Cisco Systems
CSCO · NasdaqComputer Communications Equipment · Fiscal year ends Jul 31
Cisco Systems reported revenue of $63.3B in the fiscal year ended Jul 2026, up 11.8% from the year before. Operating income was $15.4B, an operating margin of 24.3%, and net income was $13.3B. Operating cash flow of $14.2B less capital expenditure of $1.4B left free cash flow of $12.8B. Net debt was $15.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue | $51.6B | $57B | $53.8B | $56.7B | $63.3B |
| Cost of revenue | $19.3B | $21.2B | $19B | $19.9B | $22.5B |
| Gross profit | $32.2B | $35.8B | $34.8B | $36.8B | $40.9B |
| Research & development | $6.8B | $7.6B | $8B | $9.3B | $9.6B |
| Operating income | $14B | $15B | $12.2B | $11.8B | $15.4B |
| Interest expense | $360M | $427M | $1B | $1.6B | $1.5B |
| Pre-tax income | $14.5B | $15.3B | $12.2B | $11.1B | $16B |
| Income tax | $2.7B | $2.7B | $1.9B | $920M | $2.7B |
| Net income | $11.8B | $12.6B | $10.3B | $10.2B | $13.3B |
| Diluted EPS | 2.82 | 3.07 | 2.54 | 2.55 | 3.33 |
| Diluted shares | 4,192M | 4,105M | 4,062M | 3,998M | 3,987M |
Balance sheet
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $7.1B | $10.1B | $7.5B | $8.3B | $7.2B |
| Receivables | $6.6B | $5.9B | $6.7B | $6.7B | $7.5B |
| Inventory | $2.6B | $3.6B | $3.4B | $3.2B | $5.7B |
| Current assets | $36.7B | $43.3B | $36.9B | $35B | $38.7B |
| Net PP&E | $2B | $2.1B | $2.1B | $2.1B | $2.8B |
| Goodwill | $38.3B | $38.5B | $58.7B | $59.1B | $59.5B |
| Total assets | $94B | $102B | $124B | $122B | $130B |
| Payables | $2.3B | $2.3B | $2.3B | $2.5B | $3.4B |
| Deferred revenue | $12.8B | $13.9B | $16.2B | $16.4B | $17B |
| Current liabilities | $25.6B | $31.3B | $40.6B | $35.1B | $41.5B |
| Short-term debt | $499M | $1.7B | $488M | $1.8B | $3.5B |
| Long-term debt | $8.4B | $6.7B | $19.6B | $22.9B | $19.4B |
| Total liabilities | $54.2B | $57.5B | $79B | $75.4B | $79.4B |
| Shareholders' equity | $39.8B | $44.4B | $45.5B | $46.8B | $50.3B |
| Backlog (remaining obligations) | $31.5B | $34.9B | $41B | $43.5B | $46.7B |
Cash flow
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $13.2B | $19.9B | $10.9B | $14.2B | $14.2B |
| Capital expenditure | $477M | $849M | $670M | $905M | $1.4B |
| Free cash flow | $12.7B | $19B | $10.2B | $13.3B | $12.8B |
| Depreciation & amortisation | $800M | $700M | $700M | $700M | $700M |
| Stock-based compensation | $1.9B | $2.4B | $3.1B | $3.6B | $3.8B |
| Acquisitions | $373M | $301M | $26B | $291M | $516M |
| Share buybacks | $7.7B | $4.3B | $5.8B | $6B | $6.1B |
| Dividends paid | $6.2B | $6.3B | $6.4B | $6.4B | $6.6B |
| Dividend per share | 1.50 | 1.54 | 1.58 | 1.62 | 1.66 |
Key ratios
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.6% | −5.6% | 5.3% | 11.8% |
| Operating income growth (YoY) | – | 7.6% | −19.0% | −3.5% | 30.7% |
| EPS growth (YoY) | – | 8.9% | −17.3% | 0.4% | 30.6% |
| Gross margin | 62.5% | 62.7% | 64.7% | 64.9% | 64.5% |
| Operating margin | 27.1% | 26.4% | 22.6% | 20.8% | 24.3% |
| Net margin | 22.9% | 22.1% | 19.2% | 18.0% | 21.0% |
| Return on equityBlank when equity is negative | 29.7% | 28.4% | 22.7% | 21.7% | 26.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 20.4% | 21.3% | 14.5% | 13.5% | 17.4% |
| Free cash flow margin | 24.7% | 33.4% | 19.0% | 23.5% | 20.2% |
| Cash conversion (CFO ÷ net income) | 1.12x | 1.58x | 1.05x | 1.39x | 1.07x |
| Receivable days | 47 | 37 | 45 | 43 | 43 |
| Inventory days | 49 | 63 | 65 | 58 | 93 |
| Payable days | 43 | 40 | 44 | 46 | 55 |
| Interest cover | 38.8x | 35.2x | 12.1x | 7.38x | 10.5x |
| Debt ÷ equity | 0.22x | 0.19x | 0.44x | 0.53x | 0.45x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.8B | −$1.7B | $12.6B | $16.3B | $15.7B |
| Current ratio | 1.43x | 1.38x | 0.91x | 1.00x | 0.93x |
Recent filings
More in Computer Communications Equipment
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.