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Cisco

CSCO Nasdaq Communications Equipment Financials FY2017–FY2026

Cisco's revenue rose 11.8% to $63.3 billion in fiscal 2026. Its operating margin was 24.3%, up from 20.8% a year earlier. Free cash flow was $12.8 billion, down 3.9%. It paid out $12.7 billion in dividends and buybacks, 99% of free cash flow. The diluted share count fell 0.3%.

Last close · Oct 23, 2026

$106.50

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$63.3B
11.8% vs prior year
Operating margin Operating income as a share of revenue.
24.3%
3.5 pts
Net income Profit after all expenses, interest and tax.
$13.3B
30.3%
Free cash flow Cash from operations minus capital spending.
$12.8B
3.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
20.2%
2.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$424.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

What Cisco does

Cisco makes the equipment and software that connect computers and networks, including routers, switches, wireless gear and optical parts for data centers, offices and factories. It also sells cybersecurity products, video meeting and calling tools, and software that monitors how networks and applications are working. Its customers are businesses of all sizes, governments, public institutions and telecom and cloud providers. It also provides support and consulting services.

Total revenue was $63.3 billion in the fiscal year that ended in July 2026. Product sales grew, led by networking, while service revenue stayed flat. Software, sold across all of its product areas and services, brought in $23.2 billion. Large cloud companies buying its equipment to run AI made up about 6% of revenue. Cisco manages its business through three regional segments: the Americas; Europe, the Middle East and Africa; and Asia Pacific, Japan and China. It sells directly and through distributors and other partners. Rivals include Arista Networks, Broadcom, Hewlett Packard Enterprise, Huawei, Nvidia, Palo Alto Networks, Fortinet, Microsoft and Zoom.

Cisco was incorporated in California in 1984 and is based in San Jose. It had about 82,400 employees at the end of July 2026.

Legal name
CISCO SYSTEMS, INC.
Fiscal year ends
July 25, 2026
Latest annual report
10-K · Sep 2, 2026
Accession · CIK
0000858877-26-000132
0000858877

Revenue and margins

Cisco had $63.3B of revenue in fiscal 2026, up 11.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 6.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $12.8B in fiscal 2026, 20.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cisco returned $12.7B to shareholders in fiscal 2026, 99% of free cash flow. The diluted share count fell 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cisco yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$15.2B and divides by 3,987.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 32.0x · peers 22.0x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Cisco can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $19.3B$26.1B$17.9B$14.5B$14.3B
Debt incl. finance leases $9.5B$8.4B$31.0B$28.1B$29.5B
Net debt / EBITDA −0.7x−1.1x1.0x1.1x1.0x
Debt / equity 0.2x0.2x0.7x0.6x0.6x
Interest coverage 38.8x35.2x12.1x7.4x10.5x
Current ratio 1.4x1.4x0.9x1.0x0.9x
Quick ratio 1.3x1.3x0.8x0.9x0.8x
Total assets $94.0B$101.9B$124.4B$122.3B$129.6B
Total liabilities $54.2B$57.5B$79.0B$75.4B$79.4B
Shareholders' equity $39.8B$44.4B$45.5B$46.8B$50.3B
Net debt (− = net cash) −$9.8B−$17.8B$13.1B$13.5B$15.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.8M

7 insiders

Of sales under plans

100%

$7.8M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 Oliver TuszikEVP, Global Sales Sold plan 680 $110.18 $0.1M Form 4
Sep 14, 2026 Thimaya K. SubaiyaEVP, Operations Sold plan 312 $110.18 $0.0M Form 4
Sep 11, 2026 Mark PattersonEVP and CFO Sold plan 1,795 $108.87 $0.2M Form 4
Sep 8, 2026 Nichlas A FinkSVP, Chief Accounting Officer Sold plan 2,274 $109.36 $0.2M Form 4
Aug 19, 2026 Thimaya K. SubaiyaEVP, Operations Sold plan 5,832 $111.46 $0.7M Form 4
Aug 14, 2026 Charles RobbinsChair and CEO, Director Sold plan 21,628 $111.53 $2.4M Form 4
Aug 14, 2026 Deborah L StahlkopfEVP and Chief Legal Officer Sold plan 6,487 $111.53 $0.7M Form 4
Aug 14, 2026 Jeetendra I PatelPresident and CPO Sold plan 7,170 $111.57 $0.8M Form 4
Aug 14, 2026 Mark PattersonEVP and CFO Sold plan 5,192 $111.51 $0.6M Form 4
Aug 14, 2026 Oliver TuszikEVP, Global Sales Sold plan 2,760 $112.46 $0.3M Form 4
Jun 16, 2026 Thimaya K. SubaiyaEVP, Operations Sold plan 7,127 $119.91 $0.9M Form 4
Jun 11, 2026 Mark PattersonEVP and CFO Sold plan 7,397 $119.96 $0.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 97 / 96 / 9
Accruals ratio −0.5%−3.3%−0.7%
Altman Z'' 1.091.301.36

