| Cisco Silicon One and webscale AI infrastructure · AI datacenter silicon and systems Merchant networking silicon and AI infrastructure sold to webscale and service-provider customers. | 挑战者 The 10-K attributes Americas service provider and cloud growth to 'AI infrastructure revenue from webscale customers' inside a 6% Americas product increase, but gives no revenue figure, no order figure and no market share for the line - the only quantified trace is that inventory purchase commitments with contract manufacturers rose 47%. | 低 The filing says the Silicon One commitments 'significantly increased our supply chain exposure, which has resulted in negative impacts to our product gross margin in recent periods and may result in further negative impacts in future periods', with further exposure 'if product demand significantly decreases for a sustained duration' - a business where the buyer sets the terms, not the incumbent. |
| Collaboration (Webex Suite, devices, Contact Center, CPaaS) · Collaboration software and devices Webex Suite, collaboration devices, contact centre and CPaaS offerings. | 挑战者 Collaboration product revenue was $4,154 million in fiscal 2025, up 1% or $41 million from $4,113 million and $4,052 million in the two prior years - effectively flat for three years, with no market share disclosed. | 低 The filing states the 1% increase came from 'Collaboration Devices, CPaaS and Contact Center offerings, partially offset by a decline in our Webex Suite offerings' - the software franchise at the centre of the category is shrinking. |
| Networking (switching, routing, wireless, servers) · Enterprise and service-provider networking Cisco's core networking technologies: switching, routing, wireless and servers. | 领先 At $28,304 million of fiscal 2025 product revenue this is by far Cisco's largest category - roughly 68% of the $41,608 million product total, against $8,094 million for Security and $4,154 million for Collaboration - but it has fallen from $34,570 million in fiscal 2023. The filing discloses no market share. | 中等 The 10-K attributes the 3% fiscal 2025 decline to 'product shipments returning to normalized levels during the first half of fiscal 2025 from the elevated levels of product shipments we experienced in the first half of fiscal 2024', to servers, and to 'a decline in campus switching' - a demand-cycle explanation rather than a disclosed loss of position, and no structural barrier is asserted. |
| Observability (Splunk Observability Suite, ThousandEyes) · Network assurance and observability Network assurance, monitoring and analytics, and the observability suite. | 细分市场 At $1,055 million of fiscal 2025 product revenue this is Cisco's smallest reported category, about 2.5% of product revenue, though up 26%; the filing discloses no market share. | 中等 Growth is attributed to 'Observability Suite offerings from Splunk and growth in our ThousandEyes network services offerings, partially offset by a decline in monitoring and analytics' - two acquired products growing while the organic line shrinks. |
| Security (Splunk TDR, SASE, network security) · Enterprise security Network security, identity and access management, SASE, and threat intelligence/detection/response including Splunk. | 前三 Security product revenue was $8,094 million in fiscal 2025, up 59% or $3.0 billion, which the filing attributes 'primarily' to Threat Intelligence, Detection, and Response offerings 'which includes the offerings from Splunk' - a step-up carried by acquisition rather than by the base business, and no market share is disclosed. | 中等 The 10-K credits Splunk with benefits to product gross margin while also charging amortisation of purchased intangibles 'primarily related to Splunk' of 0.4 points against it - a bought position still being paid for. |
| Technical support and services · Support annuity Multi-year technical support and advanced services contracted against installed equipment. | 领先 Services carried $10,303 million of gross profit in fiscal 2025 at a 68.5% gross margin - the highest-margin line in the company - and $21,961 million of remaining performance obligations, slightly more than the $21,572 million booked against product. | 深 Services gross margin has risen three years running (66.4%, 68.1%, 68.5%) and $21,810 million of total RPO is long-term, recognised beyond twelve months - a contracted stream attached to hardware customers already own and would have to strand to leave. |
