Cisco management check
CSCO · Information Technology · Communications Equipment · CEO Charles Robbins (since the last proxy; previously R. Scott Herren)
Filings as of
4 good · 1 to watch · 2 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $172, against $293 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.85 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.5% of net income$52.8m of reported pay in fiscal 2025, against $10.2bn of net income.
- Watch
Do they own the stock?
New CEO since the proxyCharles Robbins filed as Chair and CEO after the last proxy (which named R. Scott Herren) and holds 769,778.85 shares. Their pay will be in the next proxy. Light activity: no buys, $13.2m sold in six months. 49 of 49 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.3% a year over the last three fiscal years. Stock-based pay was 6.4% of revenue in the latest year.
- Flag
Is leadership stable?
New CEO: Charles RobbinsCharles Robbins has filed as CEO since the last proxy. CEO in the pay table: R. Scott Herren. 15 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 33 | |
| Pay for performance | 92 | 87 | |
| CEO cost | 74 | 35 | |
| Skin in the game | — | — | 47 |
| Dilution | 66 | 56 | |
| Stable leadership | 50 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Communications Equipment, by management score. Cisco is 33rd of 73 in its sector.
- 139CIENCiena73
- 249ANETArista Networks64
- 260CSCOCisco64
- 304MSIMotorola Solutions61
- 349LITELumentum58
- 364FFIVF5, Inc.57
Pay versus performance
From the proxy statement filed October 28, 2025. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | R. Scott Herren | $52.8m | $94.1m | $22.7m | $172 | $293 | $10.2bn |
| 2024 | R. Scott Herren | $39.2m | $16.6m | $16.9m | $117 | $235 | $10.3bn |
| 2023 | R. Scott Herren | $31.8m | $74.6m | $13.6m | $123 | $176 | $12.6bn |
| 2022 | R. Scott Herren | $29.3m | $6.1m | $12.1m | $104 | $139 | $11.8bn |
| 2021 | R. Scott Herren | $25.4m | $32.1m | $10.3m | $123 | $147 | $10.6bn |
The board says pay is tied most to operating income. Its other key measures: lRevenue, lOperating Income, lProduct ARR, lProfit Before Taxes, lRelative TSR.
Insiders and the CEO's stake
Charles Robbins (Chair and CEO) held 769,778.85 shares directly after their latest Form 4 on Sep 16, 2026.
Light activity: no buys, $13.2m sold in six months. 49 of 49 sales ran on pre-arranged 10b5-1 plans.
- SoldCharles RobbinsChair and CEO · 10b5-1 plan$5.0mAug 14, 2026
- SoldMark PattersonEVP and CFO · 10b5-1 plan$2.3mSep 11, 2026
- SoldJeetendra I PatelPresident and CPO · 10b5-1 plan$1.6mAug 14, 2026
- SoldThimaya K. SubaiyaEVP, Operations · 10b5-1 plan$1.5mSep 14, 2026
Leadership and governance on file
- Oct 9, 2026Leadership change8-K 5.02
- May 1, 2026Leadership change8-K 5.02
- Apr 6, 2026Leadership change8-K 5.02
- Dec 17, 2025Leadership change8-K 5.02
- Oct 17, 2025Leadership change8-K 5.02
- Jun 9, 2025Leadership change8-K 5.02
- May 14, 2025Leadership change8-K 5.02
- May 13, 2025Leadership change8-K 5.02
- Feb 27, 2025Leadership change8-K/A 5.02
- Feb 12, 2025Leadership change8-K 5.02
- Oct 11, 2024Leadership change8-K 5.02
- Jul 19, 2024Leadership change8-K 5.02
Latest shareholder vote results: Dec 17, 2025, including the say-on-pay vote.
Where the money went
Over 2021–2025: $58.2bn returned to owners in buybacks and dividends, 105% of net income, and $12.7bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $49.8bn | $51.6bn | $57.0bn | $53.8bn | $56.7bn |
| Net income | $10.6bn | $11.8bn | $12.6bn | $10.3bn | $10.2bn |
| Stock-based pay | $1.8bn | $1.9bn | $2.4bn | $3.1bn | $3.6bn |
| Buybacks | $2.9bn | $7.7bn | $4.3bn | $5.8bn | $6.0bn |
| Dividends | $6.2bn | $6.2bn | $6.3bn | $6.4bn | $6.4bn |
| Diluted shares | 4236m | 4192m | 4105m | 4062m | 3998m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.