cisco-annual-report-2021

CISCO SYSTEMS, INC.
Consolidated Statements of Operations
(in millions, except per-share amounts)
Years Ended July 31, 2021 July 25, 2020 July 27, 2019
REVENUE:
Product $ 36,014 $ 35,978 $ 39,005
Service 13,804 13,323 12,899
Total revenue 49,818 49,301 51,904
COST OF SALES:
Product 13,300 13,199 14,863
Service 4,624 4,419 4,375
Total cost of sales 17,924 17,618 19,238
GROSS MARGIN 31,894 31,683 32,666
OPERATING EXPENSES:
Research and development 6,549 6,347 6,577
Sales and marketing 9,259 9,169 9,571
General and administrative 2,152 1,925 1,827
Amortization of purchased intangible assets 215 141 150
Restructuring and other charges 886 481 322
Total operating expenses 19,061 18,063 18,447
OPERATING INCOME 12,833 13,620 14,219
Interest income 618 920 1,308
Interest expense (434) (585) (859)
Other income (loss), net 245 15 (97)
Interest and other income (loss), net 429 350 352
INCOME BEFORE PROVISION FOR INCOME TAXES 13,262 13,970 14,571
Provision for income taxes 2,671 2,756 2,950
NET INCOME $ 10,591 $ 11,214 $ 11,621
Net income per share:
Basic $ 2.51 $ 265 $ 263
Diluted $ 2.50 $ 264 $ 261
Shares used in per-share calculation:
Basic 4,222 4,236 4,419
Diluted 4,236 4,254 4,453
See Notes to Consolidated Financial Statements
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