- Fiscal year 2025 revenue was $56.7 billion, up 5%, with record non-GAAP operating income and margin, and EPS of $3.81, up 2%.
- Networking revenue increased 12%, led by internet infrastructure and enterprise routing; security grew 9%, collaboration 2%, and observability 4%.
- Non-GAAP operating margin was 34.3%, at the high end of guidance, with an 18.1% tax rate.
- Operating cash flow was $4.2 billion, up 14%, supporting $2.9 billion capital returned to shareholders in Q4 and $12.4 billion for fiscal year 2025.
- Q4 total revenue was $14.7 billion, up 8% year-over-year, with non-GAAP net income of $4 billion, up 12%, and non-GAAP EPS of $0.99, up 14%.
- Total non-GAAP gross margin was 68.4%, up 50 basis points, with product gross margin at 67.5% and services gross margin at 70.8%.
- Total product revenue grew 10% to $10.9 billion; services revenue was flat at $3.8 billion.
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