	$4.80B	$4.09B
Financing Cash Flow	$-15.81B	$6.84B	$-11.63B	$-15.96B	$-12.10B	$-18.86B	$-27.89B	·	$-31.76B	$-3.81B	$-4.70B	·
Net Change in Cash	$68M	$-2.79B	$3.05B	$-1.36B	$-1.87B	$40M	$2.78B	·	$-2.78B	$4.03B	$754M	$151M
Taxes Paid	$3.89B	$7.43B	$3.57B	$3.66B	$3.60B	$3.12B	$2.99B	·	$3.91B	$2.74B	$2.67B	$2.19B
Free Cash Flow	$13.29B	$10.21B	$19.04B	$12.75B	$14.76B	$14.66B	$14.92B	·	$12.83B	$12.91B	$12.42B	$11.32B
Levered FCF	·	·	$18.69B	$12.46B	$14.42B	$14.19B	$14.24B	·	$12.82B	$12.24B	$11.86B	$10.87B

Profitability 8

Annual Profitability data for CSCO
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2018	2017	2016	2015
Gross Margin	64.9%	64.7%	62.7%	62.5%	64.0%	64.3%	62.9%	·	62.0%	63.0%	62.9%	60.4%
Operating Margin	20.8%	22.6%	26.4%	27.1%	25.8%	27.6%	27.4%	·	24.9%	24.9%	25.7%	21.9%
Net Margin	18.0%	19.2%	22.1%	22.9%	21.3%	22.8%	22.4%	·	0.22%	20.0%	21.8%	18.3%
Pretax Margin	19.6%	22.7%	26.9%	28.1%	26.6%	28.3%	28.1%	·	26.4%	25.6%	26.2%	22.8%
EBITDA Margin	22.0%	23.9%	27.6%	28.6%	27.4%	29.4%	29.3%	·	27.2%	27.2%	27.7%	24.1%
ROA	8.2%	9.1%	12.9%	12.3%	11.0%	11.6%	11.2%	·	0.09%	7.6%	9.1%	8.2%
ROE	22.0%	22.6%	29.1%	29.5%	26.0%	30.5%	33.0%	·	0.20%	14.8%	17.4%	15.4%
ROIC	15.1%	15.7%	23.5%	23.4%	19.4%	20.8%	21.0%	·	0.15%	9.7%	11.4%	10.2%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for CSCO
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2018	2017	2016	2015
Current Ratio	1.0	0.9	1.4	1.4	1.5	1.7	1.5	·	2.3	3.0	3.2	3.2
Quick Ratio	0.7	0.6	1.0	1.0	1.2	1.4	1.2	·	1.9	2.7	2.9	2.8
Debt / Equity	0.5	0.4	0.2	0.2	0.3	0.4	0.6	·	0.6	0.5	0.5	0.4
LT Debt / Equity	0.5	0.4	0.2	0.2	0.2	0.3	0.4	·	0.5	0.4	0.4	0.4
Interest Coverage	·	·	35.2	38.8	29.6	23.3	16.6	·	13.1	13.9	18.7	19.0

Efficiency 3

Annual Efficiency data for CSCO
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2018	2017	2016	2015
Asset Turnover	0.5	0.5	0.6	0.5	0.5	0.5	0.5	·	0.4	0.4	0.4	0.4
Inventory Turnover	6.1	5.4	6.8	9.4	12.6	13.2	13.1	·	10.8	12.6	12.9	12.1
Receivables Turnover	8.5	8.6	9.1	8.3	8.9	9.0	9.5	·	9.2	8.7	8.8	9.4

Per Share 7

Annual Per Share data for CSCO
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2018	2017	2016	2015
Book Value / Share	$11.83	$11.34	$10.91	$9.68	$9.79	$8.95	$7.90	·	$9.36	$13.27	$12.64	$11.74
Revenue / Share	$14.17	$13.25	$13.88	$12.30	$11.76	$11.59	$11.66	·	$10.11	$9.51	$9.68	$9.55
Cash Flow / Share	$3.55	$2.68	$4.84	$3.16	$3.65	$3.63	$3.56	·	$2.80	$2.75	$2.67	$2.44
Cash / Share	$2.11	$1.87	$2.49	$1.72	$2.18	$2.79	$2.76	·	$1.94	$2.35	$1.52	$1.35
Dividend / Share	$2	$2	$2	$2	$1	$1	$1	·	$1	$1	$1	$1
Dividend Paid / Share	·	·	·	$2	$1	$1	$1	·	$1	$1	$1	$1
EPS (TTM)	$2.55	$2.54	$3.07	$2.82	$2.50	$2.64	$2.61	·	$0.02	$1.90	$2.11	$1.75

