We determine the maximum number of induced cycles that can be contained in a graph on $n\ge n_0$ vertices, and show that there is a unique graph that achieves this maximum. This answers a question of Tuza. We also determine the maximum number of odd or even cycles that can be contained in a graph on $n\ge n_0$ vertices and characterise the extremal graphs. This resolves a conjecture of Chvátal and Tuza from 1988.