CISCO SYSTEMS, INC.
For the period ended Jul 26, 2025. Filed Sep 3, 2025.
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FY2025 · Filed Sep 3, 2025
CSCO$98.15-0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(in millions)
| Years Ended | July 26, 2025 | July 27, 2024 | July 29, 2023 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $10,180 | $10,320 | $12,613 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization, and other | 2,811 | 2,507 | 1,726 |
| Share-based compensation expense | 3,641 | 3,074 | 2,353 |
| Provision for receivables | 24 | 34 | 31 |
| Deferred income taxes | (1,133) | (972) | (2,085) |
| (Gains) losses on divestitures, investments and other, net | (38) | 215 | 206 |
| Change in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||
| Accounts receivable | (22) | (289) | 734 |
| Inventories | 209 | 275 | (1,069) |
| Financing receivables | 214 | 76 | 1,102 |
| Other assets | (499) | (671) | 5 |
| Accounts payable | 257 | (90) | 27 |
| Income taxes, net | (1,839) | (4,539) | 1,218 |
| Accrued compensation | (53) | (696) | 651 |
| Deferred revenue | 248 | 1,220 | 2,326 |
| Other liabilities | 193 | 416 | 48 |
| Net cash provided by operating activities | 14,193 | 10,880 | 19,886 |
| Cash flows from investing activities: | |||
| Purchases of investments | (4,589) | (4,230) | (10,871) |
| Proceeds from sales of investments | 2,643 | 4,136 | 1,054 |
| Proceeds from maturities of investments | 4,943 | 6,367 | 5,978 |
| Acquisitions, net of cash and cash equivalents acquired | (291) | (25,994) | (301) |
| Purchases of investments in privately held companies | (383) | (284) | (185) |
| Return of investments in privately held companies | 306 | 202 | 90 |
| Acquisition of property and equipment | (905) | (670) | (849) |
| Other | 9 | (5) | (23) |
| Net cash provided by (used in) investing activities | 1,733 | (20,478) | (5,107) |
| Cash flows from financing activities: | |||
| Issuances of common stock | 736 | 714 | 700 |
| Repurchases of common stock - repurchase program | (6,000) | (5,787) | (4,293) |
| Shares repurchased for tax withholdings on vesting of restricted stock units | (1,222) | (992) | (597) |
| Short-term borrowings, original maturities of 90 days or less, net | (31) | 478 | (602) |
| Issuances of debt | 19,292 | 31,818 | — |
| Repayments of debt | (22,073) | (9,826) | (500) |
| Repayments of Splunk convertible debt, net of capped call proceeds | — | (3,140) | — |
| Dividends paid | (6,437) | (6,384) | (6,302) |
| Other | (80) | (37) | (32) |
| Net cash provided by (used in) financing activities | (15,815) | 6,844 | (11,626) |
| Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (43) | (31) | (105) |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 68 | (2,785) | 3,048 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of fiscal year | 8,842 | 11,627 | 8,579 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, end of fiscal year | $8,910 | $8,842 | $11,627 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $1,500 | $583 | $376 |
| Cash paid for income taxes, net | $3,892 | $7,426 | $3,571 |
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