Growth Rates 10

Annual Growth Rates data for CSCO
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2018	2017	2016	2015
Revenue YoY	5.3%	-5.6%	10.5%	3.5%	1.1%	·	·	·	·	·	·	·
Revenue CAGR 3Y	3.2%	2.6%	5.0%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	2.8%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	0.39%	-17.3%	8.9%	12.8%	-5.3%	·	·	·	·	·	·	·
EPS CAGR 3Y	-3.3%	0.53%	5.2%	·	·	·	·	·	·	·	·	·
EPS CAGR 5Y	-0.69%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	-1.4%	-18.2%	6.8%	11.5%	-5.6%	·	·	·	·	·	·	·
Net Income CAGR 3Y	-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	2025	2024	2023	2022	2021	2020	2019	2018	2018	2017	2016	2015
Revenue TTM	$56.65B	$53.80B	$57.00B	$51.56B	$49.82B	$49.30B	$51.90B	·	$49.33B	$48.01B	$49.25B	$49.16B
Net Income TTM	$10.18B	$10.32B	$12.61B	$11.81B	$10.59B	$11.21B	$11.62B	·	$110M	$9.61B	$10.74B	$8.98B
Market Cap	$272.01B	$191.86B	$211.80B	$186.47B	$233.50B	$196.60B	$240.25B	·	$196.42B	$157.06B	$153.54B	$144.41B
Enterprise Value	$280.51B	$194.11B	$194.04B	$176.12B	$220.50B	$181.76B	$227.31B	·	$175.44B	$117.04B	$116.42B	$109.35B
P/E	26.9	18.9	17.0	16.1	22.1	17.6	21.7	·	2128.5	16.6	14.5	16.2
P/S	4.8	3.6	3.7	3.6	4.7	4.0	4.6	·	4.0	3.3	3.1	2.9
P/B	5.8	4.2	4.8	4.7	5.7	5.2	7.2	·	4.5	2.4	2.4	2.4
P / Tangible Book	·	·	52.9	·	·	77.5	·	·	·	·	·	·
P / Cash Flow	19.2	17.6	10.7	14.1	15.1	12.7	15.2	·	14.4	11.3	11.3	11.5
P / FCF	20.5	18.8	11.1	14.6	15.8	13.4	16.1	·	15.3	12.2	12.4	12.8
EV / EBITDA	22.5	15.1	12.3	11.9	16.2	12.5	14.9	·	13.1	9.0	8.5	9.2
EV / FCF	21.1	19.0	10.2	13.8	14.9	12.4	15.2	·	13.7	9.1	9.4	9.7
EV / Revenue	5.0	3.6	3.4	3.4	4.4	3.7	4.4	·	3.6	2.4	2.4	2.2
Dividend Yield	2.4%	3.3%	3.0%	3.3%	2.6%	3.1%	2.5%	·	3.0%	3.5%	3.1%	2.8%
Earnings Yield	3.7%	5.3%	5.9%	6.2%	4.5%	5.7%	4.6%	·	0.05%	6.0%	6.9%	6.2%
Payout Ratio	63.2%	61.9%	50.0%	52.7%	58.2%	53.6%	51.6%	·	5425.4%	57.2%	44.2%	45.5%
Annual Payout	$6.44B	$6.38B	$6.30B	$6.22B	$6.16B	$6.02B	$5.98B	·	$6.00B	$5.50B	$4.80B	$4.09B

