cash flow reconciliationreview2026-01-24
Operating, investing and financing flows differ from the reported change in cash by 19000000, beyond tolerance 18220000.00.
Revenue
$17.25B
Fiscal year ended 2026-07-25Operating income
$4.26B
Fiscal year ended 2026-07-25Free cash flow
$5.00B
Fiscal year ended 2026-07-25Valuation, from the filing
| Public float | $294.50B | Market value of stock held by non-affiliates, as stated on the cover page for 2026-01-23 |
|---|---|---|
| Float per share | $74.70 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 22.2× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 4.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 5.9× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2026-01-23, not today, and each multiple below it uses the figures for the fiscal year ending 2026-07-25 — the year that filing covered.
Valuation over time
22.2× earnings today, against a median of 19.0× across 10 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2026-01-23 | $294.50B | 22.2× | |
| 2025-01-24 | $247.50B | 24.3× | |
| 2024-01-26 | $211.10B | 20.5× | |
| 2023-01-27 | $198.60B | 15.7× | |
| 2022-01-28 | $230.80B | 19.5× | |
| 2021-01-22 | $189.00B | 17.8× | |
| 2020-01-24 | $207.10B | 18.5× | |
| 2019-01-25 | $204.00B | 17.6× | |
| 2018-01-26 | $207.12B | 1882.9× | |
| 2017-01-27 | $155.02B | 16.1× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Computer Communications Equipment filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Current ratio | 0.93x | 20th | |
| Effective tax rate | 17.1% | 20th | |
| Net margin | 21.0% | 80th | |
| Operating margin | 24.3% | 80th | |
| FCF margin | 20.2% | 71th | |
| Gross margin | 64.5% | 70th | |
| Revenue YoY growth | 11.8% | 60th | |
| SBC / revenue | 6.0% | 60th | |
| CapEx / revenue | 2.2% | 57th | |
| Long-term debt / equity | 0.39x | 50th | |
| R&D / revenue | 15.1% | 50th |
CISCO SYSTEMS, INC. (CSCO) reported revenue of $17.25B and net income of $3.86B for the fiscal year ended 2026-07-25. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from CISCO SYSTEMS, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Computer Communications Equipment.
Income
| Metric | 2026-07-25 | 2026-04-25 | 2026-01-24 | 2025-10-25 | 2025-07-26 | 2025-04-26 | 2025-01-25 | 2024-10-26 | 2024-07-27 | 2024-04-27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.25B | $15.84B | $15.35B | $14.88B | $14.67B | $14.15B | $13.99B | $13.84B | $13.64B | $12.70B |
| Cost of revenue | $6.19B | $5.76B | $5.38B | $5.14B | $5.39B | $4.87B | $4.88B | $4.72B | $4.86B | $4.43B |
| Gross profit | $11.06B | $10.08B | $9.97B | $9.74B | $9.28B | $9.28B | $9.11B | $9.12B | $8.78B | $8.27B |
| Operating income | $4.26B | $3.96B | $3.78B | $3.36B | $3.09B | $3.20B | $3.11B | $2.36B | $2.62B | $2.19B |
| Net income | $3.86B | $3.37B | $3.18B | $2.86B | $2.55B | $2.49B | $2.43B | $2.71B | $2.16B | $1.89B |
| Research & development | $2.43B | $2.38B | $2.36B | $2.40B | $2.38B | $2.34B | $2.30B | $2.29B | $2.18B | $1.95B |
