Income Statement
Quarterly Data

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.

Cisco Systems Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Oct 25, 2025	Jul 26, 2025	Apr 26, 2025	Jan 25, 2025	Oct 26, 2024	Jul 27, 2024	Apr 27, 2024	Jan 27, 2024	Oct 28, 2023	Jul 29, 2023	Apr 29, 2023	Jan 28, 2023	Oct 29, 2022	Jul 30, 2022	Apr 30, 2022	Jan 29, 2022	Oct 30, 2021	Jul 31, 2021	May 1, 2021	Jan 23, 2021	Oct 24, 2020	Jul 25, 2020	Apr 25, 2020	Jan 25, 2020	Oct 26, 2019
Product	11,077)	10,886)	10,374)	10,234)	10,114)	9,858)	9,024)	9,232)	11,139)	11,650)	11,092)	10,155)	10,245)	9,688)	9,448)	9,353)	9,529)	9,716)	9,139)	8,572)	8,587)	8,832)	8,597)	8,671)	9,878)
Services	3,806)	3,787)	3,775)	3,757)	3,727)	3,784)	3,678)	3,559)	3,529)	3,553)	3,479)	3,437)	3,387)	3,414)	3,387)	3,367)	3,371)	3,410)	3,664)	3,388)	3,342)	3,322)	3,386)	3,334)	3,281)
Revenue	14,883)	14,673)	14,149)	13,991)	13,841)	13,642)	12,702)	12,791)	14,668)	15,203)	14,571)	13,592)	13,632)	13,102)	12,835)	12,720)	12,900)	13,126)	12,803)	11,960)	11,929)	12,154)	11,983)	12,005)	13,159)
Product	(3,934)	(4,194)	(3,688)	(3,713)	(3,526)	(3,644)	(3,295)	(3,443)	(3,957)	(4,237)	(4,136)	(4,038)	(4,179)	(3,966)	(3,606)	(3,569)	(3,673)	(3,628)	(3,422)	(3,044)	(3,206)	(3,429)	(3,120)	(3,126)	(3,524)
Services	(1,204)	(1,199)	(1,183)	(1,167)	(1,194)	(1,217)	(1,134)	(1,131)	(1,154)	(1,218)	(1,203)	(1,127)	(1,107)	(1,111)	(1,108)	(1,102)	(1,174)	(1,154)	(1,196)	(1,132)	(1,142)	(1,041)	(1,092)	(1,115)	(1,171)
Cost of sales	(5,138)	(5,393)	(4,871)	(4,880)	(4,720)	(4,861)	(4,429)	(4,574)	(5,111)	(5,455)	(5,339)	(5,165)	(5,286)	(5,077)	(4,714)	(4,671)	(4,847)	(4,782)	(4,618)	(4,176)	(4,348)	(4,470)	(4,212)	(4,241)	(4,695)
Gross margin	9,745)	9,280)	9,278)	9,111)	9,121)	8,781)	8,273)	8,217)	9,557)	9,748)	9,232)	8,427)	8,346)	8,025)	8,121)	8,049)	8,053)	8,344)	8,185)	7,784)	7,581)	7,684)	7,771)	7,764)	8,464)
Research and development	(2,400)	(2,380)	(2,335)	(2,299)	(2,286)	(2,179)	(1,948)	(1,943)	(1,913)	(1,953)	(1,962)	(1,855)	(1,781)	(1,682)	(1,708)	(1,670)	(1,714)	(1,713)	(1,697)	(1,527)	(1,612)	(1,565)	(1,546)	(1,570)	(1,666)
Sales and marketing	(2,871)	(2,818)	(2,724)	(2,672)	(2,752)	(2,841)	(2,559)	(2,458)	(2,506)	(2,579)	(2,526)	(2,384)	(2,391)	(2,349)	(2,209)	(2,266)	(2,261)	(2,448)	(2,317)	(2,277)	(2,217)	(2,218)	(2,192)	(2,279)	(2,480)
General and administrative	(733)	(706)	(739)	(752)	(795)	(763)	(736)	(642)	(672)	(690)	(641)	(582)	(565)	(489)	(517)	(544)	(551)	(521)	(603)	(484)	(544)	(494)	(457)	(455)	(519)
Amortization of purchased intangible assets	(231)	(254)	(244)	(265)	(265)	(268)	(297)	(66)	(67)	(70)	(70)	(71)	(71)	(73)	(77)	(79)	(84)	(79)	(61)	(39)	(36)	(33)	(34)	(38)	(36)
Restructuring and other charges	(147)	(35)	(34)	(10)	(665)	(112)	(542)	(12)	(123)	(203)	(87)	(243)	2)	2)	—)	(3)	(5)	(8)	(42)	(234)	(602)	(127)	(128)	(42)	(184)
Operating expenses	(6,382)	(6,193)	(6,076)	(5,998)	(6,763)	(6,163)	(6,082)	(5,121)	(5,281)	(5,495)	(5,286)	(5,135)	(4,806)	(4,591)	(4,511)	(4,562)	(4,615)	(4,769)	(4,720)	(4,561)	(5,011)	(4,437)	(4,357)	(4,384)	(4,885)
Operating income	3,363)	3,087)	3,202)	3,113)	2,358)	2,618)	2,191)	3,096)	4,276)	4,253)	3,946)	3,292)	3,540)	3,434)	3,610)	3,487)	3,438)	3,575)	3,465)	3,223)	2,570)	3,247)	3,414)	3,380)	3,579)
Interest income	222)	227)	250)	238)	286)	270)	411)	324)	360)	312)	262)	219)	169)	129)	115)	111)	121)	130)	153)	161)	174)	187)	218)	242)	273)
Interest expense	(350)	(368)	(403)	(404)	(418)	(418)	(357)	(120)	(111)	(111)	(109)	(107)	(100)	(93)	(90)	(88)	(89)	(98)	(111)	(113)	(112)	(119)	(130)	(158)	(178)
Other income (loss), net	156)	53)	(102)	(60)	41)	(74)	(10)	(139)	(83)	17)	(142)	11)	(134)	(54)	166)	93)	187)	128)	84)	(16)	49)	(9)	(58)	70)	12)
Interest and other income (loss), net	28)	(88)	(255)	(226)	(91)	(222)	44)	65)	166)	218)	11)	123)	(65)	(18)	191)	116)	219)	160)	126)	32)	111)	59)	30)	154)	107)
Income before (provision for) benefit from income taxes	3,391)	2,999)	2,947)	2,887)	2,267)	2,396)	2,235)	3,161)	4,442)	4,471)	3,957)	3,415)	3,475)	3,416)	3,801)	3,603)	3,657)	3,735)	3,591)	3,255)	2,681)	3,306)	3,444)	3,534)	3,686)
(Provision for) benefit from income taxes	(531)	(449)	(456)	(459)	444)	(234)	(349)	(527)	(804)	(513)	(745)	(642)	(805)	(601)	(757)	(630)	(677)	(726)	(728)	(710)	(507)	(670)	(670)	(656)	(760)
Net income	2,860)	2,550)	2,491)	2,428)	2,711)	2,162)	1,886)	2,634)	3,638)	3,958)	3,212)	2,773)	2,670)	2,815)	3,044)	2,973)	2,980)	3,009)	2,863)	2,545)	2,174)	2,636)	2,774)	2,878)	2,926)

The quarterly financial data reveals several notable trends in the company’s operational and financial performance over the analyzed periods.

Revenue and Sales: The total revenue showed fluctuations but generally trended upward from approximately $13.2 billion in late 2019 to a peak of about $15.2 billion in mid-2023, before experiencing a decline towards early 2024 and a subsequent moderate recovery. Product revenue exhibited volatility, with a peak in mid-2023 exceeding $11.6 billion, followed by a sharp decrease in late 2023 and early 2024, and a rebound thereafter. Services revenue demonstrated a steadier growth path, increasing gradually from around $3.3 billion to nearly $3.8 billion over the same timeframe.
Cost of Sales and Gross Margin: The cost of sales generally increased in absolute terms, aligning with revenue growth, but with some periods of sharper increases that suggest rising cost pressures, particularly noticeable around 2022 and mid-2024. Gross margin showed relative stability but with some erosion during quarters where product revenue dipped or costs surged. Despite fluctuations, gross margin remained robust, maintaining figures mostly above $8 billion and peaking near $9.7 billion in mid-2023 and late 2024.
Operating Expenses: Operating expenses expanded over the analyzed horizon. Research and development (R&D) spending rose steadily, increasing from roughly $1.5–1.6 billion in 2019 and 2020 to over $2.3 billion by mid-2025. Sales and marketing expenses varied but showed a general upward trend, with notable increases around 2023 and 2024, reaching nearly $2.9 billion. General and administrative costs also grew, albeit at a slower pace, reflecting expanded organizational activities.
Operating Income: Even with rising expenses, operating income trended positively through mid-2023, peaking above $4.2 billion. However, it experienced a decline during late 2023 and into 2024, correlating with decreased product revenue and increased costs, before recovering modestly toward mid-2025. This pattern indicates cyclicality and sensitivity to sales performance and cost dynamics.
Interest and Other Income/Expenses: Interest income showed an upward trajectory early on, peaking around mid-2023 before declining and stabilizing. Interest expense remained relatively consistent but with increases noted in late 2023 and early 2024, possibly reflecting higher borrowing costs or debt levels. Other income (loss), net, and the combined interest and other income (loss), net, displayed volatility, contributing both positively and negatively in different quarters without a clear long-term trend.
Income Before Taxes and Net Income: Income before income taxes mirrored operating income’s trend, rising to over $4.4 billion in mid-2023, subsequently dipping during late 2023 and early 2024, and then showing signs of recovery. The provision for income taxes was variable, with some quarters reflecting lower tax burdens and one quarter showing a tax benefit. Net income overall followed a similar pattern, peaking at nearly $4 billion in mid-2023, declining significantly during 2024, and then improving toward mid-2025, indicating sensitivity to both operational performance and tax provisions.
Other Notable Items: The amortization of purchased intangible assets increased sharply in 2024, indicating the possible impact of acquisitions or intangible asset revaluations. Restructuring and other charges were sporadic, with a significant charge in late 2020 and again notably negative impacts during various quarters between 2022 and 2024, suggesting periods of corporate restructuring or one-time expenses affecting profitability. These charges appear to exacerbate fluctuations in operating income during those periods.

In summary, the company experienced growth in revenue and gross profit through mid-2023 before encountering headwinds in product sales and increased costs that pressured operating income and net profitability during 2024. Rising expenses in R&D and sales and marketing reflect ongoing investment in future growth, while fluctuating restructuring charges and amortization expenses contribute to earnings variability. Overall, profitability has exhibited resilience despite cyclical pressures and cost increases.

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Cisco Systems Inc. (NASDAQ:CSCO)

Income Statement Quarterly Data

Income Statement
Quarterly Data