CSCO · 10-K · 2025A · Full report
Capital Return Program
CISCO SYSTEMS, INC. · 2025-09-03 · Importance 49 · Surprise 6
Cisco targets returning a minimum of 50% of free cash flow annually to stockholders via dividends and share repurchases; free cash flow in fiscal 2025 was $13,288 million. In fiscal 2025, Cisco returned $6,437 million in dividends and repurchased $5,995 million of common stock (total returned $12,432 million). The Board declared a quarterly dividend of $0.41 per share on August 13, 2025 to be paid October 22, 2025, and the company reports the remaining authorized repurchase capacity under the program is approximately $14.2 billion with no termination date. Management frames free cash flow and this return policy as central to its capital allocation strategy for future periods.
Key facts
- Remaining authorized amount for stock repurchases under the program is approximately $14.2 billion with no termination date as of July 26, 2025.
- Total returned to stockholders (dividends paid plus repurchases) in fiscal 2025: $12,432 million ($6,437 million dividends + $5,995 million repurchases).
- Free cash flow return target: Cisco targets to return a minimum of 50% of free cash flow annually to stockholders through dividends and repurchases.
- Repurchases of common stock under the stock repurchase program in fiscal 2025: $5,995 million at a weighted-average price per share of $56.53, and dividends paid of $6,437 million (dividend per share $1.62) in fiscal 2025.
- On August 13, 2025, the Board declared a quarterly dividend of $0.41 per common share to be paid on October 22, 2025 to stockholders of record as of October 3, 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -10.0% | Total returned to stockholders (dividends paid plus repurchases) in fiscal 2025: $12,432 million ($6,437 million dividends + $5,995… |
| cash | negative | committed | -9.7% | Remaining authorized amount for stock repurchases under the program is approximately $14.2 billion with no termination date as of July 26,… |
| cash | negative | committed | — | Free cash flow return target: Cisco targets to return a minimum of 50% of free cash flow annually to stockholders through dividends and… |
| cash | negative | committed | — | On August 13, 2025, the Board declared a quarterly dividend of $0.41 per common share to be paid on October 22, 2025 to stockholders of… |