Cisco Systems, Inc. (CSCO) financials
NASDAQ · Technology · Communication Equipment · 82,400 employees · CEO Charles H. Robbins
- Price
- $104.51 -3.76%
- Market cap
- $412B
- Enterprise value
- $434B
- Last report
- Q4 '26 filed 2026-09-02
- Next report
- 2026-11-11 EPS est. $1.32
Revenue (TTM)$63.3B+11.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)24.3%+3.5 pp vs a year agoOperating income $15.4B
Net income (TTM)$13.3B+30.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$13.6B+2.3% vs a year agoCapex $582M
Diluted EPS (TTM)$3.33+30.6% vs a year agoSum of the last 4 quarters
Net cash-$13.6B-13.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $412B EV $434B
- Revenue
- $63.3B Trailing 12 months
- Revenue growth
- +15% FY2027 consensus
- Profit margin
- 21.0% Net income / revenue, TTM
- P/E
- 31.1× Forward 20.4× (FY2027)
- P/S
- 6.5× Price / sales, TTM
- EV / EBITDA
- 21.7× TTM
- Free cash flow
- $13.6B Trailing 12 months
- Net income
- $13.3B Trailing 12 months
- Revenue estimate
- $73.1B FY2027 consensus
- Earnings
- 2026-11-11 Revenue est. $18.1B
- Dividend
- $1.67 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-12): revenue beat by 2.5%, EPS beat by 4.3%Revenue $17.3B vs $16.8B expected (+2.5%); EPS $1.22 vs $1.17 (+4.3%).
- Revenue growth accelerating: 17.6% year on yearQ4 '26 revenue $17.3B, against an average of 9.2% over the four quarters before.
- Operating margin 24.3% (TTM), +3.5 pp on a year agoOperating income grew 30.7% while revenue grew 11.8%.
- Capex 0.9% of revenue (a year ago 1.6%)$582M invested in the last 4 quarters (-35.7% on a year earlier). Free cash flow $13.6B = 102.5% of net income.
- Returned $13.3B to shareholders = 98.1% of free cash flowBuybacks $6.87B (a year earlier $7.22B), dividends $6.47B, stock-based pay $3.99B (TTM).
- Diluted share count down 0.1% in a year3.99B diluted shares in Q4 '26, 3.99B a year earlier.
- Net debt $13.6BCash + short-term investments $15.9B, debt incl. leases $29.5B; a year ago net debt $12B.
Last quarter: Q4 '26
Quarter ended 2026-07-25. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q4 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $17.3B | $14.7B | +17.6% |
| Gross margin | 64.1% | 63.2% | +0.9 pp |
| Operating income | $4.26B | $3.09B | +38.1% |
| Operating margin | 24.7% | 21.0% | +3.7 pp |
| Net income | $3.86B | $2.55B | +51.3% |
| Diluted EPS | $0.97 | $0.64 | +51.6% |
| Operating cash flow | $5.39B | $4.23B | +27.2% |
| Capex | $390M | $217M | +79.7% |
| Free cash flow | $5B | $4.02B | +24.4% |
| R&D | $2.43B | $2.38B | +2.1% |
| Stock-based compensation | $927M | $948M | -2.2% |
Reported vs consensus
2026-08-12| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $17.3B | $16.8B | +2.5% |
| EPS (as estimated) | $1.22 | $1.17 | +4.3% |
From the report of 2026-08-12 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Networking | $9.79B | +28.3% | 56.8% | $34.7B | +22.5% | |
| Services | $3.79B | +0.2% | 22.0% | $15B | -0.1% | |
| Security | $2.23B | +14.0% | 12.9% | $8.23B | +1.7% | |
| Collaboration | $1.17B | +12.0% | 6.8% | $4.3B | +3.5% | |
| Observability | $275M | +6.2% | 1.6% | $1.1B | +3.8% |
Revenue by region
share of total| Segment | Q4 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $19.4B | +119.7% | 60.3% | – | – | |
| Europe Middle East And Africa | $8.13B | +123.2% | 25.3% | – | – | |
| Asia Pacific Japan And China | $4.62B | +109.3% | 14.4% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $14.2B
- Capex
- -$582M
- Buybacks
- -$6.87B
- Dividends
- -$6.47B
- Acquisitions
- -$562M
- Net debt issued
- -$4.02B
- Stock-based compensation
- $3.99B
- Free cash flow
- $13.6B
- Returned to shareholders / FCF
- 98.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 31.1× | 22.5× | 16.0× – 34.0× |
| EV / EBITDA | 21.7× | 16.0× | 11.5× – 23.7× |
| EV / Sales | 6.9× | 4.8× | 3.7× – 7.5× |
| Price / FCF | 30.3× | 20.2× | 11.2× – 35.4× |
| Price / Book | 8.2× | 5.7× | 4.3× – 9.0× |
| FCF yield | 3.3% | 5.7% | 2.8% – 8.9% |
| Return on invested capital | 13.0% | 13.8% | 10.8% – 17.1% |
| Return on equity | 27.4% | 25.8% | 21.7% – 29.7% |
Analysts
Consensus target $129.77 (+24.2%)
range $110.00 – $150.00 · rating Buy
Strong buy0
Buy38
Hold35
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $73.1B | +15.4% | $5.12 | +53.6% | 20.4× | 17 |
| FY2028 | $78.5B | +7.5% | $5.60 | +9.4% | 18.7× | 16 |
| FY2029 | $83.3B | +6.1% | $6.03 | +7.7% | 17.3× | 8 |
| FY2030 | $93.1B | +11.8% | $6.42 | +6.4% | 16.3× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 352 figures Cisco Systems, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| – | – | – | $15M | – | – | |
| – | – | – | 0.1% | – | – | |
| – | – | – | $625M | – | – | |
| – | – | – | $3.67B | – | – | |
| – | – | – | $789M | – | – | |
| – | – | – | $360M | – | – | |
| Accounts Payable, Current | $3.37B | $2.53B | +33.1% | $3.37B | $2.53B | +33.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $7.47B | $6.7B | +11.5% | $7.47B | $6.7B | +11.5% |
