Latest revenue
$15.35B
as of 2026-01-24
Latest net income
$3.17B
as of 2026-01-24
Net margin
20.7%
as of 2026-01-24
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $474.59B
- Enterprise value
- $497.72B
- P/E (trailing)
- 46.6×
- Forward P/E
- —
- P/B
- 9.94×
- Dividend yield
- 1.4%
- 52-wk high
- $120.79
- 52-wk low
- $62.30
- Beta
- —
- Shares out
- 3.94B
5-year trend
What this company does
Cisco designs and sells networking hardware—switches, routers, wireless gear—plus cybersecurity, collaboration software, and observability tools used by enterprises, telecom carriers, and governments worldwide. Product sales drive roughly three-quarters of revenue, with recurring services and software subscriptions providing the rest, generating $30.2 billion over the first half of fiscal 2026. Revenue grew 9% year-over-year and operating income jumped 31%, signaling that the Splunk-era pivot toward security, AI infrastructure, and software-led recurring revenue is gaining traction.
Key risks
- Leverage: $30.1B total debt against $15.8B cash/investments; short-term debt jumped to $8.7B from $5.2B, raising near-term refinancing exposure.
- Inventory build: inventories rose 24% to $3.92B while operating cash flow fell to $5.03B from $5.90B, signaling potential demand softness or overordering.
- Capital return outpacing FCF: $3.35B buybacks plus $3.23B dividends ($6.6B) versus $5.0B operating cash flow, funded partly by debt issuance.
Profitability
Gross margin
64.9%
0.3%Operating margin
20.8%
8.3%Net margin
18.0%
6.3%Return on equity
21.7%
4.3%Return on assets
8.3%
0.4%Leverage
Debt / equity
1.61×
7.3%Long-term debt / equity
0.49×
13.1%Debt / assets
61.7%
2.8%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-01-24 | $15.35B | +9.7% | $3.17B | +30.8% | 20.7% |
Q4 2025 2025-10-25 | $14.88B | +7.5% | $2.86B | +5.5% | 19.2% |
Q3 2025 2025-07-26 | $14.67B | +7.6% | $2.55B | +17.9% | 17.4% |
Q2 2025 2025-04-26 | $14.15B | +11.4% | $2.49B | +32.1% | 17.6% |
Q1 2025 2025-01-25 | $13.99B | +9.4% | $2.43B | -7.8% | 17.4% |
Q4 2024 2024-10-26 | $13.84B | -5.6% | $2.71B | -25.5% | 19.6% |
Q3 2024 2024-07-27 | $13.64B | — | $2.16B | — | 15.8% |
Q2 2024 2024-04-27 | $12.70B | — | $1.89B | — | 14.8% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Computer Communications Equipment · SIC 3576
Your notes
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Insider activity
Insider buying
$0
Insider selling
$106.2M
Net activity
−$106.2M
Distinct insiders
10
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns CSCO
Institutional value
$62.74B
Total shares held
840.4M
Distinct holders
733
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 243.8M | $18.91B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 117.8M | $9.14B | — | New |
| 3 | Invesco Ltd. | 56.8M | $4.41B | — | New |
| 4 | WELLS FARGO & COMPANY/MN | 38.5M | $2.99B | — | New |
| 5 | Legal & General Group Plc | 34.4M | $2.67B | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 27.6M | $2.14B | — | New |
| 7 | VANGUARD FIDUCIARY TRUST CO | 21.9M | $1.70B | — | New |
| 8 | DEUTSCHE BANK AG\ | 16.8M | $1.30B | — | New |
| 9 | STIFEL FINANCIAL CORP | 13.5M | $1.05B | — | New |
| 10 | BNP PARIBAS FINANCIAL MARKETS | 13.1M | $1.02B | — | New |
| 11 | California Public Employees Retirement System | 12.1M | $935.3M | — | New |
| 12 | Swiss National Bank | 11.6M | $899.7M | — | New |
| 13 | CITIGROUP INC | 10.4M | $809.4M | — | New |
| 14 | National Pension Service | 9.6M | $746.6M | — | New |
| 15 | Mitsubishi UFJ Asset Management Co., Ltd. | 9.5M | $735.0M | — | New |
| 16 | Allianz Asset Management GmbH | 9.0M | $699.4M | — | New |
| 17 | Vanguard Global Advisers, LLC | 8.7M | $673.4M | — | New |
| 18 | VANGUARD ASSET MANAGEMENT, Ltd | 8.0M | $619.8M | — | New |
| 19 | RHUMBLINE ADVISERS | 7.2M | $556.1M | — | New |
| 20 | LPL Financial LLC | 6.7M | $517.8M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Product gross margin compressed to 63.9% from 63.7% YoY—with inventories up 24% to $3.92B, are you pre-building ahead of tariff/component cost pressure that hits H2?
- 2
Retained earnings sit at just $66M after $3.36B buybacks and $3.23B dividends on $5.03B operating cash flow—is the current capital return pace sustainable without releveraging?
- 3
Product revenue grew 13.8% but services declined 1.3% YoY; what's driving services weakness and when does Splunk-related ARR offset the drag?