Cisco Systems (CSCO) 10-K risk factor changes: FY2026 vs FY2025

Our operations can be difficult to predict because our [removed: operating] results [added: of operations] may fluctuate in future periods.

Our [removed: operating] results [added: of operations] have been in the past, and will continue to be, subject to quarterly and annual fluctuations as a result of numerous factors, some of which may contribute to more pronounced fluctuations in an uncertain global economic environment.

- [removed: Changes] [added: Customer patterns, such as fluctuating demand for our products and services, especially with respect to service providers and cloud customers; the timing, size, and mix of orders from customers; and changes] in sales and implementation cycles for our products and reduced visibility into our customers’ spending plans and associated revenue

- Our ability to maintain appropriate inventory levels and purchase commitments [added: and manage manufacturing and customer lead times]

- [removed: The] [added: Industry trends such as consolidation among our competitors and our customers, and the] introduction and market acceptance of new [removed: technologies] [added: technologies, products] and [removed: products,] [added: technology standards,] and our success in [added: these] new and evolving [removed: markets,] [added: markets] and [removed: in] [added: with] emerging technologies, including [removed: AI, as well as the adoption of new standards][added: AI]

- Variations in sales channels, product costs, [added: or] mix of products [removed: sold, or] [added: sold (e.g., hardware and software sales, including] mix of [removed: direct sales] [added: cloud-based] and [removed: indirect sales][added: on-premise software sales)]

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

- Our ability to achieve targeted cost reductions [added: and anticipated benefits from our investments]

Any of [removed: the foregoing] [added: these] factors, or [removed: any other factors] [added: others] discussed [removed: elsewhere herein,] [added: in this report,] could materially harm our business, results of operations, [removed: and] [added: or] financial condition.

Our [removed: operating] results [added: of operations] may be negatively impacted by unfavorable economic and market conditions and the uncertain geopolitical environment.

Challenging global economic conditions, including tariffs or other trade [removed: barriers,] [added: barriers or disruptions,] rising inflation, or other changes, have [removed: from time to time] contributed, and may continue to contribute, to slowdowns in the [removed: 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 [removed: as a result of continued constraints on] [added: due to constrained] IT-related [removed: capital] spending by [removed: our] customers, particularly service [removed: provider and cloud as well as] [added: provider, cloud,] 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.

[added: Furthermore, the impact of uncertainty regarding global central bank monetary policy, the instability in the geopolitical environment in many parts of the world (including as a] result of the [removed: on-going] [added: ongoing] Russia and Ukraine war, Middle East conflicts and wars, and China-Taiwan relations), [added: government-related disruptions or shutdowns,] and other disruptions may continue to put pressure on global economic conditions.

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

[removed: Our operating results in] [added: Economic conditions specific to] one or more segments [removed: may also be affected by uncertain] or [removed: changing economic conditions particularly germane to that segment or to particular] customer markets [removed: within that segment.][added: may also affect our results of operations in those segments.]

Our revenue for a particular period is difficult to predict, and a shortfall in revenue may harm our [removed: operating results.][added: results of operations.]

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

[removed: Our revenue] [added: As in prior periods, we] may [removed: grow at] [added: experience] a [added: decline or] slower [added: revenue growth] rate [removed: than in past periods, or decline as it did in certain prior periods] on a year-over-year basis.

Our ability to meet financial expectations could also be negatively impacted if [removed: the] nonlinear sales [removed: pattern] [added: or shipping patterns] seen in [removed: some of our past] [added: prior] quarters [removed: recurs] [added: occur again] in future periods.

[removed: In addition to making it difficult to predict revenue for a particular period, nonlinearity in] [added: Furthermore, nonlinear or irregular] shipping [added: patterns] can increase costs, [removed: because irregular shipment patterns result in] [added: due to resulting] periods of underutilized [removed: capacity and periods in which] [added: capacity,] overtime [removed: expenses may be incurred, as well as in] [added: expenses, and] potential additional inventory management-related costs.

In addition, [removed: to the extent that manufacturing issues and any related component shortages result in] delayed shipments [removed: in the future, and] [added: arising from manufacturing, component shortages, or any other issues,] particularly in periods in which our contract manufacturers are operating at higher levels of capacity, [removed: it is possible that] [added: could negatively impact] revenue for a quarter [removed: could be negatively impacted] if such matters occur and are not remediated within the same quarter.

The timing of large orders can also have a significant impact on our business and [removed: operating] results [added: of operations] from quarter to quarter.

From time to time, we receive large orders that have a significant effect on our [removed: operating] results [added: of operations] in the period in which the order is recognized as revenue.

As a result, our [removed: operating] results [added: of operations] could vary materially from quarter to quarter based on the receipt of such orders and their ultimate recognition as revenue.

[removed: Longer] [added: Additionally, longer] than normal manufacturing lead times in the past have caused, and in the future could cause, some customers to place [removed: the same or a similar order] multiple [removed: times] [added: orders] within our various sales channels and to cancel the duplicative orders upon shipment or receipt of the product, or to also place orders with other vendors with shorter manufacturing lead times.

Further, our efforts to improve manufacturing lead-time performance may result in more variability and less predictability in our revenue and [removed: operating results.][added: results of operations.]

In addition, when [removed: facing] [added: managing] component supply-related challenges, we have in the [removed: past] [added: past,] and may in the [removed: future] [added: future,] increase [removed: our] efforts in procuring components [removed: in order] to meet customer expectations, which in turn contributes to an increase in inventory and purchase commitments.

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

Product demand conditions for future periods can be difficult to [removed: predict or may persist longer than anticipated.][added: predict, particularly in rapidly evolving sectors such as AI infrastructure.]

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”, “Liquidity and Capital Resources—Inventory Supply Chain” [removed: under Item 7] and Note [removed: 14] [added: 13] to the Consolidated Financial [removed: Statements of this report.][added: Statements.]

Supply chain issues, including financial problems of contract manufacturers or component suppliers, or a shortage of adequate component supply or manufacturing capacity that increase our costs or cause a delay in our ability to fulfill orders, could have an adverse impact on our business and [removed: operating results,] [added: results of operations,] and our failure to estimate customer demand properly [added: or significant purchase commitments made in anticipation of such demand] may result in excess or obsolete component [removed: supply,] [added: supply or other charges,] which could negatively impact our gross margins.

The fact that we do not own or operate the bulk of our manufacturing facilities and that we are reliant on our extended supply chain could have an adverse impact on the supply of our products and on our business and [removed: operating results.][added: results of operations.]

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

Furthermore, as a result of binding price or purchase commitments with suppliers, we may be obligated to purchase components at prices that are higher than those available in the current [removed: market.][added: market or in quantities that exceed our actual requirements if customer demand is lower than anticipated, delayed or shifts to different products or technologies.]

[removed: In the event that] [added: If] we [removed: become] [added: are] committed to purchase components at prices in excess of the current market price when the components are actually used, [added: or in quantities in excess of] our [added: needs, our] gross margins could [removed: decrease.][added: decrease and we could incur excess or obsolete inventory, losses on purchase commitments or other charges.]

In addition, vendors may [removed: be under pressure to allocate product to certain] [added: prioritize other] customers for business, [removed: regulatory] [added: regulatory,] or political [removed: reasons, and/or] [added: reasons or] demand [removed: changes in agreed pricing] [added: price adjustments] as a condition of supply.

Although we have generally secured additional supply or taken other mitigation actions when significant disruptions have occurred, if similar situations occur in the future, they could materially harm our business, results of [removed: operations, and] [added: operations or] financial condition.

Our growth and ability to meet customer demands depend in part on our ability to obtain timely [added: component] deliveries [removed: of parts] from our suppliers and contract manufacturers.

[removed: We have experienced component shortages in the past, including shortages caused by] manufacturing process issues, that have affected our operations, including [removed: longer than normal] [added: extended] lead times.

Additionally, we may in the future experience a shortage of certain component parts as a result of our own manufacturing issues, manufacturing issues [removed: at our suppliers] or [removed: contract manufacturers,] capacity problems [removed: experienced by] [added: at] our suppliers or contract [removed: manufacturers] [added: manufacturers,] including [removed: capacity or] cost problems resulting from industry [removed: consolidation,] [added: consolidation] or [added: otherwise, or] strong demand for those parts.

Growth in the economy is likely to create greater pressures on us and our suppliers to accurately project component demand and [removed: to establish optimal] [added: optimize] 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.

Consequently, our results of operations are not a reliable indicator of future results.

Nonlinear shipping patterns have occurred when shipments have exceeded net bookings or manufacturing or other issues have delayed shipments, making it difficult to predict revenue for a particular period.

Because we plan our operating expenses primarily based on forecasted revenue levels and these costs and the impact of long term commitments are relatively fixed in the short term, a revenue shortfall from short term business changes or otherwise, may prevent us from adjusting these fixed expenses quickly enough to meet financial expectations.

We have experienced past component shortages, including those caused by

Manufacturing capacity and supply constraints, such as the memory shortages experienced in fiscal 2026, remain significant risks, and we expect to continue to be adversely impacted by the rising costs of currently constrained memory components.

We have also increased inventory deposits and prepayments with certain contract manufacturers and suppliers in connection with these arrangements.

Sales to the service provider and cloud market are often characterized by large and sporadic purchases.

Our sales of AI infrastructure solutions to cloud and hyperscaler customers may similarly involve large and concentrated purchases, and demand may depend on a limited number of customers' capital spending levels, the timing and scale of AI infrastructure deployments, technology and network architecture decisions, and decisions regarding whether to purchase solutions from us or other vendors or develop certain technologies internally.

These customers may delay, reduce or cancel planned deployments or purchases for a variety of reasons, including, among others, as a result of budgetary constraints, funding limitations or concerns and changes in anticipated demand for AI infrastructure, available capacity, technology requirements, competitive offerings or investment priorities.

As our business with large cloud and hyperscaler customers grows, changes in the timing or size of purchases by a limited number of customers could have a greater impact on our revenue, gross margins and results of operations from period to period.

Changes in expectations regarding future demand for AI infrastructure or other network capacity could similarly result in reductions, delays or changes in customer investment plans.

recognition; and expect financing from vendors.

A number of service providers are also systems integrators.

We compete with numerous vendors across our product categories, and the number, identity, and composition of our competitors, including those providing niche product solutions, may change as we expand into newer products, technologies, and key priority areas.

Similar dynamics apply in the markets supporting AI and cloud infrastructure, where customers select among competing network architectures before they select individual products.

To the extent customers adopt architectures that are not designed to include the type of products and solutions we provide, our opportunities may be limited even if our products are superior.

The competitors in these markets include semiconductor companies, systems providers, cloud providers and other technology companies in addition to traditional networking vendors.

Providers of cloud-based services also compete with us directly in certain of our product categories.

provide end-to-end technology solutions.

To remain competitive, we may be required to reduce prices, increase discounts or offer more favorable terms, and we may need to increase research and development and sales and marketing spending in response to competitive pressures, any of which could reduce our revenue and gross margins.

If we do not compete successfully in the markets in which we participate, we could lose market share.

Certain of our largest customers, including hyperscalers, have the technical and financial resources to design their own networking equipment, semiconductors and software, or to purchase directly from contract manufacturers, rather than purchase these technologies from us.

Agentic AI systems, which operate with autonomous decision-making capabilities and access to multiple tools and data sources, may also introduce unique risks such as unauthorized actions, privilege escalation, and potential exploitation by malicious actors.

Because of increased complexity and autonomy, the use of agentic AI increases the difficulty of monitoring and controlling AI behavior, potentially resulting in unintended actions that could cause legal, regulatory, or reputational harm.

