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    Cisco Systems Inc (CSCO)

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    Business Description

    Cisco Systems, Inc. designs and sells a broad range of technologies that power the Internet, integrating product portfolios across networking, security, collaboration, applications, and the cloud to create secure, intelligent platforms for digital businesses . The company operates globally, primarily managed through three geographic segments: the Americas, EMEA, and APJC . Cisco's business activities focus on providing comprehensive solutions that integrate networking and security with advanced technologies like AI to support digital transformation for their customers .

    1. Networking - Offers routers, switches, and other infrastructure essential for building and managing networks.
    2. Security - Provides cybersecurity solutions, enhanced by the acquisition of Splunk, to protect digital environments.
    3. Observability - Delivers tools and services for monitoring and analyzing IT infrastructure and applications, bolstered by Splunk's capabilities.
    4. Collaboration - Develops communication and collaboration tools to enhance productivity and connectivity.
    5. Services - Offers a range of support and consulting services to optimize the use of Cisco's products and solutions.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Charles H. RobbinsChair and Chief Executive OfficerJuly 2015Charles H. Robbins has served as CEO since July 2015, as a member of the Board since May 2015, and as Chair of the Board since December 2017. He joined Cisco in December 1997 and has held various managerial positions, leading Cisco's global sales and partner teams. Robbins is also a board member of BlackRock, Inc. since 2017 .
    R. Scott HerrenExecutive Vice President and Chief Financial OfficerDecember 2020R. Scott Herren joined Cisco in December 2020. Before Cisco, he was the CFO of Autodesk, Inc. from November 2014 and held leadership roles at Citrix Systems, Inc. He has over 15 years of experience in senior strategy and financial positions at FedEx Corporation and IBM. Herren is a board member of Rubrik, Inc. since 2021 .
    Gary SteelePresident, Go-to-MarketMay 2024Gary Steele joined Cisco in March 2024 as EVP and GM, Splunk, after Cisco's acquisition of Splunk. He was promoted to his current role in May 2024. Previously, he was the President and CEO of Splunk and CEO of Proofpoint, Inc. Steele has held roles at Sun Microsystems, Inc. and Hewlett-Packard Company. He is a board member of Upwork Inc. since 2018 .
    Deborah L. StahlkopfExecutive Vice President and Chief Legal OfficerAugust 2021Deborah L. Stahlkopf joined Cisco in August 2021. She spent 14 years at Microsoft, holding roles such as Corporate Vice President, General Counsel, and Corporate Secretary. Before Microsoft, she practiced law at Perkins Coie LLP and Cooley Godward LLP. Stahlkopf is a board member of NextEra Energy, Inc. since 2023 .
    Thimaya SubaiyaExecutive Vice President of OperationsMarch 2024Thimaya Subaiya joined Cisco in July 2018 and was promoted to EVP of Operations in March 2024. He previously served as SVP, Chief Transformation Officer, and SVP and GM, Customer Experience. Before Cisco, he spent eight years at Salesforce, Inc., and held leadership roles at Oracle Corporation .

    Questions to Ask Management

    1. Given that networking revenue declined by 23% this quarter compared to the same period last year, and acknowledging the previous backlog shipments' impact, what specific strategies are you implementing to drive sequential growth in your networking segment for the rest of fiscal 2025?

    2. With customers preparing for AI but only 13% of organizations reporting that their infrastructure is ready, how confident are you that the expected increase in front-end capacity demand will occur in the near term, and what factors could potentially delay this anticipated growth?

    3. Security orders, excluding the U.S. Federal impact, grew in the mid- to high teens driven by new products like XDR and Secure Access, but given that Hypershield is not yet a major contributor to orders, how sustainable is this growth rate without significant adoption of your newer offerings?

    4. As you continue integrating Splunk, can you elaborate on the challenges you may face in realizing the expected synergies, and how this integration will drive sustained growth in your security business amidst fierce competition?

    5. Considering the recent fluctuations in product orders due to inventory digestion and normalizing demand, what specific factors give you confidence in achieving your long-term target of 4% to 6% growth, and are there any near-term headwinds that could jeopardize this goal?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateSeptember 2001
    End Date/DurationNo termination date
    Total additional amountN/A
    Remaining authorization amount$3.2 billion
    DetailsOngoing program with no specified additional amounts recently authorized

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2025$493 Current portion of senior notes6.17% 1.5% = (493 / 31,987) * 100
    2025$11,870 Commercial paper5.19% 37.1% = (11,870 / 31,987) * 100
    2025$1 Current portion of other debt1.13% 0.0% = (1 / 31,987) * 100
    2025$500 Fixed-rate senior notes3.50% 1.6% = (500 / 31,987) * 100
    2026$1,751 Fixed-rate senior notes4.90%, 2.95%, 2.50% 5.5% = (1,751 / 31,987) * 100
    2027$3,502 Fixed-rate senior notes4.80% 10.9% = (3,502 / 31,987) * 100
    2029$2,500 Fixed-rate senior notes4.85% 7.8% = (2,500 / 31,987) * 100
    2031$12,000 Fixed-rate senior notes4.95% 37.5% = (12,000 / 31,987) * 100
    2034$0 Fixed-rate senior notes5.05% 0.0% = (0 / 31,987) * 100
    2039$0 Fixed-rate senior notes5.90% 0.0% = (0 / 31,987) * 100
    2040$0 Fixed-rate senior notes5.50% 0.0% = (0 / 31,987) * 100
    2054$0 Fixed-rate senior notes5.30% 0.0% = (0 / 31,987) * 100
    2064$0 Fixed-rate senior notes5.35% 0.0% = (0 / 31,987) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Amazon Web Services LLC
    • Arista Networks, Inc.
    • Broadcom Inc.
    • Ciena Corporation
    • CrowdStrike Holdings, Inc.
    • Datadog Inc.
    • Dell Technologies Inc.
    • Dynatrace Inc.
    • Fortinet, Inc.
    • Hewlett-Packard Enterprise Company
    • Huawei Technologies Co., Ltd.
    • Juniper Networks, Inc.
    • Microsoft Corporation
    • New Relic, Inc.
    • Nokia Corporation
    • Nvidia Corporation
    • Palo Alto Networks, Inc.
    • RingCentral, Inc.
    • Zoom Video Communications, Inc.
    • Zscaler, Inc.

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1988 PresentCurrent auditor