Cisco Systems (CSCO) 10-K risk factor changes: FY2025 vs FY2024

- The introduction and market acceptance of new technologies and products, and our success in new and evolving markets, and in emerging technologies, [added: including AI,] as well as the adoption of new standards

- The ability of our [added: direct sale] customers, channel partners, contract manufacturers and suppliers to obtain financing or to fund capital expenditures, especially [removed: during a period of global credit market disruption or] in the event of [removed: customer,] [added: direct sale customers,] channel partner, contract manufacturer or supplier financial problems

Challenging [added: global] economic conditions, including [added: tariffs or other trade barriers,] rising inflation, or other changes, [removed: worldwide] have from time to time contributed, and may continue to contribute, to slowdowns in the communications and networking industries at large, as well as in specific segments and markets in which we operate, resulting in: reduced demand for our products as a result of continued constraints on IT-related capital spending by our customers, particularly service provider and cloud as well as enterprise and other customer markets; increased price competition for our products, not only from our competitors but also as a consequence of customers disposing of unutilized products; risk of excess and obsolete inventories; risk of supply constraints; risk of excess facilities and manufacturing capacity; and higher overhead costs as a percentage of revenue and higher interest expense.

The global macroeconomic environment can be challenging and [removed: inconsistent.][added: uncertain.]

[removed: Additionally, instability in the global credit markets,] [added: For example,] the impact of uncertainty regarding global central bank monetary [added: policy, the instability in the geopolitical environment in many parts of the world (including as a]

[removed: policy, the instability in the geopolitical environment in many parts of the world (including as a] result of the on-going Russia and Ukraine war, [removed: the Israel-Hamas war,] [added: Middle East conflicts] and [added: wars, and] China-Taiwan relations), [removed: the current economic challenges in China, including global economic ramifications of Chinese economic difficulties,] and other disruptions may continue to put pressure on global economic conditions.

If global economic and market [removed: conditions, or economic] conditions [removed: in key markets,] were to deteriorate, we may experience material harm to our business, operating results, and financial condition.

In addition, [added: previous] reports of certain intelligence gathering methods of the U.S. government could affect customers’ perception of the products of IT companies which design and manufacture products in the United States.

As a result of a variety of factors discussed in this report, our revenue for a particular quarter is difficult to predict, which can be exacerbated during periods when the global macroenvironment is challenging and [removed: inconsistent and] can result in market uncertainty.

Our revenue may grow at a slower rate than in past periods, or decline as it did in [removed: fiscal 2024 and] certain prior periods on a year-over-year basis.

A reduction or interruption in supply, including disruptions on our global supply chain, caused in part by public health emergencies, geopolitical tensions (including as a result of China-Taiwan [removed: relations)] [added: relations, increasing tariffs] or [added: any other trade tensions) or] a significant natural disaster (including as a result of climate change); a significant increase in the price of one or more components (including as a result of inflation); a failure to adequately authorize procurement of inventory by our contract manufacturers; a failure [added: by suppliers] to [added: deliver on our contracts; a failure to] appropriately cancel, reschedule, or adjust our requirements based on our business needs; or a decrease in demand for our products could materially harm our business, operating results, and financial condition and could materially damage customer relationships.

Growth in the economy is likely to create greater pressures on us and our suppliers to accurately project [removed: overall] component demand and [removed: component demands within specific product categories and] to establish optimal component levels and manufacturing capacity, especially for labor-intensive components, components for which we purchase a substantial portion of the supply, or the re-ramping of manufacturing capacity for highly complex products.

We believe that we may be faced with the following challenges in the future: new markets in which we participate may grow quickly, which may make it difficult to quickly obtain significant component capacity; as we acquire companies and new technologies, we may be dependent on unfamiliar supply chains or relatively small supply partners; and we face competition for certain components that are [removed: supply-constrained,] [added: supply-constrained] from existing [removed: competitors,] [added: competitors] and companies in other markets.

Manufacturing capacity and component supply constraints could [removed: continue to] be significant issues for [removed: us.][added: us as they have been in certain prior periods.]

When facing component supply-related [removed: challenges] [added: challenges,] we have increased our efforts in procuring components in order to meet customer expectations, [added: such as we have done in past periods due to supply constraints,] which in turn contributes to an increase in inventory and purchase [added: commitments.]

[removed: These increases in our inventory] [added: The remaining] and [removed: purchase commitments to shorten lead times could also lead to] [added: new supply chain exposures include] potential material excess and obsolete [removed: inventory charges] or other [removed: negative impacts to our product gross margin in future periods] [added: charges] if [removed: we fail to anticipate customer demand properly and] product demand significantly decreases for a sustained duration, we are unable to generate demand for certain products planned for development, or we are [added: otherwise] unable to [removed: continue to] mitigate [removed: the remaining] [added: these] supply chain exposures.

Although our product gross margin increased in fiscal [removed: 2024,] [added: 2025,] our level of product gross margins [removed: have] [added: has] declined in certain prior periods, and could decline in future periods due to adverse impacts from various factors, including:

[removed: Service] [added: Although service] provider and cloud product orders [removed: significantly decreased] [added: increased] during fiscal [removed: 2024] [added: 2025, service provider] and [added: cloud market product orders decreased in fiscal 2024, and at various times in the past] we have experienced [removed: similar declines] [added: significant weakness] in [removed: certain prior periods.][added: product orders from the service provider and cloud market.]

Product orders from the service provider and cloud market could [removed: continue to] decline [added: in the future] and, as has been the case in the past, such weakness could persist over extended periods of time given fluctuating market conditions.

Sales activity in this industry depends upon the stage of completion of expanding network infrastructures; the availability of [added: funding; and the extent to which service provider and cloud customers are affected by regulatory, economic, and business conditions in the country of operations.]

These conditions have negatively impacted our business and operating results in the past, and could materially harm our business and operating [removed: results in any future period.]

We refer to sales through distributors as our two-tier system of sales to the end [removed: customer.][added: user.]

As we expand into new markets, we will face competition not only from our existing competitors but [added: also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets.]

Due to several factors, including the availability of highly scalable and general purpose microprocessors, [removed: ASICs] [added: application specific integrated circuits] offering advanced services, standards based protocols, cloud computing and virtualization, the convergence of technologies within the enterprise data center is spanning multiple, previously independent, technology segments.

[removed: As a result of all of these developments, we face greater] competition in the development and sale of enterprise data center technologies, including competition from entities that are among our long-term strategic alliance partners.

When facing component supply-related challenges, we have [removed: increased] [added: in the past and may in the future increase] our efforts in procuring components [added: or enter additional purchase commitments with contract manufacturers and suppliers] in order to meet customer expectations.

Any failure to do so could result in decreased revenue, reduced sales, increased churn or otherwise negatively impact our results of [added: operations and financial condition.]

We have experienced, and may in the future experience, interruptions in service, storage failures, and other performance-related problems due to a variety of factors, such as infrastructure and software [removed: changes, human or software errors, capacity constraints, unauthorized access, denial of service or other cyber attacks.]

The process of developing new technology, including more programmable, flexible and virtual networks, and technology related to other market transitions— such as [removed: artificial intelligence,] [added: AI,] security, observability, and cloud— is complex and uncertain, and if we fail to accurately predict customers’ changing needs and emerging technological trends our business could be harmed.

For example, if we do not [added: timely] introduce products related to these [removed: markets in a timely fashion,] [added: markets,] or if [removed: product] [added: such products or] offerings [removed: in this market] that ultimately succeed [added: in these markets] are based on technology, or an approach to technology, that differs from ours, our business could be harmed.

The success of new products and services depends on several factors, including proper new product and service definition, component costs, timely completion and introduction of these products and services, differentiation of new products and services from those of our competitors, and market acceptance of these products and [added: services.]

We also depend on non-U.S. operations of our contract manufacturers, [removed: component suppliers and distribution partners.]

[added: Our future results could be negatively impacted by a variety of political, economic or other factors relating to our operations inside and outside the United States, any or all of which could materially harm our operating results and financial condition, including the following: impacts from] global central bank monetary policy; issues related to the political relationship between the United States and other countries that can affect regulatory matters, affect the willingness of customers in those countries to purchase products from companies headquartered in the United States or affect our ability to procure components if a government body were to deny us access to those components; government-related disruptions or shutdowns; the challenging and inconsistent global macroeconomic environment; foreign currency exchange rates; geopolitical tensions (including China-Taiwan relations); political or social unrest; economic instability or weakness or natural disasters in a specific country or region, including economic challenges in China and global economic ramifications of Chinese economic difficulties; environmental protection regulations (including new laws and regulations related to climate change); trade protection measures, such as tariffs; other legal and regulatory requirements, some of which may affect our ability to import our products to, export our products from, or sell our products in various countries or affect our ability to procure components; political considerations that affect service provider and government spending patterns; health or similar issues, including pandemics or epidemics; difficulties in staffing and managing international operations; and adverse tax consequences, including imposition of withholding or other taxes on our global operations.

Issues related to the development and use of artificial intelligence (AI) could give rise to legal and/or regulatory action, damage our reputation or otherwise materially harm [removed: of] our business.

We currently incorporate AI technology in certain of our [removed: products and services] [added: commercial offerings] and in our business operations.

Our research and development of [removed: such] [added: AI] technology remains ongoing.

AI presents risks and challenges and may result in unintended [removed: consequences] [added: consequences, including inadvertent disclosure or misuse of intellectual property, confidential, personal, and/or competitive information,] that could affect [removed: its] [added: our reputation, our] further [added: AI] development or our and our customers’ adoption and use of this technology.

Leveraging AI capabilities to potentially improve our internal functions and operations also presents [removed: further] risks, costs, and challenges.

While we aim to develop and use AI responsibly and attempt to identify and mitigate ethical and legal issues [added: and risks] presented by its use, we may be unsuccessful in identifying or resolving issues [added: and risks] before they arise.

The AI-related legal and regulatory landscape [added: is constantly evolving and therefore] remains uncertain and may be inconsistent from jurisdiction to jurisdiction.

In fiscal 2025, we entered into additional purchase commitments with contract manufacturers and suppliers related to manufacturing Cisco Silicon One and other products to meet demand from webscale and other customers.

We expect to continue entering into these additional purchase commitments in fiscal 2026.

These past efforts and additional purchase commitments significantly increased our supply chain exposure, which resulted in negative impacts to our product gross margin in recent periods and may result in further negative impacts in future periods.

On August 26, 2025, we settled a legal dispute with a supplier relating to purchase obligations arising under long-term supply arrangements, which resulted in a charge to product cost of sales, which is described in Note 21 to the Consolidated Financial Statements.

results in any future period.

As a result of all of these developments, we face greater

changes, human or software errors, capacity constraints, unauthorized access, denial of service or other cyber attacks.

component suppliers and distribution partners.

other major United States locations.

Claims, litigation and governmental investigations may arise from a wide variety of business practices and initiatives, including major new product releases, significant business transactions, warranty or product claims, employment practices, and regulation.

For example, on August 26, 2025, we settled a legal dispute with a supplier relating to purchase obligations arising under long-term supply arrangements, which resulted in a charge to product cost of sales, which is described in Note 21 to the Consolidated Financial Statements.

We are subject to evolving and sometimes conflicting, laws, regulations, policies, and investor and other stakeholder expectations concerning environmental, social, and governance matters, such as environmental sustainability and climate change, both in the United States and internationally.

In addition, in a climate where there are changing and increasingly divergent views on where our focus should be on these matters, our initiatives, goals, or commitments, or any revisions to them, are often criticized and the accuracy, adequacy, or completeness of such disclosures challenged.

circumvented or that our rights will, in fact, provide competitive advantages to us.

Additionally, some U.S. governmental entities and courts have expressed a position that U.S. copyright and patent protection should be limited to protecting inventions and works of authorship created by humans.

Therefore, U.S. copyright or patent protection for inventions or works developed in part or wholly by generative AI tools may be limited, or not available at all.

accessed (collectively, our “IT environment”).

Furthermore, the emergence and maturation of AI capabilities has led to new and/or more effective methods of cyber attacks.

In addition, evolving legal requirements restricting

In certain prior periods, we have seen a broad-based weakening in the global macroeconomic environment which has impacted and could impact in the future certain of our markets.

Trust and confidence in us as an IT supplier are critical to the development and growth of our markets.

Impairment of that trust, or foreign regulatory actions taken in response to reports of certain intelligence gathering methods of the U.S. government, could affect the demand for our products from customers outside of the United States and could have a negative impact on our operating results.

During the first nine months of fiscal 2024, we experienced a decline in product demand resulting in a decrease of revenue as customers continued to scrutinize spend as they needed additional time to implement elevated levels of product shipments received in prior quarters.