| Weighted-average diluted shares | Unavailable | shares 3.98B | shares 3.98B | shares 3.99B | Unavailable | shares 4.00B | shares 4.00B | shares 4.01B | Unavailable | shares 4.06B |
| Pretax income | $4.93B | $4.04B | $3.65B | $3.39B | $3.00B | $2.95B | $2.89B | $2.27B | $2.40B | $2.24B |
| Income tax expense | $1.07B | $666.00M | $471.00M | $531.00M | $449.00M | $456.00M | $459.00M | -$444.00M | $234.00M | $349.00M |
| Diluted EPS | Unavailable | $0.85 | $0.80 | $0.72 | Unavailable | $0.62 | $0.61 | $0.68 | Unavailable | $0.46 |
| Selling, general & administrative | $3.63B | $3.52B | $3.57B | $3.60B | $3.52B | $3.46B | $3.42B | $3.55B | $3.60B | $3.30B |
| General & administrative | $679.00M | $661.00M | $688.00M | $733.00M | $706.00M | $739.00M | $752.00M | $795.00M | $763.00M | $736.00M |
| Selling & marketing | $2.95B | $2.86B | $2.88B | $2.87B | $2.82B | $2.72B | $2.67B | $2.75B | $2.84B | $2.56B |
Balance
| Metric | 2026-07-25 | 2026-04-25 | 2026-01-24 | 2025-10-25 | 2025-07-26 | 2025-04-26 | 2025-01-25 | 2024-10-26 | 2024-07-27 | 2024-04-27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $7.22B | $7.08B | $7.46B | $8.40B | $8.35B | $8.16B | $8.56B | $9.06B | $7.51B | $8.91B |
| Total assets | $129.64B | $125.55B | $123.37B | $121.10B | $122.29B | $119.78B | $121.38B | $123.33B | $124.41B | $123.00B |
| Current assets | $38.66B | $36.56B | $35.13B | $32.88B | $34.99B | $32.82B | $34.68B | $35.75B | $36.86B | $35.89B |
| Total liabilities | $79.35B | $76.68B | $75.65B | $74.23B | $75.45B | $73.85B | $75.84B | $78.06B | $78.96B | $77.23B |
| Current liabilities | $41.52B | $39.54B | $36.79B | $35.45B | $35.06B | $34.50B | $40.02B | $40.54B | $40.58B | $40.11B |
| Total equity incl. NCI | $50.28B | $48.86B | $47.72B | $46.87B | $46.84B | $45.94B | $45.53B | $45.28B | $45.46B | $45.77B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $5.69B | $4.71B | $3.92B | $3.40B | $3.16B | $2.83B | $2.93B | $3.14B | $3.37B | $3.12B |
| Accounts receivable | $7.47B | $6.48B | $6.61B | $4.83B | $6.70B | $5.28B | $5.67B | $4.46B | $6.68B | $5.13B |
| Goodwill | $59.48B | $59.29B | $59.23B | $59.12B | $59.14B | $59.02B | $58.72B | $58.77B | $58.66B | $58.63B |
| Long-term debt | $19.37B | $19.37B | $21.37B | $21.36B | $22.86B | $22.86B | $19.62B | $19.62B | $19.62B | $20.10B |
| Accounts payable | $3.37B | $2.97B | $2.76B | $2.42B | $2.53B | $2.26B | $1.90B | $2.00B | $2.30B | $2.05B |
Cash flow
| Metric | 2026-07-25 | 2026-04-25 | 2026-01-24 | 2025-10-25 | 2025-07-26 | 2025-04-26 | 2025-01-25 | 2024-10-26 | 2024-07-27 | 2024-04-27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.39B | $3.76B | $1.82B | $3.21B | $4.23B | $4.06B | $2.24B | $3.66B | $3.73B | $3.97B |
| Capital expenditures | $390.00M | $414.00M | $283.00M | $323.00M | $217.00M | $261.00M | $210.00M | $217.00M | $198.00M | $168.00M |
| Investing cash flow | -$264.00M | -$2.07B | -$1.31B | $156.00M | -$273.00M | $505.00M | $1.02B | $479.00M | -$828.00M | -$22.82B |
| Financing cash flow | -$5.01B | -$2.04B | -$1.44B | -$3.86B | -$3.95B | -$5.14B | -$3.94B | -$2.78B | -$4.51B | $14.07B |
