CSCO · 10-K · 2025A · Full report
Liquidity and Cash Position
CISCO SYSTEMS, INC. · 2025-09-03 · Importance 31 · Surprise 6
Cisco states that based on past performance and current expectations, its cash and cash equivalents, investments, cash generated from operations, and access to capital markets and committed credit lines will satisfy its liquidity requirements through at least the next 12 months. The company expects available resources to cover working capital needs (including inventory and other supply-related payments), capital expenditures, investments, stock repurchases, cash dividends, contractual obligations (including long-term debt principal and interest), pending acquisitions, and customer financings. Management indicates there are no other transactions, arrangements, or relationships with unconsolidated entities or other persons reasonably likely to materially affect liquidity or capital resource availability. Cisco thus affirms its near-term liquidity position while noting the need to analyze contractual obligations alongside operating cash flows and budgeting.
Key facts
- Net decrease in cash and cash equivalents and investments from fiscal 2024 to fiscal 2025 was primarily driven by cash dividends of $6.4 billion and repurchases of common stock of $6.0 billion, net repayments of debt and short-term borrowings of $2.8 billion, and capital expenditures of $0.9 billion, partially offset by operating cash of $14.2 billion.
- Cash and cash equivalents and investments at July 26, 2025: $16,110 million, decreased $1,744 million from $17,854 million at July 27, 2024.
- Available-for-sale debt investments at July 26, 2025: $7,381 million, decreased from $9,865 million at July 27, 2024 (decrease $2,484 million).
- Cash and cash equivalents at July 26, 2025: $8,346 million, compared with $7,508 million at July 27, 2024.
- Other income (loss), net was $(68) million in fiscal 2025 compared with $(306) million in fiscal 2024.
- Net gains (losses) on marketable equity and privately held investments contributed to other income (loss), net: other income (loss), net improved from $(306) million in fiscal 2024 to $(68) million in fiscal 2025 primarily due to lower impairment charges and higher unrealized gains on privately held investments.
- Accounts receivable, net at July 26, 2025: $6,701 million, flat versus $6,685 million at July 27, 2024.
- Net gains (losses) on investments were $(166) million in fiscal 2025 compared with $(177) million in fiscal 2024.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -5.1% | Net decrease in cash and cash equivalents and investments from fiscal 2024 to fiscal 2025 was primarily driven by cash dividends of $6.4… |
| cash | negative | realized | -4.8% | Net decrease in cash and cash equivalents and investments from fiscal 2024 to fiscal 2025 was primarily driven by cash dividends of $6.4… |
| cash | negative | realized | -2.3% | Net decrease in cash and cash equivalents and investments from fiscal 2024 to fiscal 2025 was primarily driven by cash dividends of $6.4… |
| assets | negative | realized | -2.0% | Available-for-sale debt investments at July 26, 2025: $7,381 million, decreased from $9,865 million at July 27, 2024 (decrease $2,484… |
| cash | negative | realized | -1.4% | Cash and cash equivalents and investments at July 26, 2025: $16,110 million, decreased $1,744 million from $17,854 million at July 27, 2024. |
| cash | negative | realized | -0.7% | Net decrease in cash and cash equivalents and investments from fiscal 2024 to fiscal 2025 was primarily driven by cash dividends of $6.4… |
| cash | positive | realized | +0.7% | Cash and cash equivalents at July 26, 2025: $8,346 million, compared with $7,508 million at July 27, 2024. |
| net_income | positive | realized | +0.4% | Other income (loss), net was $(68) million in fiscal 2025 compared with $(306) million in fiscal 2024. |