Broadcom and Cisco are not the same kind of technology company. Broadcom combines semiconductors with infrastructure software, while Cisco sells a broad networking and IT platform spanning networking, security, collaboration, observability and lifecycle services. Their latest reported annual revenues were close—$63.887 billion for Broadcom’s fiscal 2025 and $63.325 billion for Cisco’s fiscal 2026—but those fiscal periods ended on different dates, so the totals are not a synchronized size or valuation comparison.
Broadcom’s reported growth was faster in its fiscal 2025, helped by custom artificial-intelligence accelerators, AI networking and VMware-related software demand. Cisco’s fiscal 2026 revenue also grew, but at a slower reported rate, while its filings provide detailed profitability and its annual report documents substantial operating cash flow and shareholder distributions. That evidence is useful for understanding the businesses, but it does not establish which stock is cheaper or the better investment. A defensible stock comparison requires same-date prices, comparable earnings or cash-flow denominators, and an explicit assessment of growth, execution and risk.
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What is the difference between Broadcom and Cisco?
The simplest distinction is business mix. Broadcom Inc. reports two segments: semiconductor solutions and infrastructure software. Cisco Systems, Inc. organizes its offering around Networking, Security, Collaboration and Observability, supported by technical services and professional services throughout a product’s life cycle.
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Broadcom supplies semiconductor and semiconductor-based solutions used in enterprise and AI data centers, servers, networking and connectivity, storage, broadband, telecommunications and wireless markets. Its products include chips, modules, switches and subsystems. This gives Broadcom exposure to the hardware investment cycles behind computing and communications infrastructure.
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Its second segment is infrastructure software. Broadcom describes this portfolio as supporting private-cloud, hybrid-cloud and edge environments and including private-cloud, mainframe, cybersecurity and enterprise software portfolios, as well as Fibre Channel storage-area-networking products. Broadcom acquired VMware in November 2023; VMware’s software businesses now form a substantial part of the infrastructure-software story.
That combination means AVGO is not a pure-play chip stock. A shareholder is buying a company whose results reflect both semiconductor demand and software licensing or subscription transitions, including the integration and retention of acquired VMware products.
Cisco: a networking and IT platform portfolio
Cisco designs and sells hardware, software and AI-enabled digital infrastructure. Its filing groups products into four categories:
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- Networking: infrastructure for connecting data centers, campuses, branches and other environments.
- Security: products and services intended to protect networks, users, applications and data.
- Collaboration: tools for communications and teamwork.
- Observability: software and capabilities for monitoring and understanding applications and systems.
Technical support and professional services supplement these products over their life cycle. Cisco says it is integrating AI across the portfolio and bringing products together into a platform. That is management’s stated platform strategy, not independent evidence that every customer receives the same outcome.
Cisco Chair and CEO Chuck Robbins described the strategy this way: “With our industry-leading networking portfolio powered by Silicon One, AI-native security solutions and operating systems, we are well-positioned today to provide the critical infrastructure for the AI era.” The statement is company positioning and should be read as such rather than as an outside analyst conclusion.
Why the business distinction matters to an investor
Broadcom’s earnings can move with semiconductor content, AI infrastructure spending, software subscriptions and VMware execution at the same time. Cisco’s results depend on a wider networking and IT portfolio, customer refresh cycles, recurring support and software activity, and its ability to cross-sell an integrated platform. The companies may sell into overlapping data-center and enterprise budgets, but their revenue engines, product cycles and risk exposures are different.
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Is Broadcom bigger than Cisco?
On the latest annual revenue figures supplied by each company, they were similar in scale. Broadcom reported $63.887 billion for fiscal 2025, while Cisco reported $63.325 billion for fiscal 2026. Broadcom’s fiscal year ended November 2, 2025; Cisco’s ended July 25, 2026. Because the periods do not end on the same date, the figures should be treated as separate reported snapshots rather than a precise same-period ranking.
