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:
Apr 25, 2026
Jan 24, 2026
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
12,117)
11,642)
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
3,724)
3,707)
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
15,841)
15,349)
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
(4,613)
(4,205)
(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
(1,148)
(1,172)
(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
(5,761)
(5,377)
(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
10,080)
9,972)
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
(2,377)
(2,355)
(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
(2,855)
(2,881)
(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
(661)
(688)
(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
(228)
(231)
(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
1)
(36)
(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
(6,120)
(6,191)
(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
3,960)
3,781)
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
214)
210)
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
(377)
(370)
(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
242)
25)
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
79)
(135)
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
Revenue exhibits a cyclical growth pattern over the analyzed period. Total revenue peaked at 15,203 million in July 2023 before experiencing a sharp contraction to 12,791 million by January 2024. A consistent recovery trend followed, with revenue reaching a period high of 15,841 million by April 2026. This growth is primarily driven by product revenue, while services revenue maintained a steadier, gradual increase from 3,281 million in October 2019 to 3,724 million by April 2026.
Gross Profitability
Gross margin tracks closely with revenue fluctuations. A peak in gross margin occurred in July 2023 at 9,748 million, followed by a dip to 8,217 million in January 2024. The trend indicates a return to growth, culminating in a peak of 10,080 million by April 2026, suggesting that the cost of sales has remained relatively proportional to revenue increases.
Operating Expense Trends
Research and development expenses show a sustained upward trajectory, rising from 1,666 million in October 2019 to 2,377 million by April 2026, signaling increased investment in innovation. Sales and marketing expenses also increased gradually, while general and administrative costs remained relatively stable. A significant structural change is observed in the amortization of purchased intangible assets, which jumped from approximately 70 million per quarter to over 230 million starting in April 2024.
Operating Income and Volatility
Operating income demonstrates significant volatility, particularly between 2023 and 2024. After peaking at 4,276 million in October 2023, operating income fell to a low of 2,191 million in April 2024. This decline coincides with spikes in restructuring and other charges, which reached 542 million in April 2024 and 665 million in October 2024. However, operating income recovered strongly, ending the period at 3,960 million.
Net Income and Financial Costs
Net income followed the trajectory of operating income, with a notable trough of 1,886 million in April 2024. Interest expenses increased substantially starting in early 2024, rising from a historical range of 90-120 million to between 350 million and 418 million. Despite these higher financing costs and volatile restructuring charges, net income trended upward in the final quarters, reaching 3,373 million by April 2026.
