Cisco Systems, Inc. (CSCO)财务
NASDAQ · Technology · Communication Equipment · 员工82,400人 · CEO Charles H. Robbins
- 股价
- $104.51 -3.76%
- 市值
- $4120亿
- 企业价值
- $4340亿
- 最近财报
- Q4 '26 2026-09-02提交
- 下次财报
- 2026-11-11 EPS预期 $1.32
营收(TTM)$633亿+11.8% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)24.3%+3.5 百分点 对比去年同期营业利润 $154亿
净利润(TTM)$133亿+30.3% 对比去年同期税后,含营业外收益
自由现金流(TTM)$136亿+2.3% 对比去年同期资本支出 $5.82亿
稀释EPS(TTM)$3.33+30.6% 对比去年同期最近4个季度之和
净现金-$136亿-13.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $4120亿 EV $4340亿
- 营收
- $633亿 过去12个月
- 营收增速
- +15% FY2027年一致预期
- 净利润率
- 21.0% 净利润 / 营收,TTM
- P/E
- 31.1× 预期 20.4×(FY2027)
- P/S
- 6.5× 股价 / 营收,TTM
- EV / EBITDA
- 21.7× TTM
- 自由现金流
- $136亿 过去12个月
- 净利润
- $133亿 过去12个月
- 营收预期
- $731亿 FY2027年一致预期
- 盈利
- 2026-11-11 营收预期 $181亿
- 股息
- $1.67 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-12):营收超预期2.5%,EPS 超预期4.3%营收$173亿,预期$168亿(+2.5%);EPS $1.22,预期$1.17(+4.3%)。
- 营收增长加速:同比17.6%Q4 '26营收$173亿,此前四个季度的平均值为9.2%。
- 营业利润率24.3%(TTM),较去年同期+3.5 百分点营收增长11.8%,营业利润增长30.7%。
- 资本支出占营收的0.9%(去年为1.6%)最近4个季度投入$5.82亿(同比-35.7%)。自由现金流$136亿,相当于净利润的102.5%。
- 股东回报$133亿 = 自由现金流的98.1%回购$68.7亿(去年为$72.2亿),股息$64.7亿,股权激励$39.9亿(TTM)。
- 稀释股数一年内减少0.1%Q4 '26稀释股数39.9亿,一年前为39.9亿。
- 净债务 $136亿现金 + 短期投资 $159亿,含租赁债务 $295亿;一年前净债务 $120亿。
上一季度:Q4 '26
截至2026-07-25的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q4 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $173亿 | $147亿 | +17.6% |
| 毛利率 | 64.1% | 63.2% | +0.9 百分点 |
| 营业利润 | $42.6亿 | $30.9亿 | +38.1% |
| 营业利润率 | 24.7% | 21.0% | +3.7 百分点 |
| 净利润 | $38.6亿 | $25.5亿 | +51.3% |
| 稀释EPS | $0.97 | $0.64 | +51.6% |
| 经营现金流 | $53.9亿 | $42.3亿 | +27.2% |
| 资本支出 | $3.9亿 | $2.17亿 | +79.7% |
| 自由现金流 | $50亿 | $40.2亿 | +24.4% |
| R&D | $24.3亿 | $23.8亿 | +2.1% |
| 股权激励费用 | $9.27亿 | $9.48亿 | -2.2% |
实际 vs 一致预期
2026-08-12| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $173亿 | $168亿 | +2.5% |
| EPS(一致预期口径) | $1.22 | $1.17 | +4.3% |
来自2026-08-12发布的Q4 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q4 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Networking | $97.9亿 | +28.3% | 56.8% | $347亿 | +22.5% | |
| Services | $37.9亿 | +0.2% | 22.0% | $150亿 | -0.1% | |
| Security | $22.3亿 | +14.0% | 12.9% | $82.3亿 | +1.7% | |
| Collaboration | $11.7亿 | +12.0% | 6.8% | $43亿 | +3.5% | |
| Observability | $2.75亿 | +6.2% | 1.6% | $11亿 | +3.8% |
按地区划分的营收
占总额比例| 分部 | Q4 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $194亿 | +119.7% | 60.3% | – | – | |
| Europe Middle East And Africa | $81.3亿 | +123.2% | 25.3% | – | – | |
| Asia Pacific Japan And China | $46.2亿 | +109.3% | 14.4% | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $142亿
- 资本支出
- -$5.82亿
- 股票回购
- -$68.7亿
- 股息
- -$64.7亿
- 收购
- -$5.62亿
- 债务净发行
- -$40.2亿
- 股权激励费用
- $39.9亿
- 自由现金流
- $136亿
- 股东回报 / FCF
- 98.1%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 31.1× | 22.5× | 16.0× – 34.0× |
| EV / EBITDA | 21.7× | 16.0× | 11.5× – 23.7× |
