8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 12, 2025

CISCO SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-39940	77-0059951
(State or other jurisdiction<br> <br>of incorporation)	(Commission<br> <br>File Number)	(IRS Employer<br>Identification No.)
170 West Tasman Drive, San Jose, California	95134-1706
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(Address of principal executive offices)	(Zip Code)

(408) 526-4000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br>Symbol(s)	Name of each exchange<br>on which registered
Common Stock, par value $0.001 per share	CSCO	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.	Results of Operations and Financial Condition.

On November 12, 2025, Cisco Systems, Inc. (“Cisco”) reported its results of operations for its fiscal first quarter 2026 ended October 25, 2025. A copy of the press release issued by Cisco concerning the foregoing results is furnished herewith as Exhibit 99.1.

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of Cisco, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

The attached exhibit includes non-GAAP net income, non-GAAP gross margins, non-GAAP operating expenses, non-GAAP operating income and margin, non-GAAP effective tax rates, non-GAAP interest and other income (loss), net, and non-GAAP net income per share data for the periods presented. It also includes future estimated ranges for gross margin, operating margin, tax provision rate and EPS on a non-GAAP basis.

These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Cisco believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Cisco’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Cisco’s results of operations in conjunction with the corresponding GAAP measures.

Cisco believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations.

For its internal budgeting process, Cisco’s management uses financial statements that do not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related/divestiture costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies (such as legal and indemnification settlements and the supplier component remediation amounts), gains and losses on investments, the income tax effects of the foregoing, and significant tax matters. Cisco’s management also uses the foregoing non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. From time to time in the future, there may be other items that Cisco may exclude for purposes of its internal budgeting process and in reviewing its financial results.

As described above, Cisco excludes the following items from one or more of its non-GAAP measures when applicable:

Share-based compensation expense. These expenses consist primarily of expenses for employee restricted stock and restricted stock units, employee stock options, and employee stock purchase rights, including such expenses associated with acquisitions. Cisco excludes share-based compensation expense from its non-GAAP measures primarily because they are non-cash expenses and Cisco believes that it is useful to investors to understand the impact of share-based compensation to its results of operations.

Amortization of acquisition-related intangible assets. Cisco incurs amortization of intangible assets (which may include impairment charges from the write-downs of purchased intangible assets) in connection with acquisitions. Such intangible assets may include purchased intangible assets with finite lives, capitalized in process research and development and goodwill. Cisco excludes these items because Cisco does not believe these expenses are reflective of ongoing operating results in the period incurred. These amounts arise from Cisco’s prior acquisitions and have no direct correlation to the operation of Cisco’s business.

Acquisition-related/divestiture costs. In connection with its business combinations, Cisco incurs compensation expense, changes to the fair value of contingent consideration, as well as professional fees and other direct expenses such as restructuring activities related to the acquired company. In addition, from time to time Cisco enters into foreign currency transactions related to pending acquisitions, and may incur gains or losses on such transactions. Cisco may also from time to time incur gains or losses from divestitures of a business area as well as professional fees and other direct expenses associated with such transactions. Cisco excludes such compensation expense, changes to the fair value of contingent consideration, fees, other direct expenses, and gains and losses, as they are related to acquisitions and divestitures and have no direct correlation to the operation of Cisco’s business.

Significant asset impairments and restructurings. Cisco from time to time incurs significant asset impairments, restructuring charges, and gains or losses on asset disposals. Cisco excludes these items, when significant, because it does not believe they are reflective of ongoing business and operating results.

Significant litigation settlements and other contingencies. Cisco from time to time may incur charges or benefits related to significant litigation settlements and other contingencies. Cisco excludes these charges or benefits, when significant, because it does not believe they are reflective of ongoing business and operating results.

Gains and losses on investments. Cisco excludes gains and losses on our marketable equity investments and our investments in privately held companies, because it does not believe they are reflective of ongoing business and operating results.

Income tax effects of the foregoing. This amount is used to present each of the amounts described above on an after-tax basis consistent with the presentation of non-GAAP net income.

