Slide 1: Investor Presentation
Investor Presentation February 2026
Slide 2: Legal disclaimer
Legal disclaimer Forward-Looking Statements: This presentation contains projections and other forward-looking statements regarding future events or the future financial performance of Cisco. These projections and statements are only predictions. Actual events or results may differ materially from th
Slide 3: Cisco's structural advantages
Cisco’s structural advantages Cisco’s structural advantages Trusted brand, unrivalled go-to-market, loyal customers Recurring revenue model with large growing markets FY 2025 FY 2025 CY 2027 37k+ trusted partners in global ecosystem 56% $43.5B ~$370B Recurring revenue RPO TAM (current mkts)2 ~6% CAG
Slide 4: Complex, distributed IT landscape requires a new approach
Complex, distributed IT landscape requires a new approach AI Infrastructure People and Workplaces Security and Compliance Latency and inefficiency threaten the Talent shortages, shifting work models Evolving threats, complex regulations value of massive AI investments challenge productivity and cult
Slide 5: A new level of inferencing demand on secure networking
A new level of inferencing demand on secure networking As Agentic AI workloads rapidly expand, with AI agents being trained in data centers, deployed across application environments, and engaging continuously with end-users, network traffic will not only exceed today’s chatbot levels, but agents wil
Slide 6: Cisco is providing the critical infrastructure for the AI era
Cisco is providing the critical infrastructure for the AI era Powering how AI-ready people and technology work Future-proofed data centers together across the workplaces Transforming data centers to physical and digital Modernizing how business happens, power AI workloads anywhere worlds everywhere
Slide 7: Cisco's decade of accelerated innovation and milestones
Cisco’s decade of accelerated innovation and milestones Foundational AI-Ready Future-Proofed Digital innovation Data Centers Workplaces Resilience 2026: G300 Silicon One chip 2026: 2025: 2025: • Cisco 8000 and Nexus 9000 • C9K Smart Campus Switches • Cisco Data Fabric 102.4T systems on G300 • Duo Id
Slide 8: AI-ready data centers
AI-ready data centers Transforming data centers to power AI workloads anywhere © 2026 Cisco and/or its affiliates. All rights reserved.
Slide 9: Transform data centers to power AI workloads anywhere
AI-ready data centers Transform data centers to power AI workloads anywhere Robust, flexible infrastructure AI-ready data Seamless operations and observability centers Security from ground to cloud D i g it a l resilience © 2026 Cisco and/or its affiliates. All rights reserved. 9
Slide 10: Next-gen networking for scalable AI
AI-ready data centers Next-gen Cisco Secure Firewall networking for 8000 Systems scalable AI workloads N9300 Smart Switch Silicon One 800G ZR+ Pluggable Optic Cisco Secure Firewall N9300 Smart Switch 6100 Series UCS X-Series Modular Servers Hypershield AI Defense UCS X-Series Cisco 8000 Series Modul
Slide 11: Smart Switch | Two personalities & unprecedented ROI
AI-ready data centers Smart Switch | Two personalities & unprecedented ROI 6 boxes 2 boxes Cisco Smart Switch F I R E W A L L F I R E W A L L NPU DPU NPU DPU Power Software licenses Optics Support contracts Cables © 2026 Cisco and/or its affiliates. All rights reserved. 11
Slide 12: Security from ground to cloud with Hybrid Mesh Firewall
AI-ready data centers Security from ground to cloud with Hybrid Mesh Firewall Security Cloud Control DPU Secure Firewall Secure Workload Cilium Hypershield DPU Smart in Switch/Server Switches 3rd Party Firewall Branch Campus Data center Cloud 200 Series 1200 Series 3100 4200 6100 Public/Private Seri
Slide 13: Cisco named a leader in Data Center Switching
AI-ready data centers Gartner® Magic Quadrant for Data Center Switching - March 31, 2025 Cisco named a leader in Data Center Switching • Cisco Nexus Dashboard • Cisco Nexus 9000 Series Family • Cisco 8000 Series Family Gartner disclaimer: Gartner, Inc., 2025 Magic Quadrant for Data Center Switching,
Slide 14: Future-proofed workplaces
Future-proofed workplaces Modernizing how business happens, everywhere it happens © 2026 Cisco and/or its affiliates. All rights reserved.
