Segment Information and Major Customers (a)Revenue and Gross Margin by Segment
We conduct business globally and are primarily managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our chief executive officer is the chief operating decision maker (CODM). The CODM reviews certain financial information for each segment, to evaluate performance and allocate resources by comparing actual performance to our annual targets. Performance of each segment is measured based on segment revenue and segment gross margin.
We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments because the CODM does not include this information in our measurement of performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, share-based compensation expense, significant litigation settlements (which includes the supplier-related legal settlement as described in Note 21) and other contingencies, charges related to asset impairments and restructurings, and certain other charges to the cost of sales and gross margin for each segment because the CODM does not include this information in the measurement of the performance of our operating segments.
The following summarizes our revenue and gross margin by segment and the significant expenses by each segment for fiscal 2025, 2024, and 2023 (in millions):
| | | | | | | | | | | | | | | | | |
| Years Ended | July 26, 2025 | | July 27, 2024 | | July 29, 2023 |
| Revenue: | | | | | |
| Americas | $ | 33,656 | | | $ | 31,971 | | | $ | 33,447 | |
| EMEA | 14,824 | | | 14,117 | | | 15,135 | |
| APJC | 8,174 | | | 7,716 | | | 8,417 | |
| Total | $ | 56,654 | | | $ | 53,803 | | | $ | 56,998 | |
| Gross margin: | | | | | |
| Americas | $ | 22,962 | | | $ | 21,372 | | | $ | 21,350 | |
| EMEA | 10,545 | | | 9,755 | | | 10,016 | |
| APJC | 5,431 | | | 5,187 | | | 5,424 | |
| Segment total | 38,938 | | | 36,312 | | | 36,788 | |
| Unallocated corporate items | (2,148) | | | (1,484) | | | (1,035) | |
| Total | $ | 36,790 | | | $ | 34,828 | | | $ | 35,753 | |
| | | | | |
| Supplemental information about our significant expenses: | | | | | |
| Americas: | | | | | |
| Cost of sales — product | $ | 8,206 | | | $ | 8,077 | | | $ | 9,479 | |
| Cost of sales — services | 2,487 | | | 2,523 | | | 2,619 | |
| Segment total | $ | 10,694 | | | $ | 10,600 | | | $ | 12,097 | |
| | | | | |
| EMEA: | | | | | |
| Cost of sales — product | $ | 3,138 | | | $ | 3,264 | | | $ | 3,998 | |
| Cost of sales — services | 1,140 | | | 1,098 | | | 1,121 | |
| Segment total | $ | 4,279 | | | $ | 4,362 | | | $ | 5,119 | |
| | | | | |
| APJC: | | | | | |
| Cost of sales — product | $ | 2,010 | | | $ | 1,838 | | | $ | 2,324 | |
| Cost of sales — services | 734 | | | 690 | | | 668 | |
| Segment total | $ | 2,743 | | | $ | 2,529 | | | $ | 2,992 | |
Amounts may not sum due to rounding.
Revenue in the United States was $30.4 billion, $28.7 billion, and $29.9 billion for fiscal 2025, 2024, and 2023, respectively.
(b)Revenue for Groups of Similar Products and Services
We design and sell IP-based networking and other products related to the communications and IT industry and provide services associated with these products and their use.
The following table presents revenue for groups of similar products and services (in millions):
| | | | | | | | | | | | | | | | | |
| Years Ended | July 26, 2025 | | July 27, 2024 | | July 29, 2023 |
| Revenue: | | | | | |
| Networking | $ | 28,304 | | | $ | 29,229 | | | $ | 34,570 | |
| Security | 8,094 | | | 5,075 | | | 3,859 | |
| Collaboration | 4,154 | | | 4,113 | | | 4,052 | |
| Observability | 1,055 | | | 837 | | | 661 | |
| Total Product | 41,608 | | | 39,253 | | | 43,142 | |
| Services | 15,046 | | | 14,550 | | | 13,856 | |
| Total | $ | 56,654 | | | $ | 53,803 | | | $ | 56,998 | |
Amounts may not sum due to rounding.
(c)Additional Segment Information
No single customer accounted for 10% or more of revenue in fiscal 2025, 2024, and 2023.
Our long-lived assets are based on the physical location of the assets. The following table presents our long-lived assets, which consists of property and equipment, net and operating lease ROU assets information for geographic areas (in millions):
| | | | | | | | | | | |
| July 26, 2025 | | July 27, 2024 |
| Long-lived assets: | | | |
| United States | $ | 2,370 | | | $ | 2,253 | |
| International | 1,044 | | | 903 | |
| Total | $ | 3,414 | | | $ | 3,156 | |