Financial Analysis

Acquisitions (a) Fiscal 2025 Acquisitions Summary Allocation of the total purchase consideration for acquisitions we completed during fiscal 2025 is summarized as follows (in millions): Fiscal 2025 Purchase Consideration Net Tangible Assets Acquired (Liabilities Assumed) Purchased Intangible Assets Goodwill Total acquisitions $ 293 $ (21) $ 121 $ 193 The total purchase consideration of $293 million related to our acquisitions completed during fiscal 2025 consisted primarily of cash consideration. The total cash and cash equivalents acquired from these acquisitions was approximately $15 million. The purchase price allocation for acquisitions completed during fiscal 2025 is preliminary and subject to revision as additional information about fair value of assets and liabilities become available. Additional information that existed as of the acquisition date but is currently unknown to us may become known during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. (b) Fiscal 2024 Acquisitions Summary Allocation of the total purchase consideration for acquisitions we completed during fiscal 2024 is summarized as follows (in millions): Fiscal 2024 Purchase Consideration Net Tangible Assets Acquired (Liabilities Assumed) Purchased Intangible Assets Goodwill Splunk $ 27,090 $ (2,761) $ 10,550 $ 19,301 Other acquisitions 1,370 (47) 500 917 Total acquisitions $ 28,460 $ (2,808) $ 11,050 $ 20,218 Acquisition of Splunk Inc. On March 18, 202 …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies (a) Purchase Commitments with Contract Manufacturers and Suppliers We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, noncancelable, and unconditional commitments. Certain of these inventory purchase commitments are directly with suppliers, and relate to fixed-dollar commitments to secure supply and pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed. The following table summarizes our inventory purchase commitments with contract manufacturers and suppliers by period (in millions): July 26, 2025 July 27, 2024 Less than 1 year $ 7,202 $ 3,952 1 to 3 years 320 1,085 3 to 5 years 77 121 Total $ 7,599 $ 5,158 The purchase commitments with contract manufacturers and suppliers as of July 26, 2025 has been reduced to give effect to the settlement of a legal dispute …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Borrowings (a) Short-Term Debt The following table summarizes our short-term debt (in millions, except percentages): July 26, 2025 July 27, 2024 Amount Effective Rate Amount Effective Rate Current portion of senior notes $ 1,749 4.15 % $ 488 6.66 % Commercial paper 3,482 4.37 % 10,853 5.43 % Current portion of other debt 1 1.13 % Total $ 5,232 $ 11,341 We have a short-term debt financing program of up to $15.0 billion through the issuance of commercial paper notes. We use the proceeds from the issuance of commercial paper notes for general corporate purposes. The effective rates for the short- and long-term debt include the interest on the notes, the accretion of the discount, the issuance costs, and, if applicable, adjustments related to hedging. (b) Long-Term Debt The following table summarizes our long-term debt (in millions, except percentages): July 26, 2025 July 27, 2024 Maturity Date Amount Effective Rate Amount Effective Rate Senior notes: Fixed-rate notes: 3.50% June 15, 2025 $ $ 500 6.66% 4.90% February 26, 2026 1,000 5.00% 1,000 5.00% 2.95% February 28, 2026 750 3.01% 750 3.01% 2.50% September 20, 2026 1,500 2.55% 1,500 2.55% 4.80% February 26, 2027 2,000 4.90% 2,000 4.90% 4.55% February 24, 2028 1,000 4.61% 4.85% February 26, 2029 2,500 4.91% 2,500 4.91% 4.75% February 24, 2030 1,000 4.73% 4.95% February 26, 2031 2,500 5.04% 2,500 5.04% 4.95% February 24, 2032 1,000 4.94% 5.05% February 26, 2034 2,500 4.97% 2,500 4.97% 5.10% February 24, 2035 1,250 5.11% 5.90% Feb …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents this disaggregation of revenue (in millions): Years Ended July 26, 2025 July 27, 2024 July 29, 2023 Product revenue: Networking $ 28,304 $ 29,229 $ 34,570 Security 8,094 5,075 3,859 Collaboration 4,154 4,113 4,052 Observability 1,055 837 661 Total Product 41,608 39,253 43,142 Services 15,046 14,550 13,856 Total revenue $ 56,654 $ 53,803 $ 56,998 Our subscription revenue is recorded in product and services revenue in our Consolidated Statements of Operations as follows (in millions): Years Ended July 26, 2025 July 27, 2024 July 29, 2023 Product $ 17,783 $ 14,078 $ 11,931 Services 13,743 13,302 12,709 Total $ 31,526 $ 27,380 $ 24,640 The following table presents revenue for groups of similar products and services (in millions): Years Ended July 26, 2025 July 27, 2024 July 29, 2023 Revenue: Networking $ 28,304 $ 29,229 $ 34,570 Security 8,094 5,075 3,859 Collaboration 4,154 4,113 4,052 Observability 1,055 837 661 Total Product 41,608 39,253 43,142 Services 15,046 14,550 13,856 Total $ 56,654 $ 53,803 $ 56,998