For example, in recent periods, there was a market shortage of semiconductor and other component supply which affected lead times, the cost of that supply, and our ability to meet customer demand for our products.

commitments.

In past periods, we increased our inventory and purchase commitments in light of the supply constraints seen industry-wide due to component shortages.

For additional information and a further discussion of impacts and risks related to our inventory commitments and our purchase commitments with contract manufacturers and suppliers, see “Results of Operations—Product Gross Margin—Supply Chain Impacts and Risks” and, “Liquidity and Capital Resources—Inventory Supply Chain” under Item 7 and Note 14 to the Consolidated Financial Statements of this report.

funding; and the extent to which service provider and cloud customers are affected by regulatory, economic, and business conditions in the country of operations.

also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets.

operations and financial condition.

Similarly, our business could be harmed if we fail to develop, or fail to develop in a timely fashion, offerings to address other transitions, or if the offerings addressing these other transitions that ultimately succeed are based on technology, or an approach to technology, different from ours.

services.

Our future results could be negatively impacted by a variety of political, economic or other factors relating to our operations inside and outside the United States, any or all of which could materially harm our operating results and financial condition, including the following: impacts from

commitments, our income in certain countries was subject to reduced tax rates.

We had $10.9 billion in commercial paper notes outstanding under this program as of July 27, 2024.

There is an increasing focus from regulators, certain investors, and other stakeholders concerning environmental, social, and governance (“ESG”) matters, both in the United States and internationally.

We communicate certain ESG-related initiatives, goals, and/or commitments regarding environmental matters, diversity and inclusion, responsible sourcing and social investments, and other matters, in our annual Purpose Report, on our website, in our filings with the SEC, and elsewhere.

In addition, we could be criticized for the timing, scope or nature of these initiatives, goals, or commitments, or for any revisions to them.

To the extent that our required and voluntary disclosures about ESG matters increase, we could be criticized for the accuracy, adequacy, or completeness of such disclosures.

Our actual or perceived failure to adequately protect personal data could result in claims of legal and/or regulatory action against us, damage our reputation or otherwise materially harm our business.

We are [removed: integrating artificial intelligence (AI) into our product portfolios across networking, security, collaboration and observability to simplify] [added: simplifying] how our technology is delivered, managed and optimized and [removed: to help] [added: helping] customers maximize the business value of their technology [removed: investments and accelerate their digital transformation.][added: investments.]

| | | | July [removed: 27, 2024] [added: 26, 2025] | | | | | | July [removed: 29, 2023 | | | | | | Variance | | | | | | July] 27, [removed: 2024] [added: 2024] | | | | | | July 29, 2023 | | | | | | Variance [removed: | | |] [added: in Dollars] | | |

| Revenue | | | $ | [removed: 13,642] [added: 14,673] | | | | | $ | [removed: 15,203] [added: 13,642] | | | | | [removed: (10)] [added: 8] | | % | | | | $ | [removed: 53,803] [added: 56,654] | | | | | $ | [removed: 56,998] [added: 53,803] | | | | | [removed: (6)] [added: 5] | | % | | | |

| Gross margin percentage | | | [removed: 64.4] [added: 63.2] | | % | | | | [removed: 64.1] [added: 64.4] | | % | | | | [removed: 0.3] [added: (1.2)] | | | pts | | | [removed: 64.7] [added: 64.9] | | % | | | | [removed: 62.7] [added: 64.7] | | % | | | | [removed: 2.0] [added: 0.2] | | | pts | | |

| Research and development | | | $ | [removed: 2,179] [added: 2,380] | | | | | $ | [removed: 1,953] [added: 2,179] | | | | | [removed: 12] [added: 9] | | % | | | | $ | [removed: 7,983] [added: 9,300] | | | | | $ | [removed: 7,551] [added: 7,983] | | | | | [removed: 6] [added: 16] | | % | | | |

| Sales and marketing | | | $ | [removed: 2,841] [added: 2,818] | | | | | $ | [removed: 2,579] [added: 2,841] | | | | | [removed: 10] [added: (1)] | | % | | | | $ | [removed: 10,364] [added: 10,966] | | | | | $ | [removed: 9,880] [added: 10,364] | | | | | [removed: 5] [added: 6] | | % | | | |

| General and administrative | | | $ | [removed: 763] [added: 706] | | | | | $ | [removed: 690] [added: 763] | | | | | [removed: 11] [added: (8)] | | % | | | | $ | [removed: 2,813] [added: 2,992] | | | | | $ | [removed: 2,478] [added: 2,813] | | | | | [removed: 14] [added: 6] | | % | | | |

| Total R&D, sales and marketing, general and administrative | | | $ | [removed: 5,783] [added: 5,904] | | | | | $ | [removed: 5,222] [added: 5,783] | | | | | [removed: 11] [added: 2] | | % | | | | $ | [removed: 21,160] [added: 23,258] | | | | | $ | [removed: 19,909] [added: 21,160] | | | | | [removed: 6] [added: 10] | | % | | | |

| Total as a percentage of revenue | | | [removed: 42.4] [added: 40.2] | | % | | | | [removed: 34.3] [added: 42.4] | | % | | | | [removed: 8.1] [added: (2.2)] | | | pts | | | [removed: 39.3] [added: 41.1] | | % | | | | [removed: 34.9] [added: 39.3] | | % | | | | [removed: 4.4] [added: 1.8] | | | pts | | |

| Restructuring and other charges included in operating expenses | | | $ | [removed: 112] [added: 35] | | | | | $ | [removed: 203] [added: 112] | | | | | [removed: (45)] [added: (69)] | | % | | | | $ | [removed: 789] [added: 744] | | | | | $ | [removed: 531] [added: 789] | | | | | [removed: 49] [added: (6)] | | % | | | |

| Operating income as a percentage of revenue | | | [removed: 19.2] [added: 21.0] | | % | | | | [removed: 28.0] [added: 19.2] | | % | | | | [removed: (8.8)] [added: 1.8] | | | pts | | | [removed: 22.6] [added: 20.8] | | % | | | | [removed: 26.4] [added: 22.6] | | % | | | | [removed: (3.8)] [added: (1.8)] | | | pts | | |

| Interest and other income (loss), net | | | $ | [removed: (222)] [added: (88)] | | | | | $ | [removed: 218] [added: (222)] | | | | | [removed: NM] [added: (60)] | | [added: %] | | | | $ | [removed: 53] [added: (660)] | | | | | $ | [removed: 287] [added: 53] | | | | | [removed: (82)] [added: NM] | | [removed: %] | | | |

| Income tax percentage | | | [removed: 9.8] [added: 15.0] | | % | | | | [removed: 11.5] [added: 9.8] | | % | | | | [removed: (1.7)] [added: 5.2] | | | pts | | | [removed: 15.6] [added: 8.3] | | % | | | | [removed: 17.7] [added: 15.6] | | % | | | | [removed: (2.1)] [added: (7.3)] | | | pts | | |

| Net income | | | $ | [removed: 2,162] [added: 2,550] | | | | | $ | [removed: 3,958] [added: 2,162] | | | | | [removed: (45)] [added: 18] | | % | | | | $ | [removed: 10,320] [added: 10,180] | | | | | $ | [removed: 12,613] [added: 10,320] | | | | | [removed: (18)] [added: (1)] | | % | | | |

| Net income as a percentage of revenue | | | [removed: 15.8] [added: 17.4] | | % | | | | [removed: 26.0] [added: 15.8] | | % | | | | [removed: (10.2)] [added: 1.6] | | | pts | | | [removed: 19.2] [added: 18.0] | | % | | | | [removed: 22.1] [added: 19.2] | | % | | | | [removed: (2.9)] [added: (1.2)] | | | pts | | |

| Earnings per share—diluted | | | $ | [removed: 0.54] [added: 0.64] | | | | | $ | [removed: 0.97] [added: 0.54] | | | | | [removed: (44)] [added: 19] | | % | | | | $ | [removed: 2.54] [added: 2.55] | | | | | $ | [removed: 3.07] [added: 2.54] | | | | | [removed: (17)] [added: —] | | % | | | |

Fiscal [removed: 2024] [added: 2025] Compared with Fiscal [removed: 2023][added: 2024]

[removed: In fiscal 2024, total] [added: Total] revenue [removed: decreased] [added: increased] by [removed: 6%] [added: 5%] compared with fiscal [removed: 2023.][added: 2024.]

Within total revenue, product revenue [removed: decreased] [added: increased] by [removed: 9%] [added: 6%] and services revenue increased by [removed: 5%.][added: 3%.]

In fiscal [removed: 2024,] [added: 2025,] total software revenue was [removed: $18.4 billion across all product areas and services,] [added: $22.3 billion,] an increase of [removed: 9%,] [added: 21%,] driven by the contribution of Splunk.

Total subscription revenue increased [removed: 11%, partially] [added: 15%,] driven by the contribution of Splunk.

[removed: While we continue to operate in a highly competitive environment and the overall macroeconomic environment remains challenging and uncertain, we] [added: We] plan to continue to invest in key priority areas with the objective of driving profitable growth over the long term.

Total gross margin increased by [removed: 2.0] [added: 0.2] percentage points.

[removed: Product] [added: The Americas segment had a] gross margin [removed: increased by 2.0] percentage [removed: points, largely] [added: increase] driven by [added: positive impacts from productivity improvements and] favorable product mix, [removed: productivity benefits and benefits from Splunk,] partially offset by [removed: negative impacts from pricing.][added: pricing erosion.]

As a percentage of revenue, research and development, sales and marketing, and general and administrative expenses, collectively, increased by [removed: 4.4] [added: 1.8] percentage points.

Operating income as a percentage of revenue [removed: decreased] [added: increased] by [removed: 3.8] [added: 1.8] percentage points [removed: driven] primarily [added: driven] by [removed: incremental operating expenses from Splunk, higher restructuring and other charges and higher] [added: lower] amortization of purchased intangible [removed: assets] [added: assets, lower restructuring and other charges, and a decrease] in [removed: fiscal 2024.][added: cash compensation expenses from acquisitions, partially offset by a charge as a result of a legal dispute with a supplier.]

In terms of our geographic segments, revenue from the Americas [removed: decreased] [added: increased] by [removed: $1.5] [added: $1.7] billion, EMEA revenue [removed: decreased] [added: increased] by [removed: $1.0] [added: $0.7] billion and revenue in our APJC segment [removed: decreased] [added: increased] by [removed: $0.7] [added: $0.5] billion.

[removed: We experienced a product] [added: Product] revenue [removed: decline] in the [added: Americas segment increased by 6%, with growth in the] enterprise [added: market] and [added: the] service provider and cloud [removed: markets.][added: market.]

From a product category perspective, [removed: total] [added: the] product revenue [removed: decreased 9%] [added: increased 6%] year over year, driven by a [removed: decline] [added: growth] in revenue in [removed: Networking of 15%, partially offset by growth in] Security of [removed: 32% and] [added: 59%,] Observability of [removed: 27%, each driven in large part] [added: 26%, and Collaboration of 1%, partially offset] by [removed: the contribution] [added: a decline in Networking] of [removed: Splunk.][added: 3%.]

[added: |] Product [removed: revenue grew in Collaboration by 2%.][added: revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

For the fourth quarter of fiscal [removed: 2024,] [added: 2025,] as compared with the fourth quarter of fiscal [removed: 2023,] [added: 2024,] total revenue [removed: decreased] [added: increased] by [removed: 10%.][added: 8%.]

Within total revenue, product revenue [removed: decreased] [added: increased] by [removed: 15%] [added: 10%] and services revenue [removed: increased by 6%.][added: was flat.]

With regard to our geographic segment performance, on a year-over-year basis, revenue in Americas [removed: decreased] [added: increased] by [removed: 11%,] [added: 9%,] EMEA [removed: decreased] [added: increased] by [removed: 11%] [added: 4%] and APJC [removed: decreased] [added: increased] by [removed: 6%.][added: 7%.]

[removed: From a product category perspective, we experienced a] [added: The] product revenue [removed: decline in Networking, partially offset by] growth in Security and [removed: Observability,] [added: Observability were each] driven in large part by the contribution of Splunk.

As a percentage of revenue, research and development, sales and marketing, and general and administrative expenses, collectively, [removed: increased] [added: decreased] by [removed: 8.1] [added: 2.2] percentage points.

Our strategy is to securely connect everything to make those desired outcomes [removed: and experiences possible for our customers.][added: possible.]

The following is a summary of our other key financial measures for fiscal [removed: 2024] [added: 2025] compared with fiscal [removed: 2023] [added: 2024] (in millions):

| | | | | | | Fiscal [removed: 2024] [added: 2025] | | | | | | Fiscal [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents and investments | | | | | | [removed: $17,854] [added: $16,110] | | | | | | [removed: $26,146] [added: $17,854] | | |

| Cash provided by operating activities | | | | | | [removed: $10,880] [added: $14,193] | | | | | | [removed: $19,886] [added: $10,880] | | |

We are incorporating artificial intelligence (AI) into our product portfolios across networking, security, collaboration and observability as well as integrating our products more tightly together.

