Company profile
SEC EDGAR ↗- Industry
- Computer Communications Equipment
- Listed
- Nasdaq: CSCO
- Incorporated
- DE
- Headquarters
- San Jose, CA
- Fiscal year end
- Jul 25
Financials
FY2025- Revenue
- $56.7B
- Net income
- $10.2B
- Total assets
- $122.3B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $56.7B | $10.2B | $122.3B |
| FY2024 | $53.8B | $10.3B | $124.4B |
| FY2023 | $57.0B | $12.6B | $101.9B |
| FY2022 | $51.6B | $11.8B | $94.0B |
| FY2021 | $49.8B | $10.6B | $97.5B |
| FY2020 | $49.3B | $11.2B | $94.9B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Expansion · Growth & Portfolio
Splunk at $28 Billion Tests Which of Cisco's Two Acquisition Machines Actually Works
Cisco has bought its way to scale since 1993, when its first acquisition cost about $94-97 million in stock. Splunk cost $28 billion. The machine that made the small deals work is not the same machine swinging the big ones — and Splunk is the test of which one Cisco actually owns.
8 min
The Adjacency Expansion · Growth & Portfolio
From $97M in 1993 to $27B in 2024, Cisco Bought the Future Whenever It Threatened to Outrun the Router
Cisco is remembered as the visionary that conquered switching, optical, wireless, and security. The record says otherwise: a $97M deal in 1993 and a $27B one in 2024 were both defensive — Cisco was a fast follower in its own backyard, buying the future every time it threatened to outrun the router.
8 min
The Cannibalization Choice · Decision Forks
Cisco Says It's a Software Company Now. It Bought That Identity for $28 Billion.
Cisco's FY2024 subscription revenue reached 51% of total revenue and ARR jumped 22% — proof the pivot worked, the story goes. But $4.3B of that ARR arrived in a single $28B acquisition, while the core networking business fell 23% in a quarter.
8 min
The Counterfactual · Decision Forks
Cisco's Acquisition Machine Was Stock Arbitrage: 98% of $34.2 Billion Paid in Shares
Cisco's famous acquisition machine bought 71 companies for $34.2 billion between 1994 and 2001. The detail nobody repeats: 98% of it was paid in Cisco shares. The genius wasn't integration. It was arbitrage — and arbitrage dies the instant the currency does.
8 min
The Counterfactual · Decision Forks
Cisco Was the Most Valuable Company on Earth for a Day. The Math Was the Whole Story.
For one afternoon in March 2000, Cisco was worth more than Microsoft - around $579 billion at roughly 200x earnings. The business kept growing for two decades. The stock never came back. The reason isn't a collapse; it's arithmetic.
8 min
The Moat Anatomy · Moat & Competition
Cisco Trained the People Who Buy Its Gear. The AI Data Center Never Took the Course.
Cisco built the deepest demand-side moat in networking: 28 million learners trained to think in its command line. But while that flywheel keeps the enterprise loyal, its overall Ethernet switch share collapsed from 47.2% to 27.6% in two years - because the AI fabric was never certified by anyone.
8 min
The Moat Anatomy · Moat & Competition
Cisco's switching share is collapsing, but $28.5B in deferred revenue keeps the campus locked in
Cisco's switching share collapsed from 47.1% to 34.8% in a single year, yet $28.5B in deferred revenue keeps customers locked in. Both numbers are true. The moat protects the campus Cisco already owns — and is thinnest exactly where the growth is.
8 min