DATA TABLE (SECTION A) — CISCO SYSTEMS, INC. FY2025
Single source: Form 10-K for the fiscal year ended July 26, 2025, included in the attached 2025 Annual Report. Figures in millions of US dollars (US$ mn) unless otherwise stated. IS = Consolidated Statements of Operations; BS = Consolidated Balance Sheets; CF = Consolidated Statements of Cash Flows; EQ = Consolidated Statements of Equity. FY2025 ended July 26, 2025, FY2024 ended July 27, 2024, FY2023 ended July 29, 2023 (all 52-week years, Note 1).
Note on the market data. Fiscal 2025 ended on Saturday July 26, 2025, so the closing price used is US$68.69, the last session before the year end. The share count is the 3,953,196,953 shares reported on the 10-K cover page at August 28, 2025; the document gives no share count at the year-end date itself. Price and financial statements are both in US dollars, so no currency conversion is involved. All multiples therefore use: market capitalization = US$68.69 × 3,953,196,953 = US$271,545 mn = US$271.55 bn.
A.1 Income statement
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Product revenue |
41,608 |
39,253 |
43,142 |
IS, Product |
| Services revenue |
15,046 |
14,550 |
13,856 |
IS, Services |
| Total revenue |
56,654 |
53,803 |
56,998 |
IS, Total revenue |
| Cost of sales |
19,864 |
18,975 |
21,245 |
IS, Total cost of sales |
| Gross profit |
36,790 |
34,828 |
35,753 |
IS, Gross margin |
| R&D |
9,300 |
7,983 |
7,551 |
IS, Research and development |
| Sales and marketing |
10,966 |
10,364 |
9,880 |
IS, Sales and marketing |
| General and administrative |
2,992 |
2,813 |
2,478 |
IS, General and administrative |
| Amortization of purchased intangibles (opex) |
1,028 |
698 |
282 |
IS, Amortization of purchased intangible assets |
| Restructuring and other charges |
744 |
789 |
531 |
IS, Restructuring and other charges |
| Total operating expenses |
25,030 |
22,647 |
20,722 |
IS, Total operating expenses |
| Operating income |
11,760 |
12,181 |
15,031 |
IS, Operating income |
| Interest income |
1,001 |
1,365 |
962 |
IS, Interest income |
| Interest expense |
(1,593) |
(1,006) |
(427) |
IS, Interest expense |
| Other income (loss), net |
(68) |
(306) |
(248) |
IS, Other income (loss), net |
| Total interest and other |
(660) |
53 |
287 |
IS, Interest and other income (loss), net |
| Income before taxes |
11,100 |
12,234 |
15,318 |
IS, Income before provision for income taxes |
| Income taxes |
920 |
1,914 |
2,705 |
IS, Provision for income taxes |
| Net income attributable to the group |
10,180 |
10,320 |
12,613 |
IS, Net income |
| Basic EPS (US$) |
2.56 |
2.55 |
3.08 |
IS / Note 20 |
| Diluted EPS (US$) |
2.55 |
2.54 |
3.07 |
IS / Note 20 |
| Weighted average basic shares (mn) |
3,976 |
4,043 |
4,093 |
IS / Note 20 |
| Weighted average diluted shares (mn) |
3,998 |
4,062 |
4,105 |
IS / Note 20 |
| Total amortization of intangibles (cost of sales + opex) |
2,202 |
1,653 |
931 |
Note 5(b) |
| Share-based compensation (SBC) |
3,641 |
3,074 |
2,353 |
CF / Note 16(c) |
| Subscription revenue |
31,526 |
27,380 |
24,640 |
Note 3(a) |
A.2 Balance sheet and shares
| Item |
July 26, 2025 |
July 27, 2024 |
Source |
| Shares outstanding at cover-page date |
3,953,196,953 (Aug 28, 2025) |
— |
10-K cover |
