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Side-by-side financial comparison of Cisco (CSCO) and HP Inc. (HPQ). Click either name above to swap in a different company.
Cisco is the larger business by last-quarter revenue ($15.3B vs $14.6B, roughly 1.0× HP Inc.). Cisco runs the higher net margin — 20.7% vs 5.4%, a 15.3% gap on every dollar of revenue. On growth, Cisco posted the faster year-over-year revenue change (9.7% vs 4.2%). Cisco produced more free cash flow last quarter ($1.5B vs $1.4B). Over the past eight quarters, Cisco's revenue compounded faster (9.9% CAGR vs 5.4%).
Cisco Systems, Inc. is an American multinational digital communications technology conglomerate corporation headquartered in San Jose, California. Cisco develops, manufactures, and sells networking hardware, software, telecommunications equipment and other high-technology services and products.
The Hewlett-Packard Company, commonly shortened to Hewlett-Packard or HP, was an American multinational information technology company. It was founded by Bill Hewlett and David Packard in 1939 in a one-car garage in Palo Alto, California. Growing to become an influential high-tech powerhouse at the heart of Silicon Valley, the company was known for its progressive business philosophy, deemed the HP Way.
CSCO vs HPQ — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.3B | $14.6B |
| Net Profit | $3.2B | $795.0M |
| Gross Margin | 65.0% | 20.2% |
| Operating Margin | 24.6% | 6.6% |
| Net Margin | 20.7% | 5.4% |
| Revenue YoY | 9.7% | 4.2% |
| Net Profit YoY | 30.8% | -12.3% |
| EPS (diluted) | $0.80 | $0.84 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $15.3B | — | ||
| Q4 25 | $14.9B | $14.6B | ||
| Q3 25 | $14.7B | $13.9B | ||
| Q2 25 | $14.1B | $13.2B | ||
| Q1 25 | $14.0B | $13.5B | ||
| Q4 24 | $13.8B | $14.1B | ||
| Q3 24 | $13.6B | $13.5B | ||
| Q2 24 | $12.7B | $12.8B |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.9B | $795.0M | ||
| Q3 25 | $2.5B | $763.0M | ||
| Q2 25 | $2.5B | $406.0M | ||
| Q1 25 | $2.4B | $565.0M | ||
| Q4 24 | $2.7B | $906.0M | ||
| Q3 24 | $2.2B | $640.0M | ||
| Q2 24 | $1.9B | $607.0M |
| Q1 26 | 65.0% | — | ||
| Q4 25 | 65.5% | 20.2% | ||
| Q3 25 | 63.2% | 20.5% | ||
| Q2 25 | 65.6% | 20.7% | ||
| Q1 25 | 65.1% | 21.0% | ||
| Q4 24 | 65.9% | 21.4% | ||
| Q3 24 | 64.4% | 21.5% | ||
| Q2 24 | 65.1% | 23.6% |
| Q1 26 | 24.6% | — | ||
| Q4 25 | 22.6% | 6.6% | ||
| Q3 25 | 21.0% | 5.1% | ||
| Q2 25 | 22.6% | 4.9% | ||
| Q1 25 | 22.3% | 6.3% | ||
| Q4 24 | 17.0% | 7.1% | ||
| Q3 24 | 19.2% | 7.0% | ||
| Q2 24 | 17.2% | 7.4% |
| Q1 26 | 20.7% | — | ||
| Q4 25 | 19.2% | 5.4% | ||
| Q3 25 | 17.4% | 5.5% | ||
| Q2 25 | 17.6% | 3.1% | ||
| Q1 25 | 17.4% | 4.2% | ||
| Q4 24 | 19.6% | 6.4% | ||
| Q3 24 | 15.8% | 4.7% | ||
| Q2 24 | 14.8% | 4.7% |
| Q1 26 | $0.80 | — | ||
| Q4 25 | $0.72 | $0.84 | ||
| Q3 25 | $0.64 | $0.80 | ||
| Q2 25 | $0.62 | $0.42 | ||
| Q1 25 | $0.61 | $0.59 | ||
| Q4 24 | $0.68 | $0.93 | ||
| Q3 24 | $0.54 | $0.65 | ||
| Q2 24 | $0.46 | $0.61 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $15.8B | $3.7B |
| Total DebtLower is stronger | $24.6B | $9.7B |
