Cisco Systems (CSCO) FY2020 results: revenue $49.3 billion, down 5.0% on the year
Cisco Systems, Inc. (CSCO) reported revenue of $49.3 billion for fiscal 2020, the year ended 25 July 2020, down 5.0% on the year before. Net income was $11.2 billion, down 3.5%, and diluted earnings per share $2.64. The figures are the company's own, from the 10-K it filed with the SEC on 3 September 2020.
Revenue
$49.3 billion
-5.0% on the year
FY2013FY2020
Operating margin
27.6%
27.4% a year earlier
FY2013FY2020
Net income
$11.2 billion
-3.5% on the year
FY2013FY2020
Diluted EPS
$2.64
+1.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
49,301
51,904
49,330
-5.0%
Cost of revenue
17,618
19,238
18,724
-8.4%
Gross profit
31,683
32,666
30,606
-3.0%
Gross margin
64.3%
62.9%
62.0%
Research and development
6,347
6,577
6,332
-3.5%
Operating income
13,620
14,219
12,309
-4.2%
Operating margin
27.6%
27.4%
25.0%
Interest expense
585
859
943
-31.9%
Pre-tax income
13,970
14,571
13,039
-4.1%
Income tax
2,756
2,950
12,929
-6.6%
Effective tax rate
19.7%
20.2%
99.2%
Net income
11,214
11,621
110
-3.5%
Net margin
22.7%
22.4%
0.2%
Diluted EPS
$2.64
$2.61
$0.02
+1.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
15,426
15,831
13,666
-2.6%
Capital expenditure
770
909
834
-15.3%
Free cash flow
14,656
14,922
12,832
-1.8%
Free cash flow margin
29.7%
28.7%
26.0%
Cash from investing
3,500
14,837
15,324
-76.4%
Cash from financing
-18,886
-27,889
-31,764
Depreciation and amortisation
900
1,000
1,100
-10.0%
Share-based compensation
1,569
1,570
1,576
-0.1%
Buybacks
2,659
20,717
17,547
-87.2%
Dividends paid
6,016
5,979
5,968
+0.6%
Dividend per share
$1.42
$1.36
$1.24
+4.4%
Diluted shares, weighted
4,254m
4,453m
4,881m
-4.5%
Shares outstanding at period end
4,237m
4,250m
4,614m
-0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
37,920
33,571
43,204
+13.0%
Non-controlling interest
n/a
0.0
0.0
Debt
14,583
24,666
25,569
-40.9%
Operating lease liabilities
661
n/a
n/a
Other liabilities
41,689
39,556
40,011
+5.4%
Total liabilities and equity
94,853
97,793
108,784
-3.0%
Fixed assets
2,453
2,789
3,006
-12.0%
Goodwill
33,806
33,529
31,706
+0.8%
Intangible assets
1,576
2,201
2,552
-28.4%
Investments
17,610
21,663
37,614
-18.7%
Loans
n/a
10,053
9,831
Trading assets
n/a
n/a
37,614
Cash and equivalents
11,809
11,750
8,934
+0.5%
Receivables
5,472
5,491
5,554
-0.3%
Inventory
1,282
1,383
1,846
-7.3%
Other assets
20,845
8,934
n/a
+133.3%
Total assets
94,853
97,793
108,784
-3.0%
10-K for the year ended 25 July 2020, filed 3 September 2020: the filing.