In fiscal 2025, we delivered strong revenue growth across all geographies and solid margins as we saw a positive demand environment.

Our results for fiscal 2025 include a full year of Splunk's results compared to approximately four months for fiscal 2024.

Product gross margin increased by 0.2 percentage points, driven by benefits from Splunk and productivity improvements, partially offset by negative impacts from pricing, a charge as a result of a legal dispute with a supplier, and the amortization of purchased intangible assets primarily related to Splunk.

Operating income as a percentage of revenue decreased by 1.8 percentage points primarily due to increases in amortization of purchased intangible assets and share-based compensation expense in fiscal 2025, and a charge in the fourth quarter of fiscal 2025 as a result of a legal dispute with a supplier.

Diluted earnings per share was flat compared with fiscal 2024.

From a customer market perspective, product revenue growth was led by the enterprise market and the service provider and cloud market.

The revenue increase in our service provider and cloud market was driven by AI infrastructure revenue from webscale customers.

We continue to operate in a highly competitive environment, and one that is complex especially with respect to tariffs and trade policy.

From a product category perspective, we experienced product revenue growth in Networking, Security, Observability, and Collaboration.

Total gross margin decreased by 1.2 percentage points, driven primarily by a charge as a result of a legal dispute with a supplier.

Diluted earnings per share increased by 19%, primarily driven by the revenue increase and the increase in our operating margin percentage.

In today's digital-first world, businesses and organizations globally are deploying technology to pursue their strategic objectives, from accelerating growth to enhancing operational efficiency and fostering innovation.

Both provisions are a component of cost of sales.

Recoverability of purchased intangible assets with finite lives is measured

Subsequent to the issuance of our earnings release on August 13, 2025, we settled a legal dispute with a supplier, resulting in a GAAP charge to product cost of sales, which is described in Note 21 to the Consolidated Financial Statements.

The information in this Annual Report on Form 10-K supersedes the information contained in our earnings release.

| Total | | | | | | $ | 56,654 | | | | | $ | 53,803 | | | | | $ | 56,998 | | | | | $ | 2,851 | | | | | 5 | | % |

The growth in the service provider and cloud market was driven by AI infrastructure revenue from webscale customers.

These increases were partially offset by a decline in the public sector market.

| | | | | | | July 26, 2025 | | | | | | July 27, 2024 | | | | | | July 29, 2023 | | | | | | Variance in Dollars | | | | | | Variance in Percent | | |

| Networking | | | | | | $ | 28,304 | | | | | $ | 29,229 | | | | | $ | 34,570 | | | | | $ | (925) | | | | | (3) | | % |

| Security | | | | | | 8,094 | | | | | | 5,075 | | | | | | 3,859 | | | | | | 3,019 | | | | | | 59 | | % |

| Total | | | | | | $ | 41,608 | | | | | $ | 39,253 | | | | | $ | 43,142 | | | | | $ | 2,355 | | | | | 6 | | % |

Revenue declined across the portfolio as a result of product shipments returning to normalized levels during the first half of fiscal 2025 from the elevated levels of product shipments we experienced in the first half of fiscal 2024.

Within the portfolio, the revenue decline was primarily driven by servers.

We also experienced a revenue decline in switching as a result of a decline in campus switching.

| | | | Years Ended | | | | | | | | | | | | | | | | | | 2025 vs. 2024 | | | | | | | | |

| | | | July 26, 2025 | | | | | | July 27, 2024 | | | | | | July 29, 2023 | | | | | | Variance in Dollars | | | | | | Variance in Percent | | |

Services revenue increased 3%, primarily driven by software, cloud and virtualization support from Splunk and product offering support services.

| Productivity (1) | | | | | | 2.0 | | % |

| Legal dispute with supplier | | | | | | (0.8) | | % |

| Others | | | | | | (0.1) | | % |

| Fiscal 2025 | | | | | | 63.7 | | % |

The productivity improvements were primarily driven

by the effects of higher shipment volume and lower total provisions for inventory and the liability related to purchase commitments with contract manufacturers and suppliers.

In fiscal 2025, we entered into additional purchase commitments with contract manufacturers and suppliers related to manufacturing Cisco Silicon One and other products to meet demand from webscale and other customers.

We expect to continue entering into these additional purchase commitments in fiscal 2026.

In addition, on August 26, 2025, we settled a legal dispute with a supplier relating to purchase obligations arising under long-term supply arrangements, which resulted in a charge to product cost of sales, which is described in Note 21 to the Consolidated Financial Statements.

Additionally, while we are exposed to new and proposed tariffs and other trade policies, the extent of such exposure is uncertain but could be significant if the exposure remains and we are unable to mitigate it.

In March 2024, we completed the acquisition of Splunk Inc. (“Splunk”), which contributed approximately $1.4 billion in total revenue for fiscal 2024.

During the first nine months of fiscal 2024, we experienced a decline in product demand as customers continued to scrutinize spend as they needed additional time to implement elevated levels of product shipments received in prior quarters.

In the fourth quarter of fiscal 2024 we saw improvement in product demand across all geographic segments and customer markets as customers largely completed the installation of their product shipments.

Diluted earnings per share decreased by 17%, driven by a decrease of 18% in net income partially offset by a decrease in diluted share count of 43 million shares.

Product revenue in the public sector market was flat.

Product revenue in Collaboration was flat.

Total gross margin increased by 0.3 percentage points, driven by favorable product mix and the contribution from Splunk, partially offset by negative impacts from pricing.

Operating income as a percentage of revenue decreased by 8.8 percentage points primarily driven by incremental operating expenses from Splunk and higher amortization of purchased intangible assets.

Diluted earnings per share decreased by 44%, driven by a decrease in net income of 45%, partially offset by a decrease in diluted share count of 58 million shares.

Across the globe, businesses and organizations of every size are leveraging Cisco technology to transform and drive better outcomes and experiences.

We also help customers navigate emerging technological shifts.

As a result, our contracts may contain multiple performance obligations.

At

Our provision for inventory was $576 million, $307 million, and $102 million in fiscal 2024, 2023, and 2022, respectively.

While our estimates of fair value are based on assumptions that are

Total revenue for fiscal 2024 includes approximately $1.4 billion relating to the acquisition of Splunk, which consisted of approximately $1.1 billion in product revenue and approximately $240 million in services revenue.

Product revenue in the Americas segment decreased by 8%.

The acquisition of Splunk contributed $784 million of product revenue to the Americas segment in fiscal 2024.

The acquisition of Splunk contributed $228 million of product revenue to the EMEA segment for fiscal 2024.

Product revenue in the APJC segment decreased by 13%, driven by declines across each of our customer markets.

The acquisition of Splunk contributed $122 million of product revenue to the APJC segment in fiscal 2024.

Effective fiscal 2024, we began reporting our product revenue in the following categories: Networking, Security, Collaboration, and Observability and conformed our product revenue for prior periods to the current year presentation.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Product revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Networking | | | | | | $ | 29,229 | | | | | $ | 34,570 | | | | | $ | 29,265 | | | | | $ | (5,341) | | | | | (15) | | % | | | | $ | 5,305 | | | | | 18 | | % |

| Security | | | | | | 5,075 | | | | | | 3,859 | | | | | | 3,699 | | | | | | 1,216 | | | | | | 32 | | % | | | | 160 | | | | | | 4 | | % |

| Total | | | | | | $ | 39,253 | | | | | $ | 43,142 | | | | | $ | 38,018 | | | | | $ | (3,889) | | | | | (9) | | % | | | | $ | 5,124 | | | | | 13 | | % |

*Fiscal 2024 Compared with Fiscal 2023*

During fiscal 2024, we saw customers scrutinizing spend and needing additional time to implement elevated levels of product shipments received in prior quarters.

Revenue declined in both campus switching and data center switching, primarily driven by declines in our Catalyst 9000 series and Nexus 9000 series offerings.

We experienced a revenue decline in enterprise routing, although we saw revenue growth in our SD-WAN offerings.

The decrease in wireless was primarily driven by our WiFi-6 products and Meraki offerings.

We also saw a revenue decline in routed optical networking.

*Fiscal 2023 Compared with Fiscal 2022*

Revenue from the Networking product category increased by 18%, or $5.3 billion.

Revenue grew in both campus switching and data center switching.

This was primarily driven by strong growth in our Catalyst 9000 series, Nexus 9000 series and Meraki switching offerings.

The increase in enterprise routing was primarily driven by growth in Catalyst 8000 routers, SD-WAN and IoT routing offerings.

Wireless grew primarily driven by our WiFi-6 products and Meraki offerings.

Our available-for-sale debt investments are not leveraged as of July [removed: 27, 2024.][added: 26, 2025.]

The hypothetical fair values as of July [removed: 27, 2024] [added: 26, 2025] and July [removed: 29, 2023] [added: 27, 2024] are as follows (in millions):

| | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE DECREASE OF X BASIS POINTS | | | | | | | | | | | | | | | | | | [removed: FAIR] [added: FAIR] VALUE AS OF JULY 27, [removed: 2024] [added: 2024] | | | | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE INCREASE OF X BASIS POINTS | | | | | | | | | | | | | | |

| Available-for-sale debt investments | | | $10,057 | | | | | | $9,993 | | | | | | $9,929 | | | | | | [removed: $9,865] [added: $9,865] | | | | | | $9,800 | | | | | | $9,736 | | | | | | $9,672 | | |

| | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE DECREASE OF X BASIS POINTS | | | | | | | | | | | | | | | | | | [removed: FAIR] [added: FAIR] VALUE AS OF JULY [removed: 29, 2023] [added: 26, 2025] | | | | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE INCREASE OF X BASIS POINTS | | | | | | | | | | | | | | |

Financing Receivables As of July [removed: 27, 2024,] [added: 26, 2025,] our financing receivables had a carrying value of [removed: $6.7] [added: $6.5] billion, compared with [removed: $6.8] [added: $6.7] billion as of July [removed: 29, 2023.][added: 27, 2024.]

As of July [removed: 27, 2024,] [added: 26, 2025,] a hypothetical 50 BPS increase or decrease in market interest rates would change the fair value of our financing receivables by a decrease or increase of approximately $0.1 billion, respectively.

Debt As of July [removed: 27, 2024,] [added: 26, 2025,] we had [removed: $20.3] [added: $24.8] billion in principal amount of senior fixed-rate notes outstanding.

The carrying amount of the senior notes was [removed: $20.1] [added: $24.6] billion, and the related fair value based on market prices was [removed: $20.4] [added: $25.0] billion.

As of July [removed: 27, 2024,] [added: 26, 2025,] a hypothetical 50 BPS increase or decrease in market interest rates would change the fair value of the fixed-rate debt, [removed: excluding the $0.5 billion of hedged debt,] by a decrease or increase of approximately [removed: $0.7] [added: $0.8] billion, respectively.

However, this hypothetical change in interest rates would not impact the interest expense on the fixed-rate [removed: debt that is not hedged.][added: debt.]

The total fair value of our marketable equity securities was [removed: $481] [added: $383] million and [removed: $431] [added: $481] million as of July [removed: 27, 2024] [added: 26, 2025] and July [removed: 29, 2023,] [added: 27, 2024,] respectively.

As of July [removed: 27, 2024,] [added: 26, 2025,] the total carrying amount of our investments in privately held investments [removed: were each] [added: was $1.9 billion and] $1.8 billion [removed: at] [added: as of] July [removed: 27, 2024] [added: 26, 2025] and July [removed: 29, 2023.][added: 27, 2024, respectively.]

| | | | July [removed: 27, 2024] [added: 26, 2025] | | | | | | | | | | | | July [removed: 29, 2023] [added: 27, 2024] | | | | | | | | |

| Purchased | | | $ | [removed: 3,586] [added: 4,498] | | | | | $ | [removed: (59)] [added: (21)] | | | | | $ | [removed: 3,014] [added: 3,586] | | | | | $ | [removed: (33)] [added: (59)] | |

| Sold | | | $ | [removed: 3,848] [added: 4,480] | | | | | $ | [removed: 60] [added: 22] | | | | | $ | [removed: 2,406] [added: 3,848] | | | | | $ | [removed: 31] [added: 60] | |

Approximately [removed: 70%] [added: 75%] of our operating expenses are U.S.-dollar denominated.

