Cisco achieved solid top-line growth in QQ1 2025 with revenue of $13.841 billion, up 8.97% year over year and 1.46% quarter over quarter. Gross margin remained robust at approximately 65.9%, underscoring the strength of the product mix and ongoing software and security contributions. Operating income of $2.358 billion and net income of $2.711 billion translate to operating and net margins of ~17.0% and ~19.6%, respectively, supported by disciplined cost management and favorable mix toward higher-margin software and services. Free cash flow delivered $3.444 billion, reflecting strong cash generation even as deleveraging and capital deployment (including $2.168 billion in share repurchases and $1.592 billion in dividends) continued to reward shareholders. Despite a modest QoQ revenue uptick, leverage remains meaningful with total debt around $33.29 billion and net debt approximately $24.23 billion, while liquidity remains ample through a large cash and short-term investment position (~$18.67 billion). The quarter demonstrates Cisco's ongoing ability to monetize its installed base, drive software/Subscriptions, and maintain a cash-generative profile in a competitive enterprise networking market. Management commentary (where available) emphasized ongoing execution in core platforms, security growth, and efficiency initiatives to support margins and free cash flow expansion.