Financing receivables primarily consist of loan receivables and lease receivables. Loan receivables represent financing arrangements related to the sale of our hardware, software, and services (including technical support and advanced services), and also may include additional funding for other costs associated with network installation and integration of our products and services. Loan receivables have terms of one year to three years on average. Lease receivables represent sales-type leases resulting from the sale of Cisco’s and complementary third-party products and are typically collateralized by a security interest in the underlying assets. Lease receivables consist of arrangements with terms of four years on average.


July 26, 2025	Loan Receivables		Lease Receivables		Total
Gross	$	5,628	$	982	$	6,610
Residual value	—		66		66
Unearned income	—		(99)		(99)
Allowance for credit loss	(37)		(13)		(50)
Total, net	$	5,591	$	936	$	6,527
Reported as:
Current	$	2,715	$	346	$	3,061
Noncurrent	2,876		590		3,466
Total, net	$	5,591	$	936	$	6,527


July 27, 2024	Loan Receivables		Lease Receivables		Total
Gross	$	5,858	$	965	$	6,823
Residual value	—		67		67
Unearned income	—		(111)		(111)
Allowance for credit loss	(50)		(15)		(65)
Total, net	$	5,808	$	906	$	6,714
Reported as:
Current	$	3,071	$	267	$	3,338
Noncurrent	2,737		639		3,376
Total, net	$	5,808	$	906	$	6,714

The tables below present our gross financing receivables, excluding residual value, less unearned income, categorized by our internal credit risk rating by period of origination (in millions):


July 26, 2025			Fiscal Year
Internal Credit Risk Rating	Prior		July 31, 2021		July 30, 2022		July 29, 2023		July 27, 2024		July 26, 2025		Total
Loan Receivables:
1 to 4	$	2	$	83	$	236	$	371	$	1,258	$	1,556	$	3,506
5 to 6	2		56		53		167		561		1,248		2,087
7 and Higher	—		—		6		9		4		16		35
Total Loan Receivables	$	4	$	139	$	295	$	547	$	1,823	$	2,820	$	5,628
Lease Receivables:
1 to 4	$	—	$	9	$	23	$	112	$	187	$	207	$	538
5 to 6	—		6		25		77		120		103		331
7 and Higher	—		—		1		3		8		2		14
Total Lease Receivables	$	—	$	15	$	49	$	192	$	315	$	312	$	883
Total	$	4	$	154	$	344	$	739	$	2,138	$	3,132	$	6,511


July 27, 2024			Fiscal Year
Internal Credit Risk Rating	Prior		July 25, 2020		July 31, 2021		July 30, 2022		July 29, 2023		July 27, 2024		Total
Loan Receivables:
1 to 4	$	2	$	78	$	341	$	555	$	945	$	1,803	$	3,724
5 to 6	2		29		127		130		426		1,314		2,028
7 and Higher	3		1		10		74		14		4		106
Total Loan Receivables	$	7	$	108	$	478	$	759	$	1,385	$	3,121	$	5,858
Lease Receivables:
1 to 4	$	1	$	8	$	38	$	46	$	176	$	341	$	610
5 to 6	1		11		22		44		129		21		228
7 and Higher	—		—		1		3		4		8		16
Total Lease Receivables	$	2	$	19	$	61	$	93	$	309	$	370	$	854
Total	$	9	$	127	$	539	$	852	$	1,694	$	3,491	$	6,712


	DAYS PAST DUE (INCLUDES BILLED AND UNBILLED)
July 26, 2025	31 - 60		61 - 90		91+		Total Past Due		Current		Total		120+ Still Accruing		Nonaccrual Financing Receivables		Impaired Financing Receivables
Loan receivables	$	18	$	18	$	16	$	52	$	5,576	$	5,628	$	4	$	5	$	5
Lease receivables	7		3		6		16		867		883		4		1		1
Total	$	25	$	21	$	22	$	68	$	6,443	$	6,511	$	8	$	6	$	6


	DAYS PAST DUE (INCLUDES BILLED AND UNBILLED)
July 27, 2024	31 - 60		61 - 90		91+		Total Past Due		Current		Total		120+ Still Accruing		Nonaccrual Financing Receivables		Impaired Financing Receivables
Loan receivables	$	34	$	17	$	35	$	86	$	5,772	$	5,858	$	14	$	7	$	7
Lease receivables	14		4		5		23		831		854		1		—		—
Total	$	48	$	21	$	40	$	109	$	6,603	$	6,712	$	15	$	7	$	7

Past due financing receivables are those that are 31 days or more past due according to their contractual payment terms. The data in the preceding tables is presented by contract, and the aging classification of each contract is based on the oldest outstanding receivable, and therefore past due amounts also include unbilled and current receivables within the same contract.


	CREDIT LOSS ALLOWANCES
	Loan Receivables		Lease Receivables		Total
Allowance for credit loss as of July 27, 2024	$	50	$	15	$	65
Provisions (benefits)	(6)		(3)		(9)
Recoveries (write-offs), net	(9)		—		(9)
Foreign exchange and other	2		1		3
Allowance for credit loss as of July 26, 2025	$	37	$	13	$	50


	CREDIT LOSS ALLOWANCES
	Loan Receivables		Lease Receivables		Total
Allowance for credit loss as of July 29, 2023	$	53	$	19	$	72
Provisions (benefits)	1		(3)		(2)
Recoveries (write-offs), net	(4)		(1)		(5)

Allowance for credit loss as of July 27, 2024	$	50	$	15	$	65


	CREDIT LOSS ALLOWANCES
	Loan Receivables		Lease Receivables		Total
Allowance for credit loss as of July 30, 2022	$	103	$	23	$	126
Provisions (benefits)	(7)		(1)		(8)
Recoveries (write-offs), net	(38)		(3)		(41)
Foreign exchange and other	(5)		—		(5)
Allowance for credit loss as of July 29, 2023	$	53	$	19	$	72