In fiscal [removed: 2024,] [added: 2025,] foreign currency fluctuations, net of hedging, [removed: increased] [added: decreased] our combined R&D, sales and marketing, and G&A expenses by approximately [removed: $30] [added: $16] million, or [removed: 0.2%,] [added: 0.1%,] as compared with fiscal [removed: 2023.][added: 2024.]

| Available-for-sale debt investments | | | $7,454 | | | | | | $7,430 | | | | | | $7,405 | | | | | | $7,381 | | | | | | $7,356 | | | | | | $7,332 | | | | | | $7,307 | | |

| Available-for-sale debt investments | | | $15,901 | | | | | | $15,798 | | | | | | $15,695 | | | | | | $15,592 | | | | | | $15,489 | | | | | | $15,386 | | | | | | $15,284 | | |

We are [removed: integrating artificial intelligence (AI) into our product portfolios across networking, security, collaboration and observability to simplify] [added: simplifying] how our technology is delivered, managed and optimized and [removed: to help] [added: helping] customers maximize the business value of their technology [removed: investments and accelerate their digital transformation.][added: investments.]

In addition to our product offerings, we provide a broad range of services [removed: offerings,] [added: over the lifecycle of our products,] including technical support services and advanced [removed: services, also known as lifecycle] services.

Our strategy is to securely connect everything to make those desired outcomes [removed: and experiences possible for our customers.][added: possible.]

[removed: In today’s dynamic environment, our] [added: Our] customers have three key [removed: priorities:] [added: priorities in this dynamic environment: i) to] build modern [removed: and resilient] infrastructure; [added: ii) to] protect against the cyber threats of today and tomorrow; and [added: iii) to] harness the power of AI and data.

In an increasingly digital and connected world, where each new connection to the Internet puts more demand on the network, our customers are [removed: looking] [added: investing in resilient, adaptable infrastructure] to [removed: modernize and transform their infrastructure, including through automation] [added: quickly respond] to [removed: manage] [added: market changes] and [removed: monitor each connection in real time.][added: the demands of their own customers.]

[removed: *Improve Cybersecurity*][added: Cybersecurity]

With the rapid growth in [added: AI,] modern applications, hyper-distributed architecture and increasingly sophisticated cyberattacks, customers see cybersecurity as a top priority.

[removed: *Harness the Power of AI] [added: AI] and [removed: Data*][added: Data]

AI represents a generational shift in technology and [added: the advent of AI agents] is driving an order of magnitude higher requirement for network connectivity.

We provide network infrastructure to power AI training and inference workloads for both [removed: webscalers] [added: webscale providers] and enterprises.

Within campus [removed: switching are] [added: switching,] our Catalyst 9000 [removed: series] [added: family] of switches [removed: that include] [added: includes] hardware with embedded software, along with a software subscription referred to as Cisco DNA.

Cisco DNA provides automation, analytics and security features [removed: and] [added: which] can be centrally monitored, managed, and configured.

We are [removed: focusing] [added: focused] on transforming connectivity to the Internet and the cloud environment by efficiently meeting the growing demand for low-latency and higher speeds.

Our routed optical networking systems and our pluggable optic [removed: solutions,] [added: solutions] allow us to transform the economics of building and operating networks for our service provider [removed: customers, including our webscale] customers.

Our Cisco 8000 series routers, which are based on [removed: our] [added: Cisco] Silicon One, provide broad capacity in high-density designs, allowing our customers to reduce operational footprints, lower carbon emissions, and transition to more efficient network architectures.

[removed: Our Enterprise Routing portfolio interconnects] [added: We also have enterprise routing solutions which interconnect] public and private wireline and mobile networks, delivering highly secure and reliable connectivity to campus, data center and branch networks.

[removed: Our routing solutions] [added: These offerings] are designed to meet the scale, reliability, and security needs of [removed: our large to small customers.][added: customers of any size.]

Our [removed: Wireless portfolio provides] [added: wireless solutions deliver robust] indoor and outdoor [removed: wireless coverage designed for] [added: coverage, supporting] seamless roaming [removed: use of] [added: for] voice, video, and data applications.

[removed: These products include] [added: With a product portfolio that includes both on-premises and cloud-managed] wireless access points and [removed: controllers that are on-premise and cloud managed, and which, combined] [added: controllers, we provide customers] with [removed: our Switching portfolio, delivers] a [added: powerful and intuitive] converged access solution [removed: that is powerful, yet simple.][added: when paired with our switching portfolio.]

[removed: Security consists of our] [added: Our security portfolio spans] Network Security, Identity and Access Management, Secure Access Service Edge [removed: (SASE)] [added: (SASE),] and Threat Intelligence, Detection, and Response [removed: offerings.][added: (TIDR) solutions.]

[removed: Additionally, we continue to invest in expanding] [added: We are also accelerating the expansion of] our SASE [removed: architecture by] [added: architecture,] delivering [removed: combined] [added: a seamless combination of] network and security functionality [removed: in] [added: through] a [removed: single] [added: single,] cloud-native [removed: service.][added: platform.]

[added: Our] Collaboration [added: portfolio] consists of our Webex [removed: Suite, Collaboration Devices,] [added: suite, collaboration devices,] Contact Center and Communication Platform as a Service (CPaaS) offerings.

[removed: Our] [added: These] offerings [removed: within the Collaboration portfolio] consist of [removed: software offerings,] [added: software,] including perpetual licenses and subscription arrangements, as well as hardware.

Our [removed: Collaboration strategy] [added: objective] is to [removed: reimagine employee and customer experiences to be] [added: create] more inclusive and engaging [added: employee and customer experiences] by providing technology that enables distributed teams to collaborate effortlessly.

We offer end-to-end collaboration solutions that can be delivered [added: on-premises,] from the cloud, [removed: on-premise] or within hybrid cloud [removed: environments allowing customers to transition their collaboration solutions from on-premise to the cloud.][added: environments.]

[added: Our CPaaS is a cloud] communications platform that integrates communication channels and existing back-end business systems [removed: together] to help enable the orchestration and automation of all customer and employee interactions.

[removed: Our Observability] [added: These] offerings are designed to bring together and provide end-to-end visibility of our [removed: customer’s environments across] [added: customers' owned and unowned environments—including] applications, networks, multi-cloud infrastructures and the [removed: Internet, to help deliver full stack observability for modern environments and drive relevant real-time insights.][added: Internet.]

[removed: These offerings enable] [added: With AI-driven insights at their core, our observability solutions help] organizations [removed: to] see, [removed: understand,] [added: understand] and improve every digital [removed: experience] [added: experience,] and [removed: assure] [added: help to ensure] seamless connectivity [removed: for their] [added: and proactive issue resolution across complex,] modern [removed: digital] environments.

In addition to our product offerings, we provide a broad range of [removed: service and] [added: technical] support [removed: options] [added: and professional services] for our customers.

[removed: We sell to public sector] customers through a network of third-party application and technology vendors and channel partners, as well as through direct sales.

Service Provider and Cloud includes regional, national, and international wireline carriers and webscale [removed: operators,] [added: providers,] as well as [removed: internet,] [added: Internet,] cable, and wireless providers.

As of the end of fiscal [removed: 2024,] [added: 2025,] our worldwide sales and marketing functions consisted of approximately [removed: 28,000] [added: 25,600] employees, including managers, sales representatives, and technical support personnel.

Our competitors (in each case relative to only some of our products or services) include: Amazon Web Services LLC; Arista Networks, Inc.; Broadcom Inc.; Ciena Corporation; CrowdStrike Holdings, Inc.; Datadog Inc.; Dell Technologies Inc.; Dynatrace Inc.; Fortinet, Inc.; Hewlett-Packard Enterprise Company; Huawei Technologies Co., Ltd.; [removed: Juniper Networks, Inc.;] Microsoft Corporation; New Relic, Inc.; Nokia Corporation; Nvidia Corporation; Palo Alto Networks, Inc.; RingCentral, Inc.; Zoom Video Communications, Inc.; and Zscaler, Inc.; among others.

We also expect to continue to make acquisitions and [added: strategic investments, where appropriate, to provide us with access to new technologies.]

These regulations and laws involve a variety of matters including privacy, data protection and personal information, cybersecurity, operational resilience, [removed: artificial intelligence,] [added: AI,] tax, trade, encryption technology, environmental sustainability (including climate change), human rights, product certification, and national security.

Our goal is to attract, retain, and develop talent in order to help our customers connect and secure their [removed: infrastructure,] [added: infrastructure] and accelerate their digital agility.

Cisco is currently ranked [removed: #2] [added: #3] on the Fortune 100 Best Companies to Work For® [removed: 2024] [added: 2025] in the United States.

As of July [removed: 27, 2024,] [added: 26, 2025,] we had approximately [removed: 90,400] [added: 86,200] employees and they are categorized as follows:

[removed: ][added: ]

It provides market competitive, performance-based compensation aligned with each employee’s contribution and impact to the value we drive to our customers, [removed: partners] [added: partners,] and stockholders.

We are incorporating artificial intelligence (AI) into our product portfolios across networking, security, collaboration and observability as well as integrating our products more tightly together.

In today's digital-first world, businesses and organizations globally are deploying technology to pursue their strategic objectives, from accelerating growth to enhancing operational efficiency and fostering innovation.

Cisco is at the forefront of this evolution, developing innovative solutions that leverage advanced AI to deliver more valuable outcomes for our customers.

Modern Infrastructure

Now more than ever it is crucial for businesses to remain competitive while managing resource constraints.

Our customers continue to focus on modernizing their infrastructure with a focus on speed, agility, productivity, innovation and energy efficiency.

These three customer priorities drive our innovation and technology, making them our priorities as well.

To help deliver on them, we are bringing together the power of our portfolio, which we refer to as One Cisco, which provides three key outcomes to our customers: i) AI-ready data centers, ii) future-proofed workplaces, and iii) digital resilience.

AI-Ready Data Centers

We are transforming data centers to power AI workloads anywhere.

Whether customers need to modernize parts of their existing infrastructure or power new, massive AI workloads, Cisco brings together a wide array of infrastructure (across networking, compute, storage, and silicon) with unified management across traditional and AI workloads, and security from on-premise to cloud to power AI-ready data centers.

Future-Proofed Workplaces

Cisco helps deliver "future-proofed" workplaces, modernizing how people and technology work and serve their customers.

This includes environments ranging from factory floors with plant workers and robots to hospitals with healthcare workers, as well as to social workers and salespeople on the move.

For secure campus and branch networking, we offer a flexible range of solutions that help ensure secure, reliable connections for users and devices.

Our smart building technology turns network devices into sensors for enhanced intelligence and control of physical spaces.

To support productivity, we provide collaboration devices and software to enable collaboration no matter where people work.

Digital Resilience

We help to keep the data center, workplace, and entire IT environment securely up and running in the face of any disruption.

Our network assurance capabilities, powered by ThousandEyes, are integrated throughout our portfolio.

This technology helps ensure seamless connectivity and optimal digital experiences across cloud, Internet, and enterprise networks, for the delivery of applications and services.

Our observability solution monitors the entire enterprise to help prevent downtime and improve experiences across networks, infrastructures, and applications.

Additionally, Cisco provides robust security measures for threat prevention, detection, investigation, and response for organizations of any size and security maturity.

Cisco enables enterprises and service providers to deliver highly secure connectivity from workplaces to data centers worldwide.

Our strength lies in our ability to deliver unified architecture with integrated, end-to-end solutions to help simplify complex challenges.

These capabilities are accelerated with Cisco AI, enhancing outcomes for customers globally.

Our networking business is built on a foundation of industry-leading technologies, including switching, routing, wireless, and servers, offered through a comprehensive suite of both hardware and software solutions.

This portfolio, which features software licenses and software-as-a-service (SaaS) offerings, empowers customers to build, automate, modernize, and transform their network infrastructure to meet the demands of a rapidly evolving digital landscape.

A central pillar of our networking strategy is the seamless convergence of our on-premise solutions with our cloud-managed offerings.

By integrating these capabilities across our networking portfolio, we aim to deliver continuous value to our customers through enhanced flexibility, scalability, and operational efficiency.

This unified approach positions us to address the diverse needs of businesses as they transition to hybrid and cloud-first environments.

Our switching portfolio now also includes the newly launched Cisco Smart Switches — Cisco 9350 and Cisco 9610— which represent the next generation of enterprise networking.

These switches are AI-ready with advanced telemetry and assurance capabilities.

They are built on Cisco Silicon One (which is our single, unified, and scalable networking silicon architecture) and are equipped with quantum-resistant security and post-quantum cryptography to protect against future threats.

They also offer flexibility for one hardware to be managed via either the Cisco Catalyst Center or Meraki Dashboard user interface.

During fiscal 2025, we introduced the Cisco N9300 Series Smart Switches with a new class of intelligent networking silicon alongside embedded Data Processing Units (DPUs), representing our new vision for AI data center designs.

Complex data processing tasks can be offloaded to the DPUs on the switch to improve both network architecture and the security posture.