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| Company | Fiscal period and year-end | Total revenue | Year-over-year change | Reported composition |
|---|---|---|---|---|
| Broadcom | FY2025, year ended November 2, 2025 | $63.887 billion | Up 24% from FY2024 | $36.858 billion semiconductor solutions; $27.029 billion infrastructure software |
| Cisco | FY2026, year ended July 25, 2026 | $63.325 billion | Up 12% from FY2025 | Networking, Security, Collaboration and Observability, plus technical and professional services |
Broadcom’s fiscal 2025 semiconductor-solutions revenue was $36.858 billion and infrastructure-software revenue was $27.029 billion. Cisco’s filing, as summarized here, reports the company total and portfolio categories rather than a directly comparable two-segment split. Revenue totals alone therefore cannot tell you which business is economically stronger or which stock offers better value.
Which is growing faster, Broadcom or Cisco?
Using the latest reported annual changes, Broadcom grew faster: 24% in fiscal 2025 versus Cisco’s 12% in fiscal 2026. The comparison is directionally informative but not a clean head-to-head measurement because the fiscal years cover different periods and end on different dates.
Broadcom’s semiconductor growth
Broadcom said semiconductor-solutions revenue rose with demand that included custom AI accelerators and AI networking products. Custom accelerators are designed for specific workloads, while AI networking products connect and move data through computing systems. These company-reported drivers tie the semiconductor segment to the build-out of AI infrastructure, but they also expose results to the timing and concentration of large customer projects and to the normal cyclicality of semiconductor spending.
Broadcom’s infrastructure-software growth
Broadcom attributed infrastructure-software growth substantially to demand for VMware Cloud Foundation and the transition toward subscriptions. The software story is therefore not simply an extension of chip demand. It involves product packaging, customer migrations, renewal behavior, pricing, implementation and the operating integration of VMware’s businesses.
A subscription transition can change the timing of reported revenue compared with a perpetual-license model. Investors should distinguish recognized subscription revenue from deferred revenue, bookings or remaining performance obligations; those measures answer different questions and should not be blended into a single growth rate.
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Cisco’s growth sources
Cisco’s portfolio gives growth several possible routes: networking upgrades, security spending, observability adoption, collaboration products, support and professional services. Cisco also says it is applying AI across these categories and combining products into a platform. The available annual figure shows 12% fiscal 2026 revenue growth, but the supplied figures do not provide a segment-by-segment growth table that would isolate how much came from networking, security, observability, collaboration or services.
When asking “Which is growing faster?” use a common trailing-twelve-month cutoff or aligned fiscal periods before drawing a conclusion. Also separate reported revenue growth from management’s outlook. Both companies warn in their filings that forward-looking statements are uncertain and that actual results can differ materially from expectations.
Profitability: what the reported figures show
The available profitability figures are not identical in scope or period. Broadcom reported a 68% gross margin as a percentage of revenue for fiscal 2025. Cisco reported several fiscal 2026 GAAP measures.
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| Company and period | Gross margin | Operating margin | Net income | Diluted EPS |
|---|---|---|---|---|
| Broadcom FY2025, year ended November 2, 2025 | 68% | Not stated in the cited FY2025 figures | Not stated in the cited FY2025 figures | Not stated in the cited FY2025 figures |
| Cisco FY2026, year ended July 25, 2026 | 64.5% | 24.3% | $13.267 billion | $3.33 |
Gross margin measures the portion of revenue left after costs of goods sold; operating margin also reflects operating expenses. Comparing Broadcom’s fiscal 2025 gross margin with Cisco’s fiscal 2026 gross margin is imperfect because the periods differ, and a gross-margin comparison does not substitute for operating margin, net income or cash-flow analysis. Cisco’s 24.3% operating margin and $13.267 billion net income are fiscal 2026 figures, not Broadcom estimates.
For a full investment comparison, use the same accounting basis—GAAP or a clearly defined non-GAAP measure—for both companies, align the periods, and examine diluted share counts. EPS can rise because of profit growth, share repurchases or both, so it should be read alongside net income and shares outstanding.
