Income Statement Research
Review the full annual statement in one scroll, from headline results to detailed SEC line items, margin conversion, and growth diagnostics.
Snapshot
CISCO SYSTEMS, INC.'s top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.
Revenue
+5.3%Compound growth, FY2022 to FY2026
Gross profit
+6.1%Compound growth, FY2022 to FY2026
Operating Income
+2.4%Compound growth, FY2022 to FY2026
Net income
+2.9%Compound growth, FY2022 to FY2026
Headline results
Four lines, five fiscal years, straight from the filings.
CISCO SYSTEMS, INC. headline income statement — FY2026
Trend
The same four lines drawn across the window.
All values shown in USD millions unless noted otherwise.
Line items
The full annual income statement layer for CISCO SYSTEMS, INC., from revenue down to share counts.
Statement basis
USD millions, except per-share and share-count rows.
CISCO SYSTEMS, INC. expanded income statement — FY2026
Expanded annual statement lines sourced from the SEC EDGAR database for CISCO SYSTEMS, INC..
Margins
How much of CISCO SYSTEMS, INC.'s revenue survives through gross profit, operating income, and net income.
Gross margin
+198 bpsFY2026, versus FY2022
Operating Margin
-283 bpsFY2026, versus FY2022
Net income margin
-196 bpsFY2026, versus FY2022
Observation window
yearsFY2022 through FY2026
Margin table
Side-by-side read of gross, operating and net margin.
CISCO SYSTEMS, INC. margins — FY2026
Margin trend
The shape of profitability across the window.
Margins are calculated from annual SEC facts using reported revenue as the denominator.
Year on year
Every headline line of CISCO SYSTEMS, INC.'s statement measured against the immediately prior period.
Revenue YoY
FY2025FY2026 versus FY2025
Gross profit YoY
FY2025FY2026 versus FY2025
Op. income YoY
FY2025FY2026 versus FY2025
Net income YoY
FY2025FY2026 versus FY2025
Year-on-year table
Contractions are tinted so slowdowns are obvious.
CISCO SYSTEMS, INC. year-on-year change — FY2026
Momentum
Whether the business is accelerating or rolling over.
Year-on-year change compares each annual period against the immediately prior year inside the selected window.
Compound growth
Compounded annual growth from FY2022 to FY2026, which filters out one-year noise.
Revenue CAGR
4yrFY2022 to FY2026
Gross profit CAGR
4yrFY2022 to FY2026
Op. income CAGR
4yrFY2022 to FY2026
Net income CAGR
4yrFY2022 to FY2026
Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.
Commentary
A written read of the filing-backed figures above. The statement itself remains the source of truth.
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Over the past five years, Cisco’s revenue has generally trended upward—from $49,818 million in 2021 to peaks near $56,998 million in 2023—indicating solid market demand and a positive sales environment in the tech sector. Gross profit also exhibited a favorable trajectory, growing from $31,894 million in 2021 to $35,753 million in 2023 before settling at $36,790 million in 2025. These increases suggest that the company has been effective in managing its cost of goods sold and maintaining healthy margins. Despite these strong top-line and gross profitability figures, the company experienced fluctuations in operating income and net income, signaling some challenges in translating revenue into operating efficiency, especially in the later years. Operating income climbed steadily from $12,833 million in 2021 to a high of $15,031 million in 2023, but then declined to $12,181 million in 2024 and further to $11,760 million in 2025—a decrease of nearly 20% from its 2023 peak. Net income showed a similar pattern, rising from $10,591 million in 2021 to $12,613 million in 2023 before dipping to around $10,320 million in 2024 and $10,180 million in 2025. These year-over-year declines in the latter period, though not exceeding a dramatic 20% swing, could be driven by increased operating expenses, pricing pressures, or shifts in market dynamics. Overall, Cisco’s financial performance reflects robust revenue and gross profit growth, but the recent contraction in operating and net income suggests that the company may need to address efficiency and cost management issues to ensure sustained long-term profitability in an increasingly competitive environment.
This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.
