CISCO SYSTEMS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CISCO SYSTEMS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	48,005	49,330	51,904	49,301	49,818	51,557	56,998	53,803	56,654	63,325
Cost of revenue	17,781	18,724	19,238	17,618	17,924	19,309	21,245	18,975	19,864	22,465
Gross profit	30,224	30,606	32,666	31,683	31,894	32,248	35,753	34,828	36,790	40,860
Research and development	6,059	6,332	6,577	6,347	6,549	6,774	7,551	7,983	9,300	9,563
Selling and marketing	9,184	9,242	9,571	9,169	9,259	9,085	9,880	10,364	10,966	11,559
General and administrative	1,993	2,144	1,827	1,925	2,152	2,101	2,478	2,813	2,992	2,761
Operating expenses	18,251	18,297	18,447	18,063	19,061	18,279	20,722	22,647	25,030	25,492
Operating income	11,973	12,309	14,219	13,620	12,833	13,969	15,031	12,181	11,760	15,368
Interest expense	861	943	859	585	434	360	427	1,006	1,593	1,470
Interest income	1,338	1,508	1,308	920	618	476	962	1,365	1,001	866
Other non-operating income	314	730	352	350	429	508	287	53	-660	641
Pre-tax income	12,287	13,039	14,571	13,970	13,262	14,477	15,318	12,234	11,100	16,009
Income tax	2,678	12,929	2,950	2,756	2,671	2,665	2,705	1,914	920	2,742
Net income	9,609	110	11,621	11,214	10,591	11,812	12,613	10,320	10,180	13,267
EBITDA	13,073	13,409	15,219	14,520	13,633	14,769	15,731	12,881	12,460	16,068
EPS, basic	1.92	0.02	2.63	2.65	2.51	2.83	3.08	2.55	2.56	3.36
EPS, diluted	1.90	0.02	2.61	2.64	2.50	2.82	3.07	2.54	2.55	3.33
Shares, basic (weighted)	5,010	4,837	4,419	4,236	4,222	4,170	4,093	4,043	3,976	3,953
Shares, diluted (weighted)	5,049	4,881	4,453	4,254	4,236	4,192	4,105	4,062	3,998	3,987
Dividend per share	1.10	1.24	1.36	1.42	1.46	1.50	1.54	1.58	1.62	1.66

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	11,708	8,934	11,750	11,809	9,175	7,079	10,123	7,508	8,346	7,218
Short-term investments		37,614	21,663	17,610	15,343	12,188	16,023	10,346	7,764	8,700
Receivables	5,146	5,554	5,491	5,472	5,766	6,622	5,854	6,685	6,701	7,470
Inventory	1,616	1,846	1,383	1,282	1,559	2,568	3,644	3,373	3,164	5,694
Other current assets	1,593	2,940	2,373	2,349	2,889	4,355	4,352	5,612	5,950	6,191
Total current assets	83,703	61,837	47,755	43,573	39,112	36,717	43,348	36,862	34,986	38,665
Property, plant and equipment	3,322	3,006	2,789	2,453	2,338	1,997	2,085	2,090	2,113	2,760
Lease right-of-use assets				921	1,095	1,003	971	1,066	1,301	1,395
Goodwill	29,766	31,706	33,529	33,806	38,168	38,304	38,535	58,660	59,136	59,477
Intangible assets	2,539	2,552	2,201	1,576	3,619	2,569	1,818	11,219	9,175	7,557
Other non-current assets	1,511	1,582	2,496	3,741	5,016	5,957	6,007	5,944	6,059	9,129
Total assets	129,818	108,784	97,793	94,853	97,497	94,002	101,852	124,413	122,291	129,637
Accounts payable	1,385	1,904	2,059	2,218	2,362	2,281	2,313	2,304	2,528	3,366
Accrued liabilities	2,895	2,986	3,221	3,122	3,818	3,316	3,984	3,608	3,611	4,057
Deferred revenue	10,821	11,490	10,668	11,406	12,148	12,784	13,908	16,249	16,416	16,988
Short-term debt	7,992	5,238	10,191	3,005	2,508	1,099	1,733	11,341	5,232	10,161
Total current liabilities	27,583	27,035	31,712	25,331	26,257	25,640	31,309	40,584	35,064	41,525
Long-term debt	25,725	20,331	14,475	11,578	9,018	8,416	6,658	19,621	22,861	19,372
Lease liabilities				661	831	724	707	906	1,175	1,248
Other non-current liabilities	1,450	1,434	1,309	2,147	2,393	1,968	2,134	2,540	2,995	3,323
Total liabilities	63,681	65,580	64,222	56,933	56,222	54,229	57,499	78,956	75,448	79,352
Total debt	30,472	25,569	20,473	14,583	11,526	8,915	8,391	20,109	24,611	22,872
Paid-in capital	45,253	42,820	40,266	41,202	42,346	42,714	44,289	45,800	47,747	49,676
Retained earnings	20,838	1,233	-5,903	-2,763	-654	-1,319	1,639	1,087	50	1,565
Other comprehensive income	46	-849	-792	-519	-417	-1,622	-1,575	-1,430	-954	-956
Shareholders' equity	66,137	43,204	33,571	37,920	41,275	39,773	44,353	45,457	46,843	50,285
Minority interests	0	0	0
Total equity	66,137	43,204	33,571	37,920	41,275	39,773	44,353	45,457	46,843	50,285
Total liabilities and equity	129,818	108,784	97,793	94,853	97,497	94,002	101,852	124,413	122,291	129,637
Shares outstanding	4,983	4,614	4,250	4,237	4,217	4,110	4,066	4,007	3,960	3,946

