Technology
CISCO REPORTS THIRD QUARTER EARNINGS
Published
1 year agoon
By
SAN JOSE, Calif., May 14, 2025 /PRNewswire/ —
News Summary:
Product orders up 20% year over year; up 9% excluding Splunk, with growth across all geographies and customer marketsAI Infrastructure orders taken from webscale customers exceeded $600 million, surpassing our $1 billion target one quarter earlyRevenue of $14.1 billion, up 11% year over year, above the high end of our guidance rangeStrong profitability with GAAP and non-GAAP margins and EPS above the high end of our guidance rangeQ3 FY 2025 Results:Revenue: $14.1 billionIncrease of 11% year over yearEarnings per Share: GAAP: $0.62; Non-GAAP: $0.96GAAP EPS increased 35% year over yearNon-GAAP EPS increased 9% year over yearQ4 FY 2025 Guidance (1): Revenue: $14.5 billion to $14.7 billionEarnings per Share: GAAP: $0.62 to $0.67; Non-GAAP: $0.96 to $0.98FY 2025 Guidance (1):Revenue: $56.5 billion to $56.7 billionEarnings per Share: GAAP: $2.53 to $2.58; Non-GAAP: $3.77 to $3.79
(1) Margin and EPS guidance includes the estimated impact of tariffs based on current trade policy.
Cisco today reported third quarter results for the period ended April 26, 2025. Cisco reported third quarter revenue of $14.1 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.5 billion or $0.62 per share, and non-GAAP net income of $3.8 billion or $0.96 per share.
“Cisco once again had strong quarterly results with clear demand for our technologies,” said Chuck Robbins, chair and CEO of Cisco. “The momentum we are seeing with AI is fueled by the power of our secure networking portfolio, our trusted global partnerships, and the value we bring to our customers.”
“Another quarter of solid execution in Q3 drove revenue, margins and EPS above our guidance ranges,” said Scott Herren, CFO of Cisco. “Our innovation positions us well for future growth and our operational discipline is generating strong cash flows, enabling us to deliver significant shareholder returns.”
GAAP Results
Q3 FY 2025
Q3 FY 2024
Vs. Q3 FY 2024
Revenue
$ 14.1 billion
$ 12.7 billion
11 %
Net Income
$ 2.5 billion
$ 1.9 billion
32 %
Diluted Earnings per Share (EPS)
$ 0.62
$ 0.46
35 %
Non-GAAP Results
Q3 FY 2025
Q3 FY 2024
Vs. Q3 FY 2024
Net Income
$ 3.8 billion
$ 3.6 billion
8 %
EPS
$ 0.96
$ 0.88
9 %
Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”
Cisco Declares Quarterly Dividend
Cisco has declared a quarterly dividend of $0.41 per common share to be paid on July 23, 2025, to all stockholders of record as of the close of business on July 3, 2025. Future dividends will be subject to Board approval.
Financial Summary
All comparative percentages are on a year-over-year basis unless otherwise noted.
Q3 FY 2025 Highlights
Revenue — Total revenue was $14.1 billion, up 11%, with product revenue up 15% and services revenue up 3%.
Revenue by geographic segment was: Americas up 14%, EMEA up 8%, and APJC up 9%. Product revenue performance reflected growth in Security up 54%, Observability up 24%, Networking up 8%, and Collaboration up 4%.
Gross Margin — On a GAAP basis, total gross margin, product gross margin, and services gross margin were 65.6%, 64.4%, and 68.7%, respectively, as compared with 65.1%, 63.5%, and 69.2%, respectively, in the third quarter of fiscal 2024.
On a non-GAAP basis, total gross margin, product gross margin, and services gross margin were 68.6%, 67.6%, and 71.3%, respectively, as compared with 68.3%, 66.9%, and 71.6%, respectively, in the third quarter of fiscal 2024.
Total gross margins by geographic segment were: 67.7% for the Americas, 71.2% for EMEA and 67.2% for APJC.
Operating Expenses — On a GAAP basis, operating expenses were $6.1 billion, flat year over year, and were 42.9% of revenue. Non-GAAP operating expenses were $4.8 billion, up 12%, and were 34.1% of revenue.
Operating Income — GAAP operating income was $3.2 billion, up 46%, with GAAP operating margin of 22.6%. Non-GAAP operating income was $4.9 billion, up 12%, with non-GAAP operating margin at 34.5%.
Provision for Income Taxes — The GAAP tax provision rate was 15.5%. The non-GAAP tax provision rate was 17.5%.
Net Income and EPS — On a GAAP basis, net income was $2.5 billion, an increase of 32%, and EPS was $0.62, an increase of 35%. On a non-GAAP basis, net income was $3.8 billion, an increase of 8%, and EPS was $0.96, an increase of 9%.
Cash Flow from Operating Activities — $4.1 billion for the third quarter of fiscal 2025, an increase of 2%, compared with $4.0 billion for the third quarter of fiscal 2024.
Balance Sheet and Other Financial Highlights
Cash and Cash Equivalents and Investments — $15.6 billion at the end of the third quarter of fiscal 2025, compared with $17.9 billion at the end of fiscal 2024.
Remaining Performance Obligations (RPO) — $41.7 billion, up 7% in total, with 51% of this amount expected to be recognized as revenue over the next 12 months. Product RPO was up 10% and services RPO was up 5%.
Deferred Revenue — $28.0 billion, up 2% in total, with deferred product revenue up 2% and deferred services revenue up 1%.
