Form 8-K

8-K — CISCO SYSTEMS, INC.

Accession: 0000858877-26-000075

Filed: 2026-05-13

Period: 2026-05-13

CIK: 0000858877

SIC: 3576 (COMPUTER COMMUNICATIONS EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Cost Associated with Exit or Disposal Activities

Item: Financial Statements and Exhibits

Documents

8-K — csco-20260513.htm (Primary)

EX-99.1 (exhibit991pressrelease-q3f.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: csco-20260513.htm · Sequence: 1

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false000085887700008588772026-05-132026-05-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 13, 2026

___________________________________

CISCO SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

___________________________________

Delaware

(State or other jurisdiction of

incorporation)

001-39940

(Commission File Number)

77-0059951

(IRS Employer Identification No.)

170 West Tasman Drive, San Jose, California

95134-1706

(Address of principal executive offices)

(Zip Code)

(408) 526-4000

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

CSCO

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On May 13, 2026, Cisco Systems, Inc. (“Cisco”) reported its results of operations for its fiscal third quarter 2026 ended April 25, 2026. A copy of the press release issued by Cisco concerning the foregoing results is furnished herewith as Exhibit 99.1.

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of Cisco, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

The attached exhibit includes non-GAAP net income, non-GAAP gross margins, non-GAAP operating expenses, non-GAAP operating income and margin, non-GAAP effective tax rates, non-GAAP interest and other income (loss), net, and non-GAAP net income per share data for the periods presented. It also includes future estimated ranges for gross margin, operating margin, tax provision rate and EPS on a non-GAAP basis.

These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Cisco believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Cisco's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Cisco's results of operations in conjunction with the corresponding GAAP measures.

Cisco believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations.

For its internal budgeting process, Cisco’s management uses financial statements that do not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related/divestiture costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies (such as legal and indemnification settlements and the supplier component remediation amounts), gains and losses on investments, the income tax effects of the foregoing, and significant tax matters. Cisco’s management also uses the foregoing non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. From time to time in the future, there may be other items that Cisco may exclude for purposes of its internal budgeting process and in reviewing its financial results.

As described above, Cisco excludes the following items from one or more of its non-GAAP measures when applicable:

Share-based compensation expense. These expenses consist primarily of expenses for employee restricted stock and restricted stock units, employee stock options, and employee stock purchase rights, including such expenses associated with acquisitions. Cisco excludes share-based compensation expense from its non-GAAP measures primarily because they are non-cash expenses and Cisco believes that it is useful to investors to understand the impact of share-based compensation to its results of operations.

Amortization of acquisition-related intangible assets. Cisco incurs amortization of intangible assets (which may include impairment charges from the write-downs of purchased intangible assets) in connection with acquisitions. Such intangible assets may include purchased intangible assets with finite lives, capitalized in process research and development and goodwill. Cisco excludes these items because Cisco does not believe these expenses are reflective of ongoing operating results in the period incurred. These amounts arise from Cisco's prior acquisitions and have no direct correlation to the operation of Cisco's business.

Acquisition-related/divestiture costs. In connection with its business combinations, Cisco incurs compensation expense, changes to the fair value of contingent consideration, as well as professional fees and other direct expenses such as restructuring activities related to the acquired company, as well as gains or losses on foreign currency transactions related to pending acquisitions. Cisco may also incur gains or losses from divestitures of a business area as well as professional fees and other direct expenses associated with such transactions. Cisco excludes such compensation expense, changes to the fair value of contingent consideration, fees, other direct expenses, and gains and losses, as they are related to acquisitions and divestitures and have no direct correlation to the operation of Cisco's business.

Significant asset impairments and restructurings. Cisco from time to time incurs significant asset impairments, restructuring charges, and gains or losses on asset disposals. Cisco excludes these items, when significant, because it does not believe they are reflective of ongoing business and operating results.

Significant litigation settlements and other contingencies. Cisco from time to time may incur charges or benefits related to significant litigation settlements and other contingencies. Cisco excludes these charges or benefits, when significant, because it does not believe they are reflective of ongoing business and operating results.

Gains and losses on investments. Cisco excludes gains and losses on our marketable and non-marketable equity securities, and gains or losses on related foreign currency transactions, because it does not believe they are reflective of ongoing business and operating results.

Income tax effects of the foregoing. This amount is used to present each of the amounts described above on an after-tax basis consistent with the presentation of non-GAAP net income.

Significant tax matters. Cisco may incur tax charges or benefits that are (i) related to prior periods or (ii) not reflective of its ongoing provision for income taxes. These tax charges or benefits may be the result of events such as changes in tax legislation, court decisions, and/or tax settlements. Cisco excludes these charges or benefits, when significant, because it does not believe they are reflective of ongoing business and operating results.

From time to time in the future, there may be other items that Cisco may exclude if it believes that doing so is consistent with the goal of providing useful information to investors and management.