To generate sales

Additionally, there can be no assurance that we will successfully identify new product and services opportunities,

For example, we initiated a restructuring plan in the fourth quarter of fiscal 2026, for which we expect such plan to be substantially completed by the end of fiscal 2027.

- Insufficient revenue to offset acquisition-related costs

Prior acquisitions have produced mixed results, ranging from successful new products and technologies to failures to achieve expected benefits.

We may not be able to provide products, services, support, or financing necessary to effectively compete for these markets.

Expansion into other markets also subjects us to additional operational, legal, regulatory, and market risks, including adverse economic conditions and reduced customer spending.

If we are unable to manage these risks effectively, our business, results of operations, or financial condition could be harmed.

We may not realize the expected benefits from these strategic alliances or joint ventures, and if successful, these relationships may also increase competition in certain business areas.

Strategic alliances and joint ventures involve risks because we may compete with a company in some business areas while cooperating with that same company in others.

For additional information and a further discussion of impacts and risks related to cybersecurity matters, see the risk factors under the “Item 1A.

Risk Factors— Risk Related to Cybersecurity, Privacy, and Regulatory Requirements” heading.

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 results of operations or financial condition, including the following:

- Challenging and uncertain global macroeconomic environments, central bank policies, currency exchange rates, and regional economic instability (including economic challenges in China and their resulting global ramifications)

- International tensions (including China-Taiwan relations), U.S. foreign relations impacting customer willingness to buy U.S. products or our ability to procure components, trade protection measures such as tariffs, and government disruptions or shutdowns

- Fluctuations in demand for our products and services, especially with respect to service providers and Internet businesses, in part due to changes in the global economic environment

- The overall movement toward industry consolidation among both our competitors and our customers

- The timing, size, and mix of orders from customers

- Manufacturing and customer lead times

- Benefits anticipated from our investments

As a consequence, operating results for a particular future period are difficult to predict, and, therefore, prior results are not necessarily indicative of results to be expected in future periods.

For example, the impact of uncertainty regarding global central bank monetary policy, the instability in the geopolitical environment in many parts of the world (including as a

In addition, 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.

We have also experienced periods of time during which shipments have exceeded net bookings or manufacturing issues have delayed shipments, leading to nonlinearity in shipping patterns.

We plan our operating expense levels based primarily on forecasted revenue levels.

These expenses and the impact of long-term commitments are relatively fixed in the short term.

A shortfall in revenue could lead to operating results being below expectations because we may not be able to quickly reduce these fixed expenses in response to short-term business changes.

Manufacturing capacity and component supply constraints could be significant issues for us as they have been in certain prior 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.

The remaining and new supply chain exposures include potential material excess and obsolete or other charges if product demand significantly decreases for a sustained duration, we are unable to generate demand for certain products planned for development, or we are otherwise unable to mitigate these supply chain exposures.

- Our ability to reduce production costs

- Sales discounts

- Changes in distribution channels

- Increased warranty or royalty costs

- Increased amortization of purchased intangible assets, especially from acquisitions

Sales to the service provider and cloud market have been characterized by large and sporadic purchases, especially relating to our router sales and sales of certain other Networking and Collaboration products, in addition to longer sales cycles.

results in any future period.

These market factors represent a competitive threat to us.

We compete with numerous vendors in each product category.

The overall number of our competitors providing niche product solutions may increase.

Also, the identity and composition of competitors may change as we increase our activity in newer product areas, and in key priority areas.

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

The inherent nature of networking requires interoperability.

As such, we must cooperate and at the same time compete with many companies.

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

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

Additionally, if our costs associated with our software subscription offerings were to significantly increase, our business, results of operations and financial condition may be negatively impacted.

We have also been seeking to meet the evolving needs of customers which include offering our products and solutions in the manner in which customers wish to consume them.

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 services.

- Insufficient revenue to offset increased expenses associated with acquisitions

- Use a substantial portion of our cash resources, or incur debt

- Assume liabilities

- Incur amortization expenses related to certain intangible assets

- Become subject to intellectual property or other litigation

Prior acquisitions have resulted in a wide range of outcomes, from successful introduction of new products and technologies to a failure to do so.

Cisco designs and sells a broad range of technologies [removed: that help] [added: including hardware, software, and artificial intelligence (AI) powered digital infrastructure] to power, [added: help] secure, and draw insights from the Internet.

We are incorporating [removed: artificial intelligence (AI)] [added: AI] into our product portfolios across networking, security, collaboration and [removed: observability] [added: observability,] as well as integrating our products more tightly [removed: together.][added: together into a platform.]

| | | | July [removed: 26, 2025] [added: 25, 2026] | | | | | | July [removed: 27, 2024 | | | | | | Variance | | | | | | July] 26, [removed: 2025] [added: 2025] | | | | | | July 27, 2024 | | | | | | Variance [removed: | | |] [added: in Dollars] | | |

| Revenue | | | $ | [removed: 14,673] [added: 17,252] | | | | | $ | [removed: 13,642] [added: 14,673] | | | | | [removed: 8] [added: 18] | | % | | | | $ | [removed: 56,654] [added: 63,325] | | | | | $ | [removed: 53,803] [added: 56,654] | | | | | [removed: 5] [added: 12] | | % | | | |

| Gross margin percentage | | | [removed: 63.2] [added: 64.1] | | % | | | | [removed: 64.4] [added: 63.2] | | % | | | | [removed: (1.2)] [added: 0.9] | | | pts | | | [removed: 64.9] [added: 64.5] | | % | | | | [removed: 64.7] [added: 64.9] | | % | | | | [removed: 0.2] [added: (0.4)] | | | pts | | |

| Research and development | | | $ | [removed: 2,380] [added: 2,431] | | | | | $ | [removed: 2,179] [added: 2,380] | | | | | [removed: 9] [added: 2] | | % | | | | $ | [removed: 9,300] [added: 9,563] | | | | | $ | [removed: 7,983] [added: 9,300] | | | | | [removed: 16] [added: 3] | | % | | | |

| Sales and marketing | | | $ | [removed: 2,818] [added: 2,952] | | | | | $ | [removed: 2,841] [added: 2,818] | | | | | [removed: (1)] [added: 5] | | % | | | | $ | [removed: 10,966] [added: 11,559] | | | | | $ | [removed: 10,364] [added: 10,966] | | | | | [removed: 6] [added: 5] | | % | | | |

| General and administrative | | | $ | [removed: 706] [added: 679] | | | | | $ | [removed: 763] [added: 706] | | | | | [removed: (8)] [added: (4)] | | % | | | | $ | [removed: 2,992] [added: 2,761] | | | | | $ | [removed: 2,813] [added: 2,992] | | | | | [removed: 6] [added: (8)] | | % | | | |

| Total R&D, sales and marketing, general and administrative | | | $ | [removed: 5,904] [added: 6,062] | | | | | $ | [removed: 5,783] [added: 5,904] | | | | | [removed: 2] [added: 3] | | % | | | | $ | [removed: 23,258] [added: 23,883] | | | | | $ | [removed: 21,160] [added: 23,258] | | | | | [removed: 10] [added: 3] | | % | | | |

| Total as a percentage of revenue | | | [removed: 40.2] [added: 35.1] | | % | | | | [removed: 42.4] [added: 40.2] | | % | | | | [removed: (2.2)] [added: (5.1)] | | | pts | | | [removed: 41.1] [added: 37.7] | | % | | | | [removed: 39.3] [added: 41.1] | | % | | | | [removed: 1.8] [added: (3.4)] | | | pts | | |

| Restructuring and other charges included in operating expenses | | | $ | [removed: 35] [added: 511] | | | | | $ | [removed: 112] [added: 35] | | | | | [removed: (69)] [added: NM] | | [removed: %] | | | | $ | [removed: 744] [added: 693] | | | | | $ | [removed: 789] [added: 744] | | | | | [removed: (6)] [added: (7)] | | % | | | |

| Operating income as a percentage of revenue | | | [removed: 21.0] | | [removed: %] | [removed: | | | 19.2 | | % | | | | 1.8 | | | pts | | | 20.8] [added: 24.3] | | % | | | | [removed: 22.6] [added: 20.8] | | % | | | | [removed: (1.8) | | | pts] [added: 22.6] | | [added: %] |

| Income tax percentage | | | [removed: 15.0] [added: 21.8] | | % | | | | [removed: 9.8] [added: 15.0] | | % | | | | [removed: 5.2] [added: 6.8] | | | pts | | | [removed: 8.3] [added: 17.1] | | % | | | | [removed: 15.6] [added: 8.3] | | % | | | | [removed: (7.3)] [added: 8.8] | | | pts | | |

| Net income | | | $ | [removed: 2,550] [added: 3,859] | | | | | $ | [removed: 2,162] [added: 2,550] | | | | | [removed: 18] [added: 51] | | % | | | | $ | [removed: 10,180] [added: 13,267] | | | | | $ | [removed: 10,320] [added: 10,180] | | | | | [removed: (1)] [added: 30] | | % | | | |

| Net income as a percentage of revenue | | | [removed: 17.4] [added: 22.4] | | % | | | | [removed: 15.8] [added: 17.4] | | % | | | | [removed: 1.6] [added: 5.0] | | | pts | | | [removed: 18.0] [added: 21.0] | | % | | | | [removed: 19.2] [added: 18.0] | | % | | | | [removed: (1.2)] [added: 3.0] | | | pts | | |

| Earnings per share—diluted | | | $ | [removed: 0.64] [added: 0.97] | | | | | $ | [removed: 0.54] [added: 0.64] | | | | | [removed: 19] [added: 52] | | % | | | | $ | [removed: 2.55] [added: 3.33] | | | | | $ | [removed: 2.54] [added: 2.55] | | | | | [removed: —] [added: 31] | | % | | | |

Fiscal [removed: 2025] [added: 2026] Compared with Fiscal [removed: 2024][added: 2025]

In fiscal [removed: 2025,] [added: 2026,] we delivered strong revenue growth [removed: across all geographies] and [removed: solid margins as we saw] [added: profitability in] a [added: continued] positive demand environment.

Total revenue [added: in fiscal 2026] increased by [removed: 5%] [added: 12%] compared with fiscal [removed: 2024.][added: 2025.]

Within total revenue, product revenue increased by [removed: 6%] [added: 16%] and services revenue [removed: increased by 3%.][added: was flat.]

Product gross margin [removed: increased] [added: decreased] by [removed: 0.2] [added: 0.5] percentage points, [added: primarily] driven by [removed: benefits] [added: negative impacts] from [removed: Splunk] [added: product mix] and [removed: productivity improvements,] [added: higher memory costs,] partially offset by [removed: negative impacts from pricing,] [added: productivity improvements, pricing actions, lower amortization of purchased intangible assets and] a charge [added: in fiscal 2025] as a result of a legal dispute with a supplier, [removed: and the amortization of purchased intangible assets primarily related to Splunk.][added: which did not recur in fiscal 2026.]

As a percentage of revenue, research and development, sales and marketing, and general and administrative expenses, collectively, [removed: increased] [added: decreased] by [removed: 1.8] [added: 3.4] percentage points.

In terms of our geographic segments, revenue from the Americas increased by [removed: $1.7] [added: $4.1] billion, EMEA revenue increased by [removed: $0.7] [added: $1.8] billion and [removed: revenue in our] APJC [removed: segment] [added: revenue] increased by [removed: $0.5] [added: $0.7] billion.

[removed: From a customer market perspective, product] [added: Product] revenue [added: in the Americas segment increased by 17%, with] growth [removed: was] [added: across each of our customer markets,] led by the [removed: enterprise market and the service provider] [added: Service Provider] and [removed: cloud market.][added: Cloud customer market which was largely driven by revenue from our AI Infrastructure solutions.]

