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What the reported revenue figures do—and do not—compare
The fiscal periods differ, as do the accounting scopes. Broadcom’s FY2025 ended November 2, 2025. Cisco’s FY2026 ended July 25, 2026. The figures below are reported by the companies in their respective Form 10-K filings.
| Measure | Broadcom | Cisco |
|---|---|---|
| Fiscal year end | FY2025; November 2, 2025 | FY2026; July 25, 2026 |
| Software-related measure | Infrastructure Software segment revenue: $27.029 billion, up 26% year over year | Total software revenue: $23.2 billion, up 4% year over year; Cisco defines this across all product areas and services |
| Total company revenue | $63.887 billion in FY2025; Infrastructure Software was 42% of revenue | $63.325 billion in FY2026 |
| Reporting scope | A separately reported segment with a defined portfolio | A company-wide software measure crossing product areas and services |
These figures come from Broadcom’s FY2025 Form 10-K and Cisco’s FY2026 Form 10-K. The different fiscal years and definitions mean the totals should not be treated as a market-share comparison or as proof that one company has a larger directly comparable software business.
What each company includes in its software business
Broadcom: private cloud and enterprise infrastructure software
Broadcom reports two segments: Semiconductor Solutions and Infrastructure Software. The latter includes private-cloud, mainframe, cybersecurity and enterprise software portfolios, as well as Broadcom’s Fibre Channel storage area network (FC SAN) business. Broadcom describes its software as helping customers plan, develop, deliver, automate, manage and secure applications across mainframe, distributed, edge, mobile, private-cloud and hybrid-cloud platforms. (Broadcom FY2025 Form 10-K.)
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Within that portfolio, VMware Cloud Foundation (VCF) is described as an integrated enterprise platform spanning compute, networking, storage, management and security across supported environments. It supports virtual machines and containerized workloads. Broadcom’s FY2025 filing identifies VCF demand as the primary driver of Infrastructure Software revenue growth, alongside the transition to subscription licensing and license revenue on certain contracts without termination-for-convenience rights.
Cisco: software across networking, security, collaboration and observability
Cisco’s FY2026 software revenue measure cuts across its product areas and services. Separately, Cisco groups product revenue into Networking, Security, Collaboration and Observability. The categories encompass areas such as switching, routing, wireless and servers; network security, identity and access management, and SASE; Webex and contact center offerings; and observability and network assurance, respectively. (Cisco FY2026 Form 10-K.)
Rank #2
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Those product categories help explain Cisco’s portfolio, but their product-revenue figures are not Cisco’s total software revenue. Adding the four categories would not reproduce the $23.2 billion software measure because the categories cover product revenue, while the software figure includes software across product areas and services.
How the portfolios and acquisitions shape the comparison
Broadcom and VMware
Broadcom’s 2022 announcement of its VMware acquisition presented the deal as a way to combine Broadcom’s software portfolio with VMware’s multi-cloud capabilities. That statement is historical deal rationale, not evidence that every announced benefit was achieved. In the later FY2025 filing, Broadcom identifies VCF demand as the main driver of Infrastructure Software segment growth.
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Cisco and Splunk
Cisco completed its Splunk acquisition on March 18, 2024. Cisco has described the combination as bringing network data and visibility together with security and observability capabilities. This is Cisco’s stated strategic positioning, not an independent measure of customer outcomes. Cisco’s FY2026 filing reports that Splunk contributed approximately $1.4 billion in revenue from the acquisition date through the end of FY2024; that is a historical partial-year contribution, not a current annual run rate.
Reported performance beyond the headline totals
Broadcom’s segment operating income
Broadcom reported $20.765 billion in Infrastructure Software segment operating income for FY2025, up 49% year over year. This is segment operating income under Broadcom’s accounting, not software gross profit. Broadcom attributes the increase chiefly to VCF demand, the subscription transition, certain license revenue recognition and lower labor costs after VMware integration. (Broadcom FY2025 Form 10-K.)
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- Next-Level 10Gbps & 3A Charging: No more slow 480Mbps, this usb to usb c adapter has a transfer speed of up to 10Gbps, allowing you to do more transferring in less time. This usb adapter fits both USB A and USB C charger, supporting up to 3A fast charging
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- Broad Compatible: The usb c to usb adapter widely supports all USB C/ USB A devices like laptops, tablets, cellphones, car chargers, and phone chargers. Such as compatible with MacBook Pro/Air 2023/2022, Thunderbolt 4/3 Devices,Apple MagSafe Watch 9/8/7/SE/Ultra, iPad Pro 2022/2021, Samsung Galaxy S23/S20/S10, and iPhone 17/16/15 Pro. Plug and play
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Cisco’s product-category revenue
Cisco reported the following FY2026 product-category revenue in its Form 10-K. These are category product revenues, not components that can be summed to calculate total software revenue.
| Cisco product category | FY2026 product revenue |
|---|---|
| Networking | $34.668 billion |
| Security | $8.232 billion |
| Collaboration | $4.300 billion |
| Observability | $1.095 billion |
Growth drivers are different—and should not be conflated
Broadcom ties Infrastructure Software growth primarily to VMware Cloud Foundation demand and the shift toward subscription licensing. Cisco’s software revenue grew 4% in FY2026, but Cisco also reported strong growth in networking products and a rise in hyperscaler AI infrastructure demand. The latter is a company-wide infrastructure figure, not software revenue: Cisco said hyperscaler AI infrastructure demand was approximately 6% of total revenue in FY2026, compared with less than 2% in FY2025. Cisco also noted customer-concentration and supply considerations around this demand. (Cisco FY2026 Form 10-K.)
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Keeping those drivers separate matters: Broadcom’s cited software growth driver is demand for an enterprise software platform, while Cisco’s AI infrastructure percentage describes demand across the company and must not be presented as a software growth rate.
What the filings cannot establish about customer economics
The reported figures and company descriptions do not establish comparable customer-level price changes, migration rates, retention, satisfaction or contract economics for Broadcom and Cisco. A shift toward subscriptions, or a company’s description of a cloud offering, does not by itself show how much a particular customer pays or whether that customer receives better value. The filings also do not support general claims that customers are fleeing either company or are locked in.
For an enterprise buyer, the figures are therefore useful for understanding business scale and portfolio emphasis, but not for selecting a vendor or forecasting an individual deployment’s cost. That requires customer-specific contract terms, workload needs and technical requirements not measured by these company-wide disclosures.
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