Cisco will incur share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related costs, and gains and losses on investments, in future periods. Significant asset impairments, restructurings, significant litigation settlements and other contingencies, and divestiture costs could occur in future periods. Cisco could also be impacted by significant tax matters in future periods.

Item 2.05.

Costs Associated with Exit or Disposal Activities.

On May 13, 2026, Cisco announced a restructuring plan in order to allow it to invest in key growth opportunities including silicon, optics, security and artificial intelligence (AI). Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results of up to $1 billion consisting of severance and other one-time termination benefits, and other costs. These charges are primarily cash-based. Cisco expects to recognize approximately $450 million of these charges in the fourth quarter of fiscal 2026 with the remaining amount expected to be recognized during fiscal 2027.

The foregoing contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the size and scope of the restructuring, and the approximate amount and expected timing of the related charges. Statements regarding future events are based on Cisco’s current expectations and are necessarily subject to associated risks related to the completion of the restructuring in the manner anticipated by Cisco. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: Cisco’s ability to achieve the benefits of the announced restructuring and possible changes in the size and timing of the related charges. For information regarding other factors that could cause Cisco’s results to vary from expectations, please see the “Risk Factors” section of Cisco’s periodic report filings with the Securities and Exchange Commission, including its most recent reports on Form 10-K and 10-Q. Cisco undertakes no obligation to revise or update publicly any forward-looking statements.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number

Description of Document

99.1

Press Release of Cisco, dated May 13, 2026, reporting the results of operations for Cisco's fiscal third quarter 2026 ended April 25, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CISCO SYSTEMS, INC.

Dated: May 13, 2026

By:

/s/ Mark Patterson

Name:

Mark Patterson

Title:

Executive Vice President and Chief Financial Officer

EX-99.1

Filename: exhibit991pressrelease-q3f.htm · Sequence: 2

Document

Press Contact: Investor Relations Contact:

Robyn Blum Sami Badri

Cisco Cisco

1 (408) 930-8548 1 (469) 420-4834

rojenkin@cisco.com sambadri@cisco.com

CISCO REPORTS THIRD QUARTER EARNINGS

News Summary:

•Double-digit top and bottom-line growth exceeding the high end of our guidance

◦Record revenue of $15.8 billion, up 12% year over year; GAAP EPS of $0.85, up 37% year over year; and non-GAAP EPS of $1.06, up 10% year over year

◦GAAP gross margin of 63.6% and non-GAAP gross margin of 66.0%; GAAP operating margin of 25.0% and non-GAAP operating margin of 34.2%, demonstrating strong execution and operational efficiencies

•Broad-based, record high demand for Cisco technology

◦Total product orders up 35% year over year; up 19% excluding hyperscalers

◦Growth in networking product orders accelerated to more than 50% year over year

•Significant momentum and raised expectations for AI infrastructure from hyperscalers

◦$5.3 billion of orders taken year to date; raising expected FY26 orders to $9 billion, up from $5 billion

◦Raising expected FY26 revenue to $4 billion, up from $3 billion

•Major multi-year, multi-billion-dollar campus networking refresh cycle underway

◦Campus networking orders grew greater than 25% year over year, with the next-generation portfolio ramping faster than prior product launches

◦Data center switching orders grew greater than 40% year over year

•Q3 FY 2026 Results:

◦Revenue: $15.8 billion

▪Increase of 12% year over year

◦Earnings per Share: GAAP: $0.85; Non-GAAP: $1.06

▪GAAP EPS increased 37% year over year

▪Non-GAAP EPS increased 10% year over year

•Q4 FY 2026 Guidance (1):

◦Revenue: $16.7 billion to $16.9 billion

◦Earnings per Share: GAAP: $0.80 to $0.85; Non-GAAP: $1.16 to $1.18

•FY 2026 Guidance (1):

◦Revenue: $62.8 billion to $63.0 billion

◦Earnings per Share: GAAP: $3.16 to $3.21; Non-GAAP: $4.27 to $4.29

(1) EPS guidance includes the estimated impact of tariffs based on current trade policy.

SAN JOSE, Calif. -- May 13, 2026 -- Cisco (NASDAQ: CSCO) today reported third quarter results for the period ended April 25, 2026. Cisco reported third quarter revenue of $15.8 billion, net income on a generally accepted accounting principles (GAAP) basis of $3.4 billion or $0.85 per share, and non-GAAP net income of $4.2 billion or $1.06 per share.

“Cisco delivered record quarterly revenue in Q3 and we saw very strong, broad-based demand for our products, demonstrating the relevance of our technology for connecting and securing AI,” said Chuck Robbins, chair and CEO of Cisco. “Cisco is well-positioned as the critical infrastructure for the AI era, building on our technology leadership and customer trust, while innovating at the speed and scale that our dynamic world demands.”