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Employee Benefit Plans (a) Employee Stock Incentive Plans We have one stock incentive plan: the 2005 Stock Incentive Plan (the 2005 Plan). In addition, we have, in connection with our acquisitions of various companies, assumed the share-based awards granted under stock incentive plans of the acquired companies or issued share-based awards in replacement thereof. Share-based awards are designed to reward employees for their long-term contributions to us and provide incentives for them to remain with us. The number and frequency of share-based awards are based on competitive practices, our operating results, government regulations, and other factors. The 2005 Plan provides for the granting of stock options, stock grants, stock units and stock appreciation rights (SARs), the vesting of which may be time-based or upon satisfaction of performance goals, or both, and/or other conditions. Time-based and performance-based RSUs generally vest over three years with certain awards containing retirement eligible provisions. Employees (including employee directors and executive officers) and consultants of Cisco and its subsidiaries and affiliates and non-employee directors of Cisco are eligible to participate in the 2005 Plan. The 2005 Plan may be terminated by our Board of Directors at any time and for any reason, and is currently set to terminate at the 2030 Annual Meeting unless re-adopted or extended by our stockholders prior to or on such date. Under the 2005 Plans share reserve fea …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value (a) Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis were as follows (in millions): JULY 26, 2025 JULY 27, 2024 FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS Level 1 Level 2 Total Balance Level 1 Level 2 Total Balance Assets: Cash equivalents: Money market funds $ 5,885 $ $ 5,885 $ 3,334 $ $ 3,334 Commercial paper 336 336 468 468 Certificates of deposit 14 14 Corporate debt securities 1 1 25 25 Available-for-sale debt investments: U.S. government securities 1,961 1,961 2,353 2,353 U.S. government agency securities 67 67 221 221 Non-U.S. government and agency securities 458 458 371 371 Corporate debt securities 3,090 3,090 3,677 3,677 U.S. agency mortgage-backed securities 286 286 1,781 1,781 Commercial paper 950 950 1,023 1,023 Certificates of deposit 569 569 439 439 Equity investments: Marketable equity securities 383 383 481 481 Other current assets: Money market funds 563 563 750 750 Other assets: Money market funds 563 563 Derivative assets 32 32 64 64 Total $ 6,831 $ 7,750 $ 14,581 $ 5,128 $ 10,436 $ 15,564 Liabilities: Derivative liabilities $ $ 31 $ 31 $ $ 74 $ 74 Total $ $ 31 $ 31 $ $ 74 $ 74 (b) Assets Measured at Fair Value on a Nonrecurring Basis Our non-marketable equity securities using the measurement alternative are adjusted to fair value on a non-recurring basis. Adjustments are made when observable transactions for identical or similar investments of the same iss …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Purchased Intangible Assets (a) Goodwill The following tables present the goodwill allocated to our reportable segments as of July 26, 2025 and July 27, 2024, as well as the changes to goodwill during fiscal 2025 and 2024 (in millions): Balance at July 27, 2024 Acquisitions, net of Divestitures Foreign Currency Translation and Other Balance at July 26, 2025 Americas $ 36,169 $ 121 $ 178 $ 36,468 EMEA 14,283 47 67 14,397 APJC 8,208 23 40 8,271 Total $ 58,660 $ 191 $ 285 $ 59,136 Balance at July 29, 2023 Splunk Other Acquisitions Foreign Currency Translation and Other Balance at July 27, 2024 Americas $ 24,035 $ 11,619 $ 573 $ (58) $ 36,169 EMEA 9,118 4,980 207 (22) 14,283 APJC 5,382 2,702 137 (13) 8,208 Total $ 38,535 $ 19,301 $ 917 $ (93) $ 58,660 (b) Purchased Intangible Assets The following tables present details of our intangible assets acquired through acquisitions completed during fiscal 2025 and 2024 (in millions, except years): FINITE LIVES INDEFINITE LIVES TOTAL CUSTOMER RELATED TECHNOLOGY TRADE NAME IPR&D Fiscal 2025 Weighted- Average Useful Life (in Years) Amount Weighted- Average Useful Life (in Years) Amount Weighted- Average Useful Life (in Years) Amount Amount Amount Total acquisitions 