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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Cisco Systems Inc., consolidated cash flow statement
US$ in millions
Based on: 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), 10-K (reporting date: 2019-07-27).
- Net Income
- Net income figures displayed a fluctuating trend, starting at $11,621 million in 2019, declining to $10,591 million in 2021, peaking at $12,613 million in 2023, and then falling notably to $10,320 million in 2024. This indicates volatility in profitability over the period.
- Depreciation, Amortization, and Other Expenses
- These expenses remained relatively stable from 2019 through 2022, ranging between $1,726 million and $1,957 million, before increasing significantly to $2,507 million in 2024, suggesting rising non-cash or other related charges.
- Share-Based Compensation Expense
- This expense rose consistently each year, increasing from $1,570 million in 2019 to $3,074 million in 2024, indicating a growing impact of equity incentive costs on financial statements.
- Provision for Receivables
- The provision fluctuated, showing low positive or slightly negative values, with no consistent upward or downward trend, suggesting relatively stable credit risk assessment impacts during the years.
- Deferred Income Taxes
- Deferred income taxes showed negative balances throughout, with significant decreases in 2023 (-$2,085 million) and 2024 (-$972 million), indicating large deferred tax asset recognition or changes in tax positions.
- Gains/Losses on Divestitures and Investments
- Gains and losses were negative in earlier years up to 2022 but shifted to positive in 2023 and 2024, reflecting a change from net losses to net gains in these activities.
- Working Capital Components
- Accounts receivable and inventories experienced notable negative swings in 2020 and 2022-2023, with a partial rebound in 2024, indicating significant fluctuations in current asset management. Accounts payable and accrued compensation showed varying positive and negative values, reflecting inconsistent trends in short-term liabilities and employee-related accruals.
- Deferred Revenue
- Deferred revenue increased overall, with a peak in 2023 ($2,326 million), suggesting growing advance payments from customers or subscription-related income expansion, followed by a decline in 2024.
- Net Cash Provided by Operating Activities
- Operating cash flow generally remained strong, ranging from approximately $13.2 billion to $19.9 billion, peaking in 2023, then declining notably in 2024 to $10.9 billion, paralleling net income fluctuations.
- Investing Activities
- Investing cash flow showed volatility, with positive net cash inflows in 2019 and 2022, but negative outflows in other years, most notably a large negative $20.5 billion in 2024 driven by massive acquisitions. Purchases of investments were substantial and fluctuated significantly, while sales and maturities of investments declined over time. Acquisitions varied considerably, with an exceptional jump in 2024.
- Financing Activities
- Financing cash flows were predominantly negative through most years, driven by significant common stock repurchases and dividends paid consistently around $6.3 billion annually. Exceptionally, in 2024, financing activities showed a positive inflow of $6.8 billion attributed mainly to large debt issuances. Repayments of debt fluctuated, decreasing in volume in more recent years. Stock issuances remained relatively stable but minor compared to repurchases and dividends.
- Cash Position and Changes
- The cash, cash equivalents, and restricted cash balances exhibited volatility, peaking at $11.6 billion in 2023 before falling to $8.8 billion in 2024. Net increases in cash were positive early in the period, turning negative in more recent years, reflecting the combined effects of volatile investing and financing activities.
- Summary
- The financial data reflect a company with strong operating cash flow but facing varying profitability and significant fluctuations in investment and financing activities. Rising share-based compensation and depreciation costs indicate increased non-cash expenses. The large investment outflow and debt issuance in 2024 suggest aggressive expansion or strategic acquisitions. The negative net income and cash flow trends in 2024 highlight challenges in maintaining prior profitability and liquidity levels.