Short answer
Cisco (CSCO) filed its fiscal 2025 10-K annual report with the SEC on Sep 3, 2025. It reported revenue of $56.7B (+5.3% year over year) and net income of $10.2B.
- Top risk flagged: Regulatory tax risk: Impact of August 26, 2024 U.S. Tax Court opinion in Varian Medical Systems v. Commissioner, recorded $720 million income tax benefit in fiscal 2025
FY2025 key financial metrics · XBRL
- Revenue
- $56.7B
- +5.3% YoY
- Net income
- $10.2B
- −1.4% YoY
- Operating margin
- 20.8%
- −1.9 pp YoY
- Gross margin
- 64.9%
- +0.2 pp YoY
- EPS (diluted)
- $2.55
- +0.4% YoY
- ROE
- 21.7%
- −1.0 pp YoY
- Operating cash flow
- $14.2B
- +30.5% YoY
Source: XBRL data from the Cisco (CSCO) FY2025 10-K on SEC EDGAR. USD.
Cisco FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: global technology company providing networking hardware, software, and related services
- Strategic emphasis on SaaS and subscription revenue recognition with ratable recognition over contract term
- Inventory provisions decreased to $493M in 2025 from $819M in 2024, reflecting improved demand forecast accuracy
- Operating cash flow increased to $14.2B in 2025 from $10.9B in 2024, indicating stronger cash generation
- Total debt reduced to $28.1B in 2025 from $31.0B in 2024, showing debt management focus
Management Discussion & Analysis
- Revenue $56.7B, up 5% YoY; product revenue $41.6B (+6%), services $15.0B (+3%)
- Operating margin 20.8% vs 22.6% prior year; operating income $11.76B, down 3% YoY
- Best segment EMEA revenue $14.8B (+5%) with 71.1% gross margin; worst APJC margin 66.4% down from 67.2%
- Free cash flow $13.3B, dividends $6.4B, share repurchases $6.0B, capex $0.9B
- Fiscal 2025 effective tax rate 8.3% vs 15.6% prior; restructuring charges $744M with $1B expected total; supply chain risks ongoing, legal dispute charges included
Risk Factors
- Regulatory tax risk: Impact of August 26, 2024 U.S. Tax Court opinion in Varian Medical Systems v. Commissioner, recorded $720 million income tax benefit in fiscal 2025
- Geopolitical exposure: Revenue $14.8B in EMEA region for fiscal 2025, with ongoing macro uncertainties in European markets
- Supply chain vulnerability: August 26, 2025 supplier legal settlement resulted in $355 million charge to product cost of sales and forfeiture of $450 million supplier-held prepayments
- Competitive risk: Decline in networking product revenue to $28.3B in fiscal 2025 vs. $34.6B in 2023, indicating market pressure and shift to security products
- Financial risk: $6.5 billion of foreign subsidiary earnings reclassified from indefinitely reinvested, impacting deferred tax liabilities and cash repatriation timing
Generated from the filing text; verify against the original. How to read a 10-K
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