Cisco

Free cash flow was $13.29B in FY25 on $14.19B of operating cash flow and $0.91B of capex. In Q1 FY26, operating cash flow was $3.21B and capex $0.32B, implying roughly $2.89B of free cash flow.

Fiscal 2025 cash and investments were $16.1B versus total debt of $28.1B, with a staggered maturity ladder and substantial interest coverage; net leverage is well under 1x annual FCF. These metrics afford ample flexibility for R&D, tuck-in deals, dividends, and repurchases even through downturns.