Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Cisco Systems Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-07-26), 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26).
- Revenue Composition
- The contribution of products to total revenue has fluctuated in the range of approximately 71% to 76%, with a mild upward trend noted between early 2022 and mid-2023 before a slight decline toward early 2024 and stabilization. Conversely, services revenue as a percentage of total revenue showed complementary movements, mostly remaining between 23% and 28%, with notable increases in early 2024, suggesting a slight shift back toward services in that period.
- Cost of Sales and Gross Margin
- Cost of sales as a percentage of revenue generally increased over the period, peaking in late 2022 and early 2024. This rising cost pressure corresponded with a slight decline in gross margin from approximately 64.8% in early 2020 to near 61% in late 2022, before partial recovery to above 65% by mid-2024. This indicates that while costs increased, improved operational efficiency or pricing adjustments helped restore margins somewhat in the latter periods.
- Operating Expenses
- Operating expenses increased in the form of research and development (R&D), sales and marketing, general and administrative (G&A), and amortization charges, with R&D and sales & marketing together consistently representing over 30% of revenue. Notably, R&D expense as a percentage of revenue rose steadily from around 12.7% in late 2019 to approximately 16.5% by mid-2024, highlighting an intensified investment in innovation. Sales and marketing expenses showed a similar increasing trend, particularly from 2023 onward, possibly reflecting increased competitive activities or market expansion efforts. G&A showed gradual growth, peaking near 5.8% in late 2023, indicating rising administrative costs. Amortization expenses spiked significantly after early 2023, rising to near 2% by mid-2024, suggesting recent acquisitions or changes in intangible asset amortization schedules. Overall, total operating expenses thus rose, impacting operating income margins.
- Profitability and Income
- Operating income margins fluctuated but generally declined from above 27% in 2019-2020 to lows near 17% to 19% during 2023 and early 2024, with some recovery afterward. Interest income showed a declining trend from 2% to below 1% of revenue through approximately 2021, followed by increases in 2023-2024. Meanwhile, interest expense remained fairly stable but increased notably from 2022 to more than 3% in early 2024, which alongside rising amortization and expenses, may have pressured net earnings. Other income/loss items were volatile without clear trends.
- Taxation and Net Income
- The effective tax rate, approximated by tax provision as a percentage of income before taxes, was inconsistent, with several quarters showing negative tax provisions resulting in tax benefits, particularly in late 2024. This variability caused fluctuations in net income margin, which remained strong overall but displayed dips especially in 2023 and early 2024, bottoming near 14.9%. Net income margins recovered to above 19% in mid-2024, indicating resilience despite increased costs and tax variability.
- Summary Insights
- Across the observed periods, the company maintained a majority product-driven revenue mix with consistent service contributions. Cost pressures increased over time, as reflected in rising cost of sales and operating expenses, particularly investment in R&D and sales. These cost increases compressed operating margins and introduced volatility in profitability. Interest expenses and amortization of intangibles also climbed, impacting net financial outcomes. Tax provisions were irregular, contributing to net income volatility. Despite these headwinds, earnings remained positive and rebounded in the most recent quarters, showing adaptability to the evolving cost and market environment.