Cisco Systems (CSCO) financial statements
Cisco Systems reported revenue of $63.3B in fiscal 2026, up 3.1% a year over 9 years.
Net income was $13.3B and the operating margin 24.3%, against 24.9% in 2017.
Free cash flow was $12.8B, and the company returned $6.6B in dividends and $6.1B in net buybacks.
The diluted share count fell 21% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cisco Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.0B | $49.3B | $51.9B | $49.3B | $49.8B | $51.6B | $57.0B | $53.8B | $56.7B | $63.3B |
| Cost of revenue | $17.8B | $18.7B | $19.2B | $17.6B | $17.9B | $19.3B | $21.2B | $19.0B | $19.9B | $22.5B |
| Gross profit | $30.2B | $30.6B | $32.7B | $31.7B | $31.9B | $32.2B | $35.8B | $34.8B | $36.8B | $40.9B |
| Research and development | $6.1B | $6.3B | $6.6B | $6.3B | $6.5B | $6.8B | $7.6B | $8.0B | $9.3B | $9.6B |
| Selling, general and admin | $11.2B | $11.4B | $11.4B | $11.1B | $11.4B | $11.2B | $12.4B | $13.2B | $14.0B | $14.3B |
| Operating income | $12.0B | $12.3B | $14.2B | $13.6B | $12.8B | $14.0B | $15.0B | $12.2B | $11.8B | $15.4B |
| Interest expense | $861M | $943M | $859M | $585M | $434M | $360M | $427M | $1.0B | $1.6B | $1.5B |
| Pre-tax income | $12.3B | $13.0B | $14.6B | $14.0B | $13.3B | $14.5B | $15.3B | $12.2B | $11.1B | $16.0B |
| Income tax | $2.7B | $12.9B | $3.0B | $2.8B | $2.7B | $2.7B | $2.7B | $1.9B | $920M | $2.7B |
| Net income | $9.6B | $110M | $11.6B | $11.2B | $10.6B | $11.8B | $12.6B | $10.3B | $10.2B | $13.3B |
| EPS (diluted) | $1.90 | $0.02 | $2.61 | $2.64 | $2.50 | $2.82 | $3.07 | $2.54 | $2.55 | $3.33 |
| Diluted shares | 5.05B | 4.88B | 4.45B | 4.25B | 4.24B | 4.19B | 4.11B | 4.06B | 4.00B | 3.99B |
| Gross margin | 63.0% | 62.0% | 62.9% | 64.3% | 64.0% | 62.5% | 62.7% | 64.7% | 64.9% | 64.5% |
| Operating margin | 24.9% | 25.0% | 27.4% | 27.6% | 25.8% | 27.1% | 26.4% | 22.6% | 20.8% | 24.3% |
| Net margin | 20.0% | 0.2% | 22.4% | 22.7% | 21.3% | 22.9% | 22.1% | 19.2% | 18.0% | 21.0% |
Balance sheet
Fiscal years, from Cisco Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $70.5B | $46.5B | $33.4B | $29.4B | $24.5B | $19.3B | $26.1B | $17.9B | $14.5B | $14.3B |
| Receivables | $5.1B | $5.6B | $5.5B | $5.5B | $5.8B | $6.6B | $5.9B | $6.7B | $6.7B | $7.5B |
| Inventory | $1.6B | $1.8B | $1.4B | $1.3B | $1.6B | $2.6B | $3.6B | $3.4B | $3.2B | $5.7B |
| Total current assets | $83.7B | $61.8B | $47.8B | $43.6B | $39.1B | $36.7B | $43.3B | $36.9B | $35.0B | $38.7B |
| Property, plant and equipment | $3.3B | $3.0B | $2.8B | $2.5B | $2.3B | $2.0B | $2.1B | $2.1B | $2.1B | $2.8B |
| Goodwill | $29.8B | $31.7B | $33.5B | $33.8B | $38.2B | $38.3B | $38.5B | $58.7B | $59.1B | $59.5B |
| Total assets | $129.8B | $108.8B | $97.8B | $94.9B | $97.5B | $94.0B | $101.9B | $124.4B | $122.3B | $129.6B |
| Total current liabilities | $27.6B | $27.0B | $31.7B | $25.3B | $26.3B | $25.6B | $31.3B | $40.6B | $35.1B | $41.5B |
| Long-term debt | $25.7B | $20.3B | $14.5B | $11.6B | $9.0B | $8.4B | $6.7B | $19.6B | $22.9B | $19.4B |
| Total liabilities | $63.7B | $65.6B | $64.2B | $56.9B | $56.2B | $54.2B | $57.5B | $79.0B | $75.4B | $79.4B |
| Shareholders' equity | $66.1B | $43.2B | $33.6B | $37.9B | $41.3B | $39.8B | $44.4B | $45.5B | $46.8B | $50.3B |
| Net debt | $22.0B | $16.6B | $12.9B | $2.8B | $2.4B | $2.4B | -$1.7B | $23.5B | $19.7B | $22.3B |
Cash flow
Fiscal years, from Cisco Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13.9B | $13.7B | $15.8B | $15.4B | $15.5B | $13.2B | $19.9B | $10.9B | $14.2B | $14.2B |
| Capital spending | $964M | $834M | $909M | $770M | $692M | $477M | $849M | $670M | $905M | $1.4B |
| Free cash flow | $12.9B | $12.8B | $14.9B | $14.7B | $14.8B | $12.7B | $19.0B | $10.2B | $13.3B | $12.8B |
| Stock-based compensation | $1.5B | $1.6B | $1.6B | $1.6B | $1.8B | $1.9B | $2.4B | $3.1B | $3.6B | $3.8B |
| Dividends paid | $5.5B | $6.0B | $6.0B | $6.0B | $6.2B | $6.2B | $6.3B | $6.4B | $6.4B | $6.6B |
| Share buybacks (net) | -$3.7B | -$17.5B | -$20.7B | -$2.7B | -$2.9B | -$7.7B | -$4.3B | -$5.8B | -$6.0B | -$6.1B |
| Net borrowing | $5.3B | -$8.0B | -$1.1B | -$6.7B | -$3.0B | -$2.5B | -$500M | $31.8B | $19.3B | $13.0B |
| Free cash flow margin | 26.9% | 26.0% | 28.7% | 29.7% | 29.6% | 24.7% | 33.4% | 19.0% | 23.5% | 20.2% |
| Dividends per share | $1.09 | $1.22 | $1.34 | $1.41 | $1.45 | $1.48 | $1.54 | $1.57 | $1.61 | $1.64 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CSCO.
Open CSCO in InvestinglyQuestions
What was Cisco Systems's revenue in 2026?
$63.3B in fiscal 2026, from its 10-K filing.
How much free cash flow does Cisco Systems generate?
$12.8B in fiscal 2026 (operating cash flow minus capital spending).
From Cisco Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.