From a product category perspective, [removed: the] [added: on a year-over-year basis,] product revenue increased [removed: 6% year over year, driven by a growth] in [removed: revenue in] [added: Networking by 28%,] Security [removed: of 59%, Observability of 26%, and] [added: by 14%,] Collaboration [removed: of 1%, partially offset] by [removed: a decline in Networking of 3%.][added: 12% and Observability by 6%.]

We continue to operate in a highly competitive [removed: environment,] and [removed: one that is] complex [added: environment,] especially [removed: with respect] [added: as it relates] to [removed: tariffs] [added: memory constraints] and [added: costs, and] trade policy.

We [removed: plan to] continue to invest in key priority areas with the objective of driving profitable growth over the long [removed: term.][added: term, and we remain focused on delivering innovation across our technologies to assist our customers in executing on their digital transformations.]

[removed: We] [added: Notwithstanding these challenges, we] believe that we are making progress on our strategic priorities.

For the fourth quarter of fiscal [removed: 2025,] [added: 2026,] as compared with the fourth quarter of fiscal [removed: 2024,] [added: 2025,] total revenue increased by [removed: 8%.][added: 18% to $17.3 billion.]

[removed: Within total revenue, product] [added: Product] revenue increased by [removed: 10%] [added: 16%] and services revenue was flat.

With regard to our geographic segment performance, on a year-over-year basis, revenue [removed: in] [added: from the] Americas increased by [removed: 9%,] [added: 18%,] EMEA increased by [removed: 4%] [added: 19%] and APJC increased by [removed: 7%.][added: 14%.]

Total gross margin [removed: decreased] [added: increased] by [removed: 1.2] [added: 0.9] percentage points, [removed: driven] primarily [added: driven] by [added: the absence in the fourth quarter of fiscal 2026 of] a charge [added: recorded in the fourth quarter of fiscal 2025] as a result of a legal dispute with a [removed: supplier.][added: supplier, and by favorable pricing.]

As a percentage of revenue, research and development, sales and marketing, and general and administrative expenses, collectively, decreased by [removed: 2.2] [added: 5.1] percentage [removed: points.][added: points driven by the revenue growth and disciplined expense management.]

Diluted earnings per share increased by [removed: 19%,] [added: 52%,] primarily driven by [removed: the] [added: a] revenue increase and the increase in our operating margin percentage.

In [removed: today's digital-first world,] [added: today’s fast-paced world shaped by AI,] businesses and organizations globally are deploying technology to pursue their strategic objectives, from accelerating growth to enhancing operational efficiency and fostering innovation.

The following is a summary of our other key financial measures for fiscal [removed: 2025] [added: 2026] compared with fiscal [removed: 2024] [added: 2025] (in millions):

| | | | | | | Fiscal [removed: 2025] [added: 2026] | | | | | | Fiscal [removed: 2024] [added: 2025] | | |

| Cash and cash equivalents and investments | | | | | | [removed: $16,110] [added: $15,918] | | | | | | [removed: $17,854] [added: $16,110] | | |

| Cash provided by operating activities | | | | | | [removed: $14,193] [added: $14,177] | | | | | | [removed: $10,880] [added: $14,193] | | |

| Remaining performance obligations | | | | | | [removed: $43,533] [added: $46,734] | | | | | | [removed: $41,048] [added: $43,533] | | |

| | | | July 25, 2026 | | | | | | July 26, 2025 | | | | | | Variance | | | | | | July 25, 2026 | | | | | | July 26, 2025 | | | | | | Variance | | | | | |

| Operating income as a percentage of revenue | | | 24.7 | | % | | | | 21.0 | | % | | | | 3.7 | | | pts | | | 24.3 | | % | | | | 20.8 | | % | | | | 3.5 | | | pts | | |

Total revenue was $63.3 billion, an increase of 12% compared with fiscal 2025.

Total software revenue was $23.2 billion across all product areas and services, an increase of 4%, and total subscription revenue increased 1%.

We saw demand in fiscal 2026 for AI infrastructure from our hyperscaler customers, which represented approximately 6% of total revenue in fiscal 2026 compared with less than 2% in fiscal 2025.

We expect this demand to remain a significant driver of our results in fiscal 2027, and we discuss the associated customer concentration and supply considerations in Part I, Item 1A.

Risk Factors.

Total gross margin decreased by 0.4 percentage points, primarily driven by a decline in product gross margin, partially offset by an increase in services gross margin.

Operating income as a percentage of revenue increased by 3.5 percentage points primarily driven by revenue growth, partially offset by lower gross margin and higher operating expenses in fiscal 2026.

Diluted earnings per share increased 31%, driven by revenue growth and operating margin improvement.

From a customer market standpoint, we experienced product revenue growth across all of our customer markets.

From a product category perspective, the product revenue increase of 16% was driven by growth in Networking of 22%, particularly within our AI Infrastructure and Campus Networking solutions.

We also saw product revenue growth in Collaboration of 4%, Observability of 4%, and Security of 2%.

Within total revenue, product revenue increased by 24% to $13.5 billion and services revenue was flat at $3.8 billion.

The increase in Networking reflected growth in AI infrastructure and data center switching.

These impacts were partially offset by negative impacts from product mix and higher memory costs.

Operating income as a percentage of revenue increased by 3.7 percentage points, primarily driven by revenue growth and higher gross margin as discussed above, partially offset by higher restructuring and other charges.

Inventories were $5.7 billion as of July 25, 2026 compared with $3.2 billion as of July 26, 2025, reflecting increased demand for our Cisco Silicon One and the impact of higher memory prices.

Goodwill as of July 25, 2026 was $59.5 billion.

Significant judgment is used in determining our provision for income taxes and evaluating tax positions.

As of July 25, 2026, our gross unrecognized tax benefits were $2.5 billion, reflecting a $0.2 billion increase during fiscal 2026.

Of this amount, $1.7 billion would impact our effective tax rate if recognized.

Our accrual for related interest and penalties was $539 million as of July 25, 2026.

As of the same date, we had gross deferred tax assets of $11.2 billion.

The valuation allowance against these deferred tax assets was $1.4 billion, representing a $0.5 billion increase during fiscal 2026, primarily due to the expectation that our future California taxable income will be insufficient to fully utilize our accumulated California tax credits and net operating loss carryforwards.

| Total | | | | | | $ | 63,325 | | | | | $ | 56,654 | | | | | $ | 53,803 | | | | | $ | 6,671 | | | | | 12 | | % |

Product revenue in the EMEA segment increased by 15%, driven by growth across each of our customer markets.

| | | | | | | Years Ended | | | | | | | | | | | | | | | | | | 2026 vs. 2025 | | | | | | | | |

| | | | | | | July 25, 2026 | | | | | | July 26, 2025 | | | | | | July 27, 2024 | | | | | | Variance in Dollars | | | | | | Variance in Percent | | |

| Total | | | | | | $ | 48,295 | | | | | $ | 41,608 | | | | | $ | 39,253 | | | | | $ | 6,687 | | | | | 16 | | % |

Revenue from the Networking product category increased by 22%, or $6.4 billion primarily driven by our AI Infrastructure solutions, which include Cisco Silicon One based systems and optics.

Growth was broad-based across the portfolio, with double digit revenue increases in Service Provider Routing, Data Center Switching, Wireless and servers, and growth in Campus Switching and Enterprise Routing.

Revenue in our Collaboration product category increased 4%, or $0.1 billion, with growth across each of our offerings.

| | | | Years Ended | | | | | | | | | | | | | | | | | | 2026 vs. 2025 | | | | | | | | |

| | | | July 25, 2026 | | | | | | July 26, 2025 | | | | | | July 27, 2024 | | | | | | Variance in Dollars | | | | | | Variance in Percent | | |

Services revenue was flat compared to fiscal 2025, reflecting lower revenue from support services offset by higher revenue from professional services.

Services revenue increased in the EMEA segment offset by a decline in the Americas segment.

Services revenue in the APJC segment was flat compared to fiscal 2025.

| Productivity (1) | | | | | | 1.1 | | % |

| Other | | | | | | 0.1 | | % |

| Interest and other income (loss), net | | | $ | (88) | | | | | $ | (222) | | | | | (60) | | % | | | | $ | (660) | | | | | $ | 53 | | | | | NM | | | | | |

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

In fiscal 2025, total software revenue was $22.3 billion, an increase of 21%, driven by the contribution of Splunk.

Total subscription revenue increased 15%, driven by the contribution of Splunk.

Total gross margin increased by 0.2 percentage points.

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.

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

The product revenue growth in Security and Observability were each driven in large part by the contribution of Splunk.

We remain focused on delivering innovation across our technologies to assist our customers in executing on their digital transformations and on accelerating innovation across our portfolio.

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

Operating income as a percentage of revenue increased by 1.8 percentage points primarily driven by lower amortization of purchased intangible assets, lower restructuring and other charges, and a decrease in cash compensation expenses from acquisitions, partially offset by a charge as a result of a legal dispute with a supplier.

Third parties, including customers, have in the past and may in the future assert claims or initiate litigation related to exclusive patent, copyright, trademark, and other intellectual property rights to technologies and related standards that are relevant to us.

These assertions have increased over time as a result of our growth and the general increase in the pace of patent claims assertions, particularly in the United States.

If any infringement or other intellectual property claim made against us by any third party is successful, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially and adversely affected.

In response to changes in industry and market conditions, we could be required to strategically realign our resources and consider restructuring, disposing of, or otherwise exiting businesses, which could result in an impairment of goodwill.

by comparing the carrying amount of the asset group to the future undiscounted cash flows the asset group is expected to generate.

Significant judgment is required to determine the recognition and measurement attributes prescribed in the accounting guidance for uncertainty in income taxes.

The OECD, an international association comprised of 38 countries, including the United States, has made changes, including a Pillar Two framework that imposes a minimum tax rate of 15% in each taxing jurisdiction, and is contemplating additional changes to numerous long-standing tax principles.

There can be no assurance that these changes and any contemplated changes if finalized, once adopted by countries, will not have an adverse impact on our provision for income taxes.

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.

Product revenue increased by 6% and services revenue increased by 3%.

Product revenue in the Americas segment increased by 6%, with growth in the enterprise market and the service provider and cloud market.

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.

Product revenue in the EMEA segment increased by 4%, driven by growth in the public sector and enterprise markets, partially offset by a slight decline in the service provider and cloud market.

Revenue from the Networking product category decreased by 3%, or $0.9 billion.

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.

Revenue in our Observability product category increased by 26%, or $218 million, primarily driven by our Observability Suite offerings from Splunk and growth in our ThousandEyes network services offerings, partially offset by a decline in monitoring and analytics.

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

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

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

Services revenue increased across each of our geographic segments.

| Fiscal 2024 | | | | | | 63.5 | | % |

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

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

The productivity improvements were primarily driven

Our available-for-sale debt investments are not leveraged as of July [removed: 26, 2025.][added: 25, 2026.]

The market changes reflect immediate hypothetical parallel shifts in the yield curve of plus or minus 50 basis points (BPS), [removed: plus] 100 BPS, and [removed: plus] 150 BPS.

