Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Price to Sales (P/S) since 2005
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Cisco Systems Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
- Revenue Composition
- The revenue composition reflects a relatively stable split between product and services, with products consistently contributing approximately 71% to 76% of total revenue, and services representing the remaining 24% to 28%. There is a slight incline in the share of product revenue around mid-2021 to mid-2023, peaking near 76%, followed by a modest decrease thereafter. Conversely, services show an inverse trend.
- Cost of Sales and Gross Margin
- The cost of sales as a percentage of revenue fluctuates within a moderate range, generally around 34% to 38%. There is a noticeable increase in cost of sales during mid-2022, which corresponds to a dip in gross margin during the same period. Gross margin percentages mostly hover between 61% and 65%, showing resilience despite cost fluctuations. The margin dipped to near 61% in late 2022 but recovered to around 65% in mid-2023 and remained relatively stable since.
- Operating Expenses
- Operating expenses demonstrate a gradual increase over the observed periods, climbing from approximately 36% to peaks near 48%. Research and development expenses as a proportion of revenue rise steadily from around 12.7% to over 16%, especially after early 2023. Sales and marketing expenses show a similar increasing trend, ranging from roughly 17.5% to above 20% in recent periods. General and administrative expenses also increased moderately, rising from near 4% to over 5%. Amortization of intangible assets remains relatively low but spikes notably between 2023 and 2024, exceeding 2% in some quarters.
- Operating Income
- Operating income as a percentage of revenue experiences variability consistent with changes in operating expenses and cost of sales. It remains mostly within the range of 17% to 29%, with peaks around 29% in mid-2023, indicating periods of strong operational profitability. However, recent data show a decline towards the lower end of this range, influenced by rising operating expenses.
- Interest and Other Income/Expense
- Interest income shows a generally declining trend from around 2% in 2019 to about 1.5% most recently, with some fluctuations. Interest expense remains relatively low and stable, although it rises notably in 2023 and 2024 to reach near 3%, which may impact net income. Other income/loss exhibits volatility without a clear trend, occasionally contributing positively or negatively to net income.
- Income Before Taxes and Net Income
- Income before taxes follows a pattern similar to operating income, with values largely from 16% to 30% of revenue, peaking around 30% in mid-2023. The provision for income taxes fluctuates as a percentage of revenue but generally decreases from roughly 5.5% to below 3% in the latest quarters, even turning positive briefly, indicating variability in tax burden or benefits. Net income as a proportion of revenue remains robust, often exceeding 20%, with a peak near 26% in mid-2023. More recent quarters, however, show some decline to around 15% to 19%, reflecting the impact of increased operating expenses and interest costs.
- Restructuring and Other Charges
- Restructuring charges display sporadic occurrences, with notable spikes during certain periods, such as a significant charge around late 2020 and mid-2024. Otherwise, these charges tend to be minimal or absent, indicating occasional restructuring activities impacting profitability.
- Summary
- Overall, the financial data reveal consistent revenue composition between products and services, a stable but slightly pressured gross margin, and increasing operating expenses primarily driven by rising R&D and sales & marketing spends. Operating income and net income demonstrate resilience but show some sensitivity to expense increases and interest costs. The company’s profitability peaked around mid-2023, followed by moderation in recent quarters. Fluctuations in restructuring charges and tax provisions further influence the net results. These trends suggest a focus on growth and investment amid cost pressures, with careful monitoring of operating expenses and interest costs necessary to maintain profitability.