CISCO SYSTEMS, INC.
For the period ended Jul 25, 2026. Filed Sep 2, 2026.
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FY2026 · Filed Sep 2, 2026
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 25, 2026 | July 26, 2025 | July 27, 2024 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $13,267 | $10,180 | $10,320 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization, and other | 2,540 | 2,811 | 2,507 |
| Share-based compensation expense | 3,830 | 3,641 | 3,074 |
| Provision for receivables | 23 | 24 | 34 |
| Deferred income taxes | 226 | (1,133) | (972) |
| (Gains) losses on divestitures, investments and other, net | (1,358) | (38) | 215 |
| Change in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||
| Accounts receivable | (832) | (22) | (289) |
| Inventories | (2,541) | 209 | 275 |
| Financing receivables | (1,835) | 214 | 76 |
| Other assets | (1,032) | (499) | (671) |
| Accounts payable | 842 | 257 | (90) |
| Income taxes, net | (2,304) | (1,839) | (4,539) |
| Accrued compensation | 457 | (53) | (696) |
| Deferred revenue | 1,125 | 248 | 1,220 |
| Other liabilities | 1,769 | 193 | 416 |
| Net cash provided by operating activities | 14,177 | 14,193 | 10,880 |
| Cash flows from investing activities: | |||
| Purchases of investments | (8,974) | (4,589) | (4,230) |
| Proceeds from sales of investments | 2,013 | 2,643 | 4,136 |
| Proceeds from maturities of investments | 6,105 | 4,943 | 6,367 |
| Acquisitions, net of cash and cash equivalents acquired and divestitures | (516) | (291) | (25,994) |
| Purchases of non-marketable equity securities | (946) | (383) | (284) |
| Return of investments in non-marketable equity securities | 270 | 306 | 202 |
| Acquisition of property and equipment | (1,410) | (905) | (670) |
| Other | (26) | 9 | (5) |
| Net cash provided by (used in) investing activities | (3,484) | 1,733 | (20,478) |
| Cash flows from financing activities: | |||
| Issuances of common stock | 805 | 736 | 714 |
| Repurchases of common stock - repurchase program | (6,106) | (6,000) | (5,787) |
| Shares repurchased for tax withholdings on vesting of restricted stock units | (1,873) | (1,222) | (992) |
| Short-term borrowings, original maturities of 90 days or less, net | 616 | (31) | 478 |
| Issuances of debt | 13,048 | 19,292 | 31,818 |
| Repayments of debt | (12,251) | (22,073) | (9,826) |
| Repayments of Splunk convertible debt, net of capped call proceeds | — | — | (3,140) |
| Dividends paid | (6,553) | (6,437) | (6,384) |
| Other | (33) | (80) | (37) |
| Net cash provided by (used in) financing activities | (12,347) | (15,815) | 6,844 |
| Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (29) | (43) | (31) |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (1,683) | 68 | (2,785) |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of fiscal year | 8,910 | 8,842 | 11,627 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents, end of fiscal year | $7,227 | $8,910 | $8,842 |
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