Cisco Hypershield, our cloud-native and AI-powered approach to highly distributed security for AI-scale data centers that is built into the fabric of the network, is the first service offering available embedded on these new switches.

This helps to narrow the gap between security and networking layers by converging them into a single solution.

The Internet Infrastructure portion of this portfolio includes AI Infrastructure solutions for service provider customers, including our webscale customers.

Across the globe, businesses and organizations of every size are leveraging Cisco technology to transform and drive better outcomes and experiences.

We also help customers navigate emerging technological shifts.

These customer priorities are central to how we innovate and develop our technology.

First, we provide the underlying network connectivity for our customers, whether they are connecting traditional branch offices, data centers, smart grids, video devices, electric vehicles, or other devices.

Second, we help protect those network connections and the underlying technology architecture against cyber threats.

Third, through the visibility we have into data across the network, connected devices and applications, we provide context and insights to our customers about what is happening in their technology architecture, not only in their on-premise infrastructure and private data centers, but also their cloud infrastructure.

Our ongoing innovation is delivered, managed and optimized through a combination of hardware, software and subscriptions, in line with the flexible consumption models our customers request.

Cisco can help customers connect, protect and draw actionable insights from their technology.

We do this in service of delivering the digital resilience our customers need for today’s complex and unpredictable world.

Customer Priorities

*Modernize Infrastructure*

We continue to transform our enterprise networking portfolio by bringing together several technologies to form an integrated architecture.

Our vision is to build a unified management platform experience for on-premise and cloud operating models, that simplifies and helps secure networking for customers at scale.

Our Observability offerings collect and process daily measurements from customers’ owned and unowned networks, providing automated insights, proactive recommendations, and closed-loop operations tailored to customers to enable them to reduce mean time to resolution of issues and improve IT productivity and user experience.

For the data center, our strategy is to deliver multicloud architectures that bring policy and operational consistency, regardless of where applications or data reside.

We continue to make significant investments in the development of software, silicon and optics, which we believe are the building blocks for the internet for the future.

As part of modernizing their infrastructure, customers of every size are also looking for solutions to help them communicate more effectively with their customers and to connect their employees more efficiently for productivity.

Our collaboration portfolio, which includes interoperable devices and our cloud contact center, provides those solutions, and serves as a key component of smart buildings, powered over ethernet, that we believe will define the workplaces of the future.

Networking consists of our core networking technologies of switching, routing, wireless, and servers.

These technologies consist of both hardware and software offerings, including software licenses and software-as-a-service (SaaS), that help our customers build networks, automate, modernize and transform their infrastructure.

We believe it is critical for us to deliver continuous value to our customers.

Our objective is to converge our on-premise solutions with our cloud managed solutions across our networking portfolio.

Internet Infrastructure primarily consists of our routed optical networking solutions.

Cisco Silicon One is our single, unified, and scalable networking silicon architecture which we have expanded from a routing-focused solution to one which addresses the webscale switching market through the combination of its high-performance, feature-rich, and low-power characteristics.

Security is a leading priority for our customers, regardless of size or industry.

We continue to invest in resources across our security portfolio focused on cloud-based offerings, AI-enhanced threat detection and end-to-end security architectures.

Our Threat Intelligence, Detection, and Response offerings incorporate the technologies of Splunk to prevent, detect and respond to sophisticated cyber attacks.

This product category includes the Splunk Platform and Splunk Security offerings after the acquisition of Splunk, although the Splunk Platform has use cases that can also be applicable for Observability offerings.

With our acquisition of Splunk in the third quarter of fiscal 2024, we have begun to integrate our solutions, starting with Cisco Extended Detection and Response (XDR) and Splunk Enterprise Security.

Our CPaaS is a cloud

Our network assurance offering, ThousandEyes, is a network intelligence platform that provides in-depth visibility into network and internet performance.

Our Observability Suite offering, including Splunk Observability and AppDynamics, provides complete visibility across the full stack from infrastructure to applications as well as the digital customer experience.

Our support and maintenance services help our customers ensure their products operate efficiently, remain available, and benefit from the most up-to-date system and application software.

We also provide comprehensive advisory services that are focused on responsive, preventive, and consultative support of our technologies for specific networking needs.

We are investing in and expanding advisory services in the areas of software, cloud, security, and analytics, which reflects our strategy of selling customer outcomes.

We are focused on three priorities: utilizing technology advisory services to drive higher product and services; assessment and migration services providing the tools, expertise and methodologies to enable our customers to migrate to new technology platforms; and providing optimization services aligned with customers’ business expectations.

We are also embedding AI assistants and automated functions into our services to drive productivity.

strategic investments, where appropriate, to provide us with access to new technologies.

Cisco is currently #1 in the following 18 countries: Australia, Canada, Costa Rica, France, Indonesia, Ireland, Italy, Japan, Korea, Mexico, Norway, Peru, Portugal, Saudi Arabia, Singapore, Spain, Switzerland and the United Kingdom.

We support our employees through times of change and enable them to be their best.

For the fiscal year ended July [removed: 27, 2024][added: 26, 2025]

[removed: ][added: ]

Aggregate market value of registrant’s common stock held by non-affiliates of the registrant, based upon the closing price of a share of the registrant’s common stock on January [removed: 26, 2024] [added: 24, 2025] as reported by the Nasdaq Global Select Market on that date: [removed: $211.1] [added: $247.5] billion

Number of shares of the registrant’s common stock outstanding as of August [removed: 30, 2024: 3,990,734,794][added: 28, 2025: 3,953,196,953]

Portions of the registrant’s definitive Proxy Statement relating to the [removed: 2024] [added: 2025] Annual Meeting of Stockholders, to be held on December [removed: 9, 2024,] [added: 16, 2025,] are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

| Item 1. | | | | | | [removed: [Business](#ibc9acfa3cec047e9a0295718c0842bcf_16)] [added: [Business](#i8c5626bfc0584aa2863237b2641238b5_16)] | | | | | | [removed: [1](#ibc9acfa3cec047e9a0295718c0842bcf_16)] [added: [1](#i8c5626bfc0584aa2863237b2641238b5_16)] | | |

| Item 1A. | | | | | | [Risk [removed: Factors](#ibc9acfa3cec047e9a0295718c0842bcf_19)] [added: Factors](#i8c5626bfc0584aa2863237b2641238b5_19)] | | | | | | [removed: [12](#ibc9acfa3cec047e9a0295718c0842bcf_19)] [added: [11](#i8c5626bfc0584aa2863237b2641238b5_19)] | | |

| Item 1B. | | | | | | [Unresolved Staff [removed: Comments](#ibc9acfa3cec047e9a0295718c0842bcf_22)] [added: Comments](#i8c5626bfc0584aa2863237b2641238b5_22)] | | | | | | [removed: [26](#ibc9acfa3cec047e9a0295718c0842bcf_22)] [added: [25](#i8c5626bfc0584aa2863237b2641238b5_22)] | | |

| Item 1C. | | | | | | [removed: [Cybersecurity](#ibc9acfa3cec047e9a0295718c0842bcf_1884)] [added: [Cybersecurity](#i8c5626bfc0584aa2863237b2641238b5_25)] | | | | | | [removed: [27](#ibc9acfa3cec047e9a0295718c0842bcf_1884)] [added: [26](#i8c5626bfc0584aa2863237b2641238b5_25)] | | |

| Item 2. | | | | | | [removed: [Properties](#ibc9acfa3cec047e9a0295718c0842bcf_25)] [added: [Properties](#i8c5626bfc0584aa2863237b2641238b5_28)] | | | | | | [removed: [28](#ibc9acfa3cec047e9a0295718c0842bcf_25)] [added: [27](#i8c5626bfc0584aa2863237b2641238b5_28)] | | |

| Item 3. | | | | | | [Legal [removed: Proceedings](#ibc9acfa3cec047e9a0295718c0842bcf_28)] [added: Proceedings](#i8c5626bfc0584aa2863237b2641238b5_31)] | | | | | | [removed: [28](#ibc9acfa3cec047e9a0295718c0842bcf_28)] [added: [27](#i8c5626bfc0584aa2863237b2641238b5_31)] | | |

| Item 4. | | | | | | [Mine Safety [removed: Disclosures](#ibc9acfa3cec047e9a0295718c0842bcf_31)] [added: Disclosures](#i8c5626bfc0584aa2863237b2641238b5_34)] | | | | | | [removed: [28](#ibc9acfa3cec047e9a0295718c0842bcf_31)] [added: [27](#i8c5626bfc0584aa2863237b2641238b5_34)] | | |

| Item 5. | | | | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#ibc9acfa3cec047e9a0295718c0842bcf_37)] [added: Securities](#i8c5626bfc0584aa2863237b2641238b5_40)] | | | | | | [removed: [29](#ibc9acfa3cec047e9a0295718c0842bcf_37)] [added: [28](#i8c5626bfc0584aa2863237b2641238b5_40)] | | |

| Item 6. | | | | | | [removed: [\[Reserved\]](#ibc9acfa3cec047e9a0295718c0842bcf_43)] [added: [\[Reserved\]](#i8c5626bfc0584aa2863237b2641238b5_46)] | | | | | | [removed: [30](#ibc9acfa3cec047e9a0295718c0842bcf_43)] [added: [29](#i8c5626bfc0584aa2863237b2641238b5_46)] | | |

| Item 7. | | | | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ibc9acfa3cec047e9a0295718c0842bcf_46)] [added: Operations](#i8c5626bfc0584aa2863237b2641238b5_49)] | | | | | | [removed: [31](#ibc9acfa3cec047e9a0295718c0842bcf_46)] [added: [30](#i8c5626bfc0584aa2863237b2641238b5_49)] | | |

| Item 7A. | | | | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ibc9acfa3cec047e9a0295718c0842bcf_79)] [added: Risk](#i8c5626bfc0584aa2863237b2641238b5_82)] | | | | | | [removed: [51](#ibc9acfa3cec047e9a0295718c0842bcf_79)] [added: [50](#i8c5626bfc0584aa2863237b2641238b5_82)] | | |

| Item 8. | | | | | | [Financial Statements and Supplementary [removed: Data](#ibc9acfa3cec047e9a0295718c0842bcf_82)] [added: Data](#i8c5626bfc0584aa2863237b2641238b5_85)] | | | | | | [removed: [53](#ibc9acfa3cec047e9a0295718c0842bcf_82)] [added: [52](#i8c5626bfc0584aa2863237b2641238b5_85)] | | |

| Item 9. | | | | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ibc9acfa3cec047e9a0295718c0842bcf_175)] [added: Disclosure](#i8c5626bfc0584aa2863237b2641238b5_175)] | | | | | | [removed: [104](#ibc9acfa3cec047e9a0295718c0842bcf_175)] [added: [102](#i8c5626bfc0584aa2863237b2641238b5_175)] | | |

| Item 9A. | | | | | | [Controls and [removed: Procedures](#ibc9acfa3cec047e9a0295718c0842bcf_178)] [added: Procedures](#i8c5626bfc0584aa2863237b2641238b5_178)] | | | | | | [removed: [104](#ibc9acfa3cec047e9a0295718c0842bcf_178)] [added: [102](#i8c5626bfc0584aa2863237b2641238b5_178)] | | |

| Item 9B. | | | | | | [Other [removed: Information](#ibc9acfa3cec047e9a0295718c0842bcf_181)] [added: Information](#i8c5626bfc0584aa2863237b2641238b5_181)] | | | | | | [removed: [104](#ibc9acfa3cec047e9a0295718c0842bcf_181)] [added: [102](#i8c5626bfc0584aa2863237b2641238b5_181)] | | |

| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ibc9acfa3cec047e9a0295718c0842bcf_187)] [added: Inspections](#i8c5626bfc0584aa2863237b2641238b5_184)] | | | | | | [removed: [104](#ibc9acfa3cec047e9a0295718c0842bcf_187)] [added: [102](#i8c5626bfc0584aa2863237b2641238b5_184)] | | |

| Item 10. | | | | | | [Directors, Executive Officers and Corporate [removed: Governance](#ibc9acfa3cec047e9a0295718c0842bcf_193)] [added: Governance](#i8c5626bfc0584aa2863237b2641238b5_190)] | | | | | | [removed: [105](#ibc9acfa3cec047e9a0295718c0842bcf_193)] [added: [103](#i8c5626bfc0584aa2863237b2641238b5_190)] | | |

| Item 11. | | | | | | [Executive [removed: Compensation](#ibc9acfa3cec047e9a0295718c0842bcf_196)] [added: Compensation](#i8c5626bfc0584aa2863237b2641238b5_193)] | | | | | | [removed: [105](#ibc9acfa3cec047e9a0295718c0842bcf_196)] [added: [103](#i8c5626bfc0584aa2863237b2641238b5_193)] | | |