Slide 15: Modernizing how business happens, everywhere it happens
Future-proofed workplaces Modernizing how business happens, everywhere it happens Secure campus and branch networking User protection Future-proofed workplaces Collaboration devices and software Smart building technology D i g it a l resilience © 2026 Cisco and/or its affiliates. All rights reserved
Slide 16: Empowering workplaces with technology
Future-proofed workplaces Empowering workplaces with Catalyst 9000 Family technology C9350 & C9610 Smart Switches IoT Switch & Routers Wi-Fi 7 Access Points Cisco Secure Firewall C9350 & C9610 200 Series Smart Switches Universal ZTNA Meeting Devices Catalyst 9000 Family Wi-Fi 7 Access Points Webex S
Slide 17: Campus, Wireless, and Edge Devices Ramping (as of Q2FY26)
Future-proofed workplaces Campus, Wireless, and Edge Devices Ramping (as of Q2FY26) C9350 & C9610 Smart Catalyst 9000 Family Switches Wi-Fi 7 Access Points Industrial IoT portfolio Campus, Wireless, and Edge Device Highlights ▪ All next-gen campus networking solutions ramping faster than prior produ
Slide 18: Cisco named a leader in UCaaS
Future-proofed workplaces Gartner Magic Quadrant for Unified Communications as a Service – October 7, 2024 Cisco named a leader in UCaaS • Cisco UCaaS portfolio • Hardware portfolio that includes: • New 9800 Series desk phones • Headsets • Cameras • Meeting room kits • Collaboration boards Gartner d
Slide 19: Digital resilience
Digital resilience Keeping organizations securely up and running in the face of any disruption © 2026 Cisco and/or its affiliates. All rights reserved.
Slide 20: Keeping organizations securely up and running in the face of any disruption
Digital resilience Keeping organizations securely up and running in the face of any disruption Digital resilience Assurance Observability Security operations © 2026 Cisco and/or its affiliates. All rights reserved. 20
Slide 21: AI for resilience. Resilience for AI.
Digital resilience AI for resilience. Resilience for AI. Splunk Enterprise Security Splunk Observability for AI ThousandEyes IT Service Intelligence Application Dynamics Cisco XDR XDR Splunk SOAR Cisco Data Fabric © 2026 Cisco and/or its affiliates. All rights reserved. 21
Slide 22: Cisco + Splunk: The data platform fueling digital resilience
Digital resilience Cisco + Splunk: The data platform fueling digital resilience Unowned networks Own infrastructure Threat intel Users Assurance Observability Data Data platform Security operations Cloud infrastructure Devices Own apps Third party apps Cisco + Splunk offer a unified data platform fo
Slide 23: Cisco (Splunk) named a leader in SIEM and Observability
Digital resilience Cisco (Splunk) named a leader in SIEM and Observability Gartner® Magic Quadrant for Gartner® Magic Quadrant for Security Information and Event Management (October 8, 2025) Observability Platforms (July 7, 2025) Splunk named leader for 11th consecutive time Splunk named leader for
Slide 24: The AI opportunity
The AI opportunity Positioned for AI adoption © 2026 Cisco and/or its affiliates. All rights reserved.
