CSCO — what changed in the latest 10-Q
A section-by-section comparison of CSCO's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-19 vs the prior 10-Q · 2026-02-17
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +25 | −21 | ~85 | 90 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~6 | 5 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | Some risk factors updated | +13 | −15 | ~34 | 88 |
| Other information | Text added/removed | 0 | −1 | ~3 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-19
From a product category perspective, the product revenue increase of 17% was driven by growth in Networking of 25%, particularly within our AI Infrastructure and Campus Networking solutions. We also saw product revenue growth in Observability of 3%. This growth was partially offset by a product reve…
Product gross margin decreased by 2.5 percentage points primarily driven by negative impacts from product mix and to a lesser extent, pricing, partially offset by productivity improvements. The negative impacts from product mix were primarily due to higher Networking revenue. Productivity benefits w…
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 an…
Our services gross margin percentage increased by 0.5 percentage points in the third quarter of fiscal 2026 and increased by 0.1 percentage points in the first nine months of fiscal 2026. For each of the third quarter and first nine months of fiscal 2026, the increase in services gross margin was pr…
R&D expenses increased primarily due to higher share-based compensation expense, higher discretionary spending and higher headcount-related expenses reflecting our investments in AI, partially offset by lower acquisition-related costs and lower contracted services spending.
Text removed vs the prior filing · source: 10-Q · 2026-02-17
From a product category perspective, the product revenue increase of 14% was driven by growth in Networking of 21%, particularly within our AI Infrastructure and Campus Networking solutions where we expect to continue to see positive business momentum. We saw a decline in Security of 4%, primarily d…
Product gross margin increased by 0.2 percentage points primarily driven by productivity improvements and lower amortization of purchased intangible assets, partially offset by negative impacts from product mix and pricing. Productivity benefits were adversely impacted by higher memory costs. The ne…
Our services gross margin percentage decreased by 0.5 percentage points in the second quarter of fiscal 2026 and decreased by 0.1 percentage points in the first six months of fiscal 2026. For each of the second quarter and first six months of fiscal 2026, the decrease in services gross margin was pr…
R&D expenses increased primarily due to higher headcount-related expenses reflecting our investments in AI, higher share-based compensation expense and higher discretionary spending, partially offset by lower acquisition-related costs.
In the first quarter of fiscal 2025, we announced a restructuring plan in order to allow us to invest in key growth opportunities and drive more efficiencies in our business. In connection with this restructuring plan, we incurred charges of $36 million and $183 million in the second quarter and fir…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-05-19
•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
•Incur tax expense related to the effect of acquisitions on our legal structure
Mergers and acquisitions of technology companies are inherently risky and subject to factors outside our control, and there can be no assurance that past or future acquisitions will be successful or will not materially harm our business, operating results, or financial condition. Failure to successf…
We conduct significant sales and customer support operations in countries around the world. As such, our growth depends in part on our increasing sales into emerging countries. We also depend on non-U.S. operations of our contract manufacturers, component suppliers and distribution partners. Our bus…
Text removed vs the prior filing · source: 10-Q · 2026-02-17
•Insufficient revenue to offset increased expenses associated with acquisitions
•Use a substantial portion of our cash resources, or incur debt
•Significantly increase our interest expense, leverage and debt service requirements if we incur additional debt to pay for an acquisition
•Incur amortization expenses related to certain intangible assets
•Incur tax expenses related to the effect of acquisitions on our legal structure
Other information
Text removed vs the prior filing · source: 10-Q · 2026-02-17
On December 19, 2025, Mark Patterson, Cisco's Executive Vice President and Chief Financial Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Patterson’s trading plan provides for the sale of approximately 87,228 gross…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice