Cisco Systems (CSCO)
Builds network infrastructure with integrated security, observability, collaboration, and services.
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Cisco is still mostly the company that supplies the boxes and software directing traffic through corporate and cloud networks. Those systems keep paying through support contracts, while security, workplace communications and system monitoring broaden the mix. The new growth engine is equipment linking vast rooms of AI computers, but the business still hangs on networking demand and parts arriving on time.
Item facts: FY2026 · year ended Jul 25, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 18 more below
AI Infrastructure for Hyperscalers and Neoclouds
Traffic-directing boxes and light-carrying links for the largest cloud builders and newer AI cloud firms. Four unnamed giants placed $9.3B of FY2026 orders, but growth depends on sites, power and scarce parts arriving.
Competes with Spectrum-X Ethernet (NVIDIA) · Etherlink AI Networking (Arista Networks)
In plain English
A giant AI service is really a room full of computers that must pass answers among themselves faster than people can see. Cisco sells the traffic-directing boxes, light-carrying links and servers connecting those machines, including its own Silicon One chips. Hyperscalers are the biggest cloud operators; neoclouds are newer firms built mainly to rent AI computing.
They place large orders before sites are ready, then Cisco earns revenue as equipment ships. Four unnamed hyperscalers placed $9.3B of orders in FY2026, producing about $4B of revenue. The watchpoint is whether parts and power supplies let those plans turn into working sites.
Networking
The traffic-control boxes and software behind offices, carriers and data centers remain Cisco's core, at about $30.7B after separating AI systems. Demand is rising again, but the engine depends on customer upgrades and available parts.
Competes with 720D/720XP with EOS/CloudVision (Arista Networks) · Aruba CX with Aruba Central (HPE)
In plain English
Think of a busy city: roads are useless without signs and junctions telling every vehicle where to go. Cisco sells the digital equivalents — switches join devices inside a building, while routers send information between networks. Its Catalyst, Meraki, Nexus and Cisco 8000 families cover offices, factories, carriers and data centers.
Customers buy the equipment when they expand or replace aging networks, then often pay for management software and support. Most Cisco sales pass through distributors, resellers and installers. That makes this a large but cyclical engine: upgrade budgets and the supply of chips and optical parts decide how quickly orders become sales.
Services
The steady work of fixing, replacing and setting up Cisco systems. At FY2026 end, companywide software-and-service promises totaled $46.734B, nearly half expected within a year; Services revenue itself was flat.
Competes with Aruba Networking support (HPE) · SDN Support and Network Health Check (IBM)
In plain English
The unglamorous part that keeps everything running. When a company's network fails, employees, shops or factories can stop with it, so customers pay Cisco to answer problems, replace broken equipment and help install or move complicated systems.
It works much like maintenance on an elevator: the original equipment creates years of inspection and repair work. Contracts renew around the equipment already in customers' hands, while engineers and certified installers deliver the work. A large stock of promised software and service sales is waiting to be delivered, but this particular revenue line was flat — its job is to keep producing dependable cash as newer businesses grow.
Security
Software that controls who gets in and hunts for attacks across networks and computers. FY2026 growth was only 2% despite a stronger final quarter, so the watch is whether Cisco's many tools become one useful system.
Competes with Cortex XSIAM (Palo Alto Networks) · Falcon Next-Gen SIEM (CrowdStrike)
In plain English
Every doorway into a company's technology needs a guard, and every room needs an alarm. Cisco sells both: tools that check identities and connections, block suspicious traffic, collect digital clues and help security teams respond. Splunk searches the trail left by software and equipment, while Secure Access, XDR, Hypershield and AI Defense cover different entry points and threats.
Customers usually keep paying because attacks do not stop and replacing a security system is disruptive. Cisco sells subscriptions through resellers, managed-security firms and cloud stores. The hard part is joining the acquired Splunk products and Cisco's own defenses tightly enough to beat focused rivals.
Observability
A small business that shows where an app or internet path is slowing or breaking. The overall line grew 4% in FY2026, but its software-monitoring suite shrank while network checking grew.
