FirmAtlas
Company handbook · CSCO · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
CSCO · CIK 858877 · LATEST FILING: 10-K FY26 · FILED SEP 2, 2026
CISCO SYSTEMS, INC.
$107.39
−2.46 (−2.24%)
Close, Oct 16, 2026 · 52-week $69–130
Cisco makes network equipment — switches, routers, wireless and optical gear, including for AI data centers — and sells security software, Splunk observability software, Webex collaboration tools, and support services.
Business
- SegmentsAmericas 60% · Europe Middle East And Africa 26% · Asia Pacific Japan And China 14% (FY26)
- CustomersBusinesses, cloud and telecom companies, and governments; sold mostly through partners, distributors and resellers, and directly to large customers
- Cash useFY25–FY26: dividends $13.0B · buybacks $12.1B · capex $2.3B · acquisitions $807M
Reinvested 11% of operating cash flow · returned 96% of free cash flow
Last fiscal year
CISCO SYSTEMS, INC. reported revenue of $63.3B for the year ended Jul 25, 2026 (FY26), up 11.8% from FY25. Net income was $13.3B, operating cash flow $14.2B and free cash flow $12.8B. Source: 10-K filed Sep 2, 2026.
Market cap
$423.8B
P/E
31.9
EV/EBITDA
27.1x
P/B
8.4
Div yield
1.56%
ROIC
21.0%
Revenue 1Y
11.8%/yr
EPS 1Y
30.6%/yr
Shares 1Y
−0.4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOCharles H. Robbins
HQSan Jose, CA
AuditorPricewaterhouseCoopers LLP
Employees82,400
Year endsJuly
Revenue by segment · FY26
Americas60%
Europe Middle East And Africa26%
Asia Pacific Japan And China14%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
13.5%
14.2%
25.6%
55.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY25–FY26
$28.2B deployed
Capex
$2.3B
8.2%
Acquisitions
$807M
2.9%
Dividends
$13.0B
46.0%
Buybacks
$12.1B
42.9%
Operating cash flow over the period: $28.4B. Total debt changed by +$11M. R&D of $18.9B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY26 = year ended Jul 25, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Income
Revenue
56,654
63,325+11.8%
YoY
+11.8%
Gross profit
36,790
40,860+11.1%
Gross margin
64.9%
64.5%−0.4 pp
Operating income
11,760
15,368+30.7%
Operating margin
20.8%
24.3%+3.5 pp
EBITDA
12,460
16,068+29.0%
EBITDA margin
22.0%
25.4%+3.4 pp
Interest expense
1,593
1,470−7.7%
Interest coverage
7.82x
10.93x+3.11x
Net income
10,180
13,267+30.3%
YoY
+30.3%
Net margin
18.0%
21.0%+3.0 pp
EPS (diluted, $)
2.55
3.33+30.6%
YoY
+30.6%
Balance sheet
Total assets
122,291
129,637+6.0%
Cash & short-term investments
14,549
14,297−1.7%
Accounts receivable
6,701
7,470+11.5%
Inventory
3,164
5,694+80.0%
Net PP&E
2,113
2,760+30.6%
Other assets
95,764
99,416+3.8%
Total liabilities
75,448
79,352+5.2%
Accounts payable
2,528
3,366+33.1%
Total debt
26,361
26,372+0.0%
Other liabilities
46,559
49,614+6.6%
Shareholders’ equity
46,843
50,285+7.3%
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
14,193
14,177−0.1%
Net income
10,180
13,267+30.3%
Depreciation & amortization
700
700+0.0%
Stock-based compensation
3,641
3,830+5.2%
Working capital & other
(328)
(3,620)n/m
Cash from investing
1,733
(3,484)−301.0%
Capex
(905)
(1,410)n/m
Acquisitions
(291)
(516)n/m
Investments bought
(4,589)
(8,974)n/m
Investments sold / matured
4,943
6,105+23.5%
Other investing
2,575
1,311−49.1%
Cash from financing
(15,815)
(12,347)n/m
Debt raised
19,292
13,048−32.4%
Dividends
(6,437)
(6,553)n/m
Buybacks
(6,000)
(6,106)n/m
Shares issued
736
805+9.4%
Other financing
(23,406)
(13,541)n/m
Net change in cash
68
(1,683)−2575.0%
Free cash flow (OCF − capex)
13,288
12,767−3.9%
Where the cash went
Operating cash flow
14,193
14,177−0.1%
Reinvested in the business
1,196
1,926+61.0%
% of operating cash flow
8.4%
13.6%
Capex
905
1,410+55.8%
Acquisitions
291
516+77.3%
R&D (memo, already in costs)
9,300
9,563+2.8%
Free cash flow
13,288
12,767−3.9%
YoY
−3.9%
Returned to shareholders
12,437
12,659+1.8%
% of free cash flow
93.6%
99.2%
Dividends
6,437
6,553+1.8%
Buybacks
6,000
6,106+1.8%
Change in total debt
—
11
Cash left over
—
(397)
FCF conversion (FCF ÷ net income)
130.5%
96.2%−34.3 pp
Owner earnings
—
10,096
Owner earnings margin
—
15.9%
Buyback yield
2.2%
1.4%−0.9 pp
Returns & ratios
ROIC (all capital)
18.4%
21.0%+2.7 pp
ROIC (operating)
114.1%
115.7%+1.6 pp
Net debt / EBITDA
0.95x
0.75x−0.20x
Debt / equity
0.56x
0.52x−0.04x
Cash conversion cycle (days)
55
81+26 d
ROE
21.7%
26.4%+4.7 pp
ROA
8.3%
10.2%+1.9 pp
ROCE
13.5%
17.4%+4.0 pp
NOPAT
10,785
12,736+18.1%
Invested capital (operating)
9,450
12,558+32.9%
Invested capital (all)
58,655
62,360+6.3%
Reinvestment rate
—
24.4%
Debtor days
43
43−0 d
Inventory days
58
93+34 d
Days payable
46
55+8 d
Income
Oct '25
Jan '26
Apr '26
Jul '26
Revenue
14,883
15,349
15,841
17,252
vs year-ago quarter
Gross profit
9,745
9,972
10,080
11,063
Gross margin
65.5%
65.0%
63.6%
64.1%
Operating income
3,363
3,781
3,960
4,264
Net income
2,860
3,175
3,373
3,859
vs year-ago quarter
Net margin
19.2%
20.7%
21.3%
22.4%
EPS (diluted, $)
0.72
0.80
0.85
0.98
vs year-ago quarter
Balance sheet
Oct '25
Jan '26
Apr '26
Jul '26
Total assets
121,102
123,371
125,546
129,637
Cash & equivalents
8,401
7,459
7,083
14,297
Total debt
27,862
27,867
26,367
26,372
Shareholders’ equity
46,873
47,723
48,861
50,285
Cash flow
Oct '25
Jan '26
Apr '26
Jul '26
Operating cash flow
3,212
1,822
3,757
5,386
Capex
323
283
414
390
Free cash flow
2,889
1,539
3,343
4,996
vs year-ago quarter