Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Cisco Systems Inc. pages available for free this week:
- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Cisco Systems Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-04-25), 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 structure of the organization underwent a significant transformation beginning in early 2024, characterized by a substantial increase in both short-term and long-term leverage. Total liabilities remained relatively stable between 53 billion and 58 billion US dollars from 2019 through 2023, but surged to a range of 73 billion to 79 billion US dollars starting in early 2024. This expansion in the balance sheet is mirrored by a corresponding increase in total liabilities and equity, which grew from approximately 92 billion US dollars in late 2019 to over 125 billion US dollars by April 2026.
- Debt Profile and Leverage Trends
- A sharp escalation in borrowing is observed in the first quarter of 2024. Short-term debt, which had historically fluctuated between 1 billion and 5 billion US dollars, increased dramatically to 11.8 billion US dollars by April 2024 and remained elevated, ending at 11.9 billion US dollars in April 2026. Similarly, long-term debt exhibited a downward trend from 14.5 billion US dollars in 2019 to a low of 6.6 billion US dollars in 2023, before abruptly jumping to over 20 billion US dollars in early 2024. This simultaneous increase in both short-term and long-term obligations suggests a strategic capital restructuring or a significant financing event during this period.
- Operational Liability Analysis
- Deferred revenue shows a consistent and steady upward trajectory across both current and long-term classifications. Current deferred revenue grew from 10.6 billion US dollars in 2019 to 16.4 billion US dollars by 2026, while long-term deferred revenue rose from 7.9 billion US dollars to 12.1 billion US dollars over the same period. This persistent growth indicates an increasing volume of prepaid contracts or a transition toward a subscription-based revenue model. Other current liabilities and accounts payable remained relatively stable, showing no volatility comparable to the debt instruments.
- Equity and Retained Earnings Evolution
- Total equity experienced steady growth, rising from 34.4 billion US dollars in October 2019 to 48.8 billion US dollars by April 2026. This growth was primarily driven by an increase in common stock and additional paid-in capital, which rose from 40.3 billion to 48.9 billion US dollars. A notable recovery is observed in retained earnings, which began at a deficit of 5.08 billion US dollars in 2019 and trended toward a positive balance, reaching 704 million US dollars by April 2026, despite some interim volatility.
- Overall Solvency and Capital Structure
- The capital structure shifted toward a higher debt-to-equity ratio following the 2024 financing surge. While equity has grown by approximately 42% over the analyzed period, total liabilities increased by roughly 32%. The balance sheet expansion is dominated by the sudden influx of debt in 2024, while the underlying equity base provided a stable foundation for this increase in leverage.