— Know what they know.
/
Not Investment Advice

CSCO

NASDAQ · USD
Cisco Systems, Inc.
Technology · Communication Equipment
CEO Charles H. Robbins Employees 82,400 R&D / revenue 15.1%
Last price
$107.39−2.24%last session
Market cap
$423.4B
P/E (TTM)
32.0x
From 52w high
−17.6%
From 52w low
+55.8%
1-year return
+58.3%
RSI 14 · vs SMA200
41.6 · +8.7%
IS score
71.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CSCO   SPY   XLK (sector ETF) · weekly closes
100120140160180Jan 26Apr 26Jul 26Oct 26CSCO 158XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
82
Profitability
68
Growth
37
Value
86
Momentum
100
Risk (safety)
84
Quality
69
Balance sheet
76
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Congress buying
Warnings
None of the computed warning flags fires for CSCO (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: None, Efficient ScalePiotroski 8 / 9Altman Z 4.4Beta 0.993 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
49 open-market sales, $13.2M
Form 144 notices (12m): 47, $127.1M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+343
497 new holders, 105 closed
4,061 filers hold 81.0% · 1,346 added, 1,843 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+391
2,068 funds adding shares
1,677 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
32.8%
20-day avg 29.3%, 50-day avg 38.2%
Latest 3.5 pp over its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$63.3B
Revenue growth YoY+11.8%
Gross margin64.5%
Operating income$15.4B
Operating margin24.3%
Net income$13.3B
Net margin21.0%
EPS (diluted)$3.33
Cash flow
Operating cash flow$14.2B
Capital expenditure$1.4B
Free cash flow$12.8B
FCF conversion (FCF / OCF)90.1%
Stock-based compensation$3.8B
FCF less SBC$8.9B
Buybacks$6.1B
Dividends$6.6B
Balance sheet & returns
Cash & short-term investments$15.9B
Total debt$29.5B
Net debt$13.6B
Shareholders' equity$50.3B
Goodwill & intangibles$67.0B
Debt / equity0.59
ROE (TTM)27.4%
ROIC (TTM)13.0%
Operating margin by fiscal year
27.2%FY202226.4%FY202322.6%FY202420.8%FY202524.3%FY2026
Revenue $51.6B (FY2022) to $63.3B (FY2026), a 5.3% CAGR.

Valuation

P/E (TTM)32.0x
EV / EBITDA22.3x
Price / sales6.69x
Price / FCF31.1x
FCF yield3.21%
Buyback yield1.44%
SBC / revenue6.3%
Price / book8.44x
Forward P/E FY202721.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $132.82 across 11 analysts last quarter is theirs, not ours.

CSCO vs industry median

164 companies in Communication Equipment
Gross margin 64.5% 42.0% Operating margin 24.3% -1.1% Net margin 21.0% -3.5% ROIC 13.0% 1.4%
CSCO (TTM)Industry median Asset turnover 0.49 vs industry 0.71 · financial leverage 2.58

