CISCO SYSTEMS, INC. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $56.7B |
| Gross margin | 64.9% |
| Operating income | $11.8B |
| Net income | $10.2B |
| Diluted EPS | $2.55 |
| Cash & equivalents | $8.3B |
| Total assets | $122.3B |
| Long-term debt | $24.6B |
Key takeaway
Cisco reported $56.65 billion in revenue and $10.18 billion in net income for fiscal 2025, with an unusually low 8.3% effective tax rate versus the 21% statutory rate.
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Beneath the surface
Despite $24.6 billion in long-term debt, Cisco's combined cash, cash equivalents, and restricted cash of $8.91 billion plus its ~$14.58 billion fair-value investment portfolio (AssetsFairValueDisclosure) suggest the company is not far from a fully netted debt position when marketable securities are included.
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This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for CSCO.
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