Cisco Systems (CSCO) 8-K Other Events

Exhibit 12.1

Cisco Systems, Inc.

Ratio of earnings to fixed charges

(in millions except for ratio of earnings to fixed charges)

	Nine Months Ended			Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	April 25,			July 26,		July 27,		July 28,		July 30,		July 31,
	2015			2014		2013		2012		2011		2010
Earnings(a)
Income before provision for income taxes	$	8,268		$	9,715	$	11,227	$	10,159	$	7,825	$	9,415
Losses attributable to VCE		47			223		183		160		76		3
Gain on VCE reorganization		(126	)		—		—		—		—		—
Fixed charges(b)		505			688		708		717		756		732
Total Earnings	$	8,694		$	10,626	$	12,118	$	11,036	$	8,657	$	10,150
Fixed charges(b)	$	505		$	688	$	708	$	717	$	756	$	732
RATIO OF EARNINGS TO FIXED CHARGES		17x			15x		17x		15x		11x		14x

(a) “Earnings” represent our income before provision for income taxes, plus (i) our share of losses attributable to our equity method investment in VCE Company, LLC (“VCE”) and (ii) our fixed charges. In October 2014, we ceased accounting for the VCE investment under the equity method after agreeing to restructure and reduce our ownership interest in the VCE investment. As a result, we recognized a gain of $126 in the second quarter of fiscal 2015 in connection with the VCE investment.

(b) “Fixed charges” represent interest expense plus an estimate of the interest within rental expense. Interest expense within the provision for income taxes is not included in interest expense. The estimate of the interest within rental expense was calculated by using 30 percent of the rental expense, which Cisco Systems, Inc. believes is a reasonable approximation of the interest component of rental expense.