Cisco Systems (CSCO) FY2021 results: revenue $49.8 billion, up 1.0% on the year
Cisco Systems, Inc. (CSCO) reported revenue of $49.8 billion for fiscal 2021, the year ended 31 July 2021, up 1.0% on the year before. Net income was $10.6 billion, down 5.6%, and diluted earnings per share $2.50. The figures are the company's own, from the 10-K it filed with the SEC on 9 September 2021.
Revenue
$49.8 billion
+1.0% on the year
FY2014FY2021
Operating margin
25.8%
27.6% a year earlier
FY2014FY2021
Net income
$10.6 billion
-5.6% on the year
FY2014FY2021
Diluted EPS
$2.50
-5.3% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
49,818
49,301
51,904
+1.0%
Cost of revenue
17,924
17,618
19,238
+1.7%
Gross profit
31,894
31,683
32,666
+0.7%
Gross margin
64.0%
64.3%
62.9%
Research and development
6,549
6,347
6,577
+3.2%
Operating income
12,833
13,620
14,219
-5.8%
Operating margin
25.8%
27.6%
27.4%
Interest expense
434
585
859
-25.8%
Pre-tax income
13,262
13,970
14,571
-5.1%
Income tax
2,671
2,756
2,950
-3.1%
Effective tax rate
20.1%
19.7%
20.2%
Net income
10,591
11,214
11,621
-5.6%
Net margin
21.3%
22.7%
22.4%
Diluted EPS
$2.50
$2.64
$2.61
-5.3%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
15,454
15,426
15,831
+0.2%
Capital expenditure
692
770
909
-10.1%
Free cash flow
14,762
14,656
14,922
+0.7%
Free cash flow margin
29.6%
29.7%
28.7%
Cash from investing
-5,285
3,500
14,837
Cash from financing
-12,097
-18,886
-27,889
Depreciation and amortisation
800
900
1,000
-11.1%
Share-based compensation
1,761
1,569
1,570
+12.2%
Buybacks
2,877
2,659
20,717
+8.2%
Dividends paid
6,163
6,016
5,979
+2.4%
Dividend per share
$1.46
$1.42
$1.36
+2.8%
Diluted shares, weighted
4,236m
4,254m
4,453m
-0.4%
Shares outstanding at period end
4,217m
4,237m
4,250m
-0.5%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
41,275
37,920
33,571
+8.8%
Non-controlling interest
n/a
n/a
0.0
Debt
11,526
14,583
24,666
-21.0%
Operating lease liabilities
831
661
n/a
+25.7%
Other liabilities
43,865
41,689
39,556
+5.2%
Total liabilities and equity
97,497
94,853
97,793
+2.8%
Fixed assets
2,338
2,453
2,789
-4.7%
Goodwill
38,168
33,806
33,529
+12.9%
Intangible assets
3,619
1,576
2,201
+129.6%
Investments
15,343
17,610
21,663
-12.9%
Loans
n/a
n/a
10,053
Cash and equivalents
9,175
11,809
11,750
-22.3%
Receivables
5,766
5,472
5,491
+5.4%
Inventory
1,559
1,282
1,383
+21.6%
Other assets
21,529
20,845
8,934
+3.3%
Total assets
97,497
94,853
97,793
+2.8%
10-K for the year ended 31 July 2021, filed 9 September 2021: the filing.