Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Cisco Systems Inc., profitability ratios (quarterly data)
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).
The financial performance over the observed periods reveals several key trends in profitability and efficiency metrics.
- Gross Profit Margin
- The gross profit margin exhibited a gradual decline from about 64.07% in late 2020 to a low of approximately 61.92% in early 2023. Subsequently, a reversal is observed, with the margin steadily increasing back toward the mid-60% range by the first half of 2025. This pattern indicates an initial contraction in cost efficiency or pricing power, followed by a recovery likely due to improved cost management or favorable sales mix.
- Operating Profit Margin
- The operating profit margin displayed more volatility. It initially trended upward from roughly 26.23% to a peak near 27.36% in early 2022. After this peak, there was a pronounced decline reaching a low around 18.98% by early 2025, accompanied by a modest recovery toward 22.12% later in 2025. This suggests that operational profitability faced significant pressure starting in 2023, possibly due to increased operating costs or investments impacting short-term margins.
- Net Profit Margin
- Net profit margin moved mostly in tandem with the operating margin but with less dramatic swings. After a peak near 23.49% in early 2024, it declined steadily to a trough of around 16.96% by mid-2025, and then showed signs of slight recovery. This reflects a decline in overall profitability after accounting for all expenses, taxes, and non-operating items, signaling challenges in sustaining bottom-line growth during that period.
- Return on Equity (ROE)
- ROE demonstrated considerable fluctuation, rising from 27.42% to over 30% by early 2024, indicative of strong shareholder returns during this interval. However, it subsequently declined sharply to about 20.18% in mid-2025 before a gradual rebound. This indicates a weakening of equity efficiency likely linked to the pressure on profit margins and possibly changes in financial leverage or asset utilization.
- Return on Assets (ROA)
- ROA followed a similar pattern, increasing from approximately 11.01% to a peak of 13.75% in late 2023, then dropping markedly to below 8% by mid-2025 before improving slightly. This trend points to diminishing efficiency in asset utilization for generating profits after 2023, signaling potentially higher asset bases relative to profits or reduced operational effectiveness.
Overall, the data indicates a phase of moderate efficiency and profitability deterioration commencing around early 2023, after a period of relative strength. Margins and returns both suffered notably in 2024 and early 2025 before partial recoveries emerged. These patterns suggest the need to investigate underlying causes such as cost pressures, competitive dynamics, or strategic shifts affecting operational and financial outcomes.
Return on Sales
Return on Investment
Gross Profit Margin
Cisco Systems Inc., gross profit margin calculation (quarterly data)
| Oct 25, 2025 | Jul 26, 2025 | Apr 26, 2025 | Jan 25, 2025 | Oct 26, 2024 | Jul 27, 2024 | Apr 27, 2024 | Jan 27, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 23, 2021 | Oct 24, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Gross margin | 9,745) | 9,280) | 9,278) | 9,111) | 9,121) | 8,781) | 8,273) | 8,217) | 9,557) | 9,748) | 9,232) | 8,427) | 8,346) | 8,025) | 8,121) | 8,049) | 8,053) | 8,344) | 8,185) | 7,784) | 7,581) | |||||||
| Revenue | 14,883) | 14,673) | 14,149) | 13,991) | 13,841) | 13,642) | 12,702) | 12,791) | 14,668) | 15,203) | 14,571) | 13,592) | 13,632) | 13,102) | 12,835) | 12,720) | 12,900) | 13,126) | 12,803) | 11,960) | 11,929) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | 64.85% | 64.94% | 65.24% | 65.13% | 64.92% | 64.73% | 64.65% | 64.22% | 63.69% | 62.73% | 61.99% | 61.92% | 62.23% | 62.55% | 63.14% | 63.30% | 63.73% | 64.02% | 63.94% | 64.17% | 64.07% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | — | 46.91% | 46.68% | 46.63% | 46.52% | 46.21% | 45.96% | 45.59% | 45.03% | 44.13% | 43.45% | 43.18% | 43.06% | 43.31% | 43.31% | 43.32% | 43.02% | 41.78% | 41.01% | 39.88% | 38.78% | |||||||
| Arista Networks Inc. | — | — | 64.34% | 64.24% | 64.09% | 64.13% | 64.41% | 64.01% | 62.94% | 61.95% | 60.76% | 60.18% | 60.27% | 61.07% | 61.82% | 62.77% | 63.64% | 63.80% | 63.95% | 63.87% | 63.72% | |||||||
| Dell Technologies Inc. | 22.06% | 22.24% | 22.18% | 22.51% | 23.07% | 23.60% | 23.38% | 23.36% | 22.57% | 22.18% | 21.42% | 20.92% | 21.40% | 21.63% | 24.59% | 27.13% | 29.32% | 31.22% | 31.42% | 31.49% | 31.46% | |||||||
| Super Micro Computer Inc. | 10.08% | 11.06% | 11.27% | 12.44% | 13.20% | 13.75% | 15.97% | 16.39% | 17.44% | 18.01% | 18.23% | 17.80% | 16.78% | 15.40% | 14.22% | 13.68% | 14.18% | 15.03% | 15.14% | 16.03% | 15.91% | |||||||
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).
