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Arphra AIPlain-English read on Cisco Systems, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $49.82B | $51.56B | $57B | $53.8B | $56.65B | $62.9B | $68.69B | $73.3B |
| Cost of revenue | $17.92B | $19.31B | $21.25B | $18.98B | $19.86B | $22.01B | $24.63B | $26.22B |
| Gross profit | $31.89B | $32.25B | $35.75B | $34.83B | $36.79B | $39.93B | $44.71B | $47.27B |
| Gross margin | +64.02% | +62.55% | +62.73% | +64.73% | +64.94% | +63.49% | +65.09% | +64.50% |
| Operating | ||||||||
| Research & development | $6.55B | $6.77B | $7.55B | $7.98B | $9.3B | $9.19B | $10.3B | $10.82B |
| Selling, general & administrative | $11.41B | $11.19B | $12.36B | $13.18B | $13.95B | $14.46B | $16.2B | $17.4B |
| Total operating expenses | $19.06B | $18.28B | $20.72B | $22.65B | $25.03B | $25.79B | $27.91B | $29.73B |
| Operating income | $12.83B | $13.97B | $15.03B | $12.18B | $11.76B | $15.06B | $15.89B | $17.52B |
| Operating margin | +25.76% | +27.09% | +26.37% | +22.64% | +20.76% | +23.94% | +23.13% | +23.90% |
| EBITDA | $15.56B | $16.79B | $17.47B | $15.75B | $15.38B | $17.89B | $20.52B | $21.73B |
| EBIT | $13.7B | $14.84B | $15.75B | $13.24B | $12.52B | $15.48B | $17.11B | $17.63B |
| Below the line | ||||||||
| Interest expense | $434M | $360M | $427M | $1.01B | $1.59B | $1.12B | $1.26B | $1.32B |
| Interest income | $618M | $476M | $962M | $1.37B | $1B | $1.26B | $1.4B | $1.44B |
| Other income / expense | $429M | $508M | $287M | $53M | -$660M | — | — | — |
| Pre-tax income | $13.26B | $14.48B | $15.32B | $12.23B | $11.1B | $14.53B | $15.68B | $16.43B |
| Income tax expense | $2.67B | $2.67B | $2.71B | $1.91B | $920M | $2.04B | $2.16B | $2.38B |
| Earnings | ||||||||
| Net income | $10.59B | $11.81B | $12.61B | $10.32B | $10.18B | $12.65B | $13.84B | $14.48B |
| Net income · continuing ops | $10.59B | $11.81B | $12.61B | $10.32B | $10.18B | $12.5B | $13.89B | $14.58B |
| Net margin | +21.26% | +22.91% | +22.13% | +19.18% | +17.97% | +20.11% | +20.15% | +19.76% |
| EPS · basic | $2.51 | $2.83 | $3.08 | $2.55 | $2.56 | $4.32 | $4.76 | $5.21 |
| EPS · diluted | $2.50 | $2.82 | $3.07 | $2.54 | $2.55 | $4.28 | $4.78 | $5.25 |
| EPS · low estimate | — | — | — | — | — | $4.21 | $4.55 | $4.71 |
| EPS · high estimate | — | — | — | — | — | $4.36 | $4.99 | $5.66 |
| Shares · basic | 4.22B | 4.17B | 4.09B | 4.04B | 3.98B | 3.94B | 4.01B | 4B |
| Shares · diluted | 4.24B | 4.19B | 4.11B | 4.06B | 4B | 4.01B | 3.98B | 4B |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 17 | 18 | 19 |
| Analysts (EPS) | — | — | — | — | — | 14 | 14 | 8 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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