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 25, 2026
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
Product
13,459)
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)
Services
3,793)
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)
Revenue
17,252)
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)
Product
(5,029)
(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)
Services
(1,160)
(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)
Cost of sales
(6,189)
(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)
Gross margin
11,063)
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)
Research and development
(2,431)
(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)
Sales and marketing
(2,952)
(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)
General and administrative
(679)
(661)
(688)
(733)
(706)
(739)
(752)
(795)
(763)
(736)
(642)
(672)
(690)
(641)
(582)
(565)
(489)
(517)
(544)
(551)
(521)
(603)
(484)
(544)
Amortization of purchased intangible assets
(226)
(228)
(231)
(231)
(254)
(244)
(265)
(265)
(268)
(297)
(66)
(67)
(70)
(70)
(71)
(71)
(73)
(77)
(79)
(84)
(79)
(61)
(39)
(36)
Restructuring and other charges
(511)
1)
(36)
(147)
(35)
(34)
(10)
(665)
(112)
(542)
(12)
(123)
(203)
(87)
(243)
2)
2)
—)
(3)
(5)
(8)
(42)
(234)
(602)
Operating expenses
(6,799)
(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)
Operating income
4,264)
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)
Interest income
220)
214)
210)
222)
227)
250)
238)
286)
270)
411)
324)
360)
312)
262)
219)
169)
129)
115)
111)
121)
130)
153)
161)
174)
Interest expense
(373)
(377)
(370)
(350)
(368)
(403)
(404)
(418)
(418)
(357)
(120)
(111)
(111)
(109)
(107)
(100)
(93)
(90)
(88)
(89)
(98)
(111)
(113)
(112)
Other income (loss), net
822)
242)
25)
156)
53)
(102)
(60)
41)
(74)
(10)
(139)
(83)
17)
(142)
11)
(134)
(54)
166)
93)
187)
128)
84)
(16)
49)
Interest and other income (loss), net
669)
79)
(135)
28)
(88)
(255)
(226)
(91)
(222)
44)
65)
166)
218)
11)
123)
(65)
(18)
191)
116)
219)
160)
126)
32)
111)
Income before (provision for) benefit from income taxes
Revenue exhibits a long-term growth trajectory, rising from 11,929 million USD in October 2020 to 17,252 million USD by July 2026. While growth was generally consistent through mid-2023, a notable contraction occurred in early 2024, with revenue dipping to 12,702 million USD in April 2024 before resuming a strong upward trend.
Revenue Composition
Product revenue serves as the primary growth driver, increasing from 8,587 million USD to 13,459 million USD over the analyzed period. In contrast, services revenue remained relatively stagnant, fluctuating within a narrow band between 3,342 million USD and 3,806 million USD, indicating that top-line expansion is heavily dependent on hardware or software product sales rather than recurring service contracts.
Gross Profitability
Gross margin followed a positive trend, peaking at 11,063 million USD in July 2026. Cost of sales increased in correlation with product revenue, though the gross margin expanded from 7,581 million USD to 11,063 million USD, suggesting an improvement in production efficiency or a shift toward higher-margin product offerings.
Operating Expense Analysis
Research and development and sales and marketing expenses showed gradual increases over time, with R&D rising from 1,612 million USD to 2,431 million USD. A significant shift occurred in April 2024, where amortization of purchased intangible assets spiked from approximately 70 million USD to nearly 300 million USD per quarter, suggesting the integration of a major acquisition. Restructuring charges remained volatile, with periodic spikes, most notably in April 2024 and July 2026.
Operating Income Trends
Operating income demonstrated volatility, characterized by a peak of 4,276 million USD in October 2023 followed by a sharp decline to 2,191 million USD in April 2024. This decline coincides with increased operating expenses and restructuring charges. However, a recovery phase is evident, with operating income climbing back to 4,264 million USD by July 2026.
Net Income and Non-Operating Factors
Net income fluctuated between a low of 1,886 million USD in April 2024 and a high of 3,958 million USD in July 2023. Interest expenses rose sharply starting in April 2024, increasing from roughly 110 million USD to over 350 million USD per quarter. The final period in July 2026 shows a substantial boost in net income to 3,859 million USD, heavily influenced by a significant spike in other income, which reached 822 million USD.
