false 0000858877 0000858877 2025-02-12 2025-02-12

 

 

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): February 12, 2025

 

 

CISCO SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-39940   77-0059951

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

   (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:

 

☐

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 February 12, 2025, Cisco Systems, Inc. (“Cisco”) reported its results of operations for its fiscal second quarter 2025 ended January 25, 2025. 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), Russia-Ukraine war costs, 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. In addition, from time to time Cisco enters into foreign currency transactions related to pending acquisitions, and may incur gains or losses on such transactions. Cisco may also from time to time 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.

Russia-Ukraine war costs. In past periods, in connection with the Russian invasion of Ukraine, Cisco announced its intention to stop business operations in Russia and Belarus. Cisco began an orderly wind-down and exit of its business in Russia and Belarus. Cisco had incurred certain non-recurring charges related to this exit plan. These charges included non-recoverability of certain assets, special personnel-related charges in order to support impacted employees (unrelated to ordinary compensation expenses), potential future litigation and other contingencies, and other exit related costs, among others. Cisco excluded these charges because it believed they were not normal and recurring with respect to ongoing business and operating results. These excluded amounts did not include any impacts to revenue.

Gains and losses on investments. Cisco excludes gains and losses on our marketable equity investments and our investments in privately held companies, 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 9.01.

Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
Number

   

Description of Document

99.1    Press Release of Cisco, dated February 12, 2025, reporting the results of operations for Cisco’s fiscal second quarter 2025 ended January 25, 2025.
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: February 12, 2025     By:  

/s/ R. Scott Herren

    Name:   R. Scott Herren
    Title:   Executive Vice President and Chief Financial Officer

Exhibit 99.1

 

LOGO

 

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 SECOND QUARTER EARNINGS

News Summary:

 

  •  

Broad-based strength in product orders demonstrating growing demand for Cisco technologies

 

  •  

Product orders up 29% year over year; up 11% excluding Splunk

 

  •  

AI Infrastructure orders of more than $350 million, bringing the total for 1HFY25 to approximately $700 million

 

  •  

Revenue of $14.0 billion, above the high end of our guidance range

 

  •  

Strong profitability:

 

  •  

GAAP gross margin of 65.1% and non-GAAP gross margin of 68.7%

 

  •  

GAAP EPS of $0.61 and non-GAAP EPS of $0.94, above the high end of our guidance range

 

  •  

Quarterly dividend increased to $0.41 per share, up 3%, and additional $15 billion authorized for stock repurchases

 

•  

Q2 FY 2025 Results:

 

  •  

Revenue: $14.0 billion

 

  •  

Increase of 9% year over year

 

  •  

Earnings per Share: GAAP: $0.61; Non-GAAP: $0.94

 

  •  

GAAP EPS decreased 6% year over year

 

  •  

Non-GAAP EPS increased 8% year over year

 

•  

Q3 FY 2025 Guidance:

 

  •  

Revenue: $13.9 billion to $14.1 billion

 

  •  

Earnings per Share: GAAP: $0.57 to $0.61; Non-GAAP: $0.90 to $0.92

 

•  

FY 2025 Guidance:

 

  •  

Revenue: $56.0 billion to $56.5 billion

 

  •  

Earnings per Share: GAAP: $2.40 to $2.52; Non-GAAP: $3.68 to $3.74

SAN JOSE, Calif. — February 12, 2025 — Cisco today reported second quarter results for the period ended January 25, 2025. Cisco reported second quarter revenue of $14.0 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.4 billion or $0.61 per share, and non-GAAP net income of $3.8 billion or $0.94 per share.

“Cisco’s strong quarterly results were driven by accelerating customer demand for our technology” said Chuck Robbins, chair and CEO of Cisco. “As AI becomes more pervasive, we are well positioned to help our customers scale their network infrastructure, increase their data capacity requirements, and adopt best-in-class AI security.”