| Accounts Receivable, Allowance for Credit Loss, Current | $78M | $69M | +13.0% | $78M | $69M | +13.0% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $15M | $51M | -70.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $9M | $8M | +12.5% | $24M | $33M | -27.3% |
| Accrued Income Taxes, Current | $190M | $1.86B | -89.8% | $190M | $1.86B | -89.8% |
| Accrued Income Taxes, Noncurrent | $2.34B | $2.17B | +8.0% | $2.34B | $2.17B | +8.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $7.11B | $7.48B | -4.9% | $7.11B | $7.48B | -4.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$956M | -$954M | -0.2% | -$956M | -$954M | -0.2% |
| Advertising Expense | – | – | – | $119M | $186M | -36.0% |
| Amortization of Intangible Assets | $226M | $254M | -11.0% | $916M | $1.03B | -10.9% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8M | 17M | -52.9% | 8M | 78M | -89.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $927M | $948M | -2.2% | $3.83B | $3.64B | +5.2% |
| Assets | $130B | $122B | +6.0% | $130B | $122B | +6.0% |
| Assets, Current | $38.7B | $35B | +10.5% | $38.7B | $35B | +10.5% |
| Assets, Fair Value Disclosure | $15B2026-04-25 | $14.1B | +6.1% | $14.6B2025-07-26 | $15.6B | -6.3% |
| Business Combination, Acquisition Related Costs | – | – | – | $18M | $12M | +50.0% |
| Business Combination, Consideration Transferred | – | – | – | $28.5B2024-07-27 | $315M | +8,934.9% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $190M | $121M | +57.0% | $190M | $121M | +57.0% |
| Capitalized Contract Cost, Amortization | $229M | $239M | -4.2% | $942M | $957M | -1.6% |
| Capitalized Contract Cost, Net | $1.5B | $1.5B | 0.0% | $1.5B | $1.5B | 0.0% |
| Cash and Cash Equivalents, at Carrying Value | $7.22B | $8.35B | -13.5% | $7.22B | $8.35B | -13.5% |
| Cash, Cash Equivalents, and Short-term Investments | $14.3B | $14.5B | -1.7% | $14.3B | $14.5B | -1.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $7.23B | $8.91B | -18.9% | $7.23B | $8.91B | -18.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $144M | -$8M | +1,900.0% | -$1.68B | $68M | -2,575.0% |
| Common Stock, Dividends, Per Share, Declared | $0.42 | $0.41 | +2.4% | $1.66 | $1.62 | +2.5% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 20B | 20B | 0.0% | 20B | 20B | 0.0% |
| Common Stock, Shares, Issued | 3.95B | 3.96B | -0.4% | 3.95B | 3.96B | -0.4% |
| Common Stock, Shares, Outstanding | 3.95B | 3.96B | -0.4% | 3.95B | 3.96B | -0.4% |
| Common Stocks, Including Additional Paid in Capital | $49.7B | $47.7B | +4.0% | $49.7B | $47.7B | +4.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $3.7B | $2.73B | +35.4% | $13.3B | $10.7B | +24.5% |
| Contract with Customer, Asset, before Allowance for Credit Loss | $3.47B | $3.3B | +5.2% | $3.47B | $3.3B | +5.2% |
| Contract with Customer, Liability | $29.8B | $28.8B | +3.5% | $29.8B | $28.8B | +3.5% |
| Contract with Customer, Liability, Current | $17B | $16.4B | +3.5% | $17B | $16.4B | +3.5% |
| Contract with Customer, Liability, Noncurrent | $12.8B | $12.4B | +3.5% | $12.8B | $12.4B | +3.5% |
| Contract with Customer, Liability, Revenue Recognized | $2.9B | $2.8B | +3.6% | $16.4B | $16.1B | +1.9% |
| Cost of Goods and Services Sold | $6.19B | $5.39B | +14.8% | $22.5B | $19.9B | +13.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.39B | $956M | +44.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $860M | $665M | +29.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $271M | $431M | -37.1% |
| Debt Instrument, Unamortized Discount | $130M | $142M | -8.5% | $130M | $142M | -8.5% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $2M | $15M | -86.7% | $2M | $15M | -86.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $95M | – | – | $95M | – | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $2.94B | $3.19B | -8.0% | $2.94B | $3.19B | -8.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $5.22B | $3.96B | +31.8% | $5.22B | $3.96B | +31.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $619M | $2.4B | -74.2% | $619M | $2.4B | -74.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $5M | $75M | -93.3% | $5M | $75M | -93.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $3.49B | $1.52B | +130.1% | $3.49B | $1.52B | +130.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $37M | $6M | +516.7% | $37M | $6M | +516.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $93M | – | – | $93M | – | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $2.9B | $3.18B | -8.8% | $2.9B | $3.18B | -8.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $5.19B | $3.91B | +32.7% | $5.19B | $3.91B | +32.7% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | $156M | $320M | -51.3% | $156M | $320M | -51.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-07-25, 10-Q 2026-04-25, 10-Q 2026-01-24, 10-Q 2025-10-25, 10-K 2025-07-26, 10-Q 2025-04-26, 10-Q 2025-01-25, 10-Q 2024-10-26, 10-K 2024-07-27
Data as of 2026-11-01