The hypothetical fair values as of July [removed: 26, 2025] [added: 25, 2026] and July [removed: 27, 2024] [added: 26, 2025] 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 26, [removed: 2025] [added: 2025] | | | | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE INCREASE OF X BASIS POINTS | | | | | | | | | | | | | | |

| Available-for-sale debt investments | | | $7,454 | | | | | | $7,430 | | | | | | $7,405 | | | | | | [removed: $7,381] [added: $7,381] | | | | | | $7,356 | | | | | | $7,332 | | | | | | $7,307 | | |

| | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE DECREASE OF X BASIS POINTS | | | | | | | | | | | | | | | | | | [removed: FAIR] [added: FAIR] VALUE AS OF JULY [removed: 27, 2024] [added: 25, 2026] | | | | | | VALUATION OF SECURITIES GIVEN AN INTEREST RATE INCREASE OF X BASIS POINTS | | | | | | | | | | | | | | |

Financing Receivables As of July [removed: 26, 2025,] [added: 25, 2026,] our financing receivables had a carrying value of [removed: $6.5] [added: $8.3] billion, compared with [removed: $6.7] [added: $6.5] billion as of July [removed: 27, 2024.][added: 26, 2025.]

As of July [removed: 26, 2025,] [added: 25, 2026,] 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: 26, 2025,] [added: 25, 2026,] we had [removed: $24.8] [added: $23.0] billion in principal amount of senior fixed-rate notes outstanding.

The carrying amount of the senior [added: fixed-rate] notes was [removed: $24.6] [added: $22.9] billion, and the related fair value based on market prices was [removed: $25.0] [added: $22.7] billion.

As of July [removed: 26, 2025,] [added: 25, 2026,] a hypothetical 50 BPS increase or decrease in market interest rates would change the fair value of the fixed-rate debt, by a decrease or increase of approximately [removed: $0.8] [added: $0.7] billion, respectively.

[removed: At any time, a] [added: A] sharp rise in market interest rates could cause us to incur additional interest expense to the extent we issue additional commercial paper or other debt.

The total fair value of our marketable equity securities was [removed: $383] [added: $361] million and [removed: $481] [added: $383] million as of July [removed: 26, 2025] [added: 25, 2026] and July [removed: 27, 2024,] [added: 26, 2025,] respectively.

[removed: Privately Held Investments] [added: Non-Marketable Equity Securities] These investments are recorded in other assets in our Consolidated Balance Sheets.

[removed: As of July 26, 2025, the] [added: The] total carrying amount of our [removed: investments in privately held investments] [added: non-marketable equity securities] was [removed: $1.9] [added: $4.0] billion and [removed: $1.8] [added: $1.9] billion as of July [removed: 26, 2025] [added: 25, 2026] and July [removed: 27, 2024,] [added: 26, 2025,] respectively.

Our evaluation of [removed: privately held investments] [added: non-marketable equity securities] is based on the fundamentals of the businesses invested in, including, among other factors, the nature of their technologies and potential for financial return.

| | | | July [removed: 26, 2025] [added: 25, 2026] | | | | | | | | | | | | July [removed: 27, 2024] [added: 26, 2025] | | | | | | | | |

| Purchased | | | $ | [removed: 4,498] [added: 4,088] | | | | | $ | [removed: (21)] [added: (88)] | | | | | $ | [removed: 3,586] [added: 4,498] | | | | | $ | [removed: (59)] [added: (21)] | |

| Sold | | | $ | [removed: 4,480] [added: 4,598] | | | | | $ | [removed: 22] [added: 95] | | | | | $ | [removed: 3,848] [added: 4,480] | | | | | $ | [removed: 60] [added: 22] | |

In fiscal [removed: 2025,] [added: 2026,] foreign currency fluctuations, net of hedging, [removed: decreased] [added: increased] our combined R&D, sales and marketing, and G&A expenses by approximately [removed: $16] [added: $195] million, or [removed: 0.1%,] [added: 0.8%,] as compared with fiscal [removed: 2024.][added: 2025.]

| Available-for-sale debt investments | | | $8,420 | | | | | | $8,393 | | | | | | $8,366 | | | | | | $8,339 | | | | | | $8,312 | | | | | | $8,286 | | | | | | $8,259 | | |

As of July 25, 2026, we had $6.7 billion in commercial paper outstanding, compared with $3.5 billion as of July 26, 2025.

Because these borrowings are short-term and are refinanced on a recurring basis, our interest expense on commercial paper reprices with market interest rates.

The increase was primarily due to net unrealized gains of $1.4 billion recognized during fiscal 2026 based on observable price changes, together with additional investments.

Because gains and losses on these investments are recognized based on observable price changes in orderly transactions for identical or similar investments of the same issuer, the carrying amount may decrease in future periods if such transactions occur at lower valuations, and any resulting losses could be material.

Movement in foreign currency exchange rates would change the fair value of our foreign exchange forward contracts.

Because we enter into these contracts to offset exposures on underlying forecasted transactions and on foreign currency denominated receivables and payables, we would expect any such change to be substantially offset by an opposite change in the value of those underlying exposures.

| Available-for-sale debt investments | | | $10,057 | | | | | | $9,993 | | | | | | $9,929 | | | | | | $9,865 | | | | | | $9,800 | | | | | | $9,736 | | | | | | $9,672 | | |

Cisco designs and sells a broad range of technologies [removed: that help] [added: including hardware, software, and artificial intelligence (AI) powered digital infrastructure] to power, [added: help] secure, and draw insights from the Internet.

We are incorporating [removed: artificial intelligence (AI)] [added: AI] into our product portfolios across networking, security, collaboration and [removed: observability] [added: observability,] as well as integrating our products more tightly [removed: together.][added: together into a platform.]

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

Our customers include businesses of all sizes, public institutions, governments, and service providers, including [removed: large webscale providers.][added: hyperscalers.]

These customers often look to us as a strategic partner to help them use [removed: information] technology [removed: (IT)] to differentiate themselves and drive positive business outcomes.

[removed: We were] [added: Cisco was] incorporated in California in 1984 and reincorporated in Delaware in 2021.

In [removed: today's digital-first world,] [added: today’s fast-paced world shaped by AI,] businesses and organizations globally are deploying technology to pursue their strategic objectives, from accelerating growth to enhancing operational efficiency and fostering innovation.

[removed: In an increasingly digital] [added: As agentic AI] and [removed: connected world, where each new connection to the Internet puts more demand on the network,] [added: inference workloads fundamentally alter network traffic patterns,] our customers are investing in resilient, adaptable infrastructure to quickly respond to market changes and the demands of their own customers.

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

Our differentiated security strategy is based on three pillars: moving from point solutions to a platform comprehensively integrated with the infrastructure; infusing security into the fabric of the network; and harnessing the depth and breadth of telemetry data [removed: from Cisco and with our acquisition of Splunk Inc. (“Splunk”)] to prevent, detect, and respond to sophisticated [removed: attacks.][added: attacks at machine speed.]

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

We can help give customers visibility across the [removed: network,] [added: network as well as across their] security solutions, applications and [removed: their own] business data.

With this breadth and scale of data, we can help deliver differentiated insights and context to customers, [removed: leading them to] [added: which in turn drives] more [removed: informed] [added: informed,] proactive [removed: decisions] [added: decision making] and better business results.

[removed: We are] [added: Cisco is] transforming data centers to power AI workloads anywhere.

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

Cisco helps deliver [removed: "future-proofed"] [added: “future-proofed”] workplaces, [removed: modernizing] [added: combining networking, security, smart spaces and collaboration to power] how people [removed: and technology] work and serve their customers.

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

Our smart [removed: building] [added: spaces] technology turns network devices into sensors for [removed: enhanced] [added: better] intelligence and control of physical [removed: spaces.][added: spaces, including lights and power.]

[removed: This technology helps ensure] [added: Our assurance capabilities, powered by ThousandEyes, are deeply embedded across the Cisco portfolio and help enable] seamless connectivity and optimal digital experiences across cloud, Internet, and enterprise networks, for the delivery of applications and services.

Our observability [removed: solution] [added: solution, Splunk combined with AppDynamics,] monitors the entire enterprise to help prevent downtime and improve experiences across networks, infrastructures, and applications.

[removed: Additionally, Cisco provides robust] [added: Through our] security [removed: measures for] [added: operations capabilities we deliver] threat prevention, detection, investigation, and response for organizations of any size and security maturity.

Risk Factors,” including the risk factor entitled “We depend upon the development of new products and services, and enhancements to existing products and services, and if we fail to predict and respond to emerging technological trends and customers’ changing needs, our [removed: operating] results [added: of operations] and market share may suffer.” For information regarding sales of our major products and services, see Note [removed: 19] [added: 18] to the Consolidated Financial Statements.

This portfolio, which features [added: integrated systems built on Cisco Silicon along with] software licenses and software-as-a-service (SaaS) offerings, empowers customers to build, [added: secure,] 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 [removed: seamless] convergence of our [removed: on-premise] [added: on-premises] solutions with our cloud-managed offerings.

Our switching portfolio encompasses campus switching as well as data center [removed: switching offerings.][added: switching.]

Our campus switching offerings provide the foundation for converged data, voice, video, and Internet of Things (IoT) [removed: services.][added: services, while also supporting new requirements from the rise of AI agents in customer networks.]

[removed: These] [added: Our] switches offer enhanced security and reliability and are designed to scale efficiently as our customers grow.

Within campus switching, our [removed: Catalyst] [added: Cisco] 9000 family of switches includes hardware with embedded software, along with a [added: Unified Networking Experience (UNX)] software [removed: subscription referred to as Cisco DNA.][added: subscription.]

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

Our switching portfolio [removed: now also] includes [removed: the newly launched] [added: next-generation] Cisco Smart Switches — Cisco [removed: 9350 and] [added: 9350,] Cisco [removed: 9610— which represent] [added: 9610, and] the [removed: next generation of enterprise networking.][added: new Cisco 9550 — built on Silicon One, our single, unified, scalable networking silicon architecture.]

These switches are AI-ready with advanced telemetry and assurance [removed: capabilities.][added: capabilities, equipped with quantum-resistant security and post-quantum cryptography to protect against future threats.]

Our data center switching offerings, led by the Nexus 9000 series, provide the foundation for [removed: mission critical] [added: mission-critical] data [removed: centers with] [added: centers, delivering] high availability, scalability, and security across [removed: traditional data centers and private and public cloud data centers.][added: hybrid environments.]

[removed: 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 [removed: the] security posture.

Cisco [removed: Hypershield,] [added: Hypershield is] our cloud-native and AI-powered [removed: approach to] [added: solution for] highly distributed security [removed: for AI-scale data centers that is] built into the fabric of the network, [removed: is the first service offering available embedded on these new switches.][added: converging networking and security into a single offering.]

[removed: The Internet Infrastructure portion of this] [added: Our service provider routing] portfolio includes AI Infrastructure solutions for service provider customers, including our [removed: webscale] [added: hyperscaler] customers.

Security is at the core of our business strategy, reflecting our commitment to [removed: addressing] [added: address] the evolving needs of organizations of every size across [removed: industries.][added: every industry.]

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

[removed: Splunk Enterprise Security, to create] [added: Our Extended Detection and Response (XDR) offering is] a unified and highly effective solution to help prevent, detect, and respond to sophisticated cyber threats.

[removed: We are also accelerating the expansion of our] [added: Our] SASE [removed: architecture, delivering] [added: architecture delivers] a seamless combination of network and security functionality through a single, cloud-native platform.

Available Information

We intend to announce material information to the public through our Investor Relations website at https://investor.cisco.com, SEC filings, press releases, public conference calls, and public webcasts, including those made available or broadcast on our Investor Relations website and through third-party websites, such as our LinkedIn page and YouTube channel.

We use these channels, as well as social media (including certain X and LinkedIn accounts held and/or managed by us or our executive officers) and our blog, to communicate with our investors, customers, and the public about us, our products and services, and other matters.

It is possible that the information we post on social media and our blog could be deemed to be material information.

As such, we encourage investors, the media, and others to follow the channels listed above, including the social media channels listed at the bottom of our Investor Relations website, and to review the information disclosed through such channels.

