Cisco Systems, Inc. (CSCO) Cash Flow Statement
Where CSCO’s cash came from and went, FY2026
July 31, 2026 · U.S. dollars- Cash from operations
- $14.18B −0.1% vs FY2025
- Capital expenditures
- $1.41B 2.2% of revenue
- Free cash flow
- $12.77B 20.2% margin
- Returned to shareholders
- $12.66B 99% of free cash flow
- Change in cash
- −$1.68B cash at year-end $7.23B
Cash from operations
$14.18B
Capital expenditures
−$1.41B
Investments (net)
−$1.53B
Acquisitions & other
−$542.0M
Dividends
−$6.55B
Share buybacks (net)
−$6.11B
Net borrowing (repayment)
+$1.41B
Shares issued
+$805.0M
Other financing
−$1.91B
Change in cash
−$1.68B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CSCO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CSCO cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $13.88BFY2017 | $14.18BFY2026 | +0.2%/yr | |
| Capital expenditures | $964.0MFY2017 | $1.41BFY2026 | +4.3%/yr | |
| Free cash flow | $12.91BFY2017 | $12.77BFY2026 | −0.1%/yr | |
| Free cash flow margin | 26.9%FY2017 | 20.2%FY2026 | −6.7 pts | |
| Operating cash flow / net income | 1.44FY2017 | 1.07FY2026 | −0.38 | |
| Stock-based compensation | $1.53BFY2017 | $3.83BFY2026 | +10.8%/yr | |
| Dividends paid | $5.51BFY2017 | $6.55BFY2026 | +1.9%/yr | |
| Share buybacks (net) | $4.30BFY2017 | $6.11BFY2026 | +4.0%/yr | |
| Capex / revenue | 2.0%FY2017 | 2.2%FY2026 | +0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CSCO cash flow by activity
OperatingInvestingFinancingChange in cash
CSCO net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CSCO cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $13.27B | $10.45B | $10.32B | $12.61B | $11.81B | $10.59B | $11.21B | $11.62B | $110.0M | $9.61B |
| Depreciation & amortization | $2.54B | $2.81B | $2.51B | $1.73B | $1.96B | $1.86B | $1.81B | $1.90B | $2.19B | $2.29B |
| Stock-based compensation | $3.83B | $3.64B | $3.07B | $2.35B | $1.89B | $1.76B | $1.57B | $1.57B | $1.58B | $1.53B |
| Change in working capital | −$1.82B | −$1.65B | −$4.30B | $5.04B | −$1.72B | $1.98B | $918.0M | $1.08B | $9.34B | $586.0M |
| Other non-cash items | −$3.64B | −$1.06B | −$723.0M | −$1.85B | −$707.0M | −$744.0M | −$83.0M | −$334.0M | $444.0M | −$131.0M |
| Cash from operating activities | $14.18B | $14.19B | $10.88B | $19.89B | $13.23B | $15.45B | $15.43B | $15.83B | $13.67B | $13.88B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.41B | −$905.0M | −$670.0M | −$849.0M | −$477.0M | −$692.0M | −$770.0M | −$909.0M | −$834.0M | −$964.0M |
| Investments (net) | −$1.53B | $1.73B | −$20.48B | −$5.11B | $2.33B | −$5.29B | $4.43B | $17.91B | $19.09B | −$1.75B |
| Acquisitions & other investing | −$542.0M | $905.0M | $670.0M | $849.0M | −$297.0M | $5.92B | −$158.0M | −$2.17B | −$2.93B | −$3.28B |
| Cash from investing activities | −$3.48B | $1.73B | −$20.48B | −$5.11B | $1.55B | −$56.0M | $3.50B | $14.84B | $15.32B | −$5.99B |
| Financing activities | ||||||||||
