Stock Analysis on Net
Stock Analysis on Net

Cisco Systems Inc. (NASDAQ:CSCO)

Common-Size Balance Sheet: Assets

Cisco Systems Inc., common-size consolidated balance sheet: assets

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Jul 25, 2026 Jul 26, 2025 Jul 27, 2024 Jul 29, 2023 Jul 30, 2022 Jul 31, 2021
Cash and cash equivalents 5.57 6.82 6.03 9.94 7.53 9.41
Investments 6.71 6.35 8.32 15.73 12.97 15.74
Accounts receivable, net of allowance 5.76 5.48 5.37 5.75 7.04 5.91
Inventories 4.39 2.59 2.71 3.58 2.73 1.60
Financing receivables, net 2.62 2.50 2.68 3.29 4.15 4.49
Other current assets 4.78 4.87 4.51 4.27 4.63 2.96
Current assets 29.83% 28.61% 29.63% 42.56% 39.06% 40.12%
Property and equipment, net 2.13 1.73 1.68 2.05 2.12 2.40
Financing receivables, net 3.81 2.83 2.71 3.42 4.26 5.01
Goodwill 45.88 48.36 47.15 37.83 40.75 39.15
Purchased intangible assets, net 5.83 7.50 9.02 1.78 2.73 3.71
Deferred tax assets 5.48 6.02 5.03 6.46 4.73 4.47
Other assets 7.04 4.95 4.78 5.90 6.34 5.14
Long-term assets 70.17% 71.39% 70.37% 57.44% 60.94% 59.88%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2026-07-25), 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).

The asset structure of the organization exhibits a significant strategic shift between 2021 and 2026, characterized by a transition from high liquidity toward a heavier concentration of non-current, intangible assets. This evolution is most evident in the redistribution of total assets from current holdings to long-term investments, particularly following a sharp transition in 2024.

Liquidity and Current Asset Trends
Current assets experienced a notable decline in their proportion of total assets, falling from a peak of 42.56% in 2023 to approximately 29.83% by 2026. This contraction is primarily driven by a sustained reduction in cash and cash equivalents, which decreased from 9.41% in 2021 to 5.57% in 2026, and a substantial decrease in investments, which dropped from 15.74% in 2021 to 6.71% in 2026. Conversely, inventories have shown a general upward trend, increasing from 1.60% of total assets in 2021 to 4.39% by 2026, suggesting a change in operational requirements or supply chain management.
Intangible Assets and Acquisition Activity
Long-term assets have grown as a percentage of the total balance sheet, rising from 59.88% in 2021 to 70.17% in 2026. The primary driver of this increase is goodwill, which rose from 39.15% in 2021 to a peak of 48.36% in 2025. This trend, coupled with a sharp spike in purchased intangible assets in 2024 (reaching 9.02%), indicates a period of aggressive inorganic growth and acquisition activity. While these figures normalized slightly by 2026, the overall weight of intangible assets remains significantly higher than at the start of the period.
Fixed and Other Non-Current Assets
Property and equipment, net, consistently represent a minimal portion of the total asset base, fluctuating within a narrow range between 1.68% and 2.40%. Financing receivables, both current and long-term, have generally trended downward over the six-year period. Deferred tax assets have remained relatively stable, oscillating between 4.47% and 6.46%, while other assets showed a moderate increase toward the end of the period, reaching 7.04% in 2026.

In summary, the financial profile has evolved from a liquid-heavy position to one dominated by intangible assets. The marked increase in goodwill and the corresponding decrease in cash and short-term investments suggest a strategic reallocation of capital toward the acquisition of external businesses and intellectual property.

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