AI represents a generational shift in technology.

The rise of AI agents is generating a huge increase in network traffic and driving the need for far greater network connectivity.

Our robust, flexible infrastructure is offered as individual building blocks or in pre-validated, full-stack systems for all workloads.

Our high-performance systems are predominantly powered by Cisco Silicon One, a scalable and programmable architecture, covering all AI networking roles and capable of adapting to a wide range of use cases and network infrastructure designs.

We fuse security into every layer to protect distributed workloads.

We also deliver unified management across both traditional and AI workloads and provide tailored solutions and support through Cisco Services.

For secure campus and branch networking, we connect users and devices securely with a broad, scalable portfolio of solutions with embedded security, assurance and intelligence.

No matter how people connect to the network, we have workforce protection that delivers frictionless zero-trust access and layered security, and we provide collaboration devices and software to enable effective collaboration to support productivity.

In addition, Cisco Services support customers with workplace planning and modernization.

Cisco is a leader in delivering digital resilience across customers’ data centers, workplaces and entire IT environments.

By bringing together the power of the network with assurance, observability and security, we help our customers prevent issues and remediate them quickly when they occur.

We also provide the visibility and insights our customers need to adapt to new opportunities.

Additionally, Cisco Services deliver AI-powered support and issue resolution and help customers shift from reactive break-fix to proactive and predictive operations for higher uptime and greater resilience.

Our strength lies in our decades of expertise in helping customers of all sizes and across all industries throughout their technology lifecycle, and in the way we embed and enable AI across our products and services.

We deliver the foundational hardware, software and services that every other technology capability is built on, making Cisco the critical infrastructure for the AI era.

The portfolio also includes Acacia Optics, whose high-speed coherent optical interconnect technologies enhance Cisco’s networking solutions by enabling scalable, energy-efficient, and simplified optical connectivity that supports the shift from chassis-based systems to pluggable coherent optics.

Our Campus Switches can also be managed from the cloud through Cisco Cloud Control, offering a powerful combination of rich enterprise features with ease of management.

Central to this portfolio is the integration of Cisco Silicon One architecture, establishing a unified silicon foundation that delivers high performance and energy efficiency.

Under our Nexus One strategy, we deliver a unified on-premises and cloud-managed operational experience.

This unification, enabled by common underlying hardware and a single, simplified business model, gives customers broad flexibility in how they deploy and manage their networks.

Our Cisco N9300 Series Smart Switches offers intelligent networking silicon alongside

We also introduced our Cisco 800G optics, designed to support high-density switch ports to deliver scalable, high-performance networking optimized for AI workloads across data centers and edge environments.

Our networking portfolio also extends to Industrial IoT, providing ruggedized switching and routing solutions designed to maintain connectivity and security in harsh, mission-critical industrial environments.

These solutions help to ensure that operational technology (OT) is as secure and manageable as traditional IT infrastructure.

Our security offerings also include Cisco Hypershield and AI Defense.

AI Defense leverages machine learning and advanced analytics to proactively identify, analyze, and neutralize cyber threats in real-time, thereby strengthening the security posture of digital networks and data.

Our unified observability offerings connect insights across AI agents, applications, infrastructure, networks and digital experience to help improve service resilience, which is especially important in the AI era with concerns around “tokenomics.” Splunk Observability correlates telemetry and business context across traditional cloud-native and AI environments to connect service health and customer experience issues to causes and business impact and enable timely action.

Its agent observability capabilities add continuous evaluation and insight into AI agent behavior, quality, performance and cost.

ThousandEyes, our network assurance offering, extends the system beyond customers’ owned environments, adding network assurance and intelligence across enterprise, Internet and cloud networks to show how connectivity affects application performance, digital experience, service quality and resilience.

In addition to our product offerings, we provide a comprehensive portfolio of technical support and professional services designed to help customers enhance the business value of their technology investments.

Central to our services strategy is Cisco IQ, a unified digital interface that serves as the primary delivery vehicle for Cisco Support and Professional Services.

By integrating AI and automation, Cisco IQ equips customers with landscape clarity, proactive resilience, rapid resolution, and highly contextualized professional services.

We continually invest in the modernization of our services by embedding AI-driven insights into Cisco IQ and expanding our expertise beyond core networking to encompass security and analytics, ensuring our customers are well-positioned for resilient, forward-looking digital transformation.

Cisco Capital, our financing arm, helps customers acquire the technology they need to achieve their business objectives and stay competitive.

Cisco Capital financing provides flexibility in acquiring hardware, software, services, and complementary third-party equipment.

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

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

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

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.

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.

Also, within campus switching we have a range of Meraki cloud-managed switches for customers who prefer ease of management in lean-IT environments.

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.

We continue to add greater visibility and analytics across our networks and applications, enabling us to deliver better experiences for our customers.

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

In the third quarter of fiscal 2024, we acquired Splunk, a recognized leader in security analytics and observability.

The Splunk platform and security offerings significantly strengthen our TIDR capabilities.

We have been integrating Cisco Extended Detection and Response (XDR) with

These offerings are designed to bring together and provide end-to-end visibility of our customers' owned and unowned environments—including applications, networks, multi-cloud infrastructures and the Internet.

With AI-driven insights at their core, our observability solutions help organizations see, understand and improve every digital experience, and help to ensure seamless connectivity and proactive issue resolution across complex, modern environments.

ThousandEyes, our network assurance offering, deliver deep visibility and intelligence across network organizations, spanning both their internal infrastructure and external dependencies.

Our Observability Suite—including Splunk Observability and AppDynamics—provides full-stack insights from infrastructure to application performance to digital experience, helping teams take decisive action to maintain service health and performance.

In addition to our product offerings, we provide a broad range of technical support and professional services for our customers.

We are incorporating AI into our services offerings, to enable customers to derive greater business value from their technology investments.

We continually invest in our support and professional services by integrating AI and automation, and expanding beyond core networking to cover the areas of security and analytics in line with our strategy.

We sell to public sector

Although we believe the protection afforded by our patents, copyrights, trademarks, and trade secrets has value, the rapidly changing technology in the networking industry and uncertainties in the legal process make our future success dependent primarily on the innovative skills, technological expertise, and management abilities of our employees rather than on the protection afforded by patent, copyright, trademark, and trade secret laws.

protecting inventions and works of authorship created by humans.

*Employee Engagement*

As an example, there were approximately 2 million Team Space Check-Ins by our employees in fiscal 2025, reflecting approximately 65,700 employees (excludes certain of the employees who joined Cisco during fiscal 2024 through the Splunk acquisition) submitting Team Space Check-Ins.

For a description of pending legal proceedings in which we are involved, see Note [removed: 14] [added: 13] “Commitments and Contingencies - (f) Legal Proceedings” of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.

For the fiscal year ended July [removed: 26, 2025][added: 25, 2026]

[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: 24, 2025] [added: 23, 2026] as reported by the Nasdaq Global Select Market on that date: [removed: $247.5] [added: $294.5] billion

Number of shares of the registrant’s common stock outstanding as of August [removed: 28, 2025: 3,953,196,953][added: 27, 2026: 3,942,586,873]

Portions of the registrant’s definitive Proxy Statement relating to the [removed: 2025] [added: 2026] Annual Meeting of Stockholders, to be held on December [removed: 16, 2025,] [added: 15, 2026,] are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

| Item 1. | | | | | | [removed: [Business](#i8c5626bfc0584aa2863237b2641238b5_16)] [added: [Business](#i59c28d314c2d4b6b8ee11c0588995ed3_16)] | | | | | | [removed: [1](#i8c5626bfc0584aa2863237b2641238b5_16)] [added: [1](#i59c28d314c2d4b6b8ee11c0588995ed3_16)] | | |

| Item 1A. | | | | | | [Risk [removed: Factors](#i8c5626bfc0584aa2863237b2641238b5_19)] [added: Factors](#i59c28d314c2d4b6b8ee11c0588995ed3_19)] | | | | | | [removed: [11](#i8c5626bfc0584aa2863237b2641238b5_19)] [added: [11](#i59c28d314c2d4b6b8ee11c0588995ed3_19)] | | |

| Item 1B. | | | | | | [Unresolved Staff [removed: Comments](#i8c5626bfc0584aa2863237b2641238b5_22)] [added: Comments](#i59c28d314c2d4b6b8ee11c0588995ed3_22)] | | | | | | [removed: [25](#i8c5626bfc0584aa2863237b2641238b5_22)] [added: [26](#i59c28d314c2d4b6b8ee11c0588995ed3_22)] | | |

| Item 1C. | | | | | | [removed: [Cybersecurity](#i8c5626bfc0584aa2863237b2641238b5_25)] [added: [Cybersecurity](#i59c28d314c2d4b6b8ee11c0588995ed3_25)] | | | | | | [removed: [26](#i8c5626bfc0584aa2863237b2641238b5_25)] [added: [26](#i59c28d314c2d4b6b8ee11c0588995ed3_25)] | | |

| Item 2. | | | | | | [removed: [Properties](#i8c5626bfc0584aa2863237b2641238b5_28)] [added: [Properties](#i59c28d314c2d4b6b8ee11c0588995ed3_28)] | | | | | | [removed: [27](#i8c5626bfc0584aa2863237b2641238b5_28)] [added: [27](#i59c28d314c2d4b6b8ee11c0588995ed3_28)] | | |

| Item 3. | | | | | | [Legal [removed: Proceedings](#i8c5626bfc0584aa2863237b2641238b5_31)] [added: Proceedings](#i59c28d314c2d4b6b8ee11c0588995ed3_31)] | | | | | | [removed: [27](#i8c5626bfc0584aa2863237b2641238b5_31)] [added: [27](#i59c28d314c2d4b6b8ee11c0588995ed3_31)] | | |

| Item 4. | | | | | | [Mine Safety [removed: Disclosures](#i8c5626bfc0584aa2863237b2641238b5_34)] [added: Disclosures](#i59c28d314c2d4b6b8ee11c0588995ed3_34)] | | | | | | [removed: [27](#i8c5626bfc0584aa2863237b2641238b5_34)] [added: [27](#i59c28d314c2d4b6b8ee11c0588995ed3_34)] | | |

| Item 5. | | | | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i8c5626bfc0584aa2863237b2641238b5_40)] [added: Securities](#i59c28d314c2d4b6b8ee11c0588995ed3_40)] | | | | | | [removed: [28](#i8c5626bfc0584aa2863237b2641238b5_40)] [added: [28](#i59c28d314c2d4b6b8ee11c0588995ed3_40)] | | |

| Item 6. | | | | | | [removed: [\[Reserved\]](#i8c5626bfc0584aa2863237b2641238b5_46)] [added: [\[Reserved\]](#i59c28d314c2d4b6b8ee11c0588995ed3_46)] | | | | | | [removed: [29](#i8c5626bfc0584aa2863237b2641238b5_46)] [added: [29](#i59c28d314c2d4b6b8ee11c0588995ed3_46)] | | |

| Item 7. | | | | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i8c5626bfc0584aa2863237b2641238b5_49)] [added: Operations](#i59c28d314c2d4b6b8ee11c0588995ed3_49)] | | | | | | [removed: [30](#i8c5626bfc0584aa2863237b2641238b5_49)] [added: [30](#i59c28d314c2d4b6b8ee11c0588995ed3_49)] | | |

| Item 7A. | | | | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i8c5626bfc0584aa2863237b2641238b5_82)] [added: Risk](#i59c28d314c2d4b6b8ee11c0588995ed3_82)] | | | | | | [removed: [50](#i8c5626bfc0584aa2863237b2641238b5_82)] [added: [50](#i59c28d314c2d4b6b8ee11c0588995ed3_82)] | | |