| EV / 营收 | 6.9× | 4.8× | 3.7× – 7.5× |
| 股价 / FCF | 30.3× | 20.2× | 11.2× – 35.4× |
| 股价 / 净资产 | 8.2× | 5.7× | 4.3× – 9.0× |
| FCF收益率 | 3.3% | 5.7% | 2.8% – 8.9% |
| 投入资本回报率 | 13.0% | 13.8% | 10.8% – 17.1% |
| 净资产收益率 | 27.4% | 25.8% | 21.7% – 29.7% |
分析师
一致目标价 $129.77 (+24.2%)
区间 $110.00 – $150.00 · 评级 Buy
强烈买入0
买入38
持有35
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $731亿 | +15.4% | $5.12 | +53.6% | 20.4× | 17 |
| FY2028 | $785亿 | +7.5% | $5.60 | +9.4% | 18.7× | 16 |
| FY2029 | $833亿 | +6.1% | $6.03 | +7.7% | 17.3× | 8 |
| FY2030 | $931亿 | +11.8% | $6.42 | +6.4% | 16.3× | 3 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Cisco Systems, Inc.在近期10-Q / 10-K文件中标记的全部352项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| – | – | – | $1500万 | – | – | |
| – | – | – | 0.1% | – | – | |
| – | – | – | $6.25亿 | – | – | |
| – | – | – | $36.7亿 | – | – | |
| – | – | – | $7.89亿 | – | – | |
| – | – | – | $3.6亿 | – | – | |
| Accounts Payable, Current | $33.7亿 | $25.3亿 | +33.1% | $33.7亿 | $25.3亿 | +33.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $74.7亿 | $67亿 | +11.5% | $74.7亿 | $67亿 | +11.5% |
| Accounts Receivable, Allowance for Credit Loss, Current | $7800万 | $6900万 | +13.0% | $7800万 | $6900万 | +13.0% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $1500万 | $5100万 | -70.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $900万 | $800万 | +12.5% | $2400万 | $3300万 | -27.3% |
| Accrued Income Taxes, Current | $1.9亿 | $18.6亿 | -89.8% | $1.9亿 | $18.6亿 | -89.8% |
| Accrued Income Taxes, Noncurrent | $23.4亿 | $21.7亿 | +8.0% | $23.4亿 | $21.7亿 | +8.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $71.1亿 | $74.8亿 | -4.9% | $71.1亿 | $74.8亿 | -4.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$9.56亿 | -$9.54亿 | -0.2% | -$9.56亿 | -$9.54亿 | -0.2% |
| Advertising Expense | – | – | – | $1.19亿 | $1.86亿 | -36.0% |
| Amortization of Intangible Assets | $2.26亿 | $2.54亿 | -11.0% | $9.16亿 | $10.3亿 | -10.9% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 800万 | 1700万 | -52.9% | 800万 | 7800万 | -89.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $9.27亿 | $9.48亿 | -2.2% | $38.3亿 | $36.4亿 | +5.2% |
| Assets | $1300亿 | $1220亿 | +6.0% | $1300亿 | $1220亿 | +6.0% |
| Assets, Current | $387亿 | $350亿 | +10.5% | $387亿 | $350亿 | +10.5% |
| Assets, Fair Value Disclosure | $150亿2026-04-25 | $141亿 | +6.1% | $146亿2025-07-26 | $156亿 | -6.3% |
| Business Combination, Acquisition Related Costs | – | – | – | $1800万 | $1200万 | +50.0% |
| Business Combination, Consideration Transferred | – | – | – | $285亿2024-07-27 | $3.15亿 | +8,934.9% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $1.9亿 | $1.21亿 | +57.0% | $1.9亿 | $1.21亿 | +57.0% |
| Capitalized Contract Cost, Amortization | $2.29亿 | $2.39亿 | -4.2% | $9.42亿 | $9.57亿 | -1.6% |
| Capitalized Contract Cost, Net | $15亿 | $15亿 | 0.0% | $15亿 | $15亿 | 0.0% |
| Cash and Cash Equivalents, at Carrying Value | $72.2亿 | $83.5亿 | -13.5% | $72.2亿 | $83.5亿 | -13.5% |
