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Side-by-side financial comparison of Cisco (CSCO) and Warner Bros. Discovery (WBD). Click either name above to swap in a different company.
Cisco is the larger business by last-quarter revenue ($15.3B vs $9.5B, roughly 1.6× Warner Bros. Discovery). Cisco runs the higher net margin — 20.7% vs -2.7%, a 23.3% gap on every dollar of revenue. On growth, Cisco posted the faster year-over-year revenue change (9.7% vs -5.7%). 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 -2.5%).
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.
Warner Bros. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed from WarnerMedia's spin-off by AT&T and merger with Discovery, Inc. on April 8, 2022.
CSCO vs WBD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.3B | $9.5B |
| Net Profit | $3.2B | $-252.0M |
| Gross Margin | 65.0% | — |
| Operating Margin | 24.6% | 3.7% |
| Net Margin | 20.7% | -2.7% |
| Revenue YoY | 9.7% | -5.7% |
| Net Profit YoY | 30.8% | 49.0% |
| EPS (diluted) | $0.80 | $-0.10 |
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 | $9.5B | ||
| Q3 25 | $14.7B | $9.0B | ||
| Q2 25 | $14.1B | $9.8B | ||
| Q1 25 | $14.0B | $9.0B | ||
| Q4 24 | $13.8B | $10.0B | ||
| Q3 24 | $13.6B | $9.6B | ||
| Q2 24 | $12.7B | $9.7B |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.9B | $-252.0M | ||
| Q3 25 | $2.5B | $-148.0M | ||
| Q2 25 | $2.5B | $1.6B | ||
| Q1 25 | $2.4B | $-453.0M | ||
| Q4 24 | $2.7B | $-494.0M | ||
| Q3 24 | $2.2B | $135.0M | ||
| Q2 24 | $1.9B | $-10.0B |
| Q1 26 | 65.0% | — | ||
| Q4 25 | 65.5% | — | ||
| Q3 25 | 63.2% | — | ||
| Q2 25 | 65.6% | — | ||
| Q1 25 | 65.1% | — | ||
| Q4 24 | 65.9% | — | ||
| Q3 24 | 64.4% | — | ||
| Q2 24 | 65.1% | — |
| Q1 26 | 24.6% | — | ||
| Q4 25 | 22.6% | 3.7% | ||
| Q3 25 | 21.0% | 6.8% | ||
| Q2 25 | 22.6% | -1.9% | ||
| Q1 25 | 22.3% | -0.4% | ||
| Q4 24 | 17.0% | 1.6% | ||
| Q3 24 | 19.2% | 2.9% | ||
| Q2 24 | 17.2% | -105.1% |
| Q1 26 | 20.7% | — | ||
| Q4 25 | 19.2% | -2.7% | ||
| Q3 25 | 17.4% | -1.6% | ||
| Q2 25 | 17.6% | 16.1% | ||
| Q1 25 | 17.4% | -5.0% | ||
| Q4 24 | 19.6% | -4.9% | ||
| Q3 24 | 15.8% | 1.4% | ||
| Q2 24 | 14.8% | -102.8% |
| Q1 26 | $0.80 | — | ||
| Q4 25 | $0.72 | $-0.10 | ||
| Q3 25 | $0.64 | $-0.06 | ||
| Q2 25 | $0.62 | $0.63 | ||
| Q1 25 | $0.61 | $-0.18 | ||
| Q4 24 | $0.68 | $-0.20 | ||
| Q3 24 | $0.54 | $0.05 | ||
| Q2 24 | $0.46 | $-4.07 |
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 | $4.6B |
| Total DebtLower is stronger | $24.6B | $32.4B |
| Stockholders' EquityBook value | $47.7B | $35.9B |
| Total Assets | $123.4B | $100.1B |
| Debt / EquityLower = less leverage | 0.52× | 0.90× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.8B | — | ||