Income Statement 17

Quarterly Income Statement data for CSCO
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Revenue	$15.35B	$14.88B	$14.67B	$14.15B	$13.99B	$13.84B	$13.64B	$12.70B	$12.79B	$14.67B	$15.20B	$14.57B	$13.59B	$13.63B	$13.10B	$12.84B
Cost of Revenue	$5.38B	$5.14B	$5.39B	$4.87B	$4.88B	$4.72B	$4.86B	$4.43B	$4.57B	$5.11B	$5.46B	$5.34B	$5.17B	$5.29B	$5.08B	$4.71B
Gross Profit	$9.97B	$9.74B	$9.28B	$9.28B	$9.11B	$9.12B	$8.78B	$8.27B	$8.22B	$9.56B	$9.75B	$9.23B	$8.43B	$8.35B	$8.03B	$8.12B
R&D Expense	$2.35B	$2.40B	$2.38B	$2.33B	$2.30B	$2.29B	$2.18B	$1.95B	$1.94B	$1.91B	$1.95B	$1.96B	$1.85B	$1.78B	$1.68B	$1.71B
SG&A Expense	$688M	$733M	$706M	$739M	$752M	$795M	$763M	$736M	$642M	$672M	$690M	$641M	$582M	$565M	$489M	$517M
Operating Expenses	$6.19B	$6.38B	$6.19B	$6.08B	$6.00B	$6.76B	$6.16B	$6.08B	$5.12B	$5.28B	$5.50B	$5.29B	$5.13B	$4.81B	$4.59B	$4.51B
Operating Income	$3.78B	$3.36B	$3.09B	$3.20B	$3.11B	$2.36B	$2.62B	$2.19B	$3.10B	$4.28B	$4.25B	$3.95B	$3.29B	$3.54B	$3.43B	$3.61B
Interest Expense	·	·	·	·	·	·	·	$357M	$120M	$111M	·	$109M	$107M	$100M	·	$90M
Other Non-op	$25M	$156M	$53M	$-102M	$-60M	$41M	$-74M	$-10M	$-139M	$-83M	$17M	$-142M	$11M	$-134M	$-54M	$166M
Pretax Income	$3.65B	$3.39B	$3.00B	$2.95B	$2.89B	$2.27B	$2.40B	$2.23B	$3.16B	$4.44B	$4.47B	$3.96B	$3.42B	$3.48B	$3.42B	$3.80B
Income Tax	$471M	$531M	$449M	$456M	$459M	$-444M	$234M	$349M	$527M	$804M	$513M	$745M	$642M	$805M	$601M	$757M
Net Income	$3.17B	$2.86B	$2.55B	$2.49B	$2.43B	$2.71B	$2.16B	$1.89B	$2.63B	$3.64B	$3.96B	$3.21B	$2.77B	$2.67B	$2.81B	$3.04B
EPS (Basic)	$0.80	$0.72	$0.64	$0.63	$0.61	$0.68	$0.53	$0.47	$0.65	$0.90	$0.96	$0.79	$0.68	$0.65	$0.68	$0.73
EPS (Diluted)	$0.80	$0.72	$0.64	$0.62	$0.61	$0.68	$0.54	$0.46	$0.65	$0.89	$0.97	$0.78	$0.67	$0.65	$0.68	$0.73
Shares (Basic)	3,955,000,000	3,956,000,000	-7,967,000,000	3,972,000,000	3,981,000,000	3,990,000,000	-8,111,000,000	4,042,000,000	4,055,000,000	4,057,000,000	-8,207,000,000	4,089,000,000	4,103,000,000	4,108,000,000	-8,383,000,000	4,152,000,000
Shares (Diluted)	3,984,000,000	3,993,000,000	-8,022,000,000	4,002,000,000	4,005,000,000	4,013,000,000	-8,158,000,000	4,060,000,000	4,073,000,000	4,087,000,000	-8,237,000,000	4,110,000,000	4,116,000,000	4,116,000,000	-8,426,000,000	4,170,000,000
EBITDA	$3.78B	$3.36B	·	$3.20B	$3.11B	$2.36B	·	$2.19B	$3.10B	$4.28B	·	$3.95B	$3.29B	$3.54B	·	$3.61B