Capital Allocation — In the third quarter of fiscal 2025, we returned $3.1 billion to stockholders through share buybacks and dividends. We declared and paid a cash dividend of $0.41 per common share, or $1.6 billion, and repurchased approximately 25 million shares of common stock under our stock repurchase program at an average price of $59.78 per share for an aggregate purchase price of $1.5 billion. The remaining authorized amount for stock repurchases under the program is $15.4 billion with no termination date.
Acquisitions
In the third quarter of fiscal 2025, we closed the acquisition of SnapAttack, a privately held company that offers a threat detection and engineering platform.
Guidance
Cisco estimates the following results for the fourth quarter of fiscal 2025:
Q4 FY 2025
Revenue
$14.5 billion – $14.7 billion
Non-GAAP gross margin
67.5% – 68.5%
Non-GAAP operating margin
33.5% – 34.5%
Non-GAAP EPS
$0.96 – $0.98
Margin and EPS guidance includes the estimated impact of tariffs based on current trade policy.
Cisco estimates that GAAP EPS will be $0.62 to $0.67 for the fourth quarter of fiscal 2025.
Cisco estimates the following results for fiscal 2025:
FY 2025
Revenue
$56.5 billion – $56.7 billion
Non-GAAP EPS
$3.77 – $3.79
Margin and EPS guidance includes the estimated impact of tariffs based on current trade policy.
Cisco estimates that GAAP EPS will be $2.53 to $2.58 for fiscal 2025.
Our Q4 FY 2025 guidance assumes an effective tax provision rate of approximately 17% for GAAP and approximately 18% for non-GAAP results. Our FY 2025 guidance assumes an effective tax provision rate of approximately 9% for GAAP and approximately 18.5% for non-GAAP results.
A reconciliation between the guidance on a GAAP and non-GAAP basis is provided in the tables entitled “GAAP to non-GAAP Guidance” located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”
Editor’s Notes:
Q3 fiscal year 2025 conference call to discuss Cisco’s results along with its guidance will be held on Wednesday, May 14, 2025 at 1:30 p.m. Pacific Time. Conference call number is 1-888-848-6507 (United States) or 1-212-519-0847 (international).Conference call replay will be available from 4:00 p.m. Pacific Time, May 14, 2025 to 4:00 p.m. Pacific Time, May 20, 2025 at 1-800-876-5258 (United States) or 1-203-369-3998 (international). The replay will also be available via webcast on the Cisco Investor Relations website at https://investor.cisco.com.Additional information regarding Cisco’s financials, as well as a webcast of the conference call with visuals designed to guide participants through the call, will be available at 1:30 p.m. Pacific Time, May 14, 2025. Text of the conference call’s prepared remarks will be available within 24 hours of completion of the call. The webcast will include both the prepared remarks and the question-and-answer session. This information, along with the GAAP to non-GAAP reconciliation information, will be available on the Cisco Investor Relations website at https://investor.cisco.com.
CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per-share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
April 26, 2025
April 27, 2024
April 26, 2025
April 27, 2024
REVENUE:
Product
$ 10,374
$ 9,024
$ 30,722
$ 29,395
Services
3,775
3,678
11,259
10,766
Total revenue
14,149
12,702
41,981
40,161
COST OF SALES:
Product
3,688
3,295
10,927
10,695
Services
1,183
1,134
3,544
3,419
Total cost of sales
4,871
4,429
14,471
14,114
GROSS MARGIN
9,278
8,273
27,510
26,047
OPERATING EXPENSES:
Research and development
2,335
1,948
6,920
5,804
Sales and marketing
2,724
2,559
8,148
7,523
General and administrative
739
736
2,286
2,050
Amortization of purchased intangible assets
244
297
774
430
Restructuring and other charges
34
542
709
677
Total operating expenses
6,076
6,082
18,837
16,484
OPERATING INCOME
3,202
2,191
8,673
9,563
Interest income
250
411
774
1,095
Interest expense
(403)
(357)
(1,225)
(588)
Other income (loss), net
(102)
(10)
(121)
(232)
Interest and other income (loss), net
(255)
44
(572)
275
INCOME BEFORE PROVISION FOR INCOME TAXES
2,947
2,235
8,101
9,838
Provision for income taxes
456
349
471
1,680
NET INCOME
$ 2,491
$ 1,886
$ 7,630
$ 8,158
Net income per share:
Basic
$ 0.63
$ 0.47
$ 1.92
$ 2.01
Diluted
$ 0.62
$ 0.46
$ 1.91
$ 2.00
Shares used in per-share calculation:
Basic
3,972
4,042
3,981
4,051
Diluted
4,002
4,060
4,004
4,071
CISCO SYSTEMS, INC.
REVENUE BY SEGMENT
(In millions, except percentages)
April 26, 2025
Three Months Ended
Nine Months Ended
Amount
Y/Y %
Amount
Y/Y %
Revenue:
Americas
$ 8,380
14 %
$ 24,834
4 %
EMEA
3,736
8 %
11,179
5 %
APJC
2,034
9 %
5,968
6 %
Total
$ 14,149
11 %
$ 41,981
5 %
Amounts may not sum and percentages may not recalculate due to rounding.
CISCO SYSTEMS, INC.
GROSS MARGIN PERCENTAGE BY SEGMENT
(In percentages)
April 26, 2025
Three Months Ended
Nine Months Ended
Gross Margin Percentage:
Americas
67.7 %
68.3 %
EMEA
71.2 %
70.9 %
APJC
67.2 %
67.3 %
CISCO SYSTEMS, INC.
REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES
(In millions, except percentages)
April 26, 2025
Three Months Ended
Nine Months Ended
Amount
Y/Y %
Amount
Y/Y %
Revenue:
Networking
$ 7,068
8 %
$ 20,671
(8) %
Security
2,013
54 %
6,142
87 %
Collaboration
1,031
4 %
3,112
1 %
Observability
261
24 %
796
35 %
Total Product
10,374
15 %
30,722
5 %
Services
3,775
3 %
11,259
5 %
Total
$ 14,149
11 %
$ 41,981
5 %
Amounts may not sum and percentages may not recalculate due to rounding.
CISCO SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
April 26, 2025
July 27, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 8,161
$ 7,508
Investments
7,481
10,346
Accounts receivable, net of allowance of $82 at April 26, 2025 and $87 at July 27, 2024
5,277
6,685
Inventories
2,832
3,373
Financing receivables, net
2,958
3,338
Other current assets
6,107
5,612
Total current assets
32,816
36,862
Property and equipment, net
2,076
2,090
Financing receivables, net
3,247
3,376
Goodwill
59,024
58,660
Purchased intangible assets, net
9,643
11,219
Deferred tax assets
7,016
6,262
Other assets
5,960
5,944
TOTAL ASSETS
$ 119,782
$ 124,413
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt
$ 6,422
$ 11,341
Accounts payable
2,260
2,304
Income taxes payable
1,821
1,439
Accrued compensation
3,210
3,608
Deferred revenue
16,081
16,249
Other current liabilities
4,701
5,643
Total current liabilities
34,495
40,584
Long-term debt
22,857
19,621
Income taxes payable
1,874
3,985
Deferred revenue
11,910
12,226
Other long-term liabilities
2,711
2,540
Total liabilities
73,847
78,956
Total equity
45,935
45,457
TOTAL LIABILITIES AND EQUITY
$ 119,782
$ 124,413
CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended
April 26,
2025
April 27,
2024
Cash flows from operating activities:
Net income
$ 7,630
$ 8,158
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other
2,176
1,684
Share-based compensation expense
2,693
2,274
Provision for receivables
17
19
Deferred income taxes
(792)
(245)
(Gains) losses on divestitures, investments and other, net
52
224
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable
1,406
1,286
Inventories
541
530
Financing receivables
505
92
Other assets
(516)
(382)
Accounts payable
(10)
(300)
Income taxes, net
(2,002)
(5,223)
Accrued compensation
(431)
(1,092)
Deferred revenue
(524)
211
Other liabilities
(786)
(86)
Net cash provided by operating activities
9,959
7,150
Cash flows from investing activities:
Purchases of investments
(3,066)
(3,044)
Proceeds from sales of investments
2,228
3,874
Proceeds from maturities of investments
3,985
5,804
Acquisitions, net of cash and cash equivalents acquired and divestitures
(291)
(25,874)
Purchases of investments in privately held companies
(265)
(82)
Return of investments in privately held companies
108
146
Acquisition of property and equipment
(688)
(472)
Other
(5)
(2)
Net cash provided by (used in) investing activities
2,006
(19,650)
Cash flows from financing activities:
Issuances of common stock
320
347
Repurchases of common stock – repurchase program
(4,748)
(3,772)
Shares repurchased for tax withholdings on vesting of restricted stock units
(910)
(765)
Short-term borrowings, original maturities of 90 days or less, net
(479)
1,547
Issuances of debt
17,388
24,159
Repayments of debt
(18,545)
(2,195)
Repayments of Splunk convertible debt, net
—
(3,140)
Dividends paid
(4,812)
(4,778)
Other
(80)
(52)
Net cash provided by (used in) financing activities
(11,866)
11,351
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and
restricted cash equivalents
(23)
(39)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
76
(1,188)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period
8,842
11,627
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period
$ 8,918
$ 10,439
Supplemental cash flow information:
Cash paid for interest
$ 1,370
$ 350
Cash paid for income taxes, net
$ 3,265
$ 7,150
CISCO SYSTEMS, INC.
REMAINING PERFORMANCE OBLIGATIONS
(In millions, except percentages)
April 26, 2025
January 25, 2025
April 27, 2024
Amount
Y/Y%
Amount
Y/Y%
Amount
Y/Y%
Product
$ 20,752
10 %
$ 20,321
25 %
$ 18,876
29 %
Services
20,915
5 %
20,947
8 %
19,898
14 %
Total
$ 41,667
7 %
$ 41,268
16 %
$ 38,774
21 %
We expect 51% of total RPO at April 26, 2025 to be recognized as revenue over the next 12 months.
CISCO SYSTEMS, INC.
DEFERRED REVENUE
(In millions)
April 26, 2025
January 25, 2025
April 27, 2024
Deferred revenue:
Product
$ 13,170
$ 13,033
$ 12,856
Services
14,821
14,762
14,619
Total
$ 27,991
$ 27,795
$ 27,475
Reported as:
Current
$ 16,081
$ 15,999
$ 15,751
Noncurrent
11,910
11,796
11,724
Total
$ 27,991
$ 27,795
$ 27,475
CISCO SYSTEMS, INC.
DIVIDENDS PAID AND REPURCHASES OF COMMON STOCK
(In millions, except per-share amounts)
DIVIDENDS
STOCK REPURCHASE PROGRAM
TOTAL
Quarter Ended
Per Share
Amount
Shares
Weighted-
Average Price
per Share
Amount
Amount
Fiscal 2025
April 26, 2025
$ 0.41
$ 1,627
25
$ 59.78
$ 1,504
$ 3,131
January 25, 2025
$ 0.40
$ 1,593
21
$ 58.58
$ 1,236
$ 2,829
October 26, 2024
$ 0.40
$ 1,592
40
$ 49.56
$ 2,003
$ 3,595
Fiscal 2024
July 27, 2024
$ 0.40
$ 1,606
43
$ 46.80
$ 2,002
$ 3,608
April 27, 2024
$ 0.40
$ 1,615
26
$ 49.22
$ 1,256
$ 2,871
January 27, 2024
$ 0.39
$ 1,583
25
$ 49.54
$ 1,254
$ 2,837
October 28, 2023
$ 0.39
$ 1,580
23
$ 54.53
$ 1,252
$ 2,832
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GAAP TO NON-GAAP NET INCOME
(In millions)
Three Months Ended
Nine Months Ended
April 26,
2025
April 27,
2024
April 26,
2025
April 27,
2024
GAAP net income
$ 2,491
$ 1,886
$ 7,630
$ 8,158
Adjustments to cost of sales:
Share-based compensation expense
152
139
434
381
Amortization of acquisition-related intangible assets
263
249
917
605
Acquisition/divestiture-related costs
17
12
53
13
Supplier component remediation charge (adjustment)
(7)
—
(7)
—
Total adjustments to GAAP cost of sales
425
400
1,397
999
Adjustments to operating expenses:
Share-based compensation expense
778
665
2,222
1,877
Amortization of acquisition-related intangible assets
244
297
774
430
Acquisition/divestiture-related costs
197
264
687
403
Russia-Ukraine war costs
—
(10)
—
(12)
Significant asset impairments and restructurings
34
542
709
677
Total adjustments to GAAP operating expenses
1,253
1,758
4,392
3,375
Adjustments to interest and other income (loss), net:
(Gains) and losses on investments
19
(7)
(72)
132
Total adjustments to GAAP interest and other income (loss), net
19
(7)
(72)
132
Total adjustments to GAAP income before provision for income taxes
1,697
2,151
5,717
4,506
Income tax effect of non-GAAP adjustments
(357)
(484)
(1,256)
(1,045)
Significant tax matters (1)
—
—
(829)
—
Total adjustments to GAAP provision for income taxes
(357)
(484)
(2,085)
(1,045)
Non-GAAP net income
$ 3,831
$ 3,553
$ 11,262
$ 11,619
(1) The nine months ended April 26, 2025 includes a $720 million benefit due to an August 2024 U.S. Tax Court decision regarding the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act.
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GAAP TO NON-GAAP EPS
Three Months Ended
Nine Months Ended
April 26,
2025
April 27,
2024
April 26,
2025
April 27,
2024
GAAP EPS
$ 0.62
$ 0.46
$ 1.91
$ 2.00
Adjustments to GAAP:
Share-based compensation expense
0.23
0.20
0.66
0.55
Amortization of acquisition-related intangible assets
0.13
0.13
0.42
0.25
Acquisition/divestiture-related costs
0.05
0.07
0.18
0.10
Significant asset impairments and restructurings
0.01
0.13
0.18
0.17
(Gains) and losses on investments
—
—
(0.02)
0.03
Income tax effect of non-GAAP adjustments
(0.09)
(0.12)
(0.31)
(0.26)
Significant tax matters
—
—
(0.21)
—
Non-GAAP EPS
$ 0.96
$ 0.88
$ 2.81
$ 2.85
Amounts may not sum due to rounding.
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSS), NET, AND NET INCOME
(In millions, except percentages)
Three Months Ended
April 26, 2025
Product
Gross
Margin
Services
Gross
Margin
Total
Gross
Margin
Operating
Expenses
Y/Y
Operating
Income
Y/Y
Interest
and
other
income
(loss),
net
Net
Income
Y/Y
GAAP amount
$ 6,686
$ 2,592
$ 9,278
$ 6,076
— %
$ 3,202
46 %
$ (255)
$ 2,491
32 %
% of revenue
64.4 %
68.7 %
65.6 %
42.9 %
22.6 %
(1.8) %
17.6 %
Adjustments to GAAP amounts:
Share-based compensation expense
67
85
152
778
930
—
930
Amortization of acquisition-related intangible assets
263
—
263
244
507
—
507
Acquisition/divestiture-related costs
4
13
17
197
214
—
214
Supplier component remediation charge (adjustment)
(7)
—
(7)
—
(7)
—
(7)
Significant asset impairments and restructurings
—
—
—
34
34
—
34
(Gains) and losses on investments
—
—
—
—
—
19
19
Income tax effect/significant tax matters
—
—
—
—
—
—
(357)
Non-GAAP amount
$ 7,013
$ 2,690
$ 9,703
$ 4,823
12 %
$ 4,880
12 %
$ (236)
$ 3,831
8 %
% of revenue
67.6 %
71.3 %
68.6 %
34.1 %
34.5 %
(1.7) %
27.1 %
Three Months Ended
April 27, 2024
Product
Gross
Margin
Services
Gross
Margin
Total
Gross
Margin
Operating
Expenses
Operating
Income
Interest
and
other
income
(loss),
net
Net
Income
GAAP amount
$ 5,729
$ 2,544
$ 8,273
$ 6,082
$ 2,191
$ 44
$ 1,886
% of revenue
63.5 %
69.2 %
65.1 %
47.9 %
17.2 %
0.3 %
14.8 %
Adjustments to GAAP amounts:
Share-based compensation expense
57
82
139
665
804
—
804
Amortization of acquisition-related intangible assets
249
—
249
297
546
—
546
Acquisition/divestiture-related costs
4
8
12
264
276
—
276
Significant asset impairments and restructurings
—
—
—
542
542
—
542
Russia-Ukraine war costs
—
—
—
(10)
(10)
—
(10)
(Gains) and losses on investments
—
—
—
—
—
(7)
(7)
Income tax effect/significant tax matters
—
—
—
—
—
—
(484)
Non-GAAP amount
$ 6,039
$ 2,634
$ 8,673
$ 4,324
$ 4,349
$ 37
$ 3,553
% of revenue
66.9 %
71.6 %
68.3 %
34.0 %
34.2 %
0.3 %
28.0 %
Amounts may not sum and percentages may not recalculate due to rounding.
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSS), NET, AND NET INCOME
(In millions, except percentages)
Nine Months Ended
April 26, 2025
Product
Gross
Margin
Services
Gross
Margin
Total
Gross
Margin
Operating
Expenses
Y/Y
Operating
Income
Y/Y
Interest
and
other
income
(loss),
net
Net
Income
Y/Y
GAAP amount
$ 19,795
$ 7,715
$ 27,510
$ 18,837
14 %
$ 8,673
(9) %
$ (572)
$ 7,630
(6) %
% of revenue
64.4 %
68.5 %
65.5 %
44.9 %
20.7 %
(1.4) %
18.2 %
Adjustments to GAAP amounts:
Share-based compensation expense
189
245
434
2,222
2,656
—
2,656
Amortization of acquisition-related intangible assets
917
—
917
774
1,691
—
1,691
Acquisition/divestiture-related costs
12
41
53
687
740
—
740
Supplier component remediation charge (adjustment)
(7)
—
(7)
—
(7)
—
(7)
Significant asset impairments and restructurings
—
—
—
709
709
—
709
(Gains) and losses on investments
—
—
—
—
—
(72)
(72)
Income tax effect/significant tax matters
—
—
—
—
—
—
(2,085)
Non-GAAP amount
$ 20,906
$ 8,001
$ 28,907
$ 14,445
10 %
$ 14,462
4 %
$ (644)
$ 11,262
(3) %
% of revenue
68.0 %
71.1 %
68.9 %
34.4 %
34.4 %
(1.5) %
26.8 %
Nine Months Ended
April 27, 2024
Product
Gross
Margin
Services
Gross
Margin
Total
Gross
Margin
Operating
Expenses
Operating
Income
Interest
and
other
income
(loss),
net
Net
Income
GAAP amount
$ 18,700
$ 7,347
$ 26,047
$ 16,484
$ 9,563
$ 275
$ 8,158
% of revenue
63.6 %
68.2 %
64.9 %
41.0 %
23.8 %
0.7 %
20.3 %
Adjustments to GAAP amounts:
Share-based compensation expense
157
224
381
1,877
2,258
—
2,258
Amortization of acquisition-related intangible assets
605
—
605
430
1,035
—
1,035
Acquisition/divestiture-related costs
5
8
13
403
416
—
416
Significant asset impairments and restructurings
—
—
—
677
677
—
677
Russia-Ukraine war costs
—
—
—
(12)
(12)
—
(12)
(Gains) and losses on investments
—
—
—
—
—
132
132
Income tax effect/significant tax matters
—
—
—
—
—
—
(1,045)
Non-GAAP amount
$ 19,467
$ 7,579
$ 27,046
$ 13,109
$ 13,937
$ 407
$ 11,619
% of revenue
66.2 %
70.4 %
67.3 %
32.6 %
34.7 %
1.0 %
28.9 %
Amounts may not sum and percentages may not recalculate due to rounding.
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
EFFECTIVE TAX RATE
(In percentages)
Three Months Ended
Nine Months Ended
April 26,
2025
April 27,
2024
April 26,
2025
April 27,
2024
GAAP effective tax rate
15.5 %
15.6 %
5.8 %
17.1 %
Total adjustments to GAAP provision for income taxes
2.0 %
3.4 %
12.7 %
1.9 %
Non-GAAP effective tax rate
17.5 %
19.0 %
18.5 %
19.0 %
GAAP TO NON-GAAP GUIDANCE
Q4 FY 2025
Gross Margin Rate
Operating Margin Rate
Earnings per Share (1)
GAAP
64.5% –65.5%
22% – 23%
$0.62 – $0.67
Estimated adjustments for:
Share-based compensation expense
1.0 %
6.5 %
$0.18 – $0.19
Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs
2.0 %
4.5 %
$0.12 – $0.13
Significant asset impairments and restructurings(2)
—
0.5 %
$0.01 – $0.02
Non-GAAP
67.5% – 68.5%
33.5% – 34.5%
$0.96 – $0.98
FY 2025
Earnings per Share (1)
GAAP
$2.53 – $2.58
Estimated adjustments for:
Share-based compensation expense
$0.69 – $0.70
Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs
$0.60 – $0.61
Significant asset impairments and restructurings(2)
$0.14 – $0.15
(Gains) and losses on investments
($0.01)
Significant tax matters
($0.21)
Non-GAAP
$3.77 – $3.79
(1) Estimated adjustments to GAAP earnings per share are shown after income tax effects.
(2) Reflects charges related to a restructuring plan announced on August 14, 2024. We expect this plan to be substantially completed by the end of the first quarter of fiscal 2026.
Margin and EPS guidance includes the estimated impact of tariffs based on current trade policy.
Except as noted above, this guidance does not include the effects of any future acquisitions/divestitures, significant asset impairments and restructurings, significant litigation settlements and other contingencies, gains and losses on investments, significant tax matters, or other items, which may or may not be significant.
Forward Looking Statements, Non-GAAP Information and Additional Information
This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as the demand for our technologies, the momentum we are seeing with AI and how it is fueled, and our operational discipline and its impact on generating strong cash flows) and the future financial performance of Cisco (including the guidance for Q4 FY 2025 and full year FY 2025) that involve risks and uncertainties, such as the actual impact of tariffs on our guidance for Q4 FY2025 and full year FY2025. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; our development and use of artificial intelligence; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market, cloud, enterprise and other customer markets; the return on our investments in certain key priority areas, and in certain geographical locations, as well as maintaining leadership in Networking and services; the timing of orders and manufacturing and customer lead times; supply constraints; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and services markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, other intellectual property, antitrust, stockholder and other matters, and governmental investigations; our ability to achieve the benefits of restructurings and possible changes in the size and timing of related charges; cyber attacks, data breaches or other incidents; vulnerabilities and critical security defects; our ability to protect personal data; evolving regulatory uncertainty; terrorism; natural catastrophic events (including as a result of global climate change); any pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets; currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco’s most recent reports on Forms 10-Q and 10-K filed on February 18, 2025 and September 5, 2024, respectively. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco’s most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. Cisco’s results of operations for the three and nine months ended April 26, 2025 are not necessarily indicative of Cisco’s operating results for any future periods. Any projections in this release are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of this release.
This release includes non-GAAP net income, non-GAAP gross margins, non-GAAP operating expenses, non-GAAP operating income and margin, non-GAAP effective tax rates, non-GAAP interest and other income (loss), net, and non-GAAP net income per share data for the periods presented. It also includes future estimated ranges for gross margin, operating margin, tax provision rate and EPS on a non-GAAP basis.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Cisco believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Cisco’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Cisco’s results of operations in conjunction with the corresponding GAAP measures.
Cisco believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations.
For its internal budgeting process, Cisco’s management uses financial statements that do not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, acquisition/divestiture-related costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies, Russia–Ukraine war costs, gains and losses on investments, the income tax effects of the foregoing and significant tax matters. Cisco’s management also uses the foregoing non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. From time to time in the future there may be other items that Cisco may exclude for purposes of its internal budgeting process and in reviewing its financial results. For additional information on the items excluded by Cisco from one or more of its non-GAAP financial measures, refer to the Form 8-K regarding this release furnished today to the Securities and Exchange Commission.
About Cisco
Cisco (NASDAQ: CSCO) is the worldwide technology leader that is revolutionizing the way organizations connect and protect in the AI era. For more than 40 years, Cisco has securely connected the world. With its industry leading AI-powered solutions and services, Cisco enables its customers, partners and communities to unlock innovation, enhance productivity and strengthen digital resilience. With purpose at its core, Cisco remains committed to creating a more connected and inclusive future for all. Discover more on The Newsroom and follow us on X at @Cisco.
Copyright © 2025 Cisco and/or its affiliates. All rights reserved. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. To view a list of Cisco trademarks, go to: www.cisco.com/go/trademarks. Third-party trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.
RSS Feed for Cisco: https://newsroom.cisco.com/rss-feeds
View original content to download multimedia:https://www.prnewswire.com/news-releases/cisco-reports-third-quarter-earnings-302455775.html
SOURCE Cisco Systems, Inc.
You may like
Technology
Vertical IQ Will Expand Industry Intelligence Platform with Small Business Financial Exchange (SBFE) Small Business Credit Data
Published
47 minutes agoon
October 27, 2026By
RALEIGH, N.C., Oct. 27, 2026 /PRNewswire/ — Small Business Financial Exchange (SBFE), the trusted source for small business lending data and Vertical IQ, a nationally recognized provider of Industry Intelligence, today announced their partnership. Through the partnership, Vertical IQ will incorporate SBFE small business credit insights into its platform, providing financial institutions with deeper context to support commercial lending decisions.
The collaboration enables banks, credit unions, and other commercial lenders using Vertical IQ to gain access to SBFE small business credit insights within the Industry Intelligence platform. Default rates, delinquencies, and credit trends by industries are just a few of the SBFE features that will be included. These insights allow financial services professionals to better understand small business borrowers and support key commercial lending activities.
“At SBFE, we’re committed to helping lenders better understand and support small businesses. Extending access to SBFE insights through Vertical IQ is another way we can deliver value to the lending community and support greater access to capital.”
– Elisabeth MacDonald, President and CEO, SBFE
“At Vertical IQ, we believe financial institutions make their best decisions when they have access to trusted, Verified Industry Intelligence powered by the highest-quality data available,” said Bobby Martin, co-founder and CEO of Vertical IQ. “Our partnership with SBFE represents another important step in that commitment by bringing highly respected small business credit insights into our platform. By combining SBFE’s credit data with Vertical IQ’s industry expertise, we’re helping lenders gain deeper context to strengthen credit analysis, improve risk assessment, and make more confident decisions throughout the commercial lending lifecycle.”
– Bobby Martin, Co-founder and CEO, Vertical IQ
About SBFE
SBFE is the trusted data exchange where the small business lending industry comes together to strengthen access to capital for America’s small businesses. For more than 25 years, SBFE has united lenders in a member-driven community built on trust, collaboration, and the responsible use of data. Today, SBFE securely manages one of the nation’s largest repositories of small business credit data, contributed by more than 140 member institutions, including many of the country’s largest commercial banks. This data enables highly predictive credit reporting and portfolio management solutions that help lenders make more informed decisions, manage risk, and support the financial health and growth of small businesses. By transforming shared data into trusted lending intelligence, SBFE helps its members strengthen credit decisioning and promote greater access to capital. Learn more at www.SBFE.org
About Vertical IQ
Headquartered in Raleigh, North Carolina, Vertical IQ is a nationally recognized provider of Industry Intelligence. Whether discussing cash management with a local brewery or evaluating risk for a large manufacturing company, successful banks, credit unions, accounting firms, insurance organizations, and advisory firms use Vertical IQ to better understand a prospect’s or client’s business challenges before, during, and after meetings. Covering 100% of the industries that comprise the U.S. and Canadian economies, as well as more than 3,400 local economic reports, Vertical IQ equips professionals with the confidence and credibility to build stronger client relationships and make more informed decisions. Learn more at www.verticaliq.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/vertical-iq-will-expand-industry-intelligence-platform-with-small-business-financial-exchange-sbfe-small-business-credit-data-302920872.html
SOURCE SBFE
Technology
CME Group Brazilian Real Futures Set New Daily Volume Record Following Election
Published
47 minutes agoon
October 27, 2026By
Record $9 billion notional traded, eleven times the year-to-date average daily volume (ADV) as market participants turned to CME Group to manage risk around the clock
CHICAGO, Oct. 27, 2026 /PRNewswire/ — CME Group, the world’s leading derivatives marketplace, today announced that its Brazilian real (BRL) futures reached a new daily volume record of 498,498 contracts (R$49.8 billion, ~$9.2 billion notional value) on October 26, surpassing the previous record of 191,325 contracts (~$3.7 billion notional value) traded on September 28, 2026.
“Following the results of the Brazilian presidential election, clients turned to our BRL futures market to immediately manage their risk outside of Brazilian trading hours, driving all-time record volume,” said Paul Houston, Global Head of FX Products, CME Group. “Even before the onshore market opened, $2.5 billion in notional value had already traded, roughly three times the year-to-date ADV for BRL futures. With liquidity in all timezones and contracts denominated in USD, our markets are fast becoming the main venue for Brazilian real price discovery and trading outside of onshore hours, giving global participants the liquidity they need around the clock.”
In the first half of 2026, Mexican peso and Brazilian real futures and options saw a record combined average daily volume of $2.94 billion.
For more information on CME Group BRL futures, please visit https://www.cmegroup.com/articles/faqs/latam-fx-futures-frequently-asked-questions.html
As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P®”, “S&P 500®”, “SPY®”, “SPX®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
CME-G
View original content to download multimedia:https://www.prnewswire.com/news-releases/cme-group-brazilian-real-futures-set-new-daily-volume-record-following-election-302920902.html
SOURCE CME Group
Technology
Vera Health Quietly Became One of the World’s Most Used Clinical Tools. Now It Has Raised $32 Million to Give Every Clinician in the World the Best Medical Knowledge in Seconds
Published
47 minutes agoon
October 27, 2026By
With a team of just 12 employees, the clinical AI company has grown largely through physician referrals, bringing total funding to $32 million
More than 800,000 clinicians across 190 countries use Vera Health, including approximately 1 in 4 physicians in Spain and Italy, with most discovering the platform through recommendations from colleagues.Threshold Ventures led Vera Health’s $28.5 million Series A, with participation from Mantis VC and SV Angel. Existing investors Y Combinator and Gradient tripled down, bringing total funding to $32 million.The investment will accelerate Vera Health’s evidence-focused clinical AI platform, expanding its ability to make global medical knowledge locally relevant and deepening partnerships with medical societies, publishers and health systems.
SAN FRANCISCO, Oct. 27, 2026 /PRNewswire/ — A year ago, a few thousand clinicians were using Vera Health. Today, more than 800,000 are, most having discovered the platform through a colleague. Every month since June, Vera has been the most downloaded clinical app in the world across the App Store and Google Play.¹ In September alone, it was downloaded more times than OpenEvidence and Doximity combined, while monthly downloads had more than tripled since February. With a team of just 12 employees, Vera has reached clinicians in 190 countries, including approximately 1 in 4 physicians in Spain and Italy, largely through word of mouth. Vera Health is a clinical AI search engine that reasons like a clinician, helping physicians find and evaluate medical evidence in seconds.
Today, Vera Health announced a $28.5 million Series A led by Threshold Ventures, with participation from Mantis VC and SV Angel. Existing investors Y Combinator and Gradient, tripled down in the round, bringing the company’s total funding to $32 million. The investment will accelerate Vera Health’s mission to close the gap between what medicine knows and what every patient receives.
Only a few months after raising its Series A, Vera already has more daily active users than it had monthly active users at the time of the raise. Clinicians went from asking Vera a few thousand questions a day to asking hundreds of thousands, every single day.
“Clinicians are the best data scientists I’ve ever met. They make the call in seconds, with more evidence than any human could ever read,” said Taieb Bennani, Co-Founder of Vera Health. “The secret to building for them is to live and breathe the problem like no one else. Everyone on our team is a clinician, or the child or sibling of one, like Maxime and me. That passion translates into every detail of the product, and when you build with that kind of obsession, the product speaks for itself, and clinicians share it with their colleagues. We don’t have the biggest team or the most money. We have the people who care the most about getting it right.”
