Stock Analysis on Net

Cisco Systems Inc. (NASDAQ:CSCO)

$24.99

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

US$ in millions

Microsoft Excel
3 months ended: 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 Jul 27, 2019 Apr 27, 2019 Jan 26, 2019 Oct 27, 2018
Product
Services
Revenue
Product
Services
Cost of sales
Gross margin
Research and development
Sales and marketing
General and administrative
Amortization of purchased intangible assets
Restructuring and other charges
Operating expenses
Operating income
Interest income
Interest expense
Other income (loss), net
Interest and other income (loss), net
Income before (provision for) benefit from income taxes
(Provision for) benefit from income taxes
Net income

Based on: 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), 10-K (reporting date: 2019-07-27), 10-Q (reporting date: 2019-04-27), 10-Q (reporting date: 2019-01-26), 10-Q (reporting date: 2018-10-27).


Revenue Trends
The total revenue shows a general upward trajectory over the analyzed periods, with some fluctuations. Product revenue experienced notable dips in early 2020, coinciding with a slight recovery and increased peaks from mid-2021 onwards, reaching a high point in early 2024 before slightly decreasing again. Services revenue demonstrated more stability with gradual growth, peaking around mid-2024, indicating a steady increase in the company's recurring income streams.
Cost of Sales and Gross Margin
Cost of sales followed a broadly stable but slightly increasing trend, with some pronounced rises during quarters of higher revenue. Despite fluctuations in cost, gross margin values remained relatively strong and followed revenue increases, peaking notably in mid to late 2023. This suggests effective cost management relative to revenue growth, maintaining profit generation from core operations.
Operating Expenses
Operating expenses overall increased, driven by steady rises in research and development, sales and marketing costs, and general and administrative expenses. Research and development saw consistent growth throughout the periods, reflecting ongoing investment in innovation. Sales and marketing expenses also trended upward, indicating sustained efforts in market expansion or product promotion. General and administrative costs fluctuated but gradually increased especially towards the later periods. The amortization of purchased intangible assets spiked significantly during 2023, implying acquisitions or capitalized assets affecting expenses.
Operating Income
Operating income exhibited variability, with a declining trend early in the timeline reaching a low around late 2020, followed by recovery and peaks in 2023. A substantial decrease occurred in early 2024, possibly linked to increased operating expenses or other losses. This reflects cyclical performance but overall positive profitability from operations.
Interest and Other Income (Loss), Net
Net interest income fluctuated, with interest income showing a rising trend peaking around early 2024, whereas interest expense remained relatively low and stable for most periods but surged significantly in early 2024. Other income/loss net values were inconsistent, with both gains and losses recorded, potentially indicating volatile other operational or investment-related activities affecting net financial income.
Income Before Taxes and Tax Provision
Income before taxes generally followed the pattern of operating income, peaking in late 2023 before declining sharply in early 2024. Tax provisions showed variability but stayed significant through most periods, with an unusual tax benefit recorded in late 2024, which may be due to tax adjustments or one-time events.
Net Income
Net income trends roughly mirrored income before taxes, with highest profitability observed around late 2023, followed by substantial declines in early 2024. Despite fluctuations, net income remained positive throughout, indicating ongoing profitability, albeit with some challenges emerging in the most recent quarters.
Additional Observations
Restructuring and other charges were sporadic with substantial losses in specific quarters, especially around late 2020 and early 2024, likely impacting overall profitability temporarily. The rise in amortization expenses and restructuring charges in recent periods may reflect strategic shifts or acquisition-related costs.