“Q2 was another quarter of solid execution which drove revenue and EPS above our guidance ranges. Splunk continues to perform in line with our expectations on the top line, and was accretive to Q2 non-GAAP EPS, earlier than we had planned” said Scott Herren, CFO of Cisco. “Our strong cash flows have led us to increase our annual dividend again this year, as well as our overall share repurchase authorization.”

 

1

GAAP Results

 

     Q2 FY 2025      Q2 FY 2024      Vs. Q2 FY 2024

Revenue

    $ 14.0 billion      $ 12.8 billion      9%

Net Income

    $ 2.4 billion      $ 2.6 billion      (8)%

Diluted Earnings per Share (EPS)

    $ 0.61      $ 0.65      (6)%

Non-GAAP Results

 

     Q2 FY 2025      Q2 FY 2024      Vs. Q2 FY 2024

Net Income

    $ 3.8 billion      $ 3.5 billion      6%

EPS

    $ 0.94      $ 0.87      8%

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 Increases Quarterly Dividend; Stock Repurchase Program Authorization Increased

Cisco has declared a quarterly dividend of $0.41 per common share, a 1-cent increase or up 3% over the previous quarter’s dividend, to be paid on April 23, 2025, to all stockholders of record as of the close of business on April 3, 2025. Future dividends will be subject to Board approval.

Cisco’s board of directors has also approved a $15 billion increase to the authorization of the stock repurchase program. There is no fixed termination date for the repurchase program. The remaining authorized fixed amount for stock repurchases including the additional authorization is approximately $17 billion.

 

2

Financial Summary

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

Q2 FY 2025 Highlights

Revenue — Total revenue was $14.0 billion, up 9%, with product revenue up 11% and services revenue up 6%. Excluding the contribution from Splunk, total revenue was down 1%.

Revenue by geographic segment was: Americas up 9%, EMEA up 11%, and APJC up 8%. Product revenue performance reflected growth in Security up 117%, Observability up 47%, and Collaboration up 1%. Networking was down 3%. Excluding Splunk, Security and Observability grew 4% and 3%, respectively, in the second quarter of fiscal 2025.

Gross Margin — On a GAAP basis, total gross margin, product gross margin, and services gross margin were 65.1%, 63.7%, and 68.9%, respectively, as compared with 64.2%, 62.7%, and 68.2%, respectively, in the second quarter of fiscal 2024.

On a non-GAAP basis, total gross margin, product gross margin, and services gross margin were 68.7%, 67.7%, and 71.6%, respectively, as compared with 66.7%, 65.2%, and 70.5%, respectively, in the second quarter of fiscal 2024.

Total gross margins by geographic segment were: 67.6% for the Americas, 71.3% for EMEA and 68.3% for APJC.

Operating Expenses — On a GAAP basis, operating expenses were $6.0 billion, up 17%, and were 42.9% of revenue. Non-GAAP operating expenses were $4.8 billion, up 10%, and were 34.0% of revenue.

Operating Income — GAAP operating income was $3.1 billion, up 1%, with GAAP operating margin of 22.3%. Non-GAAP operating income was $4.9 billion, up 15%, with non-GAAP operating margin at 34.7%.

Provision for Income Taxes — The GAAP tax provision rate was 15.9%. The non-GAAP tax provision rate was 19.0%.

Net Income and EPS — On a GAAP basis, net income was $2.4 billion, a decrease of 8%, and EPS was $0.61, a decrease of 6%. On a non-GAAP basis, net income was $3.8 billion, an increase of 6%, and EPS was $0.94, an increase of 8%.

Cash Flow from Operating Activities — $2.2 billion for the second quarter of fiscal 2025, an increase of 177%, compared with $0.8 billion for the second quarter of fiscal 2024.

Balance Sheet and Other Financial Highlights

Cash and Cash Equivalents and Investments — $16.9 billion at the end of the second quarter of fiscal 2025, compared with $17.9 billion at the end of fiscal 2024.

