CISCO SYSTEMS, INC. CSCO
Cisco designs and sells a broad range of technologies including hardware, software, and artificial intelligence (AI) powered digital infrastructure to power, help secure, and draw insights from the Internet. We are incorporating AI into our product portfolios across networking, security, collaboration and observability, as well as integrating our products more tightly together into a platform. We are simplifying how our technology is delivered, managed and optimized and helping customers maximize the business value of their technology investments.
We conduct our business globally and manage our business by geography. Our business is organized into the following three geographic segments: Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC).
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $63.33B | $56.65B | $53.80B | $57.00B | $51.56B | $49.82B | $49.30B | $51.90B | $49.33B | $48.01B |
| Cost of revenue | $22.46B | $19.86B | $18.98B | $21.25B | $19.31B | $17.92B | $17.62B | $19.24B | $18.72B | $17.78B |
| Gross profit | $40.86B | $36.79B | $34.83B | $35.75B | $32.25B | $31.89B | $31.68B | $32.67B | $30.61B | $30.22B |
| R&D | $9.56B | $9.30B | $7.98B | $7.55B | $6.77B | $6.55B | $6.35B | $6.58B | $6.33B | $6.06B |
| SG&A | $2.76B | $2.99B | $2.81B | $2.48B | $2.10B | $2.15B | $1.93B | $1.83B | $2.14B | $1.99B |
| Total operating expenses | $25.49B | $25.03B | $22.65B | $20.72B | $18.28B | $19.06B | $18.06B | $18.45B | $18.30B | $18.25B |
| Operating income | $15.37B | $11.76B | $12.18B | $15.03B | $13.97B | $12.83B | $13.62B | $14.22B | $12.31B | $11.97B |
| Interest expense | $1.47B | $1.59B | $1.01B | $427.0M | $360.0M | $434.0M | $585.0M | $859.0M | $943.0M | $861.0M |
| Pre-tax income | $16.01B | $11.10B | $12.23B | $15.32B | $14.48B | $13.26B | $13.97B | $14.57B | $13.04B | $12.29B |
| Income tax | $2.74B | $920.0M | $1.91B | $2.71B | $2.67B | $2.67B | $2.76B | $2.95B | $12.93B | $2.68B |
| Net income | $13.27B | $10.18B | $10.32B | $12.61B | $11.81B | $10.59B | $11.21B | $11.62B | $110.0M | $9.61B |
| EPS, basic | 3.36 | 2.56 | 2.55 | 3.08 | 2.83 | 2.51 | 2.65 | 2.63 | 0.02 | 1.92 |
| EPS, diluted | 3.33 | 2.55 | 2.54 | 3.07 | 2.82 | 2.50 | 2.64 | 2.61 | 0.02 | 1.90 |
| Shares, diluted (wtd. avg.) | $3.99B | $4.00B | $4.06B | $4.11B | $4.19B | $4.24B | $4.25B | $4.45B | $4.88B | $5.05B |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.22B | $8.35B | $8.84B | $11.63B | $8.58B | $9.94B | $11.81B | $11.77B | $8.99B | $11.77B |
| Short-term investments | $8.70B | $7.76B | $10.35B | $16.02B | $12.19B | $15.34B | $17.61B | $21.66B | $37.61B | — |
| Receivables | $7.47B | $6.70B | $6.68B | $5.85B | $6.62B | $5.77B | $5.47B | $5.49B | $5.55B | $5.15B |
| Inventory | $5.69B | $3.16B | $3.37B | $3.64B | $2.57B | $1.56B | $1.28B | $1.38B | $1.85B | $1.62B |
| Total current assets | $38.66B | $34.99B | $36.86B | $43.35B | $36.72B | $39.11B | $43.57B | $47.76B | $61.84B | $83.70B |