| Item 12. | | | | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ibc9acfa3cec047e9a0295718c0842bcf_199)] [added: Matters](#i8c5626bfc0584aa2863237b2641238b5_196)] | | | | | | [removed: [105](#ibc9acfa3cec047e9a0295718c0842bcf_199)] [added: [103](#i8c5626bfc0584aa2863237b2641238b5_196)] | | |

| Item 13. | | | | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ibc9acfa3cec047e9a0295718c0842bcf_202)] [added: Independence](#i8c5626bfc0584aa2863237b2641238b5_199)] | | | | | | [removed: [105](#ibc9acfa3cec047e9a0295718c0842bcf_202)] [added: [103](#i8c5626bfc0584aa2863237b2641238b5_199)] | | |

| Item 14. | | | | | | [Principal Accountant Fees and [removed: Services](#ibc9acfa3cec047e9a0295718c0842bcf_205)] [added: Services](#i8c5626bfc0584aa2863237b2641238b5_202)] | | | | | | [removed: [105](#ibc9acfa3cec047e9a0295718c0842bcf_205)] [added: [103](#i8c5626bfc0584aa2863237b2641238b5_202)] | | |

| Item 15. | | | | | | [Exhibits and Financial Statement [removed: Schedules](#ibc9acfa3cec047e9a0295718c0842bcf_211)] [added: Schedules](#i8c5626bfc0584aa2863237b2641238b5_208)] | | | | | | [removed: [105](#ibc9acfa3cec047e9a0295718c0842bcf_211)] [added: [103](#i8c5626bfc0584aa2863237b2641238b5_208)] | | |

| Item 16. | | | | | | [Form 10-K [removed: Summary](#ibc9acfa3cec047e9a0295718c0842bcf_217)] [added: Summary](#i8c5626bfc0584aa2863237b2641238b5_214)] | | | | | | [removed: [107](#ibc9acfa3cec047e9a0295718c0842bcf_217)] [added: [106](#i8c5626bfc0584aa2863237b2641238b5_214)] | | |

| | | | | | | [Signatures](#i8c5626bfc0584aa2863237b2641238b5_217) | | | | | | [107](#i8c5626bfc0584aa2863237b2641238b5_217) | | |

| | | | | | | [Signatures](#ibc9acfa3cec047e9a0295718c0842bcf_220) | | | | | | [108](#ibc9acfa3cec047e9a0295718c0842bcf_220) | | |

There were [removed: 32,405] [added: 30,790] registered stockholders as of August [removed: 30, 2024.][added: 28, 2025.]

As of July [removed: 27, 2024,] [added: 26, 2025,] the remaining authorized amount for stock repurchases under this program is approximately [removed: $5.2] [added: $14.2] billion with no termination date.

[removed: ][added: ]

| | | | July [removed: 2019] [added: 2020] | | | | | | July [removed: 2020] [added: 2021] | | | | | | July [removed: 2021] [added: 2022] | | | | | | July [removed: 2022] [added: 2023] | | | | | | July [removed: 2023] [added: 2024] | | | | | | July [removed: 2024] [added: 2025] | | |

| S&P 500 | | | $ | 100.00 | | | | | $ | 108.39 | | | | | $ | 150.48 | | | | | $ | 143.50 | | | | | $ | 161.94 | | | | | $ | [removed: 195.82] [added: 232.22] | |

| April 27, 2025 to May 24, 2025 | | | 7 | | | | | | $ | 60.71 | | | | | 7 | | | | | | $ | 15,023 | |

| May 25, 2025 to June 21, 2025 | | | 5 | | | | | | $ | 64.63 | | | | | 5 | | | | | | $ | 14,659 | |

| June 22, 2025 to July 26, 2025 | | | 7 | | | | | | $ | 68.36 | | | | | 7 | | | | | | $ | 14,174 | |

| Total | | | 19 | | | | | | $ | 64.65 | | | | | 19 | | | | | | | | |

| Cisco Systems, Inc. | | | $ | 100.00 | | | | | $ | 123.13 | | | | | $ | 103.83 | | | | | $ | 123.09 | | | | | $ | 116.78 | | | | | $ | 172.19 | |

| S&P Information Technology | | | $ | 100.00 | | | | | $ | 147.03 | | | | | $ | 138.92 | | | | | $ | 176.00 | | | | | $ | 235.11 | | | | | $ | 292.59 | |

| April 28, 2024 to May 25, 2024 | | | 12 | | | | | | $ | 47.44 | | | | | 12 | | | | | | $ | 6,585 | |

| May 26, 2024 to June 22, 2024 | | | 18 | | | | | | $ | 46.08 | | | | | 18 | | | | | | $ | 5,770 | |

| June 23, 2024 to July 27, 2024 | | | 13 | | | | | | $ | 47.19 | | | | | 13 | | | | | | $ | 5,170 | |

| Total | | | 43 | | | | | | $ | 46.80 | | | | | 43 | | | | | | | | |

| Cisco Systems, Inc. | | | $ | 100.00 | | | | | $ | 84.70 | | | | | $ | 104.30 | | | | | $ | 87.95 | | | | | $ | 104.27 | | | | | $ | 98.92 | |

| S&P Information Technology | | | $ | 100.00 | | | | | $ | 129.40 | | | | | $ | 190.26 | | | | | $ | 179.77 | | | | | $ | 227.74 | | | | | $ | 304.23 | |

[Index to Consolidated Financial [removed: Statements](#ibc9acfa3cec047e9a0295718c0842bcf_85)][added: Statements](#i8c5626bfc0584aa2863237b2641238b5_88)]

| [Report of Independent Registered Public Accounting [removed: Firm](#ibc9acfa3cec047e9a0295718c0842bcf_88)] [added: Firm](#i8c5626bfc0584aa2863237b2641238b5_91)] (PCAOB ID 238) | | | [removed: [54](#ibc9acfa3cec047e9a0295718c0842bcf_88)] [added: [53](#i8c5626bfc0584aa2863237b2641238b5_91)] | | |

| [Reports of [removed: Management](#ibc9acfa3cec047e9a0295718c0842bcf_91)] [added: Management](#i8c5626bfc0584aa2863237b2641238b5_94)] | | | [removed: [57](#ibc9acfa3cec047e9a0295718c0842bcf_91)] [added: [55](#i8c5626bfc0584aa2863237b2641238b5_94)] | | |

| [Consolidated Balance [removed: Sheets](#ibc9acfa3cec047e9a0295718c0842bcf_94)] [added: Sheets](#i8c5626bfc0584aa2863237b2641238b5_97)] | | | [removed: [58](#ibc9acfa3cec047e9a0295718c0842bcf_94)] [added: [56](#i8c5626bfc0584aa2863237b2641238b5_97)] | | |

| [Consolidated Statements of [removed: Operations](#ibc9acfa3cec047e9a0295718c0842bcf_97)] [added: Operations](#i8c5626bfc0584aa2863237b2641238b5_100)] | | | [removed: [59](#ibc9acfa3cec047e9a0295718c0842bcf_97)] [added: [57](#i8c5626bfc0584aa2863237b2641238b5_100)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ibc9acfa3cec047e9a0295718c0842bcf_100)] [added: Income](#i8c5626bfc0584aa2863237b2641238b5_103)] | | | [removed: [60](#ibc9acfa3cec047e9a0295718c0842bcf_100)] [added: [58](#i8c5626bfc0584aa2863237b2641238b5_103)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ibc9acfa3cec047e9a0295718c0842bcf_103)] [added: Flows](#i8c5626bfc0584aa2863237b2641238b5_106)] | | | [removed: [61](#ibc9acfa3cec047e9a0295718c0842bcf_103)] [added: [59](#i8c5626bfc0584aa2863237b2641238b5_106)] | | |

| [Consolidated Statements of [removed: Equity](#ibc9acfa3cec047e9a0295718c0842bcf_106)] [added: Equity](#i8c5626bfc0584aa2863237b2641238b5_109)] | | | [removed: [62](#ibc9acfa3cec047e9a0295718c0842bcf_106)] [added: [60](#i8c5626bfc0584aa2863237b2641238b5_109)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ibc9acfa3cec047e9a0295718c0842bcf_109)] [added: Statements](#i8c5626bfc0584aa2863237b2641238b5_112)] | | | [removed: [63](#ibc9acfa3cec047e9a0295718c0842bcf_109)] [added: [61](#i8c5626bfc0584aa2863237b2641238b5_112)] | | |

| [Note 1: Basis of [removed: Presentation](#ibc9acfa3cec047e9a0295718c0842bcf_112)] [added: Presentation](#i8c5626bfc0584aa2863237b2641238b5_115)] | | | [removed: [63](#ibc9acfa3cec047e9a0295718c0842bcf_112)] [added: [61](#i8c5626bfc0584aa2863237b2641238b5_115)] | | |

| [Note 2: Summary of Significant Accounting [removed: Policies](#ibc9acfa3cec047e9a0295718c0842bcf_115)] [added: Policies](#i8c5626bfc0584aa2863237b2641238b5_118)] | | | [removed: [63](#ibc9acfa3cec047e9a0295718c0842bcf_115)] [added: [61](#i8c5626bfc0584aa2863237b2641238b5_118)] | | |

| [Note 5: Goodwill and Purchased Intangible [removed: Assets](#ibc9acfa3cec047e9a0295718c0842bcf_124)] [added: Assets](#i8c5626bfc0584aa2863237b2641238b5_127)] | | | [removed: [74](#ibc9acfa3cec047e9a0295718c0842bcf_124)] [added: [72](#i8c5626bfc0584aa2863237b2641238b5_127)] | | |

| [removed: [Note 6:] Restructuring and [removed: Other Charges](#ibc9acfa3cec047e9a0295718c0842bcf_127)] [added: other charges] | | | [removed: [76](#ibc9acfa3cec047e9a0295718c0842bcf_127)] [added: 38] | | | [added: | | | 23 | | | | | | 6 | | |]

| [Note 7: Balance Sheet and Other [removed: Details](#ibc9acfa3cec047e9a0295718c0842bcf_130)] [added: Details](#i8c5626bfc0584aa2863237b2641238b5_133)] | | | [removed: [77](#ibc9acfa3cec047e9a0295718c0842bcf_130)] [added: [74](#i8c5626bfc0584aa2863237b2641238b5_133)] | | |

| [Note 8: [removed: Leases](#ibc9acfa3cec047e9a0295718c0842bcf_136)] [added: Leases](#i8c5626bfc0584aa2863237b2641238b5_136)] | | | [removed: [78](#ibc9acfa3cec047e9a0295718c0842bcf_136)] [added: [76](#i8c5626bfc0584aa2863237b2641238b5_136)] | | |

| [Note 9: Financing [removed: Receivables](#ibc9acfa3cec047e9a0295718c0842bcf_139)] [added: Receivables](#i8c5626bfc0584aa2863237b2641238b5_139)] | | | [removed: [80](#ibc9acfa3cec047e9a0295718c0842bcf_139)] [added: [78](#i8c5626bfc0584aa2863237b2641238b5_139)] | | |

| [Note 10: [removed: Investments](#ibc9acfa3cec047e9a0295718c0842bcf_142)] [added: Investments](#i8c5626bfc0584aa2863237b2641238b5_142)] | | | [removed: [83](#ibc9acfa3cec047e9a0295718c0842bcf_142)] [added: [81](#i8c5626bfc0584aa2863237b2641238b5_142)] | | |

| [Note 11: Fair [removed: Value](#ibc9acfa3cec047e9a0295718c0842bcf_145)] [added: Value](#i8c5626bfc0584aa2863237b2641238b5_145)] | | | [removed: [85](#ibc9acfa3cec047e9a0295718c0842bcf_145)] [added: [83](#i8c5626bfc0584aa2863237b2641238b5_145)] | | |

| [Note 12: [removed: Borrowings](#ibc9acfa3cec047e9a0295718c0842bcf_148)] [added: Borrowings](#i8c5626bfc0584aa2863237b2641238b5_148)] | | | [removed: [86](#ibc9acfa3cec047e9a0295718c0842bcf_148)] [added: [84](#i8c5626bfc0584aa2863237b2641238b5_148)] | | |

| [Note 13: Derivative [removed: Instruments](#ibc9acfa3cec047e9a0295718c0842bcf_151)] [added: Instruments](#i8c5626bfc0584aa2863237b2641238b5_151)] | | | [removed: [88](#ibc9acfa3cec047e9a0295718c0842bcf_151)] [added: [86](#i8c5626bfc0584aa2863237b2641238b5_151)] | | |

| [Note 14: Commitments and [removed: Contingencies](#ibc9acfa3cec047e9a0295718c0842bcf_154)] [added: Contingencies](#i8c5626bfc0584aa2863237b2641238b5_154)] | | | [removed: [91](#ibc9acfa3cec047e9a0295718c0842bcf_154)] [added: [88](#i8c5626bfc0584aa2863237b2641238b5_154)] | | |