| Dividends paid | −$6.55B | −$6.44B | −$6.38B | −$6.30B | −$6.22B | −$6.16B | −$6.02B | −$5.98B | −$5.97B | −$5.51B |
| Share repurchases & issuance (net) | −$6.11B | −$7.22B | −$6.78B | −$4.89B | −$8.38B | −$3.51B | −$3.39B | −$21.58B | −$18.25B | −$4.30B |
| Net borrowing (repayment) | $1.41B | −$2.81B | $19.33B | −$1.10B | −$1.90B | −$6.01B | −$10.19B | −$1.08B | −$8.00B | $5.33B |
| Shares issued | $805.0M | $736.0M | $714.0M | $700.0M | $660.0M | $643.0M | $655.0M | $640.0M | $0 | $0 |
| Other financing | −$1.91B | −$80.0M | −$37.0M | −$32.0M | −$302.0M | $3.00B | $51.0M | $113.0M | $454.0M | $683.0M |
| Cash from financing activities | −$12.35B | −$15.81B | $6.84B | −$11.63B | −$16.14B | −$12.04B | −$18.89B | −$27.89B | −$31.76B | −$3.81B |
| Summary | ||||||||||
| Net change in cash | −$1.68B | −$677.0M | −$2.79B | $3.05B | −$1.36B | −$1.87B | $40.0M | $2.78B | −$2.77B | $4.08B |
| Cash at end of period | $7.23B | $8.35B | $8.84B | $11.63B | $8.58B | $9.94B | $11.81B | $11.77B | $8.93B | $11.71B |
| Free cash flow | $12.77B | $13.29B | $10.21B | $19.04B | $12.75B | $14.76B | $14.66B | $14.92B | $12.83B | $12.91B |
| Free cash flow margin | 20.2% | 23.5% | 19.0% | 33.4% | 24.7% | 29.6% | 29.7% | 28.7% | 26.0% | 26.9% |
| Capex / revenue | 2.2% | 1.6% | 1.2% | 1.5% | 0.9% | 1.4% | 1.6% | 1.8% | 1.7% | 2.0% |
| Operating cash flow / net income | 1.07 | 1.36 | 1.05 | 1.58 | 1.12 | 1.46 | 1.38 | 1.36 | 124.24 | 1.44 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.86B | $2.66B | $3.17B | $2.86B | $2.55B | $2.49B | $2.43B | $2.71B | $2.16B | $1.89B | $2.63B | $3.64B |
| Depreciation & amortization | $638.0M | $628.0M | $659.0M | $606.0M | $635.0M | $626.0M | $761.0M | $789.0M | $823.0M | $861.0M | $422.0M | $401.0M |
| Stock-based compensation | $927.0M | $1.07B | $934.0M | $1.05B | $948.0M | $945.0M | $921.0M | $827.0M | $800.0M | $811.0M | $802.0M | $661.0M |
| Change in working capital | $2.90B | −$1.44B | −$2.81B | −$1.15B | $525.0M | $338.0M | −$1.83B | −$324.0M | $666.0M | −$184.0M | −$2.87B | −$1.91B |
| Other non-cash items | −$2.93B | $832.0M | −$136.0M | −$156.0M | −$424.0M | −$343.0M | −$38.0M | −$342.0M | −$721.0M | $597.0M | −$179.0M | −$420.0M |
| Cash from operating activities | $5.39B | $3.76B | $1.82B | $3.21B | $4.23B | $4.06B | $2.24B | $3.66B | $3.73B | $3.97B | $808.0M | $2.37B |
| Investing activities | ||||||||||||
| Capital expenditures | −$390.0M | −$414.0M | −$283.0M | −$323.0M | −$217.0M | −$261.0M | −$210.0M | −$217.0M | −$198.0M | −$168.0M | −$170.0M | −$134.0M |
| Investments (net) | $616.0M | −$1.66B | −$998.0M | $156.0M | −$273.0M | $505.0M | $1.02B | $479.0M | −$828.0M | −$22.82B | $2.21B | $952.0M |
| Acquisitions & other investing | −$490.0M | $2.0M | −$25.0M | $323.0M | $217.0M | $261.0M | $210.0M | $217.0M | $198.0M | $168.0M | $170.0M | $134.0M |
| Cash from investing activities | −$264.0M | −$2.07B | −$1.31B | $156.0M | −$273.0M | $505.0M | $1.02B | $479.0M | −$828.0M | −$22.82B | $2.21B | $952.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.66B | −$1.57B | −$1.62B | −$1.62B | −$1.62B | −$1.63B | −$1.59B | −$1.59B | −$1.61B | −$1.61B | −$1.58B | −$1.58B |
