CSCO · 10-K · 2026A · Full report

Liquidity and Cash Position

CISCO SYSTEMS, INC. · 2026-09-02 · Importance 42 · Surprise 14 · No source text

Cash, cash equivalents, and investments totaled $15.918 billion at July 25, 2026, down $192 million from fiscal 2025, including $7.218 billion of cash and cash equivalents. Fiscal 2026 operating cash flow was $14.177 billion, essentially flat year over year, while free cash flow declined to $12.767 billion after $1.410 billion of capital expenditures. Major cash uses included $6.6 billion of dividends, $6.1 billion of repurchases, $1.9 billion of tax-withholding share purchases, $1.8 billion of debt repayment, $1.4 billion of capital expenditures, and $0.5 billion of acquisition payments. These uses were partly offset by $3.2 billion of net commercial-paper issuance and $14.2 billion of operating cash flow.

Key facts

• Net decrease in cash and cash equivalents and investments from fiscal 2025 to fiscal 2026 was $192 million, primarily driven by dividends of $6.6 billion, stock repurchases of $6.1 billion, shares repurchased for tax withholdings of $1.9 billion, repayment of debt of $1.8 billion, capital expenditures of $1.4 billion and net cash paid for acquisitions of $0.5 billion, partially offset by operating cash of $14.2 billion, $3.2 billion net issuance of commercial paper, and release of approximately $0.6 billion of restricted cash. source
• On February 2, 2024, Cisco entered into an amended and restated 5-year $5.0 billion unsecured revolving credit agreement. source
• Free cash flow in fiscal 2026 was $12,767 million, defined as net cash provided by operating activities of $14,177 million less acquisition of property and equipment of $1,410 million. source
• Accounts receivable, net were $7,470 million as of July 25, 2026, an approximate 11% year over year increase primarily due to higher revenue. source
• Cash provided by operating activities in fiscal 2026 was $14,177 million compared with $14,193 million in fiscal 2025. source
• For fiscal 2026, cash and cash equivalents and investments totaled $15,918 million compared with $16,110 million in fiscal 2025. source
• As of July 25, 2026 Cisco was in compliance with all associated covenants of the credit agreement and had not borrowed any funds under it. source
• Cisco believes its cash, cash equivalents, investments, cash from operations, and ability to access capital markets and committed credit lines will satisfy its liquidity requirements through at least the next 12 months. source

Impact estimates