1 Q1 2026 Calculation
Gross profit margin = 100
× (Gross marginQ1 2026
+ Gross marginQ4 2025
+ Gross marginQ3 2025
+ Gross marginQ2 2025)
÷ (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
= 100 × (9,745 + 9,280 + 9,278 + 9,111)
÷ (14,883 + 14,673 + 14,149 + 13,991)
= 64.85%
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue exhibits an overall upward trajectory over the analyzed periods, starting at approximately $11.9 billion and reaching close to $14.9 billion by the end. There are minor fluctuations, with a notable dip around the early 2024 quarters, followed by a recovery and steady growth through mid-2025.
- Gross Margin Trends
- Gross margin in absolute terms generally increases, moving from about $7.6 billion to nearly $9.7 billion across the examined timeframe. Despite some short-term volatility, especially evident in early 2024 where a dip is observed, the gross margin recovers strongly afterwards, maintaining higher levels relative to the initial periods.
- Gross Profit Margin Percentage
- The gross profit margin percentage displays relative stability with a slight positive trend. It starts slightly above 64%, experiences a gradual decline to around 61.9% in early 2023, and then rises consistently to reach about 65% toward the mid-2025 periods. This suggests improving cost efficiencies or a favorable product mix despite revenue fluctuations.
- Interrelations and Insights
- The data suggests that while revenue growth is steady but subject to short-term variability, the company's ability to maintain and slightly improve gross profit margins indicates effective management of cost of goods sold relative to sales. The dip in both revenue and gross margin around early 2024 is mirrored by a recovery in subsequent quarters, indicating resilient operational performance. The improvement in gross profit margin percentage later in the timeline reflects enhanced profitability per dollar of revenue, which could result from cost controls, pricing strategies, or shifts in sales composition.
Operating Profit Margin
Cisco Systems Inc., operating profit margin calculation (quarterly data)
| Oct 25, 2025 | Jul 26, 2025 | Apr 26, 2025 | Jan 25, 2025 | Oct 26, 2024 | Jul 27, 2024 | Apr 27, 2024 | Jan 27, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 23, 2021 | Oct 24, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating income | 3,363) | 3,087) | 3,202) | 3,113) | 2,358) | 2,618) | 2,191) | 3,096) | 4,276) | 4,253) | 3,946) | 3,292) | 3,540) | 3,434) | 3,610) | 3,487) | 3,438) | 3,575) | 3,465) | 3,223) | 2,570) | |||||||
| Revenue | 14,883) | 14,673) | 14,149) | 13,991) | 13,841) | 13,642) | 12,702) | 12,791) | 14,668) | 15,203) | 14,571) | 13,592) | 13,632) | 13,102) | 12,835) | 12,720) | 12,900) | 13,126) | 12,803) | 11,960) | 11,929) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | 22.12% | 20.76% | 20.30% | 18.98% | 19.37% | 22.64% | 24.95% | 27.21% | 27.17% | 26.37% | 25.89% | 26.10% | 26.91% | 27.09% | 27.36% | 27.09% | 26.98% | 25.76% | 25.60% | 25.93% | 26.23% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | — | 31.97% | 31.87% | 31.81% | 31.76% | 31.51% | 31.27% | 30.98% | 30.76% | 29.82% | 29.23% | 29.16% | 29.41% | 30.29% | 30.53% | 30.93% | 30.90% | 29.78% | 28.79% | 27.32% | 25.24% | |||||||
