(As of December 12, 2025 | Post Q1 FY2026 earnings and recent insider sales)
Current market capitalization: ≈ $313 billion (based on ~$79.27/share and 3.95 billion shares outstanding)
Introduction
Cisco Systems, Inc. (NASDAQ: CSCO), founded in 1984 by Leonard Bosack and Sandy Lerner in San Jose, California, is a global leader in networking, cybersecurity, and collaboration technologies, powering the internet backbone with products like routers, switches, and AI infrastructure solutions (e.g., Nexus series, SecureX). Public since 1990, it features a single-class share structure (one vote per share), ensuring aligned governance. Ownership is institutionally concentrated (~73%), with insiders ~0.09% (executives/directors), and retail ~27%. No majority holder exists, reflecting broad tech exposure. The table below details the top 10 economic shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes $19.8M in insider sales (Nov 18-20, 2025) and $2B quarterly buybacks reducing shares by ~0.5% YoQ.
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($313B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.99% | $31.3 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~394.89M shares. Passive with ~$9.3T AUM; added ~0.37% in Q3 2025, core S&P 500 weighting (~6%). No direct control; focuses on networking/AI growth. |
| 2 | BlackRock Inc. | 9.52% | $29.8 billion | Holds ~376.23M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~1.76% in Q3 2025; board observer on governance/ESG. Key in tech funds; CSCO ~0.38% of portfolio. |
| 3 | State Street Corporation | 4.92% | $15.4 billion | Owns ~194.46M shares via SPDRs (e.g., SPY); fully passive. Stable QoQ; votes proxies on exec comp and cybersecurity ethics. ~4% of tech holdings; supports $8B buyback program. |
| 4 | Geode Capital Management, LLC | 2.56% | $8.0 billion | Fidelity affiliate with ~101.02M shares in index trackers; passive. Grew ~0.3% in Q3; tracks Nasdaq 100; minimal voting power. |
| 5 | Charles Schwab Investment Management Inc. | 1.93% | $6.0 billion | ~76.35M shares; passive via ETFs. Increased ~0.1% in Q3; focuses on dividend yield (2.07%). |
| 6 | FMR LLC (Fidelity) | 1.15% | $3.6 billion | ~45.5M shares across funds (e.g., Contrafund); active with minor Q3 trim. Bullish on AI infrastructure (>$1.3B Q1 orders); advisory on innovation. |
| 7 | JPMorgan Chase & Co. | 1.00% | $3.1 billion | ~39.5M shares in asset management; index/active blend. Up ~1% in 2025; provides banking/debt for CSCO's $16.1B cash reserves. |
| 8 | Morgan Stanley | 0.90% | $2.8 billion | ~35.6M shares via wealth/ETFs; active in advisory. Stable QoQ; engages on shareholder proposals re: antitrust/cloud. |
| 9 | John P. Morgridge (Former Chairman) | 1.54% | $4.8 billion | ~60.83M shares; largest individual insider. Legacy stake; board influence on strategy; net worth ~$4.9B tied to CSCO. |
| 10 | Norges Bank (Norway Sovereign Wealth Fund) | 0.97% | $3.0 billion | ~38.3M shares as of Jun 2025; ethical investing focus, voting on ESG. Added ~0.2% in Q3; no operational control. |
Total Top 10 = ~33.48% | Remaining: Other Institutions (~39%), Other Insiders (~0%, e.g., Chuck Robbins CEO at ~0.005%), Retail (~27%) | Grand Total = 100%
Conclusion
As of December 2025, Cisco's ownership is institutionally dominated (~73% total) by passive giants like Vanguard and BlackRock, providing stability for its $14.9B Q1 FY2026 revenue (up 8% YoY, ~75% from products) and $2.86B net income (up 5.5% YoY), with EPS at $0.72 amid AI orders exceeding $1.3B. Insiders (~0.09% combined) like Morgridge reflect routine activity amid expansions (e.g., Splunk integration), while retail's ~27% stake underscores networking demand. With $313B market cap (up 35% YoY) and $8B buybacks authorized, expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and FY2026 revenue of $60.2-61B (up 6-8%). This structure supports AI/cybersecurity dominance via $1.60 annual dividends (2.07% yield). For filings, visit SEC EDGAR or Cisco's investor relations.