At a glance
Cisco Systems Inc is worth $400.61B, about 31 times its fiscal 2026 earnings. Revenue grew 11.8% to $63.33B in fiscal 2026, with 21.0% kept as profit; over 5 years it has grown 4.9% a year. It pays a 1.64% dividend yield, raised every year for at least 9 years, and returned $61.77B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +41.5% over the past year with dividends reinvested and +15.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.1% in the 2020 crash (S&P 500: 33.7%) and 35.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 25 months after the lows.
The business in plain English
Cisco makes the equipment and software that carry data across networks. Its biggest line is networking: switches and routers (devices that direct traffic inside offices, data centers and across the internet), wireless gear and servers. Many of its high-performance systems run on Cisco Silicon One, its own networking chip design. It also offers security tools, collaboration devices and software, and observability tools such as Splunk and AppDynamics, which monitor systems to help prevent outages.
Customers range from businesses of all sizes to governments, public institutions and service providers. Those include hyperscalers, the giant cloud companies that run huge data centers. Cisco reaches customers directly and through partners and distributors. It earns money from hardware, software licenses and subscriptions, and services such as technical support. Cisco is building artificial intelligence (AI) into its products. It also markets its gear as the network backbone for AI data centers, for both hyperscalers and other companies.
In fiscal 2026, which ended July 25, 2026, revenue rose 11.8% to $63.3 billion. Networking brought in 54.7%, services 23.7%, security 13%, collaboration 6.8% and observability 1.7%. Cisco runs the business in three regional segments. The Americas produced 59.7% of revenue; Europe, the Middle East and Africa 26.2%; and Asia Pacific, Japan and China 14.1%.
Price history
The interactive chart needs JavaScript.
CSCO +41.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Networking | $34.67B | 54.7% |
| Services | $15.03B | 23.7% |
| Security | $8.23B | 13% |
| Collaboration | $4.30B | 6.8% |
| Observability | $1.09B | 1.7% |
By business segment
| Americas | $37.80B | 59.7% |
| EMEA | $16.61B | 26.2% |
| APJC | $8.91B | 14.1% |
Latest results
- In Q4 FY2026 (ended Jul 25, 2026), revenue was $17.25B, up 17.6% from a year earlier, and net income was $3.86B (+51.3%).
- For fiscal 2026, revenue was $63.33B (+11.8% year over year; +4.9% a year from FY2021 to FY2026) with a 21% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +4.9% watch |
|---|---|
| Operating margin | 24.3% good |
| Free cash flow margin | 20.2% good |
| Return on equity (FY2026) | 26.4% good |
| Return on assets (FY2026) | 10.2% good |
| Net cash (cash minus debt) | $-6.95B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $49.82B | $10.59B | $14.76B |
| FY2022 | $51.56B | $11.81B | $12.75B |
| FY2023 | $57.00B | $12.61B | $19.04B |
| FY2024 | $53.80B | $10.32B | $10.21B |
| FY2025 | $56.65B | $10.18B | $13.29B |
| FY2026 | $63.33B | $13.27B | $12.77B |
Valuation snapshot
| Market value | $400.61B |
|---|---|
| P/E ratio | 30.5 |
| Dividend yield | 1.64% |
Rank among 1514 US companies
Market value at each year end
Cisco Systems’s market value went from $151.70B at the end of 2016 to $400.61B on Nov 2, 2026, about 2.6 times as much; since the end of 2025 it is up 32%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $400.61B | +31.6% |
| 2025 | $304.35B | +29.1% |
| 2024 | $235.78B | +14.9% |
| 2023 | $205.29B | +4.9% |
| 2022 | $195.71B | -26.8% |
| 2021 | $267.27B | +41.3% |
| 2020 | $189.09B | -7.1% |
| 2019 | $203.46B | +4.4% |
| 2018 | $194.81B | +2.9% |
| 2017 | $189.34B | +24.8% |
| 2016 | $151.70B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CSCO price data to Nov 2, 2026 | +34.3% | +41.5% | +27.6% | +15.1% | +16.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +34.3% |
| 2025 | +33.5% |
| 2024 | +21.0% |
| 2023 | +9.3% |
| 2022 | -22.5% |
| 2021 | +45.8% |
| 2020 | -3.5% |
| 2019 | +13.8% |
| 2018 | +16.6% |
| 2017 | +31.3% |
| 2016 | +15.2% |
| 2015 | +0.6% |
| 2014 | +27.9% |
| 2013 | +16.7% |
| 2012 | +11.6% |
| 2011 | -9.6% |
| 2010 | -15.5% |
| 2009 | +46.9% |
| 2008 | -39.8% |
| 2007 | -0.9% |
| 2006 | +59.6% |
| 2005 | -11.4% |
| 2004 | -20.3% |
| 2003 | +85.0% |
| 2002 | -27.7% |
| 2001 | -52.6% |
| 2000 | -28.6% |
| 1999 | +130.8% |
| 1998 | +149.7% |
| 1997 | +31.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58.8% over that stretch · deepest drop along the way 60%, back to its old high 88.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.3% over that stretch · deepest drop along the way 29.1%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.9% over that stretch · deepest drop along the way 35.9%, back to its old high 24.8 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 21 sales ($6.0M), 21 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 14, 2026 | Charles Robbins Chair and CEO, Director | sell (plan) | $1.7M |
| Aug 14, 2026 | Jeetendra I Patel President and CPO | sell (plan) | $543K |
| Aug 14, 2026 | Deborah L Stahlkopf EVP and Chief Legal Officer | sell (plan) | $501K |
| Aug 14, 2026 | Mark Patterson EVP and CFO | sell (plan) | $423K |
| Aug 14, 2026 | Charles Robbins Chair and CEO, Director | sell (plan) | $420K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.18% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
ETFs with the most weight in CSCO
| IYZ iShares U.S. Telecommunications ETF | 16.85% |
| CIBR First Trust NASDAQ Cybersecurity ETF | 7.59% |
| TRFK Pacer Data and Digital Revolution ETF | 6.97% |
| HACK Amplify Cybersecurity ETF | 6.61% |
| VLUE iShares MSCI USA Value Factor ETF | 6.58% |
| SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF | 5.14% |
| DOGG FT Vest DJIA Dogs 10 Target Income ETF | 4.9% |
| DIVB iShares Core Dividend ETF | 4.79% |
What could go wrong
- Big cloud customers order in lumpy waves. Sales to service providers and giant cloud companies (hyperscalers), including AI networking gear, are especially volatile and may hinge on a few very large customers. If some of them pull back, results could suffer.
