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.
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- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Cisco Systems Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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 financial performance over the observed period demonstrates a complex pattern of growth, fluctuation, and stabilization. Revenue initially declined from October 2019 to January 2020, but then exhibited a general upward trend through July 2021. A subsequent dip occurred in the fall of 2021, followed by a period of recovery and further growth into mid-2023. Revenue then experienced a significant decrease in the latter half of 2023 and early 2024, before showing signs of stabilization and modest growth through the end of the observed period.
Gross margin remained relatively stable between approximately US$7.5 billion and US$8.5 billion for much of the period, with a noticeable increase beginning in late 2022 and continuing through the end of the observation window. Operating income mirrored the revenue trends, experiencing declines and recoveries in parallel. The period from October 2023 to January 2024 saw a substantial decrease in operating income, followed by a recovery.
- Revenue Composition
- Product revenue consistently represented the larger portion of total revenue, generally ranging from approximately US$8.5 billion to US$11.7 billion. Services revenue remained more stable, fluctuating between roughly US$3.3 billion and US$3.9 billion. The relative contribution of services to total revenue increased slightly over the period.
- Cost of Sales
- Cost of sales generally tracked revenue, increasing during periods of revenue growth and decreasing during declines. The cost of sales as a percentage of revenue remained relatively consistent, suggesting stable production and supply chain costs, although a slight increase is observed in the later periods.
- Operating Expenses
- Operating expenses, encompassing research and development, sales and marketing, and general and administrative costs, exhibited a generally increasing trend over the period. Research and development expenses consistently represented a significant portion of operating expenses, with a notable increase in investment over time. Sales and marketing expenses also increased, though with some fluctuations. A substantial increase in amortization of purchased intangible assets is observed in the later periods, contributing to higher operating expenses.
- Profitability
- Net income followed the trends of operating income, with fluctuations mirroring revenue and expense patterns. The period from October 2023 to January 2024 saw a significant decline in net income, followed by a recovery. The provision for income taxes varied, impacting the final net income figures.
- Interest and Other Income
- Interest and other income exhibited variability, with significant fluctuations throughout the period. A substantial increase in interest income is observed in the later periods, partially offsetting declines in operating income. However, other income (loss), net, was often negative, impacting the overall interest and other income figure.
Overall, the observed period demonstrates a business navigating dynamic market conditions. While revenue and profitability experienced fluctuations, the company maintained a substantial revenue base and demonstrated an ability to recover from periods of decline. Increased investment in research and development suggests a focus on future growth and innovation.