Balance Sheet 26

Quarterly Balance Sheet data for CSCO
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Cash & Equivalents	$7.46B	$8.40B	$8.35B	$8.16B	$8.56B	$9.06B	$7.51B	$8.91B	$13.71B	$9.60B	·	$8.04B	$9.01B	$7.29B	·	$6.95B
Short-term Investments	$8.32B	$7.34B	$7.76B	$7.48B	$8.30B	$9.61B	$10.35B	$9.86B	$11.96B	$13.92B	·	$15.24B	$13.05B	$12.49B	·	$13.16B
Receivables	$6.61B	$4.83B	$6.70B	$5.28B	$5.67B	$4.46B	$6.68B	$5.13B	$4.88B	$4.83B	·	$5.10B	$5.24B	$5.44B	·	$5.78B
Inventory	$3.92B	$3.40B	$3.16B	$2.83B	$2.93B	$3.14B	$3.37B	$3.12B	$3.21B	$3.34B	·	$3.47B	$3.14B	$2.66B	·	$2.23B
Other Current Assets	$5.88B	$5.83B	$5.95B	$6.11B	$6.16B	$6.36B	$5.61B	$5.43B	$4.89B	$4.55B	·	$4.68B	$4.52B	$4.57B	·	$4.05B
Current Assets	$35.13B	$32.88B	$34.99B	$32.82B	$34.68B	$35.75B	$36.86B	$35.89B	$42.13B	$39.66B	·	$39.95B	$38.52B	$36.14B	·	$35.98B
PP&E (Net)	$2.35B	$2.25B	$2.11B	$2.08B	$1.99B	$2.08B	$2.09B	$2.00B	$2.00B	$2.00B	·	$2.05B	$1.96B	$1.97B	·	$2.05B
PP&E (Gross)	$9.71B	$9.66B	$9.59B	$9.52B	$9.49B	$9.85B	$9.87B	$9.80B	$9.84B	$9.80B	·	$10.08B	$10.09B	$10.03B	·	$10.36B
Accum. Depreciation	$7.35B	$7.41B	$7.48B	$7.44B	$7.50B	$7.76B	$7.78B	$7.80B	$7.83B	$7.80B	·	$8.04B	$8.13B	$8.05B	·	$8.31B
Goodwill	$59.23B	$59.12B	$59.14B	$59.02B	$58.72B	$58.77B	$58.66B	$58.63B	$39.09B	$38.90B	$38.53B	$38.37B	$38.39B	$38.16B	$38.30B	$38.45B
Intangibles	$8.31B	$8.71B	$9.18B	$9.64B	$10.14B	$10.74B	$11.22B	$11.82B	$1.68B	$1.91B	·	$1.97B	$2.13B	$2.36B	·	$2.81B
Other Non-current Assets	$7.25B	$7.11B	$6.06B	$5.96B	$6.01B	$6.06B	$5.94B	$5.88B	$5.58B	$5.88B	·	$5.99B	$5.96B	$5.91B	·	$5.27B
Total Assets	$123.37B	$121.10B	$122.29B	$119.78B	$121.38B	$123.33B	$124.41B	$123.00B	$101.17B	$98.78B	·	$97.53B	$95.84B	$93.05B	·	$92.80B
Accounts Payable	$2.76B	$2.42B	$2.53B	$2.26B	$1.90B	$2.00B	$2.30B	$2.05B	$1.85B	$2.08B	·	$2.44B	$2.33B	$2.32B	·	$2.29B
Current Liabilities	$36.79B	$35.45B	$35.06B	$34.49B	$40.02B	$40.54B	$40.58B	$40.11B	$30.85B	$27.04B	·	$28.72B	$27.25B	$24.90B	·	$24.15B
Capital Leases	$1.25B	$1.15B	$1.18B	$1.11B	$1.01B	$938M	$906M	$861M	$703M	$741M	·	$742M	$691M	$667M	·	$739M
Deferred Tax	·	·	$75M	·	·	·	$76M	·	·	·	·	·	·	·	·	·
Other Non-current Liabilities	$3.17B	$3.07B	$3.00B	$2.71B	$2.65B	$2.64B	$2.54B	$2.43B	$2.25B	$2.24B	·	$2.12B	$2.05B	$1.98B	·	$2.10B
Total Liabilities	$75.65B	$74.23B	$75.45B	$73.85B	$75.84B	$78.06B	$78.96B	$77.23B	$54.92B	$53.57B	·	$55.23B	$54.37B	$52.78B	·	$52.40B
Long-term Debt	$24.60B	$24.60B	$24.60B	$25.10B	$20.10B	$20.10B	$20.10B	$20.10B	$7.70B	$7.70B	·	$8.40B	$8.90B	$8.90B	·	$9.40B
Total Debt	$24.62B	$24.61B	·	$25.11B	$20.12B	$20.12B	·	$20.10B	$7.67B	$7.65B	·	$8.39B	$8.89B	$8.88B	·	$9.42B
Retained Earnings	$66M	$-364M	$50M	$152M	$502M	$662M	$1.09B	$2.06B	$2.76B	$2.69B	·	$262M	$-364M	$-594M	·	$-724M
AOCI	$-836M	$-930M	$-954M	$-1.13B	$-1.49B	$-1.38B	$-1.43B	$-1.63B	$-1.51B	$-2.02B	·	$-1.61B	$-1.59B	$-2.12B	·	$-1.46B
Stockholders' Equity	$47.72B	$46.87B	$46.84B	$45.94B	$45.53B	$45.28B	$45.46B	$45.77B	$46.25B	$45.21B	$44.35B	$42.30B	$41.47B	$40.27B	$39.77B	$40.40B
Liabilities + Equity	$123.37B	$121.10B	$122.29B	$119.78B	$121.38B	$123.33B	$124.41B	$123.00B	$101.17B	$98.78B	·	$97.53B	$95.84B	$93.05B	·	$92.80B
Shares Outstanding	3,949,000,000	3,938,000,000	3,960,000,000	3,960,000,000	3,977,000,000	3,974,000,000	4,007,000,000	4,031,000,000	4,050,000,000	4,049,000,000	·	4,075,000,000	4,095,000,000	4,103,000,000	·	4,149,000,000

