Cisco Systems, Inc.

Company facts

Industry

Computer Communications Equipment

Headquarters

San Jose, California

Most recent report

10-K, filed Sep 2, 2026

Incorporated

Delaware

Filings on record

1,007+ filings

On EDGAR

CIK 858877

Fiscal year ends

July

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 3 of 27 sections worth reading, with 2 positive, 6 notable, and 6 negative flags.

• Risk Factors (Item 1A)

  Contains company-specific risks: memory shortages, purchase commitments, restructuring, debt levels.
  Notable

  • Products for service provider/cloud market, including AI, face high customer concentration risk.
  • Cisco initiated a restructuring plan in Q4 FY26, expected to complete by end of FY27.
  • $23B in senior notes and $6.7B in commercial paper outstanding as of end of fiscal 2026.
  Negative

  • Memory shortages in fiscal 2026 continue; rising costs expected to persist.
  • Purchase commitments and prepayments for Silicon One and memory increased supply chain exposure, already hurting gross margins.
  • Supply chain exposure has already negatively impacted product gross margins in recent periods.

• Management's Discussion (Item 7)

  MD&A: detailed FY2026 results with AI revenue, margin, restructuring, and supply chain risks.
  Positive

  • FY2026 revenue up 12% to $63.3B; diluted EPS up 31% to $3.33.
  • AI infrastructure demand from hyperscalers grew from <2% to ~6% of FY2026 total revenue.
  Notable

  • Deferred tax asset valuation allowance increased by $0.5B to $1.4B due to insufficient CA taxable income forecast.
  • Restructuring plan announced in Q4 FY2026, total pre-tax charges estimated up to $1B through FY2027.
  Negative

  • Services revenue flat at $15.0B; Americas services revenue fell 1% year-over-year.
  • Inventory + purchase commitments surged 112% to $22.9B; inventory up 80%, commitments up 126% year-over-year.

• Financial Statements (Item 8)

  Full financial statements and notes with company-specific results and risks.
  Notable

  • New restructuring plan in Q4 FY2026 with up to $1B estimated pre-tax charges; $511M incurred in FY2026.
  Negative

  • Global channel partner accounts for 11% of revenue and 15% of AR (FY2026), a single customer dependency with no prior share given.

What changed: FY2026 vs. FY2025

About 12% of CSCO's FY2026 10-K is new information. 110 paragraphs were added, 424 changed, and 217 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 162
• Risk Factors (Item 1A) 106
• Management's Discussion (Item 7) 90
• Business (Item 1) 45
• Form 10-K Summary (Item 16) 13
• Market Risk (Item 7A) 9
• Market for the Stock (Item 5) 4
• Directors and Officers (Item 10) 2
• Properties (Item 2) 1
• Other Information (Item 9B) 1
• Exhibits (Item 15) 1