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:	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	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	3,787)	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	14,673)	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	(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	(1,199)	(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	(5,393)	(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	9,280)	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	(2,380)	(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	(2,818)	(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	(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	(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	(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	(6,193)	(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	3,087)	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	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	(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	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	(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	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	(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	2,550)	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)

Revenue Trends: The overall revenue demonstrates a rising trend from October 2019 through mid-2023 with fluctuations. Product revenue shows significant growth, especially from early 2022 through mid-2023, peaking around July 2023 before a notable drop in early 2024. Service revenue remains relatively stable with modest growth over the full period, showing slight increases particularly after mid-2020.
Cost of Sales and Gross Margin: Cost of sales reveals a general increasing pattern, aligning closely with rising revenues. The gross margin maintains a generally stable trend with some volatility; it improves notably from early 2022 up to mid-2023, reflecting effective cost management or higher margin sales during that period. However, gross margin decreases again after mid-2023 in line with the drop in product revenue.
Operating Expenses: Operating expenses, comprising research and development, sales and marketing, general and administrative, amortization, and restructuring charges, increase steadily over the period. Research and development costs show a marked rise starting late 2022, highlighting increased investment in innovation or new initiatives. Sales and marketing expenses grow gradually, peaking around mid-2024. General and administrative costs also increase but at a moderate pace. Amortization spikes substantially starting early 2024, possibly due to acquisitions or intangible asset write-downs. Restructuring charges fluctuate without a consistent pattern, indicating periodic adjustments or special charges.
Operating Income: Operating income rises consistently through 2023, reaching a peak around mid-2023, benefiting from increasing revenue and controlled operating expenses for that timeframe. However, it declines sharply beginning in late 2023 into early 2024 correlating with the drop in product revenue and increased amortization expenses.
Interest and Other Income/Expense: Interest income has an upward trajectory through mid-2023 but declines somewhat thereafter. Interest expense remains relatively stable but exhibits a sharp increase in negative impact starting early 2024, consistent with amortization upticks. Other income/loss experiences high volatility with sharp fluctuations; these swings cause net interest and other income to be unstable, particularly showing negative impacts in early and mid-2024.
Income Before Taxes and Net Income: Income before taxes generally follows operating income trends, peaking in mid-2023 and declining thereafter. The tax provision varies but shows some irregularities such as a tax benefit recorded in late 2024. Net income improves steadily through early to mid-2023, driven by strong operational performance, but suffers from the revenue and operating income challenges after mid-2023. Despite declines, net income remains positive throughout the period.
Overall Observations: The data reflects a period of growth in revenue and profitability until mid-2023, driven largely by product sales and stable service revenue. Increased operating and amortization expenses, along with higher interest expense and tax volatility, contribute to compressed margins and reduced profit starting late 2023. The pattern suggests a cycle of investment and possible structural changes impacting expenses and profitability into 2024 and 2025. Continuous monitoring of cost efficiency and revenue diversification appears critical given the recent performance shifts.

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Cisco Systems Inc. (NASDAQ:CSCO)

Income Statement Quarterly Data

Income Statement
Quarterly Data