Cisco Systems (CSCO): what its 10-K says it depends on

Customers

Hyperscalers

earns fromnamed as a risk

As our business with large cloud and hyperscaler customers grows, changes in the timing or size of purchases by a limited number of customers could have a greater impact on our revenue, gross margins and results of operations from period to period.Risk factors (Item 1A)

Also named by CLS, INTC, LUMN, NVT, OWL, SLB

Suppliers

Contract manufacturers

depends onnamed as a risk

The fact that we do not own or operate the bulk of our manufacturing facilities and that we are reliant on our extended supply chain could have an adverse impact on the supply of our products and on our business and results of operations.Risk factors (Item 1A)

Also named by AIOT, COHR, DELL, GNRC, GOOG, HROW, KEYS, LITE and 6 more

Single-source component suppliers

depends onnamed as a risk

Although in many cases we use standard parts and components for our products, certain components are presently available only from limited or single sources, and a global economic downturn and related market uncertainty could negatively impact the availability of components from one or more of these sources, especially during times when there are supplier constraints based on labor and other actions taken during economic downturns.Risk factors (Item 1A)

Also named by LRCX, MTD, P, PROF, RMD

Partners and platforms

Channel partners and two-tier distributors

earns fromnamed as a risk

A substantial portion of our products and services is sold through our channel partners, and the remainder is sold through direct sales.Risk factors (Item 1A)

Other companies

Cisco Capital

insures or lends to · $8.3 billionnamed as a risk

As of July 25, 2026, our financing receivables had a carrying value of $8.3 billion, compared with $6.5 billion as of July 26, 2025.Market risk (Item 7A)

Splunk

named as a risk

This shift in our business model was accelerated by acquisitions, including our acquisition of Splunk.Risk factors (Item 1A)

Competitors

Huawei Technologies Co., Ltd.

competes with

Our competitors (in each case relative to only some of our products or services) include: Amazon Web Services LLC; Arista Networks, Inc.; Broadcom Inc.; Ciena Corporation; CrowdStrike Holdings, Inc.; Datadog Inc.; Dell Technologies Inc.; Dynatrace Inc.; Fortinet, Inc.; Hewlett-Packard Enterprise Company; Huawei Technologies Co., Ltd.; Microsoft Corporation; Nokia Corporation; Nvidia Corporation; Palo Alto Networks, Inc.; RingCentral, Inc.; Zoom Video Communications, Inc.; and Zscaler, Inc.; among others.Business (Item 1)

Also named by ENPH, EXTR, LITE, MXL, ONTO

Nvidia Corporation

competes with

Our competitors (in each case relative to only some of our products or services) include: Amazon Web Services LLC; Arista Networks, Inc.; Broadcom Inc.; Ciena Corporation; CrowdStrike Holdings, Inc.; Datadog Inc.; Dell Technologies Inc.; Dynatrace Inc.; Fortinet, Inc.; Hewlett-Packard Enterprise Company; Huawei Technologies Co., Ltd.; Microsoft Corporation; Nokia Corporation; Nvidia Corporation; Palo Alto Networks, Inc.; RingCentral, Inc.; Zoom Video Communications, Inc.; and Zscaler, Inc.; among others.Business (Item 1)

Also named by AKAM, CRWV, HPQ, MRVL

Arista Networks, Inc.

competes with

Our competitors (in each case relative to only some of our products or services) include: Amazon Web Services LLC; Arista Networks, Inc.; Broadcom Inc.; Ciena Corporation; CrowdStrike Holdings, Inc.; Datadog Inc.; Dell Technologies Inc.; Dynatrace Inc.; Fortinet, Inc.; Hewlett-Packard Enterprise Company; Huawei Technologies Co., Ltd.; Microsoft Corporation; Nokia Corporation; Nvidia Corporation; Palo Alto Networks, Inc.; RingCentral, Inc.; Zoom Video Communications, Inc.; and Zscaler, Inc.; among others.Business (Item 1)

Also named by CLS, EXTR

Places

China

competes withnamed as a risk

In particular, we have experienced price-focused competition from competitors in Asia, especially from China, and we anticipate this will continue.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Hazards

