Bristol-Myers Squibb vs Cisco: Revenue, Profit and Business Model
Bristol-Myers Squibb reported $48.2B of revenue in FY2025 and $7.1B of net income. Cisco reported $63.3B of revenue in FY2026 and $13.3B of net income.
Latest financial snapshot
Bristol-Myers Squibb
- Latest revenue
- $48.2B (FY2025)
- Net income
- $7.1B
- Net margin
- 14.6%
- Revenue growth
- +10.6% a year, FY2016–FY2025
Cisco
- Latest revenue
- $63.3B (FY2026)
- Net income
- $13.3B
- Net margin
- 21.0%
- Revenue growth
- +3.1% a year, FY2017–FY2026
Financial summary
Bristol-Myers Squibb
Revenue grew from $19.4 billion in 2016 to $42.5 billion in 2020 as Celgene's sales were added, and has stayed between $45.0 billion and $48.3 billion since 2021. Net earnings are far less stable because BMS expenses acquired in-process R&D: the $11.4 billion MyoKardia charge produced a $9.0 billion net loss in 2020, and the Karuna charge produced an $8.9 billion loss in 2024. Cash generation is steadier, with free cash flow of about $12.8 billion in 2025. That cash funds a dividend raised for a 17th straight year in February 2026, to $0.63 a quarter, and debt reduction, from $51.2 billion at the end of 2024 to $47.2 billion a year later. On July 30, 2026 BMS raised its 2026 revenue guidance to $49.0 to $50.0 billion, from $46.0 to $47.5 billion, after second-quarter revenue rose 6 percent to $12.97 billion.
Cisco
Cisco's revenue fell 5.6% to $53.8 billion in FY2024 as customers worked through excess inventory, then recovered to $56.7 billion in FY2025 and a record $63.3 billion in FY2026 (up 12%). FY2026 GAAP net income was about $13.3 billion, GAAP EPS was $3.33 (up 31%), and non-GAAP EPS was $4.33. Growth accelerated through the year: Q4 FY2026 revenue was $17.3 billion, up 18%, with product revenue up 24% and total product orders up 35%. Cisco said it recognized about $4 billion of AI infrastructure revenue from hyperscalers in FY2026 and expects about $7.5 billion in FY2027, within total FY2027 revenue guidance of $72.2-73.4 billion. The company also pays a quarterly dividend and buys back stock.
Revenue and profit by year
Bristol-Myers Squibb
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $48.2B | $7.1B | 14.6% | -0.2% | Source |
| FY2024 | $48.3B | -$8.9B | -18.5% | +7.3% | Source |
| FY2023 | $45B | $8B | 17.8% | -2.5% | Source |
| FY2022 | $46.2B | $6.3B | 13.7% | -0.5% | Source |
| FY2021 | $46.4B | $7B | 15.1% | +9.1% | Source |
| FY2020 | $42.5B | -$9B | -21.2% | +62.6% | Source |
| FY2019 | $26.1B | $3.4B | 13.2% | +15.9% | Source |
| FY2018 | $22.6B | $4.9B | 21.8% | +8.6% | Source |
| FY2017 | $20.8B | $1B | 4.8% | +6.9% | Source |
| FY2016 | $19.4B | $4.5B | 22.9% | — | Source |
Cisco
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $63.3B | $13.3B | 21.0% | +11.8% | Source |
| FY2025 | $56.7B | $10.2B | 18.0% | +5.3% | Source |
| FY2024 | $53.8B | $10.3B | 19.2% | -5.6% | Source |
| FY2023 | $57B | $12.6B | 22.1% | +10.6% | Source |
| FY2022 | $51.6B | $11.8B | 22.9% | +3.5% | Source |
| FY2021 | $49.8B | $10.6B | 21.3% | +1.0% | Source |
| FY2020 | $49.3B | $11.2B | 22.7% | -5.0% | Source |
| FY2019 | $51.9B | $11.6B | 22.4% | +5.2% | Source |
| FY2018 | $49.3B | $110M | 0.2% | +2.8% | Source |
| FY2017 | $48B | $9.6B | 20.0% | — | Source |
Where the revenue comes from
Bristol-Myers Squibb
- Growth Portfolio~55%
$26.4 billion in 2025, up 17%: Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Breyanzi, Opdualag, Camzyos, Sotyktu, Cobenfy, Krazati and other newer brands. It grew another 15% to $7.56 billion in the second quarter of 2026.
- Legacy Portfolio~45%
$21.8 billion in 2025: Eliquis ($14.4 billion), Revlimid ($3.0 billion), Pomalyst/Imnovid ($2.7 billion), Sprycel, Abraxane and other mature brands facing generic competition. Legacy revenue fell 4% in the second quarter of 2026.
Cisco
- Secure, Agile Networks (Networking)~49%
Enterprise switching, routing, and wireless products including Catalyst, Nexus, and Meraki platforms. Cisco's largest and most established segment.
- Security~11%
Cybersecurity products including firewalls, zero-trust solutions, XDR, and the Splunk observability platform acquired in 2024 for $28 billion.
- Collaboration~9%
Webex video conferencing, unified communications, contact center solutions, and collaboration devices for hybrid work environments.
- Observability~8%
Full-stack observability including AppDynamics, ThousandEyes, and Splunk's SIEM/observability capabilities for monitoring application and network performance.
- Services~23%
Technical support, advisory services, and implementation services tied to Cisco's hardware and software portfolio. High-margin recurring revenue stream.
Business model and strategy
Bristol-Myers Squibb
How it makes money
BMS discovers, licenses or buys drug candidates, takes them through clinical trials, and sells approved medicines under patent protection to wholesalers, specialty pharmacies and hospitals. Net product sales were $46.8 billion of the $48.2 billion total in 2025; alliance, royalty and other revenues made up the remaining $1.4 billion, including royalties from Merck on Winrevair.
Growth strategy
BMS is pursuing growth on three fronts. First, scaling the Growth Portfolio (Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, Opdualag, Cobenfy and others), which rose 17 percent to $26.4 billion in 2025 and 15 percent to $7.56 billion in the second quarter of 2026.
Competitive advantage
BMS's advantage is its expertise in oncology and its large commercial and regulatory organization. Developing a cancer immunotherapy is complex, and winning approval from regulators and getting doctors to prescribe it requires an established global sales and regulatory team.
Cisco
How it makes money
Cisco makes money in two ways: product sales and services. Products (switches, routers, wireless, Silicon One-based data center and AI networking gear, firewalls, Splunk and other security and observability software, and Webex) made up about $13.5 billion of the $17.3 billion Q4 FY2026 revenue, while services (technical support, advisory, and maintenance contracts) contributed about $3.8 billion.
Growth strategy
Cisco's growth plan rests on three areas. First, AI infrastructure: Silicon One chips, Nexus and Cisco 8000 systems, and optics sold to hyperscalers and, increasingly, to neoclouds, sovereign AI projects, and enterprises building their own AI clusters. Second, campus and branch refresh, as enterprises upgrade switching and Wi-Fi for AI workloads.
Competitive advantage
Cisco's advantage is how deeply its equipment is built into corporate networks. The saying in IT is that 'nobody ever got fired for buying Cisco': large banks and other enterprises choose it for reliability. Replacing an integrated Cisco network with cheaper hardware is a multi-year project with real risk, so most CIOs stay, which gives Cisco a durable installed base.
Questions about Bristol-Myers Squibb vs Cisco
Which company has higher revenue — Bristol-Myers Squibb Company or Cisco Systems, Inc.?
Bristol-Myers Squibb Company reported $48.2B (FY2025), while Cisco Systems, Inc. reported $63.3B (FY2026). By last reported revenue, Cisco Systems, Inc. is the larger business, with Bristol-Myers Squibb Company reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Bristol-Myers Squibb Company vs Cisco Systems, Inc.?
Bristol-Myers Squibb Company's market capitalisation stands at $127.5B, while Cisco Systems, Inc.'s is $420.7B. Cisco Systems, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bristol-Myers Squibb Company.
Which is more financially efficient — Bristol-Myers Squibb Company or Cisco Systems, Inc.?
Bristol-Myers Squibb Company generates $1.48M / employee in revenue per employee, while Cisco Systems, Inc. generates $769k / employee. Bristol-Myers Squibb Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Bristol-Myers Squibb Company and Cisco Systems, Inc. make money?
Bristol-Myers Squibb Company and Cisco Systems, Inc. generate revenue in fundamentally different ways. Bristol-Myers Squibb Company: BMS discovers, licenses or buys drug candidates, takes them through clinical trials, and sells approved medicines under patent protection to wholesalers, specialty pharmacies and hospitals. Cisco Systems, Inc.: Cisco makes money in two ways: product sales and services.
Which company is valued higher relative to revenue — Bristol-Myers Squibb Company or Cisco Systems, Inc.?
On a price-to-sales (P/S) basis, Bristol-Myers Squibb Company trades at 2.6x P/S and Cisco Systems, Inc. at 6.6x P/S. Cisco Systems, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bristol-Myers Squibb Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bristol-Myers Squibb Company bigger than Cisco Systems, Inc.?
By last reported revenue, Cisco Systems, Inc. ($63.3B (FY2026)) is the larger company compared to Bristol-Myers Squibb Company ($48.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bristol-Myers Squibb vs Cisco overview