3.5 $ 16 3.8 $ 105 $ $ $ 121 FINITE LIVES INDEFINITE LIVES TOTAL CUSTOMER RELATED TECHNOLOGY TRADE NAME IPR&D Fiscal 2024 Weighted- Average Useful Life (in Years) Amount Weighted- Average Useful Life (in Years) Amount Weighted- Average Useful Life (in Years) A …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes (a) Provision for Income Taxes The provision for income taxes consists of the following (in millions): Years Ended July 26, 2025 July 27, 2024 July 29, 2023 Federal: Current $ 956 $ 1,939 $ 3,754 Deferred (838) (883) (1,955) 118 1,056 1,799 State: Current 431 388 623 Deferred (250) 11 (175) 181 399 448 Foreign: Current 665 559 412 Deferred (44) (100) 46 621 459 458 Total $ 920 $ 1,914 $ 2,705 Income before provision for income taxes consists of the following (in millions): Years Ended July 26, 2025 July 27, 2024 July 29, 2023 United States $ 9,500 $ 10,790 $ 14,074 International 1,600 1,444 1,244 Total $ 11,100 $ 12,234 $ 15,318 The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes consist of the following: Years Ended July 26, 2025 July 27, 2024 July 29, 2023 Federal statutory rate 21.0 % 21.0 % 21.0 % Effect of: State taxes, net of federal tax benefit 1.3 2.8 2.4 Foreign income at other than U.S. rates 0.7 (0.3) (0.1) Tax credits (2.7) (2.4) (0.3) Foreign-derived intangible income deduction (6.0) (5.5) (5.8) Stock-based compensation 0.7 0.7 1.1 Impact of the Tax Act (6.5) Other, net (0.2) (0.7) (0.6) Total 8.3 % 15.6 % 17.7 % On August 26, 2024, the U.S. Tax Court issued an opinion in Varian Medical Systems, Inc. v. Commissioner . The opinion related to the U.S. taxation of deemed foreign dividends in the transition year of the Tax Act (our fiscal 2018). While we were not a party t …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases (a) Lessee Arrangements The following table presents our operating lease balances (in millions): Balance Sheet Line Item July 26, 2025 July 27, 2024 Operating lease ROU assets Other assets $ 1,301 $ 1,066 Operating lease liabilities Other current liabilities $ 375 $ 364 Operating lease liabilities Other long-term liabilities 1,175 906 Total operating lease liabilities $ 1,550 $ 1,270 The components of our lease expenses were as follows (in millions): Years Ended July 26, 2025 July 27, 2024 July 29, 2023 Operating lease expense $ 495 $ 420 $ 425 Short-term lease expense 77 75 65 Variable lease expense 191 194 242 Total lease expense $ 763 $ 689 $ 732 Supplemental information related to our operating leases is as follows (in millions): Years Ended July 26, 2025 July 27, 2024 Cash paid for amounts included in the measurement of lease liabilities operating cash flows $ 457 $ 394 ROU assets obtained in exchange for operating leases liabilities $ 660 $ 459 The weighted-average lease term was 5.7 years and 4.9 years as of July 26, 2025 and July 27, 2024, respectively. The weighted-average discount rate was 4.1% and 4.0% as of July 26, 2025 and July 27, 2024, respectively. The maturities of our operating leases (undiscounted) as of July 26, 2025 are as follows (in millions): Fiscal Year Amount 2026 $ 429 2027 322 2028 247 2029 200 2030 181 Thereafter 369 Total lease payments 1,748 Less interest (198) Total $ 1,550 (b) Lessor Arrangements Our leases primarily represent sales-ty …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

(y) Recent Accounting Updates Recently Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update that expands the disclosure requirements for reportable segments, primarily through enhanced disclosures around significant segment expenses. We adopted this accounting standard update for our fiscal 2025 Form 10-K with comparative periods updated to reflect additional disclosures. See Note 19. (z) Recent Accounting Standards or Updates Not Yet Effective as of Fiscal Year End Improvements on Income Tax Disclosures In December 2023, the FASB issued an accounting standard update expanding the requirements for disclosure of disaggregated information about the effective tax rate reconciliation and income taxes paid. The accounting standard update will be effective for our fiscal 2026 Form 10-K. We are currently evaluating the impact of this accounting standard update on our income tax disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued an accounting standard update expanding the disclosure requirements about specific expense categories, primarily through disaggregated information on income statement line items. The accounting standard update will be effective for our fiscal 2028 Form 10-K, and early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements.

