Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Cisco Systems Inc. pages available for free this week:
- Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Cisco Systems Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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).
- Short-term debt
- The short-term debt as a percentage of total liabilities and equity shows significant fluctuations over the observed periods. It starts at 4.32% in late 2019, drops to a low around 0.53% in late 2021, then rises sharply to peak values near 10% in late 2024 and early 2025, indicating increased short-term borrowing toward the end of the timeline.
- Accounts payable
- Accounts payable remains relatively stable, fluctuating moderately between approximately 1.57% and 2.62% as a percentage of total liabilities and equity. There is a slight declining trend noticed toward the later periods, suggesting some improvement in managing payables or payment terms.
- Income taxes payable (current)
- Current income taxes payable exhibit variability, with an initial steady range near 0.8% to 1.15% until early 2022. Subsequently, it increases sharply to over 4% in mid-2023 before settling back to around 2% by 2025. This pattern may reflect changes in tax obligations or timing differences in tax payments.
- Accrued compensation
- Accrued compensation as a portion of the total shows moderate fluctuations, mostly staying between 2.3% and 3.9%. Peaks occur periodically, particularly around mid-2021 and mid-2023, possibly corresponding with payroll cycles or incentive accruals.
- Deferred revenue (current)
- Deferred revenue consistently holds a significant share of liabilities, generally around 11.5% to 13.7%. There is a slight upward trend over time indicating increasing prepaid revenue from customers and potentially strong sales growth in subscription or service-based revenues.
- Other current liabilities
- Other current liabilities fluctuate mildly between approximately 4.1% and 5.5%, showing no pronounced trend but maintaining a stable proportion relative to total liabilities and equity.
- Current liabilities (total)
- Total current liabilities maintain a range roughly between 24% and 33%. Notable increases are observed around the end of 2024 and early 2025. The overall trend suggests a gradual increase in current obligations relative to the company’s total capital structure, influenced primarily by rising short-term debt.
- Long-term debt, excluding current portion
- Long-term debt shows a decreasing trend from above 15% in 2019 to near 6.5% by mid-2023, followed by a sharp increase back to nearly 19% in late 2024. This suggests a period of debt reduction, later replaced by increased long-term borrowing or issuance.
- Income taxes payable (long-term)
- Long-term income taxes payable decline steadily from near 9.6% in late 2019 to below 2% by early 2025, indicating a reduction in deferred tax liabilities or resolution of tax-related obligations over time.
- Deferred revenue (long-term)
- Long-term deferred revenue hovers mostly between 8.6% and 11.4%, showing a stable to slight increasing trend through 2023 before tapering off toward 10% by 2025. This consistency highlights sustained deferred income recognized over multiple periods.
- Other long-term liabilities
- Other long-term liabilities remain relatively steady, fluctuating narrowly between 1.97% and 2.54%, indicating no major adjustments or volatility in other long-term obligations.
- Long-term liabilities (total)
- Total long-term liabilities trend downward from approximately 36% in 2019 to a low around 25.7% in mid-2023, before rising again above 32% in 2025. This suggests an initial reduction in longer-term obligations followed by increased long-term financing or accrued liabilities in the later years.
- Total liabilities
- Total liabilities as a percentage of total liabilities and equity decline from about 63% in 2019 to around 54% to 56% in the early 2020s, then increase again to approximately 63% by late 2024. This pattern reflects shifts between debt management and equity financing strategies.
- Common stock and additional paid-in capital
- This equity component generally holds a stable proportion, fluctuating between about 36.8% and 46.2%. Initial slight increases give way to a decline near late 2023, and then a gradual recovery by 2025. These movements may indicate stock issuance, buybacks, or equity value adjustments.
- Retained earnings (accumulated deficit)
- Retained earnings show a significant improvement from a negative position (-5.5%) in 2019 to positive territory by mid-2021. Subsequently, they peak near 2.7% before declining slightly toward near zero or negative again in 2025. This reflects periods of profitability and earnings retention, followed by potential distributions or losses.
- Accumulated other comprehensive loss
- Accumulated other comprehensive loss oscillates narrowly between -0.8% and -2.3%, indicating consistent but limited unfavorable changes in other comprehensive income components such as currency translation or unrealized gains/losses.
- Total equity
- Total equity percentages rise from 37.2% in 2019 to a peak near 45.8% by early 2023, then decline sharply to around 36.5% by late 2024, with signs of modest recovery to about 38.7% thereafter. This volatility suggests fluctuating shareholder value impacted by changes in retained earnings and capital structure.
- Total liabilities and equity
- This remains constant at 100%, as expected, serving as the base for analyzing component changes.
- Summary
- Overall, the data indicates dynamic shifts in capital structure and liability management. The company experienced a period of decreasing long-term debt and tax liabilities with corresponding growth in equity and retained earnings until early 2023. Afterward, a reversal occurred with rising short-term and long-term debt, declining equity, and fluctuating tax liabilities, suggesting strategic adjustments possibly in response to external financing needs or operational demands. Deferred revenues remain a significant and stable source of current and long-term liabilities, indicating sustained customer prepayments or contracted revenues. The consistent levels of accrued compensation and other liabilities reflect steady operational obligations without major volatility.