✦ New Security Products: 6,400 CustomersThin moat

Cisco Systems (CSCO) — the future bets

Cisco has signed over 6,400 customers for new security products, a start, against an $8.2 billion line growing 2%.

After Splunk, Cisco's security bet is organic. It said on the fourth-quarter call that it had over 6,400 net new customers for new security products since launch1, and about 4,500 customers had signed up for the white-glove programme of Cisco Cloud Control2.

New security and cloud programmes (customers)over 6,400Net new customers, new security productsabout 4,500Cisco Cloud Control white-glove sign-upsCisco Q4 FY2026 earnings call highlights (Yahoo/GuruFocus)
Thousands of customers, not yet billions of revenue.

The category now includes "Identity and Agentic Security"3, and in the fourth quarter Cisco bought Astrix Securities, a privately held security company focused on non-human identity security4. The idea is that as software agents act inside companies, each needs an identity and access controls, and Cisco wants to sell them.

These products are small against a line of $8,232 million5. Their job is to replace the growth Splunk no longer provides.

Guidance is modest. The finance chief expects security growth in the first quarter of fiscal 2027 in the mid-to-high single digits6.

The products are aimed at a problem the filing names. Cisco's security category now includes Identity and Agentic Security7, and its stated customer priorities include "to protect against the cyber threats of today and tomorrow"8. Whether that becomes revenue depends on customers paying separately for agent identity rather than expecting it inside products they already own.

This bet will show in the growth rate of the whole security line, not in customer counts. Security growth above 5% for fiscal 2027 would show the new products adding up; another year near 2% would mean they are too small to matter.

Moat trajectory: Holding steady

6,400 net new customers; Q1 FY2027 guided mid-to-high single digits.

The number that tests this moat
Reported
Net new customers for new security products
Over 6,400 since launch (Q4 FY2026)

Adoption of Cisco-built security; counts rising without line growth would mean the products are too small.

Source: Cisco Q4 FY2026 call highlights (Yahoo/GuruFocus) ↗
References
  1. ReportedIt said on the fourth-quarter call that it had over 6,400 net new customers for new security products since launch, and about 4,500 customers had signed up for the white-glove programme of Cisco Cloud Control.
    GuruFocus via Yahoo Finance, highlights of Cisco's Q4 FY2026 earnings call - ARR, price increases, hyperscaler growth, Acacia and fiscal 2027 margin comments. — Q4 FY2026 · publ. 13 August 2026 · source ↗
  2. ReportedIt said on the fourth-quarter call that it had over 6,400 net new customers for new security products since launch, and about 4,500 customers had signed up for the white-glove programme of Cisco Cloud Control.
    GuruFocus via Yahoo Finance, highlights of Cisco's Q4 FY2026 earnings call - ARR, price increases, hyperscaler growth, Acacia and fiscal 2027 margin comments. — Q4 FY2026 · publ. 13 August 2026 · source ↗
  3. ReportedThe category now includes "Identity and Agentic Security", and in the fourth quarter Cisco bought Astrix Securities, a privately held security company focused on non-human identity security.
    Cisco Systems Form 10-K for fiscal 2026 (year ended 25 July 2026) - Item 7 MD&A: revenue by product category and segment, and gross margins. — FY2026 · publ. 2 September 2026 · source ↗
  4. ReportedThe category now includes "Identity and Agentic Security", and in the fourth quarter Cisco bought Astrix Securities, a privately held security company focused on non-human identity security.
    Cisco fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - quarterly revenue by line and segment, margins, AI infrastructure orders and fiscal 2027 guidance - orders, acquisitions, dividend and fiscal 2027 guidance. — Q4 FY2026 · publ. 12 August 2026 · source ↗
  5. ReportedThese products are small against a line of $8,232 million.
    Cisco Systems Form 10-K for fiscal 2026 (year ended 25 July 2026) - Item 1 business: products, strategy, employees and sales. — FY2026 · publ. 2 September 2026 · source ↗
  6. ReportedThe finance chief expects security growth in the first quarter of fiscal 2027 in the mid-to-high single digits.
    GuruFocus via Yahoo Finance, highlights of Cisco's Q4 FY2026 earnings call - ARR, price increases, hyperscaler growth, Acacia and fiscal 2027 margin comments. — Q4 FY2026 · publ. 13 August 2026 · source ↗
  7. ReportedCisco's security category now includes Identity and Agentic Security, and its stated customer priorities include "to protect against the cyber threats of today and tomorrow".
    Cisco Systems Form 10-K for fiscal 2026 (year ended 25 July 2026) - Item 7 MD&A: revenue by product category and segment, and gross margins. — FY2026 · publ. 2 September 2026 · source ↗
  8. ReportedCisco's security category now includes Identity and Agentic Security, and its stated customer priorities include "to protect against the cyber threats of today and tomorrow".
    Cisco Systems Form 10-K for fiscal 2026 (year ended 25 July 2026) - Item 7 MD&A: revenue by product category and segment, and gross margins. — FY2026 · publ. 2 September 2026 · source ↗
Sources
Generated September 25, 2026