Cash Flow 17

Quarterly Cash Flow data for CSCO
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Stock-based Comp	$934M	$1.05B	$948M	$945M	$921M	$827M	$800M	$811M	$802M	$661M	$633M	$623M	$601M	$496M	$479M	$477M
Amort. of Intangibles	$231M	$231M	$254M	$244M	$265M	$265M	$268M	$297M	$66M	$67M	$70M	$70M	$71M	$71M	$73M	$77M
Restructuring	$36M	$147M	$35M	$34M	$10M	$665M	$112M	$542M	$12M	$123M	$203M	$87M	$243M	$-2M	$-2M	$0
Operating Cash Flow	$1.82B	$3.21B	$4.23B	$4.06B	$2.24B	$3.66B	$3.73B	$3.97B	$808M	$2.37B	$5.97B	$5.22B	$4.74B	$3.96B	$3.68B	$3.66B
CapEx	$283M	$323M	$217M	$261M	$210M	$217M	$198M	$168M	$170M	$134M	$233M	$270M	$170M	$176M	$139M	$106M
Investing Cash Flow	$-1.31B	$156M	$-273M	$505M	$1.02B	$479M	$-828M	$-22.82B	$2.21B	$952M	$-1.22B	$-2.59B	$-494M	$-799M	$869M	$653M
Debt Issued	$2.68B	$1.56B	$1.90B	$6.98B	$4.67B	$5.73B	$7.66B	$21.62B	$2.54B	$0	$0	$0	·	·	$0	$0
Net Debt Issued	·	$1.56B	·	·	·	$5.73B	·	·	·	$-750M	·	·	·	$0	·	·
Stock Issued	·	·	$416M	$0	·	·	$367M	$-2M	·	·	$384M	$0	·	·	$354M	$0
Stock Repurchased	$1.36B	$1.99B	$1.25B	$1.50B	$1.24B	$2.00B	$2.02B	$1.27B	$1.20B	$1.30B	$1.26B	$1.27B	$1.20B	$556M	$2.34B	$242M
Net Stock Activity	·	$-1.99B	·	·	·	$-2.00B	·	·	·	$-1.30B	·	·	·	$-556M	·	·
Dividends Paid	$1.62B	$1.62B	$1.62B	$1.63B	$1.59B	$1.59B	$1.61B	$1.61B	$1.58B	$1.58B	$1.59B	$1.59B	$1.56B	$1.56B	$1.56B	$1.60B
Financing Cash Flow	$-1.44B	$-3.86B	$-3.95B	$-5.14B	$-3.94B	$-2.78B	$-4.51B	$14.07B	$1.08B	$-3.80B	$-2.65B	$-3.50B	$-2.63B	$-2.85B	$-3.62B	$-3.98B
Net Change in Cash	$-942M	$-509M	$-8M	$-590M	$-700M	$1.37B	$-1.60B	$-4.78B	$4.11B	$-522M	$2.08B	$-963M	$1.72B	$213M	$870M	$217M
Taxes Paid	$2.94B	$634M	$627M	$583M	$2.04B	$643M	$276M	$346M	$3.71B	$3.09B	$1.16B	$242M	$1.02B	$1.15B	$703M	$640M
Free Cash Flow	·	$2.89B	·	·	·	$3.44B	·	·	·	$2.24B	·	·	·	$3.79B	·	·
Levered FCF	·	·	·	·	·	·	·	·	·	$2.15B	·	·	·	$3.71B	·	·