| Item 8. | | | | | | [Financial Statements and Supplementary [removed: Data](#i8c5626bfc0584aa2863237b2641238b5_85)] [added: Data](#i59c28d314c2d4b6b8ee11c0588995ed3_85)] | | | | | | [removed: [52](#i8c5626bfc0584aa2863237b2641238b5_85)] [added: [52](#i59c28d314c2d4b6b8ee11c0588995ed3_85)] | | |

| Item 9. | | | | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i8c5626bfc0584aa2863237b2641238b5_175)] [added: Disclosure](#i59c28d314c2d4b6b8ee11c0588995ed3_178)] | | | | | | [removed: [102](#i8c5626bfc0584aa2863237b2641238b5_175)] [added: [98](#i59c28d314c2d4b6b8ee11c0588995ed3_178)] | | |

| Item 9A. | | | | | | [Controls and [removed: Procedures](#i8c5626bfc0584aa2863237b2641238b5_178)] [added: Procedures](#i59c28d314c2d4b6b8ee11c0588995ed3_181)] | | | | | | [removed: [102](#i8c5626bfc0584aa2863237b2641238b5_178)] [added: [98](#i59c28d314c2d4b6b8ee11c0588995ed3_181)] | | |

| Item 9B. | | | | | | [Other [removed: Information](#i8c5626bfc0584aa2863237b2641238b5_181)] [added: Information](#i59c28d314c2d4b6b8ee11c0588995ed3_184)] | | | | | | [removed: [102](#i8c5626bfc0584aa2863237b2641238b5_181)] [added: [98](#i59c28d314c2d4b6b8ee11c0588995ed3_184)] | | |

| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i8c5626bfc0584aa2863237b2641238b5_184)] [added: Inspections](#i59c28d314c2d4b6b8ee11c0588995ed3_190)] | | | | | | [removed: [102](#i8c5626bfc0584aa2863237b2641238b5_184)] [added: [98](#i59c28d314c2d4b6b8ee11c0588995ed3_190)] | | |

| Item 10. | | | | | | [Directors, Executive Officers and Corporate [removed: Governance](#i8c5626bfc0584aa2863237b2641238b5_190)] [added: Governance](#i59c28d314c2d4b6b8ee11c0588995ed3_196)] | | | | | | [removed: [103](#i8c5626bfc0584aa2863237b2641238b5_190)] [added: [99](#i59c28d314c2d4b6b8ee11c0588995ed3_196)] | | |

| Item 11. | | | | | | [Executive [removed: Compensation](#i8c5626bfc0584aa2863237b2641238b5_193)] [added: Compensation](#i59c28d314c2d4b6b8ee11c0588995ed3_199)] | | | | | | [removed: [103](#i8c5626bfc0584aa2863237b2641238b5_193)] [added: [99](#i59c28d314c2d4b6b8ee11c0588995ed3_199)] | | |

| Item 12. | | | | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i8c5626bfc0584aa2863237b2641238b5_196)] [added: Matters](#i59c28d314c2d4b6b8ee11c0588995ed3_202)] | | | | | | [removed: [103](#i8c5626bfc0584aa2863237b2641238b5_196)] [added: [99](#i59c28d314c2d4b6b8ee11c0588995ed3_202)] | | |

| Item 13. | | | | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i8c5626bfc0584aa2863237b2641238b5_199)] [added: Independence](#i59c28d314c2d4b6b8ee11c0588995ed3_205)] | | | | | | [removed: [103](#i8c5626bfc0584aa2863237b2641238b5_199)] [added: [99](#i59c28d314c2d4b6b8ee11c0588995ed3_205)] | | |

| Item 14. | | | | | | [Principal Accountant Fees and [removed: Services](#i8c5626bfc0584aa2863237b2641238b5_202)] [added: Services](#i59c28d314c2d4b6b8ee11c0588995ed3_208)] | | | | | | [removed: [103](#i8c5626bfc0584aa2863237b2641238b5_202)] [added: [99](#i59c28d314c2d4b6b8ee11c0588995ed3_208)] | | |

| Item 15. | | | | | | [Exhibits and Financial Statement [removed: Schedules](#i8c5626bfc0584aa2863237b2641238b5_208)] [added: Schedules](#i59c28d314c2d4b6b8ee11c0588995ed3_214)] | | | | | | [removed: [103](#i8c5626bfc0584aa2863237b2641238b5_208)] [added: [99](#i59c28d314c2d4b6b8ee11c0588995ed3_214)] | | |

| Item 16. | | | | | | [Form 10-K [removed: Summary](#i8c5626bfc0584aa2863237b2641238b5_214)] [added: Summary](#i59c28d314c2d4b6b8ee11c0588995ed3_220)] | | | | | | [removed: [106](#i8c5626bfc0584aa2863237b2641238b5_214)] [added: [101](#i59c28d314c2d4b6b8ee11c0588995ed3_220)] | | |

| | | | | | | [Signatures](#i59c28d314c2d4b6b8ee11c0588995ed3_223) | | | | | | [102](#i59c28d314c2d4b6b8ee11c0588995ed3_223) | | |

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

As of the date of this Annual Report on Form 10-K, we do not believe our business, [removed: operating results,] [added: results of operations,] or financial condition have been materially affected by cybersecurity risks, including as a result of previously identified cybersecurity incidents.

Our corporate headquarters are located [removed: at an owned site] in San Jose, California, in the United States of America.

There were [removed: 30,790] [added: 29,241] registered stockholders as of August [removed: 28, 2025.][added: 27, 2026.]

As of July [removed: 26, 2025,] [added: 25, 2026,] the remaining authorized amount for stock repurchases under this program is approximately [removed: $14.2] [added: $8.1] billion with no termination date.

Although these withheld shares are not issued or considered common stock repurchases under our stock repurchase program and therefore are not included in the preceding table, they are treated as common stock repurchases in our financial statements as they reduce the number of shares that would have been issued upon vesting (see Note [removed: 15] [added: 14] to the Consolidated Financial Statements).

[removed: ][added: ]

| | | | 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] | | | | | | July [removed: 2025] [added: 2026] | | |

| April 26, 2026 to May 23, 2026 | | | 4 | | | | | | $ | 100.11 | | | | | 4 | | | | | | $ | 9,167 | |

| May 24, 2026 to June 20, 2026 | | | 3 | | | | | | $ | 121.43 | | | | | 3 | | | | | | $ | 8,803 | |

| June 21, 2026 to July 25, 2026 | | | 6 | | | | | | $ | 114.08 | | | | | 6 | | | | | | $ | 8,068 | |

| Total | | | 13 | | | | | | $ | 111.53 | | | | | 13 | | | | | | | | |

Amounts may not recalculate due to rounding.

| Cisco Systems, Inc. | | | $ | 100.00 | | | | | $ | 84.33 | | | | | $ | 99.97 | | | | | $ | 94.85 | | | | | $ | 139.84 | | | | | $ | 237.22 | |

| S&P 500 | | | $ | 100.00 | | | | | $ | 95.36 | | | | | $ | 107.61 | | | | | $ | 130.12 | | | | | $ | 154.32 | | | | | $ | 181.19 | |

| S&P Information Technology | | | $ | 100.00 | | | | | $ | 94.49 | | | | | $ | 119.70 | | | | | $ | 159.91 | | | | | $ | 199.00 | | | | | $ | 253.20 | |

| 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 500 | | | $ | 100.00 | | | | | $ | 108.39 | | | | | $ | 150.48 | | | | | $ | 143.50 | | | | | $ | 161.94 | | | | | $ | 232.22 | |

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

[Index to Consolidated Financial [removed: Statements](#i8c5626bfc0584aa2863237b2641238b5_88)][added: Statements](#i59c28d314c2d4b6b8ee11c0588995ed3_88)]

| [Report of Independent Registered Public Accounting [removed: Firm](#i8c5626bfc0584aa2863237b2641238b5_91)] [added: Firm](#i59c28d314c2d4b6b8ee11c0588995ed3_91)] (PCAOB ID 238) | | | [removed: [53](#i8c5626bfc0584aa2863237b2641238b5_91)] [added: [53](#i59c28d314c2d4b6b8ee11c0588995ed3_91)] | | |

| [Reports of [removed: Management](#i8c5626bfc0584aa2863237b2641238b5_94)] [added: Management](#i59c28d314c2d4b6b8ee11c0588995ed3_94)] | | | [removed: [55](#i8c5626bfc0584aa2863237b2641238b5_94)] [added: [55](#i59c28d314c2d4b6b8ee11c0588995ed3_94)] | | |

| [Consolidated Balance [removed: Sheets](#i8c5626bfc0584aa2863237b2641238b5_97)] [added: Sheets](#i59c28d314c2d4b6b8ee11c0588995ed3_97)] | | | [removed: [56](#i8c5626bfc0584aa2863237b2641238b5_97)] [added: [56](#i59c28d314c2d4b6b8ee11c0588995ed3_97)] | | |

| [Consolidated Statements of [removed: Operations](#i8c5626bfc0584aa2863237b2641238b5_100)] [added: Operations](#i59c28d314c2d4b6b8ee11c0588995ed3_100)] | | | [removed: [57](#i8c5626bfc0584aa2863237b2641238b5_100)] [added: [57](#i59c28d314c2d4b6b8ee11c0588995ed3_100)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i8c5626bfc0584aa2863237b2641238b5_103)] [added: Income](#i59c28d314c2d4b6b8ee11c0588995ed3_103)] | | | [removed: [58](#i8c5626bfc0584aa2863237b2641238b5_103)] [added: [58](#i59c28d314c2d4b6b8ee11c0588995ed3_103)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i8c5626bfc0584aa2863237b2641238b5_106)] [added: Flows](#i59c28d314c2d4b6b8ee11c0588995ed3_106)] | | | [removed: [59](#i8c5626bfc0584aa2863237b2641238b5_106)] [added: [59](#i59c28d314c2d4b6b8ee11c0588995ed3_106)] | | |

| [Consolidated Statements of [removed: Equity](#i8c5626bfc0584aa2863237b2641238b5_109)] [added: Equity](#i59c28d314c2d4b6b8ee11c0588995ed3_109)] | | | [removed: [60](#i8c5626bfc0584aa2863237b2641238b5_109)] [added: [60](#i59c28d314c2d4b6b8ee11c0588995ed3_109)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i8c5626bfc0584aa2863237b2641238b5_112)] [added: Statements](#i59c28d314c2d4b6b8ee11c0588995ed3_112)] | | | [removed: [61](#i8c5626bfc0584aa2863237b2641238b5_112)] [added: [61](#i59c28d314c2d4b6b8ee11c0588995ed3_112)] | | |

| [Note 1: Basis of [removed: Presentation](#i8c5626bfc0584aa2863237b2641238b5_115)] [added: Presentation](#i59c28d314c2d4b6b8ee11c0588995ed3_115)] | | | [removed: [61](#i8c5626bfc0584aa2863237b2641238b5_115)] [added: [61](#i59c28d314c2d4b6b8ee11c0588995ed3_115)] | | |

| [Note 2: Summary of Significant Accounting [removed: Policies](#i8c5626bfc0584aa2863237b2641238b5_118)] [added: Policies](#i59c28d314c2d4b6b8ee11c0588995ed3_118)] | | | [removed: [61](#i8c5626bfc0584aa2863237b2641238b5_118)] [added: [61](#i59c28d314c2d4b6b8ee11c0588995ed3_118)] | | |

| [Note 3: [removed: Revenue](#i8c5626bfc0584aa2863237b2641238b5_121)] [added: Revenue](#i59c28d314c2d4b6b8ee11c0588995ed3_121)] | | | [removed: [67](#i8c5626bfc0584aa2863237b2641238b5_121)] [added: [67](#i59c28d314c2d4b6b8ee11c0588995ed3_121)] | | |