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Restructuring and Other Charges In the first quarter of fiscal 2025, we announced a restructuring plan (the Fiscal 2025 Plan), in order to allow us to invest in key growth opportunities and drive more efficiencies in our business. The Fiscal 2025 Plan is expected to impact approximately 7% of our global workforce, with estimated pre-tax charges of up to $1 billion consisting of severance and other one-time termination benefits, and other costs. In connection with the Fiscal 2025 Plan, we incurred charges of $744 million in fiscal 2025 and the plan is expected to be substantially completed in the second quarter of fiscal 2026. The aggregate pre-tax charges are primarily cash-based and consist of severance and other one-time termination benefits, and other costs. We initiated a restructuring plan in fiscal 2024 (the Fiscal 2024 Plan), in order to realign the organization and enable further investment in key priority areas. In connection with the Fiscal 2024 Plan, we incurred cumulative charges of $654 million and the plan is complete. The aggregate pretax charges related to this plan were primarily cash-based and consist of severance and other one-time termination benefits and other costs. We initiated a restructuring plan in fiscal 2023 (the Fiscal 2023 Plan), which was completed in fiscal 2024. In connection with the Fiscal 2023 Plan, we incurred cumulative charges of $670 million and the plan is complete. The aggregate pretax charges related to this plan were primarily cash- …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue (a) Disaggregation of Revenue We disaggregate our revenue into groups of similar products and services that depict the nature, amount, and timing of revenue and cash flows for our various offerings. The sales cycle, contractual obligations, customer requirements, and go-to-market strategies differ for each of our product categories, resulting in different economic risk profiles for each category. The following table presents this disaggregation of revenue (in millions): Years Ended July 26, 2025 July 27, 2024 July 29, 2023 Product revenue: Networking $ 28,304 $ 29,229 $ 34,570 Security 8,094 5,075 3,859 Collaboration 4,154 4,113 4,052 Observability 1,055 837 661 Total Product 41,608 39,253 43,142 Services 15,046 14,550 13,856 Total revenue $ 56,654 $ 53,803 $ 56,998 Amounts may not sum due to rounding. Networking consists of our core networking technologies of switching, routing, wireless, and servers. These technologies consist of both hardware and software offerings, including software licenses and SaaS. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied o …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information and Major Customers (a) Revenue and Gross Margin by Segment We conduct business globally and are primarily managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our chief executive officer is the chief operating decision maker (CODM). The CODM reviews certain financial information for each segment, to evaluate performance and allocate resources by comparing actual performance to our annual targets. Performance of each segment is measured based on segment revenue and segment gross margin. We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments because the CODM does not include this information in our measurement of performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, share-based compensation expense, significant litigation settlements (which includes the supplier-related legal settlement as described in Note 21) and other contingencies, charges related to asset impairments and restructurings, and certain other charges to the cost of sales and gross margin for each segment because the CODM does not include this information in the measurement of the performance of our operating segments. The following summarizes our revenue and gross margin by segment and the significant expenses by each segment for fiscal 2025, 2024, and 2023 (in millions): Years Ended July 26, 2025 July 2 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies (a) Cash and Cash Equivalents We consider all highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. (b) Available-for-Sale Debt Investments We classify our investments in fixed income securities as available-for-sale debt investments. Our available-for-sale debt investments primarily consist of U.S. government, U.S. government agency, non-U.S. government and agency, corporate debt, U.S. agency mortgage-backed securities, commercial paper and certificates of deposit. These available-for-sale debt investments are primarily held in the custody of a major financial institution. A specific identification method is used to determine the cost basis of available-for-sale debt investments sold. These investments are recorded in the Consolidated Balance Sheets at fair value and unrealized gains and losses on these investments are included as a separate component of accumulated other comprehensive income (loss) (AOCI), net of tax. We classify our investments as current based on the nature of the investments and their availability for use in current operations. (c) Equity Instruments Our equity investments are accounted for as follows: Marketable equity securities have readily determinable fair value (RDFV) that are measured and recorded at fair value through income. Non-marketable equity securities do not have RDFV and are measured using a measurement a …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders Equity (a) Stock Repurchase Program In September 2001, our Board of Directors authorized a stock repurchase program. As of July 26, 2025, the remaining authorized amount for stock repurchases under this program was approximately $14.2 billion with no termination date. Our stock repurchase activity under the stock repurchase program, reported based on the trade date, is summarized as follows (in millions, except per-share amounts): Years Ended Shares Weighted-Average Price per Share Amount July 26, 2025 105 $ 56.53 $ 5,995 July 27, 2024 117 $ 49.45 $ 5,764 July 29, 2023 88 $ 48.49 $ 4,271 There were $20 million, $25 million and $48 million in stock repurchases that were pending settlement as of July 26, 2025, July 27, 2024 and July 29, 2023, respectively. The purchase price for the shares of our stock repurchased is reflected as a reduction to stockholders equity. We are required to allocate the purchase price of the repurchased shares as (i) a reduction to retained earnings or an increase to accumulated deficit and (ii) a reduction of common stock and additional paid-in capital. (b) Dividends Declared On August 13, 2025, our Board of Directors declared a quarterly dividend of $0.41 per common share to be paid on October 22, 2025, to all stockholders of record as of the close of business on October 3, 2025. Future dividends will be subject to the approval of our Board of Directors. (c) Preferred Stock Under the terms of our Amended and Restated Certificate of Inco …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Event On August 26, 2025, we settled a legal dispute with a supplier over purchase obligations arising under certain long-term supply arrangements entered into to help us mitigate significant supply chain constraints seen in prior periods. Under the terms of the settlement, the parties agreed to the dismissal of all pending actions in exchange for mutual releases of claims related to the long-term supply arrangements with the supplier, the termination of such arrangements between the parties, the release back to us of approximately $563 million held in escrow under the arrangements (which is reported as restricted cash within other current assets), and the forfeiture by us of approximately $450 million in supplier-held prepayments, after giving effect to certain amounts to be applied against such prepayments. No incremental cash consideration is to be paid in connection with the settlement. As a result of this settlement, we recorded a charge in the fourth quarter of fiscal 2025 of approximately $355 million to product cost of sales and a corresponding income tax benefit of approximately $82 million.

