CSCO · 10-K · 2025A · Full report

Deferred Revenue

CISCO SYSTEMS, INC. · 2025-09-03 · Importance 49 · Surprise 32

Total deferred revenue increased 1% in fiscal 2025 to $28,779 million as of July 26, 2025, compared with $28,475 million a year earlier. Deferred product revenue was $13,490 million (up 2%), primarily due to increased deferrals related to recurring software offerings, while deferred service revenue was $15,289 million (flat year-over-year). Deferred revenue was reported as $16,416 million current and $12,363 million noncurrent as of July 26, 2025. The composition and modest growth in deferred revenue signal continued strength in recurring software deferrals within Cisco's product mix.

Key facts

Total deferred revenue as of July 26, 2025: $28,779 million, up $304 million (1%) from $28,475 million as of July 27, 2024.
Deferred product revenue as of July 26, 2025: $13,490 million, up $271 million (2%) from $13,219 million as of July 27, 2024.
Current deferred revenue as of July 26, 2025: $16,416 million, up from $16,249 million as of July 27, 2024.
Noncurrent deferred revenue as of July 26, 2025: $12,363 million, up from $12,226 million as of July 27, 2024.
Deferred service revenue as of July 26, 2025: $15,289 million, essentially flat versus $15,256 million as of July 27, 2024.

Impact estimates

metric	direction	stage	expected	basis
liability	positive	realized	+0.2%	Total deferred revenue as of July 26, 2025: $28,779 million, up $304 million (1%) from $28,475 million as of July 27, 2024.
liability	positive	realized	+0.2%	Deferred product revenue as of July 26, 2025: $13,490 million, up $271 million (2%) from $13,219 million as of July 27, 2024.
liability	positive	realized	+0.1%	Current deferred revenue as of July 26, 2025: $16,416 million, up from $16,249 million as of July 27, 2024.
liability	positive	realized	+0.1%	Noncurrent deferred revenue as of July 26, 2025: $12,363 million, up from $12,226 million as of July 27, 2024.