| [Note 5: Goodwill and Purchased Intangible [removed: Assets](#i8c5626bfc0584aa2863237b2641238b5_127)] [added: Assets](#i59c28d314c2d4b6b8ee11c0588995ed3_127)] | | | [removed: [72](#i8c5626bfc0584aa2863237b2641238b5_127)] [added: [71](#i59c28d314c2d4b6b8ee11c0588995ed3_127)] | | |

| [Note 6: Restructuring and Other [removed: Charges](#i8c5626bfc0584aa2863237b2641238b5_130)] [added: Charges](#i59c28d314c2d4b6b8ee11c0588995ed3_130)] | | | [removed: [74](#i8c5626bfc0584aa2863237b2641238b5_130)] [added: [72](#i59c28d314c2d4b6b8ee11c0588995ed3_130)] | | |

| [Note 7: Balance Sheet and Other [removed: Details](#i8c5626bfc0584aa2863237b2641238b5_133)] [added: Details](#i59c28d314c2d4b6b8ee11c0588995ed3_133)] | | | [removed: [74](#i8c5626bfc0584aa2863237b2641238b5_133)] [added: [73](#i59c28d314c2d4b6b8ee11c0588995ed3_133)] | | |

| [Note 8: [removed: Leases](#i8c5626bfc0584aa2863237b2641238b5_136)] [added: Leases](#i59c28d314c2d4b6b8ee11c0588995ed3_136)] | | | [removed: [76](#i8c5626bfc0584aa2863237b2641238b5_136)] [added: [75](#i59c28d314c2d4b6b8ee11c0588995ed3_136)] | | |

| [Note 9: Financing [removed: Receivables](#i8c5626bfc0584aa2863237b2641238b5_139)] [added: Receivables](#i59c28d314c2d4b6b8ee11c0588995ed3_139)] | | | [removed: [78](#i8c5626bfc0584aa2863237b2641238b5_139)] [added: [76](#i59c28d314c2d4b6b8ee11c0588995ed3_139)] | | |

| [Note 10: [removed: Investments](#i8c5626bfc0584aa2863237b2641238b5_142)] [added: Investments](#i59c28d314c2d4b6b8ee11c0588995ed3_142)] | | | [removed: [81](#i8c5626bfc0584aa2863237b2641238b5_142)] [added: [79](#i59c28d314c2d4b6b8ee11c0588995ed3_142)] | | |

| [Note [removed: 12: Borrowings](#i8c5626bfc0584aa2863237b2641238b5_148)] [added: 11: Borrowings](#i59c28d314c2d4b6b8ee11c0588995ed3_148)] | | | [removed: [84](#i8c5626bfc0584aa2863237b2641238b5_148)] [added: [82](#i59c28d314c2d4b6b8ee11c0588995ed3_148)] | | |

| [Note [removed: 13:] [added: 12:] Derivative [removed: Instruments](#i8c5626bfc0584aa2863237b2641238b5_151)] [added: Instruments](#i59c28d314c2d4b6b8ee11c0588995ed3_151)] | | | [removed: [86](#i8c5626bfc0584aa2863237b2641238b5_151)] [added: [83](#i59c28d314c2d4b6b8ee11c0588995ed3_151)] | | |

| [Note [removed: 14:] [added: 13:] Commitments and [removed: Contingencies](#i8c5626bfc0584aa2863237b2641238b5_154)] [added: Contingencies](#i59c28d314c2d4b6b8ee11c0588995ed3_154)] | | | [removed: [88](#i8c5626bfc0584aa2863237b2641238b5_154)] [added: [85](#i59c28d314c2d4b6b8ee11c0588995ed3_154)] | | |

| [Note [removed: 15:] [added: 14:] Stockholders’ [removed: Equity](#i8c5626bfc0584aa2863237b2641238b5_157)] [added: Equity](#i59c28d314c2d4b6b8ee11c0588995ed3_157)] | | | [removed: [91](#i8c5626bfc0584aa2863237b2641238b5_157)] [added: [88](#i59c28d314c2d4b6b8ee11c0588995ed3_157)] | | |

| [Note [removed: 16:] [added: 15:] Employee Benefit [removed: Plans](#i8c5626bfc0584aa2863237b2641238b5_160)] [added: Plans](#i59c28d314c2d4b6b8ee11c0588995ed3_160)] | | | [removed: [92](#i8c5626bfc0584aa2863237b2641238b5_160)] [added: [88](#i59c28d314c2d4b6b8ee11c0588995ed3_160)] | | |

| [Note [removed: 17:] [added: 16:] Accumulated Other Comprehensive Income [removed: (Loss)](#i8c5626bfc0584aa2863237b2641238b5_163)] [added: (Loss)](#i59c28d314c2d4b6b8ee11c0588995ed3_163)] | | | [removed: [95](#i8c5626bfc0584aa2863237b2641238b5_163)] [added: [91](#i59c28d314c2d4b6b8ee11c0588995ed3_163)] | | |

| [Note [removed: 18:] [added: 17:] Income [removed: Taxes](#i8c5626bfc0584aa2863237b2641238b5_166)] [added: Taxes](#i59c28d314c2d4b6b8ee11c0588995ed3_166)] | | | [removed: [96](#i8c5626bfc0584aa2863237b2641238b5_166)] [added: [92](#i59c28d314c2d4b6b8ee11c0588995ed3_166)] | | |

| [Note [removed: 19:] [added: 18:] Segment Information and Major [removed: Customers](#i8c5626bfc0584aa2863237b2641238b5_169)] [added: Customers](#i59c28d314c2d4b6b8ee11c0588995ed3_169)] | | | [removed: [99](#i8c5626bfc0584aa2863237b2641238b5_169)] [added: [95](#i59c28d314c2d4b6b8ee11c0588995ed3_169)] | | |

| [Note [removed: 20:] [added: 19:] Net Income per [removed: Share](#i8c5626bfc0584aa2863237b2641238b5_172)] [added: Share](#i59c28d314c2d4b6b8ee11c0588995ed3_172)] | | | [removed: [100](#i8c5626bfc0584aa2863237b2641238b5_172)] [added: [97](#i59c28d314c2d4b6b8ee11c0588995ed3_172)] | | |

We have audited the accompanying consolidated balance sheets of Cisco Systems, Inc. and its subsidiaries (the “Company”) as of July [removed: 26, 2025] [added: 25, 2026] and July [removed: 27, 2024,] [added: 26, 2025,] and the related consolidated statements of operations, of comprehensive income, of stockholders' equity and of cash flows for each of the three years in the period ended July [removed: 26, 2025,] [added: 25, 2026,] 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: 26, 2025,] [added: 25, 2026,] 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: 26, 2025] [added: 25, 2026] and July [removed: 27, 2024,] [added: 26, 2025,] and the results of its operations and its cash flows for each of the three years in the period ended July [removed: 26, 2025] [added: 25, 2026] 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: 26, 2025,] [added: 25, 2026,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

For the year ended July [removed: 26, 2025,] [added: 25, 2026,] the Company’s total revenue was [removed: $56.7] [added: $63.3] billion, of which the majority relates to certain product and services revenue.

These procedures also included, among others (i) testing revenue recognized for a sample of revenue transactions by obtaining and inspecting source documents, such as executed contracts, purchase orders, invoices, and proof of delivery; (ii) testing the appropriate amount and timing of revenue recognition based on the contractual terms identified in certain customer arrangements; and (iii) confirming a sample of outstanding customer invoice balances as of July [removed: 26, 2025] [added: 25, 2026] and, for confirmations not returned, obtaining and inspecting source documents, such as purchase orders, invoices, proof of delivery, and subsequent cash receipts.

Based on this evaluation, management concluded that Cisco’s internal control over financial reporting was effective as of July [removed: 26, 2025.][added: 25, 2026.]

| | | | [added: | | |] July [added: 25, 2026 | | | | | | July] 26, [removed: 2025] [added: 2025] | | | | | | July 27, 2024 | | |

| Cash and cash equivalents | | | $ | [removed: 8,346] [added: 7,218] | | | | | $ | [removed: 7,508] [added: 8,346] | |

| Investments | | | [removed: 7,764] [added: 8,700] | | | | | | [removed: 10,346] [added: 7,764] | | |

| Accounts receivable, net of allowance of [removed: $69] [added: $78] at July [removed: 26, 2025] [added: 25, 2026] and [removed: $87] [added: $69] at July [removed: 27, 2024] [added: 26, 2025] | | | [removed: 6,701] [added: 7,470] | | | | | | [removed: 6,685] [added: 6,701] | | |

| Inventories | | | [removed: 3,164] [added: 5,694] | | | | | | [removed: 3,373] [added: 3,164] | | |

| Financing receivables, net | | | [removed: 3,061] [added: 3,392] | | | | | | [removed: 3,338] [added: 3,061] | | |

| [Note 4: Acquisitions](#i59c28d314c2d4b6b8ee11c0588995ed3_124) | | | [69](#i59c28d314c2d4b6b8ee11c0588995ed3_124) | | |

| September 2, 2026 | | | | | | September 2, 2026 | | |

| Change in net unrealized gains and losses | | | 15 | | | | | | 121 | | | | | | 146 | | |

| Net (gains) losses reclassified into earnings | | | 11 | | | | | | 63 | | | | | | 53 | | |

| Change in unrealized gains and losses | | | 79 | | | | | | 22 | | | | | | 98 | | |

| Net (gains) losses reclassified into earnings | | | (31) | | | | | | (36) | | | | | | (37) | | |

| Purchases of non-marketable equity securities | | | (946) | | | | | | (383) | | | | | | (284) | | |

| Return of investments in non-marketable equity securities | | | 270 | | | | | | 306 | | | | | | 202 | | |

| Net income | | | | | | | | | | | | | | | 13,267 | | | | | | | | | | | | 13,267 | | |

| Repurchase of common stock | | | (76) | | | | | | (929) | | | | | | (5,177) | | | | | | | | | | | | (6,106) | | |

| BALANCE AT JULY 25, 2026 | | | 3,946 | | | | | | $ | 49,676 | | | | | $ | 1,565 | | | | | $ | (956) | | | | | $ | 50,285 | |

(d) Non-marketable equity securities Our non-marketable equity securities are investments in privately held entities, venture funds, and publicly traded entities that do not have RDFV.

Privately held entities are measured under the measurement alternative.

Securities in publicly traded entities that possess restrictions that are at the instrument level (“restricted equity securities”) are valued based on pricing models that use observable market inputs reduced by a discount for lack of marketability (“DLOM”).

We write down inventory for estimated excess and obsolete quantities based on assumptions regarding future demand, product life cycles, planned product transitions, and the extent to which inventory is specific to a particular customer program, product design, or qualification.

A significant portion of our inventory, together with the component purchase commitments described in Note 13(a), supports products sold to hyperscalers and other large customers.

Purchase commitments with contract manufacturers and suppliers related to orders from these customers are based on our current demand forecasts and may be canceled, rescheduled, or modified with limited notice.

Component lead

times for these products frequently exceed the notice period we receive for changes to customer orders.

Certain of these components are qualified to a specific customer design or program and have limited alternative use, while others, including certain memory components, are more readily deployable across our product portfolio.

As a result, reductions in our demand forecasts, changes in product architecture or design specifications, and changes in qualification requirements may cause inventory to be in excess of demand or be unusable in a salable product.

We also make deposits and prepayments to certain suppliers in advance of delivery under arrangements to secure supply and pricing for certain product components.