Competes with Datadog Platform (Datadog) · Dynatrace Platform (Dynatrace)
In plain English
Something feels slow, but nobody knows which part is guilty. Observability tools watch the digital trail from an application, the computers beneath it and the internet route to the user, then help operations teams find the weak link. Splunk Observability, AppDynamics and ThousandEyes look at different stretches of that trip.
Companies pay to feed those records into Cisco's software because minutes of downtime can disrupt sales or work. More cloud services and AI systems create more moving pieces to watch, but storing and searching all that information costs money. Cisco must turn its three products into a clearer whole while keeping those costs under control.
Collaboration
Webex meetings, business calling, customer-service software and room devices brought in $4.300B. Growth returned late in FY2026, but Microsoft and Zoom bundle many of the same daily tools.
Competes with Microsoft Teams (Microsoft) · Zoom Workplace (Zoom)
In plain English
A meeting room, office phone and customer-help desk can now be the same online service. Cisco's Webex family carries video meetings, messages and calls; Contact Center routes customer questions; physical room devices put the service on a shared screen or table.
Businesses pay for each user, the amount of calling or customer-service capacity they need, plus devices and support. Phone companies and installers often bundle the pieces and move customers over. Reliability keeps buyers paying, yet Cisco must compete with Microsoft Teams and Zoom, which can arrive as part of a broader software package customers already use.
AI Infrastructure for Hyperscalers and NeocloudsTraffic-directing boxes and light-carrying links for the largest cloud builders and newer AI cloud firms. Four unnamed giants placed $9.3B of FY2026 orders, but growth depends on sites, power and scarce parts arriving.Traffic-directing boxes and light-carrying links for the largest cloud builders and newer AI cloud firms. Four unnamed giants placed $9.3B of FY2026 orders, but growth depends on sites, power and scarce parts arriving.
In plain English
A giant AI service is really a room full of computers that must pass answers among themselves faster than people can see. Cisco sells the traffic-directing boxes, light-carrying links and servers connecting those machines, including its own Silicon One chips. Hyperscalers are the biggest cloud operators; neoclouds are newer firms built mainly to rent AI computing.
They place large orders before sites are ready, then Cisco earns revenue as equipment ships. Four unnamed hyperscalers placed $9.3B of orders in FY2026, producing about $4B of revenue. The watchpoint is whether parts and power supplies let those plans turn into working sites.
Competes with Spectrum-X Ethernet (NVIDIA) · Etherlink AI Networking (Arista Networks)
NetworkingThe traffic-control boxes and software behind offices, carriers and data centers remain Cisco's core, at about $30.7B after separating AI systems. Demand is rising again, but the engine depends on customer upgrades and available parts.The traffic-control boxes and software behind offices, carriers and data centers remain Cisco's core, at about $30.7B after separating AI systems. Demand is rising again, but the engine depends on customer upgrades and available parts.
In plain English
Think of a busy city: roads are useless without signs and junctions telling every vehicle where to go. Cisco sells the digital equivalents — switches join devices inside a building, while routers send information between networks. Its Catalyst, Meraki, Nexus and Cisco 8000 families cover offices, factories, carriers and data centers.
Customers buy the equipment when they expand or replace aging networks, then often pay for management software and support. Most Cisco sales pass through distributors, resellers and installers. That makes this a large but cyclical engine: upgrade budgets and the supply of chips and optical parts decide how quickly orders become sales.
Competes with 720D/720XP with EOS/CloudVision (Arista Networks) · Aruba CX with Aruba Central (HPE)
ServicesThe steady work of fixing, replacing and setting up Cisco systems. At FY2026 end, companywide software-and-service promises totaled $46.734B, nearly half expected within a year; Services revenue itself was flat.The steady work of fixing, replacing and setting up Cisco systems. At FY2026 end, companywide software-and-service promises totaled $46.734B, nearly half expected within a year; Services revenue itself was flat.
In plain English
The unglamorous part that keeps everything running. When a company's network fails, employees, shops or factories can stop with it, so customers pay Cisco to answer problems, replace broken equipment and help install or move complicated systems.