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Acquisitions Allocation of the total purchase consideration for acquisitions we completed during the first six months of fiscal 2026 is summarized as follows (in millions): Purchase Consideration Net Tangible Assets Acquired (Liabilities Assumed) Purchased Intangible Assets Goodwill Total acquisitions $ 49 $ $ 14 $ 35 The total purchase consideration related to acquisitions consisted primarily of cash consideration. Total transaction costs related to acquisition activities were $9 million and $11 million for the first six months of fiscal 2026 and 2025, respectively. These transaction costs were expensed as incurred in general and administrative expenses (G&A) in the Consolidated Statements of Operations. The purchase price allocation for acquisitions completed during recent periods is preliminary and subject to revision as additional information about fair value of assets and liabilities becomes available. Additional information that existed as of the acquisition date but is currently unknown to us may become known during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. The goodwill generated from the acquisitions completed during the first six months of fiscal 2026 is primarily related to expected synergies. The goodwill is generally not deductible for income tax purposes. The Consolidated Financial Statements include the operating results of each acquisition from the date of acquisition. Pro forma results of operation …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies (a) Purchase Commitments with Contract Manufacturers and Suppliers We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, noncancelable, and unconditional commitments. Certain of these inventory purchase commitments are directly with suppliers, and relate to fixed-dollar commitments to secure supply and pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed. The following table summarizes our inventory purchase commitments with contract manufacturers and suppliers by period (in millions): January 24, 2026 July 26, 2025 Less than 1 year $ 9,615 $ 7,202 1 to 3 years 417 320 3 to 5 years 23 77 Total $ 10,055 $ 7,599 We record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Borrowings (a) Short-Term Debt The following table summarizes our short-term debt (in millions, except percentages): January 24, 2026 July 26, 2025 Amount Effective Rate Amount Effective Rate Current portion of senior fixed-rate notes $ 3,250 3.41 % $ 1,749 4.15 % Commercial paper 5,469 3.88 % 3,482 4.37 % Current portion of other debt 1 1.13 % Total $ 8,719 $ 5,232 We have a short-term debt financing program of up to $15.0 billion through the issuance of commercial paper notes. We use the proceeds from the issuance of commercial paper notes for general corporate purposes. The effective rates for the short- and long-term debt include the interest on the notes, the accretion of the discount, the issuance costs, and, if applicable, adjustments related to hedging. (b) Long-Term Debt The following table summarizes our long-term debt (in millions, except percentages): January 24, 2026 July 26, 2025 Maturity Date Amount Effective Rate Amount Effective Rate Senior fixed-rate notes: 4.90% February 26, 2026 $ 1,000 5.00% $ 1,000 5.00% 2.95% February 28, 2026 750 3.01% 750 3.01% 2.50% September 20, 2026 1,500 2.55% 1,500 2.55% 4.80% February 26, 2027 2,000 4.90% 2,000 4.90% 4.55% February 24, 2028 1,000 4.61% 1,000 4.61% 4.85% February 26, 2029 2,500 4.91% 2,500 4.91% 4.75% February 24, 2030 1,000 4.73% 1,000 4.73% 4.95% February 26, 2031 2,500 5.04% 2,500 5.04% 4.95% February 24, 2032 1,000 4.94% 1,000 4.94% 5.05% February 26, 2034 2,500 4.97% 2,500 4.97% 5.10% February 24, 2035 1,250 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents this disaggregation of revenue (in millions): Three Months Ended Six Months Ended January 24, 2026 January 25, 2025 January 24, 2026 January 25, 2025 Product revenue: Networking $ 8,294 $ 6,850 $ 16,061 $ 13,603 Security 2,018 2,111 3,998 4,129 Collaboration 1,054 996 2,109 2,081 Observability 277 277 550 535 Total Product 11,642 10,234 22,719 20,348 Services 3,707 3,757 7,513 7,484 Total revenue $ 15,349 $ 13,991 $ 30,232 $ 27,832 Our subscription revenue is recorded in product and services revenue in our Consolidated Statements of Operations as follows (in millions): Three Months Ended Six Months Ended January 24, 2026 January 25, 2025 January 24, 2026 January 25, 2025 Product $ 4,474 $ 4,432 $ 8,974 $ 8,851 Services 3,362 3,430 6,862 6,855 Total $ 7,836 $ 7,862 $ 15,836 $ 15,706 The following table presents revenue for groups of similar products and services (in millions): Three Months Ended Six Months Ended January 24, 2026 January 25, 2025 January 24, 2026 January 25, 2025 Revenue: Networking $ 8,294 $ 6,850 $ 16,061 $ 13,603 Security 2,018 2,111 3,998 4,129 Collaboration 1,054 996 2,109 2,081 Observability 277 277 550 535 Total Product 11,642 10,234 22,719 20,348 Services 3,707 3,757 7,513 7,484 Total $ 15,349 $ 13,991 $ 30,232 $ 27,832