Earnings delivery

Next report 2026-11-11 · consensus EPS $1.32
100%
beat rate, 12 of 12 quarters
+3.5%
median EPS surprise
12
longest beat streak
+8+4+6+2+4+3+5+1+2+2+3+4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-15 to 2026-08-12. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CSCO Cisco Systems, Inc. $423.4B32.0x27.4%21.0%+11.8% +58.3%
MSI Motorola Solutions, Inc. $76.6B36.1x92.0%17.8%+10.3% +6.3%
LITE Lumentum Holdings Inc. $74.7Bn/m-240.0%—+83.2% +404.9%
CIEN Ciena Corporation $47.2B72.0x22.4%15.9%+32.6% +95.0%
PLTR Palantir Technologies Inc. $428.0B147.6x38.4%54.9%+78.9% +4.4%
ORCL Oracle Corporation $387.7B19.8x41.6%24.6%+21.6% —
INTC Intel Corp. $475.0Bn/m-12.2%-68.4%+7.5% —
LRCX Lam Research Corporation $330.3B45.6x65.1%33.9%+26.0% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-10-09Officer/Director Change
2026-08-12Earnings Release; Exhibits
2026-05-13Earnings Release; Exit/Disposal Costs; Exhibits
2026-05-01Officer/Director Change
2026-04-06Officer/Director Change
2026-02-11Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding3,942,586,873
Free float99.8%
Institutional ownership81.0%
Beta0.99
Dividend yield1.56%
Last dividend$0.42 on 2026-10-02
50 / 200-day average$111.89 / $99.40
Mega-cap Technology median P/E33.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CSCO sits among 22 scored companies in Communication Equipment (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCSCOIndustry medianIndustry percentileSector median
P/E (TTM) 31.9x 37.9x
25th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 12.31 2.71
100th		 1.36
Price / sales 6.7x 3.0x
71st		 3.9x
Price / book 8.4x 3.9x
76th		 4.4x
Price / tangible book —
Price / free cash flow 31.1x 26.9x
62nd		 20.3x
Price / operating cash flow 29.9x 23.3x
61st		 17.9x
Enterprise value $437.0B $2.8B
100th		 $5.5B
EV / sales 6.9x 3.2x
67th		 4.1x
EV / EBITDA 21.8x 22.5x
44th		 18.9x
EV / EBIT 25.0x 30.3x
22nd		 26.7x
EV / free cash flow 32.1x 24.8x
62nd		 21.9x
Earnings yield 3.1% 1.4%
86th		 2.0%
FCF yield 3.2% 2.9%
52nd		 3.3%
Operating cash flow yield 3.3% 3.6%
48th		 4.4%
Graham number (per share) $30.73 $22.27
58th		 $28.08

Profitability (TTM)

MeasureCSCOIndustry medianIndustry percentileSector median
Gross margin 64.5% 43.9%
100th		 55.7%
EBITDA margin 31.6% 12.4%
86th		 13.7%
Operating margin 24.3% 5.4%
90th		 8.2%
EBIT margin 27.6% 6.7%
95th		 8.6%
Net margin 21.0% 4.1%
90th		 5.7%
NOPAT margin 20.1% 4.3%
90th		 7.0%
FCF margin 21.5% 9.3%
81st		 15.0%
Operating cash flow margin 22.4% 12.8%
76th		 18.4%
R&D / revenue 15.1% 13.3%
62nd		 12.9%
SG&A / revenue 22.6% 21.8%
62nd		 25.6%
Stock comp / revenue 6.3% 3.6%
70th		 4.4%
Effective tax rate 17.1% 21.0%
22nd		 21.0%

Returns on capital

MeasureCSCOIndustry medianIndustry percentileSector median
ROE (on average equity) 27.3% 7.0%
86th		 9.4%
ROA 10.5% 4.1%
86th		 4.1%
ROIC 19.9% 9.1%
76th		 9.0%
ROCE 19.8% 6.8%
86th		 8.6%
Return on tangible assets 13.9% 5.1%
90th		 5.9%
Cash ROIC (OCF / invested capital) 22.2% 17.0%
67th		 20.7%
Gross profitability (GP / assets) 31.5% 32.1%
43rd		 30.0%
ROIC, 3-yr average 18.4% 8.3%
80th		 7.4%
ROIC, 5-yr average 25.5% 11.4%
78th		 7.9%
ROE, 5-yr average 25.8% 4.4%
100th		 6.9%
Incremental ROIC 88.1% 6.0%
90th		 15.3%

Growth

MeasureCSCOIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 11.8% 15.6%
35th		 14.3%
Revenue growth (QoQ) 8.9% 8.3%
52nd		 6.6%
Revenue CAGR, 3 yr 3.6% 7.5%
35th		 9.6%
Revenue CAGR, 5 yr 4.9% 9.2%
25th		 11.5%
Gross profit CAGR, 3 yr 4.6% 9.8%
35th		 10.9%
Operating income CAGR, 3 yr 0.7% 3.0%
23rd		 11.3%
Net income growth (TTM YoY) 30.3% 14.2%
62nd		 21.6%
Net income CAGR, 3 yr 1.7% 8.5%
33rd		 9.9%
EPS growth (TTM YoY) 30.5% 10.5%
75th		 22.3%
EPS CAGR, 3 yr 2.6% 10.2%
33rd		 11.2%
EPS CAGR, 5 yr 5.9% 9.4%
33rd		 12.0%
FCF growth (TTM YoY) 2.3% 6.0%
36th		 24.6%
FCF CAGR, 3 yr -10.6% 38.9%
9th		 19.3%
Operating cash flow CAGR, 3 yr -10.7% 41.8%
14th		 17.9%
Book value CAGR, 3 yr 5.2% 6.1%
42nd		 6.8%
Dividend CAGR, 3 yr 1.0% — 3.1%
Sustainable growth rate 14.0% 18.0%
33rd		 14.2%

