What it does
Cisco states that it designs and sells hardware, software, and AI-powered digital infrastructure for Internet connectivity, security, and data insights. Its products and technologies are grouped into Networking, Security, Collaboration, and Observability. Networking includes switching, routing, wireless, servers, and optical connectivity; its other categories include security offerings, collaboration software and devices, and observability and network-assurance offerings. The company also provides technical support and professional services across the lifecycle of its products.
Source: Cisco Systems, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
How it makes money
Cisco sells products and services through direct sales and indirect channels. The company states that a substantial portion is sold indirectly through channel partners, with the remainder sold directly. Its channel partners include systems integrators, service providers, third-party resellers, and distributors. Its offerings include hardware, software licenses, software-as-a-service arrangements, technical support, and professional services. The segment table shown below provides the reported revenue detail; Cisco manages its business by the Americas, EMEA, and APJC geographic segments rather than by product category.
Source: Cisco Systems, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Customers and geography
Cisco states that its customer base is not limited to a specific industry, geography, or market segment. It serves businesses of all sizes, public institutions, governments, service providers, and hyperscalers. The filing describes three principal customer markets: enterprise; public sector, including governments and educational institutions; and service provider and cloud, including carriers, hyperscalers, Internet, cable, and wireless providers. Cisco organizes its global business into the Americas, Europe, Middle East, and Africa (EMEA), and Asia Pacific, Japan, and China (APJC).
Source: Cisco Systems, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Competition
Cisco states that it competes in networking and communications equipment markets and faces numerous vendors in each product category. The filing names Amazon Web Services, Arista Networks, Broadcom, Ciena, CrowdStrike, Datadog, Dell Technologies, Dynatrace, Fortinet, Hewlett-Packard Enterprise, Huawei, Microsoft, Nokia, Nvidia, Palo Alto Networks, RingCentral, Zoom, and Zscaler, among others. It also states that it has experienced price-focused competition from competitors in Asia, especially China. Listed competitive factors include product performance, price, product introductions, security, reliability, standards, financing, and technology shifts.
Source: Cisco Systems, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Key risks
The filing highlights risks including:
- Timely component deliveries from suppliers and contract manufacturers, including component shortages and extended lead times.
- Price and product competition in communications and networking industries, which can change rapidly with technological innovation and different business models.
- Industry consolidation, market acceptance of new technologies and standards, and success in emerging technologies, including AI.
- Declines in product gross margins from manufacturing and logistics costs, customer or product mix, price competition, tariffs, inflation, or excess inventory.
- Cyber attacks, data breaches, or other incidents affecting Cisco, customers, third-party providers, or third-party products.
- Political, economic, trade, currency, and other factors affecting operations inside and outside the United States.
Source: Cisco Systems, Inc. Form 10-K for fiscal 2026, Item 1A — sec.gov
People and operations
Cisco had 82,400 employees as of July 25, 2026. The company states that its worldwide sales and marketing functions had approximately 25,400 employees at fiscal year-end, including managers, sales representatives, and technical support personnel. Its headquarters are in San Jose, California. For manufacturing, Cisco relies on contract manufacturers and uses independent third parties for printed-circuit board assembly, testing, repair, and product assembly. The filing states that it has not entered into significant long-term contracts with contract manufacturers. The provided excerpts do not state that the business is seasonal.
Source: Cisco Systems, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov