Cisco Systems Inc. (NASDAQ:CSCO)

The analysis of the debt data over the six-year period reveals notable fluctuations and an overall increasing trend in total debt by the most recent year reported.

Short-term debt

The short-term debt shows considerable variability. It started at 3,005 million US dollars in 2020 and decreased substantially to 1,099 million by mid-2022. Following this trough, there was a sharp increase to 11,341 million in mid-2024, more than tripling the previous highest value, before declining to 5,232 million in 2025. This volatility suggests episodic short-term borrowing, possibly linked to specific financing needs or operational cycles.

Long-term debt, excluding current portion

Long-term debt displayed a declining trend from 11,578 million in 2020 to 6,658 million in 2023, reflecting a consistent reduction in longer-term liabilities during that period. However, this trend reversed sharply afterward, with long-term debt increasing to 19,621 million in 2024 and further rising to 22,861 million in 2025. The significant increase in the latter years indicates an acquisition of substantial long-term financing or debt restructuring activities.

Total debt (carrying amount)

Total debt mirrored the combined patterns of short- and long-term debt. It declined steadily from 14,583 million in 2020 to a low of 8,391 million in 2023. Subsequently, total debt surged to 30,962 million in 2024, an almost fourfold increase compared to the previous year, before slightly decreasing to 28,093 million in 2025. This abrupt surge suggests major financing activities or large capital expenditures financed through debt in the 2024 period.

In summary, the debt profile over the period shows a phase of debt reduction from 2020 to 2023, followed by a pronounced increase in both short-term and long-term debt starting in 2024. The sharp rise in debt levels during the last two years indicates a strategic shift towards higher leverage, possibly to fund expansion, investments, or other financial commitments.