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cisco CSCO $424.6B 11.8% 24.3% 20.2% 20.2% — 6
Microsoft MSFT $3.91T 17.8% 46.8% 20.2% 30.9% — 6 Compare →
Intel INTC $443.8B −0.5% −4.2% −9.4% −0.8% — 6 Compare →
Adobe ADBE $104.3B 10.5% 36.6% 41.5% 65.9% 14.7x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $48.0B $49.3B $51.9B $49.3B $49.8B $51.6B $57.0B $53.8B $56.7B $63.3B
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
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
Pretax 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
Diluted EPS $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
Cash flow
Cash from operations $13.9B $13.7B $15.8B $15.4B $15.5B $13.2B $19.9B $10.9B $14.2B $14.2B
Capital expenditure $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
Depreciation and amortization $1.1B $1.1B $1.0B $900M $800M $800M $700M $700M $700M $700M
Stock-based compensation $1.5B $1.6B $1.6B $1.6B $1.8B $1.9B $2.4B $3.1B $3.6B $3.8B
Acquisitions $3.3B $3.0B $0.0M $0.0M $0.0M $373M $301M $26.0B $291M $516M
Share buybacks $3.7B $17.5B $20.7B $2.7B $2.9B $7.7B $4.3B $5.8B $6.0B $6.1B
Dividends paid $5.5B $6.0B $6.0B $6.0B $6.2B $6.2B $6.3B $6.4B $6.4B $6.6B
Dividends and buybacks $9.2B $23.5B $26.7B $8.7B $9.0B $13.9B $10.6B $12.2B $12.4B $12.7B
Balance sheet
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
Total debt $33.7B $25.6B $24.7B $14.6B $11.5B $9.5B $8.4B $31.0B $28.1B $29.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $83.7B $61.8B $47.8B $43.6B $39.1B $36.7B $43.3B $36.9B $35.0B $38.7B
Current liabilities $27.6B $27.0B $31.7B $25.3B $26.3B $25.6B $31.3B $40.6B $35.1B $41.5B
Inventory $1.6B $1.8B $1.4B $1.3B $1.6B $2.6B $3.6B $3.4B $3.2B $5.7B
Property and equipment, net $3.3B $3.0B $2.8B $2.5B $2.3B $2.0B $2.1B $2.1B $2.1B $2.8B
Total assets $129.8B $108.8B $97.8B $94.9B $97.5B $94.0B $101.9B $124.4B $122.3B $129.6B
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
Margins
Gross margin 63.0% 62.0% 62.9% 64.3% 64.0% 62.6% 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%
EBITDA margin 27.2% 27.2% 29.3% 29.5% 27.4% 28.7% 27.6% 23.9% 22.0% 25.4%
Net margin 20.0% 0.2% 22.4% 22.8% 21.3% 22.9% 22.1% 19.2% 18.0% 21.0%
FCF margin 26.9% 26.0% 28.8% 29.7% 29.6% 24.7% 33.4% 19.0% 23.5% 20.2%
Returns
Return on capital 33.5% 23.9% 48.2% 45.6% 39.9% 39.1% 43.7% 24.1% 18.1% 20.2%
Return on capital employed 12.0% 13.4% 19.2% 20.1% 18.2% 20.0% 21.6% 15.8% 13.8% 17.5%
Return on equity 14.8% 0.2% 30.3% 31.4% 26.8% 29.2% 30.0% 23.0% 22.1% 27.3%
Return on assets 7.6% 0.1% 11.3% 11.6% 11.0% 12.3% 12.9% 9.1% 8.3% 10.5%
Growth
Revenue growth −2.5% 2.8% 5.2% −5.0% 1.1% 3.5% 10.6% −5.6% 5.3% 11.8%
Net income growth −10.5% −98.9% 10,464.6% −3.5% −5.6% 11.5% 6.8% −18.2% −1.4% 30.3%
EPS growth −10.0% −99.0% 12,950.0% 1.2% −5.3% 12.8% 8.9% −17.3% 0.4% 30.6%
FCF growth 3.9% −0.6% 16.3% −1.8% 0.7% −13.6% 49.3% −46.4% 30.2% −3.9%
Share count change −0.8% −3.3% −8.8% −4.5% −0.4% −1.0% −2.1% −1.1% −1.6% −0.3%
Financial health
Net debt / EBITDA −2.8x −1.6x −0.6x −1.0x −1.0x −0.7x −1.1x 1.0x 1.1x 1.0x
Debt / equity 0.5x 0.6x 0.7x 0.4x 0.3x 0.2x 0.2x 0.7x 0.6x 0.6x
Interest coverage 13.9x 13.1x 16.6x 23.3x 29.6x 38.8x 35.2x 12.1x 7.4x 10.5x
Current ratio 3.0x 2.3x 1.5x 1.7x 1.5x 1.4x 1.4x 0.9x 1.0x 0.9x
Quick ratio 3.0x 2.2x 1.5x 1.7x 1.4x 1.3x 1.3x 0.8x 0.9x 0.8x
Capital allocation
Capex / revenue 2.0% 1.7% 1.8% 1.6% 1.4% 0.9% 1.5% 1.3% 1.6% 2.2%
Stock comp / revenue 3.2% 3.2% 3.0% 3.2% 3.5% 3.7% 4.1% 5.7% 6.4% 6.1%
Payouts / FCF 71.2% 183.3% 178.9% 59.2% 61.2% 109.1% 55.7% 119.2% 93.6% 99.2%
Quality scores
Piotroski F-score 5.0 5.0 7.0 9.0 6.0 7.0 8.0 5.0 7.0 6.0
Altman Z'' 5.1 3.6 2.4 2.8 2.5 2.5 2.6 1.1 1.3 1.4
Accruals ratio −3.4% −11.4% −4.1% −4.4% −5.1% −1.5% −7.4% −0.5% −3.3% −0.7%

Source: SEC EDGAR XBRL filings (CIK 0000858877). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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