CISCO SYSTEMS (CSCO) Company Report

At the 2025 annual meeting, all nine director nominees were re-elected with ~96% average support; the amendment to the 2005 Stock Incentive Plan passed with ~97% support; the advisory vote on executive compensation received ~89% approval; ratification of PricewaterhouseCoopers as auditor was approved by ~91%; and the shareholder proposal on inclusion ROI was defeated with ~99% voting against.
For FY 2025, Cisco delivered $56.7 billion in revenue (+5% yoy) and $3.81 non-GAAP EPS (+2% yoy).
Q1 FY 2026 results exceeded guidance with $14.9 billion in revenue (+8% yoy) and $1.00 non-GAAP EPS (+10% yoy).
Cisco returned 94% of free cash flow in FY 2025, including an annualized dividend of $1.64 per share and $6 billion in share repurchases.
Cisco secured $1.3 billion in AI infrastructure orders in Q1 FY 2026 and expects $3 billion in AI-related revenue for FY 2026, supported by strategic partnerships (e.g., NVIDIA) and integration of Splunk-powered Data Fabric.

Dec 16, 2025, 4:00 PM

Transcript

Cisco reports AGM 2025 vote outcomes and FY25 performance

CSCO

Proxy Vote Outcomes

Dividends

Share Buyback

The 2025 annual meeting confirmed all nine board nominees with ~96% average support, approved the Stock Incentive Plan amendment with 97% support, advisory vote on executive compensation at 89% approval, ratified PwC with 91% support, and rejected the DEI shareholder proposal with 99% voting against.
Cisco’s FY 2025 revenue reached $56.7 billion (+5% y/y), with non-GAAP EPS of $3.81 (+2%), gross margins of 68.7%, operating income of $19.5 billion (+6%), and net income of $15.2 billion (flat).
Q1 FY 2026 results outperformed guidance: revenue of $14.9 billion (+8%), non-GAAP EPS of $1.00 (+10%), product orders up 13%, gross margins of 68.1%, and net income of $4.0 billion (+9%).
In FY 2025 Cisco returned 94% of free cash flow, with an annualized dividend of $1.64 per share and ~$6 billion in share repurchases, and plans to return over 50% of FCF going forward.
Cisco secured $1.3 billion of hyperscaler AI infrastructure orders in Q1 and expects to recognize $3 billion of related revenue in FY 2026, while integrating Splunk to deliver a unified data fabric for AI and security.

Dec 16, 2025, 4:00 PM

Transcript

Cisco hosts 2025 Annual Meeting of Stockholders

CSCO

Proxy Vote Outcomes

Executive Compensation

Revenue Acceleration/Inflection

Cisco reported FY 2025 revenue of $56.7 billion (up 5% YoY) and non-GAAP EPS of $3.81 (up 2%), and Q1 FY 2026 revenue of $14.9 billion (up 8%) with non-GAAP EPS of $1.00 (up 10%).
All nine director nominees were re-elected with at least 90% support (approx. 96% average).
The amendment and restatement of the 2005 Stock Incentive Plan was approved with approx. 97% support.
The advisory "say on pay" resolution on executive compensation was approved with approx. 89% support.
PricewaterhouseCoopers was ratified as the independent auditor with approx. 91% support, while a stockholder proposal to issue a DEI ROI report was rejected with approx. 99% voting against.

