Cisco Systems, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jul 2026, Americas was 60% and EMEA was 26% of revenue.

Quarters: Cisco Systems, Inc.'s SEC filings, named by the month they end. Fiscal years: Cisco Systems, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $21.0 ends up as net income. Net margin fell from 22.1% to 21.0% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Cisco Systems, Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

Cisco Systems's latest annual report names none of its suppliers or customers, but one customer it does not name accounts for 11% of its revenue. Cisco Systems’s Supplier List for fiscal 2025 names Hon Hai Precision Industry, Flex, Fabrinet, TSMC and Broadcom among its 40 suppliers, not what each makes or how much.

Their suppliers

Amkor Technology AMKRto Broadcom

ASE Technology ASXto Broadcom

KLA KLACto TSMC

Lam Research LRCXto TSMC

Onto Innovation ONTOto TSMC

Show 5

Suppliers

Broadcom AVGO

Fabrinet FN

Flex FLEX

TSMC TSM

Hon Hai Precision Industry 2317.TW

 

CSCOCisco Systems

Customers

Unnamed customer 11%

Cisco Systems's 10-K for the year to Jul 2026 gives one customer's share of its revenue: One Customer (11%).

From Cisco Systems, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Named in other companies’ filings

Cognizant Technology Solutions CTSHcalls it a partner · Enterprise platform servicesEverpure Pcalls it a partner · Infrastructure technology ecosystem

Only the companies Cisco Systems names in its 10-K filed Sep 2, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Cisco Systems. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Also from other documents: Cisco Systems’s Supplier List for fiscal 2025, published Apr 18, 2026 (source). Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 30.6x, below the peer median of 40.6x, with earnings still growing.

Priced 25% below the peer median of 40.6x (excludes 1 unprofitable peer).

CSCO has no trailing P/E on its latest close from SEC filings; over five years the median was 20.0×, the middle half 16.8×–27.7×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits. The P/E in the key figures is Yahoo Finance's: the latest close over its trailing earnings.

What analysts expect

The average analyst price target is $134, 31% above the current price; 61% of 28 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 17 analysts (61%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $85.73 to $134.25 (+57%), while CSCO went from $77.38 to $102.01 (+32%). In the past three months targets were cut 3 times and never raised. 2 upgrades and 3 downgrades over the year; the latest: Morgan Stanley moved it to Equal-Weight from Overweight on Nov 5, 2026.

The day after each of these reports the stock moved −13.1% (Jan 2026, beat); +16.4% (Apr 2026, beat); −5.8% (Jul 2026, beat).

For the quarter ending Jan 2027, analysts expect adjusted earnings of $1.35 a share, 30% more than the $1.04 of a year earlier, and revenue of $18.2B, up 18% on a year earlier. For the fiscal year ending Jul 2027, they expect adjusted earnings of $5.51 a share, and revenue of $74.0B, up 17% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $12.8B in free cash flow over the year, of which $12.7B went back to shareholders (dividends plus buybacks), leaving $110M in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 0.9, short-term debt coverage is tight; debt-to-equity 0.6, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 4 members of Congress and 10 funds whose copy leaves CSCO out (on the exchange, not in the app yet): WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST, Katherine Clark, Fisher Asset Management, Jared Moskowitz, Nan Shan Life Insurance, Norges Bank and 8 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 19 held CSCO at the end of their latest quarter (for most, Q3 2026). Over that quarter 7 added shares, 9 cut, 2 bought new, 1 sold all and 1 held the same. The largest of them is Norges Bank, 54.84M shares worth $6.4B at Jun 30, 2026, 5.6% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CSCO at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $106M of CSCO on the open market in the 12 months to Nov 11, 2026; none bought. 97% of the sales were made under 10b5-1 plans, set up in advance. The largest was Charles Robbins (Chair and CEO; director), who sold $53.4M in 18 sales.

From the Form 4s filed with the SEC about Cisco Systems, Inc. (104 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 71 other transactions (grants, shares withheld for tax and gifts).