CSCO · 10-K · 2025A · Full report
Outstanding Indebtedness
CISCO SYSTEMS, INC. · 2025-09-03 · Importance 79 · Surprise 66
Total principal amount of senior notes outstanding was $24,750 million as of July 26, 2025 versus $20,250 million as of July 27, 2024, reflecting issuance of senior notes for an aggregate principal amount of $5.0 billion in February 2025. The senior notes include multiple fixed-rate series with coupons in the ~2.5%–5.9% range maturing across 2026–2064, and interest is payable semiannually; notes are redeemable at Cisco’s option subject to a make-whole premium. Cisco had $3.5 billion of commercial paper outstanding as of July 26, 2025 (down from $10.9 billion a year earlier) and maintains a $5.0 billion unsecured revolving credit agreement entered on February 2, 2024, with interest determined by a formula using market rates. As of July 26, 2025, Cisco was in compliance with all debt covenants and had not borrowed under the credit agreement.
Key facts
- Cisco had senior notes with an aggregate principal amount of $24,750 million as of July 26, 2025 compared with $20,250 million as of July 27, 2024.
- Total debt at July 26, 2025: $28,093 million, decreased from $30,962 million at July 27, 2024.
- In February 2025, Cisco issued senior notes for an aggregate principal amount of $5.0 billion.
- Specific senior note balances as of July 26, 2025 include: $1,000 million 4.90% maturing February 26, 2026; $1,500 million 2.50% maturing September 20, 2026; $2,000 million 4.80% maturing February 26, 2027; $1,000 million 4.55% maturing February 24, 2028; $2,500 million 4.85% maturing February 26, 2029; $1,000 million 4.75% maturing February 24, 2030; $2,500 million 4.95% maturing February 26, 2031; $1,000 million 4.95% maturing February 24, 2032; $2,500 million 5.05% maturing February 26, 2034; $1,250 million 5.10% maturing February 24, 2035; $2,000 million 5.90% maturing February 15, 2039; $2,000 million 5.50% maturing January 15, 2040; $2,000 million 5.30% maturing February 26, 2054; and $1,000 million 5.35% maturing February 26, 2064.
- Total debt decreased from $30,962 million at July 27, 2024 to $28,093 million at July 26, 2025 (decrease $2,869 million).
- Net repayments of debt and short-term borrowing during fiscal 2025 were $2.8 billion (contributor to net decrease in cash and investments).
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -4.0% | In February 2025, Cisco issued senior notes for an aggregate principal amount of $5.0 billion. |
| liability | positive | realized | +2.3% | Total debt at July 26, 2025: $28,093 million, decreased from $30,962 million at July 27, 2024. |
| liability | negative | realized | — | Specific senior note balances as of July 26, 2025 include: $1,000 million 4.90% maturing February 26, 2026; $1,500 million 2.50% maturing… |