Remaining Performance Obligations (RPO) — $41.3 billion, up 16% in total, with 51% of this amount to be recognized as revenue over the next 12 months. Product RPO up 25% and services RPO up 8%.

Deferred Revenue — $27.8 billion, up 8% in total, with deferred product revenue up 12%. Deferred services revenue up 4%.

Capital Allocation — In the second quarter of fiscal 2025, we returned $2.8 billion to stockholders through share buybacks and dividends. We declared and paid a cash dividend of $0.40 per common share, or $1.6 billion, and repurchased approximately 21 million shares of common stock under our stock repurchase program at an average price of $58.58 per share for an aggregate purchase price of $1.2 billion.

Acquisitions

In the second quarter of fiscal 2025, we closed the acquisition of Deeper Insights AI Ltd., a privately held AI services company.

 

3

Guidance

Cisco estimates the following results for the third quarter of fiscal 2025:

 

Q3 FY 2025

       

Revenue

      $13.9 billion - $14.1 billion

Non-GAAP gross margin

      67% - 68%  

Non-GAAP operating margin

      33% - 34%  

Non-GAAP EPS

      $0.90 - $0.92  

Gross margin guidance includes the estimated impact of proposed tariffs on Mexico, Canada, and China.

Cisco estimates that GAAP EPS will be $0.57 to $0.61 for the third quarter of fiscal 2025.

Cisco estimates the following results for fiscal 2025:

 

FY 2025

       

Revenue

      $56.0 billion - $56.5 billion  

Non-GAAP EPS

      $3.68 - $3.74  

Gross margin guidance includes the estimated impact of proposed tariffs on Mexico, Canada, and China.

Cisco estimates that GAAP EPS will be $2.40 to $2.52 for fiscal 2025.

Our Q3 FY 2025 guidance assumes an effective tax provision rate of approximately 17% for GAAP and approximately 19% for non-GAAP results. Our FY 2025 guidance assumes an effective tax provision rate of approximately 9% 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:

 

  •  

Q2 fiscal year 2025 conference call to discuss Cisco’s results along with its guidance will be held on Wednesday, February 12, 2025 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, February 12, 2025 to 4:00 p.m. Pacific Time, February 18, 2025 at 1-800-395-6236 (United States) or 1-203-369-3270 (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, February 12, 2025. Text of the conference call’s prepared remarks will be available within 24 hours of completion of the call. The webcast 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.

 

4

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per-share amounts)

(Unaudited)

 

     Three Months Ended     Six Months Ended  
     January 25,
2025		     January 27,
2024		     January 25,
2025		     January 27,
2024		  

REVENUE:

         

Product

    $ 10,234     $ 9,232     $ 20,348     $ 20,371  

Services

      3,757       3,559       7,484       7,088  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue

      13,991       12,791       27,832       27,459  
  

 

 

    

 

 

    

 

 

    

 

 

  

COST OF SALES:

         

Product

      3,713       3,443       7,239       7,400  

Services

      1,167       1,131       2,361       2,285  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total cost of sales

      4,880       4,574       9,600       9,685  
  

 

 

    

 

 

    

 

 

    

 

 

  

GROSS MARGIN

      9,111       8,217       18,232       17,774  

OPERATING EXPENSES:

         

Research and development

      2,299       1,943       4,585       3,856  

Sales and marketing

      2,672       2,458       5,424       4,964  

General and administrative

      752       642       1,547       1,314  

Amortization of purchased intangible assets

      265       66       530       133  

Restructuring and other charges

      10       12       675       135  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      5,998       5,121       12,761       10,402  
  

 

 

    

 

 

    

 

 

    

 

 

  

OPERATING INCOME

      3,113       3,096       5,471       7,372  

Interest income

      238       324       524       684  

Interest expense

      (404 )      (120 )      (822 )      (231 ) 