Profitability 8

Quarterly Profitability data for CSCO
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Gross Margin	65.0%	65.5%	·	65.6%	65.1%	65.9%	·	65.1%	64.2%	65.2%	·	63.4%	62.0%	61.2%	·	63.3%
Operating Margin	24.6%	22.6%	·	22.6%	22.2%	17.0%	·	17.2%	24.2%	29.1%	·	27.1%	24.2%	26.0%	·	28.1%
Net Margin	20.7%	19.2%	·	17.6%	17.3%	19.6%	·	14.8%	20.6%	24.8%	·	22.0%	20.4%	19.6%	·	23.7%
Pretax Margin	23.8%	22.8%	·	20.8%	20.6%	16.4%	·	17.6%	24.7%	30.3%	·	27.2%	25.1%	25.5%	·	29.6%
EBITDA Margin	24.6%	22.6%	·	22.6%	22.2%	17.0%	·	17.2%	24.2%	29.1%	·	27.1%	24.2%	26.0%	·	28.1%
ROA	2.6%	2.3%	·	2.1%	2.2%	2.4%	·	1.7%	2.7%	3.8%	·	3.4%	2.9%	2.8%	·	3.3%
ROE	6.8%	6.2%	·	5.4%	5.3%	6.0%	·	4.3%	6.0%	8.5%	·	7.8%	6.9%	6.4%	·	7.5%
ROIC	4.5%	4.0%	·	3.8%	4.0%	4.3%	·	2.8%	4.8%	6.6%	·	6.3%	5.3%	5.5%	·	5.8%

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for CSCO
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Current Ratio	1.0	0.9	·	1.0	0.9	0.9	·	0.9	1.4	1.5	·	1.4	1.4	1.5	·	1.5
Quick Ratio	0.6	0.6	·	0.6	0.6	0.6	·	0.6	1.0	1.0	·	1.0	1.0	1.0	·	1.1
Debt / Equity	0.5	0.5	·	0.5	0.4	0.4	·	0.4	0.2	0.2	·	0.2	0.2	0.2	·	0.2
LT Debt / Equity	0.4	0.5	·	0.5	0.4	0.4	·	0.4	0.1	0.1	·	0.2	0.2	0.2	·	0.2
Interest Coverage	·	·	·	·	·	·	·	6.1	25.8	38.5	·	36.2	30.8	35.4	·	40.1

Efficiency 3

Quarterly Efficiency data for CSCO
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Asset Turnover	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.2	·	0.2	0.1	0.1	·	0.1
Inventory Turnover	1.6	1.6	·	1.6	1.6	1.5	·	1.3	1.4	1.7	·	1.9	2.0	2.4	·	2.5
Receivables Turnover	2.5	3.2	·	2.7	2.7	3.0	·	2.5	2.5	2.9	·	2.7	2.4	2.5	·	2.5

