Cisco Systems (NasdaqGS:CSCO) FY 2025 Annual General Meeting December 16, 2025 11:00 AM ET Company ParticipantsStefan Padfield - Executive Director of Free Enterprise ProjectSami Badri - Head of Investor RelationsEvan Sloves - SecretaryChuck Robbins - Chair and CEOSami BadriGood morning, ladies and gentlemen. Welcome to Cisco's 2025 Annual Meeting of Stockholders. This is Sami Badri, Head of Investor Relations, and I'm joined by Chuck Robbins, our Chair and CEO, and Evan Sloves, Secretary of the Company. Th ...

Cisco Systems (NasdaqGS:CSCO) FY 2025 Annual General Meeting December 16, 2025 11:00 AM ET Company ParticipantsStefan Padfield - Executive Director of Free Enterprise ProjectSami Badri - Head of Investor RelationsEvan Sloves - SecretaryChuck Robbins - Chair and CEOSami BadriGood morning, ladies and gentlemen. Welcome to Cisco's 2025 Annual Meeting of Stockholders. This is Sami Badri, Head of Investor Relations, and I'm joined by Chuck Robbins, our Chair and CEO, and Evan Sloves, Secretary of the Company. Th ...

Cisco Systems (NasdaqGS:CSCO) FY 2025 Annual General Meeting December 16, 2025 11:00 AM ET Speaker0Good morning, ladies and gentlemen. Welcome to Cisco's 2025 Annual Meeting of Stockholders. This is Sami Badri, Head of Investor Relations, and I'm joined by Chuck Robbins, our Chair and CEO, and Evan Sloves, Secretary of the Company. The matters we'll be discussing today include forward-looking statements, which are subject to the risks and uncertainties that we discussed in detail in our documents filed with ...

Core Insights - Cisco Systems, Inc. (NASDAQ:CSCO) shares reached a record high for the first time in over 25 years, closing at $80.25, surpassing its previous peak during the dot-com bubble [2] - The company's market valuation has increased significantly, with shares rising over 800% since their low of around $60 billion in late 2002, although it remains more than 40% below its dot-com peak valuation of over $500 billion [3] Financial Performance - Cisco anticipates fiscal-year revenues to reach up to $61 billion by the end of July, exceeding Wall Street projections by approximately $1 billion [4] - The stock increased by 0.9% on a day when the S&P 500 and Nasdaq 100 also saw gains, indicating a positive market environment following the Federal Reserve's interest rate cuts [2] Market Position and Analyst Sentiment - UBS analyst David Vogt upgraded Cisco shares to "buy," highlighting the growing demand for AI infrastructure solutions as a key driver for the company's future growth [5] - Cisco is recognized as one of the largest software firms globally and the leading supplier of networking equipment, positioning it well to capitalize on increasing global investments in AI infrastructure [5]

Core Viewpoint - Cisco Systems reported strong first-quarter fiscal 2026 earnings, exceeding estimates and showing year-over-year growth in revenues and earnings per share, indicating positive momentum for the company [3][4][12]. Financial Performance - Non-GAAP earnings for Q1 fiscal 2026 were $1 per share, beating the Zacks Consensus Estimate by 2.04% and increasing 9.9% year over year [3]. - Revenues reached $14.88 billion, surpassing estimates by 0.71% and reflecting a 7.5% year-over-year increase [4]. - Total Annual Recurring Revenues (ARR) were $31.4 billion, up 5%, with product ARR growth of 7% [4]. Revenue Breakdown - Networking revenues were $7.77 billion, up 15% year over year [5]. - Security revenues decreased by 2% to $1.98 billion, while collaboration revenues fell by 3% to $1.06 billion [5]. - Total product revenues were $11.08 billion, comprising 74.4% of total revenues, with a 9.5% year-over-year increase [6]. Regional Performance - Americas revenues increased by 9% to $8.99 billion, EMEA revenues climbed 5% to $3.78 billion, and APJC revenues also rose by 5% to $2.11 billion [7]. Operating Metrics - Non-GAAP gross margin was 68.1%, expanding 120 basis points year over year [8]. - Non-GAAP operating income was $5.12 billion, up 8.4% year over year, with an operating margin of 34.4% [9]. Balance Sheet Highlights - Cash and cash equivalents totaled $15.7 billion, down from $16.1 billion [10]. - Total debt remained stable at $28.1 billion [10]. - Remaining performance obligations (RPO) increased by 7% to $42.9 billion [10]. Shareholder Returns - Cisco returned $3.6 billion to shareholders through share buybacks and dividends in Q1 fiscal 2026 [11]. Future Guidance - For Q2 fiscal 2026, Cisco expects non-GAAP earnings between $1.01 and $1.03 per share, with revenues projected between $15 billion and $15.2 billion [12]. - For the full fiscal 2026, the company anticipates non-GAAP earnings between $4.08 and $4.14 per share, with revenues expected between $60.2 billion and $61 billion [13]. Market Sentiment - Estimates for Cisco have trended upward over the past month, indicating positive market sentiment [14]. - Cisco holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [16].