Russia-Ukraine war

named as a risk

The continued threat of terrorism and heightened security and military action in response thereto, or any other current or future acts of terrorism, war (such as the ongoing Russia-Ukraine war and Middle East conflicts and wars), and other events (such as economic sanctions, trade restrictions or disruptions and reactions of the governments, markets and the general public, including the sanctions and restrictions related to the ongoing Russia-Ukraine war or arising out of the current conflicts and wars in the Middle East) may cause further disruptions to the economies of the United States and other countries and createRisk factors (Item 1A)

Also named by ADSK, ATR, AVAV, CTVA, EMR, FIS, FLO, FND and 21 more

China-Taiwan relations

named as a risk

•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 shutdownsRisk factors (Item 1A)

Also named by AVGO

Silicon Valley earthquakes

concentrated innamed as a risk

Our corporate headquarters, including certain research and development operations, are located in Silicon Valley, a region known for seismic activity.Risk factors (Item 1A)

Commodities and inputs

U.S. dollar

exposed to its price · Approximately 75% of our operating expensesnamed as a risk

Approximately 75% of our operating expenses are U.S.-dollar denominated.Market risk (Item 7A)

Also named by A, AAPL, AEHR, CROX, FWONA, IDXX, KEYS, LECO and 4 more

Semiconductors

exposed to its pricenamed as a risk

Financial problems of either contract manufacturers or component suppliers, reservation of manufacturing capacity at our contract manufacturers by other companies, and industry consolidation occurring within one or more component supplier markets, such as the semiconductor market, in each case, could either limit supply or increase costs.Risk factors (Item 1A)

Also named by AAPL, AIOT, ARW, AXON, CARR, CAT, CIEN, GD and 16 more

Memory components

exposed to its pricenamed as a risk

Manufacturing capacity and supply constraints, such as the memory shortages experienced in fiscal 2026, remain significant risks, and we expect to continue to be adversely impacted by the rising costs of currently constrained memory components.Risk factors (Item 1A)

Also named by BBY, LBTYA, MCHP, NTAP, PANW

Regulators

Internal Revenue Service

subject tonamed as a risk

In addition, we are subject to the continuous examination of our income tax returns by the Internal Revenue Service and other tax authorities.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Laws and programs

Tariffs

subject tonamed as a risk

Increased costs (including royalty or royalty costs and those caused by tariffs or economic conditions, including inflation), loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deterioratesRisk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

California Privacy Rights Act

subject tonamed as a risk

Additionally, we are subject to the California Privacy Rights Act, Singapore’s Personal Data Protection Act, and other laws, regulations, and obligations around the world that govern the handling of data and cybersecurity.Risk factors (Item 1A)

Also named by AXON, CDW, DHI, DPZ, NFLX, SFM

EU AI regulation

subject tonamed as a risk

AI-related issues, deficiencies and/or failures could also give rise to legal and/or regulatory action (including with respect to proposed legislation regulating AI in jurisdictions such as the European Union and others, and as a result of new and different applications of existing and new data protection, privacy, cybersecurity, intellectual property, and other laws and regulations); damage our reputation; or otherwise materially harm our business.Risk factors (Item 1A)

Also named by FFIV

Export controls and economic sanctions

subject tonamed as a risk

In particular, economic sanctions and changes to export and import control requirements have impacted and may continue to impact our ability to sell and support our products and services in certain jurisdictions.Risk factors (Item 1A)

Singapore Personal Data Protection Act

subject tonamed as a risk

Additionally, we are subject to the California Privacy Rights Act, Singapore’s Personal Data Protection Act, and other laws, regulations, and obligations around the world that govern the handling of data and cybersecurity.Risk factors (Item 1A)

Technology

Cisco Silicon One

depends onnamed as a risk

For example, in fiscal 2025 and 2026, we entered into additional purchase commitments with contract manufacturers and suppliers related to manufacturing Cisco Silicon One, memory components and other products to meet expected demand from hyperscalers and other customers.Risk factors (Item 1A)

White box hardware

competes withnamed as a risk

For example, as products related to network programmability, such as software-defined networking (SDN) products, have become more prevalent, we have faced increased competition from companies that develop networking products based on commoditized hardware, referred to as “white box” hardware.Risk factors (Item 1A)