Margin history & stability

MeasureCSCOIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 64.7% 40.6%
100th		 53.2%
Operating margin, 3-yr average 22.6% 5.3%
90th		 6.6%
Net margin, 3-yr average 19.4% 0.6%
95th		 5.2%
FCF margin, 3-yr average 21.3% 8.4%
85th		 12.7%
Revenue stability (0-1) 0.75 0.65
65th		 0.87
Earnings stability (0-1) 0.07 0.29
25th		 0.45
Margin stability (0-1) 0.99 0.93
95th		 0.95

Liquidity (latest quarter)

MeasureCSCOIndustry medianIndustry percentileSector median
Cash & short-term investments $15.9B $249.9M
100th		 $494.1M
Net cash (− = net debt) −$13.6B $82.6M
0th		 $49.8M
Working capital −$2.9B $381.5M
0th		 $391.0M
Current ratio 0.93 2.05
10th		 1.92
Quick ratio 0.79 1.63
10th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.38 0.93
29th		 0.95
Defensive interval (days) 383 days 530 days
29th		 521 days

Leverage & solvency (latest quarter)

MeasureCSCOIndustry medianIndustry percentileSector median
Total debt $29.5B $162.3M
100th		 $349.3M
Debt / equity 0.59 0.17
71st		 0.29
Net debt / equity 0.27 −0.21
76th		 −0.13
Debt / assets 22.8% 11.9%
71st		 16.9%
Debt / capital 37.0% 14.2%
71st		 22.3%
Debt / EBITDA 1.48 1.48
50th		 1.78
Net debt / EBITDA 0.68 −0.44
67th		 −0.18
Interest coverage (EBIT / interest) 11.9x 9.1x
60th		 5.8x
Cash interest coverage 9.6x 6.7x
62nd		 12.8x
Debt payback (years of OCF) 2.1 yrs 2.1 yrs
50th		 1.6 yrs
Liabilities / assets 61.2% 44.8%
81st		 48.7%
IS credit model rating AA- — —
Implied credit spread (bps) 100 150
33rd		 175

Efficiency

MeasureCSCOIndustry medianIndustry percentileSector median
Asset turnover 0.50 0.69
24th		 0.62
Fixed asset turnover 22.94 10.93
90th		 9.25
Inventory turnover 5.1 3.7
76th		 3.8
Receivables turnover 8.9 6.1
76th		 6.2
Days sales outstanding 41 days 60 days
24th		 59 days
Days inventory outstanding 72 days 99 days
24th		 94 days
Days payables outstanding 48 days 61 days
29th		 46 days
Cash conversion cycle (days) 65 days 99 days
29th		 50 days
Capex / revenue 0.9% 2.5%
14th		 2.3%
Capex / depreciation 0.23 0.63
10th		 0.56
Operating expense ratio 39.4% 35.1%
57th		 44.3%

Cash flow & earnings quality

MeasureCSCOIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.07 1.61
25th		 1.61
FCF / net income 1.02 1.25
33rd		 1.33
FCF / operating cash flow 95.9% 78.0%
89th		 88.0%
Capex / operating cash flow 4.1% 22.0%
11th		 12.0%
Accruals ratio -0.7% -6.0%
81st		 -6.3%
Sloan accruals ratio -4.2% -0.4%
43rd		 -1.8%
Earnings quality score (0-1) 1.00 0.75
75th		 0.75

