Stock Analysis on Net
Stock Analysis on Net

Cisco Systems Inc. (NASDAQ:CSCO)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Cisco Systems Inc., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Jul 26, 2025 Jul 27, 2024 Jul 29, 2023 Jul 30, 2022 Jul 31, 2021 Jul 25, 2020
Net income
Depreciation, amortization, and other
Share-based compensation expense
Provision (benefit) for receivables
Deferred income taxes
(Gains) losses on divestitures, investments and other, net
Accounts receivable
Inventories
Financing receivables
Other assets
Accounts payable
Income taxes, net
Accrued compensation
Deferred revenue
Other liabilities
Change in operating assets and liabilities, net of effects of acquisitions and divestitures
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Purchases of investments
Proceeds from sales of investments
Proceeds from maturities of investments
Acquisitions, net of cash and cash equivalents acquired
Purchases of investments in privately held companies
Return of investments in privately held companies
Acquisition of property and equipment
Other
Net cash (used in) provided by investing activities
Issuances of common stock
Repurchases of common stock, repurchase program
Shares repurchased for tax withholdings on vesting of restricted stock units
Short-term borrowings, original maturities of 90 days or less, net
Issuances of debt
Repayments of debt
Repayments of Splunk convertible debt, net of capped call proceeds
Dividends paid
Other
Net cash provided by (used in) financing activities
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of fiscal year
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of fiscal year

Based on: 10-K (reporting date: 2025-07-26), 10-K (reporting date: 2024-07-27), 10-K (reporting date: 2023-07-29), 10-K (reporting date: 2022-07-30), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-25).

Net Income
Net income has shown fluctuations over the periods, starting at 11,214 million USD in 2020, dipping slightly to 10,591 million USD in 2021, peaking at 12,613 million USD in 2023, and then declining again to 10,180 million USD in 2025. The trend indicates variability with a peak in the middle years followed by a decreasing pattern.
Depreciation, Amortization, and Other
There is an overall increasing trend in depreciation and amortization expenses, rising from 1,808 million USD in 2020 to 2,811 million USD in 2025, with a significant jump between 2023 and 2024.
Share-Based Compensation Expense
This expense consistently increased each year, more than doubling from 1,569 million USD in 2020 to 3,641 million USD in 2025, indicating an increasing cost related to employee compensation through shares.
Provision (Benefit) for Receivables
Values fluctuate minimally and mostly remain positive, except a minor negative of -6 million USD in 2021, suggesting relatively stable but modest provisioning for receivables throughout the periods.
Deferred Income Taxes
Deferred income taxes show negative balances throughout the periods, with the largest negative values occurring in 2023 and 2024 (-2,085 and -972 million USD respectively), indicating significant deferred tax liabilities or benefits impacting tax expense.
(Gains) Losses on Divestitures, Investments, and Other, Net
There is a marked change from negative gains (losses) in early years to positive amounts in 2023 and 2024, followed by a return to a negative value in 2025, reflecting volatile gains or losses in these activities.
Working Capital Items (Accounts Receivable, Inventories, Financing Receivables, Other Assets, Accounts Payable, Accrued Compensation, Deferred Revenue, Other Liabilities)
The changes in operating assets and liabilities reveal considerable variability. Accounts receivable moved from a small negative change to a notable positive adjustment in 2023, then back to negatives. Inventories showed negative changes in earlier years, turning positive in 2024 and 2025. Financing receivables displayed a sharp recovery after a large negative in 2020. Deferred revenue decreased consistently, especially after 2023, showing a reduction in collected prepayments. Other liabilities and accrued compensation exhibited oscillating behavior, indicating shifting obligations and accrual adjustments.
Net Cash Provided by Operating Activities
Operating cash flow remains strong throughout, peaking at 19,886 million USD in 2023, with a dip in 2024 to 10,880 million USD followed by a moderate recovery in 2025 to 14,193 million USD. Such fluctuations align broadly with net income trends and working capital changes.
Investing Activities
There is notable volatility in investing cash flows. Purchases of investments declined substantially in 2024, corresponding with a sharp negative net cash use in investing activities that year (-20,478 million USD). Acquisitions varied considerably, with a large outlay in 2024 (-25,994 million USD) dramatically impacting the investing cash flow that year. Proceeds from sales and maturities of investments show irregular patterns but generally offset purchases somewhat. Acquisition of property and equipment shows a moderate increase in later years, indicative of ongoing capital expenditure.
Financing Activities
Financing cash flows exhibit significant variation. Common stock issuances gradually increased from 655 million USD in 2020 to 736 million USD in 2025. Repurchases of common stock fluctuated with a peak negative outflow in 2022 (-7,689 million USD) and consistently large outflows thereafter, indicating ongoing capital return to shareholders. Issuances and repayments of debt show a sharp increase in debt issuances in 2024 (31,818 million USD) and substantial repayments in 2025 (-22,073 million USD), suggesting strategic debt management. Dividend payments steadily increased in absolute terms, reflecting a consistent shareholder return policy. Overall, net financing cash flows are predominantly negative except for a positive spike in 2024 due to high debt issuance.
Cash and Cash Equivalents
Cash balances at year-end declined from 11,812 million USD in 2020 to 8,910 million USD in 2025. The net increase or decrease in cash showed large swings, including a significant cash increase in 2023 and a substantial decrease in 2024, corresponding with operating, investing, and financing cash flow patterns.
Other Observations
The adjustment to reconcile net income to net cash provided by operating activities varies widely, spiking in 2023 and then dipping significantly in 2024 before recovering in 2025. The changes in operating assets and liabilities also show high variability, notably a large positive change in 2023 and a large negative adjustment in 2024, which greatly influenced operating cash flows and net income reconciliation.