“In Q3, we once again delivered double-digit growth on both the top and bottom lines which exceeded the high end of our guidance, coupled with record non-GAAP operating income,” said Mark Patterson, CFO of Cisco. “Our record results demonstrate great execution and financial discipline by our teams, enabling us to deliver shareholder value while we pursue the significant opportunities we see ahead.”

GAAP Results

Q3 FY 2026 Q3 FY 2025 vs. Q3 FY 2025

Revenue $ 15.8 billion $ 14.1 billion 12%

Net Income $ 3.4 billion $ 2.5 billion 35%

Diluted Earnings per Share (EPS) $ 0.85 $ 0.62 37%

Non-GAAP Results

Q3 FY 2026 Q3 FY 2025 vs. Q3 FY 2025

Net Income $ 4.2 billion $ 3.8 billion 10%

EPS $ 1.06 $ 0.96 10%

Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled "Reconciliations of GAAP to non-GAAP Measures."

Cisco Declares Quarterly Dividend

Cisco has declared a quarterly dividend of $0.42 per common share to be paid on July 22, 2026, to all stockholders of record as of the close of business on July 6, 2026. Future dividends will be subject to Board approval.

Financial Summary

All comparative percentages are on a year-over-year basis unless otherwise noted.

Q3 FY 2026 Highlights

Revenue -- Total revenue was $15.8 billion, up 12%, with product revenue up 17% and services revenue down 1%.

Revenue by geographic segment was: Americas up 14%, EMEA up 9%, and APJC up 9%. Product revenue performance reflected growth in Networking, up 25% and Observability up 3%. Collaboration was down 1%. Security was flat.

Gross Margin -- On a GAAP basis, total gross margin, product gross margin, and services gross margin were 63.6%, 61.9%, and 69.2%, respectively, as compared with 65.6%, 64.4%, and 68.7%, respectively, in the third quarter of fiscal 2025.

On a non-GAAP basis, total gross margin, product gross margin, and services gross margin were 66.0%, 64.3%, and 71.6%, respectively, as compared with 68.6%, 67.6%, and 71.3%, respectively, in the third quarter of fiscal 2025.

Total gross margins by geographic segment were: 63.7% for the Americas, 71.3% for EMEA and 66.1% for APJC.

Operating Expenses -- On a GAAP basis, operating expenses were $6.1 billion, up 1% year over year, and were 38.6% of revenue. Non-GAAP operating expenses were $5.0 billion, up 5%, and were 31.9% of revenue.

Operating Income -- GAAP operating income was $4.0 billion, up 24%, with GAAP operating margin of 25.0%. Non-GAAP operating income was $5.4 billion, up 11%, with non-GAAP operating margin at 34.2%.

Provision for Income Taxes -- The GAAP tax provision rate was 16.5%. The non-GAAP tax provision rate was 19.0%.

Net Income and EPS -- On a GAAP basis, net income was $3.4 billion, an increase of 35%, and EPS was $0.85, an increase of 37%. On a non-GAAP basis, net income was $4.2 billion, an increase of 10%, and EPS was $1.06, an increase of 10%.

Cash Flow from Operating Activities -- $3.8 billion for the third quarter of fiscal 2026, a decrease of 7%, compared with $4.1 billion for the third quarter of fiscal 2025.

Balance Sheet and Other Financial Highlights

Cash and Cash Equivalents and Investments -- $16.6 billion at the end of the third quarter of fiscal 2026, compared with $16.1 billion at the end of fiscal 2025.

Remaining Performance Obligations (RPO) -- $43.5 billion, up 4% in total. Product RPO was up 6%, of which long-term RPO was $11.7 billion, up 6%. Services RPO was up 2%.

Deferred Revenue -- $28.6 billion, up 2% in total, with deferred product revenue up 2% and deferred services revenue up 2%.

Capital Allocation -- In the third quarter of fiscal 2026, we returned $2.9 billion to stockholders through share buybacks and dividends. We declared and paid a cash dividend of $0.42 per common share, or $1.7 billion, and repurchased approximately 16 million shares of common stock under our stock repurchase program at an average price of $80.28 per share for an aggregate purchase price of $1.3 billion. The remaining authorized amount for stock repurchases under the program is $9.6 billion with no termination date.

Guidance

Cisco expects to achieve the following results for the fourth quarter of fiscal 2026:

Q4 FY 2026

Revenue $16.7 billion - $16.9 billion

Non-GAAP gross margin 65.5% - 66.5%

Non-GAAP operating margin 34% - 35%

Non-GAAP EPS $1.16 - $1.18

Cisco estimates that GAAP EPS will be $0.80 to $0.85 for the fourth quarter of fiscal 2026.

