Cisco vs Verkada: Revenue, Profit and Business Model
Cisco reported $63.3B of revenue in FY2026 and $13.3B of net income. Verkada does not publish annual revenue.
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.
Verkada
Verkada is private and does not publish audited financial statements. In March 2026 it said revenue grew 30% year over year in its latest fiscal year, without giving a dollar figure, and SiliconANGLE reported that it crossed $1 billion in annualized bookings around the time of its December 2025 round. Disclosed funding milestones include a $205 million Series D in September 2022 at a $3.2 billion valuation led by Linse Capital, a $200 million Series E in February 2025 at $4.5 billion led by General Catalyst (total funding above $700 million, per the company), a CapitalG-led investment in December 2025 at $5.8 billion, and an undisclosed NVIDIA investment announced in July 2026.
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 |
Verkada
Verkada does not publish annual revenue. What is known about its finances is in the summary above.
Full Verkada financialsWhere 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.
Verkada
No segment breakdown is published.
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.
Verkada
How it makes money
Verkada sells security hardware (cameras, door controllers, environmental sensors, alarm panels, intercoms and visitor management devices) together with per-device Command software licenses sold for multi-year terms. Customers buy directly or through channel partners.
Growth strategy
Verkada grows by selling more product lines into existing customers, by expanding its sales footprint (four new US offices and a Dubai hub in March 2026) and by adding AI software features to installed devices, now including work with NVIDIA on video search models.
Competitive advantage
Verkada designs both the devices and the Command software, so cameras, doors, sensors, alarms and intercoms are managed in one application rather than several vendor systems. Cameras record to on-board storage, removing the need for a separate on-site video recorder, and new AI features are delivered through software updates;
Questions about Cisco vs Verkada
Which company has higher revenue — Cisco Systems, Inc. or Verkada?
Cisco Systems, Inc. reported $63.3B (FY2026). A verified revenue figure for Verkada was not available at the time of this comparison.
What is the market cap of Cisco Systems, Inc. vs Verkada?
Cisco Systems, Inc.'s market capitalisation stands at $420.7B, while Verkada's is $5.8B. Cisco Systems, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Verkada.
Which is more financially efficient — Cisco Systems, Inc. or Verkada?
Cisco Systems, Inc. generates $769k / employee in revenue per employee. A comparable figure for Verkada requires matching employee and revenue data from the same reporting period.
How do Cisco Systems, Inc. and Verkada make money?
Cisco Systems, Inc. and Verkada generate revenue in fundamentally different ways. Cisco Systems, Inc.: Cisco makes money in two ways: product sales and services. Verkada: Verkada sells security hardware (cameras, door controllers, environmental sensors, alarm panels, intercoms and visitor management devices) together with per-device Command software licenses sold for multi-year terms.
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 Verkada overview