| Arista Networks Inc. | — | — | 42.88% | 43.14% | 42.27% | 42.05% | 42.11% | 41.23% | 40.01% | 38.52% | 37.29% | 36.12% | 35.71% | 34.86% | 33.69% | 32.55% | 31.56% | 31.37% | 30.79% | 30.76% | 30.72% | |||||||
| Dell Technologies Inc. | 6.66% | 6.53% | 5.87% | 5.81% | 5.69% | 5.89% | 5.39% | 5.54% | 5.45% | 5.64% | 5.88% | 5.12% | 4.99% | 4.60% | 5.26% | 5.51% | 5.72% | 5.46% | 4.00% | 3.71% | 3.01% | |||||||
| Super Micro Computer Inc. | 4.40% | 5.70% | 6.09% | 7.42% | 8.23% | 8.08% | 9.72% | 9.40% | 9.65% | 10.68% | 10.64% | 10.39% | 8.75% | 6.45% | 4.52% | 3.27% | 3.20% | 3.48% | 2.79% | 2.85% | 2.52% | |||||||
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).
1 Q1 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
= 100 × (3,363 + 3,087 + 3,202 + 3,113)
÷ (14,883 + 14,673 + 14,149 + 13,991)
= 22.12%
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends regarding operating income, revenue, and operating profit margin over the analyzed periods.
- Revenue Trends
- There is a general upward trend in revenue from the initial period, moving from approximately $11.9 billion to nearly $14.9 billion by the end of the last period. Some fluctuations are visible, with a period of stabilization and slight decreases around early 2024, followed by renewed growth approaching late 2025. This pattern suggests a resilient revenue stream with occasional short-term variations.
- Operating Income Trends
- Operating income exhibits more volatility compared to revenue. It peaks notably in mid-2023 at approximately $4.3 billion, highlighting a period of strong profitability. Subsequently, a decline occurs through early to mid-2024, falling to near $2.2 billion before recovering moderately thereafter. The fluctuations in operating income suggest possible variations in cost management, operational efficiency, or other factors impacting earnings independent of revenue growth.
- Operating Profit Margin Trends
- The operating profit margin remains relatively stable around a high-20% range through most of the timeline, with minor fluctuations. It peaks at about 27.4% around mid-2022, indicating efficient operations. However, a notable decline is observed starting from early 2024, dropping to under 20%, which coincides with the period of diminishing operating income despite stable or growing revenue. This decline in margin suggests increased costs or reduced operational efficiency during that timeframe. The margin shows a slight recovery toward the end of the data series but does not return to prior peak levels.
In summary, the company demonstrates a strong revenue growth trajectory with periods of operational earnings volatility and margin compression, especially during early to mid-2024. The divergence between revenue growth and profitability in this period may warrant further investigation into cost structures or external factors affecting operational performance.
