Analysis of Revenues
Revenues as Reported
Cisco Systems Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-07-26), 10-K (reporting date: 2024-07-27), 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).
- Networking Revenue
- The revenue in the networking segment experienced fluctuations over the six-year period. Starting at $27.445 billion in 2020, it slightly decreased to $27.236 billion in 2021, then increased to a peak of $34.570 billion in 2023. However, it saw a decline in the following years, ending at $28.305 billion in 2025. This indicates volatility with a substantial peak in 2023, followed by a downward correction.
- Security Revenue
- The security segment demonstrated a consistent upward trend throughout the period. Revenue grew from $3.158 billion in 2020 to $8.094 billion in 2025, showing strong and accelerating growth, particularly between 2023 and 2025. This suggests increasing importance and expansion of security offerings in the overall portfolio.
- Collaboration Revenue
- The collaboration revenue showed a gradual decline over the years, moving from $4.823 billion in 2020 down to $4.154 billion by 2025. The decline was steady, with the most noticeable drop occurring between 2020 and 2023. The latter years show some stabilization but no significant recovery, indicating potential market challenges or displacement by other technologies.
- Observability Revenue
- Observability revenue increased consistently from $552 million in 2020 to $1.055 billion in 2025. Though the amounts are smaller compared to other segments, the growth rate is significant, nearly doubling over the period, reflecting growing investment and demand in monitoring and analytics solutions.
- Product Revenue
- The total product revenue showed variability but generally an increasing trend, starting at $35.978 billion in 2020 and ending at $41.608 billion in 2025. The highest revenue occurred in 2023 at $43.142 billion. Despite some fluctuations, product revenue remains a strong contributor to overall revenue.
- Services Revenue
- Services revenue exhibited steady growth, increasing from $13.323 billion in 2020 to $15.046 billion in 2025. This consistent increase underlines the continued importance of service-based offerings alongside products.
- Total Revenue
- Total company revenue reflected an overall upward trend from $49.301 billion in 2020 to $56.654 billion in 2025. Revenue peaked in 2023 at $56.998 billion, experienced a decline in 2024, then rebounded in 2025. This pattern of growth with minor setbacks suggests resilience and diversified revenue sources mitigating segment-specific volatility.