Cisco expects to achieve the following results for fiscal 2026:

FY 2026

Revenue $62.8 billion - $63.0 billion

Non-GAAP EPS $4.27 - $4.29

Cisco estimates that GAAP EPS will be $3.16 to $3.21 for fiscal 2026.

Margin and EPS guidance includes the estimated impact of tariffs based on current trade policy.

Our Q4 FY 2026 guidance assumes an effective tax provision rate of approximately 16% for GAAP and approximately 19% for non-GAAP results. Our FY 2026 guidance assumes an effective tax provision rate of approximately 15% for GAAP and approximately 19% for non-GAAP results.

A reconciliation between the guidance on a GAAP and non-GAAP basis is provided in the tables entitled "GAAP to non-GAAP Guidance" located in the section entitled "Reconciliations of GAAP to non-GAAP Measures."

Editor's Notes:

•Q3 fiscal year 2026 conference call to discuss Cisco's results along with its guidance will be held on Wednesday, May 13, 2026 at 1:30 p.m. Pacific Time. Conference call number is 1-888-848-6507 (United States) or 1-212-519-0847 (international).

•Conference call replay will be available from 4:00 p.m. Pacific Time, May 13, 2026 to 10:00 p.m. Pacific Time, May 19, 2026 at 1-800-839-2232 (United States) or 1-203-369-3662 (international). The replay will also be available via webcast on the Cisco Investor Relations website at https://investor.cisco.com.

•Additional information regarding Cisco's financials, as well as a webcast of the conference call with visuals designed to guide participants through the call, will be available at 1:30 p.m. Pacific Time, May 13, 2026. The conference call will also be livestreamed on YouTube at https://www.youtube.com/live/oihjxLboqdk & LinkedIn at https://www.linkedin.com/events/7455725440733798400. Text of the conference call's prepared remarks will be available within 24 hours of completion of the call. The webcast and livestreaming will include both the prepared remarks and the question-and-answer session. This information, along with the GAAP to non-GAAP reconciliation information, will be available on the Cisco Investor Relations website at https://investor.cisco.com.

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per-share amounts)

(Unaudited)

Three Months Ended Nine Months Ended

April 25, 2026 April 26, 2025 April 25, 2026 April 26, 2025

REVENUE:

Product $ 12,117 $ 10,374 $ 34,836 $ 30,722

Services 3,724 3,775 11,237 11,259

Total revenue 15,841 14,149 46,073 41,981

COST OF SALES:

Product 4,613 3,688 12,752 10,927

Services 1,148 1,183 3,524 3,544

Total cost of sales 5,761 4,871 16,276 14,471

GROSS MARGIN 10,080 9,278 29,797 27,510

OPERATING EXPENSES:

Research and development 2,377 2,335 7,132 6,920

Sales and marketing 2,855 2,724 8,607 8,148

General and administrative 661 739 2,082 2,286

Amortization of purchased intangible assets 228 244 690 774

Restructuring and other charges (1) 34 182 709

Total operating expenses 6,120 6,076 18,693 18,837

OPERATING INCOME 3,960 3,202 11,104 8,673

Interest income 214 250 646 774

Interest expense (377) (403) (1,097) (1,225)

Other income (loss), net 242 (102) 423 (121)

Interest and other income (loss), net 79 (255) (28) (572)

INCOME BEFORE PROVISION FOR INCOME TAXES 4,039 2,947 11,076 8,101

Provision for income taxes 666 456 1,668 471

NET INCOME $ 3,373 $ 2,491 $ 9,408 $ 7,630

Net income per share:

Basic $ 0.85 $ 0.63 $ 2.38 $ 1.92

Diluted $ 0.85 $ 0.62 $ 2.36 $ 1.91

Shares used in per-share calculation:

Basic 3,952 3,972 3,954 3,981

Diluted 3,982 4,002 3,987 4,004

CISCO SYSTEMS, INC.

REVENUE BY SEGMENT

(In millions, except percentages)

April 25, 2026

Three Months Ended Nine Months Ended

Amount Y/Y % Amount Y/Y %

Revenue:

Americas $ 9,569 14% $ 27,403 10%

EMEA 4,054 9% 12,262 10%

APJC 2,218 9% 6,409 7%

Total $ 15,841 12% $ 46,073 10%

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

GROSS MARGIN PERCENTAGE BY SEGMENT

(In percentages)

April 25, 2026

Three Months Ended Nine Months Ended

Gross Margin Percentage:

Americas 63.7% 65.4%

EMEA 71.3% 71.7%

APJC 66.1% 66.3%

CISCO SYSTEMS, INC.

REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES

(In millions, except percentages)

April 25, 2026

Three Months Ended Nine Months Ended

Amount Y/Y % Amount Y/Y %

Revenue:

Networking $ 8,815 25% $ 24,877 20%

Security 2,008 —% 6,006 (2)%

Collaboration 1,024 (1)% 3,133 1%

Observability 269 3% 820 3%

Total Product 12,117 17% 34,836 13%

Services 3,724 (1)% 11,237 —%

Total $ 15,841 12% $ 46,073 10%

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

April 25, 2026 July 26, 2025

ASSETS

Current assets:

Cash and cash equivalents $ 7,083 $ 8,346

Investments 9,557 7,764

Accounts receivable, net of allowance of $73 at April 25, 2026 and $69 at July 26, 2025

6,480 6,701

Inventories 4,708 3,164

Financing receivables, net 2,936 3,061

Other current assets 5,795 5,950

Total current assets 36,559 34,986

Property and equipment, net 2,577 2,113

Financing receivables, net 3,642 3,466

Goodwill 59,292 59,136

Purchased intangible assets, net 7,850 9,175

Deferred tax assets 7,558 7,356

Other assets 8,068 6,059

TOTAL ASSETS $ 125,546 $ 122,291

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt $ 11,932 $ 5,232

Accounts payable 2,970 2,528

Income taxes payable 173 1,857

Accrued compensation 3,290 3,611

Deferred revenue 16,446 16,416

Other current liabilities 4,730 5,420

Total current liabilities 39,541 35,064

Long-term debt 19,371 22,861

Income taxes payable 2,304 2,165

Deferred revenue 12,153 12,363

Other long-term liabilities 3,316 2,995

Total liabilities 76,685 75,448

Total equity 48,861 46,843

TOTAL LIABILITIES AND EQUITY $ 125,546 $ 122,291

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Three Months Ended Nine Months Ended

April 25,

2026 April 26,

2025 April 25,

2026 April 26,

2025

Cash flows from operating activities:

Net income $ 3,373 $ 2,491 $ 9,408 $ 7,630

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization, and other 637 626 1,902 2,176

Share-based compensation expense 914 945 2,903 2,693

Provision for receivables 2 10 11 17

Deferred income taxes (153) (410) (217) (792)

(Gains) losses on divestitures, investments and other, net (263) 57 (500) 52

Change in operating assets and liabilities, net of effects of acquisitions and divestitures:

Accounts receivable 133 437 187 1,406

Inventories (788) 100 (1,549) 541

Financing receivables 86 175 (34) 505

Other assets 40 (89) (602) (516)

Accounts payable 208 349 444 (10)

Income taxes, net 161 283 (2,342) (2,002)

Accrued compensation (212) (138) (332) (431)

Deferred revenue 149 31 (141) (524)

Other liabilities (530) (810) (347) (786)

Net cash provided by operating activities 3,757 4,057 8,791 9,959

Cash flows from investing activities:

Purchases of investments (3,139) (805) (7,367) (3,066)

Proceeds from sales of investments 439 437 1,884 2,228

Proceeds from maturities of investments 1,508 1,282 3,811 3,985

Acquisitions, net of cash and cash equivalents acquired and divestitures — (34) (46) (291)

Purchases of non-marketable equity securities (634) (128) (699) (265)

Return of investments in non-marketable equity securities 168 14 223 108

Acquisition of property and equipment (414) (261) (1,020) (688)

Other 2 — (6) (5)

Net cash provided by (used in) investing activities (2,070) 505 (3,220) 2,006

Cash flows from financing activities:

Issuances of common stock — — 354 320

Repurchases of common stock - repurchase program (1,250) (1,505) (4,605) (4,748)

Shares repurchased for tax withholdings on vesting of restricted stock units (294) (255) (1,362) (910)

Short-term borrowings, original maturities of 90 days or less, net (338) (1,491) 412 (479)

Issuances of debt 6,399 6,982 10,640 17,388

Repayments of debt (4,862) (7,163) (7,854) (18,545)

Dividends paid (1,660) (1,627) (4,894) (4,812)

Other (34) (78) (32) (80)

Net cash used in financing activities (2,039) (5,137) (7,341) (11,866)

Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (24) (15) (57) (23)

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (376) (590) (1,827) 76

Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 7,459 9,508 8,910 8,842

Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period $ 7,083 $ 8,918 $ 7,083 $ 8,918

Supplemental cash flow information:

Cash paid for interest $ 604 $ 601 $ 1,305 $ 1,370

Cash paid for income taxes, net $ 659 $ 583 $ 4,228 $ 3,265

CISCO SYSTEMS, INC.

REMAINING PERFORMANCE OBLIGATIONS

(In millions, except percentages)

April 25, 2026 January 24, 2026 April 26, 2025

Amount Y/Y% Amount Y/Y% Amount Y/Y%

Product (1)

$ 22,058 6 % $ 21,977 8 % $ 20,752 10 %

Services 21,404 2 % 21,429 2 % 20,915 5 %

Total $ 43,462 4 % $ 43,406 5 % $ 41,667 7 %

(1) As of the end of the third quarter of fiscal 2026, long-term product RPO was $11.7 billion, up 6% year over year.

