Debt to Equity
since 2005
Calculation
Cisco Systems Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Equity1 | |
|---|---|---|---|---|---|
| Jul 25, 2026 | 0.59 | = | 29,533) | ÷ | 50,285) |
| Jul 26, 2025 | 0.60 | = | 28,093) | ÷ | 46,843) |
| Jul 27, 2024 | 0.68 | = | 30,962) | ÷ | 45,457) |
| Jul 29, 2023 | 0.19 | = | 8,391) | ÷ | 44,353) |
| Jul 30, 2022 | 0.24 | = | 9,515) | ÷ | 39,773) |
| Jul 31, 2021 | 0.28 | = | 11,526) | ÷ | 41,275) |
| Jul 25, 2020 | 0.38 | = | 14,583) | ÷ | 37,920) |
| Jul 27, 2019 | 0.73 | = | 24,666) | ÷ | 33,571) |
| Jul 28, 2018 | 0.59 | = | 25,569) | ÷ | 43,204) |
| Jul 29, 2017 | 0.51 | = | 33,717) | ÷ | 66,137) |
| Jul 30, 2016 | 0.45 | = | 28,643) | ÷ | 63,586) |
| Jul 25, 2015 | 0.42 | = | 25,354) | ÷ | 59,698) |
| Jul 26, 2014 | 0.37 | = | 20,909) | ÷ | 56,654) |
| Jul 27, 2013 | 0.27 | = | 16,211) | ÷ | 59,120) |
| Jul 28, 2012 | 0.32 | = | 16,328) | ÷ | 51,286) |
| Jul 30, 2011 | 0.36 | = | 16,822) | ÷ | 47,226) |
| Jul 31, 2010 | 0.35 | = | 15,284) | ÷ | 44,267) |
| Jul 25, 2009 | 0.27 | = | 10,295) | ÷ | 38,647) |
| Jul 26, 2008 | 0.20 | = | 6,893) | ÷ | 34,353) |
| Jul 28, 2007 | 0.20 | = | 6,408) | ÷ | 31,480) |
| Jul 29, 2006 | 0.26 | = | 6,332) | ÷ | 23,912) |
| Jul 30, 2005 | 0.00 | = | —) | ÷ | 23,174) |
Based on: 10-K (reporting date: 2026-07-25), 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), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28), 10-K (reporting date: 2017-07-29), 10-K (reporting date: 2016-07-30), 10-K (reporting date: 2015-07-25), 10-K (reporting date: 2014-07-26), 10-K (reporting date: 2013-07-27), 10-K (reporting date: 2012-07-28), 10-K (reporting date: 2011-07-30), 10-K (reporting date: 2010-07-31), 10-K (reporting date: 2009-07-25), 10-K (reporting date: 2008-07-26), 10-K (reporting date: 2007-07-28), 10-K (reporting date: 2006-07-29), 10-K (reporting date: 2005-07-30).
1 US$ in millions
The analysis of the capital structure reveals distinct phases of leverage management characterized by periods of steady growth, aggressive deleveraging, and a recent significant increase in debt obligations.
- Total Debt Trajectory
- A long-term upward trend in total debt was observed from 2006, rising from 6,332 million US$ to a peak of 33,717 million US$ by July 2017. This was followed by a period of substantial debt reduction, with obligations falling to a minimum of 8,391 million US$ by July 2023. However, a sharp reversal occurred in July 2024, where total debt spiked to 30,962 million US$, before stabilizing near 29,533 million US$ by 2026.
- Equity Fluctuations
- Equity showed consistent growth from 2005 to 2017, reaching a peak of 66,137 million US$. A significant contraction occurred between 2018 and 2019, with equity dropping to 33,571 million US$. Since 2020, a gradual recovery has been evident, with equity rising steadily to reach 50,285 million US$ by July 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio remained relatively low and stable between 0.20 and 0.36 from 2006 through 2013. Leverage increased progressively from 2014, peaking at 0.73 in 2019, driven by the simultaneous increase in debt and a contraction in equity. A period of aggressive deleveraging followed, bringing the ratio down to its lowest point of 0.19 in 2023. The most recent period indicates a return to higher leverage, with the ratio jumping to 0.68 in 2024 and settling around 0.59 by 2026.
