# Cisco Systems, Inc. (CSCO)

> Source: Nexqual · https://nexqual.com/CSCO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cisco Systems, Inc. (CSCO), nexqual.com/CSCO" · informational, not investment advice.

**Price:** USD 104.89 (-2.21% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 107.26 · day 103.58–106.3 · 52w 70.06–130.37 · market cap $414B · NMS

## Key facts
- Last four reported quarters (through Jul 25, 2026): revenue $63.3B, net income $13.3B (21.0% margin), free cash flow $12.8B (SEC filings).
- Valuation: P/E 31.2x (avg 26.9x at the last 3 fiscal year-ends), net debt $8.57B.
- 7 of 80 tracked superinvestors hold CSCO (13F, Q2 2026): 1 new, 0 added, 5 reduced, 1 unchanged.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (29 analysts), mean target USD 136.16 (range 110–170).
- Total return with dividends: 1Y +52.0% vs S&P 500 +14.9%; 5Y +118.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD 1.32, revenue estimate $18.1B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $51.6B | $57.0B | $53.8B | $56.7B | $63.3B | $63.3B |
| Gross profit | $32.2B | $35.8B | $34.8B | $36.8B | $40.9B | — |
| Operating income | $14.0B | $15.0B | $12.2B | $11.8B | $15.4B | $15.4B |
| Net income | $11.8B | $12.6B | $10.3B | $10.2B | $13.3B | $13.3B |
| EPS (diluted) | $2.82 | $3.07 | $2.54 | $2.55 | $3.33 | — |
| Free cash flow | $12.7B | $19.0B | $10.2B | $13.3B | $12.8B | $12.8B |
| Gross margin | 62.5% | 62.7% | 64.7% | 64.9% | 64.5% | — |
| Operating margin | 27.1% | 26.4% | 22.6% | 20.8% | 24.3% | 24.3% |
| Net margin | 22.9% | 22.1% | 19.2% | 18.0% | 21.0% | 21.0% |
| Revenue growth | +3.5% | +10.6% | -5.6% | +5.3% | +11.8% | — |
| Cash + short-term investments | $19.3B | $26.1B | $17.9B | $14.5B | $14.3B | — |
| Total debt | $8.91B | $8.39B | $20.1B | $24.6B | $22.9B | — |
Fiscal years end Jul. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 25, 2026)
P/E 31.2x · P/S 6.5x · EV/Sales 6.7x · P/FCF 32.4x · P/B 8.2x · FCF yield 3.09% · Earnings yield 3.21% · Dividend yield (paid, TTM) 1.58% · Buyback yield (TTM) 1.48% · Net debt $8.57B · EV $422B
P/E at fiscal year-ends: Jul 2026 34.9x, Jul 2025 26.7x, Jul 2024 19.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold CSCO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| AKO Capital |  | 5.40% | $232M | Reduced -35.2% |
| Richard Pzena | Pzena Investment Management | 0.44% | $151M | Reduced -2.1% |
| Thomas Gayner | Markel Group | 0.32% | $41.8M | Unchanged |
| Tweedy Browne |  | 0.26% | $3.5M | Reduced -46.7% |
| Mairs & Power | Mairs & Power Funds | 0.02% | $2.3M | Reduced -0.5% |
| Dodge & Cox Funds | Dodge & Cox | 0.01% | $10.4M | Reduced -15.9% |
| Lee Ainslie | Maverick Capital | 0.01% | $1.4M | New position |

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 29 analysts; mean target USD 136.16 (low 110, high 170).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-30 | Bernstein | Initiated | Market Perform | $110 |
| 2026-09-22 | Piper Sandler | Target lowered | Neutral | $132 → $125 |
| 2026-09-01 | Deutsche Bank | Initiated | Hold → Buy | $135 |
| 2026-08-14 | HSBC | Downgrade | Buy → Hold | $137 → $120 |
| 2026-08-13 | UBS | Target raised | Buy | $132 → $138 |
| 2026-08-13 | Truist Securities | Target raised | Buy | $125 → $140 |
| 2026-08-13 | Barclays | Target raised | Equal-Weight | $121 → $123 |
| 2026-08-13 | Wells Fargo | Target raised | Overweight | $130 → $150 |
| 2026-08-13 | Keybanc | Target raised | Overweight | $130 → $135 |
| 2026-08-13 | Rosenblatt | Target raised | Buy | $150 → $165 |
| 2026-08-13 | Morgan Stanley | Target raised | Overweight | $130 → $135 |
| 2026-06-25 | Keybanc | Target raised | Overweight | $125 → $130 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +52.0% | +118.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +52.3% | +16.9% |
| Volatility (annualized) | 35.5% | 26.1% |
| Max drawdown | -18.7% (Jun 2026→Oct 2026) | -35.5% (Dec 2021→Sep 2022) |

## Peers (Communication Equipment)
MSI (Motorola Solutions, Inc.) USD 477.81 +2.21% · HPE (Hewlett Packard Enterprise Comp) USD 55.47 -4.64% · LITE (Lumentum Holdings Inc.) USD 752.54 -11.54% · CIEN (Ciena Corporation) USD 322.64 -10.71% · NOK (Nokia Corporation Sponsored) USD 7.88 -14.81% · UI (Ubiquiti Inc.) USD 595.62 -2.25%

