Analysis of Geographic Areas
Cisco Systems Inc. operates in 2 regions: United States and International.
Area Asset Turnover
Cisco Systems Inc., asset turnover by geographic area
| Jul 25, 2026 | Jul 26, 2025 | Jul 27, 2024 | Jul 29, 2023 | Jul 30, 2022 | Jul 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 12.22 | 12.83 | 12.74 | 14.15 | 13.32 | 11.92 |
| International | 21.59 | 25.15 | 27.80 | 28.74 | 24.93 | 19.07 |
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).
An examination of geographic asset turnover ratios reveals a period of synchronized growth followed by a general contraction across both reporting segments. Both the United States and International markets reached their peak efficiency in 2023 before experiencing a decline in the subsequent years.
- United States Asset Turnover
- The domestic ratio increased from 11.92 in 2021 to a peak of 14.15 in 2023. Following this peak, the ratio decreased to 12.74 in 2024, remained relatively stable at 12.83 in 2025, and ended the period at 12.22 in 2026. This indicates a period of improved asset utilization that eventually moderated toward the original baseline.
- International Asset Turnover
- The international segment demonstrated significantly higher asset turnover efficiency compared to the United States throughout the entire analyzed period. Starting at 19.07 in 2021, the ratio grew rapidly to a peak of 28.74 by 2023. A consistent downward trajectory followed, with the ratio falling to 27.80 in 2024, 25.15 in 2025, and concluding at 21.59 in 2026.
- Comparative Geographic Analysis
- While the international segment maintained a substantial efficiency premium over the domestic segment, the gap between the two narrowed by 2026. The synchronized peaking in 2023 suggests common operational or market drivers, whereas the more pronounced decline in the international ratio indicates a faster erosion of asset productivity in non-US markets compared to the more stable domestic trend.
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Area Asset Turnover: United States
Cisco Systems Inc.; United States; area asset turnover calculation
| Jul 25, 2026 | Jul 26, 2025 | Jul 27, 2024 | Jul 29, 2023 | Jul 30, 2022 | Jul 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 34,400) | 30,400) | 28,700) | 29,900) | 26,700) | 26,100) |
| Long-lived assets | 2,815) | 2,370) | 2,253) | 2,113) | 2,004) | 2,189) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 12.22 | 12.83 | 12.74 | 14.15 | 13.32 | 11.92 |
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).
1 2026 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 34,400 ÷ 2,815 = 12.22
The analysis of the United States geographic area reveals a period of fluctuating asset efficiency characterized by an initial increase in turnover followed by a gradual decline as capital investment accelerated.
- Revenue Performance
- Revenue in the United States demonstrated a general upward trajectory, rising from 26,100 million US dollars in July 2021 to a projected 34,400 million US dollars by July 2026. While a contraction was observed in July 2024, the subsequent years show a recovery and continued expansion.
- Long-lived Asset Investment
- Investment in long-lived assets remained relatively stable in the early period, reaching a low of 2,004 million US dollars in July 2022. From 2023 onward, a consistent increase is observed, with assets rising to 2,815 million US dollars by July 2026, representing a significant expansion of the regional asset base.
- Area Asset Turnover Analysis
- The area asset turnover ratio peaked at 14.15 in July 2023, indicating optimal efficiency in generating revenue from long-lived assets. Following this peak, the ratio trended downward to 12.22 by July 2026. This decline suggests that the acceleration in asset accumulation is currently outpacing revenue growth, resulting in lower asset productivity per dollar invested in the long term.
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Area Asset Turnover: International
Cisco Systems Inc.; International; area asset turnover calculation
| Jul 25, 2026 | Jul 26, 2025 | Jul 27, 2024 | Jul 29, 2023 | Jul 30, 2022 | Jul 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 28,925) | 26,254) | 25,103) | 27,098) | 24,857) | 23,718) |
| Long-lived assets | 1,340) | 1,044) | 903) | 943) | 997) | 1,244) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 21.59 | 25.15 | 27.80 | 28.74 | 24.93 | 19.07 |
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).
1 2026 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 28,925 ÷ 1,340 = 21.59
The financial performance of international operations exhibits a period of significant efficiency gains followed by a gradual normalization of asset utilization. Between July 2021 and July 2026, international revenue generally trended upward, while the efficiency of long-lived assets fluctuated, resulting in a peaked turnover ratio in 2023.
- Revenue Trends
- International revenue grew from 23,718 million USD in July 2021 to a peak of 27,098 million USD in July 2023. Despite a contraction to 25,103 million USD in July 2024, a recovery followed, reaching a maximum of 28,925 million USD by July 2026. This indicates a sustained growth trajectory in international markets despite short-term volatility.
