Cisco Systems Inc. (NASDAQ:CSCO)

Total inventories exhibited a general upward trajectory over the six-year period, increasing from US$ 1,559 million in July 2021 to US$ 5,694 million by July 2026. The growth was characterized by a steady increase through 2023, a period of slight contraction and stabilization between 2024 and 2025, and a sharp escalation in the final year of the observed period.

Raw Materials

A significant and consistent growth trend is observed in raw materials, which rose from US$ 801 million in 2021 to US$ 2,796 million in 2026. This category represents the largest share of total inventory, indicating a strategic increase in the accumulation of basic inputs over time.

Work in Process

Work in process inventory demonstrated high volatility. After increasing from US$ 54 million in 2021 to a peak of US$ 264 million in 2023, the value dropped sharply to US$ 83 million in 2024. However, a substantial surge occurred by July 2026, with the value reaching US$ 1,140 million, suggesting a massive expansion in active production stages.

Finished Goods

Finished goods experienced a cyclical pattern, peaking at US$ 1,493 million in 2023 before declining to US$ 933 million by 2025. A subsequent recovery is noted in 2026, with values returning to US$ 1,525 million.

Service-Related Spares and Demonstration Systems

Service-related spares showed relative stability after an initial dip in 2022, trending gradually upward from US$ 90 million to US$ 224 million. Demonstration systems remained an immaterial component of the overall inventory, fluctuating minimally between US$ 6 million and US$ 16 million.

The aggregate data indicates a substantial expansion of the inventory base in 2026, driven primarily by simultaneous increases in raw materials and work in process. This suggests a transition toward significantly higher production capacity or a response to anticipated demand surges toward the end of the reporting period.