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Monday 12 October 2026 Export all CSCO data to Excel Powerpack

Cisco Systems, Inc.

CSCO Technology Communication Equipment

Cisco Systems, Inc.’s revenue for fiscal 2026 (year ended July 2026) was $63.3 billion, up 11.8% from fiscal 2025. In the quarter to July 2026, revenue grew 17.6%, EPS grew 38.0%, free cash flow grew 24.4% and total debt fell 15.3%, each against the same quarter a year earlier. Member of the S&P 500, Nasdaq 100 and Dow Jones; dividend growth for ten consecutive years.

115.34 3.05 −2.58%
Market cap
$466.8B
P/E
35.3×
Fwd P/E
32.5×
Dividend yield
1.41%
F-score
7/9
Altman Z
4.34
Beneish M
−2.38
Dividend safety
77/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Cisco Systems, Inc. (CSCO) Financial Analysis

Updated · Covers results through Q4 FY2026 · How this is made

Snapshot

Cisco generated revenue of $63.3 billion in FY2026, alongside gross profit of $40.9 billion in FY2026, operating income of $15.4 billion in FY2026 and net income of $13.3 billion in FY2026. Diluted EPS was $3.33 in FY2026. Market capitalisation was $422.9 billion as of September 24, 2026.

In Q4 FY2026, revenue was $17.3 billion, gross profit was $11.1 billion and operating income was $4.3 billion. Net income was $3.9 billion in Q4 FY2026, and diluted EPS was $0.97 in Q4 FY2026. Free cash flow was $5.0 billion in Q4 FY2026.

Growth

Revenue was $63.3 billion in FY2026, with growth of 11.8% in FY2026 against FY2025. Revenue compound annual growth was 3.57% in FY2023–FY2026 and 4.92% in FY2021–FY2026. Diluted EPS was $3.33 in FY2026, with growth of 27.6% in FY2026 against FY2025; its compound annual growth was 2.75% in FY2023–FY2026 and 5.90% in FY2021–FY2026.

Free cash flow was $12.8 billion in FY2026 and declined 3.92% in FY2026 against FY2025. Its compound annual growth was −12.5% in FY2023–FY2026 and −2.90% in FY2021–FY2026. Revenue was $17.3 billion in Q4 FY2026, diluted EPS was $0.97 in Q4 FY2026 and free cash flow was $5.0 billion in Q4 FY2026.

Profitability

Gross margin was 64.5% in FY2026, a change of −0.4 percentage points in FY2025–FY2026 and 0.5 percentage points in FY2021–FY2026. Operating margin was 24.3% in FY2026, up 3.5 percentage points in FY2025–FY2026 but down −1.5 percentage points in FY2021–FY2026. Pre-tax margin was 25.3% in FY2026, with a change of 5.7 percentage points in FY2025–FY2026 and −1.3 percentage points in FY2021–FY2026.

Net margin was 21.0% in FY2026, rising 3.0 percentage points in FY2025–FY2026 and changing −0.3 percentage points in FY2021–FY2026. Return on equity was 27.3% in FY2026, return on assets was 10.5% in FY2026 and return on invested capital was 17.9% in FY2026.

Balance sheet

At Q4 FY2026, total debt was $19.4 billion and cash and short-term investments were $15.9 billion, resulting in net debt of $3.5 billion. Net debt was lower than $6.8 billion in FY2025. Shareholders’ equity was $50.3 billion in FY2026, compared with $46.8 billion in FY2025, while book value per share was $12.72 in FY2026.

Working capital was −$2.9 billion in FY2026, compared with −$78.0 million in FY2025. The current ratio was 0.9× in Q4 FY2026, and debt to equity was 0.4× in Q4 FY2026. Net debt was $3.5 billion in Q4 FY2026 after reaching $2.7 billion in Q3 FY2026.

Cash flow & capital return

Operating cash flow was $14.2 billion in FY2026, changing −0.11% in FY2026 against FY2025. Capital expenditure was $1.4 billion in FY2026, compared with $905.0 million in FY2025. Free cash flow was $12.8 billion in FY2026, down 3.92% in FY2026 against FY2025, and represented 96.2% of net income in FY2026.

Dividends paid were $6.6 billion in FY2026 and net share repurchases were $7.2 billion in FY2026. Capital returned to shareholders was $13.7 billion in FY2026 and $63.5 billion in FY2022–FY2026. Weighted average shares were 4.0 billion shares in FY2026, while the share count changed −6.37% in FY2021–FY2026.

Valuation

Market capitalisation was $422.9 billion as of September 24, 2026. P/E was 31.9× as of September 24, 2026, higher than the 18.9× five-year median as of September 24, 2026, over the five fiscal years to FY2026, and the 20.0× ten-year median as of September 24, 2026, over the ten fiscal years to FY2026. P/S was 6.7× as of September 24, 2026, higher than the 3.7× five-year median as of September 24, 2026, over the five fiscal years to FY2026, and the 4.1× ten-year median as of September 24, 2026, over the ten fiscal years to FY2026.

P/B was 8.4× as of September 24, 2026, above the 4.8× five-year median as of September 24, 2026, over the five fiscal years to FY2026, and the 5.0× ten-year median as of September 24, 2026, over the ten fiscal years to FY2026. EV/Sales was 6.7× as of September 24, 2026, higher than both the 3.7× five-year median and 3.7× ten-year median as of September 24, 2026. EV/Cash flow was 33.4× as of September 24, 2026, above the 19.4× five-year median and 14.4× ten-year median as of September 24, 2026.

What changed since last quarter

Revenue was $17.3 billion in Q4 FY2026, up 8.91% in Q4 FY2026 against Q3 FY2026 and 17.6% in Q4 FY2026 against Q4 FY2025. Diluted EPS was $0.97 in Q4 FY2026, rising 14.1% in Q4 FY2026 against Q3 FY2026 and 36.6% in Q4 FY2026 against Q4 FY2025. Free cash flow was $5.0 billion in Q4 FY2026, increasing 49.4% sequentially and 24.4% year over year.

Gross margin was 64.1% in Q4 FY2026, up 0.5 percentage points sequentially and 0.9 percentage points year over year. Operating margin was 24.7% in Q4 FY2026, down −0.3 percentage points sequentially and up 3.7 percentage points year over year. Net debt was $3.5 billion in Q4 FY2026, a sequential increase of $723.0 million and a year-over-year change of −$3.3 billion.

Open questions

  • What factors drove the increase in revenue in the latest quarter?
  • What explains the difference between net-income growth and free-cash-flow growth?
  • What contributed to the movement in working capital?
  • How is the company allocating capital between dividends, repurchases and debt reduction?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.