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Employee Benefit Plans (a) Employee Stock Incentive Plans We have one stock incentive plan: the 2005 Stock Incentive Plan (the 2005 Plan). In addition, we have, in connection with our acquisitions of various companies, assumed the share-based awards granted under stock incentive plans of the acquired companies or issued share-based awards in replacement thereof. Share-based awards are designed to reward employees for their long-term contributions to us and provide incentives for them to remain with us. The number and frequency of share-based awards are based on competitive practices, our operating results, government regulations, and other factors. The 2005 Plan provides for the granting of stock options, stock grants, stock units and stock appreciation rights (SARs), the vesting of which may be time-based or upon satisfaction of performance goals, or both, and/or other conditions. Time-based and performance-based RSUs generally vest over three years with certain awards containing retirement eligible provisions. Employees (including employee directors and executive officers) and consultants of Cisco and its subsidiaries and affiliates and non-employee directors of Cisco are eligible to participate in the 2005 Plan. The 2005 Plan may be terminated by our Board of Directors at any time and for any reason, and is currently set to terminate at the 2030 Annual Meeting unless re-adopted or extended by our stockholders prior to or on such date. Under the 2005 Plans share reserve fea …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value (a) Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis were as follows (in millions): JANUARY 24, 2026 JULY 26, 2025 FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS Level 1 Level 2 Total Balance Level 1 Level 2 Total Balance Assets: Cash equivalents: Money market funds $ 5,348 $ $ 5,348 $ 5,885 $ $ 5,885 Commercial paper 134 134 336 336 Corporate debt securities 1 1 Available-for-sale debt investments: U.S. government securities 1,756 1,756 1,961 1,961 U.S. government agency securities 49 49 67 67 Non-U.S. government and agency securities 443 443 458 458 Corporate debt securities 3,079 3,079 3,090 3,090 Mortgage- and asset-backed securities 236 236 286 286 Commercial paper 1,337 1,337 950 950 Certificates of deposit 1,060 1,060 569 569 Equity investments: Marketable equity securities 359 359 383 383 Other current assets: Money market funds 563 563 Derivative assets 90 90 32 32 Total $ 5,707 $ 8,184 $ 13,891 $ 6,831 $ 7,750 $ 14,581 Liabilities: Derivative liabilities $ $ 83 $ 83 $ $ 31 $ 31 Total $ $ 83 $ 83 $ $ 31 $ 31 Level 1 marketable equity securities are determined by using quoted prices in active markets for identical assets. Level 2 available-for-sale debt investments are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. We use inputs such as actual trade data, benchmark yields, broker/dealer …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Purchased Intangible Assets (a) Goodwill The following table presents the goodwill allocated to our reportable segments as of January 24, 2026 and changes to goodwill during the first six months of fiscal 2026 (in millions): Balance at July 26, 2025 Acquisitions Foreign Currency Translation and Other Balance at January 24, 2026 Americas $ 36,468 $ 21 $ 39 $ 36,528 EMEA 14,397 9 15 14,421 APJC 8,271 5 9 8,285 Total $ 59,136 $ 35 $ 63 $ 59,234 (b) Purchased Intangible Assets The following table presents details of our intangible assets acquired through acquisitions completed during the first six months of fiscal 2026 (in millions, except years): FINITE LIVES INDEFINITE LIVES TOTAL CUSTOMER RELATED TECHNOLOGY TRADE NAME IPR&D Weighted- Average Useful Life (in Years) Amount Weighted- Average Useful Life (in Years) Amount Weighted- Average Useful Life (in Years) Amount Amount Amount Total $ 2.5 $ 14 $ $ $ 14 The following tables present details of our purchased intangible assets with finite lives (in millions): January 24, 2026 Gross Accumulated Amortization Net Customer related $ 6,340 $ (1,707) $ 4,633 Technology 5,213 (1,970) 3,243 Trade name 526 (95) 431 Total $ 12,079 $ (3,772) $ 8,307 July 26, 2025 Gross Accumulated Amortization Net Customer related $ 6,341 $ (1,268) $ 5,073 Technology 5,254 (1,606) 3,648 Trade name 526 (72) 454 Total $ 12,121 $ (2,946) $ 9,175 Purchased intangible assets include intangible assets acquired through acquisitions as well as thr …