Other income (loss), net

      (60 )      (139 )      (19 )      (222 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Interest and other income (loss), net

      (226 )      65       (317 )      231  
  

 

 

    

 

 

    

 

 

    

 

 

  

INCOME BEFORE PROVISION FOR INCOME TAXES

      2,887       3,161       5,154       7,603  

Provision for income taxes

      459       527       15       1,331  
  

 

 

    

 

 

    

 

 

    

 

 

  

NET INCOME

    $ 2,428     $ 2,634     $ 5,139     $ 6,272  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income per share:

         

Basic

    $ 0.61     $ 0.65     $ 1.29     $ 1.55  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

    $ 0.61     $ 0.65     $ 1.28     $ 1.54  
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares used in per-share calculation:

         

Basic

      3,981       4,055       3,986       4,056  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

      4,005       4,073       4,008       4,079  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

5

CISCO SYSTEMS, INC.

REVENUE BY SEGMENT

(In millions, except percentages)

 

     January 25, 2025  
     Three Months Ended   Six Months Ended  
     Amount      Y/Y %   Amount      Y/Y %  

Revenue:

           

Americas

    $ 8,202      9%   $ 16,454        —%  

EMEA

      3,855      11%     7,444        4%  

APJC

      1,934      8%     3,934        4%  
  

 

 

       

 

 

     

Total

    $ 13,991      9%   $ 27,832        1%  
  

 

 

       

 

 

     

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

CISCO SYSTEMS, INC.

GROSS MARGIN PERCENTAGE BY SEGMENT

(In percentages)

 

     January 25, 2025
     Three Months Ended   Six Months Ended

Gross Margin Percentage:

     

Americas

    67.6%   68.6%

EMEA

    71.3%   70.8%

APJC

    68.3%   67.3%

CISCO SYSTEMS, INC.

REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES

(In millions, except percentages)

 

     January 25, 2025
     Three Months Ended   Six Months Ended
     Amount      Y/Y %   Amount      Y/Y %

Revenue:

           

Networking

    $ 6,850      (3)%   $ 13,603      (14)%

Security

      2,111      117%     4,129      108%

Collaboration

      996      1%     2,081      (1)%

Observability

      277      47%     535      42%
  

 

 

       

 

 

     

Total Product

      10,234      11%     20,348      —%

Services

      3,757      6%     7,484      6%
  

 

 

       

 

 

     

Total

    $ 13,991      9%   $ 27,832      1%
  

 

 

       

 

 

     

Excluding Splunk, Security and Observability grew 4% and 3% year over year, respectively, in the second quarter of fiscal 2025.

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

 

6

CISCO SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

 

     January 25,
2025		      July 27,
2024		  

ASSETS

      

Current assets:

      

Cash and cash equivalents

    $ 8,556      $ 7,508  

Investments

      8,297        10,346  

Accounts receivable, net of allowance of $80 at January 25, 2025 and $87 at July 27, 2024

      5,669        6,685  

Inventories

      2,927        3,373  

Financing receivables, net

      3,074        3,338  

Other current assets

      6,158        5,612  
  

 

 

     

 

 

  

Total current assets

      34,681        36,862  

Property and equipment, net

      1,992        2,090  

Financing receivables, net

      3,240        3,376  

Goodwill

      58,719        58,660  

Purchased intangible assets, net

      10,139        11,219  

Deferred tax assets

      6,591        6,262  

Other assets

      6,013        5,944  
  

 

 

     

 

 

  

TOTAL ASSETS

    $ 121,375      $ 124,413  
  

 

 

     

 

 

  

LIABILITIES AND EQUITY

      

Current liabilities:

      

Short-term debt

    $ 11,413      $ 11,341  

Accounts payable

      1,902        2,304  

Income taxes payable

      1,884        1,439  

Accrued compensation

      3,299        3,608  

Deferred revenue

      15,999        16,249  

Other current liabilities

      5,522        5,643  
  

 