Dec 16, 2025, 4:00 PM

Transcript

Cisco outlines AI infrastructure growth and campus refresh pipeline

CSCO

Cisco exceeded its $1 billion AI infrastructure revenue target in FY 2025, delivering $2 billion, and secured $1.3 billion in Q1 FY 2026 hyperscaler orders, targeting > $4 billion in orders and $3 billion in revenue for FY 2026.
The Silicon One platform is driving hyperscaler wins, shifting the mix to two-thirds systems from optics, and Cisco plans to launch the new P200 chip and 8223 system for scale-across applications in Spring FY 2026.
Enterprise networking orders excluding hyperscale grew 9% in Q1, with a campus refresh viewed as a multi-year, multi-billion-dollar opportunity fueled by end-of-support equipment and new AI/security requirements.
The combined NeoCloud, Sovereign, and enterprise AI segment has recorded over $200 million in orders and maintains a $2.5 billion pipeline; sovereign cloud deployments are expected to ramp meaningfully in H2 FY 2026 and accelerate in FY 2027.
Cisco’s security business—now two-thirds new or refreshed products—is on track for double-digit growth, though the shift of Splunk workloads to a cloud-ratable revenue model delays some near-term recognition.

Dec 10, 2025, 9:20 PM

Transcript

Cisco outlines AI infrastructure and networking growth at Barclays conference

CSCO

Product Launch

Guidance Update

New Projects/Investments

Cisco’s AI infrastructure revenue more than doubled to $2 billion in FY 2025, with $1.3 billion of Q1 FY 2026 orders from top hyperscalers; the company is targeting > $4 billion in orders and $3 billion in revenue in FY 2026.
Adoption of Silicon One drove a shift from two-thirds optics to two-thirds systems in H2 FY 2025; a new P200 chip for “scale across” deployments is expected in spring FY 2026.
The combined NeoCloud, sovereign cloud and enterprise AI pipeline exceeds $2.5 billion, with over $200 million in orders, ramping in H2 FY 2026 and materially in FY 2027.
Networking orders grew 13% overall and 9% excluding hyperscale, marking five consecutive quarters of double-digit growth; the multiyear campus refresh opportunity is driven by AI, security and aging equipment.
Security growth to double digits is delayed by legacy-product drag and cloud-revenue timing, despite two-thirds of the portfolio being new products (3,000 new customers) and next-gen firewalls launching in Q2.

Dec 10, 2025, 9:20 PM

Transcript

Cisco outlines AI infrastructure surge and network refresh opportunities

CSCO

Revenue Acceleration/Inflection

Guidance Update

Cisco’s AI infrastructure business more than doubled FY25 revenue to $2 billion versus a $1 billion target and secured $1.3 billion of orders from top hyperscalers in Q1 FY26, targeting over $4 billion in orders and $3 billion in revenue in FY26.
AI product mix is shifting from two-thirds optics in early FY25 to two-thirds systems in H2 FY25, driven by strong Silicon One uptake; Cisco plans to roll out the P200 chip and associated 8223 system in spring FY26.
Overall networking orders grew 13% in Q1 FY26 (9% ex-hyperscale), marking five consecutive quarters of double-digit networking growth and initiating a multi-year, multi-billion-dollar campus refresh cycle amid sizeable end-of-support upgrades.
Cisco’s security portfolio is two-thirds new/ refreshed products (3,000 new customers in 18 months), with legacy products still weighing growth and Splunk cloud revenue being ratably recognized, yet the full-year guide was raised by $1.1 billion independent of security performance.

Dec 10, 2025, 9:20 PM

Transcript

Cisco closes at record high

CSCO

Cisco closed at a record high of $80.25 on Dec. 10, 2025, surpassing its split-adjusted dot-com peak from March 27, 2000.
The stock is up about 50.9% from its 52-week low of $53.19 on April 8, 2025, with intraday highs above $80 and volumes near 21.2 million shares.
Market capitalization reached approximately $317 billion, reflecting strong investor interest amid the AI spending boom.
Analysts attribute the rally to Cisco’s shift toward software and services through acquisitions of Webex, AppDynamics, Duo, and Splunk.

