Common-Size Income Statement
Quarterly Data
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Cisco Systems Inc. pages available for free this week:
- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Cisco Systems Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-04-25), 10-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 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).
The revenue composition demonstrates a consistent reliance on product sales, which typically fluctuate between 71% and 76% of total revenue, with services making up the remaining 24% to 29%. A notable shift occurred in early 2024, where service revenue peaked at nearly 29% before trending downward toward 23.5% by April 2026, coinciding with a resurgence in product revenue.
- Gross Profitability
- Gross margins remained relatively stable, generally oscillating between 61% and 66%. A period of margin compression is observed in mid-2022, with lows reaching 61.22%. Recovery followed, peaking at 65.90% in late 2022, before settling into a range of 63% to 65% through the 2025 and 2026 periods.
- Operating Expense Trends
- Research and development expenses remained steady at approximately 13% of revenue until January 2024, after which they increased to a range of 15% to 16.5%, indicating a higher allocation of resources toward innovation. Sales and marketing expenses showed similar volatility, peaking at 20.83% in July 2024. A significant increase in the amortization of purchased intangible assets is evident starting in April 2024, jumping from historical levels of approximately 0.5% to peaks above 2.3%.
- Operating Income and Efficiency
- Operating income margins exhibited significant volatility between 2023 and 2024. After maintaining levels between 24% and 29%, margins dropped sharply to a low of 17.04% by October 2024. This decline correlates with the simultaneous increase in R&D, marketing, and amortization costs. However, a recovery trend is observed in 2025 and 2026, with operating income returning to 25% by April 2026.
- Financial and Net Performance
- Interest expenses saw a marked increase starting in April 2024, rising from under 1% of revenue to a peak of 3.06% in July 2024, suggesting increased debt servicing costs or changes in financing structures. Net income margins followed the trajectory of operating income, dipping to a low of 14.85% in April 2024 before rebounding to 21.29% by April 2026. The impact of income taxes remained volatile, including a significant tax benefit of 3.21% in October 2024 that temporarily buoyed the net result.
Overall, the financial profile indicates a period of increased operational spending and higher financing costs throughout 2024, which led to a temporary contraction in both operating and net margins. The subsequent recovery in 2025 and 2026 suggests a stabilization of expenses and a return to historical profitability levels.