CISCO SYSTEMS, INC.

DEFERRED REVENUE

(In millions)

April 25, 2026 January 24, 2026 April 26, 2025

Deferred revenue:

Product $ 13,461 $ 13,371 $ 13,170

Services 15,138 15,032 14,821

Total $ 28,599 $ 28,403 $ 27,991

Reported as:

Current $ 16,446 $ 16,199 $ 16,081

Noncurrent 12,153 12,204 11,910

Total $ 28,599 $ 28,403 $ 27,991

CISCO SYSTEMS, INC.

DIVIDENDS PAID AND REPURCHASES OF COMMON STOCK

(In millions, except per-share amounts)

DIVIDENDS STOCK REPURCHASE PROGRAM TOTAL

Quarter Ended Per Share Amount Shares Weighted-Average Price per Share Amount Amount

Fiscal 2026

April 25, 2026 $ 0.42 $ 1,660 16 $ 80.28 $ 1,252 $ 2,912

January 24, 2026 $ 0.41 $ 1,617 18 $ 76.29 $ 1,351 $ 2,968

October 25, 2025 $ 0.41 $ 1,617 29 $ 68.28 $ 2,001 $ 3,618

Fiscal 2025

July 26, 2025 $ 0.41 $ 1,625 19 $ 64.65 $ 1,252 $ 2,877

April 26, 2025 $ 0.41 $ 1,627 25 $ 59.78 $ 1,504 $ 3,131

January 25, 2025 $ 0.40 $ 1,593 21 $ 58.58 $ 1,236 $ 2,829

October 26, 2024 $ 0.40 $ 1,592 40 $ 49.56 $ 2,003 $ 3,595

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GAAP TO NON-GAAP NET INCOME

(In millions)

Three Months Ended Nine Months Ended

April 25,

2026 April 26,

2025 April 25,

2026 April 26,

2025

GAAP net income $ 3,373 $ 2,491 $ 9,408 $ 7,630

Adjustments to cost of sales:

Share-based compensation expense 150 152 451 434

Amortization of acquisition-related intangible assets 221 263 682 917

Acquisition/divestiture-related costs 7 17 21 53

Supplier component remediation charge (adjustment) — (7) — (7)

Total adjustments to GAAP cost of sales 378 425 1,154 1,397

Adjustments to operating expenses:

Share-based compensation expense 764 778 2,430 2,222

Amortization of acquisition-related intangible assets 228 244 690 774

Acquisition/divestiture-related costs 83 197 282 687

Significant asset impairments and restructurings (1) 34 182 709

Total adjustments to GAAP operating expenses 1,074 1,253 3,584 4,392

Adjustments to interest and other income (loss), net:

(Gains) and losses on investments (273) 19 (529) (72)

Total adjustments to GAAP interest and other income (loss), net (273) 19 (529) (72)

Total adjustments to GAAP income before provision for income taxes 1,179 1,697 4,209 5,717

Income tax effect of non-GAAP adjustments (325) (357) (1,104) (1,256)

Significant tax matters — — (132) (829)

Total adjustments to GAAP provision for income taxes (325) (357) (1,236) (2,085)

Non-GAAP net income $ 4,227 $ 3,831 $ 12,381 $ 11,262

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GAAP TO NON-GAAP EPS

Three Months Ended Nine Months Ended

April 25,

2026 April 26,

2025 April 25,

2026 April 26,

2025

GAAP EPS $ 0.85 $ 0.62 $ 2.36 $ 1.91

Adjustments to GAAP:

Share-based compensation expense 0.23 0.23 0.72 0.66

Amortization of acquisition-related intangible assets 0.11 0.13 0.34 0.42

Acquisition/divestiture-related costs 0.02 0.05 0.08 0.18

Significant asset impairments and restructurings — 0.01 0.05 0.18

(Gains) and losses on investments (0.07) — (0.13) (0.02)

Income tax effect of non-GAAP adjustments (0.08) (0.09) (0.28) (0.31)

Significant tax matters — — (0.03) (0.21)

Non-GAAP EPS $ 1.06 $ 0.96 $ 3.11 $ 2.81

Amounts may not sum due to rounding.