These amounts are included in other current assets and other assets on our Consolidated Balance Sheets and are assessed for recoverability.

Inventory write-downs are recognized in cost of sales in the period in which the determination is made and establish a new cost basis for the affected inventory.

That new cost basis is not subsequently increased if the underlying circumstances improve.

Certain of our leases include options to extend or terminate.

We include those options in the lease term when it is reasonably certain we will exercise them.

An impairment charge is recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit.

Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market to measure fair value:

Level 3: inputs are generally unobservable that are supported by little or no market data.

We determine whether arrangements are distinct based on whether the customer can

- Valuation of non-marketable equity securities

*Targeted Improvements to the Accounting for Internal-Use Software* In September 2025, the FASB issued an accounting standard update to modernize the accounting for internal-use software costs and clarify the criteria for capitalization.

| Services | | | 15,030 | | | | | | 15,046 | | | | | | 14,550 | | |

We had a global channel partner that accounted for approximately 15% of accounts receivable as of July 25, 2026.

| 1 to 4 | | | $ | 1,355 | | | | | $ | 1,358 | |

| 5 to 6 | | | 2,015 | | | | | | 1,868 | | |

The amortization expense associated with these costs was $942 million,

(a)Acquisitions Summary

The total purchase consideration was allocated to $19.3 billion of goodwill, $10.6 billion of purchased intangible assets and $2.8 billion of net liabilities.

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

| [Note 11: Fair Value](#i8c5626bfc0584aa2863237b2641238b5_145) | | | [83](#i8c5626bfc0584aa2863237b2641238b5_145) | | |

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

September 3, 2025

| | | | | | | | | |

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

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

CISCO SYSTEMS, INC.

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

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

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

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

| Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $11, $12, and $15 for fiscal 2025, 2024, and 2023, respectively | | | (36) | | | | | | (37) | | | | | | (48) | | |

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

| Net change in cumulative translation adjustment and actuarial gains and losses, net of tax benefit (expense) of $2, $2, and $19 for fiscal 2025, 2024, and 2023, respectively | | | 306 | | | | | | (115) | | | | | | 134 | | |

| Purchases of investments in privately held companies | | | (383) | | | | | | (284) | | | | | | (185) | | |

| Return of investments in privately held companies | | | 306 | | | | | | 202 | | | | | | 90 | | |

| Supplemental cash flow information: | | | | | | | | | | | | | | | | | |

| Cash paid for interest | | | $ | 1,500 | | | | | $ | 583 | | | | | $ | 376 | |

| BALANCE AT JULY 30, 2022 | | | 4,110 | | | | | | $ | 42,714 | | | | | $ | (1,319) | | | | | $ | (1,622) | | | | | $ | 39,773 | |

| Repurchase of common stock | | | (88) | | | | | | (930) | | | | | | (3,341) | | | | | | | | | | | | (4,271) | | |

| Other | | | — | | | | | | 3 | | | | | | (12) | | | | | | | | | | | | (9) | | |

| Other | | | | | | | | | 12 | | | | | | (16) | | | | | | | | | | | | (4) | | |

| Other | | | | | | | | | 9 | | | | | | (15) | | | | | | | | | | | | (6) | | |

We have evaluated subsequent events through the date that the financial statements were issued.

(c) Equity Instruments Our equity investments are accounted for as follows:

The NAV is the estimated fair value of these investments.

These investments are measured at cost less any impairment, plus or minus our share of equity method investee income or loss.

We provide inventory write-downs based on excess and obsolete inventories determined primarily by future demand forecasts.

The write-down is measured as the difference between the cost of the inventory and net realizable value based upon assumptions about future demand and charged to the provision for inventory, which is a component of cost of sales.

At the point of loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost

Notes to Consolidated Financial Statements (Continued)

basis.

Our leases have the option to extend or terminate the lease when it is reasonably certain that we will exercise that option.

When impaired, the carrying value of goodwill is written down to fair value.

The accounting guidance for fair value measurement requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The standard establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value.

A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The fair value hierarchy is as follows:

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

There was no change in our internal control over financial reporting during our fourth quarter of fiscal [removed: 2025] [added: 2026] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

[removed: On June 20, 2025, Oliver Tuszik, Cisco's Executive] [added: Fink, Cisco’s Senior] Vice [removed: President, Global Sales,] [added: President and Chief Accounting Officer,] adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

Mr. [removed: Tuszik’s] [added: Fink’s] trading plan provides for the sale of [removed: approximately 49,067] [added: 14,440] gross [removed: shares (with any shares underlying performance-based equity awards being calculated at target),] [added: shares,] plus any related dividend-equivalent shares earned with respect to such shares and [removed: 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. [removed: Tuszik’s] [added: Fink’s] trading plan is scheduled to terminate on [removed: December 31, 2025,] [added: June 25, 2027,] subject to early termination for certain specified events set forth therein.

On June 6, 2026, Nichlas A.

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, which was filed with the Securities and Exchange Commission on September 5, 2024] [added: Policy attached hereto] as Exhibit [removed: 19.1 to Cisco's Annual Report on Form 10-K.][added: 19.1.]

The additional information required by this item is included in our Proxy Statement related to the [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed with the SEC within 120 days after July [removed: 26, 2025] [added: 25, 2026] (the “Proxy Statement”) and is incorporated herein by reference.

See the “Index to Exhibits” beginning on page [removed: 104] [added: 100] of this report.

| 4.12 | | | | | | [Form of Officer’s Certificate setting forth the terms of the Fixed and Floating Notes issued in [removed: June 2015](https://www.sec.gov/Archives/edgar/data/858877/000119312515227387/d945296dex41.htm)] [added: September 2016](https://www.sec.gov/Archives/edgar/data/858877/000119312516714189/d229817dex41.htm)] | | | | | | 8-K | | | | | | 000-18225 | | | | | | 4.1 | | | | | | [removed: 6/18/2015] [added: 9/20/2016] | | | | | | | | |

| [removed: 4.15] [added: 4.13] | | | | | | [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/858877/000085887725000007/exh101ciscosip2005q225.htm)] [added: agreements)](https://www.sec.gov/Archives/edgar/data/858877/000085887726000132/exh101ciscosip2005.htm)] | | | | | | [removed: 10-Q] | | | | | | [removed: 001-39940] | | | | | | [removed: 10.1] | | | | | | [removed: 2/18/2025] | | | | | | [added: X] | | |

| 10.2* | | | | | | [Cisco Systems, Inc. Employee Stock Purchase [removed: Plan](https://www.sec.gov/Archives/edgar/data/858877/000085887725000033/exh101esppq325.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/858877/000085887725000171/exh101esppq126.htm)] | | | | | | 10-Q | | | | | | 001-39940 | | | | | | 10.1 | | | | | | [removed: 5/20/2025] [added: 11/18/2025] | | | | | | | | |

| 19.1 | | | | | | [Insider Trading [removed: Policy](https://www.sec.gov/Archives/edgar/data/858877/000085887724000017/exh191insidertradingpolicy.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/858877/000085887726000132/exh191insidertradingpolicy.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 001-39940] | | | | | | [removed: 19.1] | | | | | | [removed: 9/5/2024] | | | | | | [added: X] | | |

| 21.1 | | | | | | [Subsidiaries of the [removed: Registrant](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh211subsidiariesofthereg.htm)] [added: Registrant](https://www.sec.gov/Archives/edgar/data/858877/000085887726000132/exh211subsidiariesofthereg.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh231consentofindependent.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/858877/000085887726000132/exh231consentofindependent.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 24.1 | | | | | | [Power of Attorney (included on page [removed: 107] [added: 102] of this Annual Report on Form [removed: 10-K)](#i8c5626bfc0584aa2863237b2641238b5_217)] [added: 10-K)](#i59c28d314c2d4b6b8ee11c0588995ed3_223)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | | | | [Rule 13a–14(a)/15d–14(a) Certification of Principal Executive [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh311rule13a-14a15dx14ace.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887726000132/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/858877/000085887725000111/exh312rule13a-14a15dx14ace.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887726000132/exh312rule13a-14a15dx14ace.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.1 | | | | | | [Section 1350 Certification of Principal Executive [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh321section1350certifica.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887726000132/exh321section1350certifica.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.2 | | | | | | [Section 1350 Certification of Principal Financial [removed: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887725000111/exh322section1350certifica.htm)] [added: Officer](https://www.sec.gov/Archives/edgar/data/858877/000085887726000132/exh322section1350certifica.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 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 | | | | | | | | |

| 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 | | | | | | | | |

| 10.7* | | | | | | [Letter Agreement, dated May 15, 2024, between Cisco and Gary Steele](https://www.sec.gov/Archives/edgar/data/858877/000119312524139371/d826117dex101.htm) | | | | | | 8-K | | | | | | 001-39940 | | | | | | 10.1 | | | | | | 5/15/2024 | | | | | | | | |

| 10.8* | | | | | | [Separation Agreement and General Release, by and between Cisco Systems, Inc. and Maria Martinez](https://www.sec.gov/Archives/edgar/data/858877/000085887724000007/exh102mariamartinezseparat.htm) | | | | | | 10-Q | | | | | | 001-39940 | | | | | | 10.2 | | | | | | 5/21/2024 | | | | | | | | |

| 10.9* | | | | | | [Separation Agreement and General Release, by and between Cisco Systems, Inc. and Jeff Sharritts](https://www.sec.gov/Archives/edgar/data/858877/000085887724000012/exhibit101.htm) | | | | | | 8-K | | | | | | 001-39940 | | | | | | 10.1 | | | | | | 7/19/2024 | | | | | | | | |

| September [removed: 3, 2025] [added: 2, 2026] | | | | | | | | | | | | CISCO SYSTEMS, INC. | | |

| /S/ CHARLES H. ROBBINS | | | Chair and Chief Executive Officer | | | September [removed: 3, 2025] [added: 2, 2026] | | |

| /S/ MARK PATTERSON | | | Executive Vice President and Chief Financial Officer | | | September [removed: 3, 2025] [added: 2, 2026] | | |

| /S/ [removed: M. VICTORIA WONG] [added: NICHLAS A. FINK] | | | Senior Vice President and Chief Accounting Officer | | | September [removed: 3, 2025] [added: 2, 2026] | | |

| [removed: M. Victoria Wong] [added: Nichlas A. Fink] | | | (Principal Accounting Officer) | | | | | |

| /S/ MICHAEL D. CAPELLAS | | | Lead Independent Director | | | September [removed: 3, 2025] [added: 2, 2026] | | |

| /S/ MARK GARRETT | | | Director | | | September [removed: 3, 2025] [added: 2, 2026] | | |

| /S/ JOHN D. HARRIS II | | | Director | | | September [removed: 3, 2025] [added: 2, 2026] | | |

| /S/ KRISTINA M. JOHNSON | | | Director | | | September [removed: 3, 2025] [added: 2, 2026] | | |

| /S/ SARAH RAE MURPHY | | | Director | | | September [removed: 3, 2025] [added: 2, 2026] | | |

| /S/ MARIANNA TESSEL | | | Director | | | September [removed: 3, 2025] [added: 2, 2026] | | |

| /S/ PETER A. SHIMER | | | Director | | | September 2, 2026 | | |

| Peter A. Shimer | | | | | | | | |

| /S/ KEVIN WEIL | | | Director | | | September 2, 2026 | | |

| | | | | | | | | |

| /S/ WESLEY G. BUSH | | | Director | | | September 3, 2025 | | |

| Wesley G. Bush | | | | | | | | |

| /S/ DANIEL H. SCHULMAN | | | Director | | | September 3, 2025 | | |

| Daniel H. Schulman | | | | | | | | |

| | | | Director | | | | | |