Core Insights - Cisco Systems (CSCO) has surpassed its dot-com-era peak for the first time in 25 years, with shares reaching $80.82, exceeding the previous record of $80.06 set on March 27, 2000 [1][2] - The company has spent 25 years rebuilding investor confidence after a 90% value loss following the tech bubble burst in 2002, and is now positioned to benefit from AI infrastructure spending [2][5] Financial Performance - Cisco's market capitalization is valued at $317 billion, making it one of the largest tech companies globally [4] - CSCO stock has increased by 35% over the past year and 80% over the last five years, with cumulative returns closer to 110% since December 2020 when adjusted for dividend reinvestments [4] AI Infrastructure Orders - In the fiscal first quarter, Cisco secured $1.3 billion in AI infrastructure orders from hyperscale customers, driven by demand for switching systems and coherent optics [6] - The full-year order target has been raised to at least $4 billion, which is double the previous year, with projections for AI-related revenue to triple to over $3 billion from $1 billion recognized in fiscal 2025 [6] Market Positioning - Cisco has secured four new design wins and serves five of the six largest cloud providers for AI infrastructure, positioning itself as an open alternative to Nvidia's proprietary stack [7] - Demand for scale-across networking has led to significant growth beyond traditional data center interconnect applications, with Acacia Optics holding approximately 25% market share in hyperscale deployments [8]

Core Insights - Whales have adopted a bullish stance on Arista Networks, with 28% of investors opening trades with bullish expectations and 14% with bearish [1] - The major market movers are focusing on a price range between $100.0 and $240.0 for Arista Networks over the last three months [2] - The trading volume and open interest data indicate significant liquidity and interest in Arista Networks' options [3] Options Trading Overview - A total of 14 trades were detected for Arista Networks, with 6 puts totaling $218,900 and 8 calls totaling $856,505 [1] - The biggest options trades include bullish call trades with significant total trade prices, such as a $360,000 trade at a strike price of $150.00 [7] Company Profile - Arista Networks is a networking equipment provider specializing in Ethernet switches and software for data centers, with a focus on high-speed applications [9] - The company has gained market share since its founding in 2004 and derives approximately 75% of its sales from North America, with major customers including Microsoft and Meta Platforms [9] Current Market Position - Analysts have set an average price target of $140.0 for Arista Networks, with a neutral rating maintained by a professional analyst [11][12] - The current trading volume for Arista Networks is 3,368,518, with the stock price up by 2.98% to $136.31 [15]

Key Takeaways ANET introduces VESPA to build large, reliable cloud-managed Wi-Fi networks with seamless campus roaming.VESPA supports over 500,000 devices and 30,000 access points using VXLAN and EVPN for massive mobility scale.ANET also upgrades AVA, using an LLM for deeper network insights, faster troubleshooting, and issue deduction.Arista Networks, Inc. (ANET) recently announced the introduction of a new technology that will help enterprises build large, reliable, cloud-managed Wi-Fi networks in univers ...

Core Viewpoint - Cisco is currently undervalued at 19 times earnings compared to its historical peak valuations of up to 150 times earnings, indicating a potential investment opportunity [1][2]. Group 1: Company Performance - Cisco has shown a significant recovery, with a 60% increase in value when dividends are included since a previous low [2]. - The company's stock has risen 34% this year, which is considered a strong performance in the technology sector [2]. Group 2: Leadership and Strategy - Chuck Robbins, the CEO of Cisco, is credited with effectively leading the company and driving its recent successes [2].

Core Insights - Ciena reported a revenue of $1.35 billion for the quarter ended October 2025, reflecting a year-over-year increase of 20.3% and surpassing the Zacks Consensus Estimate by 4.95% [1] - The earnings per share (EPS) for the quarter was $0.91, compared to $0.54 in the same quarter last year, resulting in an EPS surprise of 18.18% over the consensus estimate of $0.77 [1] Revenue Performance - Total Networking Platforms revenue reached $1.05 billion, exceeding the average estimate of $988.48 million, with a year-over-year growth of 22% [4] - Total Global Services revenue was $177.3 million, surpassing the estimated $168.47 million, marking a 24.9% increase year-over-year [4] - Software and Services revenue totaled $127.1 million, below the average estimate of $138.53 million, but still showing a 3.3% increase from the previous year [4] - Networking Platforms revenue from Routing and Switching was $118.4 million, exceeding the estimate of $110.82 million, with a significant year-over-year increase of 49.1% [4] - Optical Networking revenue was $929.2 million, surpassing the average estimate of $875.87 million, reflecting a 19.2% year-over-year growth [4] - Total Products revenue was $1.09 billion, above the estimated $1.03 billion, indicating a 22.4% increase compared to the previous year [4] - Blue Planet Automation Software and Services revenue was $33.8 million, slightly above the estimate of $33.6 million, with a year-over-year growth of 43.8% [4] - Platform Software and Services revenue was $93.3 million, below the average estimate of $109.24 million, showing a decline of 6.3% year-over-year [4] - Services revenue was $259.53 million, slightly exceeding the estimate of $258.17 million, with a year-over-year increase of 12% [4] Profitability Metrics - Gross profit from Products was $462.3 million, surpassing the estimated $421.34 million [4] - Gross profit from Services was $114.88 million, below the average estimate of $128.49 million [4] Stock Performance - Ciena's shares have returned +5.9% over the past month, outperforming the Zacks S&P 500 composite's +0.9% change, and the stock currently holds a Zacks Rank 2 (Buy) [3]