Return on Equity (ROE)
since 2005
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Calculation
Cisco Systems Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss)1 | ÷ | Equity1 | |
|---|---|---|---|---|---|---|---|
| Jul 25, 2026 | = | 100 | × | ÷ | |||
| Jul 26, 2025 | = | 100 | × | ÷ | |||
| Jul 27, 2024 | = | 100 | × | ÷ | |||
| Jul 29, 2023 | = | 100 | × | ÷ | |||
| Jul 30, 2022 | = | 100 | × | ÷ | |||
| Jul 31, 2021 | = | 100 | × | ÷ | |||
| Jul 25, 2020 | = | 100 | × | ÷ | |||
| Jul 27, 2019 | = | 100 | × | ÷ | |||
| Jul 28, 2018 | = | 100 | × | ÷ | |||
| Jul 29, 2017 | = | 100 | × | ÷ | |||
| Jul 30, 2016 | = | 100 | × | ÷ | |||
| Jul 25, 2015 | = | 100 | × | ÷ | |||
| Jul 26, 2014 | = | 100 | × | ÷ | |||
| Jul 27, 2013 | = | 100 | × | ÷ | |||
| Jul 28, 2012 | = | 100 | × | ÷ | |||
| Jul 30, 2011 | = | 100 | × | ÷ | |||
| Jul 31, 2010 | = | 100 | × | ÷ | |||
| Jul 25, 2009 | = | 100 | × | ÷ | |||
| Jul 26, 2008 | = | 100 | × | ÷ | |||
| Jul 28, 2007 | = | 100 | × | ÷ | |||
| Jul 29, 2006 | = | 100 | × | ÷ | |||
| Jul 30, 2005 | = | 100 | × | ÷ |
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 return on equity (ROE) reveals a trajectory characterized by an initial period of stability, a prolonged phase of compression, and a subsequent structural shift resulting in elevated returns.
- Stability and Initial Compression (2005–2017)
- Between 2005 and 2008, ROE remained consistently high and stable, ranging from 23.29% to 24.77%. Following this period, a general downward trend is observed, with ROE fluctuating between 13.74% and 17.55% for nearly a decade. This decline is closely linked to the steady accumulation of equity, which grew from US$ 23.17 billion in 2005 to a peak of US$ 66.14 billion in 2017, effectively diluting the return on each unit of shareholder equity as net income growth failed to keep pace with equity expansion.
- The 2018 Fiscal Anomaly
- A severe contraction occurred in 2018, where ROE dropped to a nominal 0.25%. This collapse was driven by a precipitous decline in net income to US$ 110 million, the lowest point in the observed period. This represents a significant outlier in the company's profitability profile, though it coincided with a sharp reduction in total equity, which fell to US$ 43.20 billion.
- Structural Recovery and Capital Optimization (2019–2026)
- From 2019 onward, ROE experienced a substantial rebound, peaking at 34.62% in 2019. This resurgence was fueled by a combination of net income recovering to levels above US$ 11 billion and a significantly lower equity base, which hit a floor of US$ 33.57 billion in 2018. The trend from 2020 through 2026 indicates a stabilization of ROE within a higher band, generally fluctuating between 21.73% and 29.70%. This suggests a shift in capital management strategy, where lower equity levels relative to earnings have enhanced the efficiency of shareholder returns.
Comparison to Competitors
Cisco Systems Inc., ROE, 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 | ||||||
| Jul 26, 2025 | ||||||
| Jul 27, 2024 | ||||||
| Jul 29, 2023 | ||||||
| Jul 30, 2022 | ||||||
| Jul 31, 2021 | ||||||
| Jul 25, 2020 | ||||||
| Jul 27, 2019 | ||||||
| Jul 28, 2018 | ||||||
| Jul 29, 2017 | ||||||
| Jul 30, 2016 | ||||||
| Jul 25, 2015 | ||||||
| Jul 26, 2014 | ||||||
| Jul 27, 2013 | ||||||
| Jul 28, 2012 | ||||||
| Jul 30, 2011 | ||||||
| Jul 31, 2010 | ||||||
| Jul 25, 2009 | ||||||
| Jul 26, 2008 | ||||||
| Jul 28, 2007 | ||||||
| Jul 29, 2006 | ||||||
| Jul 30, 2005 |
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., ROE, long-term trends, comparison to sector (technology hardware & equipment)
| Cisco Systems Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Jul 25, 2026 | ||
| Jul 26, 2025 | ||
| Jul 27, 2024 | ||
| Jul 29, 2023 | ||
| Jul 30, 2022 | ||
| Jul 31, 2021 | ||
| Jul 25, 2020 | ||
| Jul 27, 2019 | ||
| Jul 28, 2018 | ||
| Jul 29, 2017 | ||
| Jul 30, 2016 | ||
| Jul 25, 2015 | ||
| Jul 26, 2014 | ||
| Jul 27, 2013 | ||
| Jul 28, 2012 | ||
| Jul 30, 2011 | ||
| Jul 31, 2010 | ||
| Jul 25, 2009 | ||
| Jul 26, 2008 | ||
| Jul 28, 2007 | ||
| Jul 29, 2006 | ||
| Jul 30, 2005 |
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., ROE, long-term trends, comparison to industry (information technology)
| Cisco Systems Inc. | Information Technology | |
|---|---|---|
| Jul 25, 2026 | ||
| Jul 26, 2025 | ||
| Jul 27, 2024 | ||
| Jul 29, 2023 | ||
| Jul 30, 2022 | ||
| Jul 31, 2021 | ||
| Jul 25, 2020 | ||
| Jul 27, 2019 | ||
| Jul 28, 2018 | ||
| Jul 29, 2017 | ||
| Jul 30, 2016 | ||
| Jul 25, 2015 | ||
| Jul 26, 2014 | ||
| Jul 27, 2013 | ||
| Jul 28, 2012 | ||
| Jul 30, 2011 | ||
| Jul 31, 2010 | ||
| Jul 25, 2009 | ||
| Jul 26, 2008 | ||
| Jul 28, 2007 | ||
| Jul 29, 2006 | ||
| Jul 30, 2005 |
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).