This work generalizes and extends the classical circuit theory of electromagnetic waveguides. Unlike the conventional theory, the present formulation applies to all waveguides composed of linear, isotropic material, even those involving lossy conductors and hybrid mode fields, in a fully rigorous way. Special attention is given to distinguishing the traveling waves, constructed with respect to a well-defined characteristic impedance, from a set of pseudo-waves, defined with respect to an arbitrary reference impedance. Matrices characterizing a linear circuit are defined, and relationships among them, some newly discovered, are derived. New ramifications of reciprocity are developed. Measurement of various network parameters is given extensive treatment.