Net Profit Margin
Cisco Systems Inc., net profit margin calculation (quarterly data)
| Oct 25, 2025 | Jul 26, 2025 | Apr 26, 2025 | Jan 25, 2025 | Oct 26, 2024 | Jul 27, 2024 | Apr 27, 2024 | Jan 27, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 23, 2021 | Oct 24, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income | 2,860) | 2,550) | 2,491) | 2,428) | 2,711) | 2,162) | 1,886) | 2,634) | 3,638) | 3,958) | 3,212) | 2,773) | 2,670) | 2,815) | 3,044) | 2,973) | 2,980) | 3,009) | 2,863) | 2,545) | 2,174) | |||||||
| Revenue | 14,883) | 14,673) | 14,149) | 13,991) | 13,841) | 13,642) | 12,702) | 12,791) | 14,668) | 15,203) | 14,571) | 13,592) | 13,632) | 13,102) | 12,835) | 12,720) | 12,900) | 13,126) | 12,803) | 11,960) | 11,929) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | 17.90% | 17.97% | 17.60% | 16.96% | 17.73% | 19.18% | 21.88% | 23.49% | 23.40% | 22.13% | 20.89% | 21.26% | 22.00% | 22.91% | 23.28% | 22.94% | 22.44% | 21.26% | 20.92% | 21.09% | 21.76% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | — | 26.92% | 24.30% | 24.30% | 24.30% | 23.97% | 26.44% | 26.31% | 26.16% | 25.31% | 24.68% | 24.49% | 24.56% | 25.31% | 25.71% | 26.41% | 26.58% | 25.88% | 25.00% | 23.45% | 21.73% | |||||||
| Arista Networks Inc. | — | — | 39.73% | 40.89% | 40.72% | 40.73% | 40.29% | 39.01% | 37.64% | 35.62% | 33.97% | 32.48% | 31.24% | 30.87% | 29.63% | 29.55% | 29.54% | 28.52% | 28.30% | 27.72% | 27.48% | |||||||
| Dell Technologies Inc. | 4.72% | 4.81% | 4.44% | 4.41% | 4.04% | 3.63% | 2.92% | 2.03% | 2.01% | 2.39% | 1.74% | 5.07% | 5.49% | 5.50% | 6.83% | 3.92% | 4.21% | 3.45% | 2.64% | 2.29% | 4.85% | |||||||
| Super Micro Computer Inc. | 3.77% | 4.77% | 5.34% | 6.94% | 7.55% | 7.69% | 8.88% | 7.92% | 8.29% | 8.98% | 8.93% | 8.70% | 7.38% | 5.49% | 3.96% | 3.00% | 2.89% | 3.14% | 2.69% | 2.71% | 2.56% | |||||||
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).
1 Q1 2026 Calculation
Net profit margin = 100
× (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
= 100 × (2,860 + 2,550 + 2,491 + 2,428)
÷ (14,883 + 14,673 + 14,149 + 13,991)
= 17.90%
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends in performance over the examined periods.
- Revenue
- Revenue figures demonstrate a general upward trajectory, increasing from approximately 11.9 billion US dollars in late 2020 to nearly 14.9 billion US dollars by late 2025. There are periods of slight stagnation or decline, such as from early 2024 to mid-2024, but the overall growth is consistent, indicating resilience and expansion in sales.
- Net Income
- Net income shows more variability compared to revenue. Starting at around 2.17 billion US dollars in late 2020, net income rises to a peak near 3.96 billion in mid-2023, followed by a noticeable decline through early 2024. From mid-2024 onward, net income exhibits a recovery trend but remains more volatile, ending around 2.86 billion in late 2025. This fluctuation suggests that factors affecting profitability, such as costs, expenses, or one-off items, have had significant influence during the analyzed timeframe.
- Net Profit Margin
- The net profit margin appears relatively stable, mostly fluctuating between roughly 17% and 23%. Margins peaked around mid-2023 at approximately 23.5%, reflecting a period of strong profitability relative to revenue. Subsequently, margins experienced a downward trend into early 2025, falling below 18%, before a slight uptick by late 2025. This pattern indicates variations in operational efficiency or cost control impacting profitability ratios despite increasing revenues.
Overall, the data suggests steady revenue growth accompanied by more pronounced fluctuations in net income and profit margins. The company appears to have faced challenges in maintaining consistent profitability levels in the later periods, though recovery efforts are observed toward the end of the timeline. The combination of strong top-line growth with variable net income and margin performance highlights the need for ongoing focus on cost management and operational efficiency to sustain profitability.