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSS), NET, AND NET INCOME

(In millions, except percentages)

Three Months Ended

April 25, 2026

Product Gross Margin Services Gross Margin Total Gross Margin Operating Expenses Y/Y Operating Income Y/Y Interest and other income (loss), net Net Income Y/Y

GAAP amount $ 7,504 $ 2,576 $ 10,080 $ 6,120 1% $ 3,960 24% $ 79 $ 3,373 35%

% of revenue 61.9 % 69.2 % 63.6 % 38.6 % 25.0 % 0.5 % 21.3 %

Adjustments to GAAP amounts:

Share-based compensation expense 64 86 150 764 914 — 914

Amortization of acquisition-related intangible assets 221 — 221 228 449 — 449

Acquisition/divestiture-related costs 2 5 7 83 90 — 90

Significant asset impairments and restructurings — — — (1) (1) — (1)

(Gains) and losses on investments — — — — — (273) (273)

Income tax effect/significant tax matters — — — — — — (325)

Non-GAAP amount $ 7,791 $ 2,667 $ 10,458 $ 5,046 5% $ 5,412 11% $ (194) $ 4,227 10%

% of revenue 64.3 % 71.6 % 66.0 % 31.9 % 34.2 % (1.2) % 26.7 %

Three Months Ended

April 26, 2025

Product Gross Margin Services Gross Margin Total Gross Margin Operating Expenses Operating

Income Interest and other income (loss), net Net

Income

GAAP amount $ 6,686 $ 2,592 $ 9,278 $ 6,076 $ 3,202 $ (255) $ 2,491

% of revenue 64.4 % 68.7 % 65.6 % 42.9 % 22.6 % (1.8) % 17.6 %

Adjustments to GAAP amounts:

Share-based compensation expense 67 85 152 778 930 — 930

Amortization of acquisition-related intangible assets 263 — 263 244 507 — 507

Acquisition/divestiture-related costs 4 13 17 197 214 — 214

Supplier component remediation charge (adjustment) (7) — (7) — (7) — (7)

Significant asset impairments and restructurings — — — 34 34 — 34

(Gains) and losses on investments — — — — — 19 19

Income tax effect/significant tax matters — — — — — — (357)

Non-GAAP amount $ 7,013 $ 2,690 $ 9,703 $ 4,823 $ 4,880 $ (236) $ 3,831

% of revenue 67.6 % 71.3 % 68.6 % 34.1 % 34.5 % (1.7) % 27.1 %

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSS), NET, AND NET INCOME

(In millions, except percentages)

Nine Months Ended

April 25, 2026

Product Gross Margin Services Gross Margin Total Gross Margin Operating Expenses Y/Y Operating Income Y/Y Interest and other income (loss), net Net Income Y/Y

GAAP amount $ 22,084 $ 7,713 $ 29,797 $ 18,693 (1)% $ 11,104 28% $ (28) $ 9,408 23%

% of revenue 63.4 % 68.6 % 64.7 % 40.6 % 24.1 % (0.1) % 20.4 %

Adjustments to GAAP amounts:

Share-based compensation expense 195 256 451 2,430 2,881 — 2,881

Amortization of acquisition-related intangible assets 682 — 682 690 1,372 — 1,372

Acquisition/divestiture-related costs 6 15 21 282 303 — 303

Significant asset impairments and restructurings — — — 182 182 — 182

(Gains) and losses on investments — — — — — (529) (529)

Income tax effect/significant tax matters — — — — — — (1,236)

Non-GAAP amount $ 22,967 $ 7,984 $ 30,951 $ 15,109 5% $ 15,842 10% $ (557) $ 12,381 10%

% of revenue 65.9 % 71.1 % 67.2 % 32.8 % 34.4 % (1.2) % 26.9 %

Nine Months Ended

April 26, 2025

Product Gross Margin Services Gross Margin Total Gross Margin Operating Expenses Operating

Income Interest and other income (loss), net Net

Income

GAAP amount $ 19,795 $ 7,715 $ 27,510 $ 18,837 $ 8,673 $ (572) $ 7,630

% of revenue 64.4 % 68.5 % 65.5 % 44.9 % 20.7 % (1.4) % 18.2 %

Adjustments to GAAP amounts:

Share-based compensation expense 189 245 434 2,222 2,656 — 2,656

Amortization of acquisition-related intangible assets 917 — 917 774 1,691 — 1,691

Acquisition/divestiture-related costs 12 41 53 687 740 — 740

Supplier component remediation charge (adjustment) (7) — (7) — (7) — (7)

Significant asset impairments and restructurings — — — 709 709 — 709

(Gains) and losses on investments — — — — — (72) (72)

Income tax effect/significant tax matters — — — — — — (2,085)

Non-GAAP amount $ 20,906 $ 8,001 $ 28,907 $ 14,445 $ 14,462 $ (644) $ 11,262

% of revenue 68.0 % 71.1 % 68.9 % 34.4 % 34.4 % (1.5) % 26.8 %

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

EFFECTIVE TAX RATE

(In percentages)

Three Months Ended Nine Months Ended

April 25,

2026 April 26,

2025 April 25,

2026 April 26,

2025

GAAP effective tax rate 16.5 % 15.5 % 15.1 % 5.8 %

Total adjustments to GAAP provision for income taxes 2.5 % 2.0 % 3.9 % 12.7 %

Non-GAAP effective tax rate 19.0 % 17.5 % 19.0 % 18.5 %

GAAP TO NON-GAAP GUIDANCE

Q4 FY 2026 Gross Margin Rate Operating Margin Rate

Earnings per Share (1)