| Shares issued and outstanding at year-end (mn) |
3,960 |
4,007 |
BS, Common stock |
| Cash and cash equivalents |
8,346 |
7,508 |
BS |
| Available-for-sale debt investments |
7,381 |
9,865 |
MD&A, Liquidity |
| Marketable equity securities |
383 |
481 |
MD&A, Liquidity |
| Cash and marketable securities (total) |
16,110 |
17,854 |
MD&A, Other Key Financial Measures |
| Commercial paper |
3,482 |
10,853 |
Note 12(a) |
| Current portion of senior notes |
1,749 |
488 |
Note 12(a) |
| Current portion of other debt |
1 |
— |
Note 12(a) |
| Short-term debt (total) |
5,232 |
11,341 |
BS, Short-term debt |
| Long-term debt |
22,861 |
19,621 |
BS, Long-term debt |
| Total financial debt |
28,093 |
30,962 |
MD&A, Total debt |
| Operating lease liabilities |
1,550 |
1,270 |
Note 8(a) |
| Gross debt (short + long + leases) |
29,643 |
32,232 |
Calculation: rows above |
| Total equity |
46,843 |
45,457 |
BS, Total equity |
| Retained earnings |
50 |
1,087 |
BS, Retained earnings |
| Minority interests |
none |
none |
BS: total equity equals Cisco stockholders' equity |
| Goodwill |
59,136 |
58,660 |
BS, Goodwill |
| Purchased intangibles, net |
9,175 |
11,219 |
BS |
| Total assets |
122,291 |
124,413 |
BS |
| Inventories |
3,164 |
3,373 |
BS |
| Purchase commitments with contract manufacturers and suppliers |
7,599 |
5,158 |
Note 14(a) |
| Remaining performance obligations (RPO) |
43,533 |
41,048 |
Note 7 |
| Deferred revenue |
28,779 |
28,475 |
Note 7 |
| Employees |
approx. 86,200 |
not available |
Item 1, Talent and Culture |
The balance sheet as of July 29, 2023 is not included in the document: FY2023 balance sheet items are not available.
A.3 Cash flows and shareholder returns
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Operating cash flow |
14,193 |
10,880 |
19,886 |
CF |
| Capex (acquisition of property and equipment) |
(905) |
(670) |
(849) |
CF |
| Free cash flow |
13,288 |
10,210 |
19,037 |
MD&A, FCF table |
| Depreciation, amortization and other (CF) |
2,811 |
2,507 |
1,726 |
CF, Depreciation, amortization, and other |
| SBC |
3,641 |
3,074 |
2,353 |
CF |
| Cash taxes paid |
3,892 |
7,426 |
3,571 |
CF, Supplemental |
| Cash interest paid |
1,500 |
583 |
376 |
CF, Supplemental |
| Buybacks (program, cash) |
(6,000) |
(5,787) |
(4,293) |
CF |
| Buybacks (program, trade date) |
5,995 |
5,764 |
4,271 |
Note 15(a) |
| Shares withheld for taxes on RSU vesting |
(1,222) |
(992) |
(597) |
CF |
| Issuance of common stock |
736 |
714 |
700 |
CF |
| Dividends paid |
(6,437) |
(6,384) |
(6,302) |
CF |
| Dividend per share (US$) |
1.62 |
1.58 |
1.54 |
MD&A |
| Acquisitions, net of cash acquired |
(291) |
(25,994) |
(301) |
CF |
A.4 Revenue by category, by segment/geography, segment gross margin
| Revenue by category |
FY2025 |
FY2024 |
FY2023 |
Source |
| Networking |
28,304 |
29,229 |
34,570 |
Note 3(a) / Note 19(b) |
| Security |
8,094 |
5,075 |
3,859 |
same |
| Collaboration |
4,154 |
4,113 |
4,052 |
same |
| Observability |
1,055 |
837 |
661 |
same |
| Services |
15,046 |
14,550 |
13,856 |
same |
| Sum |
56,653 |
53,804 |
56,998 |
calculation |
| Reported total |
56,654 |
53,803 |
56,998 |
IS |
| Segments (geographic) |
FY2025 |
FY2024 |
FY2023 |
Source |
| Americas — revenue |
33,656 |
31,971 |
33,447 |