| Net change in cash | $144.00M | -$376.00M | -$942.00M | -$509.00M | -$8.00M | -$590.00M | -$700.00M | $1.37B | -$1.60B | -$4.78B |
| Stock-based compensation | $927.00M | $914.00M | $934.00M | $1.06B | $948.00M | $945.00M | $921.00M | $827.00M | $800.00M | $811.00M |
| Common dividends paid | $1.66B | $1.66B | $1.62B | $1.62B | $1.62B | $1.63B | $1.59B | $1.59B | $1.61B | $1.62B |
| Common share repurchases | $1.50B | $1.25B | $1.36B | $1.99B | $1.25B | $1.50B | $1.24B | $2.00B | $2.02B | $1.27B |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Derived
| Metric | 2026-07-25 | 2026-04-25 | 2026-01-24 | 2025-10-25 | 2025-07-26 | 2025-04-26 | 2025-01-25 | 2024-10-26 | 2024-07-27 | 2024-04-27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $5.00B | $3.34B | $1.54B | $2.89B | $4.02B | $3.80B | $2.03B | $3.44B | $3.53B | $3.80B |
| Gross margin | 64.1% | 63.6% | 65.0% | 65.5% | 63.2% | 65.6% | 65.1% | 65.9% | 64.4% | 65.1% |
| Operating margin | 24.7% | 25.0% | 24.6% | 22.6% | 21.0% | 22.6% | 22.3% | 17.0% | 19.2% | 17.2% |
| FCF margin | 29.0% | 21.1% | 10.0% | 19.4% | 27.4% | 26.8% | 14.5% | 24.9% | 25.9% | 29.9% |
| SBC / revenue | 5.4% | 5.8% | 6.1% | 7.1% | 6.5% | 6.7% | 6.6% | 6.0% | 5.9% | 6.4% |
| Current ratio | 0.93x | 0.92x | 0.96x | 0.93x | 1.00x | 0.95x | 0.87x | 0.88x | 0.91x | 0.89x |
| Revenue YoY growth | 17.6% | 12.0% | 9.7% | 7.5% | 7.6% | 11.4% | 9.4% | -5.6% | -10.3% | -12.8% |
| Net margin | 22.4% | 21.3% | 20.7% | 19.2% | 17.4% | 17.6% | 17.4% | 19.6% | 15.8% | 14.8% |
| R&D / revenue | 14.1% | 15.0% | 15.3% | 16.1% | 16.2% | 16.5% | 16.4% | 16.5% | 16.0% | 15.3% |
| CapEx / revenue | 2.3% | 2.6% | 1.8% | 2.2% | 1.5% | 1.8% | 1.5% | 1.6% | 1.5% | 1.3% |
| Long-term debt / equity | 0.39x | 0.40x | Unavailable | Unavailable | 0.49x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 21.8% | 16.5% | 12.9% | 15.7% | 15.0% | 15.5% | 15.9% | -19.6% | 9.8% | 15.6% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open CSCO in the interactive workspace to inspect any figure back to its filing.
Source filings
10-K · Filed 2026-09-02View SEC filing
10-Q · Filed 2026-05-19View SEC filing
10-Q · Filed 2026-02-17View SEC filing
10-Q · Filed 2025-11-18View SEC filing
10-K · Filed 2025-09-03View SEC filing
10-Q · Filed 2025-05-20View SEC filing
Reconciliation checks needing review
5 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
cash flow reconciliationreview2023-10-28
Operating, investing and financing flows differ from the reported change in cash by 45000000, beyond tolerance 38000000.00.
cash flow reconciliationreview2023-04-29
Operating, investing and financing flows differ from the reported change in cash by 93000000, beyond tolerance 52190000.00.
cash flow reconciliationreview2023-01-28
Operating, investing and financing flows differ from the reported change in cash by 98000000, beyond tolerance 47390000.00.
cash flow reconciliationreview2022-10-29
Operating, investing and financing flows differ from the reported change in cash by 95000000, beyond tolerance 39620000.00.