 

     

 

 

  

Total current liabilities

      40,019        40,584  

Long-term debt

      19,625        19,621  

Income taxes payable

      1,756        3,985  

Deferred revenue

      11,796        12,226  

Other long-term liabilities

      2,649        2,540  
  

 

 

     

 

 

  

Total liabilities

      75,845        78,956  
  

 

 

     

 

 

  

Total equity

      45,530        45,457  
  

 

 

     

 

 

  

TOTAL LIABILITIES AND EQUITY

    $ 121,375      $ 124,413  
  

 

 

     

 

 

  

 

7

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

     Six Months Ended  
     January 25,
2025		     January 27,
2024		  

Cash flows from operating activities:

     

Net income

    $ 5,139     $ 6,272  

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

     

Depreciation, amortization, and other

      1,550       823  

Share-based compensation expense

      1,748       1,463  

Provision for receivables

      7       12  

Deferred income taxes

      (382 )      (816 ) 

(Gains) losses on divestitures, investments and other, net

      (5 )      205  

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

     

Accounts receivable

      969       941  

Inventories

      441       442  

Financing receivables

      330       (33 ) 

Other assets

      (427 )      (403 ) 

Accounts payable

      (359 )      (476 ) 

Income taxes, net

      (2,285 )      (4,656 ) 

Accrued compensation

      (293 )      (763 ) 

Deferred revenue

      (555 )      293  

Other liabilities

      24       (125 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      5,902       3,179  
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Purchases of investments

      (2,261 )      (2,253 ) 

Proceeds from sales of investments

      1,791       2,484  

Proceeds from maturities of investments

      2,703       4,044  

Acquisitions, net of cash and cash equivalents acquired and divestitures

      (257 )      (878 ) 

Purchases of investments in privately held companies

      (137 )      (50 ) 

Return of investments in privately held companies

      94       123  

Acquisition of property and equipment

      (427 )      (304 ) 

Other

      (5 )      (1 ) 
  

 

 

    

 

 

  

Net cash provided by investing activities

      1,501       3,165  
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Issuances of common stock

      320       349  

Repurchases of common stock—repurchase program

      (3,243 )      (2,504 ) 

Shares repurchased for tax withholdings on vesting of restricted stock units

      (655 )      (581 ) 

Short-term borrowings, original maturities of 90 days or less, net

      1,012       1,398  

Issuances of debt

      10,406       2,537  

Repayments of debt

      (11,382 )      (750 ) 

Dividends paid

      (3,185 )      (3,163 ) 

Other

      (2 )      (7 ) 
  

 

 

    

 

 

  

Net cash used in financing activities

      (6,729 )      (2,721 ) 
  

 

 

    

 

 

  

Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

      (8 )      (32 ) 
  

 

 

    

 

 

  

Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents

      666       3,591  

Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period

      8,842       11,627  
  

 

 

    

 

 

  

Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period

    $ 9,508     $ 15,218  
  

 

 

    

 

 

  

Supplemental cash flow information:

     

Cash paid for interest

    $ 769     $ 203  

Cash paid for income taxes, net

    $ 2,682     $ 6,804  

 

8

CISCO SYSTEMS, INC.

REMAINING PERFORMANCE OBLIGATIONS

(In millions, except percentages)

 

     January 25, 2025     October 26, 2024     January 27, 2024  
     Amount      Y/Y%     Amount      Y/Y%     Amount      Y/Y%  

Product

    $ 20,321        25 %    $ 19,882        24 %    $ 16,249        12 % 

Services

      20,947        8 %      20,108        7 %      19,407        12 % 
  

 

 

       

 

 

       

 

 

     

Total

    $ 41,268        16 %    $ 39,990        15 %    $ 35,656        12 % 
  

 

 

       

 

 

       

 

 

     

We expect 51% of total RPO at January 25, 2025 will be recognized as revenue over the next 12 months.