- Distributors and partners can swing results. Cisco relies partly on channel partners and a two-tier distribution network (distributors that supply resellers). Changes to that model, or too much stock piling up with distributors, could hurt sales and margins.
- Gross margins may not hold up. Cisco's gross margin (the share of revenue left after direct costs) was 64.5% in fiscal 2026. Cisco warns product margins may not last as pricing, costs and product mix change.
- Falling behind rivals as technology shifts. Cisco depends on new products to keep its market share. If it misjudges shifts such as AI-driven network traffic, rivals in its intensely competitive markets could win customers and slow growth.
- Deals and big bets may not pay off. Cisco has made acquisitions and expects to make more, while also investing in key priority areas. Deals can disrupt operations, and investments may pay off later, or by less, than expected.
- Tariffs, trade and global tensions. Cisco does business worldwide. It names tariffs, inflation, the Russia-Ukraine war, Middle East conflicts and China-Taiwan relations as pressures that can cut customer IT spending or disrupt supply.
Recent events
- Executive or board change
- Quarterly results released
- Quarterly results released; Restructuring or exit costs
- Executive or board change
- Executive or board change
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
For income and retirement investors
Cisco has raised its dividend for at least nine straight fiscal years through the year ended July 25, 2026. Growth has been slow: dividends per share rose from $1.46 in fiscal 2021 to $1.66, about 2.6% a year. That year's dividends used about 49% of earnings and 51% of free cash flow (cash left after running and investing in the business). Cisco also spent $29.9 billion on share buybacks over fiscal 2022–2026, and its share count fell 6.5% between September 2021 and August 2026. The yield was 1.6% as of October 30, 2026.
The share price fell 60% in the 2008 financial crisis and took about 88 months, until July 2016, to regain its peak. It dropped 29.1% in the 2020 COVID crash, recovering in 2.6 months, and 35.9% in the 2022 bear market, taking about 25 months. Its worst fall in 30 years of price history was 89.3%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Cisco make money?
Most of Cisco's money comes from networking gear and software, mainly switches, routers, wireless equipment and servers. In fiscal 2026, which ended July 25, 2026, networking produced 54.7% of its $63.3 billion in revenue. Services such as technical support added 23.7%, security 13%, collaboration 6.8%, and observability software (which monitors systems for problems), including Splunk, 1.7%. The Americas supplied 59.7% of revenue. Customers include businesses, governments, public institutions and service providers, including giant cloud companies known as hyperscalers.
Does Cisco raise its dividend every year?
Yes. Cisco has raised its dividend for at least nine fiscal years in a row through the year ended July 25, 2026, and the streak may be longer. The raises have been modest: dividends per share went from $1.46 in fiscal 2021 to $1.66 in fiscal 2026, about 2.6% a year. The dividend yield (yearly dividends divided by the share price) was 1.6% as of October 30, 2026. Past increases do not guarantee future ones.
Is Cisco's dividend safe?
No dividend is guaranteed, but Cisco's payout has left room to spare. In fiscal 2026 it paid $6.6 billion in dividends. That was about 49% of its $13.3 billion net income and 51% of its $12.8 billion of free cash flow. Cisco also had more debt than cash: $22.9 billion of debt against $15.9 billion in cash and investments as of July 25, 2026. A long slump in profits would leave less room.
How has Cisco stock performed?
It has done well over the past decade, with sharp drops along the way. As of October 30, 2026, the share price was up 46% over one year. It had gained about 16.5% a year over five years and 16.4% a year over 10 years. It fell 22.5% in calendar 2022, and its worst fall in about 30 years of price history was 89.3%. Its price-to-earnings ratio (share price divided by yearly earnings per share) was 31.4 on the same date.
Which ETFs hold Cisco stock?
Cisco appears in about 275 ETFs. Its largest weight is in the iShares U.S. Telecommunications ETF (IYZ), at about 16.9% of the fund. Next come the First Trust NASDAQ Cybersecurity ETF (CIBR) at 7.6%, the Pacer Data and Digital Revolution ETF (TRFK) at about 7%, the Amplify Cybersecurity ETF (HACK) at 6.6% and the iShares MSCI USA Value Factor ETF (VLUE) at 6.6%. Dividend-focused funds such as the iShares Core Dividend ETF (DIVB) also hold it. Fund weights change over time.