Dividends & buybacks

MeasureCSCOIndustry medianIndustry percentileSector median
Dividend yield 1.6% 0.0%
100th		 0.0%
Dividend per share (TTM) $1.67 $0.00
86th		 $0.00
Payout ratio (dividends / net income) 48.7% 0.0%
100th		 0.0%
Dividends / FCF 47.6% 0.0%
100th		 0.0%
Dividend growth (YoY) 0.6% -0.3%
60th		 4.1%
Buyback yield 1.6% 1.3%
57th		 1.2%
Shareholder yield (dividends + buybacks) 3.1% 1.2%
65th		 1.7%
Share count change (YoY) -0.1% 1.1%
35th		 0.1%
Buybacks, last 5 years $35.7B $120.2M
100th		 $215.3M

Scores & forensic checks

MeasureCSCOIndustry medianIndustry percentileSector median
IS score 72 51
86th		 56
IS profitability 82 38
95th		 40
IS growth 68 68
50th		 65
IS value 37 38
48th		 39
IS momentum 86 77
70th		 78
IS risk (safety) 100 85
57th		 100
IS quality 84 59
90th		 67
IS balance sheet 69 76
43rd		 72
IS earnings quality 76 55
95th		 61
IS cash flow 65 53
62nd		 66
Piotroski F-score (0-9) 8 6
86th		 6
Altman Z-score 4.4 3.6
57th		 4.0
Beneish M-score −2.38 −2.52
65th		 −2.58
Ohlson O-score −8.57 −7.42
19th		 −8.00
IS credit score 82 73
67th		 69

Per share

MeasureCSCOIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.33 $0.30
76th		 $0.84
Book value per share $12.61 $14.30
48th		 $9.77
Tangible book per share −$4.24 $3.49
10th		 $3.22
Revenue per share $15.88 $13.56
57th		 $13.00
FCF per share $3.41 $1.00
62nd		 $1.78
Operating cash flow per share $3.56 $1.31
62nd		 $2.40
Cash per share $3.99 $3.55
52nd		 $4.50

Size (TTM)

MeasureCSCOIndustry medianIndustry percentileSector median
Market cap $423.4B $3.2B
100th		 $4.7B
Revenue $63.3B $1.1B
100th		 $1.2B
EBITDA $20.0B $90.8M
100th		 $185.8M
Net income $13.3B $30.4M
100th		 $84.9M
Free cash flow $13.6B $74.8M
100th		 $170.6M
Total assets $129.6B $2.2B
100th		 $2.4B
Shareholders' equity $50.3B $1.4B
100th		 $1.1B
Employees 82,400 3,082
100th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-10Tuszik Oliver
EVP, Global Sales
 Tax withholding 2,260$118.39$267,513230,690
2026-10-09Rishi Girish D
Director
 Award / grant 419——419
2026-09-16Robbins Charles
Director, Chair and CEO
 Award / grant 167,069——769,779
2026-09-16Stahlkopf Deborah L
EVP and Chief Legal Officer
 Award / grant 55,690——222,806
2026-09-16Subaiya Thimaya K.
EVP, Operations
 Award / grant 55,690——183,351
2026-09-16Tuszik Oliver
EVP, Global Sales
 Award / grant 69,613——232,950
2026-09-16Fink Nichlas A
SVP, Chief Accounting Officer
 Award / grant 7,826——39,178
2026-09-16Patel Jeetendra I
President and CPO
 Award / grant 139,225——369,818
2026-09-16Patterson Mark
EVP and CFO
 Award / grant 92,817——258,595
2026-09-15Weil Kevin
Director
 Award / grant 274$110.07$30,1597,793
2026-09-15Johnson Kristina M
Director
 Award / grant 417$110.07$45,89963,645
2026-09-15Tessel Marianna
Director
 Award / grant 274$110.07$30,15937,831

