Debt to Equity
since 2005
Calculation
Cisco Systems Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Equity1 | |
|---|---|---|---|---|---|
| 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: 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 provided financial data exhibits notable trends in the company's capital structure over the examined periods.
- Total Debt
- Total debt displays considerable volatility and a general upward trend from 2006 through 2017, increasing from 6,332 million USD in 2006 to a peak of 33,717 million USD in 2017. Following this peak, total debt declines substantially, reaching 8,391 million USD by 2023. However, a sharp increase recurs in 2024 and 2025, with values rising to 30,962 million USD and 28,093 million USD respectively.
- Equity
- Equity has shown an overall growth trend during the majority of the period. Beginning at 23,174 million USD in 2005, equity increased steadily to a high of 66,137 million USD in 2017. After 2017, equity experiences a pronounced decline to 33,571 million USD in 2019, but then partially recovers, stabilizing around the 44,000 to 46,000 million USD range from 2023 onwards.
- Debt to Equity Ratio
- The debt-to-equity ratio reflects these movements in debt and equity and exhibits fluctuations corresponding to the relative changes in those components. Early data from 2006 to about 2017 show a gradual increase from 0.26 to a peak of 0.73 in 2019, indicating rising leverage. This is followed by a notable reduction to 0.19 by 2023, signaling deleveraging. Subsequently, the ratio spikes again to 0.68 by 2024 and slightly decreases to 0.60 in 2025, consistent with the spike in total debt during the same period.
In summary, the company’s financial leverage has undergone cycles of increase and decrease, with significant peaks in debt levels and leverage ratios around 2017-2019 and again beginning in 2024. Equity values showed growth up to 2017, a steep decline around 2018-2019, and a moderate recovery thereafter. The pronounced fluctuations in debt and equity suggest periods of strategic financing adjustments, potentially reflecting shifts in corporate strategy, market conditions, or capital allocation priorities.
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. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|
| Jul 26, 2025 | 0.60 | — | — | — | 0.75 |
| Jul 27, 2024 | 0.68 | 1.87 | 0.00 | — | 0.40 |
| Jul 29, 2023 | 0.19 | 1.79 | 0.00 | — | 0.15 |
| Jul 30, 2022 | 0.24 | 2.37 | 0.00 | — | 0.42 |
| Jul 31, 2021 | 0.28 | 1.98 | 0.00 | 19.36 | 0.09 |
| Jul 25, 2020 | 0.38 | 1.72 | 0.00 | — | 0.03 |
| Jul 27, 2019 | 0.73 | 1.19 | 0.00 | — | 0.03 |
| Jul 28, 2018 | 0.59 | 1.07 | 0.02 | — | 0.14 |
| Jul 29, 2017 | 0.51 | 0.86 | 0.02 | — | 0.21 |
| Jul 30, 2016 | 0.45 | 0.68 | 0.04 | — | 0.13 |
| Jul 25, 2015 | 0.42 | 0.54 | 0.05 | — | 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: 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 26, 2025 | 0.60 | — |
| Jul 27, 2024 | 0.68 | 1.44 |
| Jul 29, 2023 | 0.19 | 1.33 |
| Jul 30, 2022 | 0.24 | 1.65 |
| Jul 31, 2021 | 0.28 | 1.65 |
| Jul 25, 2020 | 0.38 | 1.69 |
| Jul 27, 2019 | 0.73 | 1.53 |
| 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: 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 26, 2025 | 0.60 | — |
| Jul 27, 2024 | 0.68 | 0.61 |
| Jul 29, 2023 | 0.19 | 0.66 |
| Jul 30, 2022 | 0.24 | 0.70 |
| Jul 31, 2021 | 0.28 | 0.83 |
| Jul 25, 2020 | 0.38 | 0.97 |
| Jul 27, 2019 | 0.73 | 0.98 |
| Jul 28, 2018 | 0.59 | 0.83 |
| Jul 29, 2017 | 0.51 | 0.81 |
| Jul 30, 2016 | 0.45 | 0.66 |
| Jul 25, 2015 | 0.42 | 0.56 |
| Jul 26, 2014 | 0.37 | 0.39 |
| Jul 27, 2013 | 0.27 | 0.29 |
| Jul 28, 2012 | 0.32 | 0.25 |
| Jul 30, 2011 | 0.36 | 0.27 |
| Jul 31, 2010 | 0.35 | 0.25 |
| Jul 25, 2009 | 0.27 | 0.26 |
| Jul 26, 2008 | 0.20 | 0.29 |
| Jul 28, 2007 | 0.20 | 0.27 |
| Jul 29, 2006 | 0.26 | 0.20 |
| Jul 30, 2005 | 0.00 | 0.15 |
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), 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).