Significant tax matters. Cisco may incur tax charges or benefits that are (i) related to prior periods or (ii) not reflective of its ongoing provision for income taxes. These tax charges or benefits may be the result of events such as changes in tax legislation, court decisions, and/or tax settlements. Cisco excludes these charges or benefits, when significant, because it does not believe they are reflective of ongoing business and operating results.

From time to time in the future, there may be other items that Cisco may exclude if it believes that doing so is consistent with the goal of providing useful information to investors and management.

Cisco will incur share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related costs, and gains and losses on investments, in future periods. Significant asset impairments, restructurings, significant litigation settlements and other contingencies, and divestiture costs could occur in future periods. Cisco could also be impacted by significant tax matters in future periods.

Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits

Exhibit<br> <br>Number	Description of Document
99.1	Press Release of Cisco, dated November 12, 2025, reporting the results of operations for Cisco’s fiscal first quarter 2026 ended October 25, 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CISCO SYSTEMS, INC.
Dated: November 12, 2025	By:	/s/ Mark Patterson
	Name:	Mark Patterson
	Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Press Contact:	Investor Relations Contact:
Robyn Blum	Sami Badri
Cisco	Cisco
1 (408) 930-8548	1 (469) 420-4834
rojenkin@cisco.com	sambadri@cisco.com

CISCO REPORTS FIRST QUARTER EARNINGS

News Summary:

•	Strong top and bottom-line growth, exceeding our guidance and delivering continued operating leverage<br>
•	Revenue of $14.9 billion, up 8% year over year; GAAP EPS of $0.72, up 6% year over year; and Non-GAAP EPS of $1.00, up 10% year over year, above the high end of our guidance ranges and demonstrating solid operating leverage
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•	GAAP gross margin of 65.5% and Non-GAAP gross margin of 68.1%; GAAP<br>operating margin of 22.6% and Non-GAAP operating margin of 34.4%, both above the high end of our guidance ranges
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•	Growth in product orders across all geographies and customer markets, demonstrating strong demand for<br>Cisco’s technologies
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•	Product orders up 13% year over year, with double-digit growth in Networking product orders for the fifth<br>consecutive quarter
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•	AI Infrastructure orders taken from hyperscaler customers totaled $1.3 billion, reflecting a significant<br>acceleration in growth
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•	Major multi-year, multi-billion-dollar campus networking refresh cycle underway
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•	All technologies within campus networking (switching, routing, wireless and IoT) saw accelerated order growth in<br>Q1
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•	All next-generation solutions including smart switches, secure routers and WiFi 7 products are ramping faster<br>than prior product launches
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•	Q1 FY 2026 Results:
---	---
•	Revenue: $14.9 billion ****
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•	Increase of 8% year over year
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•	Earnings per Share: GAAP: $0.72; Non-GAAP: $1.00 **** <br>
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•	GAAP EPS increased 6% year over year
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•	Non-GAAP EPS increased 10% year over year
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•	Q2 FY 2026 Guidance ^(1)^:
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•	Revenue: $15.0 billion to $15.2 billion
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•	Earnings per Share: GAAP: $0.69 to $0.74; Non-GAAP: $1.01 to $1.03<br>
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•	FY 2026 Guidance ^(1)^:
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•	Revenue: $60.2 billion to $61.0 billion
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•	Earnings per Share: GAAP: $2.87 to $2.98; Non-GAAP: $4.08 to $4.14<br>
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^(1)^ Margin and EPS guidance includes the estimated impact of tariffs based on current trade policy.

1

SAN JOSE, Calif. — November 12, 2025 — Cisco today reported first quarter results for the period ended October 25, 2025. Cisco reported first quarter revenue of $14.9 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.9 billion or $0.72 per share, and non-GAAP net income of $4.0 billion or $1.00 per share.

“We had a solid start to fiscal 2026, and Cisco is on track to deliver our strongest year yet,” said Chuck Robbins, chair and CEO of Cisco. “The widespread demand for our technologies highlights the critical role of secure networking and the value of our portfolio as customers move quickly to unlock the potential of AI.”

