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    CISCO REPORTS SECOND QUARTER EARNINGS

    2/12/25 4:05:00 PM ET
    $CSCO
    Computer Communications Equipment
    Telecommunications
    Get the next $CSCO alert in real time by email

    SAN JOSE, Calif., Feb. 12, 2025 /PRNewswire/ --

    Cisco Logo (PRNewsfoto/Cisco)

    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

    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."

    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.

    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.

    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.

     

    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

     

    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.

     

    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

     

    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

     

    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

     

    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.

     

    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.

     

    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.

     

    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.

     

    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.

    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.

    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.

    RSS Feed for Cisco: https://newsroom.cisco.com/rss-feeds

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cisco-reports-second-quarter-earnings-302375275.html

    SOURCE Cisco Systems, Inc.

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    • SEC Form SC 13G/A filed by Cisco Systems Inc. (Amendment)

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    • SEC Form SC 13G/A filed by Cisco Systems Inc. (Amendment)

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    • SEC Form SC 13G/A filed by Cisco Systems Inc. (Amendment)

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