Cisco

Visibility has improved materially. Subscription revenue totaled $31.53B in FY25 (about 55.6% of sales). RPO was $43.53B at FY25 year-end, with about half expected to convert within 12 months, and rose to $42.87B in Q1 FY26 despite seasonal patterns.

Management guided FY26 revenue to $60.2–$61.0B, supported by AI-driven demand and a multi-year campus refresh cycle. The mix across Americas/EMEA/APJC and a large services base reduce single-region exposure.

Residual cyclicality in hardware shipments and tariff impacts remain, but the shift to software and subscriptions underpins steadier revenue and cash flow.