Per Share 7

Quarterly Per Share data for CSCO
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Book Value / Share	$12.08	$11.90	·	$11.60	$11.45	$11.39	·	$11.35	$11.42	$11.17	·	$10.38	$10.13	$9.82	·	$9.74
Revenue / Share	$3.85	$3.73	·	$3.54	$3.49	$3.45	·	$3.13	$3.14	$3.59	·	$3.55	$3.30	$3.31	·	$3.08
Cash Flow / Share	·	$0.80	·	·	·	$0.91	·	·	·	$0.58	·	·	·	$0.96	·	·
Cash / Share	$1.89	$2.13	·	$2.06	$2.15	$2.28	·	$2.21	$3.39	$2.37	·	$1.97	$2.20	$1.78	·	$1.68
Dividend / Share	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Dividend Paid / Share	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$0
EPS (TTM)	$2.75	$2.63	·	$2.37	$2.40	$2.68	·	$2.78	$2.99	$2.99	·	$2.83	$2.76	$2.79	·	$2.82

Valuation (TTM) 17

Quarterly Valuation (TTM) data for CSCO
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Revenue TTM	$58.37B	$56.86B	·	$54.68B	$53.33B	$54.00B	·	$54.73B	$55.62B	$56.46B	·	$54.63B	$52.78B	$52.09B	·	$51.26B
Net Income TTM	$10.95B	$10.49B	·	$9.52B	$9.66B	$10.87B	·	$11.37B	$12.26B	$12.29B	·	$11.70B	$11.46B	$11.67B	·	$11.86B
Market Cap	$293.96B	$278.14B	·	$224.57B	$247.49B	$221.51B	·	$192.92B	$211.17B	$208.77B	·	$192.54B	$198.65B	$187.26B	·	$203.22B
Enterprise Value	$302.80B	$287.02B	·	$234.03B	$250.76B	$222.96B	·	$194.26B	$193.16B	$192.89B	·	$177.65B	$185.47B	$176.35B	·	$192.53B
P/E	27.1	26.9	·	23.9	25.9	20.8	·	17.2	17.4	17.2	·	16.7	17.6	16.4	·	17.4
P/S	5.0	4.9	·	4.1	4.6	4.1	·	3.5	3.8	3.7	·	3.5	3.8	3.6	·	4.0
P/B	6.2	5.9	·	4.9	5.4	4.9	·	4.2	4.6	4.6	·	4.6	4.8	4.6	·	5.0
P / Tangible Book	·	·	·	·	·	·	·	·	38.5	47.5	·	98.2	208.7	·	·	·
P / Cash Flow	·	86.6	·	·	·	60.5	·	·	·	88.0	·	·	·	47.3	·	·
P / FCF	·	96.3	·	·	·	64.3	·	·	·	93.3	·	·	·	49.5	·	·
EV / EBITDA	80.1	85.3	·	73.1	80.6	94.6	·	88.7	62.4	45.1	·	45.0	56.3	49.8	·	53.3
EV / FCF	·	99.3	·	·	·	64.7	·	·	·	86.2	·	·	·	46.6	·	·
EV / Revenue	5.2	5.0	·	4.3	4.7	4.1	·	3.5	3.5	3.4	·	3.3	3.5	3.4	·	3.8
Dividend Yield	·	·	·	·	·	·	·	·	·	·	·	3.2%	3.1%	3.3%	·	3.1%
Earnings Yield	3.7%	3.7%	·	4.2%	3.9%	4.8%	·	5.8%	5.7%	5.8%	·	6.0%	5.7%	6.1%	·	5.8%
Payout Ratio	·	56.5%	·	·	·	58.7%	·	·	·	43.4%	·	·	·	58.4%	·	52.6%
Annual Payout	·	·	·	·	·	·	·	·	·	·	·	$6.22B	$6.22B	$6.22B	·	$6.26B

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

Income Statement

	2025-07-26	2024-07-27	2023-07-29	2022-07-30	2021-07-31
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

	2025-07-26	2024-07-27	2023-07-29	2022-07-30	2021-07-31
Debt / Equity	0.5	0.4	0.2	0.2	0.3
Current Ratio	1.0	0.9	1.4	1.4	1.5
Quick Ratio	0.7	0.6	1.0	1.0	1.2

Cash Flow

	2025-07-26	2024-07-27	2023-07-29	2022-07-30	2021-07-31
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.

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

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

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

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

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

Round 1 — Opening Takes

Round 2 — Responses & Rebuttals

Round 3 — Final Rebuttals

Price Forecasts

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