Stock Analysis on Net
Stock Analysis on Net

Cisco Systems Inc. (NASDAQ:CSCO)

$24.99

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Cisco Systems Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Jul 25, 2026 Jul 26, 2025 Jul 27, 2024 Jul 29, 2023 Jul 30, 2022 Jul 31, 2021
Product
Services
Revenue
Product
Services
Cost of sales
Gross margin
Research and development
Sales and marketing
General and administrative
Amortization of purchased intangible assets
Restructuring and other charges
Operating expenses
Operating income
Interest income
Interest expense
Other income (loss), net
Interest and other income (loss), net
Income before provision for income taxes
Provision for income taxes
Net income

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 financial performance over the analyzed period is characterized by a general upward trajectory in total revenue and gross margin, punctuated by a period of contraction in operating profitability between 2024 and 2025 before a strong recovery in 2026.

Revenue Trends and Composition
Total revenue grew from US$ 49,818 million in 2021 to US$ 63,325 million in 2026. This growth is primarily attributed to the Product segment, which increased from US$ 36,014 million to US$ 48,295 million. In contrast, Services revenue remained relatively stagnant, fluctuating within a narrow range between US$ 13,539 million and US$ 15,046 million throughout the period.
Gross Profitability and Cost Management
Gross margin demonstrated a steady increase, rising from US$ 31,894 million in 2021 to US$ 40,860 million in 2026. While the cost of sales increased in absolute terms, it did not scale proportionally with revenue growth in the final year, contributing to the expanded gross margin.
Operating Expense Analysis
There is a consistent upward trend in operating expenses, which rose from US$ 19,061 million in 2021 to US$ 25,492 million in 2026. Research and development expenditures increased steadily every year, growing from US$ 6,549 million to US$ 9,563 million. Sales and marketing costs followed a similar trajectory, increasing from US$ 9,259 million to US$ 11,559 million, indicating sustained investment in growth and product evolution.
Operating and Net Income Volatility
Operating income increased until 2023, peaking at US$ 15,031 million, before declining to US$ 11,760 million by 2025. A sharp recovery occurred in 2026, with operating income reaching a period high of US$ 15,368 million. Net income mirrored this volatility, ending the period at US$ 13,267 million, up from US$ 10,591 million in 2021.
Financial Costs and Other Income
A significant increase in interest expense is observed, rising from US$ 434 million in 2021 to US$ 1,470 million in 2026. This trend suggests an increase in debt levels or a rise in the cost of borrowing. Interest income peaked in 2024 at US$ 1,365 million before moderating to US$ 866 million in 2026.