Key Takeaways CSCO's gross and operating margins expanded in Q3 FY25, driven by supply chain strength and Splunk gains. Regional manufacturing cut tariff exposure, helping CSCO hit high-end margin guidance in the latest quarter. CSCO sees continued margin momentum from AI, cybersecurity demand and disciplined cost controls.Cisco Systems (CSCO) has been benefiting from a flexible and diversified supply chain that is driving gross margin expansion. This improvement, along with productivity improvements and ...