The overall financial pattern indicates a strategic shift in capital allocation, moving from a conservative leverage position to a more aggressive debt-funded structure in recent years, contrasting with the deleveraging trend seen between 2018 and 2023.
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Comparison to Competitors
Cisco Systems Inc., debt to equity, long-term trends, comparison to competitors
| Cisco Systems Inc. | Apple Inc. | Arista Networks Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|
| Jul 25, 2026 | 0.59 | — | — | — | 0.35 | 0.60 |
| Jul 26, 2025 | 0.60 | 1.34 | 0.00 | — | 2.27 | 0.75 |
| Jul 27, 2024 | 0.68 | 1.87 | 0.00 | — | 2.61 | 0.40 |
| Jul 29, 2023 | 0.19 | 1.79 | 0.00 | — | 0.23 | 0.15 |
| Jul 30, 2022 | 0.24 | 2.37 | 0.00 | — | 1.00 | 0.42 |
| Jul 31, 2021 | 0.28 | 1.98 | 0.00 | 19.36 | 0.60 | 0.09 |
| Jul 25, 2020 | 0.38 | 1.72 | 0.00 | — | 0.64 | 0.03 |
| Jul 27, 2019 | 0.73 | 1.19 | 0.00 | — | 0.56 | 0.03 |
| Jul 28, 2018 | 0.59 | 1.07 | 0.02 | — | 0.36 | 0.14 |
| Jul 29, 2017 | 0.51 | 0.86 | 0.02 | — | 0.51 | 0.21 |
| Jul 30, 2016 | 0.45 | 0.68 | 0.04 | — | 0.00 | 0.13 |
| Jul 25, 2015 | 0.42 | 0.54 | 0.05 | — | 0.00 | 0.15 |
| Jul 26, 2014 | 0.37 | 0.32 | 0.08 | — | — | 0.10 |
| Jul 27, 2013 | 0.27 | 0.14 | — | — | — | 0.09 |
| Jul 28, 2012 | 0.32 | 0.00 | — | — | — | 0.10 |
| Jul 30, 2011 | 0.36 | 0.00 | — | — | — | 0.10 |
| Jul 31, 2010 | 0.35 | 0.00 | — | — | — | 0.08 |
| Jul 25, 2009 | 0.27 | 0.00 | — | — | — | 0.06 |
| Jul 26, 2008 | 0.20 | 0.00 | — | — | — | 0.07 |
| Jul 28, 2007 | 0.20 | 0.00 | — | — | — | 0.10 |
| Jul 29, 2006 | 0.26 | 0.00 | — | — | — | — |
| Jul 30, 2005 | 0.00 | 0.00 | — | — | — | — |
Based on: 10-K (reporting date: 2026-07-25), 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), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28), 10-K (reporting date: 2017-07-29), 10-K (reporting date: 2016-07-30), 10-K (reporting date: 2015-07-25), 10-K (reporting date: 2014-07-26), 10-K (reporting date: 2013-07-27), 10-K (reporting date: 2012-07-28), 10-K (reporting date: 2011-07-30), 10-K (reporting date: 2010-07-31), 10-K (reporting date: 2009-07-25), 10-K (reporting date: 2008-07-26), 10-K (reporting date: 2007-07-28), 10-K (reporting date: 2006-07-29), 10-K (reporting date: 2005-07-30).