Dec 10, 2025, 9:10 PM

Bloomberg

Cisco outlines optical segments and AI-driven demand acceleration at UBS 2025 Global Technology and AI Conference

CSCO

Cisco’s optical business includes DWDM systems, short-distance optics, and Acacia coherent technology; FY 2025 optics demand exceeded forecasts and the FY 2026 optics forecast was raised post-Q1 due to AI-driven hyperscaler orders
Scale-across AI networks bypass traditional WAN, linking scale-out systems directly and providing up to 10× greater capacity than WAN, while requiring deep-buffer routing to support high-capacity, low-flap interconnects
Cisco expects a ~1/3 optics to 2/3 switching revenue split in its AI infrastructure business, though quarterly mix can swing based on customer deployment sequencing and ZR optic adoption
Since December 2019, Cisco’s component business model allows hyperscalers to purchase disaggregated hardware, software, Silicon One ASICs, and Acacia DSPs, positioning the company as an open AI infrastructure provider

Dec 2, 2025, 5:55 PM

Transcript

Cisco highlights surge in AI-driven optics demand at UBS conference

CSCO

Guidance Update

Revenue Acceleration/Inflection

Cisco’s Optical Systems and Optics Group spans DWDM chassis, short-reach transceivers and Acacia coherent technology, serving hyperscalers and top service providers.
Acacia-driven optics demand outstripped Cisco’s FY25 forecast, and the company has already raised its FY26 optics outlook following a strong Q1 performance.
Cisco distinguishes traditional WAN-based DCI from scale-across networking, which bypasses the WAN to link scale-out data-center networks with roughly 10× the capacity and requires deeper buffers for reliability.
Management positions Cisco as a leading provider of an open AI infrastructure stack, leveraging disaggregated components and partnerships (e.g., AMD, Silicon One) to meet hyperscaler requirements.

Dec 2, 2025, 5:55 PM

Transcript

Cisco highlights optics surge and AI infrastructure growth

CSCO

Guidance Update

Product Launch

Cisco’s Acacia coherent optics business saw FY25 demand well above original forecasts, and FY26 guidance was raised after Q1 owing to continued hyperscaler and service-provider uptake.
Cisco differentiates traditional data center interconnect (DCI) from “scale across” networks, which bypass WAN constraints to deliver 10× more capacity for AI workloads by linking scale-out clusters directly.
Since December 2019, Cisco has operated a component business model, allowing hyperscalers to buy hardware, software, silicon (including DSPs and SerDes), and optics separately to support disaggregated architectures.
The company’s campus refresh is in early stages with new Catalyst switches and Wi-Fi access points, initiating a gradual, multi-year upgrade cycle that already shows better adoption than prior refreshes.

Dec 2, 2025, 5:55 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for CISCO SYSTEMS.

Q1 2026

Nov 12, 2025

→

Q4 2025

Aug 13, 2025

→

Q3 2025

May 14, 2025

→

View All Transcripts

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did Chuck Robbins say about margins?What are CISCO SYSTEMS's strategic priorities?How is CISCO SYSTEMS positioned vs competitors?How did CISCO SYSTEMS do last quarter?

CISCO SYSTEMS (CSCO)

Analyst Earnings Quarterly Reports

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Executives

Chuck Robbins

Dev Stahlkopf

Jeetu Patel

Mark Patterson

Thimaya Subaiya

Board Members

Daniel Schulman

John Harris II

Kevin Weil

Kristina Johnson

Marianna Tessel

Mark Garrett

Michael Capellas

Sarah Rae Murphy

Wesley Bush

Analyst Coverage

Aaron Rakers

Amit Daryanani

James Fish

Karl Ackerman

Meta Marshall

Simon Leopold

Tal Liani

David Vogt

Samik Chatterjee

Michael Ng

Adrienne Colby

Ben Reitzes

Matthew Niknam

Antoine Chkaiban

Ben Bollin

Joseph Cardoso

Mike Ng

Sebastien Naji

Benjamin Reitzes

George Notter

Sebastien Cyrus Naji

Latest news

Earnings Transcripts

Q1 2026

Q4 2025

Q3 2025

Ask Fintool AI Agent