“We delivered a strong quarter, with top and bottom-line performance exceeding our guidance, as well as solid margins and operating cash flow,” said Mark Patterson, CFO of Cisco. “Our relevance in AI continues to build and we have a multi-year, multi-billion-dollar campus refresh opportunity starting to ramp, with strong demand for our refreshed networking products. Looking ahead, you can expect a continued focus on profitable growth, capital returns, and strategic investments to capture the significant opportunities ahead.”

GAAP Results

	Q1 FY 2026	Q1 FY 2025	Vs. Q1 FY 2025
Revenue	$14.9 billion	$13.8 billion	8%
Net Income	$2.9 billion	$2.7 billion	5%
Diluted Earnings per Share (EPS)	$0.72	$0.68	6%

Non-GAAP Results

	Q1 FY 2026	Q1 FY 2025	Vs. Q1 FY 2025
Net Income	$4.0 billion	$3.7 billion	9%
EPS	$1.00	$0.91	10%

Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.” ****

Cisco Declares Quarterly Dividend

Cisco has declared a quarterly dividend of $0.41 per common share to be paid on January 21, 2026, to all stockholders of record as of the close of business on January 2, 2026. Future dividends will be subject to Board approval.

2

Financial Summary

All comparative percentages are on a year-over-year basis unless otherwise noted.

Q1 FY 2026 Highlights

***Revenue —***Total revenue was $14.9 billion, up 8%, with product revenue up 10% and services revenue up 2%.

Revenue by geographic segment was: Americas up 9%, EMEA up 5%, and APJC up 5%. Product revenue performance reflected growth in Networking up 15% and Observability up 6%. Security was down 2% and Collaboration was down 3%.

Gross Margin — On a GAAP basis, total gross margin, product gross margin, and services gross margin were 65.5%, 64.5%, and 68.4%, respectively, as compared with 65.9%, 65.1%, and 68.0%, respectively, in the first quarter of fiscal 2025. ****

On a non-GAAP basis, total gross margin, product gross margin, and services gross margin were 68.1%, 67.2%, and 70.7%, respectively, as compared with 69.3%, 68.9%, and 70.3%, respectively, in the first quarter of fiscal 2025.

Total gross margins by geographic segment were: 66.8% for the Americas, 71.9% for EMEA and 66.9% for APJC.

Operating Expenses — **** On a GAAP basis, operating expenses were $6.4 billion, down 6% year over year, and were 42.9% of revenue. Non-GAAP operating expenses were $5.0 billion, up 3%, and were 33.7% of revenue. ****

Operating Income — GAAP operating income was $3.4 billion, up 43%, with GAAP operating margin of 22.6%. Non-GAAP operating income was $5.1 billion, up 8%, with non-GAAP operating margin at 34.4%.

Provision for Income Taxes — The GAAP tax provision rate was 15.7%. The non-GAAP tax provision rate was 19.0%. ****

Net Income and EPS — On a GAAP basis, net income was $2.9 billion, an increase of 5%, and EPS was $0.72, an increase of 6%. On a non-GAAP basis, net income was $4.0 billion, an increase of 9%, and EPS was $1.00, an increase of 10%. ****

Cash Flow from Operating Activities — $3.2 billion for the first quarter of fiscal 2026, a decrease of 12%, compared with $3.7 billion for the first quarter of fiscal 2025. ****

Balance Sheet and Other Financial Highlights

Cash and Cash Equivalents and Investments — $15.7 billion at the end of the first quarter of fiscal 2026, compared with $16.1 billion at the end of fiscal 2025. ****

Remaining Performance Obligations (RPO) — $42.9 billion, up 7% in total. Product RPO was up 10%, of which long-term RPO was $11.8 billion, up 13%. Services RPO was up 4%. ****

Deferred Revenue — $28.0 billion, up 2% in total, with deferred product revenue up 2% and deferred services revenue up 1%.****

Capital Allocation — In the first quarter of fiscal 2026, we returned $3.6 billion to stockholders through share buybacks and dividends. We declared and paid a cash dividend of $0.41 per common share, or $1.6 billion, and repurchased approximately 29 million shares of common stock under our stock repurchase program at an average price of $68.28 per share for an aggregate purchase price of $2.0 billion. The remaining authorized amount for stock repurchases under the program is $12.2 billion with no termination date. ****

Acquisitions

In the first quarter of fiscal 2026, we closed the acquisition of Aura Asset Intelligence, an asset and risk intelligence (ARI) solution created by Discovered Intelligence, a privately held company based in Toronto, Canada.

