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Cisco designs and sells a broad range of technologies including hardware, software, and artificial intelligence (AI) powered digital infrastructure to power, help secure, and draw insights from the Internet. 10-K, Item 1
15 paragraphs in Risk Factors of the 10-K filed Sep 2, 2026 with nothing like them in the 10-K filed Sep 3, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 74 Technology companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
•Our ability to maintain appropriate inventory levels and purchase commitments and manage manufacturing and customer lead times
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•Our ability to achieve targeted cost reductions and anticipated benefits from our investments
Any of these factors, or others discussed in this report, could materially harm our business, results of operations, or financial condition.
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Our growth and ability to meet customer demands depend in part on our ability to obtain timely component deliveries from our suppliers and contract manufacturers. We have experienced past component shortages, including those caused by
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•Sales discounts, changes in distribution channels, or changes in shipment volume
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•Lower than expected benefits from value engineering and our ability to reduce production costs
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recognition; and expect financing from vendors. All these factors can add further risk to business conducted with service providers and cloud customers.
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•Use significant cash resources, incur debt, or increase interest expense, leverage, and debt service obligations
•Assume liabilities, become subject to intellectual property or other litigation, and incur significant write-offs, restructuring charges, and related expenses
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For additional information and a further discussion of impacts and risks related to cybersecurity matters, see the risk factors under the “Item 1A. Risk Factors— Risk Related to Cybersecurity, Privacy, and Regulatory Requirements” heading.
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impacted by a variety of political, economic or other factors relating to our operations inside and outside the United States, any or all of which could materially harm our results of operations or financial condition, including the following:
Similar paragraph at 1 of 74 other Technology companies: ACN•Challenging and uncertain global macroeconomic environments, central bank policies, currency exchange rates, and regional economic instability (including economic challenges in China and their resulting global ramifications)
•International tensions (including China-Taiwan relations), U.S. foreign relations impacting customer willingness to buy U.S. products or our ability to procure components, trade protection measures such as tariffs, and government disruptions or shutdowns
•Import/export restrictions, environmental regulations (including climate change laws), and adverse tax consequences (such as withholding taxes)
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Third parties, including customers, have asserted and may in the future assert claims or initiate litigation relating to patents, copyrights, trademarks, and other intellectual property rights covering technologies or standards relevant to our business. Such claims have increased over time due to our growth, developments in patent policy and practice, including at the United States Patent and Trademark Office, and increased intellectual property litigation activity, particularly in the United States. Because of
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9 paragraphs in the 10-Q filed May 19, 2026 with nothing like them in the 10-Q filed Feb 17, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Our non-marketable equity securities are investments in privately held entities, venture funds, and publicly traded entities that do not have readily determinable fair value (RDFV). The carrying value of these investments are summarized below (in millions):
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April 25, 2026 July 26, 2025 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Initial cost of non-marketable equity securities measured under the measurement alternative $ 1,102 $ 975 Cumulative upward adjustments 440 195 Cumulative downward adjustments, including impairments (602) (597) Non-marketable equity securities under measurement alternative 940 573 Restricted equity securities 379 — Consolidated investments 702 508 Non-marketable equity securities under net asset value (NAV), equity method and other 925 840 Total $ 2,946 $ 1,921
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Restricted equity securities are investments in publicly traded entities measured at fair value on a recurring basis. These investments are classified as Level 2 in the fair value hierarchy, as they are valued using pricing models that use observable market inputs reduced by a discount for lack of marketability (“DLOM”). The fair value of these restricted equity securities was $ 379 million as of April 25, 2026 and we recognized unrealized losses of $ 31 million for the third quarter and first nine months of fiscal 2026.
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For more discussion on the fair value measurement of our non-marketable equity securities, see Note 10.
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On February 20, 2026, the U.S. Supreme Court ruled that the tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”) were unauthorized. As a result of this ruling, we may be eligible for a refund of tariffs previously paid on imported goods. As the recoverability and timing of any such refund remains uncertain, we have not recorded a benefit for any potential refund and will not until such amounts are realizable. We will continue to monitor these developments and believe that any potential refund will not have a material impact on our business and Consolidated Financial Statements.
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We intend to announce material information to the public through our Investor Relations website at https://investor.cisco.com, SEC filings, press releases, public conference calls, and public webcasts, including those made available or broadcast on our Investor Relations website and through third-party websites, such as our LinkedIn page and YouTube channel. We use these channels, as well as social media (including certain X and LinkedIn accounts held and/or managed by us or our executive officers) and our blog, to communicate with our investors, customers, and the public about us, our products and services, and other matters. It is possible that the information we post on social media and our blog could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above, including the social media channels listed at the bottom of our Investor Relations website, and to review the information disclosed through such channels.
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• Use significant cash resources, incur debt, or increase interest expense, leverage, and debt service obligations
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• Assume liabilities, become subject to intellectual property or other litigation, and incur significant write-offs, restructuring charges, and related expenses
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in engineering and sales fields, could make it difficult to meet key objectives, such as timely and effective product introductions. In addition, companies in our industry whose employees accept positions with competitors frequently claim that competitors have engaged in improper hiring practices. We have received these claims in the past and may receive additional claims in the future.
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Item 1A of the 10-Q filed May 19, 2026 against Item 1A of the 10-K filed Sep 3, 2025.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
The first 19 of 44 are shown (at most 12 of each type).
Work on CSCO in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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