Cisco (CSCO): $63.3 billion of revenue, $9.3 billion of AI orders, and 25 years to get back above its 2000 high

Cisco sells the equipment and software that run networks — switches, routers, wireless and servers — along with security, collaboration and observability products and the services that support them. In fiscal 2026, which ended July 25, 2026, revenue reached $63.3 billion, up 11.8%, and net income $13.3 billion, or $3.33 a share. The stock closed at $106.50 on October 23, 2026, for a market value of $420 billion.

Networking grew 22%, or $6.4 billion, primarily because of its AI infrastructure solutions, which include Cisco Silicon One based systems and optics, the 10-K says. In fiscal 2026 Cisco took $9.3 billion of AI infrastructure orders from hyperscalers and delivered about $4 billion of that revenue; it expects $7.5 billion in fiscal 2027. Orders are not revenue. In the fourth quarter, total product orders rose 35% from a year earlier.

Three regions, measured by gross margin

Cisco manages the business by geography: the Americas were 59.7% of fiscal 2026 revenue, Europe, the Middle East and Africa 26.2%, and Asia Pacific, Japan and China 14.1%. It measures those segments by gross margin — 65.1%, 71.2% and 66.6% — rather than operating profit. For the company as a whole, gross margin was 64.5% and operating margin 24.3%.

From 1984 to fiscal 2026

Fiscal 2018’s profit was nearly wiped out by a $10.4 billion tax charge tied to the U.S. tax reform, while operating income that year was $12.3 billion. Fiscal 2024 revenue fell 5.6% even with Splunk included from March. Cisco’s fiscal year ends on the last Saturday in July, and fiscal 2010, 2016 and 2021 had 53 weeks instead of 52. For fiscal 2027 the company expects revenue of $72.2 billion to $73.4 billion and GAAP earnings of $4.00 to $4.06 a share; at the October 23 price, the stock traded at 32 times fiscal 2026 earnings.

25 years to pass the 2000 peak

Adjusted for its splits, Cisco closed at $80.06 on March 27, 2000. By October 8, 2002 it had fallen 89.3%, to $8.60. It did not close above the 2000 high again until December 10, 2025, 25.7 years later; with dividends reinvested, the March 2000 level was passed in August 2021. The stock reached $130.00 on June 4, 2026 and closed 18.1% below that on October 23.

Measured from the first close after the 1990 IPO, $1,000 of Cisco stock would be worth about $1.38 million on October 23, 2026, or about $2.16 million with dividends reinvested. The quarterly dividend is now $0.42 a share, a yield of about 1.6%, and the dividend per share has risen every fiscal year since 2012.

Who owns it, and who sold

Eight of the 38 investment managers this site tracks held Cisco at the end of June, all with more than $1 million. The largest was Cliff Asness’s AQR, with 3.5 million shares worth $412.5 million after a 13% cut; Ken Griffin’s Citadel more than doubled its stake, Israel Englander’s Millennium cut 81% and Ray Dalio’s Bridgewater sold out. The stock is down 9.3% since June 30. Vanguard held 9.7% and BlackRock 8.9% of all shares, according to the October 2025 proxy statement.

In the twelve months to October 23, 2026, Cisco insiders sold $105.8 million of stock and bought none. Almost all of it, $102.6 million, was sold under 10b5-1 trading plans, including $53.4 million by chief executive Chuck Robbins; two directors sold $3.1 million without a plan. Former chief financial officer Scott Herren, who no longer reports on Form 4, filed notices to sell about $19.8 million in November 2025.

The figures above come from Cisco’s filings, its investor relations FAQ and the 13F, Form 4 and Form 144 filings. They describe what happened; they are not a forecast and not investment advice.