Cisco vs Wipro: Revenue, Profit and Business Model
Cisco reported $63.3B of revenue in FY2026 and $13.3B of net income. Wipro reported ~$10.7B of revenue in FY2026 and ~$1.5B 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.
Wipro
In FY2026 Wipro reported gross revenue of Rs 926.2 billion and net income of Rs 132.0 billion. IT services revenue was about $10.48 billion, roughly level with the year before, and the IT services operating margin was 17.2%. Fourth-quarter gross revenue was Rs 242.4 billion, up 7.7% year over year, and quarterly net income was Rs 35.0 billion, down 1.9%. With the Q4 results in April 2026, the board approved a Rs 150 billion share buyback. In Q1 FY2027, gross revenue rose 10.6% year over year to Rs 244.8 billion. IT services revenue fell 1.4% sequentially to $2,614.5 million, and net income was Rs 33.6 billion ($354.6 million), up 0.6% year over year.
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 |
Wipro
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$10.7B | ~$1.5B | 14.2% | +4.0% | Source |
| FY2025 | ~$10.3B | ~$1.5B | 14.7% | -0.7% | Source |
| FY2024 | ~$10.4B | ~$1.3B | 12.3% | -0.8% | Source |
| FY2023 | ~$10.5B | ~$1.3B | 12.5% | +14.4% | Source |
| FY2022 | ~$9.2B | ~$1.4B | 15.4% | +27.7% | Source |
| FY2021 | ~$7.2B | ~$1.3B | 17.4% | +1.5% | Source |
| FY2020 | ~$7.1B | ~$1.1B | 15.9% | +4.2% | Source |
| FY2019 | ~$6.8B | ~$1B | 15.4% | +7.5% | Source |
| FY2018 | ~$6.3B | ~$928.9M | 14.7% | -1.0% | Source |
| FY2017 | ~$6.4B | ~$984.8M | 15.4% | +7.4% | Source |
| FY2016 | ~$5.9B | ~$1B | 17.4% | — | 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.
Wipro
- IT Services~99%
Consulting, application, cloud, infrastructure, engineering, and business process services. This segment accounts for nearly all of Wipro's revenue.
- IT Products~1%
Resale of third-party hardware and software, mainly in India. The segment is small and has been shrinking.
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 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.
Wipro
How it makes money
Wipro earns most of its revenue from its IT services segment: multi-year contracts to build, run, and modernize enterprise software and infrastructure, plus consulting, cloud migration, cybersecurity, engineering services, and business process work. Contracts are priced as time-and-materials, fixed-price, or managed-service deals.
Growth strategy
Under Srini Pallia, Wipro is focusing on large deals, consulting-led selling, AI-enabled delivery through its ai360 program, and growth in its biggest client accounts. In 2025 it agreed to acquire Harman's Digital Transformation Solutions unit to add engineering services capacity.
Competitive advantage
Wipro's strengths are long-standing client relationships, a large India delivery base, engineering services depth, Capco's position in financial services consulting, a net cash balance sheet, and stable Premji family control.
Questions about Cisco vs Wipro
Which company has higher revenue — Cisco Systems, Inc. or Wipro Limited?
Cisco Systems, Inc. reported $63.3B (FY2026), while Wipro Limited reported ~$10.7B (FY2026). By last reported revenue, Cisco Systems, Inc. is the larger business, with Wipro Limited reporting a smaller revenue base.
What is the market cap of Cisco Systems, Inc. vs Wipro Limited?
Cisco Systems, Inc.'s market capitalisation stands at $420.7B, while Wipro Limited's is $28.0B. Cisco Systems, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Wipro Limited.
Which is more financially efficient — Cisco Systems, Inc. or Wipro Limited?
Cisco Systems, Inc. generates $769k / employee in revenue per employee, while Wipro Limited generates $47k / 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 Wipro Limited make money?
Cisco Systems, Inc. and Wipro Limited generate revenue in fundamentally different ways. Cisco Systems, Inc.: Cisco makes money in two ways: product sales and services. Wipro Limited: Wipro earns most of its revenue from its IT services segment: multi-year contracts to build, run, and modernize enterprise software and infrastructure, plus consulting, cloud migration, cybersecurity, engineering services, and business process work.
Which company is valued higher relative to revenue — Cisco Systems, Inc. or Wipro Limited?
On a price-to-sales (P/S) basis, Cisco Systems, Inc. trades at 6.6x P/S and Wipro Limited at 2.6x P/S. Cisco Systems, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Wipro Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Cisco Systems, Inc. bigger than Wipro Limited?
By last reported revenue, Cisco Systems, Inc. ($63.3B (FY2026)) is the larger company compared to Wipro Limited (~$10.7B (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 Wipro overview