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Income Taxes The following table provides details of income taxes (in millions, except percentages): Three Months Ended Six Months Ended January 24, 2026 January 25, 2025 January 24, 2026 January 25, 2025 Income before provision for income taxes $ 3,646 $ 2,887 $ 7,037 $ 5,154 Provision for income taxes 471 459 1,002 15 Effective tax rate 12.9 % 15.9 % 14.2 % 0.3 % As of January 24, 2026, we had $2.4 billion of unrecognized tax benefits, of which $1.6 billion, if recognized, would favorably impact the effective tax rate. We regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We believe it is reasonably possible that certain federal, foreign, and state tax matters may be concluded in the next 12 months. Specific positions that may be resolved include issues involving transfer pricing and various other matters. We made our final transition tax payment of $2.3 billion in the second quarter of fiscal 2026 associated with the one-time U.S. transition tax on accumulated earnings for foreign subsidiaries as a result of the Tax Cuts and Jobs Act. On August 26, 2024, the U.S. Tax Court issued an opinion in Varian Medical Systems, Inc. v. Commissioner . The opinion related to the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act (our fiscal 2018). While we were not a party to the case, the opinion resulted in a change to our tax position. As such, we recorded a tax benefit of $ …

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Leases (a) Lessee Arrangements The following table presents our operating lease balances (in millions): Balance Sheet Line Item January 24, 2026 July 26, 2025 Operating lease right-of-use assets Other assets $ 1,408 $ 1,301 Operating lease liabilities Other current liabilities $ 405 $ 375 Operating lease liabilities Other long-term liabilities 1,249 1,175 Total operating lease liabilities $ 1,654 $ 1,550 The components of our lease expenses were as follows (in millions): Three Months Ended Six Months Ended January 24, 2026 January 25, 2025 January 24, 2026 January 25, 2025 Operating lease expense $ 132 $ 149 $ 263 $ 263 Short-term lease expense 26 16 51 34 Variable lease expense 77 47 149 93 Total lease expense $ 235 $ 212 $ 463 $ 390 Supplemental information related to our operating leases is as follows (in millions): Six Months Ended January 24, 2026 January 25, 2025 Cash paid for amounts included in the measurement of lease liabilities operating cash flows $ 259 $ 228 Right-of-use assets obtained in exchange for operating leases liabilities $ 351 $ 326 The weighted-average lease term was 5.8 years and 5.7 years as of January 24, 2026 and July 26, 2025, respectively. The weighted-average discount rate was 4.0% and 4.1% as of January 24, 2026 and July 26, 2025, respectively. The maturities of our operating leases (undiscounted) as of January 24, 2026 are as follows (in millions): Fiscal Year Amount 2026 (remaining six months) $ 256 2027 385 2028 286 2029 228 2030 198 Thereaf …

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Recent Accounting Standards or Updates Not Yet Effective Improvements on Income Tax Disclosures In December 2023, the FASB issued an accounting standard update expanding the requirements for disclosure of disaggregated information about the effective tax rate reconciliation and income taxes paid. The accounting standard update will be effective for our fiscal 2026 Form 10-K. We are currently evaluating the impact of this accounting standard update on our income tax disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued an accounting standard update expanding the disclosure requirements about specific expense categories, primarily through disaggregated information on income statement line items. The accounting standard update will be effective for our fiscal 2028 Form 10-K, and early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements. 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. The accounting standard update will be effective for our interim and annual reporting periods of fiscal 2029, with early adoption permitted. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements.

