Cisco

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

Quarter: Q3 2025 Reported: August 13, 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. formally announced its fiscal fourth quarter and full fiscal year 2025 financial results on August 13, 2025, as detailed in this 8-K filing. While this filing confirms the reporting event and outlines the company's approach to non-GAAP financial measures, it does not contain the specific financial performance data, such as revenue, net income, EPS, or forward guidance. These detailed figures are furnished separately in the accompanying press release (Exhibit 99.1).

The filing extensively describes Cisco's non-GAAP adjustments, which are crucial for understanding management's view of core operational trends. These adjustments include the exclusion of share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related/divestiture costs, significant asset impairments and restructurings, significant litigation settlements, Russia-Ukraine war costs, gains and losses on investments, and significant tax matters. Cisco justifies these exclusions by stating they are either non-cash, non-recurring, or not reflective of ongoing business operations. The company emphasizes that these non-GAAP measures should be evaluated in conjunction with GAAP measures to provide useful information to investors and management.

The document also acknowledges that certain excluded items, such as asset impairments, restructurings, significant litigation settlements, divestiture costs, or significant tax matters, could occur in future periods, indicating inherent business risks. This 8-K serves primarily as a procedural disclosure, highlighting the availability of the full earnings report and detailing the non-GAAP accounting principles applied.

Key Highlights

• Cisco reported its fiscal fourth quarter and full fiscal year 2025 results on August 13, 2025.
• Detailed financial performance and guidance are available in the accompanying press release (Exhibit 99.1).
• The company utilizes non-GAAP financial measures to present its results.
• Non-GAAP adjustments exclude items such as share-based compensation, acquisition-related amortization, and significant asset impairments.
• Non-GAAP measures are intended to provide insight into ongoing operational performance, separate from non-recurring or non-cash items.

Financial Metrics

eps

revenue

guidance

net income

Stock Performance (90 Days)

Data through Dec 26, 2025

Layoff Events

Earnings Calls

Positive Signals

• Timely filing of the 8-K report.
• Clear and extensive disclosure of non-GAAP accounting methodologies.
• Commitment to providing comprehensive financial information via a referenced press release.
• Transparent explanation of items excluded from non-GAAP measures and their rationale.

Risks & Concerns

— Potential for significant asset impairments and restructurings in future periods.
— Risk of significant litigation settlements and other contingencies impacting future results.
— Exposure to future divestiture costs.
— Impact from significant tax matters in future periods.
— Reliance on non-GAAP measures, which may not fully reflect all aspects of operations as determined by GAAP.