3

Guidance

Cisco estimates the following results for the second quarter of fiscal 2026:

Q2 FY 2026
Revenue	$15.0 billion - $15.2 billion
Non-GAAP gross margin	67.5% - 68.5%
Non-GAAP operating margin	33.5% - 34.5%
Non-GAAP EPS	$1.01 - $1.03

Margin and EPS guidance includes the estimated impact of tariffs based on current trade policy.

Cisco estimates that GAAP EPS will be $0.69 to $0.74 for the second quarter of fiscal 2026.

Cisco estimates the following results for fiscal 2026:

FY 2026
Revenue	$60.2 billion - $61.0 billion
Non-GAAP EPS	$4.08 - $4.14

Margin and EPS guidance includes the estimated impact of tariffs based on current trade policy.

Cisco estimates that GAAP EPS will be $2.87 to $2.98 for fiscal 2026.

Our Q2 FY 2026 guidance assumes an effective tax provision rate of approximately 16% for GAAP and approximately 19% for non-GAAP results. Our FY 2026 guidance assumes an effective tax provision rate of approximately 17% for GAAP and approximately 19% for non-GAAP results. ****

A reconciliation between the guidance on a GAAP and non-GAAP basis is provided in the tables entitled “GAAP to non-GAAP Guidance” located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”

Editor’s Notes:

•	Q1 fiscal year 2026 conference call to discuss Cisco’s results along with its guidance will be held on<br>Wednesday, November 12, 2025 at 1:30 p.m. Pacific Time. Conference call number is 1-888-848-6507 (United States) or 1-212-519-0847 (international).
•	Conference call replay will be available from 4:00 p.m. Pacific Time, November 12, 2025 to 10:00 p.m.<br>Pacific Time, November 18, 2025 at 1-800-839-2232 (United States) or 1-203-369-3662 (international). The replay will also be available via webcast on the Cisco Investor Relations website at https://investor.cisco.com.<br>
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•	Additional information regarding Cisco’s financials, as well as a webcast of the conference call with<br>visuals designed to guide participants through the call, will be available at 1:30 p.m. Pacific Time, November 12, 2025. Text of the conference call’s prepared remarks will be available within 24 hours of completion of the call. The<br>webcast will include both the prepared remarks and the question-and-answer session. This information, along with the GAAP to<br>non-GAAP reconciliation information, will be available on the Cisco Investor Relations website at https://investor.cisco.com.
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4

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per-share amounts)

(Unaudited)

	Three Months Ended
	October 25,<br>2025			October 26,<br>2024
REVENUE:
Product	$	11,077		$	10,114
Services		3,806			3,727
Total revenue		14,883			13,841
COST OF SALES:
Product		3,934			3,526
Services		1,204			1,194
Total cost of sales		5,138			4,720
GROSS MARGIN		9,745			9,121
OPERATING EXPENSES:
Research and development		2,400			2,286
Sales and marketing		2,871			2,752
General and administrative		733			795
Amortization of purchased intangible assets		231			265
Restructuring and other charges		147			665
Total operating expenses		6,382			6,763
OPERATING INCOME		3,363			2,358
Interest income		222			286
Interest expense		(350	)		(418	)
Other income (loss), net		156			41
Interest and other income (loss), net		28			(91	)
INCOME BEFORE PROVISION FOR INCOME TAXES		3,391			2,267
Provision for (benefit from) income taxes		531			(444	)
NET INCOME	$	2,860		$	2,711
Net income per share:
Basic	$	0.72		$	0.68
Diluted	$	0.72		$	0.68
Shares used in per-share calculation:
Basic		3,956			3,990
Diluted		3,993			4,013

5

CISCO SYSTEMS, INC.