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired15594,668$208,723
Open-market saleDisposed49114,689$13.2M
Tax withholdingDisposed22111,624$12.4M
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 47 notices · 1,575,603 shares · $127.1M
FiledFilerShares proposedEst. proceeds
2026-09-14Thimaya Subaiya312$34,985
2026-09-14Oliver Tuszik680$76,248
2026-09-11Mark Patterson1,795$192,855
2026-09-08Nichlas Adam Fink2,274$248,321
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 24 trades (16 purchases) · Senate 3 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-24Maria Elvira SalazarHouseSale$1,001 - $15,0002026-10-08
2026-09-24Maria Elvira SalazarHouseSale$15,001 - $50,0002026-10-08
2026-09-08Maria Elvira SalazarHouseSale$1,001 - $15,0002026-10-08
2026-07-21Shelley Moore CapitoSenateSale$1,001 - $15,0002026-08-04
2026-07-21Shelley Moore CapitoSenateSale$1,001 - $15,0002026-08-04
2025-10-28Linda SanchezSenateSale$1,001 - $15,0002026-01-12
2025-01-14John BoozmanSenateSale (Full)$1,001 - $15,0002025-02-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.358,672,289$42.1B9.10%
VANGUARD CAPITAL MANAGEMENT LLC244,787,330$28.8B6.21%
STATE STREET CORP197,153,062$23.2B5.00%
Invesco Ltd.138,187,071$16.2B3.50%
VANGUARD PORTFOLIO MANAGEMENT LLC119,309,850$14.0B3.03%
GEODE CAPITAL MANAGEMENT, LLC101,007,196$11.8B2.56%
FMR LLC76,063,526$8.9B1.93%
Capital Research Global Investors67,174,294$7.9B1.70%
NORGES BANK54,835,694$6.4B1.39%
BANK OF AMERICA CORP /DE/50,164,984$5.9B1.27%
PRICE T ROWE ASSOCIATES INC /MD/43,575,065$5.1B1.11%
FRANKLIN RESOURCES INC43,388,493$5.1B1.10%
JPMORGAN CHASE & CO42,004,357$4.9B1.07%
GOLDMAN SACHS GROUP INC41,718,668$4.9B1.06%
WELLS FARGO & COMPANY/MN37,731,017$4.4B0.96%

Institutional ownership by quarter

2023-092026-0681.0%
% of shares held by 13F filers
2023-092026-064,061
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-304,06181.0%4971,3461,843105
2026-03-313,71877.1%2261,5021,601131
2025-12-313,69378.0%4671,4101,448106
2025-09-303,41775.2%2081,4721,339137
2025-06-303,40776.9%2351,3941,419122
2025-03-313,34577.0%2161,2921,482137
2024-12-313,32776.0%4591,1631,405109
2024-09-303,03575.3%1971,1041,450147
2024-06-303,01975.6%1461,1301,477163
2024-03-313,08076.0%1631,2271,425190
2023-12-313,15275.4%3321,1721,392164
2023-09-303,03675.0%1771,2531,32778

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION5.0%197,373,659
2026-04-29SCHEDULE 13GVanguard Capital Management7.2%283,833,451
2025-11-05SCHEDULE 13G/AThe Vanguard Group10.0%396,400,218
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.52%$12.1B
VTI0.52%$12.1B
VTSAX0.52%$12.1B
VSMPX0.52%$12.1B
VFINX0.64%$11.1B
VOO0.64%$11.1B

Share structure

Shares outstanding3,942,586,873
Float3,936,002,753
Free float99.8%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$51.6B$57.0B$53.8B$56.7B$63.3B
Cost of revenue$19.3B$21.2B$19.0B$19.9B$22.5B
Gross profit$32.2B$35.8B$34.8B$36.8B$40.9B
R&D$6.8B$7.6B$8.0B$9.3B$9.6B
SG&A$11.2B$12.4B$13.2B$13.9B$14.3B
Operating income$14.0B$15.0B$12.2B$11.8B$15.4B
EBITDA$16.8B$17.5B$15.7B$15.4B$20.0B
Pretax income$14.5B$15.3B$12.2B$11.1B$16.0B
Income tax$2.7B$2.7B$1.9B$920.0M$2.7B
Net income$11.8B$12.6B$10.3B$10.2B$13.3B
EPS, diluted$2.82$3.07$2.54$2.55$3.33
Diluted shares4.2B4.1B4.1B4.0B4.0B