Slide 25: Cisco Accelerating AI Adoption (updated as of Q2 FY26)
The AI opportunity Cisco Accelerating AI Adoption (updated as of Q2 FY26) Hyperscaler AI Infrastructure AI Connectivity Accelerated momentum with results demonstrating continued execution and Accelerated momentum company-wide for AI networking solutions, with innovation as hyperscalers ramp back-end
Slide 26: Scalable devices ready for AI
Back with solid fill The AI opportunity Back to Scalable devices ready for AI Top Smart Switches Secure Routers Campus Gateway Cisco Silicon One Advanced routing Scales up to 5,000 + co-processor and firewall for secure access points for security and AI SD-WAN and SASE and 50,000 clients Scale IoT f
Slide 27: Cisco Silicon One - Unifying, Securing, and Scaling Networks
The AI opportunity Cisco Silicon One - Unifying, Securing, and Scaling Networks Integrated Access Services Router Enterprise Switch Scale across DC Scale within DC Campus & Provider Access Provider Edge & Enterprise Core Campus & Data Center WAN & AI Inter-Data Center AI Cluster & Cloud Bandwidth Si
Slide 28: Silicon One – our key differentiator
The AI opportunity Silicon One – our key differentiator Journey over time 19.2Tbps 800G routing Expanding to 51.2 Tbps Expanding to SP Edge DC for Hyperscalers Scaling AI Backend Expansion to Web 4th Generation K100 (6.4T) 28.8Tbps modular Enterprise DC Deep buffer P200 Networking Scale switching En
Slide 29: Supporting data center scale-across
The AI opportunity Supporting data center scale-across Data Center 1 Data Center 2 Front End WAN/DCI Front End 1x Bandwidth Connecting CPUs to users Coherent CPUs CPUs CPUs CPUs Scale-Across GPUs GPUs GPUs GPUs 14x Bandwidth Connecting GPUs across multiple data centers reliably and securely Coherent
Slide 30: Agentic led Customer Experience: transforming the fundamental nature of services
The AI opportunity Agentic led Customer Experience: transforming the fundamental nature of services Cisco Survey Findings: A timeline for AI driven Automation for support: 91% of cases in Q1'26 were assisted by AI-enabled automation, delivering faster and more consistent resolutions agentic AI-led c
Slide 31: AI fuels surge in data privacy investments and redefines governance
The AI opportunity AI fuels surge in data privacy investments and redefines governance Cisco Survey Findings1 For organizations to succeed in the AI era, scalable and responsible AI strategies must be built through a mature, 90% of businesses cite AI as the integrated approach to privacy and data go
Slide 32: Financials
Financials Positioned for growth © 2026 Cisco and/or its affiliates. All rights reserved.
Slide 33: Revenue mix
Revenue mix Geographic Product Category Hardware vs. Recurring Customer Segments & Services Software Revenue Markets 15% 14% 20% 16% 28% 27% 44% 26% 26% 1% 2% 61% 56% 28% 9% 7% 70% 26% 7% 14% 59% 59% 55% 56% 56% 50% 54% 39% 44% 30% FY21 FY25 FY21 FY25 FY21 FY25 FY21 FY25 FY21 FY25 AMER EMEA APJC Net
Slide 34: Strong profitability
Strong profitability Gross margin (non-GAAP) Operating margin (non-GAAP) 34.4% 68.7% 34.2% 67.5% 66.0% 66.1% 33.8% 33.6% 64.6% 33.5% 33.5% 64.5% FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Gross Margin (non-GAAP) Operating Margin (non-GAAP) • Please see appendix for a reconciliation
Slide 35: Subscription revenue enhances predictability
Subscription revenue enhances predictability FY20 to FY25 $ in Billions CAGR 56% 60% 51% $31.5 50% +10% 44% 43% 43% 40% $27.4 $24.6 40% $22.0 $22.4 $19.9 $17.8 +18% $14.1 30% $11.9 $9.4 $10.0 $7.9 20% $12.0 $12.6 $12.4 $12.7 $13.3 $13.7 10% +3% 0% FY20 FY21 FY22 FY23 FY24 FY25 Service Subscription P
Slide 36: ARR drives durable growth while RPO indicates future revenue
ARR drives durable growth while RPO indicates future revenue FY20 to FY25 FY20 to FY25 Annual Recurring Revenue (ARR)* CAGR Remaining performance obligations (RPO)** CAGR $ in Billions $43.5 +9% $ in Billions $29.6 $31.1 +10% $41.0 $24.3 $34.9 $23.0 $30.9 $31.5 $21.3 $28.4 $21.8 +11% $18.9 $15.8 $17
Slide 37: Capital allocation
Capital allocation Capital priorities: % of Free Cash Flow Returned Annualized Dividend Grow the business organically and 97% average return since FY19 inorganically $1.64 178% $1.60 $1.56 Continue growth of dividend $1.52 119% $1.48 109% 94% $1.44 Share buyback consistent $1.40 59% 61% 56% with rec
Slide 38: Cisco Executive Leadership Team & Senior Leaders
1. Cisco Executive Leadership Team & Senior Leaders © 2026 Cisco and/or its affiliates. All rights reserved. 38
Slide 39: Appendix
Appendix © 2026 Cisco and/or its affiliates. All rights reserved.