| [Note 15: Stockholders’ [removed: Equity](#ibc9acfa3cec047e9a0295718c0842bcf_157)] [added: Equity](#i8c5626bfc0584aa2863237b2641238b5_157)] | | | [removed: [93](#ibc9acfa3cec047e9a0295718c0842bcf_157)] [added: [91](#i8c5626bfc0584aa2863237b2641238b5_157)] | | |

| [Note 16: Employee Benefit [removed: Plans](#ibc9acfa3cec047e9a0295718c0842bcf_160)] [added: Plans](#i8c5626bfc0584aa2863237b2641238b5_160)] | | | [removed: [94](#ibc9acfa3cec047e9a0295718c0842bcf_160)] [added: [92](#i8c5626bfc0584aa2863237b2641238b5_160)] | | |

| [Note 17: Accumulated Other Comprehensive Income [removed: (Loss)](#ibc9acfa3cec047e9a0295718c0842bcf_163)] [added: (Loss)](#i8c5626bfc0584aa2863237b2641238b5_163)] | | | [removed: [98](#ibc9acfa3cec047e9a0295718c0842bcf_163)] [added: [95](#i8c5626bfc0584aa2863237b2641238b5_163)] | | |

| [Note 18: Income [removed: Taxes](#ibc9acfa3cec047e9a0295718c0842bcf_166)] [added: Taxes](#i8c5626bfc0584aa2863237b2641238b5_166)] | | | [removed: [99](#ibc9acfa3cec047e9a0295718c0842bcf_166)] [added: [96](#i8c5626bfc0584aa2863237b2641238b5_166)] | | |

| [Note 19: Segment Information and Major [removed: Customers](#ibc9acfa3cec047e9a0295718c0842bcf_169)] [added: Customers](#i8c5626bfc0584aa2863237b2641238b5_169)] | | | [removed: [102](#ibc9acfa3cec047e9a0295718c0842bcf_169)] [added: [99](#i8c5626bfc0584aa2863237b2641238b5_169)] | | |

| [Note 20: Net Income per [removed: Share](#ibc9acfa3cec047e9a0295718c0842bcf_172)] [added: Share](#i8c5626bfc0584aa2863237b2641238b5_172)] | | | [removed: [103](#ibc9acfa3cec047e9a0295718c0842bcf_172)] [added: [100](#i8c5626bfc0584aa2863237b2641238b5_172)] | | |

We have audited the accompanying consolidated balance sheets of Cisco Systems, Inc. and its subsidiaries (the “Company”) as of July [removed: 27, 2024] [added: 26, 2025] and July [removed: 29, 2023,] [added: 27, 2024,] and the related consolidated statements of operations, of comprehensive income, of [added: stockholders'] equity and of cash flows for each of the three years in the period ended July [removed: 27, 2024,] [added: 26, 2025,] including the related notes (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of July [removed: 27, 2024,] [added: 26, 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of July [removed: 27, 2024] [added: 26, 2025] and July [removed: 29, 2023,] [added: 27, 2024,] and the results of its operations and its cash flows for each of the three years in the period ended July [removed: 27, 2024] [added: 26, 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of July [removed: 27, 2024,] [added: 26, 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current period audit of the consolidated financial statements that [removed: were] [added: was] communicated or required to be communicated to the audit committee and that (i) [removed: relate] [added: relates] to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matters] [added: matter] below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit [removed: matters] [added: matter] or on the accounts or disclosures to which [removed: they relate.][added: it relates.]

*Revenue Recognition for Certain [removed: Product] [added: Products] and [removed: Services Revenue*][added: Services*]

For the year ended July [removed: 27, 2024,] [added: 26, 2025,] the Company’s total revenue was [removed: $53.8] [added: $56.7] billion, of which the majority relates to certain product and services revenue.

The principal [removed: considerations] [added: consideration] for our determination that performing procedures relating to revenue recognition for certain [removed: product] [added: products] and services [removed: revenue] is a critical audit matter [removed: are the significant judgment by management in identifying contractual terms in certain customer arrangements and] [added: is] a high degree of auditor [removed: judgment and] effort in performing procedures [removed: and evaluating audit evidence relating] [added: related] to [added: the Company's] revenue [removed: recognition for certain product and services revenue.][added: recognition.]

These procedures also included, among [removed: others, testing, on] [added: others (i) testing revenue recognized for] a sample [removed: basis, (a) the completeness and accuracy] of [removed: management’s identification] [added: revenue transactions by obtaining] and [removed: evaluation of terms] [added: inspecting source documents, such as executed contracts, purchase orders, invoices,] and [removed: conditions by examining customer arrangements; (b) management’s process for determining] [added: proof of delivery; (ii) testing] the appropriate amount and timing of revenue recognition based on the contractual terms identified in [added: certain] customer arrangements; [removed: (c) revenue transactions by] [added: and (iii) confirming a sample of outstanding customer invoice balances as of July 26, 2025 and, for confirmations not returned,] obtaining and inspecting source documents, such as [removed: contracts,] purchase orders, invoices, [removed: and] proof of [removed: delivery;] [added: delivery,] and [removed: (d) the timing of recognition of revenue transactions.][added: subsequent cash receipts.]

Based on this evaluation, management concluded that Cisco’s internal control over financial reporting was effective as of July [removed: 27, 2024.][added: 26, 2025.]

| | | | [added: | | |] July [added: 26, 2025 | | | | | | July] 27, [removed: 2024] [added: 2024] | | | | | | July 29, 2023 | | |

| Cash and cash equivalents | | | $ | [removed: 7,508] [added: 8,346] | | | | | $ | [removed: 10,123] [added: 7,508] | |

| [Note 3: Revenue](#i8c5626bfc0584aa2863237b2641238b5_121) | | | [67](#i8c5626bfc0584aa2863237b2641238b5_121) | | |

| Note 4: Acquisitions | | | [69](#i8c5626bfc0584aa2863237b2641238b5_1834) | | |

| [Note 21: Subsequent Event](#i8c5626bfc0584aa2863237b2641238b5_1908) | | | [101](#i8c5626bfc0584aa2863237b2641238b5_1908) | | |

These procedures included testing the effectiveness of controls relating to the revenue recognition process.

| /S/ CHARLES H. ROBBINS | | | | | | /S/ MARK PATTERSON | | |

| Charles H. Robbins | | | | | | Mark Patterson | | |

| September 3, 2025 | | | | | | September 3, 2025 | | |

| | | | 184 | | | | | | 199 | | | | | | (61) | | |

| | | | (14) | | | | | | 61 | | | | | | (26) | | |

| Net income | | | | | | | | | | | | | | | 10,180 | | | | | | | | | | | | 10,180 | | |

| Repurchase of common stock | | | (105) | | | | | | (1,230) | | | | | | (4,765) | | | | | | | | | | | | (5,995) | | |

| BALANCE AT JULY 26, 2025 | | | 3,960 | | | | | | $ | 47,747 | | | | | $ | 50 | | | | | $ | (954) | | | | | $ | 46,843 | |

basis.

commitment to transfer the product or service to the customer is separately identifiable from other obligations in the contract.

(y) Recent Accounting Updates Recently Adopted

We adopted this accounting standard update for our fiscal 2025 Form 10-K with comparative periods updated to reflect additional disclosures.

See Note 19.

*Disaggregation of Income Statement Expenses* In November 2024, the FASB issued an accounting standard update expanding the disclosure requirements about specific expense categories, primarily through disaggregated information on income statement line items.

| Services | | | 15,046 | | | | | | 14,550 | | | | | | 13,856 | | |

| Total revenue | | | $ | 56,654 | | | | | $ | 53,803 | | | | | $ | 56,998 | |

We provide financing

| | | | July 26, 2025 | | | | | | July 27, 2024 | | |

| 1 to 4 | | | $ | 1,358 | | | | | $ | 1,266 | |

| 5 to 6 | | | 1,868 | | | | | | 1,456 | | |

| Fiscal 2025 | | | Purchase Consideration | | | | | | Net Tangible Assets Acquired (Liabilities Assumed) | | | | | | Purchased Intangible Assets | | | | | | Goodwill | | |

| Total acquisitions | | | $ | 293 | | | | | $ | (21) | | | | | $ | 121 | | | | | $ | 193 | |

The total purchase consideration of $293 million related to our acquisitions completed during fiscal 2025 consisted primarily of cash consideration.

The total cash and cash equivalents acquired from these acquisitions was approximately $15 million.

(b) Fiscal 2024 Acquisitions Summary

Allocation of the total purchase consideration for acquisitions we completed during fiscal 2024 is summarized as follows (in millions):

| Splunk | | | $ | 27,090 | | | | | $ | (2,761) | | | | | $ | 10,550 | | | | | $ | 19,301 | |

| Total acquisitions | | | $ | 28,460 | | | | | $ | (2,808) | | | | | $ | 11,050 | | | | | $ | 20,218 | |

Refer to Note 5.

Goodwill and Purchased Intangible Assets for details about our intangible assets acquired through the Splunk acquisition.

(e) Other Acquisition and Divestiture Information

The Consolidated Financial Statements include the operating results of each acquisition from the date of acquisition.

Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during fiscal 2025, 2024, and 2023, with the exception of Splunk, have not been presented because the effects of the acquisitions were not material to our financial results.

| Americas | | | $ | 36,169 | | | | | $ | 121 | | | | | $ | 178 | | | | | $ | 36,468 | |

| EMEA | | | 14,283 | | | | | | 47 | | | | | | 67 | | | | | | 14,397 | | |

| APJC | | | 8,208 | | | | | | 23 | | | | | | 40 | | | | | | 8,271 | | |

| [Note 3: Revenue](#ibc9acfa3cec047e9a0295718c0842bcf_118) | | | [69](#ibc9acfa3cec047e9a0295718c0842bcf_118) | | |

| [Note 4: Acquisitions](#ibc9acfa3cec047e9a0295718c0842bcf_121) | | | [71](#ibc9acfa3cec047e9a0295718c0842bcf_121) | | |

As described in Management’s Report on Internal Control over Financial Reporting, management has excluded Splunk Inc. (“Splunk”) from its assessment of internal control over financial reporting as of July 27, 2024, because it was acquired by the Company in a purchase business combination during 2024.

We have also excluded Splunk from our audit of internal control over financial reporting.

Splunk is a wholly-owned subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent approximately 3% and 3%, respectively, of the related consolidated financial statement amounts as of and for the year ended July 27, 2024.

In certain customer arrangements, management applies judgment in identifying contractual terms and determining the transaction price and management may be required to estimate variable consideration when determining the amount of revenue to recognize.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to the revenue recognition process, including obtaining an understanding of management’s process for identifying and evaluating terms and conditions in certain customer arrangements and evaluating management’s determination of the impact of those terms and conditions on revenue recognition.

*Acquisition of Splunk — Valuation of Customer Contracts and Related Relationships Asset and the Technology Asset Acquired*

As described in Note 4 to the consolidated financial statements, on March 18, 2024, the Company completed the acquisition of Splunk for total consideration of approximately $27 billion.

The Company acquired $10.6 billion of intangible assets in connection with the acquisition.

Of these acquired intangible assets, $6.1 billion of customer-related assets were recorded, of which the majority relates to customer contracts and related relationships, and $3.9 billion for a technology asset was recorded.

The customer contracts and related relationships asset was valued using the with-and-without method under the income approach.

The technology asset was valued using the multi-period excess earnings method under the income approach.

The present value of projected future cash flows included significant judgment and assumptions regarding projected future revenues, projected expenses, attrition rates, the revenue build up period, and the discount rate for the customer contracts and related relationships asset and projected future revenues, projected expenses, the technology obsolescence rate, and the discount rate for the technology asset.

The principal considerations for our determination that performing procedures relating to the valuation of the customer contracts and related relationships asset and the technology asset acquired in connection with the acquisition of Splunk is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the customer-related and technology assets acquired; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to projected future revenues, projected expenses, attrition rates, the revenue build up period, and the discount rate for the customer contracts and related relationships asset and projected future revenues, projected expenses, the technology obsolescence rate, and the discount rate for the technology asset; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

These procedures included testing the effectiveness of controls relating to the acquisition accounting, including controls over management’s valuation of the customer contracts and related relationships asset and the technology asset acquired.

These procedures also included, among others, (i) reading the purchase agreement; (ii) testing management’s process for developing the fair value estimate of the customer contracts and related relationships asset and the technology asset; (iii) evaluating the appropriateness of the income approach methods used by management; (iv) testing the completeness and accuracy of the underlying data used in the income approach methods; and (v) evaluating the reasonableness of significant assumptions used by management related to projected future revenues, projected expenses, attrition rates, the revenue build up period, and the discount rate for the customer contracts and related relationships asset and projected future revenues, projected expenses, the technology obsolescence rate, and the discount rate for the technology asset.