| Q4 25 | $15.7B | $4.6B | ||
| Q3 25 | $16.1B | $4.3B | ||
| Q2 25 | $15.6B | $4.9B | ||
| Q1 25 | $16.9B | $3.9B | ||
| Q4 24 | $18.7B | $5.3B | ||
| Q3 24 | $17.9B | $3.3B | ||
| Q2 24 | $18.8B | $3.6B |
| Q1 26 | $24.6B | — | ||
| Q4 25 | $24.6B | $32.4B | ||
| Q3 25 | $24.6B | $33.4B | ||
| Q2 25 | $25.1B | $34.4B | ||
| Q1 25 | $20.1B | $34.6B | ||
| Q4 24 | $20.1B | $36.8B | ||
| Q3 24 | $20.1B | $37.2B | ||
| Q2 24 | $20.1B | $37.3B |
| Q1 26 | $47.7B | — | ||
| Q4 25 | $46.9B | $35.9B | ||
| Q3 25 | $46.8B | $36.0B | ||
| Q2 25 | $45.9B | $36.0B | ||
| Q1 25 | $45.5B | $33.8B | ||
| Q4 24 | $45.3B | $34.0B | ||
| Q3 24 | $45.5B | $35.1B | ||
| Q2 24 | $45.8B | $34.3B |
| Q1 26 | $123.4B | — | ||
| Q4 25 | $121.1B | $100.1B | ||
| Q3 25 | $122.3B | $100.5B | ||
| Q2 25 | $119.8B | $101.7B | ||
| Q1 25 | $121.4B | $101.7B | ||
| Q4 24 | $123.3B | $104.6B | ||
| Q3 24 | $124.4B | $106.3B | ||
| Q2 24 | $123.0B | $108.0B |
| Q1 26 | 0.52× | — | ||
| Q4 25 | 0.53× | 0.90× | ||
| Q3 25 | 0.53× | 0.93× | ||
| Q2 25 | 0.55× | 0.95× | ||
| Q1 25 | 0.44× | 1.02× | ||
| Q4 24 | 0.44× | 1.08× | ||
| Q3 24 | 0.44× | 1.06× | ||
| Q2 24 | 0.44× | 1.09× |
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 | $1.8B |
| Free Cash FlowOCF − Capex | $1.5B | $1.4B |
| FCF MarginFCF / Revenue | 10.0% | 14.6% |
| Capex IntensityCapex / Revenue | 1.8% | 4.5% |
| Cash ConversionOCF / Net Profit | 0.57× | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.2B | $3.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.8B | — | ||
| Q4 25 | $3.2B | $1.8B | ||
| Q3 25 | $4.2B | $979.0M | ||
| Q2 25 | $4.1B | $983.0M | ||
| Q1 25 | $2.2B | $553.0M | ||
| Q4 24 | $3.7B | $2.7B | ||
| Q3 24 | $3.7B | $847.0M | ||
| Q2 24 | $4.0B | $1.2B |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $2.9B | $1.4B | ||
| Q3 25 | $4.0B | $701.0M | ||
| Q2 25 | $3.8B | $702.0M | ||
| Q1 25 | $2.0B | $302.0M | ||
| Q4 24 | $3.4B | $2.4B | ||
| Q3 24 | $3.5B | $632.0M | ||
| Q2 24 | $3.8B | $976.0M |
| Q1 26 | 10.0% | — | ||
| Q4 25 | 19.4% | 14.6% | ||
| Q3 25 | 27.4% | 7.8% | ||
| Q2 25 | 26.8% | 7.2% | ||
| Q1 25 | 14.5% | 3.4% | ||
| Q4 24 | 24.9% | 24.2% | ||
| Q3 24 | 25.9% | 6.6% | ||
| Q2 24 | 29.9% | 10.0% |
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.2% | 4.5% | ||
| Q3 25 | 1.5% | 3.1% | ||
| Q2 25 | 1.8% | 2.9% | ||
| Q1 25 | 1.5% | 2.8% | ||
| Q4 24 | 1.6% | 2.9% | ||
| Q3 24 | 1.5% | 2.2% | ||
| Q2 24 | 1.3% | 2.6% |
| Q1 26 | 0.57× | — | ||
| Q4 25 | 1.12× | — | ||
| Q3 25 | 1.66× | — | ||
| Q2 25 | 1.63× | 0.62× | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 1.35× | — | ||
| Q3 24 | 1.73× | 6.27× | ||
| Q2 24 | 2.11× | — |
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% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