It works much like maintenance on an elevator: the original equipment creates years of inspection and repair work. Contracts renew around the equipment already in customers' hands, while engineers and certified installers deliver the work. A large stock of promised software and service sales is waiting to be delivered, but this particular revenue line was flat — its job is to keep producing dependable cash as newer businesses grow.
Competes with Aruba Networking support (HPE) · SDN Support and Network Health Check (IBM)
SecuritySoftware that controls who gets in and hunts for attacks across networks and computers. FY2026 growth was only 2% despite a stronger final quarter, so the watch is whether Cisco's many tools become one useful system.Software that controls who gets in and hunts for attacks across networks and computers. FY2026 growth was only 2% despite a stronger final quarter, so the watch is whether Cisco's many tools become one useful system.
In plain English
Every doorway into a company's technology needs a guard, and every room needs an alarm. Cisco sells both: tools that check identities and connections, block suspicious traffic, collect digital clues and help security teams respond. Splunk searches the trail left by software and equipment, while Secure Access, XDR, Hypershield and AI Defense cover different entry points and threats.
Customers usually keep paying because attacks do not stop and replacing a security system is disruptive. Cisco sells subscriptions through resellers, managed-security firms and cloud stores. The hard part is joining the acquired Splunk products and Cisco's own defenses tightly enough to beat focused rivals.
Competes with Cortex XSIAM (Palo Alto Networks) · Falcon Next-Gen SIEM (CrowdStrike)
ObservabilityA small business that shows where an app or internet path is slowing or breaking. The overall line grew 4% in FY2026, but its software-monitoring suite shrank while network checking grew.A small business that shows where an app or internet path is slowing or breaking. The overall line grew 4% in FY2026, but its software-monitoring suite shrank while network checking grew.
In plain English
Something feels slow, but nobody knows which part is guilty. Observability tools watch the digital trail from an application, the computers beneath it and the internet route to the user, then help operations teams find the weak link. Splunk Observability, AppDynamics and ThousandEyes look at different stretches of that trip.
Companies pay to feed those records into Cisco's software because minutes of downtime can disrupt sales or work. More cloud services and AI systems create more moving pieces to watch, but storing and searching all that information costs money. Cisco must turn its three products into a clearer whole while keeping those costs under control.
Competes with Datadog Platform (Datadog) · Dynatrace Platform (Dynatrace)
CollaborationWebex meetings, business calling, customer-service software and room devices brought in $4.300B. Growth returned late in FY2026, but Microsoft and Zoom bundle many of the same daily tools.Webex meetings, business calling, customer-service software and room devices brought in $4.300B. Growth returned late in FY2026, but Microsoft and Zoom bundle many of the same daily tools.
In plain English
A meeting room, office phone and customer-help desk can now be the same online service. Cisco's Webex family carries video meetings, messages and calls; Contact Center routes customer questions; physical room devices put the service on a shared screen or table.
Businesses pay for each user, the amount of calling or customer-service capacity they need, plus devices and support. Phone companies and installers often bundle the pieces and move customers over. Reliability keeps buyers paying, yet Cisco must compete with Microsoft Teams and Zoom, which can arrive as part of a broader software package customers already use.
Competes with Microsoft Teams (Microsoft) · Zoom Workplace (Zoom)
Named in filings, launches and programs
- Catalyst 9000 and Cisco Smart SwitchesProduct lineOffice and campus traffic-directing boxes, including newer models built around Cisco-designed chips and managed through Cisco software.
- MerakiPlatformA cloud dashboard for running wireless, switching and security across many branches without managing each site separately.
- Nexus 9000 and Nexus OneProduct lineData-center traffic equipment and its management software, including smart switches that use AMD Pensando processors.
- Cisco 8000Product lineHigh-capacity routers built with Cisco's own chips for carriers, cloud operators and large data centers.
- Cisco Silicon OneProduct line · RampingCisco-designed chips that direct data inside its own equipment and selected systems assembled by others.
- Acacia OpticsProduct line · RampingParts that turn data into light for fast links inside AI sites and carrier networks.
