CSCO · 10-K · 2025A · Full report
Operating Cash Flow Trends
CISCO SYSTEMS, INC. · 2025-09-03 · Importance 76 · Surprise 56
Net cash provided by operating activities increased to $14,193 million in fiscal 2025 and free cash flow rose to $13,288 million from $10,210 million in fiscal 2024, an improvement of $3,078 million. The increase benefited from lower tax payments and improved shipment linearity in the fourth quarter. Free cash flow supported $6.4 billion in dividends, $6.0 billion in share repurchases, $905 million in capital expenditures, and net debt repayments. Management continues to target returning at least 50% of free cash flow to shareholders.
Key facts
- Net cash provided by operating activities in fiscal 2025: $14,193 million, compared with $10,880 million in fiscal 2024.
- Free cash flow in fiscal 2025: $13,288 million (net cash provided by operating activities $14,193 million less acquisition of property and equipment $905 million).
- Acquisition of property and equipment in fiscal 2025: $905 million (used in free cash flow calculation).
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +2.7% | Net cash provided by operating activities in fiscal 2025: $14,193 million, compared with $10,880 million in fiscal 2024. |
| cash | positive | realized | — | Free cash flow in fiscal 2025: $13,288 million (net cash provided by operating activities $14,193 million less acquisition of property and… |