Slide 40: Networking 101: What functions do our products serve?
Networking 101: What functions do our products serve? Catalyst 9000 Family 8000 Series Router Family Wi-Fi 7 Access Points Cisco Secure Firewall 4200 Series A switch connects multiple A router is a device that connects A wireless access point is a A firewall is a network security devices, such as co
Slide 41: Cisco case studies: universal business impact
Cisco case studies: universal business impact Workday: 83% decrease in deployment BT: 10x increase in network Nestlé: Application performance time for network infrastructure performance while reducing electricity improved 35-40% with network consumption by 70% maintaining 99.97% availability Objecti
Slide 42: Internal AI deployments driving productivity gains
Internal AI deployments driving productivity gains Many examples across Customer Experience, Sales, Product, Finance, People/Policy/Purpose and Operations teams Customer Experience Example People/Policy/Purpose Example Operations Example AI Agents for Renewals & HR Assistant Proprietary AI Assistant
Slide 43: Robust, flexible infrastructure
Back with solid fill AI-ready data centers Back to Robust, flexible infrastructure Top Data center building blocks Full stack systems Nexus Silicon One AI Nexus AI Pods Hyperfabric AI AI Nexus Unified Computing Hyperfabric System Secure AI Factory Cisco Validated Designs © 2026 Cisco and/or its affi
Slide 44: Seamless operations across environments
Back with solid fill AI-ready data centers Back to Seamless operations across environments Top Intersight Nexus Dashboard Customers can: Leverage existing tools, skills, and operational models for traditional and AI workloads Manage all compute resources centrally with Intersight Operate their data
Slide 45: Cisco and NVIDIA partnering to help enterprises easily deploy AI
Back with solid fill AI-ready data centers Back to Top Cisco and NVIDIA partnering to help enterprises easily deploy AI October 28, 2025 Deepened partnership with Nvidia to June 10, 2025 integrate Cisco Silicon Further strengthened One with NVIDIA the industry-defining Spectrum-X, working March 18,
Slide 46: Cisco Secure AI Factory with NVIDIA
AI-ready data centers Cisco Secure AI Factory with NVIDIA Reference architecture for Cisco NVIDIA AI Software and NVIDIA infrastructure working together Platform Software Splunk Observability Cisco Security • Powerful, high-speed, low-latency performance Cisco Networking & Optics • Flexible deployme
Slide 47: Cisco Silicon One P200
Back with solid fill AI-ready data centers Back to Cisco Silicon One P200 Top Unmatched Performance 1 Industry-leading 20B PPS performance and endless scalability Routing Capabilities Switch Efficiency 2 Industry-leading routing bandwidth with switching efficiency, leveraging the converged Cisco Sil
Slide 48: New Cisco 8000 Systems | Two years of relentless innovation
Back with solid fill AI-ready data centers Back to New Cisco 8000 Systems | Two years of relentless Top innovation 2023 2025 Cisco 8804 Cisco 8223-64EH 10RU, 57.6Tbps, 4-Slot modular system 3RU, 51.2Tbps. Fixed system 70% Less rack space 4 Fan Trays 99% Fewer dataplane chips 8 Fabric Cards 85% Light
Slide 49: Cisco Silicon One G300
Back with solid fill AI-ready data centers Back to Cisco Silicon One G300 Top Intelligent Networking 1 Uses shared packet buffers, path-based load balancing, and telemetry to boost network utilization by 33% and cut job completion time by 28%. Reliable Performance 2 Efficiently absorbs bursty AI tra
Slide 50: N9300 Smart Switch