CISCO SYSTEMS, INC.

DEFERRED REVENUE

(In millions)

 

     January 25, 2025      October 26, 2024      January 27, 2024  

Deferred revenue:

         

Product

    $ 13,033      $ 12,941      $ 11,640  

Services

      14,762        14,561        14,131  
  

 

 

     

 

 

     

 

 

  

Total

    $ 27,795      $ 27,502      $ 25,771  
  

 

 

     

 

 

     

 

 

  

Reported as:

         

Current

    $ 15,999      $ 15,615      $ 14,011  

Noncurrent

      11,796        11,887        11,760  
  

 

 

     

 

 

     

 

 

  

Total

    $ 27,795      $ 27,502      $ 25,771  
  

 

 

     

 

 

     

 

 

  

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 2025

                  

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  

Fiscal 2024

                  

July 27, 2024

    $ 0.40      $ 1,606        43      $ 46.80      $ 2,002      $ 3,608  

April 27, 2024

    $ 0.40      $ 1,615        26      $ 49.22      $ 1,256      $ 2,871  

January 27, 2024

    $ 0.39      $ 1,583        25      $ 49.54      $ 1,254      $ 2,837  

October 28, 2023

    $ 0.39      $ 1,580        23      $ 54.53      $ 1,252      $ 2,832  

 

9

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GAAP TO NON-GAAP NET INCOME

(In millions)

 

     Three Months Ended      Six Months Ended  
     January 25,
2025		      January 27,
2024		      January 25,
2025		      January 27,
2024		  

GAAP net income

    $ 2,428      $ 2,634      $ 5,139      $ 6,272  

Adjustments to cost of sales:

            

Share-based compensation expense

      151        139        282        242  

Amortization of acquisition-related intangible assets

      335        175        654        356  

Acquisition/divestiture-related costs

      17        1        36        1  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total adjustments to GAAP cost of sales

      503        315        972        599  
  

 

 

     

 

 

     

 

 

     

 

 

  

Adjustments to operating expenses:

            

Share-based compensation expense

      765        662        1,444        1,212  

Amortization of acquisition-related intangible assets

      265        66        530        133  

Acquisition/divestiture-related costs

      205        64        490        139  

Russia-Ukraine war costs

      —         —         —         (2 ) 

Significant asset impairments and restructurings

      10        12        675        135  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total adjustments to GAAP operating expenses

      1,245        804        3,139        1,617  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

            

(Gains) and losses on investments

      7        88        (91 )       139  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total adjustments to GAAP interest and other income (loss), net

      7        88        (91 )       139  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total adjustments to GAAP income before provision for income taxes

      1,755        1,207        4,020        2,355  
  

 

 

     

 

 

     

 

 

     

 

 

  

Income tax effect of non-GAAP adjustments

      (423 )       (303 )       (899 )       (561 ) 

Significant tax matters (1)

      —         —         (829 )       —   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total adjustments to GAAP provision for income taxes

      (423 )       (303 )       (1,728 )       (561 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Non-GAAP net income

    $ 3,760      $ 3,538      $ 7,431      $ 8,066  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

The six months ended January 25, 2025 include a $720 million benefit due to a recent U.S. Tax Court decision regarding the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act.

 

10

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GAAP TO NON-GAAP EPS

 

     Three Months Ended      Six Months Ended  
     January 25,
2025		      January 27,
2024		      January 25,
2025		      January 27,
2024		  

GAAP EPS

    $ 0.61      $ 0.65      $ 1.28      $ 1.54  

Adjustments to GAAP:

            

Share-based compensation expense

      0.23        0.20        0.43        0.36  

Amortization of acquisition-related intangible assets

      0.15        0.06        0.30        0.12  

Acquisition/divestiture-related costs

      0.06        0.02        0.13        0.03  

Significant asset impairments and restructurings

      —         —         0.17        0.03  

(Gains) and losses on investments

      —         0.02        (0.02 )       0.03  

Income tax effect of non-GAAP adjustments

      (0.11 )       (0.07 )       (0.22 )       (0.14 ) 

Significant tax matters

      —         —         (0.21 )       —   
  

 

 

     

 

 

     

 

 

     

 

 

  

Non-GAAP EPS

    $ 0.94      $ 0.87      $ 1.85      $ 1.98  
  

 

 

     

 

 

     

 

 

     

 

 

  

Amounts may not sum due to rounding.