REVENUE BY SEGMENT

(Inmillions, except percentages)

	Three Months Ended
	October 25, 2025
	Amount		Y/Y%
Revenue:
Americas	$	8,989		9%
EMEA		3,784		5%
APJC		2,111		5%
Total	$	14,883		8%

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

GROSS MARGIN PERCENTAGE BY SEGMENT

(In percentages)

	Three Months Ended
	October 25, 2025
Gross Margin Percentage:
Americas		66.8%
EMEA		71.9%
APJC		66.9%

CISCO SYSTEMS, INC.

REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES

(In millions, except percentages)

	Three Months Ended
	October 25, 2025
	Amount		Y/Y%
Revenue:
Networking	$	7,768		15%
Security		1,980		(2)%
Collaboration		1,055		(3)%
Observability		274		6%
Total Product		11,077		10%
Services		3,806		2%
Total	$	14,883		8%

Amounts may not sum and percentages may not recalculate due to rounding.

6

CISCO SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

		July 26,<br>2025
ASSETS
Current assets:
Cash and cash equivalents	8,400	$	8,346
Investments	7,336		7,764
Accounts receivable, net of allowance of 62 at October 25, 2025 and 69 at July 26,<br>2025	4,827		6,701
Inventories	3,395		3,164
Financing receivables, net	3,085		3,061
Other current assets	5,833		5,950
Total current assets	32,876		34,986
Property and equipment, net	2,248		2,113
Financing receivables, net	3,719		3,466
Goodwill	59,119		59,136
Purchased intangible assets, net	8,713		9,175
Deferred tax assets	7,314		7,356
Other assets	7,113		6,059
TOTAL ASSETS	121,102	$	122,291
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	6,725	$	5,232
Accounts payable	2,418		2,528
Income taxes payable	2,471		1,857
Accrued compensation	3,064		3,611
Deferred revenue	15,801		16,416
Other current liabilities	4,972		5,420
Total current liabilities	35,451		35,064
Long-term debt	21,364		22,861
Income taxes payable	2,172		2,165
Deferred revenue	12,168		12,363
Other long-term liabilities	3,074		2,995
Total liabilities	74,229		75,448
Total equity	46,873		46,843
TOTAL LIABILITIES AND EQUITY	121,102	$	122,291

All values are in US Dollars.

7

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

	Three Months Ended
	October 25,<br>2025			October 26,<br>2024
Cash flows from operating activities:
Net income	$	2,860		$	2,711
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other		606			789
Share-based compensation expense		1,055			827
Provision for (benefit from) receivables		(3	)		(1	)
Deferred income taxes		25			(281	)
(Gains) losses on divestitures, investments and other, net		(178	)		(60	)
Change in operating assets and liabilities, net of effects of acquisitions and<br>divestitures:
Accounts receivable		1,857			2,227
Inventories		(234	)		229
Financing receivables		(312	)		173
Other assets		(592	)		(190	)
Accounts payable		(108	)		(269	)
Income taxes, net		(128	)		(806	)
Accrued compensation		(539	)		(754	)
Deferred revenue		(723	)		(971	)
Other liabilities		(374	)		37
Net cash provided by operating activities		3,212			3,661
Cash flows from investing activities:
Purchases of investments		(1,984	)		(1,775	)
Proceeds from sales of investments		1,269			1,490
Proceeds from maturities of investments		1,222			1,164
Acquisitions, net of cash and cash equivalents acquired and divestitures		(7	)		(217	)
Purchases of investments in privately held companies		(18	)		(42	)
Return of investments in privately held companies		19			77
Acquisition of property and equipment		(323	)		(217	)
Other		(22	)		(1	)
Net cash provided by investing activities		156			479
Cash flows from financing activities:
Repurchases of common stock - repurchase program		(1,992	)		(2,003	)
Shares repurchased for tax withholdings on vesting of restricted stock units		(284	)		(165	)
Short-term borrowings, original maturities of 90 days or less, net		1,260			68
Issuances of debt		1,559			5,732
Repayments of debt		(2,788	)		(4,821	)
Dividends paid		(1,617	)		(1,592	)
Other		(1	)		(3	)
Net cash used in financing activities		(3,863	)		(2,784	)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and<br>restricted cash equivalents		(14	)		10
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash<br>equivalents		(509	)		1,366
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of<br>period		8,910			8,842
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$	8,401		$	10,208
Supplemental cash flow information:
Cash paid for interest	$	616		$	545
Cash paid for income taxes, net	$	634		$	643

8

CISCO SYSTEMS, INC.