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$19.3B$26.1B$19.4B$16.1B$15.9B
Receivables$10.5B$9.2B$10.0B$9.8B$10.9B
Inventory$2.6B$3.6B$3.4B$3.2B$5.7B
Total current assets$36.7B$43.3B$36.9B$35.0B$38.7B
PP&E, net$2.0B$2.1B$2.1B$2.1B$2.8B
Goodwill & intangibles$40.9B$40.4B$69.9B$68.3B$67.0B
Total assets$94.0B$101.9B$124.4B$122.3B$129.6B
Accounts payable$2.3B$2.3B$2.3B$2.5B$3.4B
Total current liabilities$25.6B$31.3B$40.6B$35.1B$41.5B
Long-term debt$8.4B$6.7B$19.6B$22.9B$19.4B
Total liabilities$54.2B$57.5B$79.0B$75.4B$79.4B
Shareholders' equity$39.8B$44.4B$45.5B$46.8B$50.3B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$11.8B$12.6B$10.3B$10.5B$13.3B
Depreciation & amortization$2.0B$1.7B$2.5B$2.8B$2.5B
Stock-based compensation$1.9B$2.4B$3.1B$3.6B$3.8B
Change in working capital−$1.7B$5.0B−$4.3B−$1.6B−$1.8B
Operating cash flow$13.2B$19.9B$10.9B$14.2B$14.2B
Capital expenditure−$477.0M−$849.0M−$670.0M−$905.0M−$1.4B
Free cash flow$12.7B$19.0B$10.2B$13.3B$12.8B
Investing cash flow$1.6B−$5.1B−$20.5B$1.7B−$3.5B
Net debt issued / repaid−$1.9B−$1.1B$19.3B−$2.8B$1.4B
Buybacks−$8.4B−$4.9B−$6.8B−$7.2B−$6.1B
Dividends paid−$6.2B−$6.3B−$6.4B−$6.4B−$6.6B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin62.4%62.7%64.7%64.9%64.5%
Operating margin27.2%26.4%22.6%20.8%24.3%
Net margin22.9%22.1%19.2%18.0%21.0%
FCF margin24.7%33.4%19.0%23.5%21.5%
ROE29.1%30.0%23.0%22.1%27.3%
ROIC36.8%46.5%17.6%18.3%19.9%
ROA12.3%12.9%9.1%8.3%10.5%
Debt / equity0.270.190.710.600.59
Interest coverage41.2x36.9x13.2x8.0x11.9x
Current ratio1.431.380.911.000.93
Revenue growth+3.5%+10.6%−5.6%+5.3%+11.8%
EPS growth+14.1%+7.9%−17.0%−0.3%+30.5%
P/E at year end14.4x15.8x18.3x26.8x34.3x
EV / EBITDA at year end9.6x10.4x12.8x18.4x23.4x
FCF yield at year end7.48%9.53%5.40%4.88%2.99%
Dividend payout52.7%50.0%61.9%63.2%48.7%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Networking——$29.2B$28.3B$34.7B
Secure, Agile Networks$23.8B$29.1B———
Infrastructure Platforms—————
Service$13.5B$13.9B$14.6B$15.0B$15.0B
Services——$14.6B$15.0B$15.0B
Security——$5.1B$8.1B$8.2B
Applications—————
Internet for the Future$5.3B$5.3B———
Collaboration$4.5B$4.1B$4.1B$4.2B$4.3B
End-to-End Security$3.7B$3.9B———
Observability——$837.0M$1.1B$1.1B
Optimized Application Experiences$729.0M$811.0M———
Other Products$11.0M$9.0M———

Revenue by region · FY2026

UNITED STATES$37.8B · 60%
Europe Middle East And Africa$16.6B · 26%
Asia Pacific Japan And China$8.9B · 14%