 

11

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  
     January 25, 2025  
     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

    $ 6,521     $ 2,590     $ 9,111     $ 5,998       17 %    $ 3,113       1 %    $ (226 )    $ 2,428       (8 )% 

% of revenue

      63.7 %      68.9 %      65.1 %      42.9 %        22.3 %        (1.6 )%      17.4 %   

Adjustments to GAAP amounts:

 

                

Share-based compensation expense

      65       86       151       765         916         —        916    

Amortization of acquisition-related intangible assets

      335       —        335       265         600         —        600    

Acquisition/divestiture-related costs

      3       14       17       205         222         —        222    

Significant asset impairments and restructurings

      —        —        —        10         10         —        10    

(Gains) and losses on investments

      —        —        —        —          —          7       7    

Income tax effect/significant tax matters

      —        —        —        —          —          —        (423 )   
  

 

 

    

 

 

    

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Non-GAAP amount

    $ 6,924     $ 2,690     $ 9,614     $ 4,753       10 %    $ 4,861       15 %    $ (219 )    $ 3,760       6 % 
  

 

 

    

 

 

    

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

% of revenue

      67.7 %      71.6 %      68.7 %      34.0 %        34.7 %        (1.6 )%      26.9 %   

 

     Three Months Ended  
     January 27, 2024  
     Product
Gross
Margin		     Services
Gross
Margin		     Total
Gross
Margin		     Operating
Expenses		     Operating
Income		     Interest
and
other
income
(loss),
net		     Net
Income		  

GAAP amount

    $ 5,789     $ 2,428     $ 8,217     $ 5,121     $ 3,096     $ 65     $ 2,634  

% of revenue

      62.7 %      68.2 %      64.2 %      40.0 %      24.2 %      0.5 %      20.6 % 

Adjustments to GAAP amounts:

               

Share-based compensation expense

      58       81       139       662       801       —        801  

Amortization of acquisition-related intangible assets

      175       —        175       66       241       —        241  

Acquisition/divestiture-related costs

      1       —        1       64       65       —        65  

Significant asset impairments and restructurings

      —        —        —        12       12       —        12  

(Gains) and losses on investments

      —        —        —        —        —        88       88  

Income tax effect/significant tax matters

      —        —        —        —        —        —        (303 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP amount

    $ 6,023     $ 2,509     $ 8,532     $ 4,317     $ 4,215     $ 153     $ 3,538  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

% of revenue

      65.2 %      70.5 %      66.7 %      33.8 %      33.0 %      1.2 %      27.7 % 

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

 

12

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)

 

     Six Months Ended  
     January 25, 2025  
     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

    $ 13,109     $ 5,123     $ 18,232     $ 12,761       23 %    $ 5,471       (26 )%    $ (317 )    $ 5,139       (18 )% 

% of revenue

      64.4 %      68.5 %      65.5 %      45.9 %        19.7 %        (1.1 )%      18.5 %   

Adjustments to GAAP amounts:

 

                

Share-based compensation expense

      122       160       282       1,444         1,726         —        1,726    

Amortization of acquisition-related intangible assets

      654       —        654       530         1,184         —        1,184    

Acquisition/divestiture-related costs

      8       28       36       490         526         —        526    

Significant asset impairments and restructurings

      —        —        —        675         675         —        675    

(Gains) and losses on investments

      —        —        —        —          —          (91 )      (91 )   