Cash generation, recurring revenue and shareholder returns
Cisco’s documented cash generation and distributions
Cisco’s 2025 annual report records $14.2 billion of operating cash flow for fiscal 2025. It also says Cisco returned $12.4 billion to shareholders through dividends and repurchases during that fiscal year and paid $1.62 in dividends per share. Those are fiscal 2025 figures and should not be substituted for Cisco’s fiscal 2026 net income or revenue.
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Operating cash flow is cash generated by operations before investing and financing flows. It is not the same as free cash flow, which normally subtracts capital expenditures under a stated company or analyst definition. A cash-return figure likewise does not reveal how much was funded by operating cash flow, debt, cash balances or asset sales without examining the full cash-flow statement.
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The supplied Broadcom figures establish segment revenue and gross margin but do not provide a comparable operating-cash-flow, free-cash-flow or dividend-and-buyback total. Do not infer Broadcom’s cash yield from revenue, gross margin or the existence of software subscriptions. A proper comparison requires each company’s cash-flow statement for the same period and a consistent definition of free cash flow.
Recurring revenue is not one universal metric
Both business models can contain recurring elements, but the labels are not interchangeable. Cisco’s technical support and software offerings may produce recurring or renewable revenue. Broadcom’s infrastructure software includes subscription transitions associated with VMware Cloud Foundation. Subscription revenue, deferred revenue, renewal rates, remaining performance obligations and operating cash flow each measure something different. Before comparing them, specify the metric, period, accounting treatment and whether the number is reported or management-defined.
What do Broadcom and Cisco stocks represent?
Buying Broadcom shares gives exposure to a combination of AI and other semiconductor demand plus infrastructure-software execution. Buying Cisco shares gives exposure to a mature networking franchise broadened by security, collaboration, observability and services. Neither description is a recommendation; it identifies the operating risks embedded in each equity.
Broadcom-specific questions for shareholders
- How durable is demand for custom AI accelerators and AI networking products across customer programs?
- Can VMware Cloud Foundation subscriptions retain customers and grow without creating disruptive migration or pricing pressure?
- How effectively can Broadcom integrate VMware’s software businesses while maintaining product quality and renewals?
- How much of reported growth reflects recurring software economics versus semiconductor project timing?
Cisco-specific questions for shareholders
- Can Cisco convert its networking installed base into sustained security, observability, collaboration and software growth?
- Will the platform strategy and AI-enabled products increase adoption and renewal, or mainly repackage existing demand?
- How resilient are support and services cash flows during slower hardware-refresh cycles?
- Can Cisco continue investing in innovation while maintaining the disciplined spending and shareholder returns described by management?
In its fiscal 2025 annual report, Cisco CFO Mark Patterson wrote: “We remain focused on making strategic investments in innovation to capitalize on the significant growth opportunities we see ahead. This will continue to be underpinned by disciplined spend management and it’s this powerful combination that continues to fuel strong cash flow and our ability to return significant value to our shareholders.” That is management’s capital-allocation view, not a guarantee of future results.
Why the available quote snapshots do not answer “Which stock is cheaper?”
The cited investor-relations evidence is not a synchronized market-price dataset. Cisco’s investor page displayed a delayed $115.80 quote dated October 12, 2026. Broadcom’s investor page carried a quote feed with an October 13, 2026 timestamp, but the reviewed information did not establish an equivalent pair of prices or comparable valuation multiples. Quotes can change intraday, so using one delayed price against another date can create a false ranking.
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A stock can look inexpensive on a price-to-earnings ratio while its earnings are temporarily elevated, or expensive while the market is pricing significant future growth. Revenue growth by itself does not solve that problem. Broadcom’s 24% fiscal 2025 growth and Cisco’s 12% fiscal 2026 growth are historical, differently timed observations—not valuation inputs.
A same-date valuation procedure
- Set the date and time. Record the closing or clearly timestamped share price for both AVGO and CSCO on the same trading day. Identify whether each quote is real-time, delayed or closing data.
- Align the financial period. Use trailing-twelve-month results through a common cutoff, or use forward estimates that cover the same forecast period. Broadcom’s fiscal 2025 year ended November 2, 2025; Cisco’s fiscal 2026 year ended July 25, 2026, so their annual figures are not automatically aligned.
