Cisco Systems (CSCO) FY2014 results: revenue $47.1 billion, down 3.0% on the year
Cisco Systems, Inc. (CSCO) reported revenue of $47.1 billion for fiscal 2014, the year ended 26 July 2014, down 3.0% on the year before. Net income was $7.9 billion, down 21.3%, and diluted earnings per share $1.49. The figures are the company's own, from the 10-K it filed with the SEC on 9 September 2014.
Revenue
$47.1 billion
-3.0% on the year
FY2008FY2014
Operating margin
19.8%
23.0% a year earlier
FY2008FY2014
Net income
$7.9 billion
-21.3% on the year
FY2008FY2014
Diluted EPS
$1.49
-19.9% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
47,142
48,607
46,061
-3.0%
Cost of revenue
19,373
19,167
17,852
+1.1%
Gross profit
27,769
29,440
28,209
-5.7%
Gross margin
58.9%
60.6%
61.2%
Research and development
6,294
5,942
5,488
+5.9%
Operating income
9,345
11,196
10,065
-16.5%
Operating margin
19.8%
23.0%
21.9%
Interest expense
564
583
596
-3.3%
Pre-tax income
9,715
11,227
10,159
-13.5%
Income tax
1,862
1,244
2,118
+49.7%
Effective tax rate
19.2%
11.1%
20.8%
Net income
7,853
9,983
8,041
-21.3%
Net margin
16.7%
20.5%
17.5%
Diluted EPS
$1.49
$1.86
$1.49
-19.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
12,332
12,894
11,491
-4.4%
Capital expenditure
1,275
1,160
1,126
+9.9%
Free cash flow
11,057
11,734
10,365
-5.8%
Free cash flow margin
23.5%
24.1%
22.5%
Cash from investing
n/a
-11,768
-3,815
Cash from financing
n/a
-3,000
-5,539
Depreciation and amortisation
1,200
1,200
1,100
0.0%
Share-based compensation
1,348
1,120
1,401
+20.4%
Buybacks
9,413
2,773
4,560
+239.5%
Dividends paid
3,758
3,310
1,501
+13.5%
Dividend per share
$0.72
$0.62
$0.28
+16.1%
Diluted shares, weighted
5,281m
5,380m
5,404m
-1.8%
Shares outstanding at period end
5,107m
5,389m
5,298m
-5.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
56,654
59,120
51,286
-4.2%
Non-controlling interest
7.0
8.0
15.0
-12.5%
Short-term borrowings
n/a
n/a
31.0
Debt
20,837
16,201
16,300
+28.6%
Other liabilities
27,636
25,862
24,127
+6.9%
Total liabilities and equity
105,134
101,191
91,759
+3.9%
Fixed assets
3,252
3,322
3,402
-2.1%
Goodwill
24,239
21,919
16,998
+10.6%
Intangible assets
3,280
3,403
1,959
-3.6%
Investments
45,348
42,685
38,917
+6.2%
Loans
n/a
7,948
n/a
Cash and equivalents
6,726
7,925
9,799
-15.1%
Receivables
5,157
5,470
4,369
-5.7%
Inventory
1,591
1,476
1,663
+7.8%
Other assets
15,541
7,043
14,652
+120.7%
Total assets
105,134
101,191
91,759
+3.9%
10-K for the year ended 26 July 2014, filed 9 September 2014: the filing.