Note 19(a) |
| EMEA — revenue |
14,824 |
14,117 |
15,135 |
Note 19(a) |
| APJC — revenue |
8,174 |
7,716 |
8,417 |
Note 19(a) |
| Sum of revenue |
56,654 |
53,804 |
56,999 |
calculation |
| of which United States (bn) |
30.4 |
28.7 |
29.9 |
Note 19(a) |
| Americas — gross margin |
22,962 |
21,372 |
21,350 |
Note 19(a) |
| EMEA — gross margin |
10,545 |
9,755 |
10,016 |
Note 19(a) |
| APJC — gross margin |
5,431 |
5,187 |
5,424 |
Note 19(a) |
| Total segment gross margin |
38,938 |
36,312 |
36,788 |
Note 19(a) |
| Unallocated corporate items |
(2,148) |
(1,484) |
(1,035) |
Note 19(a) |
| Segment operating income |
not available |
not available |
not available |
Note 19: R&D, sales and G&A are not allocated to segments |
A.5 Arithmetic checks
| Check |
FY2025 |
FY2024 |
FY2023 |
Result |
| Gross profit = revenue − cost of sales |
56,654 − 19,864 = 36,790 |
53,803 − 18,975 = 34,828 |
56,998 − 21,245 = 35,753 |
ties |
| Operating expenses = sum of lines |
9,300 + 10,966 + 2,992 + 1,028 + 744 = 25,030 |
7,983 + 10,364 + 2,813 + 698 + 789 = 22,647 |
7,551 + 9,880 + 2,478 + 282 + 531 = 20,722 |
ties |
| Operating income = gross profit − operating expenses |
36,790 − 25,030 = 11,760 |
34,828 − 22,647 = 12,181 |
35,753 − 20,722 = 15,031 |
ties |
| Pre-tax income = operating income + interest and other |
11,760 − 660 = 11,100 |
12,181 + 53 = 12,234 |
15,031 + 287 = 15,318 |
ties |
| Net income = pre-tax income − taxes |
11,100 − 920 = 10,180 |
12,234 − 1,914 = 10,320 |
15,318 − 2,705 = 12,613 |
ties |
| Sum of categories = revenue |
56,653 vs 56,654 |
53,804 vs 53,803 |
56,998 vs 56,998 |
1 mn rounding difference, disclosed by the document ("Amounts may not sum due to rounding"); no "Other" line |
| Sum of geographies = revenue |
56,654 vs 56,654 |
53,804 vs 53,803 |
56,999 vs 56,998 |
ties within 1 mn of rounding |
| Sum of category percentages |
49.96 + 14.29 + 7.33 + 1.86 + 26.56 = 100.0% |
54.33 + 9.43 + 7.64 + 1.56 + 27.04 = 100.0% |
60.65 + 6.77 + 7.11 + 1.16 + 24.31 = 100.0% |
ties |
| Sum of geography percentages |
59.41 + 26.17 + 14.43 = 100.0% (rounded) |
59.42 + 26.24 + 14.34 = 100.0% |
58.68 + 26.55 + 14.77 = 100.0% |
ties |
| Gross debt = sum of items |
3,482 + 1,749 + 1 + 22,861 + 1,550 = 29,643 |
10,853 + 488 + 19,621 + 1,270 = 32,232 |
n.a. |
ties; financial debt excluding leases (28,093 and 30,962) matches MD&A "Total debt" |
| FCF = operating cash flow − capex |
14,193 − 905 = 13,288 |
10,880 − 670 = 10,210 |
19,886 − 849 = 19,037 |
ties |
| Segment gross margin − unallocated = consolidated gross margin |
38,938 − 2,148 = 36,790 |
36,312 − 1,484 = 34,828 |
36,788 − 1,035 = 35,753 |
ties. The three FY2024 segments sum to 36,314 vs 36,312 reported (rounding) |
| Segment operating income − unallocated = consolidated operating income |
not applicable |
not applicable |
not applicable |
the document measures segments on gross margin only |
| Cash and securities = sum of items |
8,346 + 7,381 + 383 = 16,110 |
7,508 + 9,865 + 481 = 17,854 |
n.a. |
ties |
A.6 Other document data cited in the report
| Item |
Value |
Source |
| FY2024 pro forma revenue (Splunk for the full year, unaudited) |
56,761 |
Note 4(b) |
| FY2024 pro forma net income |
9,280 |
Note 4(b) |
| Splunk purchase consideration; closing date |