Income tax effect/significant tax matters

      —        —        —        —          —          —        (1,728 )   
  

 

 

    

 

 

    

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Non-GAAP amount

    $ 13,893     $ 5,311     $ 19,204     $ 9,622       10 %    $ 9,582       —  %    $ (408 )    $ 7,431       (8 )% 
  

 

 

    

 

 

    

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

% of revenue

      68.3 %      71.0 %      69.0 %      34.6 %        34.4 %        (1.5 )%      26.7 %   

 

     Six Months Ended  
     January 27, 2024  
     Product
Gross
Margin		     Services
Gross
Margin		     Total
Gross
Margin		     Operating
Expenses		     Operating
Income		     Interest
and
other
income
(loss),
net		     Net
Income		  

GAAP amount

    $ 12,971     $ 4,803     $ 17,774     $ 10,402     $ 7,372     $ 231     $ 6,272  

% of revenue

      63.7 %      67.8 %      64.7 %      37.9 %      26.8 %      0.8 %      22.8 % 

Adjustments to GAAP amounts:

               

Share-based compensation expense

      100       142       242       1,212       1,454       —        1,454  

Amortization of acquisition-related intangible assets

      356       —        356       133       489       —        489  

Acquisition/divestiture-related costs

      1       —        1       139       140       —        140  

Significant asset impairments and restructurings

      —        —        —        135       135       —        135  

Russia-Ukraine war costs

      —        —        —        (2 )      (2 )      —        (2 ) 

(Gains) and losses on investments

      —        —        —        —        —        139       139  

Income tax effect/significant tax matters

      —        —        —        —        —        —        (561 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP amount

    $ 13,428     $ 4,945     $ 18,373     $ 8,785     $ 9,588     $ 370     $ 8,066  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

% of revenue

      65.9 %      69.8 %      66.9 %      32.0 %      34.9 %      1.3 %      29.4 % 

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

 

13

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

EFFECTIVE TAX RATE

(In percentages)

 

     Three Months Ended     Six Months Ended  
     January 25,
2025		     January 27,
2024		     January 25,
2025		     January 27,
2024		  

GAAP effective tax rate

      15.9 %      16.7 %      0.3 %      17.5 % 

Total adjustments to GAAP provision for income taxes

      3.1 %      2.3 %      18.7 %      1.5 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP effective tax rate

      19.0 %      19.0 %      19.0 %      19.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

GAAP TO NON-GAAP GUIDANCE

 

Q3 FY 2025

    Gross Margin
Rate		    Operating Margin
Rate		    Earnings per
Share (1)

GAAP

    64% - 65%    21% - 22%    $0.57 - $0.61

Estimated adjustments for:

         

Share-based compensation expense

    1.0%    7.0%    $0.17 - $0.18

Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs

    2.0%    5.0%    $0.14 - $0.15
  

 

   

 

   

 

Non-GAAP

    67% - 68%    33% - 34%    $0.90 - $0.92
  

 

   

 

   

 

 

FY 2025

    Earnings per
Share (1)

GAAP

    $2.40 - $2.52

Estimated adjustments for:

   

Share-based compensation expense

    $0.69 - $0.71

Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs

    $0.60 - $0.62

Significant asset impairments and restructurings

    $0.16 - $0.18

(Gains) and losses on investments

    ($0.02)

Significant tax matters

    ($0.21)
  

 

Non-GAAP

    $3.68 - $3.74
  

 

 

(1) 

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

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.

 

14

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 customer demand and our position to help our customers scale their network infrastructure, increase their data capacity requirements, and adopt best-in-class AI security) and the future financial performance of Cisco (including the guidance for Q3 FY 2025 and full year FY 2025) that involve risks and uncertainties. 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 November 19, 2024 and September 5, 2024, 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 six months ended January 25, 2025 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.

 

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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/divestiture-related costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies, Russia-Ukraine war costs, 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 © 2025 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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