Street estimates by fiscal year

Next report 2026-11-11 · consensus EPS $1.32 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$62.9B$62.8B – $63.0B$4.28$4.26 – $4.331425.1x
2026$62.9B$62.8B – $63.0B$4.28$4.26 – $4.331425.1x
2027$72.9B$72.7B – $73.8B$5.10$4.96 – $5.361721.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-12$1.17$1.22+4.3%$16.8B$17.3B+2.5%
2026-05-13$1.03$1.06+2.9%$15.6B$15.8B+1.8%
2026-02-11$1.02$1.04+2.0%$15.1B$15.3B+1.6%
2025-11-12$0.98$1.00+1.8%$14.8B$14.9B+0.7%
2025-08-13$0.98$0.99+1.3%$14.6B$14.7B+0.4%
2025-05-14$0.92$0.96+4.7%$14.0B$14.1B+0.7%
2025-02-12$0.91$0.94+3.3%$13.9B$14.0B+0.9%
2024-11-13$0.87$0.91+4.4%$13.8B$13.8B+0.5%
2024-08-14$0.85$0.87+2.5%$13.5B$13.6B+0.8%
2024-05-15$0.83$0.88+6.3%$12.5B$12.7B+1.3%
2024-02-14$0.84$0.87+3.7%$12.7B$12.8B+0.7%
2023-11-15$1.03$1.11+7.8%$13.8B$14.7B+6.4%
2023-08-16$1.06$1.14+7.5%$15.0B$15.2B+1.0%
2023-05-17$0.97$1.00+3.1%$14.4B$14.6B+1.2%
2023-02-15$0.86$0.88+2.3%$13.4B$13.6B+1.3%
2022-11-16$0.84$0.86+2.4%$13.3B$13.6B+2.4%
2022-08-17$0.82$0.83+1.2%$12.7B$13.1B+2.9%
2022-05-18$0.86$0.87+1.2%$13.4B$12.8B−4.0%
2022-02-16$0.81$0.84+3.7%$12.7B$12.7B+0.4%
2021-11-17$0.80$0.82+2.5%$13.0B$12.9B−0.7%
2021-08-18$0.82$0.84+2.4%$13.0B$13.1B+1.1%
2021-05-19$0.82$0.83+1.2%—$12.8B—
2021-02-09$0.76$0.79+3.9%$11.5B$12.0B+4.1%
2020-11-12$0.71$0.76+7.0%$10.9B$11.9B+9.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.806-152.306-221.606-291.907-062.407-131.707-202.307-272.108-034.008-101.708-171.208-241.208-31
Week ofNotionalSharesTrades
2026-08-31$1.2B10,800,606185,772
2026-08-24$1.2B10,393,763180,310
2026-08-17$1.7B15,463,474232,684
2026-08-10$4.0B34,024,290366,946
2026-08-03$2.1B17,338,995260,349
2026-07-27$2.3B20,260,709287,575

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1532.8%
DateShort shareShort volumeTotal volume
2026-10-1532.8%2,147,1546,540,731
2026-10-1433.2%1,736,0045,236,556
2026-10-1330.1%994,7033,308,303
2026-10-1226.2%1,412,9145,398,536
2026-10-0938.5%1,473,0603,828,596
2026-10-0827.2%1,166,2724,281,866
2026-10-0724.0%981,6184,092,614
2026-10-0637.4%2,244,6345,994,793
2026-10-0537.1%1,506,2954,065,239
2026-10-0235.1%1,833,8295,222,533
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-1.2Jan+1.1Feb+2.0Mar+0.7Apr-0.6May-0.8Jun+2.3Jul+1.9Aug+0.6Sep+0.9Oct+1.6Nov+2.0Dec
MonthAvg returnUp yearsYears
Jan−1.2%55%20
Feb+1.1%55%20
Mar+2.0%57%21
Apr+0.7%60%20
May−0.6%50%20
Jun−0.8%45%20
Jul+2.3%75%20
Aug+1.9%55%20
Sep+0.6%65%20
Oct+0.9%55%20
Nov+1.6%55%20
Dec+2.0%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1441.6
MFI55.3
ADX22.3
Stochastic %K / %D35.9 / 54.3
Williams %R-86.6
CCI-48
TSI / signal5.1 / 5.0
Chaikin money flow0.12
ATR$3.03
Bollinger width15.6%
Volume vs 20-day avg0.87x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$110.96 (−3.2%)
SMA 50$111.29 (−3.5%)
SMA 200$98.84 (+8.7%)
EMA 21$111.73 (−3.9%)
EMA 50$111.43 (−3.6%)
EMA 200$100.75 (+6.6%)
Bollinger upper$119.62 (−10.2%)
Bollinger lower$102.30 (+5.0%)
Parabolic SAR$118.45 (−9.3%)
Open the live chart, 110+ indicators

About Cisco Systems, Inc.

Cisco Systems, Inc. is a leading global technology company focused on designing, producing, and marketing Internet Protocol (IP)-based networking equipment, software, and associated products within the communications and information technology industries. The company operates extensively across major regions including the Americas, Europe, the Middle East, Africa, and the Asia Pacific, specifically covering Japan and China. Its comprehensive product lineup features switching solutions for both enterprise campuses and data centers. Cisco's enterprise routing segment is crucial for securely and reliably interconnecting public, private, wired, and mobile networks, ensuring vital connectivity across corporate campuses, data centers, and branch offices. Additionally, the company provides a range of wireless products offering seamless indoor and outdoor roaming for voice, video, and data applications. Security forms a significant pillar of its offerings, encompassing network defense, identity and access management, secure access service edge (SASE), alongside threat intelligence, detection, and response capabilities. For collaboration, Cisco delivers the Webex Suite, dedicated devices, contact center platforms, and communication platform-as-a-service (CPaaS). These end-to-end collaboration solutions are adaptable, available in cloud, on-premise, or hybrid environments, facilitating clients' migration to cloud-based systems. Moreover, their observability suite provides network assurance, monitoring, and analytics. Beyond its product portfolio, Cisco offers extensive customer support and services, including technical assistance, advanced professional services, and advisory consulting. The company serves a broad clientele, from small and large businesses to public institutions, governmental agencies, and service providers. Products and services are distributed directly by Cisco, as well as through a diverse network of system integrators, service providers, other resellers, and distributors. Cisco Systems, Inc. also engages in strategic collaborations with other industry players. Founded in 1984, the company is headquartered in San Jose, California.

https://www.cisco.com

Key executives

NameTitlePayBorn
Charles H. RobbinsChairman & Chief Executive Officer$7.0M1966
Jeetendra I. PatelPresident & Chief Product Officer$2.9M1972
Thimaya SubaiyaExecutive Vice President of Operations$2.6M1979
Deborah L. StahlkopfExecutive Vice President & Chief Legal Officer$2.5M1971
Mark PattersonExecutive Vice President & Chief Financial Officer$1.9M1970
Andrew AshtonSenior Vice President of Corporate Finance——
Derek IdemotoSenior Vice President of Corporate Development & Cisco Investments——
Kevin WollenweberSenior VP & GM of Data Center, Internet and Cloud Infrastructure——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Charles H. Robbins Chair and Chief Executive Officer2025$1.4M$87.1M$5.1M$52.8M
Gary Steele Former President, Go-to-Market2025$792,308$53.3M$0$32.8M
Jeetu Patel President and Chief Product Officer2025$859,184$45.2M$1.9M$25.7M
R. Scott Herren Former Executive Vice President and Chief Financial Officer2025$896,875$40.5M$2.0M$24.3M
Dev Stahlkopf Executive Vice President and Chief Legal Officer2025$732,875$26.1M$1.7M$15.8M
Thimaya Subaiya Executive Vice President, Operations2025$761,731$26.4M$1.7M$14.7M

Employees

76k201978k202080k202183k202285k202390k202486k202582k2026

Dividends

Ex-dateAmountPaid
2026-10-02$0.422026-10-21
2026-07-06$0.422026-07-22
2026-04-02$0.422026-04-22
2026-01-02$0.412026-01-21
2025-10-03$0.412025-10-22
2025-07-03$0.412025-07-23
2025-04-03$0.412025-04-23
2025-01-03$0.42025-01-22

Moat model

None · Efficient Scale · 2026-07-25
Cost advantage30
Intangibles26
Switching costs12
Network effect55
Efficient scale100
Our component scores (0-100) and overall 38.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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