27,090; March 18, 2024 |
Note 4(b) |
| Splunk FY2024 revenue since acquisition date |
approx. 1.4 bn |
Note 4(b) |
| FY2025 acquisitions purchase consideration |
293 |
Note 4(a) |
| Splunk intangibles; weighted average life of customer relationships / technology |
10,550; 9.1 / 6.0 years |
Notes 4 and 5(b) |
| Acquisition-related cash compensation FY2025; maximum future remaining |
876; 618 |
Note 4(d) |
| Intangible impairments FY2025 / FY2024 |
40 / 145 |
Note 5(b) |
| Expected FY2026 amortization of intangibles |
1,828 |
Note 5(b) |
| Fair value over carrying value: Americas / EMEA / APJC |
56.5 / 80.1 / 32.9 bn |
MD&A, Critical Accounting Estimates |
| FY2025 restructuring plan: estimated charges; workforce; FY2025 charges |
up to 1 bn; approx. 7%; 744 |
Note 6 |
| FY2024 restructuring plan: cumulative charges |
654 |
Note 6 |
| Supplier settlement (Aug 26, 2025): charge; tax benefit; prepayments forfeited; escrow released |
355; 82; 450; 563 |
Note 21 |
| Inventory and purchase commitment provisions FY2025 / FY2024 / FY2023 |
493 / 819 / 730 |
MD&A, Critical Accounting Estimates |
| Purchase commitments due within one year |
7,202 |
Note 14(a) |
| Product gross margin bridge: FY2024 63.5%; productivity +2.0; pricing −1.6; mix +1.1; legal dispute −0.8; amortization −0.4; other −0.1; FY2025 63.7% |
percentage points |
MD&A, Product Gross Margin |
| Varian ruling tax benefit FY2025 |
720 |
Note 18 |
| Net tax benefit from IRS audit resolution FY2024 |
55 |
Note 18 |
| Foreign earnings no longer considered indefinitely reinvested |
6.5 bn |
Note 18 |
| Unrecognized tax benefits; accrued interest and penalties |
2,337; 497 |
Note 18 |
| Transition tax payable at July 26, 2025 / July 27, 2024 |
1,595 / 4,092 |
Note 7 |
| Deferred income taxes in the cash flow statement FY2025 |
(1,133) |
CF |
| Capitalized research expenditures (deferred tax asset) |
4,182 |
Note 18(b) |
| Senior notes: principal; Feb 2025 issuance; principal maturing FY2026 |
24,750; 5.0 bn; 1,751 |
Note 12 |
| Effective rate on 5.10% notes due Feb 24, 2035 |
5.11% |
Note 12(b) |
| Undrawn revolving credit facility; covenant |
5.0 bn; EBITDA/interest ≥ 3.0 |
Note 12(c) |
| Unrecognized SBC; weighted average period |
4.5 bn; 1.9 years |
Note 16(c) |
| Shares repurchased / issued / withheld for taxes FY2025 (mn) |
105 / 80 / 22 |
EQ |
| Remaining repurchase authorization |
approx. 14.2 bn |
Note 15(a) |
| Product RPO July 26, 2025 / July 27, 2024 |
21,572 / 20,055 |
MD&A |
| Share of RPO to be recognized within 12 months |
approx. 50% |
MD&A / Note 7 |
| Capitalized contract acquisition costs; FY2025 amortization |
1.5 bn; 957 |
Note 3(c) |
| Brazil tax claims: taxes / interest / penalties |
141 / 816 / 289 |
Note 14(f) |
| Employees in the United States |
47.3% |
Item 1 |
| Registered stockholders at Aug 28, 2025 |
30,790 |
Item 5 |
| Investors reached out to / engaged with (share of stock) |
approx. 61% / approx. 28% |
Annual Report, Corporate governance |
| CEO FY2025 target pay mix |
51% / 34% / 11% / 4% |
Annual Report, Executive compensation |
| O. Tuszik 10b5-1 plan |
approx. 49,067 shares; June 20, 2025 – Dec 31, 2025 |
Item 9B |
| AI infrastructure orders from webscale customers FY2025 |
over 2 bn |
Letter to stockholders |