Back with solid fill AI-ready data centers Back to N9300 Smart Switch Top Integrated Networking and Security 1 Combines intelligent networking silicon with embedded DPUs to converge networking and security layers into a single solution, utilizing NX-OS for enhanced switch functionality and Nexus Das
Slide 51: Hypershield
Back with solid fill AI-ready data centers Back to Hypershield Top AI-Native Security Architecture 1 Cisco Hypershield is designed from the ground up to leverage AI, making it highly autonomous compared to traditional security solutions Distributed Security Enforcement 2 Provides security coverage a
Slide 52: AI Defense
Back with solid fill AI-ready data centers Back to AI Defense Top Secure AI Applications 1 Cisco AI Defense* aims to provide a robust common layer of safety and security across diverse AI applications, addressing critical vulnerabilities at both model and application levels. 29% Innovative Features
Slide 53: AI PODs ready for enterprise cloud applications
Back with solid fill AI-ready data centers AI PODs ready for enterprise cloud applications Back to Top Training Optimization Inferencing Cisco AI PODs EXTEND TO Deploy AI with confidence ADVANCED SERVICES Cisco CVD, NVIDIA ERA INCLUDED CISCO® OPERATIONS AUTOMATION AI SOFTWARE SECURITY Fully supporte
Slide 54: Cisco Unified Edge
Back with solid fill AI-ready data centers Back to Cisco Unified Edge Top Zero-touch Deployment Modular Hardware 1 Fast, consistent infrastructure rollout without onsite IT staff. 5 Cisco UCS XE9305 chassis and XE130c M8 compute nodes with support for GPUs and high memory/storage capacity. Full-stac
Slide 55: 800G LPO/1.6T Pluggable Optics
Back with solid fill AI-ready data centers Back to 800G LPO/1.6T Pluggable Optics Top 800G Linear Pluggable Optics (LPO) 1.6T OSFP (Octal Small Form-factor Pluggable) Optics: Energy Efficient Connectivity Unmatched Bandwidth 1 Delivers high-performance 800G optical links with lower 1 Provides 1.6Tbp
Slide 56: Cisco Universal ZTNA
Back with solid fill Future-Proofed Workplaces Back to Cisco Universal ZTNA Top Every device, person, Zero downtime: Zero friction: thing, everywhere Experience and Policy Assurance We do the plumbing. Traditional Apps Private Apps Internet Apps Zero impostors: Identity Trust SaaS Apps Consistent se
Slide 57: The platform powering collaboration for everyone
Back with solid fill Future-Proofed Workplaces Back to The platform powering collaboration for everyone Top EMPLOYEE EXPERIENCE CUSTOMER EXPERIENCE Webex Contact Center Webex Suite Cisco Devices & Webex Connect AI-POWERED PLATFORM Air Quality Occupancy Video Quality Presence Temperature Call quality
Slide 58: Making every space smarter
Back with solid fill Future-Proofed Workplaces Back to Making every space smarter Top Digital and physical intelligence when every network and collaboration device is a sensor Seamless Digitization Experiences Operational Connectivity & Insights & Wellbeing Efficiency The OS for smart spaces Indoor
Slide 59: Cisco's industrial IoT products are well positioned for strategic infrastructure
Back with solid fill Future-proofed workplaces Back to Cisco’s industrial IoT products are well positioned for Top strategic infrastructure Cisco Catalyst IE3100 Rugged Series Industrial Ethernet Switch Family 800 Industrial Integrated Services Routers With the US onshoring strategic infrastructure
Slide 60: C9350 & C9610 Smart Switches
Back with solid fill Future-proofed workplaces Back to C9350 & C9610 Smart Switches Top Programmable scalability 1 Cisco Smart Switches use SiliconOne ASICs that run parallel tasks independently, supporting more and complex applications High performance 2 Deliver 10x faster speeds with multi-gig and
Slide 61: Wi-Fi 7 access point
