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Cisco Systems cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$5.0B in Q4 FY26

Operating cash flow$5.4B
Capital spending−$390M
Free cash flow+$5.0B
Cash / net income1.4×
Cash conversion cycle67 days

Analysis

In Q4 FY26, Cisco Systems generated $5.4B of operating cash flow and spent $390M on capital projects, leaving free cash flow of $5.0B.

Operating cash flow was $5.4B against net income of $3.9B — 1.4× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$2.1B, deferred revenue +$1.3B, receivables −$1.0B.

Its cash conversion cycle was 67 days (receivables 37 + inventory 76 − payables 47).

Free cash flow

Cisco Systems: free cash flow by quarterCisco Systems: free cash flow by quarter$3.4BQ1 FY25$2.0BQ2 FY25$3.8BQ3 FY25$4.0BQ4 FY25$2.9BQ1 FY26$1.5BQ2 FY26$3.3BQ3 FY26$5.0BQ4 FY26
Operating cash flow less capital spending.
Cisco Systems: operating cash flow against capital spendingCisco Systems: operating cash flow against capital spendingOperating cash flowCapital spending$3.7B$217MQ1 FY25$2.2B$210MQ2 FY25$4.1B$261MQ3 FY25$4.2B$217MQ4 FY25$3.2B$323MQ1 FY26$1.8B$283MQ2 FY26$3.8B$414MQ3 FY26$5.4B$390MQ4 FY26
Latest (Q4 FY26): Operating cash flow $5.4B, Capital spending $390M.

Capital allocation, year by year

Cisco Systems: where the cash came from (up) and went (down), by fiscal yearCisco Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $13.2BFY22: Net borrowing −$1.9BFY22: Shares issued $660MFY22: Asset sales $91.0MFY22: Capital spending −$477MFY22: Acquisitions −$373MFY22: Buybacks −$7.7BFY22: Dividends −$6.2B$14.0BFY22FY23: Operating cash flow $19.9BFY23: Net borrowing −$1.1BFY23: Shares issued $700MFY23: Asset sales $3.0MFY23: Capital spending −$849MFY23: Acquisitions −$301MFY23: Buybacks −$4.3BFY23: Dividends −$6.3B$20.6BFY23FY24: Operating cash flow $10.9BFY24: Net borrowing $29.2BFY24: Shares issued $714MFY24: Capital spending −$670MFY24: Acquisitions −$26.0BFY24: Buybacks −$5.8BFY24: Dividends −$6.4B$40.8BFY24FY25: Operating cash flow $14.2BFY25: Net borrowing $19.3BFY25: Shares issued $736MFY25: Capital spending −$905MFY25: Acquisitions −$291MFY25: Buybacks −$6.0BFY25: Dividends −$6.4B$34.2BFY25FY26: Operating cash flow $14.2BFY26: Net borrowing $13.7BFY26: Shares issued $805MFY26: Capital spending −$1.4BFY26: Acquisitions −$516MFY26: Buybacks −$6.1BFY26: Dividends −$6.6B$28.6BFY26
Over these 5 years operating cash flow totalled $72.4B; the largest uses were dividends ($31.9B) and buybacks ($29.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.9B
Debt$22.9B
Net debt$7.0B
Due within a year$3.5B

Cisco Systems funds itself: free cash flow was — over the last twelve months, and $15.9B of cash and investments stands against $22.9B of debt ($3.5B due within a year, 4.5× covered by cash).

Cisco Systems: debt maturities by year (FY26)Cisco Systems: debt maturities by year (FY26)$3.5BYear 1$1.0BYear 2$2.5BYear 3$1.0BYear 4$2.5BYear 5$12.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $15.9B of cash and investments now.

Where the cash came from and went

Cisco Systems: sources (+) and uses (−) of cash, Q4 FY26Cisco Systems: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$5.4BOther financing−$4.4BNet borrowing (+) / repaid (−)$2.6BDividends−$1.7BBuybacks−$1.5BOther investing$596MTaxes on employees’ shares−$511MAcquisitions−$470MShares issued$451MCapital spending−$390MCash drawn (+) / kept (−)−$144MNot reconciled$28.0M

From profit to cash

Cisco Systems: net income to operating cash flow, Q4 FY26Cisco Systems: net income to operating cash flow, Q4 FY26Net income$3.9BStock-based pay$927MDeferred taxes$443MGains on investments−$858MReceivables−$1.0BInventory−$992MPayables$398MEmployee-related liabilities$789MDeferred revenue$1.3BPrepaid and other assets−$430MOther liabilities$2.1BIncome taxes payable$38.0MOperating cash flow$5.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY2637764767
Q3 FY2638684560
Q2 FY2634624452
Q1 FY2635584450
Q4 FY2537514047
Q3 FY2535543950
Q2 FY2533573653
Q1 FY2537634158

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$5.4B−$390M−$470M−$1.5B−$1.7B$2.6B$451M−$144M$5.0B
Q3 FY26$3.8B−$414M—−$1.2B−$1.7B$1.2B—$376M$3.3B
Q2 FY26$1.8B−$283M−$39.0M−$1.4B−$1.6B$2.0B—$942M$1.5B
Q1 FY26$3.2B−$323M−$7.0M−$2.0B−$1.6B$31.0M—$509M$2.9B
Q4 FY25$4.2B−$217M—−$1.3B−$1.6B$2.4B$416M$8.0M$4.0B
Q3 FY25$4.1B−$261M−$34.0M−$1.5B−$1.6B−$1.7B—$590M$3.8B
Q2 FY25$2.2B−$210M−$40.0M−$1.2B−$1.6B−$943M—$700M$2.0B
Q1 FY25$3.7B−$217M−$217M−$2.0B−$1.6B$979M—−$1.4B$3.4B

Cisco Systems: income statement and cash flow

Cisco Systems, Q4 FY26: revenue $17.3B (+18% year over year), operating margin 24.7%. The chart follows the revenue to costs, profit and cash.

Cisco Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.