GAAP 63.5% - 64.5% 23% - 24% $0.80 - $0.85

Estimated adjustments for:

Share-based compensation expense 1.0% 5.0% $0.14 - $0.15

Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs 1.0% 3.0% $0.10 - $0.11

Significant asset impairments and restructurings (2)

— 3.0% $0.09 - $0.10

Non-GAAP 65.5% - 66.5% 34% - 35% $1.16 - $1.18

FY 2026

Earnings per Share (1)

GAAP $3.16 - $3.21

Estimated adjustments for:

Share-based compensation expense $0.67 - $0.68

Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs $0.43 - $0.44

Significant asset impairments and restructurings (2)

$0.12 - $0.13

(Gains) and losses on investments ($0.11)

Significant tax matters ($0.03)

Non-GAAP $4.27 - $4.29

(1) Estimated adjustments to GAAP earnings per share are shown after income tax effects.

(2) On May 13, 2026, Cisco announced a restructuring plan in order to allow it to invest in key growth opportunities including silicon, optics, security and AI. In connection with this restructuring plan, Cisco currently estimates that it will recognize pre-tax charges of up to $1 billion consisting of severance and other one-time termination benefits, and other costs. Cisco expects to recognize approximately $450 million of these charges in the fourth quarter of fiscal 2026 with the remaining amount expected to be recognized during fiscal 2027.

Margin and EPS guidance includes the estimated impact of tariffs based on current trade policy.

Except as noted above, this guidance does not include the effects of any future acquisitions/divestitures, significant asset impairments and restructurings, significant litigation settlements and other contingencies, gains and losses on investments, significant tax matters, or other items, which may or may not be significant.

Forward Looking Statements, Non-GAAP Information and Additional Information

This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as being well positioned for the AI era, the significant momentum and raised expectations of AI infrastructure from hyperscalers, the major multi-year, multi-billion-dollar campus networking refresh, the speed and scale of our innovation, the significant opportunities that lie ahead, and the timing and size of the restructuring) and the future financial performance of Cisco (including the guidance for Q4 FY 2026 and full year FY 2026) that involve risks and uncertainties, such as the actual impact of tariffs on our guidance for Q4 FY 2026 and full year FY 2026. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; our development and use of artificial intelligence; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market, cloud, enterprise and other customer markets; the return on our investments in certain key priority areas, and in certain geographical locations, as well as maintaining leadership in Networking and services; the timing of orders and manufacturing and customer lead times; supply constraints; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and services markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, other intellectual property, antitrust, stockholder and other matters, and governmental investigations; our ability to achieve the benefits of restructurings and possible changes in the size and timing of related charges; cyber attacks, data breaches or other incidents; vulnerabilities and critical security defects; our ability to protect personal data; evolving regulatory uncertainty; terrorism; natural catastrophic events (including as a result of global climate change); any pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets; currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco's most recent reports on Forms 10-Q and 10-K filed on February 17, 2026 and September 3, 2025, respectively. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco's most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. Cisco's results of operations for the three and nine months ended April 25, 2026 are not necessarily indicative of Cisco's operating results for any future periods. Any projections in this release are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of this release.

This release includes non-GAAP net income, non-GAAP gross margins, non-GAAP operating expenses, non-GAAP operating income and margin, non-GAAP effective tax rates, non-GAAP interest and other income (loss), net, and non-GAAP net income per share data for the periods presented. It also includes future estimated ranges for gross margin, operating margin, tax provision rate and EPS on a non-GAAP basis.

These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Cisco believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Cisco's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Cisco's results of operations in conjunction with the corresponding GAAP measures.

For its internal budgeting process, Cisco's management uses financial statements that do not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, acquisition/divestiture-related costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies, gains and losses on investments, the income tax effects of the foregoing and significant tax matters. Cisco's management also uses the foregoing

non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. From time to time in the future there may be other items that Cisco may exclude for purposes of its internal budgeting process and in reviewing its financial results. For additional information on the items excluded by Cisco from one or more of its non-GAAP financial measures, refer to the Form 8-K regarding this release furnished today to the Securities and Exchange Commission.

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide technology leader that is revolutionizing the way organizations connect and protect in the AI era. For more than 40 years, Cisco has securely connected the world. With its industry leading AI-powered solutions and services, Cisco enables its customers, partners and communities to unlock innovation, enhance productivity and strengthen digital resilience. With purpose at its core, Cisco remains committed to creating a more connected and inclusive future for all. Discover more on The Newsroom and follow us on X at @Cisco.

Copyright © 2026 Cisco and/or its affiliates. All rights reserved. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. To view a list of Cisco trademarks, go to: www.cisco.com/go/trademarks. Third-party trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.

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