## More
Full page: https://nexqual.com/CSCO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name CSCO in their own reports (relationship from CSCO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | IDT CORP (IDT) | 10-K 2026-09-29 | "This proliferation is driving change in contact center technology, as customers expect seamless communication across any channel according to their preference and needs. net2phone competes with large …" |
| partner | Nutanix, Inc. (NTNX) | 10-K 2026-09-18 | "NAI provides inferencing on CNCF Kubernetes, running across public clouds, data centers, the edge, neoclouds, and OEM partner platforms (such as Cisco, Dell, and Supermicro), complete with Day 2 opera…" |
| competitor | Palo Alto Networks Inc (PANW) | 10-K 2026-09-10 | "•large companies that incorporate security or observability features in their products, such as Alphabet Inc., Cisco Systems, Inc., and Microsoft Corporation, or those that have acquired, or may acqui…" |
| supplier | EGAIN Corp (EGAN) | 10-K 2026-09-10 | "Revenue from Cisco original equipment manufacturer (OEM) increased by $347,000, or 3%, while revenue from Other decreased by $6.9 million, or 21%." |
| competitor | Super Micro Computer, Inc. (SMCI) | 10-K 2026-08-31 | "•global technology vendors, such as Cisco, Dell, Hewlett-Packard Enterprise, and Lenovo; and" |
| competitor | Ubiquiti Inc. (UI) | 10-K 2026-08-21 | "In the enterprise WLAN and switching markets, we primarily compete with Cisco, Fortinet, Hewlett Packard Enterprise (Aruba Networks and Juniper Networks), and Ruckus (Belden)." |
| customer | SCANSOURCE, INC. (SCSC) | 10-K 2026-08-20 | "We provide products and services from approximately 500 suppliers, including key suppliers AT&T, Avaya, Axis, Cisco, Comcast Business, Dell, Elo, Extreme, Five9, Fortinet, Hanwha, Honeywell, HP Poly, …" |
| competitor | EXTREME NETWORKS INC (EXTR) | 10-K 2026-08-17 | "However, the market for network switching solutions is dominated by a few large companies, particularly Cisco Systems, Inc., Hewlett Packard Enterprise Company, and Huawei Technologies Co. Ltd. To a l…" |
| supplier | VIAVI SOLUTIONS INC. (VIAV) | 10-K 2026-08-13 | "Examples of our customers include Advanced Micro Devices, Inc., América Móvil, AT&T Inc., British Telecom Openreach, Ciena, Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Lumen Technologies, Inc.…" |
| competitor | ORACLE CORP (ORCL) | 10-K 2026-06-22 | "Our enterprise cloud, software and hardware offerings compete directly with certain offerings from some of the largest and most competitive companies in the world, including Adobe Systems Incorporated…" |
| competitor | Elastic N.V. (ESTC) | 10-K 2026-06-08 | "•For Elastic Observability: software vendors with specific observability solutions, such as AppDynamics and Splunk (each owned by Cisco Systems), Datadog, Dynatrace, and New Relic." |
| partner | NetApp, Inc. (NTAP) | 10-K 2026-06-05 | "Strong Ecosystem Partnerships: Collaborations with technology leaders such as NVIDIA, Cisco, Microsoft, and a broad network of channel partners enable us to deliver integrated, best-in-class solutions…" |
| partner | Kyndryl Holdings, Inc. (KD) | 10-K 2026-05-29 | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and Servi…" |
| customer | EPLUS INC (PLUS) | 10-K 2026-05-28 | "Products manufactured by Cisco Systems represented approximately 29%, 32%, and 44% of net sales for the years ended March 31, 2026, 2025, and 2024, respectively." |
| competitor | 8X8 INC /DE/ (EGHT) | 10-K 2026-05-22 | "•Legacy communications vendors such as Cisco Systems, Inc., Mitel Networks Corp., and Avaya Holdings Corp., which are shifting from on-premises to cloud-based solutions." |

## Revenue by business segment (quarter ended 2026-07-25)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $10.40B | 60.3% | +17.8% |
| EMEA | $4.35B | 25.2% | +19.3% |
| APJC | $2.50B | 14.5% | +13.6% |
| Total revenue | $17.25B | 100% | — |

## Revenue by product line (quarter ended 2026-07-25)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $13.46B | 78.0% | +23.6% |
| Networking | $9.79B | 56.8% | +28.3% |
| Subscription | $8.35B | 48.4% | +5.6% |
| Subscription, Product | $4.91B | 28.4% | +10.3% |
| Services | $3.79B | 22.0% | +0.2% |
| Subscription, Service | $3.44B | 20.0% | -0.4% |
| Security | $2.23B | 12.9% | +14.0% |
| Collaboration | $1.17B | 6.8% | +12.0% |
| Observability | $275.0M | 1.6% | +6.2% |
| Total revenue | $17.25B | 100% | — |
The lines above cover 274.8% of total revenue.

## Customer concentration

Period ended 2026-07-25: 11% of revenue from unnamed direct customers (10-K, filed 2026-09-02).

## Company outlook (8-K filed 2026-08-12)

- "Guidance: ◦ Revenue: $18.0 billion to $18.2 billion ◦ Earnings per Share: GAAP: $1.08 to $1.10;"
- "Non-GAAP: $1.32 to $1.34 • FY 2027 Guidance: ◦ Revenue: $72.2 billion to $73.4 billion ◦ Earnings per Share: GAAP: $4.00 to $4.06;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $1.32 | $1.15 | +15.5% | $18.12B | 24 |
| Next quarter (ends 2027-01-31) | $1.23 | $1.17 | +4.7% | $17.90B | 23 |
| Current fiscal year (ends 2027-07-31) | $5.15 | $4.78 | +7.7% | $73.17B | 28 |
| Next fiscal year (ends 2028-07-31) | $5.62 | $5.28 | +6.5% | $78.09B | 27 |