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Restructuring and Other Charges In the first quarter of fiscal 2025, we announced a restructuring plan (the Fiscal 2025 Plan), in order to allow us to invest in key growth opportunities and drive more efficiencies in our business. In connection with the Fiscal 2025 Plan, we incurred charges of $36 million and $183 million in the second quarter and first six months of fiscal 2026. These aggregate pre-tax charges were primarily cash-based and consisted of severance and other one-time termination benefits, and other costs. In connection with the Fiscal 2025 Plan, we incurred cumulative charges of $927 million and completed the plan in the second quarter of fiscal 2026. The following table summarizes the activities related to our restructuring liability, which was included in other current liabilities on our Consolidated Balance Sheets (in millions): FISCAL 2025 PLAN Employee Severance Other Total Liability as of July 26, 2025 $ 66 $ 46 $ 112 Charges 142 41 183 Cash payments (143) (25) (168) Non-cash and other (1) (38) (39) Liability as of January 24, 2026 $ 64 $ 24 $ 88 …

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Revenue We enter into contracts with customers that can include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. As a result, our contracts may contain multiple performance obligations. We determine whether arrangements are distinct based on whether the customer can benefit from the product or service on its own or together with other resources that are readily available and whether our commitment to transfer the product or service to the customer is separately identifiable from other obligations in the contract. We classify our hardware, perpetual software licenses, and software-as-a-service (SaaS) as distinct performance obligations. Term software licenses represent multiple obligations, which include software licenses and software maintenance. In transactions where we deliver hardware or software, we are typically the principal and we record revenue and costs of goods sold on a gross basis. We refer to our term software licenses, security software licenses, SaaS, and associated service arrangements as subscription offers. Revenue from subscription offers includes revenue recognized over time as well as upfront. We recognize revenue upon transfer of control of promised goods or services in a contract with a customer in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control occurs once the customer has the contractual right …

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Segment Information and Major Customers (a) Revenue and Gross Margin by Segment We conduct business globally and are primarily managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our chief executive officer is the chief operating decision maker (CODM). The CODM reviews certain financial information for each segment, to evaluate performance and allocate resources by comparing actual performance to our annual targets. Performance of each segment is measured based on segment revenue and segment gross margin. Sales are attributed to a segment based on the location of the customer. We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments because the CODM does not include this information in our measurement of performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, share-based compensation expense, significant litigation settlements and other contingencies, charges related to asset impairments and restructurings, and certain other charges to the cost of sales and gross margin for each segment because the CODM does not include this information in the measurement of the performance of our operating segments. The following summarizes our revenue and gross margin by segment and the significant expenses by each segment (in millions): Three Months Ended Six Months Ended January 24, 2026 January 25, 2025 …

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Recent Accounting Pronouncements (a) Recent Accounting Standards or Updates Not Yet Effective Improvements on Income Tax Disclosures In December 2023, the FASB issued an accounting standard update expanding the requirements for disclosure of disaggregated information about the effective tax rate reconciliation and income taxes paid. The accounting standard update will be effective for our fiscal 2026 Form 10-K. We are currently evaluating the impact of this accounting standard update on our income tax disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued an accounting standard update expanding the disclosure requirements about specific expense categories, primarily through disaggregated information on income statement line items. The accounting standard update will be effective for our fiscal 2028 Form 10-K, and early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements. 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. The accounting standard update will be effective for our interim and annual reporting periods of fiscal 2029, with early adoption permitted. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements.

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Stockholders Equity (a) Stock Repurchase Program In September 2001, our Board of Directors authorized a stock repurchase program. As of January 24, 2026, the remaining authorized amount for stock repurchases under this program was approximately $10.8 billion, with no termination date. The stock repurchase activity for fiscal 2026 and 2025 under the stock repurchase program, reported based on the trade date, is summarized as follows (in millions, except per-share amounts): Quarter Ended Shares Weighted-Average Price per Share Amount Fiscal 2026 January 24, 2026 18 $ 76.29 $ 1,351 October 25, 2025 29 $ 68.28 $ 2,001 Fiscal 2025 July 26, 2025 19 $ 64.65 $ 1,252 April 26, 2025 25 $ 59.78 $ 1,504 January 25, 2025 21 $ 58.58 $ 1,236 October 26, 2024 40 $ 49.56 $ 2,003 There were stock repurchases of $17 million and $20 million that were pending settlement January 24, 2026 and July 26, 2025, respectively. The purchase price for the shares of our stock repurchased is reflected as a reduction to stockholders equity. We are required to allocate the purchase price of the repurchased shares as (i) a reduction to retained earnings or an increase to accumulated deficit and (ii) a reduction of common stock and additional paid-in capital. (b) Dividends Declared On February 11, 2026, our Board of Directors declared a quarterly dividend of $0.42 per common share to be paid on April 22, 2026, to all stockholders of record as of the close of business on April 2, 2026. Future dividends will be su …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing