Cisco vs Huawei: Revenue, Profit and Business Model
Cisco reported $63.3B of revenue in FY2026 and $13.3B of net income. Huawei reported ~$122.4B of revenue in FY2025 and ~$9.5B of net income.
Latest financial snapshot
Financial summary
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.
Huawei
Huawei's revenue collapsed from ~$124 billion (CNY 891.4 billion) in 2020 to ~$88.5 billion (CNY 636.8 billion) in 2021 as U.S. restrictions cut off advanced chips and Google services for its phones. It then climbed back: ~$89.3 billion (CNY 642.3 billion) in 2022, ~$97.9 billion (CNY 704.2 billion) in 2023, ~$120 billion (CNY 862.1 billion) in 2024 (+22.4%), and ~$122 billion (CNY 880.9 billion) in 2025 (+2.2%). Net profit was ~$12.1 billion (CNY 87.0 billion) in 2023, fell to ~$8.7 billion (CNY 62.6 billion) in 2024 as investment rose, and recovered to ~$9.45 billion (CNY 68.0 billion) in 2025. Margins came under pressure again in the first half of 2026: revenue rose 9.6% to ~$65 billion (CNY 467.8 billion), but net profit fell 36% to ~$3.31 billion (CNY 23.8 billion) on higher costs and R&D. Huawei publishes audited annual results and issues bonds, but it has no share price or public market capitalization.
Revenue and profit by year
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
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.
Huawei
- ICT Infrastructure
Largest segment
Carrier network equipment, optical transmission, enterprise networking, data-center infrastructure, and communications software sold to telecom operators, governments, and enterprises.
- Consumer Devices
Major segment
Smartphones, tablets, PCs, wearables, audio devices, HarmonyOS ecosystem services, and smart-device software sold mainly through consumer channels.
- Digital Power
Growth segment
Smart photovoltaic inverters, energy-storage systems, EV charging, data-center power, and electrification products for energy and infrastructure customers.
- Cloud and Computing
Strategic platform
Huawei Cloud, Pangu AI models, Ascend computing infrastructure, enterprise software, and government/industry digital-transformation services.
Business model and strategy
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 absolute competitive advantage is its large, impenetrable entrenchment in global corporate IT infrastructure. It is heavily documented in the IT world that 'nobody ever got fired for buying Cisco'. If a large global bank is building a secure network, they buy Cisco because it is the absolute gold standard for reliability.
Huawei
How it makes money
Huawei makes money by selling network equipment, devices, and digital infrastructure, plus software, services, and patent licences. In 2025 its ICT infrastructure business, which sells 5G radio, core network, optical, data-communication, and enterprise products to carriers, governments, and companies, earned ~$52.1 billion (CNY 375 billion).
Growth strategy
Huawei's growth strategy has three parts: build domestic replacements for restricted technology (Kirin and Ascend chips, HarmonyOS, openEuler, and in-house HBM for AI accelerators), expand newer businesses such as intelligent automotive solutions and Digital Power, and keep selling ICT infrastructure in China, the Middle East, Africa, Latin America, and Southeast Asia, where it is not excluded from 5G networks.
Competitive advantage
Huawei's advantage is scale in R&D and breadth of portfolio. It reinvested ~$26.7 billion (CNY 192.3 billion) in R&D in 2025 and ~$192 billion (CNY 1.382 trillion) over the past decade, and it can sell an operator everything from radio and core networks to optical transport, data-center power, and cloud.
Questions about Cisco vs Huawei
Which company has higher revenue — Cisco Systems, Inc. or Huawei Technologies Co., Ltd.?
Cisco Systems, Inc. reported $63.3B (FY2026), while Huawei Technologies Co., Ltd. reported ~$122.4B (FY2025). By last reported revenue, Huawei Technologies Co., Ltd. is the larger business, with Cisco Systems, Inc. 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 Cisco Systems, Inc. vs Huawei Technologies Co., Ltd.?
Cisco Systems, Inc. has a market capitalisation of $420.7B. A public market cap figure for Huawei Technologies Co., Ltd. was not available (it may be privately held).
Which is more financially efficient — Cisco Systems, Inc. or Huawei Technologies Co., Ltd.?
Cisco Systems, Inc. generates $769k / employee in revenue per employee, while Huawei Technologies Co., Ltd. generates $575k / employee. Cisco Systems, Inc. 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 Cisco Systems, Inc. and Huawei Technologies Co., Ltd. make money?
Cisco Systems, Inc. and Huawei Technologies Co., Ltd. generate revenue in fundamentally different ways. Cisco Systems, Inc.: Cisco makes money in two ways: product sales and services. Huawei Technologies Co., Ltd.: Huawei makes money by selling network equipment, devices, and digital infrastructure, plus software, services, and patent licences.
Is Cisco Systems, Inc. bigger than Huawei Technologies Co., Ltd.?
By last reported revenue, Huawei Technologies Co., Ltd. (~$122.4B (FY2025)) is the larger company compared to Cisco Systems, Inc. ($63.3B (FY2026)). 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 Cisco vs Huawei overview