- Unified Computing System (UCS)Product lineServers and combined computing systems sold for corporate data centers and AI deployments.
- Splunk Enterprise and Splunk Cloud PlatformPlatformSearches digital records from software and equipment to investigate attacks, outages and performance problems.
- Secure Access, XDR, Hypershield and AI DefenseProduct lineA roster of tools for controlling access, spotting attacks, enforcing defenses across systems and protecting AI models.
- Webex Suite, Contact Center and CPaaSPlatformMeetings, calls, messages, customer service and building blocks that let developers add communications to software.
- ThousandEyesPlatformChecks internet routes outside a company's walls to show where a connection slows or fails.
- AppDynamicsPlatformWatches business software while it runs and helps teams trace slowdowns to the responsible part.
- Cisco IQPlatform · RampingA single online doorway for Cisco support, professional help and day-to-day customer operations.
- Secure AI Factory with NVIDIAPlatform · AnnouncedA combined package of computing, networking and security equipment planned for initial availability in October 2026.
- AMD–Cisco–HUMAIN joint ventureCustomer program · RampingA Saudi AI-infrastructure build whose first systems are live, with a much larger next phase planned.
- G42 AI clusterCustomer program · AnnouncedA plan to connect, secure and join a UAE AI site into one working system for G42, a UAE AI group; contract value was not disclosed.
- Stargate UAECustomer program · AnnouncedAn AI-ready data-center program naming Cisco as a preferred networking, security and system-monitoring supplier; contract value was not disclosed.
- Partner-led salesEcosystemMost sales pass through distributors and resellers; one unnamed global partner accounted for 11% of revenue, while no end customer reached 10%.
Catalyst 9000 and Cisco Smart SwitchesProduct line
Office and campus traffic-directing boxes, including newer models built around Cisco-designed chips and managed through Cisco software.
MerakiPlatform
A cloud dashboard for running wireless, switching and security across many branches without managing each site separately.
Nexus 9000 and Nexus OneProduct line
Data-center traffic equipment and its management software, including smart switches that use AMD Pensando processors.
Cisco 8000Product line
High-capacity routers built with Cisco's own chips for carriers, cloud operators and large data centers.
Cisco Silicon OneProduct line · Ramping
Cisco-designed chips that direct data inside its own equipment and selected systems assembled by others.
Acacia OpticsProduct line · Ramping
Parts that turn data into light for fast links inside AI sites and carrier networks.
Unified Computing System (UCS)Product line
Servers and combined computing systems sold for corporate data centers and AI deployments.
Splunk Enterprise and Splunk Cloud PlatformPlatform
Searches digital records from software and equipment to investigate attacks, outages and performance problems.
Secure Access, XDR, Hypershield and AI DefenseProduct line
A roster of tools for controlling access, spotting attacks, enforcing defenses across systems and protecting AI models.
Webex Suite, Contact Center and CPaaSPlatform
Meetings, calls, messages, customer service and building blocks that let developers add communications to software.
ThousandEyesPlatform
Checks internet routes outside a company's walls to show where a connection slows or fails.
AppDynamicsPlatform
Watches business software while it runs and helps teams trace slowdowns to the responsible part.
Cisco IQPlatform · Ramping
A single online doorway for Cisco support, professional help and day-to-day customer operations.
Secure AI Factory with NVIDIAPlatform · Announced
A combined package of computing, networking and security equipment planned for initial availability in October 2026.
AMD–Cisco–HUMAIN joint ventureCustomer program · Ramping
A Saudi AI-infrastructure build whose first systems are live, with a much larger next phase planned.
G42 AI clusterCustomer program · Announced
A plan to connect, secure and join a UAE AI site into one working system for G42, a UAE AI group; contract value was not disclosed.
Stargate UAECustomer program · Announced
An AI-ready data-center program naming Cisco as a preferred networking, security and system-monitoring supplier; contract value was not disclosed.
Partner-led salesEcosystem
Most sales pass through distributors and resellers; one unnamed global partner accounted for 11% of revenue, while no end customer reached 10%.