- Choose one denominator at a time. For P/E, use diluted earnings per share on the same GAAP or non-GAAP basis. For enterprise value to operating cash flow, define enterprise value and use operating cash flow for the same period. For free-cash-flow yield, state how capital expenditures and any adjustments are treated.
- Use share counts that match the numerator. Confirm diluted weighted-average shares or current shares outstanding and account for repurchases, acquisitions and stock-based compensation where relevant.
- Source forward estimates. If using forward P/E or a growth-adjusted measure, state the estimate provider, publication date and whether the estimate is consensus, company guidance or an individual analyst’s forecast.
- Interpret the multiple through operating assumptions. Explain what the market price implies about AI semiconductor demand, VMware retention and pricing, Cisco security and software growth, integration execution, competition and enterprise spending.
Only after these steps can an investor responsibly discuss whether one stock appears cheaper on a specified measure. Even then, “cheaper” does not automatically mean “better”: a lower multiple may reflect slower growth, greater cyclicality, weaker execution or higher perceived risk.
Capital allocation and historical shareholder returns
Cisco’s fiscal 2025 annual report provides a five-year cumulative shareholder-return chart through the fiscal year ended July 26, 2025, comparing Cisco with the S&P 500 and the S&P 500 Information Technology Index. That chart is useful historical context for Cisco holders, but it is not a current performance comparison with Broadcom and does not cover the same dates as Broadcom’s fiscal 2025 results.
For a current total-return comparison, use identical start and end dates, reinvested dividends, split adjustments and a clearly identified benchmark. Do not mix a five-year cumulative chart for one company with a delayed quote or a different measurement window for the other.
Which stock is a better investment: AVGO or CSCO?
There is no evidence here for a universal winner. The more useful decision is to match the company’s operating exposure and valuation with your own thesis.
Broadcom may fit a thesis centered on AI infrastructure and software consolidation
An investor choosing Broadcom would be emphasizing semiconductor exposure to custom AI accelerators and AI networking alongside infrastructure software, including VMware-related subscription execution. That thesis requires confidence that AI infrastructure demand can support durable growth and that VMware’s transition and integration can preserve customer value and cash generation.
Cisco may fit a thesis centered on networking breadth, services and capital returns
An investor choosing Cisco would be emphasizing a broad networking and IT portfolio, including security, collaboration, observability and lifecycle support. Cisco’s reported fiscal 2025 operating cash flow, dividends and repurchases provide documented capital-return context, while the investment case depends on whether networking and newer software categories can grow enough to offset slower or cyclical hardware demand.
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Even if one business appears operationally more attractive, the stock can be less attractive if its price already discounts optimistic growth. Conversely, a slower-growing company can offer a better prospective return if its valuation and cash returns compensate for the risks. Make the comparison with same-date prices and aligned denominators rather than with revenue totals or delayed quote snapshots.
A practical Broadcom-versus-Cisco checklist
- Write down each company’s fiscal year-end before comparing any annual number.
- Separate Broadcom’s semiconductor solutions from infrastructure software; do not treat AVGO as a pure semiconductor company.
- Separate Cisco’s Networking, Security, Collaboration, Observability and services categories when evaluating its platform strategy.
- Label every margin as gross or operating and identify GAAP versus non-GAAP treatment.
- Keep subscription revenue, deferred revenue, operating cash flow and free cash flow as separate measures.
- Record same-date prices and use the same valuation denominator and forecast period for both stocks.
- Test the thesis against AI demand cyclicality, VMware retention and integration, Cisco software and security execution, competition and enterprise spending.
- Treat management quotations and forward-looking statements as management’s views; actual results may differ materially.
Broadcom and Cisco can both benefit from long-term demand for digital infrastructure, but they offer different ways to participate. Broadcom combines semiconductor growth with infrastructure software and VMware execution. Cisco combines networking scale with security, collaboration, observability and services. The right comparison is therefore not simply “which company grew revenue faster?” It is whether the price you pay, the cash flows you expect and the risks you accept are consistent with the specific business you are buying.
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