| Property, plant and equipment | $2.76B | $2.11B | $2.09B | $2.08B | $2.00B | $2.34B | $2.45B | $2.79B | $3.01B | $3.32B |
| Goodwill | $59.48B | $59.14B | $58.66B | $38.53B | $38.30B | $38.17B | $33.81B | $33.53B | $31.71B | $29.77B |
| Other intangibles | $7.56B | $9.18B | $11.22B | $1.82B | $2.57B | $3.62B | $1.58B | $2.20B | $2.55B | $2.54B |
| Total assets | $129.64B | $122.29B | $124.41B | $101.85B | $94.00B | $97.50B | $94.85B | $97.79B | $108.78B | $129.82B |
| Accounts payable | $3.37B | $2.53B | $2.30B | $2.31B | $2.28B | $2.36B | $2.22B | $2.06B | $1.90B | $1.39B |
| Short-term debt | $3.50B | $1.75B | $488.0M | $1.73B | $499.0M | $2.51B | $3.00B | $6.00B | $5.24B | $4.75B |
| Total current liabilities | $41.52B | $35.06B | $40.58B | $31.31B | $25.64B | $26.26B | $25.33B | $31.71B | $27.04B | $27.58B |
| Long-term debt | $19.37B | $22.86B | $19.62B | $6.66B | $8.42B | $9.02B | $11.58B | $14.47B | $20.33B | $25.73B |
| Total liabilities | $79.35B | $75.45B | $78.96B | $57.50B | $54.23B | $56.22B | $56.93B | $64.22B | $65.58B | $63.68B |
| Retained earnings | $1.56B | $50.0M | $1.09B | $1.64B | -$1.32B | -$654.0M | -$2.76B | -$5.90B | $1.23B | $20.84B |
| Total equity | $50.28B | $46.84B | $45.46B | $44.35B | $39.77B | $41.27B | $37.92B | $33.57B | $43.20B | $66.14B |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $14.18B | $14.19B | $10.88B | $19.89B | $13.23B | $15.45B | $15.43B | $15.83B | $13.67B | $13.88B |
| Depreciation and amortisation | $700.0M | $700.0M | $700.0M | $700.0M | $800.0M | $800.0M | $900.0M | $1.00B | $1.10B | $1.10B |
| Stock-based compensation | $3.83B | $3.64B | $3.07B | $2.35B | $1.89B | $1.76B | $1.57B | $1.57B | $1.58B | $1.53B |
| Capital expenditure | $1.41B | $905.0M | $670.0M | $849.0M | $477.0M | $692.0M | $770.0M | $909.0M | $834.0M | $964.0M |
| Investing cash flow | -$3.48B | $1.73B | -$20.48B | -$5.11B | $1.55B | -$5.29B | $3.50B | $14.84B | $15.32B | -$6.04B |
| Financing cash flow | -$12.35B | -$15.81B | $6.84B | -$11.63B | -$15.96B | -$12.10B | -$18.86B | -$27.89B | -$31.76B | -$3.81B |
| Dividends paid | $6.55B | $6.44B | $6.38B | $6.30B | $6.22B | $6.16B | $6.02B | $5.98B | $5.97B | $5.51B |
| Buybacks | $6.11B | $6.00B | $5.79B | $4.29B | $7.69B | $2.88B | $2.66B | $20.72B | $17.55B | $3.69B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000858877-26-000132.
Others in SIC 3576
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ANET | Arista Networks, Inc. | $244.40B | 70.5x | 28.6% |
| FFIV | F5, INC. | $22.11B | 33.1x | 9.7% |
| EXTR | EXTREME NETWORKS INC | $2.83B | 70.0x | 12.6% |
| DGII | DIGI INTERNATIONAL INC | $2.63B | 64.2x | 1.5% |
| ATEN | A10 Networks, Inc. | $1.79B | 43.1x | 11.0% |
| NTGR | NETGEAR, INC. | $579.2M | — | 3.8% |
| LTRX | LANTRONIX INC | $243.8M | — | -1.6% |
| CIIT | Tianci International, Inc. | $29.4M | — | 7.7% |