| Share repurchases & issuance (net) | −$1.50B | −$2.01B | −$1.08B | −$2.28B | −$1.56B | −$2.42B | −$1.07B | −$2.17B | −$2.24B | −$2.03B | −$1.63B | −$1.45B |
| Net borrowing (repayment) | −$1.78B | $1.20B | $1.97B | $31.0M | −$1.18B | −$1.67B | −$943.0M | $979.0M | — | — | — | — |
| Shares issued | $451.0M | $0 | $0 | $0 | $416.0M | $0 | $0 | $0 | $367.0M | $0 | $0 | $0 |
| Other financing | −$512.0M | $349.0M | −$711.0M | −$1.0M | $0 | $577.0M | −$334.0M | −$3.0M | −$1.03B | $17.72B | $4.29B | −$767.0M |
| Cash from financing activities | −$5.01B | −$2.04B | −$1.44B | −$3.86B | −$3.95B | −$5.14B | −$3.94B | −$2.78B | −$4.51B | $14.07B | $1.08B | −$3.80B |
| Summary | ||||||||||||
| Net change in cash | $144.0M | −$376.0M | −$942.0M | −$509.0M | −$8.0M | −$590.0M | −$700.0M | $1.37B | −$1.60B | −$4.78B | $4.11B | −$522.0M |
| Cash at end of period | $7.23B | $6.71B | $7.46B | $8.40B | $8.91B | $8.92B | $9.51B | $10.21B | $8.84B | $10.44B | $15.22B | $11.11B |
| Free cash flow | $5.00B | $3.56B | $1.50B | $2.89B | $4.02B | $3.80B | $2.03B | $3.44B | $3.53B | $3.80B | $638.0M | $2.24B |
| Free cash flow margin | 29.0% | 22.5% | 9.8% | 19.4% | 27.4% | 26.8% | 14.5% | 24.9% | 25.9% | 29.9% | 5.0% | 15.3% |
| Capex / revenue | 2.3% | 2.6% | 1.8% | 2.2% | 1.5% | 1.8% | 1.5% | 1.6% | 1.5% | 1.3% | 1.3% | 0.9% |
| Operating cash flow / net income | 1.40 | 1.41 | 0.57 | 1.12 | 1.66 | 1.63 | 0.92 | 1.35 | 1.73 | 2.11 | 0.31 | 0.65 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CSCO cash generation
In fiscal 2026 (ended July 31, 2026), Cisco generated $14.2 billion of cash from operations (down 0.1%) and spent $1.4 billion on capital expenditures, leaving free cash flow of $12.8 billion, 20.2% of revenue. It returned $12.7 billion to shareholders through dividends ($6.6 billion) and net share buybacks ($6.1 billion). Cash and equivalents fell by $1.7 billion over the year.
Related: CSCO income statement, CSCO balance sheet, CSCO dividend history. See the CSCO stock overview for the latest quote and news.
CSCO cash flow FAQ
What is Cisco's free cash flow?
Cisco's free cash flow was $12.8 billion in fiscal 2026: $14.2 billion of operating cash flow minus $1.4 billion of capital expenditures It was $13.3 billion a year earlier..
How much cash does Cisco generate from operations?
Cisco generated $14.2 billion of cash from operating activities in fiscal 2026, 1.07 times its net income of $13.3 billion.
How much does Cisco spend on capital expenditures?
Cisco spent $1.4 billion on capital expenditures in fiscal 2026, 2.2% of revenue, compared with $905.0 million the year before.
How much stock does Cisco buy back?
Cisco spent $6.1 billion on net share repurchases in fiscal 2026.
How much does Cisco pay in dividends?
Cisco paid $6.6 billion in dividends in fiscal 2026, 51.3% of free cash flow.