Return on Equity (ROE)
Cisco Systems Inc., ROE calculation (quarterly data)
| Oct 25, 2025 | Jul 26, 2025 | Apr 26, 2025 | Jan 25, 2025 | Oct 26, 2024 | Jul 27, 2024 | Apr 27, 2024 | Jan 27, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 23, 2021 | Oct 24, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income | 2,860) | 2,550) | 2,491) | 2,428) | 2,711) | 2,162) | 1,886) | 2,634) | 3,638) | 3,958) | 3,212) | 2,773) | 2,670) | 2,815) | 3,044) | 2,973) | 2,980) | 3,009) | 2,863) | 2,545) | 2,174) | |||||||
| Total equity | 46,873) | 46,843) | 45,935) | 45,530) | 45,277) | 45,457) | 45,768) | 46,251) | 45,210) | 44,353) | 42,295) | 41,474) | 40,272) | 39,773) | 40,400) | 39,496) | 42,701) | 41,275) | 40,205) | 39,121) | 38,157) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | 22.04% | 21.73% | 21.32% | 20.18% | 20.75% | 22.70% | 26.47% | 29.06% | 30.04% | 28.44% | 27.12% | 27.25% | 28.56% | 29.70% | 29.72% | 29.94% | 26.69% | 25.66% | 25.41% | 25.89% | 27.42% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | — | 151.91% | 150.81% | 145.66% | 144.03% | 164.59% | 152.84% | 135.31% | 136.18% | 156.08% | 157.22% | 151.74% | 167.77% | 196.96% | 171.46% | 151.24% | 139.79% | 150.07% | 135.04% | 110.31% | 96.54% | |||||||
| Arista Networks Inc. | — | — | 28.19% | 29.83% | 29.93% | 28.54% | 28.82% | 29.20% | 29.11% | 28.91% | 29.22% | 29.18% | 28.46% | 27.68% | 26.56% | 25.84% | 22.46% | 21.13% | 20.30% | 19.70% | 19.60% | |||||||
| Dell Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 75.81% | 78.28% | 114.54% | 131.10% | 275.31% | — | — | |||||||
| Super Micro Computer Inc. | 12.15% | 16.64% | 18.04% | 23.16% | 24.16% | 21.28% | 20.59% | 23.80% | 28.29% | 32.45% | 33.21% | 31.80% | 27.33% | 20.00% | 14.41% | 10.53% | 9.77% | 10.20% | 8.65% | 8.32% | 7.88% | |||||||
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).
1 Q1 2026 Calculation
ROE = 100
× (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ Total equity
= 100 × (2,860 + 2,550 + 2,491 + 2,428)
÷ 46,873 = 22.04%
2 Click competitor name to see calculations.
The net income of the company demonstrated a generally positive trend from October 2020 through mid-2023, increasing from 2,174 million US dollars to a peak of 3,958 million US dollars in July 2023. Following this peak, there was a notable decline in net income from the fourth quarter of 2023 through early 2024, reaching a low of 1,886 million US dollars in October 2024. Subsequently, net income experienced a moderate recovery in the later quarters of 2024 and early 2025, reaching approximately 2,860 million US dollars by October 2025.
Total equity showed a consistent upward trajectory over the entire period, rising from 38,157 million US dollars in October 2020 to 46,873 million US dollars in October 2025. Despite some fluctuations, the equity base expanded steadily, indicating continual growth in retained earnings and/or capital contributions.
Return on equity (ROE) initially declined slightly from 27.42% in October 2020 to approximately 25.41% in May 2021 but then exhibited a recovery period, peaking at around 30.04% in October 2023. After this peak, ROE experienced a gradual decline, dropping to 20.18% by October 2024. In the final quarters analyzed, ROE showed a modest rebound, ending at approximately 22.04% by October 2025.
- Net Income
- Strong growth until mid-2023, peak at nearly 4 billion US dollars, followed by a decline and partial recovery by late 2025.
- Total Equity
- Consistent and steady growth throughout the period, indicating strengthening financial position and increasing shareholder value.
- Return on Equity (ROE)
- Initial decrease followed by a notable rise to above 30%, then a decline below 21%, finishing with a slight upward trend above 22%.
Overall, the financial metrics reflect a period of profitable expansion with increasing equity, interrupted by some income volatility and ROE pressure in late 2023 to early 2024, with indications of stabilization and recovery by 2025.