| Stockholders' EquityBook value | $47.7B | $-346.0M |
| Total Assets | $123.4B | $41.8B |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.8B | — | ||
| Q4 25 | $15.7B | $3.7B | ||
| Q3 25 | $16.1B | $2.9B | ||
| Q2 25 | $15.6B | $2.7B | ||
| Q1 25 | $16.9B | $2.9B | ||
| Q4 24 | $18.7B | $3.2B | ||
| Q3 24 | $17.9B | $2.8B | ||
| Q2 24 | $18.8B | $2.4B |
| Q1 26 | $24.6B | — | ||
| Q4 25 | $24.6B | $9.7B | ||
| Q3 25 | $24.6B | — | ||
| Q2 25 | $25.1B | — | ||
| Q1 25 | $20.1B | — | ||
| Q4 24 | $20.1B | $9.7B | ||
| Q3 24 | $20.1B | — | ||
| Q2 24 | $20.1B | — |
| Q1 26 | $47.7B | — | ||
| Q4 25 | $46.9B | $-346.0M | ||
| Q3 25 | $46.8B | $-901.0M | ||
| Q2 25 | $45.9B | $-1.3B | ||
| Q1 25 | $45.5B | $-1.1B | ||
| Q4 24 | $45.3B | $-1.3B | ||
| Q3 24 | $45.5B | $-1.4B | ||
| Q2 24 | $45.8B | $-916.0M |
| Q1 26 | $123.4B | — | ||
| Q4 25 | $121.1B | $41.8B | ||
| Q3 25 | $122.3B | $39.9B | ||
| Q2 25 | $119.8B | $38.8B | ||
| Q1 25 | $121.4B | $38.9B | ||
| Q4 24 | $123.3B | $39.9B | ||
| Q3 24 | $124.4B | $38.1B | ||
| Q2 24 | $123.0B | $37.4B |
| Q1 26 | 0.52× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | 0.44× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.44× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.8B | $1.6B |
| Free Cash FlowOCF − Capex | $1.5B | $1.4B |
| FCF MarginFCF / Revenue | 10.0% | 9.7% |
| Capex IntensityCapex / Revenue | 1.8% | 1.3% |
| Cash ConversionOCF / Net Profit | 0.57× | 2.04× |
| TTM Free Cash FlowTrailing 4 quarters | $12.2B | $2.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.8B | — | ||
| Q4 25 | $3.2B | $1.6B | ||
| Q3 25 | $4.2B | $1.7B | ||
| Q2 25 | $4.1B | $38.0M | ||
| Q1 25 | $2.2B | $374.0M | ||
| Q4 24 | $3.7B | $1.6B | ||
| Q3 24 | $3.7B | $1.4B | ||
| Q2 24 | $4.0B | $581.0M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $2.9B | $1.4B | ||
| Q3 25 | $4.0B | $1.4B | ||
| Q2 25 | $3.8B | $-145.0M | ||
| Q1 25 | $2.0B | $72.0M | ||
| Q4 24 | $3.4B | $1.5B | ||
| Q3 24 | $3.5B | $1.3B | ||
| Q2 24 | $3.8B | $462.0M |
| Q1 26 | 10.0% | — | ||
| Q4 25 | 19.4% | 9.7% | ||
| Q3 25 | 27.4% | 10.4% | ||
| Q2 25 | 26.8% | -1.1% | ||
| Q1 25 | 14.5% | 0.5% | ||
| Q4 24 | 24.9% | 10.5% | ||
| Q3 24 | 25.9% | 9.3% | ||
| Q2 24 | 29.9% | 3.6% |
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.2% | 1.3% | ||
| Q3 25 | 1.5% | 1.5% | ||
| Q2 25 | 1.8% | 1.4% | ||
| Q1 25 | 1.5% | 2.2% | ||
| Q4 24 | 1.6% | 1.1% | ||
| Q3 24 | 1.5% | 1.2% | ||
| Q2 24 | 1.3% | 0.9% |
| Q1 26 | 0.57× | — | ||
| Q4 25 | 1.12× | 2.04× | ||
| Q3 25 | 1.66× | 2.18× | ||
| Q2 25 | 1.63× | 0.09× | ||
| Q1 25 | 0.92× | 0.66× | ||
| Q4 24 | 1.35× | 1.79× | ||
| Q3 24 | 1.73× | 2.23× | ||
| Q2 24 | 2.11× | 0.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSCO
| Networking | $8.3B | 54% |
| Services | $3.7B | 24% |
| Security | $2.0B | 13% |
| Collaboration | $1.1B | 7% |
| Observability | $277.0M | 2% |
HPQ
| Commercial PS | $7.0B | 48% |
| Consumer PS | $3.4B | 23% |
| Supplies | $2.8B | 19% |
| Commercial Printing | $1.2B | 8% |
| Consumer Printing | $296.0M | 2% |
| Corporate Investments | $19.0M | 0% |