REMAINING PERFORMANCE OBLIGATIONS

(In millions, except percentages)

	October 25, 2025					July 26, 2025					October 26, 2024
	Amount		Y/Y%			Amount		Y/Y%			Amount		Y/Y%
Product ^(1)^	$	21,904		10	%	$	21,572		8	%	$	19,882		24	%
Services		20,969		4	%		21,961		5	%		20,108		7	%
Total	$	42,873		7	%	$	43,533		6	%	$	39,990		15	%

^(1)^As of the end of the first quarter of fiscal 2026, long-term product RPO was $11.8B, up 13% year over year.

CISCO SYSTEMS, INC.

DEFERRED REVENUE

(Inmillions)

	October 25,<br>2025		July 26,<br>2025		October 26,<br>2024
Deferred revenue:
Product	$	13,252	$	13,490	$	12,941
Services		14,717		15,289		14,561
Total	$	27,969	$	28,779	$	27,502
Reported as:
Current	$	15,801	$	16,416	$	15,615
Noncurrent		12,168		12,363		11,887
Total	$	27,969	$	28,779	$	27,502

CISCO SYSTEMS, INC.

DIVIDENDS PAID AND REPURCHASES OF COMMON STOCK

(In millions, except per-share amounts)

	DIVIDENDS				STOCK REPURCHASE PROGRAM						TOTAL
Quarter Ended	Per<br>Share		Amount		Shares		Weighted-<br>Average Price<br>per Share		Amount		Amount
Fiscal 2026
October 25, 2025	$	0.41	$	1,617		29	$	68.28	$	2,001	$	3,618
Fiscal 2025
July 26, 2025	$	0.41	$	1,625		19	$	64.65	$	1,252	$	2,877
April 26, 2025	$	0.41	$	1,627		25	$	59.78	$	1,504	$	3,131
January 25, 2025	$	0.40	$	1,593		21	$	58.58	$	1,236	$	2,829
October 26, 2024	$	0.40	$	1,592		40	$	49.56	$	2,003	$	3,595

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CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GAAP TO NON-GAAP NET INCOME

(In millions)

	Three Months Ended
	October 25,<br>2025			October 26,<br>2024
GAAP net income	$	2,860		$	2,711
Adjustments to cost of sales:
Share-based compensation expense		150			131
Amortization of acquisition-related intangible assets		233			319
Acquisition/divestiture-related costs		8			19
Total adjustments to GAAP cost of sales		391			469
Adjustments to operating expenses:
Share-based compensation expense		884			679
Amortization of acquisition-related intangible assets		231			265
Acquisition/divestiture-related costs		103			285
Significant asset impairments and restructurings		147			665
Total adjustments to GAAP operating expenses		1,365			1,894
Adjustments to interest and other income (loss), net:
(Gains) and losses on investments		(195	)		(98	)
Total adjustments to GAAP interest and other income (loss), net		(195	)		(98	)
Total adjustments to GAAP income before provision for income taxes		1,561			2,265
Income tax effect of non-GAAP adjustments		(337	)		(476	)
Significant tax matters		(73	)		(829	)
Total adjustments to GAAP provision for income taxes		(410	)		(1,305	)
Non-GAAP net income	$	4,011		$	3,671

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CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GAAP TO NON-GAAP EPS

	Three Months Ended
	October 25,<br>2025			October 26,<br>2024
GAAP EPS	$	0.72		$	0.68
Adjustments to GAAP:
Share-based compensation expense		0.26			0.20
Amortization of acquisition-related intangible assets		0.12			0.15
Acquisition/divestiture-related costs		0.03			0.08
Significant asset impairments and restructurings		0.04			0.17
(Gains) and losses on investments		(0.05	)		(0.02	)
Income tax effect of non-GAAP adjustments		(0.08	)		(0.12	)
Significant tax matters		(0.02	)		(0.21	)
Non-GAAP EPS	$	1.00		$	0.91

Amounts may not sum due to rounding.