Return on Assets (ROA)
Cisco Systems Inc., ROA calculation (quarterly data)
| Oct 25, 2025 | Jul 26, 2025 | Apr 26, 2025 | Jan 25, 2025 | Oct 26, 2024 | Jul 27, 2024 | Apr 27, 2024 | Jan 27, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 23, 2021 | Oct 24, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income | 2,860) | 2,550) | 2,491) | 2,428) | 2,711) | 2,162) | 1,886) | 2,634) | 3,638) | 3,958) | 3,212) | 2,773) | 2,670) | 2,815) | 3,044) | 2,973) | 2,980) | 3,009) | 2,863) | 2,545) | 2,174) | |||||||
| Total assets | 121,102) | 122,291) | 119,782) | 121,375) | 123,333) | 124,413) | 122,998) | 101,174) | 98,782) | 101,852) | 97,529) | 95,840) | 93,054) | 94,002) | 92,797) | 94,262) | 95,981) | 97,497) | 93,896) | 95,601) | 95,003) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | 8.53% | 8.32% | 8.17% | 7.57% | 7.62% | 8.29% | 9.85% | 13.29% | 13.75% | 12.38% | 11.76% | 11.79% | 12.36% | 12.57% | 12.94% | 12.54% | 11.87% | 10.86% | 10.88% | 10.60% | 11.01% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | — | 31.18% | 29.95% | 29.37% | 27.94% | 25.68% | 30.75% | 29.75% | 28.55% | 27.51% | 28.28% | 28.40% | 27.45% | 28.29% | 29.63% | 29.07% | 26.38% | 26.97% | 26.32% | 22.63% | 18.06% | |||||||
| Arista Networks Inc. | — | — | 18.60% | 19.67% | 20.86% | 20.31% | 20.74% | 21.18% | 21.69% | 20.98% | 20.96% | 20.88% | 20.11% | 19.96% | 18.90% | 17.77% | 15.27% | 14.66% | 14.43% | 13.99% | 13.82% | |||||||
| Dell Technologies Inc. | 5.25% | 5.76% | 5.10% | 4.90% | 4.52% | 3.91% | 3.20% | 2.22% | 2.32% | 2.73% | 2.15% | 6.11% | 6.50% | 6.00% | 5.00% | 3.08% | 3.28% | 2.63% | 2.04% | 1.73% | 3.71% | |||||||
| Super Micro Computer Inc. | 5.51% | 7.48% | 10.72% | 14.85% | 13.09% | 11.73% | 11.84% | 13.55% | 14.96% | 17.42% | 18.39% | 18.81% | 13.45% | 8.90% | 5.98% | 4.67% | 4.56% | 4.99% | 4.56% | 4.67% | 4.65% | |||||||
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).
1 Q1 2026 Calculation
ROA = 100
× (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ Total assets
= 100 × (2,860 + 2,550 + 2,491 + 2,428)
÷ 121,102 = 8.53%
2 Click competitor name to see calculations.
- Net Income
- The net income demonstrated an overall upward trajectory from October 2020, starting at $2,174 million and peaking in July 2023 at $3,958 million. However, this peak was followed by a notable decrease in the subsequent quarters, with net income declining to a low of $1,886 million in January 2024. After this drop, there was a recovery trend observed, with net income steadily increasing again to $2,860 million by October 2025. This pattern suggests periods of volatility with a significant spike followed by correction and stabilization.
- Total Assets
- Total assets displayed moderate fluctuations throughout the period under review. Starting at $95,003 million in October 2020, the asset base experienced gradual growth, reaching a maximum value of $124,413 million in January 2024. After this peak, total assets showed slight declines and minor fluctuations, ending at $121,102 million in October 2025. The general trend indicates an expansion in asset size over the five-year span, albeit with some intermittent variability.
- Return on Assets (ROA)
- Return on Assets showed strong performance initially, increasing from 11.01% in October 2020 to a high of 13.75% in October 2023. This was followed by a marked decline to 7.57% by July 2024, reflecting reduced efficiency in asset utilization or lower profitability relative to asset size. Post this downturn, the ROA demonstrated modest improvement, edging up to 8.53% by October 2025. The ROA trend highlights a peak in operational efficiency followed by a significant reduction and a partial recovery.
- Summary of Trends and Insights
- The data reveals a cyclical pattern in financial performance metrics. Net income and ROA both reached high points around mid to late 2023 before experiencing notable declines into early 2024. The subsequent recovery suggests the company adapted to the changing conditions. Meanwhile, total assets steadily increased over time, indicating ongoing investment or asset accumulation despite the fluctuations in profitability metrics. The divergence in ROA and net income trends during the later periods may indicate changes in asset utilization efficiency or shifts in the company's operational dynamics. Overall, the company appears to be managing growth alongside some volatility in profitability and efficiency metrics.