| Cash, Cash Equivalents, and Short-term Investments | $143亿 | $145亿 | -1.7% | $143亿 | $145亿 | -1.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $72.3亿 | $89.1亿 | -18.9% | $72.3亿 | $89.1亿 | -18.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.44亿 | -$800万 | +1,900.0% | -$16.8亿 | $6800万 | -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 | 200亿 | 200亿 | 0.0% | 200亿 | 200亿 | 0.0% |
| Common Stock, Shares, Issued | 39.5亿 | 39.6亿 | -0.4% | 39.5亿 | 39.6亿 | -0.4% |
| Common Stock, Shares, Outstanding | 39.5亿 | 39.6亿 | -0.4% | 39.5亿 | 39.6亿 | -0.4% |
| Common Stocks, Including Additional Paid in Capital | $497亿 | $477亿 | +4.0% | $497亿 | $477亿 | +4.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $37亿 | $27.3亿 | +35.4% | $133亿 | $107亿 | +24.5% |
| Contract with Customer, Asset, before Allowance for Credit Loss | $34.7亿 | $33亿 | +5.2% | $34.7亿 | $33亿 | +5.2% |
| Contract with Customer, Liability | $298亿 | $288亿 | +3.5% | $298亿 | $288亿 | +3.5% |
| Contract with Customer, Liability, Current | $170亿 | $164亿 | +3.5% | $170亿 | $164亿 | +3.5% |
| Contract with Customer, Liability, Noncurrent | $128亿 | $124亿 | +3.5% | $128亿 | $124亿 | +3.5% |
| Contract with Customer, Liability, Revenue Recognized | $29亿 | $28亿 | +3.6% | $164亿 | $161亿 | +1.9% |
| Cost of Goods and Services Sold | $61.9亿 | $53.9亿 | +14.8% | $225亿 | $199亿 | +13.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $13.9亿 | $9.56亿 | +44.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $8.6亿 | $6.65亿 | +29.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2.71亿 | $4.31亿 | -37.1% |
| Debt Instrument, Unamortized Discount | $1.3亿 | $1.42亿 | -8.5% | $1.3亿 | $1.42亿 | -8.5% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $200万 | $1500万 | -86.7% | $200万 | $1500万 | -86.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $9500万 | – | – | $9500万 | – | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $29.4亿 | $31.9亿 | -8.0% | $29.4亿 | $31.9亿 | -8.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $52.2亿 | $39.6亿 | +31.8% | $52.2亿 | $39.6亿 | +31.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $6.19亿 | $24亿 | -74.2% | $6.19亿 | $24亿 | -74.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $500万 | $7500万 | -93.3% | $500万 | $7500万 | -93.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $34.9亿 | $15.2亿 | +130.1% | $34.9亿 | $15.2亿 | +130.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $3700万 | $600万 | +516.7% | $3700万 | $600万 | +516.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $9300万 | – | – | $9300万 | – | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $29亿 | $31.8亿 | -8.8% | $29亿 | $31.8亿 | -8.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $51.9亿 | $39.1亿 | +32.7% | $51.9亿 | $39.1亿 | +32.7% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | $1.56亿 | $3.2亿 | -51.3% | $1.56亿 | $3.2亿 | -51.3% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01