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CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSS), NET, AND

NET INCOME

(In millions,except percentages)

	Three Months Ended
	October 25, 2025
	Product<br>Gross<br>Margin			Services<br>Gross<br>Margin			Total<br>Gross<br>Margin			Operating<br>Expenses			Y/Y			Operating<br>Income			Y/Y			Interest<br>and<br>other<br>income<br>(loss),<br>net			Net<br>Income			Y/Y
GAAP amount	$	7,143		$	2,602		$	9,745		$	6,382			(6	)%	$	3,363			43	%	$	28		$	2,860			5	%
% of revenue		64.5	%		68.4	%		65.5	%		42.9	%					22.6	%					0.2	%		19.2	%
Adjustments to GAAP amounts:
Share-based compensation expense		68			82			150			884						1,034						—			1,034
Amortization of acquisition-related intangible assets		233			—			233			231						464						—			464
Acquisition/divestiture-related costs		2			6			8			103						111						—			111
Significant asset impairments and restructurings		—			—			—			147						147						—			147
(Gains) and losses on investments		—			—			—			—						—						(195	)		(195	)
Income tax effect/significant tax matters		—			—			—			—						—						—			(410	)
Non-GAAP amount	$	7,446		$	2,690		$	10,136		$	5,017			3	%	$	5,119			8	%	$	(167	)	$	4,011			9	%
% of revenue		67.2	%		70.7	%		68.1	%		33.7	%					34.4	%					(1.1	)%		27.0	%
	Three Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	October 26, 2024
	Product<br>Gross<br>Margin			Services<br>Gross<br>Margin			Total<br>Gross<br>Margin			Operating<br>Expenses			Operating<br>Income			Interest<br>and<br>other<br>income<br>(loss),<br>net			Net<br>Income
GAAP amount	$	6,588		$	2,533		$	9,121		$	6,763		$	2,358		$	(91	)	$	2,711
% of revenue		65.1	%		68.0	%		65.9	%		48.9	%		17.0	%		(0.7	)%		19.6	%
Adjustments to GAAP amounts:
Share-based compensation expense		57			74			131			679			810			—			810
Amortization of acquisition-related intangible assets		319			—			319			265			584			—			584
Acquisition/divestiture-related costs		5			14			19			285			304			—			304
Significant asset impairments and restructurings		—			—			—			665			665			—			665
(Gains) and losses on investments		—			—			—			—			—			(98	)		(98	)
Income tax effect/significant tax matters		—			—			—			—			—			—			(1,305	)
Non-GAAP amount	$	6,969		$	2,621		$	9,590		$	4,869		$	4,721		$	(189	)	$	3,671
% of revenue		68.9	%		70.3	%		69.3	%		35.2	%		34.1	%		(1.4	)%		26.5	%

Amounts may not sum and percentages may not recalculate due to rounding.

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CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

EFFECTIVE TAX RATE

(Inpercentages)

	Three Months Ended
	October 25,<br>2025			October 26,<br>2024
GAAP effective tax rate		15.7	%		(19.6	)%
Total adjustments to GAAP provision for income taxes		3.3	%		38.6	%
Non-GAAP effective tax rate		19.0	%		19.0	%

GAAP TO NON-GAAP GUIDANCE

Q2 FY 2026	Gross Margin<br>Rate	Operating Margin<br>Rate	Earnings per<br>Share ^(1)^
GAAP	65% - 66%	22.5% - 23.5%	$0.69 - $0.74
Estimated adjustments for:
Share-based compensation expense	1.0%	7.0%	$0.18 - $0.19
Amortization of acquisition-related intangible assets and acquisition/divestiture-related<br>costs	1.5%	3.5%	$0.11 - $0.12
Significant asset impairments and restructurings	—	0.5%	$0.00 - $0.01
Non-GAAP	67.5% - 68.5%	33.5% - 34.5%	$1.01 - $1.03
FY 2026	Earnings per<br>Share ^(1)^
---	---	---
GAAP	$	2.87 - $2.98
Estimated adjustments for:
Share-based compensation expense	$	0.75 - $0.77
Amortization of acquisition-related intangible assets and acquisition/divestiture-related<br>costs	$	0.43 - $0.45
Significant asset impairments and restructurings	$	0.03 - $0.04
(Gains) and losses on investments		($0.03)
Significant tax matters		($0.02)
Non-GAAP	$	4.08 - $4.14
^(1)^	Estimated adjustments to GAAP earnings per share are shown after income tax effects.
---	---