Back with solid fill Future-proofed workplaces Back to Wi-Fi 7 access point Top AI-Native Intelligence 1 The access points offer continuous performance optimization and self- configuration capabilities. They are globally location-aware, auto- detecting their environment upon installation, which help
Slide 62: Introducing AgenticOps
Back with solid fill Future-proofed workplaces Back to Introducing AgenticOps Top Deep Network Model AI Canvas Purpose-built for networking, expert accuracy Reimagined user interface for human/agent interaction • 10% more precise reasoning for troubleshooting, • Collaboration across multiple users (
Slide 63: Assuring connected experiences across customers' owned and unowned networks
Back with solid fill Digital resilience Back to Assuring connected experiences across customers' Top owned and unowned networks Eliminates blind spots with vantage points across internet, cloud, enterprise networks Correlates performance across every layer and predicts problems with AI Integrates ac
Slide 64: Cisco covers the entire enterprise
Back with solid fill Digital resilience Back to Cisco covers the entire enterprise Top Splunk IT Service Intelligence Splunk Platform ThousandEyes Splunk Splunk Observability Cloud AppDynamics Insights across owned and unowned network Insights across cloud-native Insights across hybrid and infrastru
Slide 65: Powering the SOC of the future
Back with solid fill Digital resilience Back to Powering the SOC of the future Top Federated data Advanced threat AI-accelerated Automated management detections investigations response Embedded AI Content and threat research User/Cloud/ Networking Third-party Talos Clouds Devices Data centers Appli
Slide 66: SOC of the future
Digital resilience SOC of the future Faster to identify root cause Reduction in case management 90% 83% of threats time Advanced threat detections AI-accelerated investigations • Real-time attack chain detection • AI-guided investigations • Curated and custom detections • Unified investigations and
Slide 67: Cisco Data Fabric
Back with solid fill Digital resilience Back to Cisco Data Fabric Top Unifying Machine Data for AI 1 Collects and transforms diverse machine data into AI-ready intelligence for custom models and insights. Cross-domain Visibility and Real-time Insights 2 Provides unified visibility and real-time anal
Slide 68: Large and growing markets – by product category
Large and growing markets – by product category 2027 Total TAM Networking $221B ~$575B (~9% CAGR 25-27) Security $118B Current Markets Collaboration $90B ~$370B (~6% CAGR 25-27) Observability $51B Expansion Markets Services $94B ~$205B (~16% CAGR 25-27) Current Expansion Current and Expansion Market
Slide 69: GAAP to Non-GAAP gross margin reconciliation
GAAP to Non-GAAP gross margin reconciliation (In $M, except percentages) FY20 FY21 FY22 FY23 FY24 FY25 GAAP amount $31,683 $31,894 $32,248 $35,753 $34,828 $36,790 % of revenue 64.3% 64.0% 62.5% 62.7% 64.7% 64.9% Adjustments to GAAP amounts: Share-based compensation expense 237 275 311 396 514 584 Am
Slide 70: GAAP to Non-GAAP operating margin reconciliation
GAAP to Non-GAAP operating margin reconciliation (In $M, except percentages) FY20 FY21 FY22 FY23 FY24 FY25 GAAP amount $13,620 $12,833 $13,969 $15,031 $12,181 $11,760 % of revenue 27.6% 25.8% 27.1% 26.4% 22.6% 20.8% Adjustments to GAAP amounts: Share-based compensation expense 1,544 1,735 1,885 2,34
Slide 71: Forward-Looking Statements
Forward-Looking Statements This presentation 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 Cisco’s
Slide 72: Investor Relations Contact
Investor Relations Contact: investor-relations@cisco.com © 2026 Cisco and/or its affiliates. All rights reserved. 72
Slide 73: otftotfas
otftotfas cisco