Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Cisco Systems Inc., adjusted financial ratios

	Jul 29, 2023	Jul 30, 2022	Jul 31, 2021	Jul 25, 2020	Jul 27, 2019	Jul 28, 2018
Activity Ratio
Total Asset Turnover
Reported	0.56	0.55	0.51	0.52	0.53	0.45
Adjusted	0.62	0.59	0.55	0.56	0.53	0.47
Liquidity Ratio
Current Ratio
Reported	1.38	1.43	1.49	1.72	1.51	2.29
Adjusted	2.50	2.86	2.78	3.14	2.28	3.99
Solvency Ratios
Debt to Equity
Reported	0.19	0.24	0.28	0.38	0.73	0.59
Adjusted	0.15	0.18	0.21	0.28	0.53	0.44
Debt to Capital
Reported	0.16	0.19	0.22	0.28	0.42	0.37
Adjusted	0.13	0.15	0.18	0.22	0.35	0.31
Financial Leverage
Reported	2.30	2.36	2.36	2.50	2.91	2.52
Adjusted	1.49	1.52	1.56	1.65	1.95	1.77
Profitability Ratios
Net Profit Margin
Reported	22.13%	22.91%	21.26%	22.75%	22.39%	0.22%
Adjusted	22.04%	21.54%	23.21%	26.26%	20.18%	2.15%
Return on Equity (ROE)
Reported	28.44%	29.70%	25.66%	29.57%	34.62%	0.25%
Adjusted	20.41%	19.20%	20.04%	24.48%	21.05%	1.80%
Return on Assets (ROA)
Reported	12.38%	12.57%	10.86%	11.82%	11.88%	0.10%
Adjusted	13.70%	12.66%	12.83%	14.79%	10.77%	1.02%

Based on: 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-25), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Cisco Systems Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Cisco Systems Inc. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Cisco Systems Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Cisco Systems Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Cisco Systems Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Cisco Systems Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Cisco Systems Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Cisco Systems Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Cisco Systems Inc., Financial Ratios: Reported vs. Adjusted

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	Jul 29, 2023	Jul 30, 2022	Jul 31, 2021	Jul 25, 2020	Jul 27, 2019	Jul 28, 2018
Reported
Selected Financial Data (US$ in millions)
Revenue	56,998)	51,557)	49,818)	49,301)	51,904)	49,330)
Total assets	101,852)	94,002)	97,497)	94,853)	97,793)	108,784)
Activity Ratio
Total asset turnover¹	0.56	0.55	0.51	0.52	0.53	0.45
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenue²	59,284)	52,657)	51,536)	51,280)	50,686)	50,521)
Adjusted total assets³	95,361)	89,636)	93,246)	91,006)	94,959)	106,812)
Activity Ratio
Adjusted total asset turnover⁴	0.62	0.59	0.55	0.56	0.53	0.47

Based on: 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-25), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28).

¹ 2023 Calculation
Total asset turnover = Revenue ÷ Total assets
= 56,998 ÷ 101,852 = 0.56

² Adjusted revenue. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 59,284 ÷ 95,361 = 0.62

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Cisco Systems Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Jul 29, 2023	Jul 30, 2022	Jul 31, 2021	Jul 25, 2020	Jul 27, 2019	Jul 28, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets	43,348)	36,717)	39,112)	43,573)	47,755)	61,837)
Current liabilities	31,309)	25,640)	26,257)	25,331)	31,712)	27,035)
Liquidity Ratio
Current ratio¹	1.38	1.43	1.49	1.72	1.51	2.29
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets²	43,433)	36,800)	39,221)	43,716)	47,891)	61,966)
Adjusted current liabilities³	17,401)	12,856)	14,109)	13,925)	21,044)	15,545)
Liquidity Ratio
Adjusted current ratio⁴	2.50	2.86	2.78	3.14	2.28	3.99

Based on: 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-25), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28).

¹ 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 43,348 ÷ 31,309 = 1.38

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 43,433 ÷ 17,401 = 2.50

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Cisco Systems Inc. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Jul 29, 2023	Jul 30, 2022	Jul 31, 2021	Jul 25, 2020	Jul 27, 2019	Jul 28, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	8,391)	9,515)	11,526)	14,583)	24,666)	25,569)
Equity	44,353)	39,773)	41,275)	37,920)	33,571)	43,204)
Solvency Ratio
Debt to equity¹	0.19	0.24	0.28	0.38	0.73	0.59
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	9,411)	10,561)	12,694)	15,585)	25,761)	26,687)
Adjusted equity³	64,016)	59,068)	59,692)	55,004)	48,579)	60,372)
Solvency Ratio
Adjusted debt to equity⁴	0.15	0.18	0.21	0.28	0.53	0.44

Based on: 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-25), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Equity
= 8,391 ÷ 44,353 = 0.19

² Adjusted total debt. See details »

³ Adjusted equity. See details »

⁴ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted equity
= 9,411 ÷ 64,016 = 0.15