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	9,609	110	11,621	11,214	10,591	11,812	12,613	10,320	10,180	13,267
Depreciation and amortization	1,100	1,100	1,000	900	800	800	700	700	700	700
Stock-based compensation	1,526	1,576	1,570	1,569	1,761	1,886	2,353	3,074	3,641	3,830
Deferred income tax	-124	900	-350	-38	-384	-309	-2,085	-972	-1,133	226
Change in receivables	756	-269	-84	-107	-107	-1,009	734	-289	-22	-832
Change in inventory	-394	-244	131	84	-244	-1,030	-1,069	275	209	-2,541
Change in payables	311	504	87	141	-53	-55	27	-90	257	842
Cash from operations	13,876	13,666	15,831	15,426	15,454	13,226	19,886	10,880	14,193	14,177
Capital expenditures	-964	-834	-909	-770	-692	-477	-849	-670	-905	-1,410
Acquisitions	-3,324	-3,006				-373	-301	-25,994	-291	-516
Purchases of investments	-42,702	-14,285	-2,416	-9,212	-9,328	-6,070	-10,871	-4,230	-4,589	-8,974
Sales and maturities of investments	12,143	15,769	12,928	7,975	8,409	5,686	5,978	6,367	4,943	6,105
Cash from investing	-6,036	15,318	14,837	3,500	-5,285	1,553	-5,107	-20,478	1,733	-3,484
Debt issued	6,980	6,877	2,250	0	0	1,049	0	31,818	19,292	13,048
Debt repaid	-4,151	-12,375	-6,780	-6,720	-3,000	-3,550	-500
Stock issued	708	623	640	655	643	660	700	714	736	805
Share buybacks	-3,685	-17,547	-20,717	-2,659	-2,877	-7,689	-4,293	-5,787	-6,000	-6,106
Dividends paid	-5,511	-5,968	-5,979	-6,016	-6,163	-6,224	-6,302	-6,384	-6,437	-6,553
Cash from financing	-3,806	-31,764	-27,889	-18,856	-12,097	-15,962	-11,626	6,844	-15,815	-12,347
Net change in cash	4,034	-2,780	2,779	40	-1,870	-1,363	3,048	-2,785	68	-1,683
Free cash flow	12,912	12,832	14,922	14,656	14,762	12,749	19,037	10,210	13,288	12,767
Interest paid	897	911	892	603	438	355	376	583	1,500
Income taxes paid	2,742	3,911	2,986	3,116	3,604	3,663	3,571	7,400	3,900	4,821

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $106.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.5%	Gross profit / revenue.
Operating margin	24.3%	Operating income / revenue.
EBITDA margin	25.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.3%	Pre-tax income / revenue.
Net margin	21.0%	Net income / revenue.
FCF margin	20.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.4%	Cash from operations / revenue.
Effective tax rate	17.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.5%	Net income / average total assets.
Return on invested capital (ROIC)	19.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.1%	Research and development expense / revenue.
Stock-based pay / revenue	6.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	30.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	29.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	30.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	30.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-12.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-2.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.93x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.38x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.45x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.6%	Total debt / total assets.
Liabilities / assets	61.2%	Total liabilities / total assets.
Net debt	$6.95B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.43x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.5x	Operating income / interest expense.
Working capital	-$2.86B	Current assets - current liabilities.
Goodwill and intangibles / assets	51.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$16.75B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	26.0x	Revenue / average property, plant and equipment.
Inventory turnover	5.07x	Cost of revenue / average inventory.
Days inventory	72 days	365 x average inventory / cost of revenue.
Receivables turnover	8.94x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	65 days	Days inventory + days sales outstanding - days payables.
FCF conversion	96.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.33	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$3.36	Net income per basic share, as reported (split-adjusted).
Revenue per share	$15.88	Revenue / diluted weighted shares.
FCF per share	$3.20	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.56	Cash from operations / diluted weighted shares.
Book value per share	$12.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.24	Tangible book value / shares outstanding.
Cash per share	$4.03	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.66	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	49.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	51.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	47.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$420.55B	Share price x shares outstanding.
Enterprise value	$427.51B	Market cap + total debt - cash - short-term investments.
P/E	31.7x	Market cap / net income. Only when net income is positive.
P/S	6.64x	Market cap / revenue.
P/B	8.36x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	32.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	29.7x	Market cap / cash from operations, when positive.
EV/Sales	6.75x	Enterprise value / revenue.
EV/EBIT	27.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	26.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	33.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.0%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.6%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.
PEG	11.5x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CISCO SYSTEMS, INC.'s revenue in fiscal 2026?

CISCO SYSTEMS, INC. reported revenue of $63.33B for fiscal 2026, 11.8% higher than the year before.

Was CISCO SYSTEMS, INC. profitable in fiscal 2026?

Yes. Net income was $13.27B, a net margin of 21%.

How much free cash flow did CISCO SYSTEMS, INC. generate in fiscal 2026?

Cash from operations of $14.18B minus capital expenditures of $1.41B left free cash flow of $12.77B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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