Evaluating management’s assumptions related to projected future revenues, projected expenses, attrition rates, the revenue build up period, and the technology obsolescence rate involved considering (i) the current and past performance of Splunk; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the income approach methods and (ii) the reasonableness of the discount rate assumptions for the customer contracts and related relationships asset and the technology asset.

September 5, 2024

In accordance with guidance issued by the Securities and Exchange Commission staff, companies are permitted to exclude acquisitions from their assessment of internal control over financial reporting for a period not to exceed one year from the date of the acquisition.

Management’s assessment of the effectiveness of our internal control over financial reporting as of July 27, 2024 did not include the internal controls of Splunk Inc., which we acquired on March 18, 2024.

We have included the financial results of Splunk Inc. in our Consolidated Financial Statements since the date of acquisition.

Total assets and total revenues of Splunk Inc. represented approximately 3 percent of each of our total consolidated assets and total consolidated revenue as of and for the year ended July 27, 2024.

| /S/ CHARLES H. ROBBINS | | | | | | /S/ R. SCOTT HERREN | | |

| Charles H. Robbins | | | | | | R. Scott Herren | | |

| September 5, 2024 | | | | | | September 5, 2024 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 199 | | | | | | (61) | | | | | | (561) | | |

| | | | 61 | | | | | | (26) | | | | | | 45 | | |

| BALANCE AT JULY 31, 2021 | | | 4,217 | | | | | | $ | 42,346 | | | | | $ | (654) | | | | | $ | (417) | | | | | $ | 41,275 | |

| Repurchase of common stock | | | (146) | | | | | | (1,490) | | | | | | (6,244) | | | | | | | | | | | | (7,734) | | |

The noncontrolling interests attributed to these investments are not presented as a separate component in the equity section of the Consolidated Balance Sheets as these amounts are not material for any of the fiscal periods presented.

Cash and cash equivalents are maintained with various financial institutions.

These investments are recorded in the Consolidated Balance Sheets at fair value.

[Table of Conten](#ibc9acfa3cec047e9a0295718c0842bcf_7)[ts](#ibc9acfa3cec047e9a0295718c0842bcf_7)

Our

advantageous market in which we would transact, and we also consider assumptions that market participants would use when pricing the asset or liability.

As a result, our contracts may contain multiple performance obligations.

Management’s report on our internal control over financial reporting and the report of our independent registered public accounting firm on our internal control over financial reporting are set forth, respectively, on page [removed: 57] [added: 55] under the caption “Management’s Report on Internal Control Over Financial Reporting” and on page [removed: 54] [added: 53] of this report.

There was no change in our internal control over financial reporting during our fourth quarter of fiscal [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

In accordance with guidance issued by the Securities and Exchange Commission staff, companies are permitted to exclude acquisitions from their assessment of internal control over financial reporting for a period not to exceed one year from the date of the acquisition.

Management’s assessment of the effectiveness of our internal control over financial reporting as of July 27, 2024 did not include the internal controls of Splunk, which we acquired on March 18, 2024.

We have included the financial results of Splunk in our Consolidated Financial Statements since the date of acquisition.

Total assets and total revenues of Splunk represented approximately 3 percent of each of our total consolidated assets and total consolidated revenue as of and for the year ended July 27, 2024.

On June 20, 2025, Oliver Tuszik, Cisco's Executive Vice President, Global Sales, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

Mr. Tuszik’s trading plan provides for the sale of approximately 49,067 gross shares (with any shares underlying performance-based equity awards being calculated at target), plus any related dividend-equivalent shares earned with respect to such shares and shares from purchases made pursuant to Cisco’s employee stock purchase plan, and excluding, as applicable, any shares withheld to satisfy tax withholding obligations in connection with the net settlement of the equity awards.

Mr. Tuszik’s trading plan is scheduled to terminate on December 31, 2025, subject to early termination for certain specified events set forth therein.

During the fourth quarter of fiscal 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K.

The foregoing summary of the Insider Trading Policy does not purport to be complete and is qualified in its entirety by reference to the full text of the Insider Trading [removed: Policy attached hereto] [added: Policy, which was filed with the Securities and Exchange Commission on September 5, 2024] as Exhibit [removed: 19.1.][added: 19.1 to Cisco's Annual Report on Form 10-K.]

The additional information required by this item is included in our Proxy Statement related to the [removed: 2024] [added: 2025] Annual Meeting of Stockholders to be filed with the SEC within 120 days after July [removed: 27, 2024] [added: 26, 2025] (the “Proxy Statement”) and is incorporated herein by reference.

See the “Index to Consolidated Financial Statements” on page [removed: 53] [added: 52] of this report.

See the “Index to Exhibits” beginning on page [removed: 106] [added: 104] of this report.

| 3.2 | | | | | | [Amended and Restated Bylaws of Cisco Systems, Inc., as currently in [removed: effect](https://www.sec.gov/Archives/edgar/data/858877/000085887723000009/exhibit32-amendedandrestat.htm)] [added: effect](https://www.sec.gov/Archives/edgar/data/858877/000085887725000103/exhibit32-amendedandrestat.htm)] | | | | | | 8-K | | | | | | 001-39940 | | | | | | 3.2 | | | | | | [removed: 3/10/2023] [added: 8/25/2025] | | | | | | | | |

| [removed: 4.9] [added: 4.10] | | | | | | [Forms of Global Note for the registrant’s 5.90% Senior Notes due 2039](https://www.sec.gov/Archives/edgar/data/858877/000119312509030546/dex41.htm) | | | | | | 8-K | | | | | | 000-18225 | | | | | | 4.1 | | | | | | 2/17/2009 | | | | | | | | |

| [removed: 4.10] [added: 4.11] | | | | | | [Forms of Global Note for the registrant’s 4.45% Senior Notes due 2020 and 5.50% Senior Notes due 2040](https://www.sec.gov/Archives/edgar/data/858877/000119312509236335/dex41.htm) | | | | | | 8-K | | | | | | 000-18225 | | | | | | 4.1 | | | | | | 11/17/2009 | | | | | | | | |

| [removed: 4.11] [added: 4.12] | | | | | | [Form of Officer’s Certificate setting forth the terms of the Fixed and Floating Notes issued in June 2015](https://www.sec.gov/Archives/edgar/data/858877/000119312515227387/d945296dex41.htm) | | | | | | 8-K | | | | | | 000-18225 | | | | | | 4.1 | | | | | | 6/18/2015 | | | | | | | | |

| [removed: 4.12] [added: 4.13] | | | | | | [Form of Officer’s Certificate setting forth the terms of the Fixed and Floating Notes issued in February 2016](https://www.sec.gov/Archives/edgar/data/858877/000119312516483780/d150284dex41.htm) | | | | | | 8-K | | | | | | 000-18225 | | | | | | 4.1 | | | | | | 2/29/2016 | | | | | | | | |

| [removed: 4.13] [added: 4.14] | | | | | | [Form of Officer’s Certificate setting forth the terms of the Fixed and Floating Notes issued in September 2016](https://www.sec.gov/Archives/edgar/data/858877/000119312516714189/d229817dex41.htm) | | | | | | 8-K | | | | | | 000-18225 | | | | | | 4.1 | | | | | | 9/20/2016 | | | | | | | | |

| [removed: 4.14] [added: 4.15] | | | | | | [Description of Registrant’s Securities](https://www.sec.gov/Archives/edgar/data/858877/000085887721000013/exh413descriptionofsecurit.htm) | | | | | | 10-K | | | | | | 001-39940 | | | | | | 4.13 | | | | | | 9/9/2021 | | | | | | | | |

| 10.1* | | | | | | [Cisco Systems, Inc. 2005 Stock Incentive Plan (including related form [removed: agreements)](https://www.sec.gov/Archives/edgar/data/858877/000085887724000017/exh101ciscosip2005q424.htm)] [added: agreements)](https://www.sec.gov/Archives/edgar/data/858877/000085887725000007/exh101ciscosip2005q225.htm)] | | | | | | [added: 10-Q] | | | | | | [added: 001-39940] | | | | | | [added: 10.1] | | | | | | [added: 2/18/2025] | | | | | | [removed: X] | | |

| 10.2* | | | | | | [Cisco Systems, Inc. Employee Stock Purchase [removed: Plan](https://www.sec.gov/Archives/edgar/data/858877/000085887721000004/exh107esppq221.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/858877/000085887725000033/exh101esppq325.htm)] | | | | | | 10-Q | | | | | | 001-39940 | | | | | | [removed: 10.7] [added: 10.1] | | | | | | [removed: 2/16/2021] [added: 5/20/2025] | | | | | | | | |

| 19.1 | | | | | | [Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/858877/000085887724000017/exh191insidertradingpolicy.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-39940] | | | | | | [added: 19.1] | | | | | | [added: 9/5/2024] | | | | | | [removed: X] | | |

| 21.1 | | | | | | [Subsidiaries of the [removed: Registrant](https://www.sec.gov/Archives/edgar/data/858877/000085887724000017/exh211subsidiariesofthereg.htm)] [added: Registrant](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh211subsidiariesofthereg.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/858877/000085887724000017/exh231consentofindependent.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh231consentofindependent.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 24.1 | | | | | | [Power of Attorney (included on page [removed: 108] [added: 107] of this Annual Report on Form [removed: 10-K)](#ibc9acfa3cec047e9a0295718c0842bcf_220)] [added: 10-K)](#i8c5626bfc0584aa2863237b2641238b5_217)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | | | | [Rule 13a–14(a)/15d–14(a) Certification of Principal Executive [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887724000017/exh311rule13a-14a15dx14ace.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh311rule13a-14a15dx14ace.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | | | | [Rule 13a–14(a)/15d–14(a) Certification of Principal Financial [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887724000017/exh312rule13a-14a15dx14ace.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh312rule13a-14a15dx14ace.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.1 | | | | | | [Section 1350 Certification of Principal Executive [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887724000017/exh321section1350certifica.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh321section1350certifica.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.2 | | | | | | [Section 1350 Certification of Principal Financial [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887724000017/exh322section1350certifica.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh322section1350certifica.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 97.1 | | | | | | [Compensation Recovery Policy](https://www.sec.gov/Archives/edgar/data/858877/000085887724000017/exh971compensationrecovery.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-39940] | | | | | | [added: 97.1] | | | | | | [added: 9/5/2024] | | | | | | [removed: X] | | |

| 4.9 | | | | | | [Second Supplemental Indenture, dated as of February 24, 2025 to the Indenture, dated February 26, 2024, between Cisco Systems, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to the issuance of the 4.550% Senior Notes due 2028, 4.750% Senior Notes due 2030, 4.950% Senior Notes due 2032, 5.100% Senior Notes due 2035 and 5.500% Senior Notes due 2055](https://www.sec.gov/Archives/edgar/data/858877/000119312525033389/d916866dex42.htm) | | | | | | 8-K | | | | | | 001-39940 | | | | | | 4.2 | | | | | | 2/24/2025 | | | | | | | | |

| September [removed: 5, 2024] [added: 3, 2025] | | | | | | | | | | | | CISCO SYSTEMS, INC. | | |

[removed: Scott Herren,] [added: Robbins and Mark Patterson,] jointly and severally, his attorney-in-fact, each with the full power of substitution, for such person, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might do or could do in person hereby ratifying and confirming all that each of said attorneys-in-fact and agents, or his substitute, may do or cause to be done by virtue hereof.

| /S/ CHARLES H. ROBBINS | | | Chair and Chief Executive Officer | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| /S/ [removed: R. SCOTT HERREN] [added: MARK PATTERSON] | | | Executive Vice President and Chief Financial Officer | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| [removed: R. Scott Herren] [added: Mark Patterson] | | | (Principal Financial Officer) | | | | | |

| /S/ M. VICTORIA WONG | | | Senior Vice President and Chief Accounting Officer | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| /S/ WESLEY G. BUSH | | | Director | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| /S/ MICHAEL D. CAPELLAS | | | Lead Independent Director | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| /S/ MARK GARRETT | | | Director | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| /S/ JOHN D. HARRIS II | | | Director | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| /S/ KRISTINA M. JOHNSON | | | Director | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| /S/ SARAH RAE MURPHY | | | Director | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| /S/ DANIEL H. SCHULMAN | | | Director | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| /S/ MARIANNA TESSEL | | | Director | | | September [removed: 5, 2024] [added: 3, 2025] | | |

| | | | Director | | | | | |

| Kevin Weil | | | | | | | | |

Robbins and R.

| /S/ EKTA SINGH-BUSHELL | | | Director | | | September 5, 2024 | | |

| Ekta Singh-Bushell | | | | | | | | |