Cash Flow Statement
Quarterly Data
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 (quarterly data)
US$ in millions
Based on: 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).
- Net income
- Net income shows fluctuations over the analyzed quarters with a notable decline around late 2023 and early 2024, reaching a low point, followed by a gradual recovery toward mid-2025. Significant peaks occur in mid-2023, indicating periods of stronger profitability.
- Depreciation, amortization, and other
- This expense category remains relatively stable but exhibits a sharp increase in early 2024, almost doubling compared to prior periods, before subsiding closer to previous levels. This spike may reflect intensified asset depreciation or amortization activities during that time.
- Share-based compensation expense
- Share-based compensation expense demonstrates a general upward trend, reaching its highest levels in 2025. This gradual increase suggests expanding employee incentive costs over time.
- Provision for receivables
- The provision for receivables oscillates between small positive and negative values, indicating adjustments in expected credit losses but without a clear directional trend.
- Deferred income taxes
- Deferred income taxes display considerable volatility, swinging between negative and positive large values over several quarters. This variability may be driven by tax planning, temporary differences, or changes in tax regulations.
- Gains (losses) on divestitures, investments, and other, net
- This line item fluctuates significantly, with notable gains and losses scattered throughout the periods. The absence of a consistent trend signals sporadic one-time investment activities or divestitures impacting results.
- Working capital components (Accounts receivable, Inventories, Accounts payable)
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The working capital changes are volatile:
- Accounts receivable values vary widely, showing periods of both sharp increases and decreases, reflecting changing sales patterns or collection cycles.
- Inventories reveal alternating positive and negative movements, suggesting fluctuations in stock management or demand variability.
- Accounts payable present inconsistent adjustments, with no sustained upward or downward trend, consistent with variable supplier payment timing.
- Income taxes, net
- Income taxes demonstrate high volatility, including several sharp declines especially in late 2022 and early 2023, implying unusual tax events, payments, or refunds during those quarters.
- Accrued compensation
- Accrued compensation fluctuates widely with substantial negative swings followed by large positive reversals, pointing to variable timing in compensation accruals and payments to employees.
- Deferred revenue
- Deferred revenue swings dramatically, with exceptionally high increases in some quarters indicating growth in advanced payments received. Conversely, several substantial decreases suggest periods of revenue recognition or reduction in prepayments.
- Other liabilities
- Other liabilities fluctuate significantly with no clear trend, suggesting irregular liabilities or adjustments occurring intermittently.
- Change in operating assets and liabilities
- This aggregate measure shows considerable variability, with large increases and decreases reflecting the overall dynamic nature of working capital management within the periods.
- Adjustments to reconcile net income to net cash provided by operating activities
- Adjustments vary substantially quarter to quarter, with some quarters showing large positive figures that support converting net income to cash flow, while other periods show negative adjustments, reflecting non-cash items or working capital changes.
- Net cash provided by operating activities
- Operating cash flow exhibits a generally positive trend with several peaks, though it experiences a sharp decline and significant volatility in late 2023 and early 2024, consistent with the pattern observed in net income.
- Investing activities: Purchases and proceeds related to investments
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Investment purchases and sales show notable variability:
- Purchases of investments have periods of substantial outflows, particularly towards the end of 2021 and 2022, indicating aggressive investment activities.
- Proceeds from sales and maturities of investments exhibit fluctuating inflows, with occasional strong receipts emphasizing liquidity management through investment disposals or maturities.
- Acquisitions and property and equipment
- Acquisition-related expenditures are inconsistent, with some quarters showing very large outflows reflecting significant acquisition activity, especially the spike in late 2023. Property and equipment investments remain relatively steady but escalate in certain periods, suggesting variable capital expenditure commitments.
- Net cash used in investing activities
- Overall, cash flows from investing activities are highly volatile, with alternating inflows and outflows including a pronounced outflow spike in late 2023, likely driven by acquisition payments or investment purchases.
- Financing activities: Stock issuances and repurchases
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Financing activities reveal:
- Common stock issuances generally show modest positive inflows, albeit with some missing data points.
- Stock repurchases under the repurchase program and for tax withholdings steadily increase over time, reflecting an ongoing strategy of capital return to shareholders.
- Debt issuances and repayments
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Debt transactions demonstrate considerable activity:
- Issuances increase notably in early 2024 and 2025, indicating new financing rounds.
- Repayments occur consistently, though the volume varies significantly quarter to quarter, including a substantial repayment related to a convertible debt in 2024.
- Short-term borrowings fluctuate, with large negative and positive entries, implying active management of short-term liquidity.
- Dividends paid
- Dividend payments maintain a relatively stable outflow over time, indicating a consistent dividend policy with minor incremental increases.
- Net cash provided by (used in) financing activities
- Financing cash flows are mostly negative, reflecting net outflows due to stock repurchases, debt repayments, and dividends. Notably, a strong positive spike occurs in early 2024, driven by substantial debt issuances.
- Effect of foreign currency exchange rate changes
- Foreign currency effects on cash are relatively minor and inconsistent, generating small positive or negative impacts quarterly.
- Net increase (decrease) in cash and equivalents
- The net change in cash balances fluctuates substantially, highlighting periods of significant cash depletion and replenishment. Late 2023 and early 2024 show considerable variability, with a strong recovery in certain quarters after large declines, consistent with the pattern of operating and investing cash flows observed.