What is Cisco's operating margin?

Latest reported operating margin for Cisco (CSCO) is 23.36% as of the trailing twelve months (TTM) ending April 25, 2026.

How has Cisco operating margin changed year-over-year?

Cisco (CSCO) operating margin changed −1.9 percentage points year-over-year on the latest annual filing.

When did Cisco operating margin hit its highest annual value?

Cisco operating margin reached its highest annual value of 40.62% in 1993.

What was Cisco operating margin in 2024?

Cisco (CSCO) operating margin in 2024 was 22.64%.

What was Cisco operating margin in 2025?

Cisco (CSCO) operating margin in 2025 was 20.76%.

Cisco (CSCO) Operating Margin — Annual & Quarterly

TTM

23.4%

YoY change

−1.88pp

Trough year (2001)

-9.0%

Peak year (1993)

40.6%

Operating Margin history chart for Cisco (CSCO) from 1988 to 2025

Latest: 20.8%

Operating Margin change chart for Cisco (CSCO) from 1988 to 2025

Latest: −1.88pp

Operating Margin history table for Cisco (CSCO) from 1988 to 2025


2025	20.8%	-1.88pp	Jul 26, 2025	Sep 3, 2025
2024	22.6%	-3.73pp	Jul 27, 2024	Sep 5, 2024
2023	26.4%	-0.72pp	Jul 29, 2023	Sep 7, 2023
2022	27.1%	+1.33pp	Jul 30, 2022	Sep 8, 2022
2021	25.8%	-1.87pp	Jul 31, 2021	Sep 9, 2021
2020	27.6%	+0.23pp	Jul 25, 2020	Sep 3, 2020
2019	27.4%	+2.44pp	Jul 31, 2019	Sep 5, 2019
2018	25.0%	+0.01pp	Jul 31, 2018	Sep 6, 2018
2017	24.9%	-0.77pp	Jul 31, 2017	Sep 7, 2017
2016	25.7%	+3.80pp	Jul 31, 2016	Sep 8, 2016
2015	21.9%	+2.08pp	Jul 31, 2015	Sep 8, 2015
2014	19.8%	-3.51pp	Jul 31, 2014	Sep 9, 2014
2013	23.3%	+0.62pp	Jul 31, 2013	Sep 10, 2013
2012	22.7%	+4.96pp	Jul 31, 2012	Sep 12, 2012
2011	17.8%	-5.13pp	Jul 31, 2011	Sep 14, 2011
2010	22.9%	+2.61pp	Jul 31, 2010	Sep 21, 2010
2009	20.3%	-3.61pp	Jul 31, 2009	Sep 11, 2009
2008	23.9%	-0.81pp	Jul 31, 2008	Sep 15, 2008
2007	24.7%	+0.13pp	Jul 31, 2007	Sep 18, 2007
2006	24.6%	-5.34pp	Jul 31, 2006	Sep 18, 2006
2005	29.9%	+1.36pp	Jul 31, 2005	Sep 19, 2005
2004	28.5%	+2.68pp	Jul 31, 2004	Sep 20, 2004
2003	25.9%	+10.43pp	Jul 31, 2003	Sep 10, 2003
2002	15.4%	+24.42pp	Jul 31, 2002	Nov 21, 2002
2001	-9.0%	-26.08pp	Jul 31, 2001	Sep 24, 2001
2000	17.1%	-7.46pp	Jul 31, 2000	Sep 29, 2000
1999	24.6%	-0.33pp	Jul 31, 1999	Sep 28, 1999
1998	24.9%	-0.39pp	Jul 31, 1998	Sep 25, 1998
1997	25.3%	-8.93pp	Jul 31, 1997	Oct 22, 1997
1996	34.2%	+1.71pp	Jul 31, 1996	Oct 25, 1996
1995	32.5%	-6.78pp	Jul 31, 1995	Jul 31, 1995
1994	39.3%	-1.35pp	Jul 31, 1994	Jul 31, 1994
1993	40.6%	+2.51pp	Jul 31, 1993	Jul 31, 1993
1992	38.1%	+1.97pp	Jul 31, 1992	Jul 31, 1992
1991	36.1%	+5.33pp	Jul 31, 1991	Jul 31, 1991
1990	30.8%	+5.89pp	Jul 31, 1990	Jul 31, 1990
1989	24.9%	+15.82pp	Jul 31, 1989	Jul 31, 1989
1988	9.1%	—	Jul 31, 1988	Jul 31, 1988

202520.8%-1.88pp
202422.6%-3.73pp
202326.4%-0.72pp
202227.1%+1.33pp
202125.8%-1.87pp
202027.6%+0.23pp
201927.4%+2.44pp
201825.0%+0.01pp
201724.9%-0.77pp
201625.7%+3.80pp
201521.9%+2.08pp
201419.8%-3.51pp
201323.3%+0.62pp
201222.7%+4.96pp
201117.8%-5.13pp
201022.9%+2.61pp
200920.3%-3.61pp
200823.9%-0.81pp
200724.7%+0.13pp
200624.6%-5.34pp
200529.9%+1.36pp
200428.5%+2.68pp
200325.9%+10.43pp
200215.4%+24.42pp
2001-9.0%-26.08pp
200017.1%-7.46pp
199924.6%-0.33pp
199824.9%-0.39pp
199725.3%-8.93pp
199634.2%+1.71pp
199532.5%-6.78pp
199439.3%-1.35pp
199340.6%+2.51pp
199238.1%+1.97pp
199136.1%+5.33pp
199030.8%+5.89pp
198924.9%+15.82pp
19889.1%—

Operating Margin values are taken from Cisco's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About Operating Margin at Cisco (CSCO)

According to Cisco's latest reported financial statements, the company's latest reported operating margin is 23.4%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.

Headline figure above is from the reporting period ending April 25, 2026 (reported May 19, 2026). Chart and table below cover the full reported history back to 1988.

As of the 2025 fiscal year, Cisco (CSCO) reported operating margin of 20.76% – contracted 1.9 percentage points year-over-year.

40.62% stands as the all-time-high annual operating margin, posted in 1993, against a low of -8.99% during 2001.

Cisco Operating Margin by Year

Cisco Operating Margin 2025: 20.8%

Cisco operating margin in 2025 was 20.76%, contracted 1.9 percentage points from 2024.

Cisco Operating Margin 2024: 22.6%

2024's operating margin for Cisco came in at 22.64%, contracted 3.7 percentage points from 2023.

Cisco Operating Margin 2023: 26.4%

Cisco posted operating margin of 26.37% in 2023, contracted 0.7 percentage points from 2022.

Cisco Operating Margin 2022: 27.1%

In 2022, Cisco reported operating margin of 27.09%, expanded 1.3 percentage points from 2021.

Cisco Operating Margin 2021: 25.8%

Cisco operating margin in 2021 was 25.76%.

See more financial history for Cisco (CSCO).

Sector peers by Operating Margin

Technology peers of Cisco (CSCO), ranked by their latest operating margin


NVIDIA (NVDA)	64.0%
TSMC (TSM)	53.2%
Micron Technology (MU)	48.5%
Microsoft (MSFT)	46.8%
Broadcom (AVGO)	43.7%
ASML (ASML)	34.8%
Apple (AAPL)	32.6%
AMD (AMD)	11.7%

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