Cisco key statistics and ratios

In fiscal 2026, Cisco had return on equity of 27.3%, an operating margin of 24.3%, debt equal to 58.7% of equity and a current ratio of 0.93. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Cisco: financial ratios, annual
Fiscal year	2010Jul 2010	2011Jul 2011	2012Jul 2012	2013Jul 2013	2014Jul 2014	2015Jul 2015	2016Jul 2016	2017Jul 2017	2018Jul 2018	2019Jul 2019	2020Jul 2020	2021Jul 2021	2022Jul 2022	2023Jul 2023	2024Jul 2024	2025Jul 2025	2026Jul 2026
Gross margin	64.0%	61.4%	61.2%	60.6%	58.9%	60.4%	62.9%	63.0%	62.0%	62.9%	64.3%	64.0%	62.5%	62.7%	64.7%	64.9%	64.5%
Operating margin	22.9%	17.8%	21.9%	23.0%	19.8%	21.9%	25.7%	24.9%	25.0%	27.4%	27.6%	25.8%	27.1%	26.4%	22.6%	20.8%	24.3%
Net margin	19.4%	15.0%	17.5%	20.5%	16.7%	18.3%	21.8%	20.0%	0.2%	22.4%	22.7%	21.3%	22.9%	22.1%	19.2%	18.0%	21.0%
Free-cash-flow margin	22.9%	20.6%	22.5%	24.1%	23.5%	23.0%	25.2%	26.9%	26.0%	28.7%	29.7%	29.6%	24.7%	33.4%	19.0%	23.5%	20.2%
Return on equity	17.5%	14.2%	16.3%	18.1%	13.6%	15.4%	17.4%	14.8%	0.2%	30.3%	31.4%	26.7%	29.1%	30.0%	23.0%	22.1%	27.3%
Return on assets	9.6%	7.7%	9.0%	10.3%	7.6%	8.2%	9.1%	7.6%	0.1%	11.2%	11.6%	11.0%	12.3%	12.9%	9.1%	8.3%	10.5%
Asset turnover	0.49	0.51	0.52	0.50	0.46	0.45	0.42	0.38	0.41	0.50	0.51	0.52	0.54	0.58	0.48	0.46	0.50
Current ratio	2.67	3.27	3.49	2.98	3.39	3.13	3.16	3.03	2.29	1.51	1.72	1.49	1.43	1.38	0.91	1.00	0.93
Debt to equity	34.5%	35.6%	31.8%	27.4%	36.8%	42.5%	45.0%	51.0%	59.2%	73.5%	38.5%	27.9%	23.9%	19.2%	68.1%	60.0%	58.7%
Interest cover (operating income ÷ interest)	14.7x	12.2x	16.9x	19.2x	16.6x	19.0x	18.7x	13.9x	13.1x	16.6x	23.3x	29.6x	38.8x	35.2x	12.1x	7.4x	10.5x
Effective tax rate	—	17.1%	20.8%	11.1%	19.2%	19.8%	16.9%	21.8%	99.2%	20.2%	19.7%	20.1%	18.4%	17.7%	15.6%	8.3%	17.1%
R&D as % of revenue	—	13.5%	11.9%	12.2%	13.4%	12.6%	12.8%	12.6%	12.8%	12.7%	12.9%	13.1%	13.1%	13.2%	14.8%	16.4%	15.1%
Capital spending as % of revenue	2.5%	2.7%	2.4%	2.4%	2.7%	2.5%	2.3%	2.0%	1.7%	1.8%	1.6%	1.4%	0.9%	1.5%	1.2%	1.6%	2.2%
Free cash flow ÷ net income	118.0%	137.2%	128.9%	117.5%	140.8%	126.1%	115.7%	134.4%	>999%	128.4%	130.7%	139.4%	107.9%	150.9%	98.9%	130.5%	96.2%
Dividends ÷ net income	—	10.1%	18.7%	33.2%	47.9%	45.5%	44.2%	57.4%	>999%	51.5%	53.6%	58.2%	52.7%	50.0%	61.9%	63.2%	49.4%
Dividends and buybacks ÷ free cash flow	85.8%	82.8%	58.5%	51.8%	119.1%	74.3%	69.7%	71.2%	183.3%	178.9%	59.2%	61.2%	109.1%	55.7%	119.2%	93.6%	99.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Cisco: financial ratios, quarterly
Quarter	2025 Q1Oct 2024	2025 Q2Jan 2025	2025 Q3Apr 2025	2025 Q4Jul 2025	2026 Q1Oct 2025	2026 Q2Jan 2026	2026 Q3Apr 2026	2026 Q4Jul 2026
Gross margin	65.9%	65.1%	65.6%	63.2%	65.5%	65.0%	63.6%	64.1%
Operating margin	17.0%	22.3%	22.6%	21.0%	22.6%	24.6%	25.0%	24.7%
Net margin	19.6%	17.4%	17.6%	17.4%	19.2%	20.7%	21.3%	22.4%
Free-cash-flow margin	24.9%	14.5%	26.8%	27.4%	19.4%	10.0%	21.1%	29.0%
Current ratio	0.88	0.87	0.95	1.00	0.93	0.95	0.92	0.93
Debt to equity	70.6%	68.2%	63.7%	60.0%	59.9%	63.0%	64.1%	58.7%
R&D as % of revenue	16.5%	16.4%	16.5%	16.2%	16.1%	15.3%	15.0%	14.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · July 25, 2026

What it owns · $129.6bn

Short-term assets $38.7bnLonger-term assets $91.0bn

What it owes, and who funded it · $129.6bn

Short-term liabilities $41.5bnLonger-term liabilities $37.8bnShareholders' equity $50.3bn

Short-term assets cover short-term liabilities $38.7bn of assets due within a year against $41.5bn of liabilities due within a year.
Short-term assets cover long-term liabilities $38.7bn short-term assets against $37.8bn of longer-dated liabilities.
More cash than debt $7.2bn of cash against $29.5bn of debt.
Debt below 40% of shareholders' equity Debt is 59% of equity.
Debt burden no higher than five years ago Debt to equity moved from 23% to 59% over five years.
A year's operating cash flow covers at least 20% of debt $14.2bn of operating cash flow against $29.5bn of debt.
Operating profit covers interest at least five times over Operating income of $15.4bn against $1.5bn of interest.

From Cisco's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

90 /100

Strong moat

How hard Cisco's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 20.4% of total assets over 10 years.
Pricing power 20 / 20

Gross margin has been a median 63.5%, moving by 1.0 percentage points (standard deviation) across 10 years.
Durability 18 / 20

Operating margin has been a median 25.4%; its worst year was 20.8%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 26.5% of revenue.
Discipline 17 / 20

The diluted share count fell 5.9% over five years; stock-based pay has been a median 3.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (95 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Cisco's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cisco.