Cisco

Communication Equipment • Technology • San Jose, CA, United States • CSCO (NMS)

Quarter: Q4 2025 Reported: November 12, 2025 Sentiment: Neutral

Cisco Systems, Inc. designs, develops, and sells technologies that help to power, secure, and draw insights from the internet in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company offers data center switching; network security, identity and access management, and secure access service edge; threat intelligence, detection, and response solutions; interconnects public and private wireline and mobile networks, delivering connectivity to campus, data center, and branch networks; WEBEX suite, collaboration devices, and contact center; communication platform as a service software, including perpetual licenses, subscription arrangements, and hardware solutions; network assurance, monitoring and analytics, and observability suite; issue resolution, software support, and hardware replacement; professional services, such as planning, design, implementation, and high-value consulting; service and support packages, financing, and managed network services; and regional, national, and international wireline carriers, webscale products, internet, and cable. It also delivers connectivity to campus, data center, and branch networks; wireless products, including indoor and outdoor wireless coverage designed for seamless roaming use of voice, video, and data applications; end-to-end collaboration solutions through cloud, on-premise, or within hybrid cloud environments, transition collaboration solutions from on-premise to the cloud; and network assurance, monitoring and analytics, and observability suite. In addition, it offers technical support and advisory services. The company serves businesses, public institutions, governments, and service providers. It sells its products and services directly, through systems integrators, service providers, resellers, and distributors. Cisco Systems, Inc. was incorporated in 1984 and is headquartered in San Jose, California.

Analysis Summary

Cisco Systems, Inc. filed an 8-K on November 12, 2025, to announce its fiscal first quarter 2026 results, which concluded on October 25, 2025. The filing indicates that a press release (Exhibit 99.1) containing the full financial details was issued concurrently. This document primarily focuses on the company's use of non-GAAP financial measures, explaining the rationale and specific items excluded from GAAP figures. Cisco's non-GAAP adjustments typically remove share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related/divestiture costs, significant asset impairments and restructurings, significant litigation settlements, gains and losses on investments, the income tax effects of these items, and significant tax matters. Management asserts that these non-GAAP measures, when presented alongside GAAP, offer useful insights into financial and business trends by focusing on ongoing operational results. The company also notes that it may exclude other items in the future if deemed consistent with providing useful information to investors. However, specific revenue, earnings, or guidance figures for Q1 2026 are not provided within this 8-K filing, requiring reference to the separate press release for performance details.

Key Highlights

• Cisco reported its fiscal first quarter 2026 results on November 12, 2025.
• The earnings announcement pertains to the quarter ended October 25, 2025.
• Results include various non-GAAP financial measures, such as net income, gross margins, and EPS.
• Cisco consistently excludes share-based compensation, acquisition-related costs, and other specific items from its non-GAAP calculations.
• The full financial performance details are contained in an accompanying press release (Exhibit 99.1), not within this 8-K filing.
• Management believes non-GAAP measures provide useful information regarding ongoing business trends.

Financial Metrics

eps

revenue

guidance

net income

Stock Performance (90 Days)

Data through Dec 26, 2025

Layoff Events

Earnings Calls

Positive Signals

• Timely reporting of quarterly financial results.
• Clear articulation of non-GAAP adjustments policy.
• Commitment to providing useful financial information to investors.
• Consistent application of non-GAAP exclusions over time.

Risks & Concerns

— Reliance on non-GAAP measures which may not fully reflect GAAP results.
— Potential for future changes in non-GAAP exclusions, impacting comparability.
— Impact of significant tax matters on reported financial performance.
— Volatility from gains and losses on investments, excluded from non-GAAP results.