Margin and EPS guidance includes the estimated impact of tariffs based on current trade policy.

Except as noted above, this guidance does not include the effects of any future acquisitions/divestitures, significant asset impairments and restructurings, significant litigation settlements and other contingencies, gains and losses on investments, significant tax matters, or other items, which may or may not be significant.

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Forward Looking Statements, Non-GAAP Information and AdditionalInformation

This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as the widespread demand for our technologies highlighting the critical role of secure networking and the value of our portfolio as customers move quickly to unlock the potential of AI, our campus refresh opportunity, and our continued focus on profitable growth, capital returns, and strategic investments to capture the significant opportunities ahead) and the future financial performance of Cisco (including the guidance for Q2 FY 2026 and full year FY 2026) that involve risks and uncertainties, such as the actual impact of tariffs on our guidance for Q2 FY2026 and full year FY2026. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; our development and use of artificial intelligence; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market, cloud, enterprise and other customer markets; the return on our investments in certain key priority areas, and in certain geographical locations, as well as maintaining leadership in Networking and services; the timing of orders and manufacturing and customer lead times; supply constraints; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and services markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, other intellectual property, antitrust, stockholder and other matters, and governmental investigations; our ability to achieve the benefits of restructurings and possible changes in the size and timing of related charges; cyber attacks, data breaches or other incidents; vulnerabilities and critical security defects; our ability to protect personal data; evolving regulatory uncertainty; terrorism; natural catastrophic events (including as a result of global climate change); any pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets; currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco’s most recent report on Form 10-K filed on September 3, 2025. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco’s most recent report on Form 10-K as it may be amended from time to time. Cisco’s results of operations for the three months ended October 25, 2025 are not necessarily indicative of Cisco’s operating results for any future periods. Any projections in this release are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of this release.

This release includes non-GAAP net income, non-GAAP gross margins, non-GAAP operating expenses, non-GAAP operating income and margin, non-GAAP effective tax rates, non-GAAP interest and other income (loss), net, and non-GAAP net income per share data for the periods presented. It also includes future estimated ranges for gross margin, operating margin, tax provision rate and EPS on a non-GAAP basis.

These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Cisco believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Cisco’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Cisco’s results of operations in conjunction with the corresponding GAAP measures.

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Cisco believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations.

For its internal budgeting process, Cisco’s management uses financial statements that do not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, acquisition/divestiture-related costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies, gains and losses on investments, the income tax effects of the foregoing and significant tax matters. Cisco’s management also uses the foregoing non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. From time to time in the future there may be other items that Cisco may exclude for purposes of its internal budgeting process and in reviewing its financial results. For additional information on the items excluded by Cisco from one or more of its non-GAAP financial measures, refer to the Form 8-K regarding this release furnished today to the Securities and Exchange Commission.

AboutCisco

Cisco (NASDAQ: CSCO) is the worldwide technology leader that is revolutionizing the way organizations connect and protect in the AI era. For more than 40 years, Cisco has securely connected the world. With its industry leading AI-powered solutions and services, Cisco enables its customers, partners and communities to unlock innovation, enhance productivity and strengthen digital resilience. With purpose at its core, Cisco remains committed to creating a more connected and inclusive future for all. Discover more on The Newsroom and follow us on X at @Cisco.

Copyright ^©^ 2025 Cisco and/or its affiliates. All rights reserved. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. To view a list of Cisco trademarks, go to: www.cisco.com/go/trademarks. Third-party trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.

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