Cisco Systems, Inc. designs, develops, and sells technologies that help to power, secure, and draw insights from the internet in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company offers data center switching; network security, identity and access management, and secure access service edge; threat intelligence, detection, and response solutions; interconnects public and private wireline and mobile networks, delivering connectivity to campus, data center, and branch networks; WEBEX suite, collaboration devices, and contact center; communication platform as a service software, including perpetual licenses, subscription arrangements, and hardware solutions; network assurance, monitoring and analytics, and observability suite; issue resolution, software support, and hardware replacement; professional services, such as planning, design, implementation, and high-value consulting; service and support packages, financing, and managed network services; and regional, national, and international wireline carriers, webscale products, internet, and cable. It also delivers connectivity to campus, data center, and branch networks; wireless products, including indoor and outdoor wireless coverage designed for seamless roaming use of voice, video, and data applications; end-to-end collaboration solutions through cloud, on-premise, or within hybrid cloud environments, transition collaboration solutions from on-premise to the cloud; and network assurance, monitoring and analytics, and observability suite. In addition, it offers technical support and advisory services. The company serves businesses, public institutions, governments, and service providers. It sells its products and services directly, through systems integrators, service providers, resellers, and distributors. Cisco Systems, Inc. was incorporated in 1984 and is headquartered in San Jose, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $56.7B | $15.5B | $10.2B | $13.3B | 21.7% | 5.3% | -1.4% |
| 2024 | $53.8B | $15.7B | $10.3B | $10.2B | 22.7% | -5.6% | -18.2% |
| 2023 | $57.0B | $17.5B | $12.6B | $19.0B | 28.4% | 10.6% | 6.8% |
| 2022 | $51.6B | $16.8B | $11.8B | $12.7B | 29.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 51,557 | 56,998 | 53,803 | 56,654 |
| Operating Revenue | - | 51,557 | 56,998 | 53,803 | 56,654 |
| Cost Of Revenue | - | 19,309 | 21,245 | 18,975 | 19,864 |
| Gross Profit | - | 32,248 | 35,753 | 34,828 | 36,790 |
| Operating Expense | - | 18,273 | 20,191 | 21,858 | 24,286 |
| Research And Development | - | 6,774 | 7,551 | 7,983 | 9,300 |
| Selling General And Administration | - | 11,186 | 12,358 | 13,177 | 13,958 |
| Total Expenses | - | 37,582 | 41,436 | 40,833 | 44,150 |
| Operating Income | - | 13,975 | 15,562 | 12,970 | 12,504 |
| Total Operating Income As Reported | - | 13,969 | 15,031 | 12,181 | 11,760 |
| EBITDA | - | 16,794 | 17,471 | 15,747 | 15,504 |
| Normalized EBITDA | - | 16,343 | 18,179 | 16,702 | 16,166 |
| EBIT | - | 14,837 | 15,745 | 13,240 | 12,693 |
| Interest Income | - | 476 | 962 | 1,365 | 1,001 |
| Interest Expense | - | 360 | 427 | 1,006 | 1,593 |
| Net Interest Income | - | 116 | 535 | 359 | -592 |
| Other Non Operating Income Expenses | - | -65 | -71 | -140 | -150 |
| Other Income Expense | - | 386 | -779 | -1,095 | -812 |
| Interest Income Non Operating | - | 476 | 962 | 1,365 | 1,001 |
| Interest Expense Non Operating | - | 360 | 427 | 1,006 | 1,593 |
| Net Non Operating Interest Income Expense | - | 116 | 535 | 359 | -592 |
| Pretax Income | - | 14,477 | 15,318 | 12,234 | 11,100 |
| Tax Provision | - | 2,665 | 2,705 | 1,914 | 920 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 82.98 | -125.32 | -148.98 | -54.95 |
| Net Income Continuous Operations | - | 11,812 | 12,613 | 10,320 | 10,180 |
| Net Income From Continuing And Discontinued Operation | - | 11,812 | 12,613 | 10,320 | 10,180 |
| Net Income From Continuing Operation Net Minority Interest | - | 11,812 | 12,613 | 10,320 | 10,180 |
| Net Income | - | 11,812 | 12,613 | 10,320 | 10,180 |
| Net Income Common Stockholders | - | 11,812 | 12,613 | 10,320 | 10,180 |
| Net Income Including Noncontrolling Interests | - | 11,812 | 12,613 | 10,320 | 10,180 |
| Normalized Income | - | 11,443.98 | 13,195.68 | 11,126.02 | 10,787.05 |
| Diluted NI Availto Com Stockholders | - | 11,812 | 12,613 | 10,320 | 10,180 |
| Basic Average Shares | - | 4,170 | 4,093 | 4,043 | 3,976 |
| Diluted Average Shares | - | 4,192 | 4,105 | 4,062 | 3,998 |
| Reconciled Depreciation | - | 1,957 | 1,726 | 2,507 | 2,811 |
| Reconciled Cost Of Revenue | - | 17,665 | 19,801 | 17,166 | 18,081 |
| Total Unusual Items | - | 451 | -708 | -955 | -662 |
| Total Unusual Items Excluding Goodwill | - | 451 | -708 | -955 | -662 |
| Special Income Charges | - | -6 | -531 | -789 | -744 |
| Restructuring And Mergern Acquisition | - | 6 | 531 | 789 | 744 |
| Gain On Sale Of Security | - | 457 | -177 | -166 | 82 |
| Depreciation Amortization Depletion Income Statement | - | 313 | 282 | 698 | 1,028 |
| Depreciation And Amortization In Income Statement | - | 313 | 282 | 698 | 1,028 |
| General And Administrative Expense | - | 2,101 | 2,478 | 2,813 | 2,992 |
| Other Gand A | - | 2,101 | 2,478 | 2,813 | 2,992 |
| Selling And Marketing Expense | - | 9,085 | 9,880 | 10,364 | 10,966 |
| Amortization | - | 313 | 282 | 698 | 1,028 |
| Amortization Of Intangibles Income Statement | - | 313 | 282 | 698 | 1,028 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cisco Systems, Inc.this co. | CSCO | $512.4B | 50.33β discount | 10.94 | 21.7% | 33.82 |
| Oracle Corporation | ORCL | $679.7B | 54.63 | 33.24 | 60.8% | 32.33 |
| ASML Holding N.V. | ASML | $677.4B | 70.49 | 34.54 | 49.0% | 53.29 |
| Intel Corporation | INTC | $561.8B | - | 4.92 | -0.2% | 39.78 |
| Lam Research Corporation | LRCX | $420.7B | 78.52 |
| - |
| - |
| - |
| - |
| - |
| 42.66 |
| 54.3% |
| 64.21 |
| Arm Holdings plc | ARM | $420.2B | 464.85 | 50.72 | 10.9% | 361.22 |
| Applied Materials, Inc. | AMAT | $398.3B | 56.92 | 19.51 | 34.3% | 39.91 |
| Palantir Technologies Inc. | PLTR | $339.7B | 209.04 | 45.98 | 22.0% | 235.05 |
| International Business Machines Corporation | IBM | $283.6B | 26.78 | 8.69 | 32.4% | 19.36 |
| Peer Median | - | 70.49 | 33.89 | 33.4% | 46.60 | |