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Cisco Systems Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

	Jul 29, 2023	Jul 30, 2022	Jul 31, 2021	Jul 25, 2020	Jul 27, 2019	Jul 28, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	8,391)	9,515)	11,526)	14,583)	24,666)	25,569)
Total capital	52,744)	49,288)	52,801)	52,503)	58,237)	68,773)
Solvency Ratio
Debt to capital¹	0.16	0.19	0.22	0.28	0.42	0.37
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	9,411)	10,561)	12,694)	15,585)	25,761)	26,687)
Adjusted total capital³	73,427)	69,629)	72,386)	70,589)	74,340)	87,059)
Solvency Ratio
Adjusted debt to capital⁴	0.13	0.15	0.18	0.22	0.35	0.31

Based on: 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-25), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 8,391 ÷ 52,744 = 0.16

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 9,411 ÷ 73,427 = 0.13

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Cisco Systems Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

	Jul 29, 2023	Jul 30, 2022	Jul 31, 2021	Jul 25, 2020	Jul 27, 2019	Jul 28, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets	101,852)	94,002)	97,497)	94,853)	97,793)	108,784)
Equity	44,353)	39,773)	41,275)	37,920)	33,571)	43,204)
Solvency Ratio
Financial leverage¹	2.30	2.36	2.36	2.50	2.91	2.52
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	95,361)	89,636)	93,246)	91,006)	94,959)	106,812)
Adjusted equity³	64,016)	59,068)	59,692)	55,004)	48,579)	60,372)
Solvency Ratio
Adjusted financial leverage⁴	1.49	1.52	1.56	1.65	1.95	1.77

Based on: 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-25), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Equity
= 101,852 ÷ 44,353 = 2.30

² Adjusted total assets. See details »

³ Adjusted equity. See details »

⁴ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted equity
= 95,361 ÷ 64,016 = 1.49

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Cisco Systems Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

	Jul 29, 2023	Jul 30, 2022	Jul 31, 2021	Jul 25, 2020	Jul 27, 2019	Jul 28, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	12,613)	11,812)	10,591)	11,214)	11,621)	110)
Revenue	56,998)	51,557)	49,818)	49,301)	51,904)	49,330)
Profitability Ratio
Net profit margin¹	22.13%	22.91%	21.26%	22.75%	22.39%	0.22%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	13,064)	11,344)	11,960)	13,464)	10,228)	1,087)
Adjusted revenue³	59,284)	52,657)	51,536)	51,280)	50,686)	50,521)
Profitability Ratio
Adjusted net profit margin⁴	22.04%	21.54%	23.21%	26.26%	20.18%	2.15%

Based on: 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-25), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28).

¹ 2023 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 12,613 ÷ 56,998 = 22.13%

² Adjusted net income. See details »

³ Adjusted revenue. See details »

⁴ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 13,064 ÷ 59,284 = 22.04%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Cisco Systems Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Jul 29, 2023	Jul 30, 2022	Jul 31, 2021	Jul 25, 2020	Jul 27, 2019	Jul 28, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	12,613)	11,812)	10,591)	11,214)	11,621)	110)
Equity	44,353)	39,773)	41,275)	37,920)	33,571)	43,204)
Profitability Ratio
ROE¹	28.44%	29.70%	25.66%	29.57%	34.62%	0.25%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	13,064)	11,344)	11,960)	13,464)	10,228)	1,087)
Adjusted equity³	64,016)	59,068)	59,692)	55,004)	48,579)	60,372)
Profitability Ratio
Adjusted ROE⁴	20.41%	19.20%	20.04%	24.48%	21.05%	1.80%

Based on: 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-25), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28).

¹ 2023 Calculation
ROE = 100 × Net income ÷ Equity
= 100 × 12,613 ÷ 44,353 = 28.44%

² Adjusted net income. See details »

³ Adjusted equity. See details »

⁴ 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted equity
= 100 × 13,064 ÷ 64,016 = 20.41%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Cisco Systems Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Jul 29, 2023	Jul 30, 2022	Jul 31, 2021	Jul 25, 2020	Jul 27, 2019	Jul 28, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	12,613)	11,812)	10,591)	11,214)	11,621)	110)
Total assets	101,852)	94,002)	97,497)	94,853)	97,793)	108,784)
Profitability Ratio
ROA¹	12.38%	12.57%	10.86%	11.82%	11.88%	0.10%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	13,064)	11,344)	11,960)	13,464)	10,228)	1,087)
Adjusted total assets³	95,361)	89,636)	93,246)	91,006)	94,959)	106,812)
Profitability Ratio
Adjusted ROA⁴	13.70%	12.66%	12.83%	14.79%	10.77%	1.02%

Based on: 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-25), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28).

¹ 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 12,613 ÷ 101,852 = 12.38%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 13,064 ÷ 95,361 = 13.70%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Cisco Systems Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Cisco Systems Inc. (NASDAQ:CSCO)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Cisco Systems Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)