- Long-lived Asset Management
- A consistent reduction in long-lived assets was observed from July 2021 (1,244 million USD) through July 2024, where assets reached a low of 903 million USD. However, this trend reversed in the subsequent two years, with assets increasing to 1,340 million USD by July 2026, suggesting a shift toward renewed capital investment in international infrastructure.
- Area Asset Turnover Analysis
- The area asset turnover ratio experienced a sharp increase from 19.07 in July 2021 to a peak of 28.74 in July 2023, driven by the simultaneous increase in revenue and the reduction of the asset base. Following this peak, the ratio declined steadily to 21.59 by July 2026. This downward trend in the latter period is attributed to the rate of asset acquisition outpacing the rate of revenue growth, leading to a reduction in the efficiency of asset utilization relative to sales.
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Revenue
Cisco Systems Inc., revenue by geographic area
US$ in millions
| Jul 25, 2026 | Jul 26, 2025 | Jul 27, 2024 | Jul 29, 2023 | Jul 30, 2022 | Jul 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 34,400) | 30,400) | 28,700) | 29,900) | 26,700) | 26,100) |
| International | 28,925) | 26,254) | 25,103) | 27,098) | 24,857) | 23,718) |
| Total | 63,325) | 56,654) | 53,803) | 56,998) | 51,557) | 49,818) |
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).
Total revenue exhibits a general upward trajectory over the analyzed period, increasing from US$ 49,818 million in 2021 to US$ 63,325 million by 2026. A period of volatility is observed in 2024, where total revenue experienced a contraction before returning to a growth phase.
- United States Revenue Trends
- Revenue within the United States grew from US$ 26,100 million in 2021 to US$ 34,400 million in 2026. A peak was reached in 2023 at US$ 29,900 million, followed by a decline to US$ 28,700 million in 2024. A significant acceleration in growth occurred between 2025 and 2026, with revenue increasing by approximately 13% in the final year of the period.
- International Revenue Trends
- The international segment showed a similar growth pattern, rising from US$ 23,718 million in 2021 to US$ 28,925 million in 2026. This segment also mirrored the 2024 downturn, where revenue fell to US$ 25,103 million from a previous high of US$ 27,098 million in 2023.
- Geographic Revenue Distribution and Correlation
- The United States consistently represents the larger portion of the total revenue mix. A high degree of correlation is observed between the two geographic areas, as both the domestic and international markets experienced simultaneous growth through 2023 and a synchronized contraction in 2024. While both regions recovered after 2024, the US market contributed more substantially to the overall revenue increase in the 2025-2026 window.
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Long-lived assets
Cisco Systems Inc., long-lived assets by geographic area
US$ in millions
| Jul 25, 2026 | Jul 26, 2025 | Jul 27, 2024 | Jul 29, 2023 | Jul 30, 2022 | Jul 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 2,815) | 2,370) | 2,253) | 2,113) | 2,004) | 2,189) |
| International | 1,340) | 1,044) | 903) | 943) | 997) | 1,244) |
| Total | 4,155) | 3,414) | 3,156) | 3,056) | 3,001) | 3,433) |
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).
The total value of long-lived assets experienced an initial contraction before entering a period of sustained growth. After declining from 3,433 million USD in July 2021 to 3,001 million USD in July 2022, the total asset base grew steadily, reaching 4,155 million USD by July 2026. This represents a significant overall increase in capital investment toward the end of the observed period.
- United States Asset Trends
- Long-lived assets within the United States followed a recovery and expansion pattern. Following a decrease to 2,004 million USD in July 2022, the valuation increased annually, culminating in a peak of 2,815 million USD in July 2026. The most substantial growth occurred between July 2025 and July 2026, where assets increased by 445 million USD.
- International Asset Trends
- International long-lived assets exhibited a prolonged decline before reversing trend. Assets decreased from 1,244 million USD in July 2021 to a low of 903 million USD in July 2024. A sharp reversal occurred thereafter, with assets rising to 1,044 million USD in July 2025 and further increasing to 1,340 million USD by July 2026, surpassing the initial 2021 levels.
- Geographic Asset Distribution
- The United States consistently maintained the majority of the company's long-lived assets throughout the period. While the domestic share fluctuated, the domestic asset base remained significantly larger than the international base. However, the accelerated growth in both regions during the 2025-2026 period indicates a broad strategic expansion of the physical and long-term infrastructure globally.
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