Comparison to Sector (Technology Hardware & Equipment)
Cisco Systems Inc., debt to equity, long-term trends, comparison to sector (technology hardware & equipment)
| Cisco Systems Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Jul 25, 2026 | 0.59 | — |
| Jul 26, 2025 | 0.60 | 1.14 |
| Jul 27, 2024 | 0.68 | 1.45 |
| Jul 29, 2023 | 0.19 | 1.31 |
| Jul 30, 2022 | 0.24 | 1.64 |
| Jul 31, 2021 | 0.28 | 1.63 |
| Jul 25, 2020 | 0.38 | 1.67 |
| Jul 27, 2019 | 0.73 | 1.51 |
| Jul 28, 2018 | 0.59 | 0.91 |
| Jul 29, 2017 | 0.51 | 0.74 |
| Jul 30, 2016 | 0.45 | 0.60 |
| Jul 25, 2015 | 0.42 | 0.50 |
| Jul 26, 2014 | 0.37 | 0.33 |
| Jul 27, 2013 | 0.27 | 0.18 |
| Jul 28, 2012 | 0.32 | 0.10 |
| Jul 30, 2011 | 0.36 | 0.14 |
| Jul 31, 2010 | 0.35 | 0.17 |
| Jul 25, 2009 | 0.27 | 0.15 |
| Jul 26, 2008 | 0.20 | 0.12 |
| Jul 28, 2007 | 0.20 | 0.14 |
| Jul 29, 2006 | 0.26 | 0.19 |
| Jul 30, 2005 | 0.00 | 0.00 |
Based on: 10-K (reporting date: 2026-07-25), 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), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28), 10-K (reporting date: 2017-07-29), 10-K (reporting date: 2016-07-30), 10-K (reporting date: 2015-07-25), 10-K (reporting date: 2014-07-26), 10-K (reporting date: 2013-07-27), 10-K (reporting date: 2012-07-28), 10-K (reporting date: 2011-07-30), 10-K (reporting date: 2010-07-31), 10-K (reporting date: 2009-07-25), 10-K (reporting date: 2008-07-26), 10-K (reporting date: 2007-07-28), 10-K (reporting date: 2006-07-29), 10-K (reporting date: 2005-07-30).
Comparison to Industry (Information Technology)
Cisco Systems Inc., debt to equity, long-term trends, comparison to industry (information technology)
| Cisco Systems Inc. | Information Technology | |
|---|---|---|
| Jul 25, 2026 | 0.59 | — |
| Jul 26, 2025 | 0.60 | 0.52 |
| Jul 27, 2024 | 0.68 | 0.61 |
| Jul 29, 2023 | 0.19 | 0.65 |
| Jul 30, 2022 | 0.24 | 0.70 |
| Jul 31, 2021 | 0.28 | 0.82 |
| Jul 25, 2020 | 0.38 | 0.95 |
| Jul 27, 2019 | 0.73 | 0.97 |
| Jul 28, 2018 | 0.59 | 0.82 |
| Jul 29, 2017 | 0.51 | 0.80 |
| Jul 30, 2016 | 0.45 | 0.65 |
| Jul 25, 2015 | 0.42 | 0.56 |
| Jul 26, 2014 | 0.37 | 0.38 |
| Jul 27, 2013 | 0.27 | 0.28 |
| Jul 28, 2012 | 0.32 | 0.24 |
| Jul 30, 2011 | 0.36 | 0.27 |
| Jul 31, 2010 | 0.35 | 0.24 |
| Jul 25, 2009 | 0.27 | 0.25 |
| Jul 26, 2008 | 0.20 | 0.28 |
| Jul 28, 2007 | 0.20 | 0.26 |
| Jul 29, 2006 | 0.26 | 0.19 |
| Jul 30, 2005 | 0.00 | 0.15 |
Based on: 10-K (reporting date: 2026-07-25), 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), 10-K (reporting date: 2019-07-27), 10-K (reporting date: 2018-07-28), 10-K (reporting date: 2017-07-29), 10-K (reporting date: 2016-07-30), 10-K (reporting date: 2015-07-25), 10-K (reporting date: 2014-07-26), 10-K (reporting date: 2013-07-27), 10-K (reporting date: 2012-07-28), 10-K (reporting date: 2011-07-30), 10-K (reporting date: 2010-07-31), 10-K (reporting date: 2009-07-25), 10-K (reporting date: 2008-07-26), 10-K (reporting date: 2007-07-28), 10-K (reporting date: 2006-07-29), 10-K (reporting date: 2005-07-30).