How does Vera Health differ from general-purpose AI tools?
Clinical AI is increasingly being used to help physicians navigate complex medical questions, but the ability to generate an accurate-sounding answer does not necessarily establish whether the underlying research is reliable. Medicine now publishes a new scientific paper roughly every 20 seconds. Chatbots are built to sound confident. Vera is built to be accurate, and honest when the evidence is thin. Physicians are expected to keep up with an expanding body of research while interpreting guidelines, evaluating treatment options and making decisions for individual patients, sometimes within seconds.
Vera Health finds the evidence first, then writes the answer. Its technology searches more than 60 million peer-reviewed publications, clinical guidelines, consensus statements and drug labels, evaluating sources based on study design, level of evidence, cohort size, recency, journal quality and citation impact. Every claim is linked to its supporting research and color-coded to show the strength of the available evidence. Sometimes that color is red. A rare condition may have no large randomized trial or comprehensive guideline behind it, leaving only a small case series or a report involving a single patient. Vera Health surfaces that research while making its limitations visible, allowing physicians to assess how much weight the findings deserve.
“Medical knowledge moves too quickly for any one clinician to read, and general-purpose AI tools can make uncertain evidence sound settled,” said Maxime Allouch, co-founder, Vera Health. “Unlike other tools, we believe there’s value in making uncertainty visible. The grade shapes what Vera retrieves and writes, while the clinician brings the patient, the context and the judgment.”
Vera Health developed its approach alongside physicians who evaluate medical evidence and help write the guidelines other clinicians follow. Through its partnership with the American College of Emergency Physicians (ACEP), the platform integrates ACEP clinical policies with source attribution, bringing medical society guidance directly into clinical research workflows.
“In medicine, not all evidence is equal,” said Scott M. Silvers, MD, FACEP, Chair of the American College of Emergency Physicians’ Clinical Policies Committee and former Chair of Emergency Medicine at Mayo Clinic. “A large, randomized trial and a case report should never carry the same weight, yet most AI tools blend them into the same confident answer. Level of evidence is the foundation of every guideline we write, and Vera Health is built on it.”
For Dr. Bernard P. Chang, Vera Health’s Chief Scientific Advisor and Vice Chair of Research in the Department of Emergency Medicine at Columbia University, the importance of clinical evidence extends to how physicians evaluate patients.
“On a recent emergency-department shift, I saw a young woman with cough and shortness of breath. The symptoms could easily be attributed to a routine respiratory illness,” said Chang. “Vera Health surfaced evidence that raised my concern for pulmonary embolism, a potentially life-threatening blood clot in the lungs, and led me to broaden my evaluation. What interests me isn’t AI simply providing an answer. It’s whether it can reliably surface evidence that challenges our initial assumptions and improves clinical reasoning. That’s what we’re now evaluating rigorously, inside the academic medical centers where medicine is actually practiced.”
Vera Health’s clinical advisors also include Christopher Baugh, MD, MBA, FACEP, Vice Chair of Clinical Affairs in Emergency Medicine at Brigham and Women’s Hospital and Associate Professor of Emergency Medicine at Harvard Medical School. Its clinical council includes physician leaders affiliated with Mayo Clinic, Yale, Harvard, Columbia and Penn.
Why is Vera Health growing so quickly across international markets?
Bennani and Allouch grew up in families of physicians and initially developed Vera Health for their own fathers. What began with two users has since grown into a platform serving hundreds of thousands of clinicians, with physicians asking hundreds of thousands of questions each day. The company’s international growth reflects an approach built around a central reality of medicine. Medical knowledge is global, but clinical practice is local.
An emergency physician in France may follow different treatment guidelines than a physician in the United States. An oncologist reviewing a complex case may need an exhaustive evaluation of the available research, while an emergency physician needs a concise answer within seconds. Even physicians practicing the same specialty may follow different protocols depending on their institution.
Vera Health accounts for those differences by prioritizing locally relevant guidance while drawing on medical research from around the world. Through Vera Spaces, health systems can also integrate their own clinical protocols and pathways alongside national guidelines and international medical literature.
“Medicine is global, yet most tools in our space were built for a single geography,” said Allouch. “We went international from day one, because only a global view reveals what is truly local.”
The approach has helped Vera Health expand across Europe, where approximately 1 in 4 physicians in Spain and Italy and 1 in 7 in France use the platform, according to company data. Vera Health has achieved that international reach with a small team and a product that clinicians have largely discovered through their peers.
What will Vera Health’s Series A funding support next?
The financing will support further development of Vera Health’s clinical evidence infrastructure, expansion into additional healthcare markets and deeper partnerships with medical societies, publishers and health systems. The company will continue investing in locally relevant clinical guidance and tools that allow healthcare institutions to incorporate their own medical knowledge into the platform.
“In healthcare, trust is earned, not bought. Vera’s adoption among clinicians worldwide speaks to what Taieb and Maxime have built. By combining the most rigorous medical evidence with an understanding of each physician’s specialty, protocols and practice context, Vera makes the world’s medical knowledge relevant to how care is actually delivered. We believe that creates an enormous opportunity to improve global health,” said Andrew Brackin, Partner at Gradient.
“Vera is compelling because it starts with the evidence, not just an answer—helping clinicians find and assess the research behind a decision while making its strengths and limitations visible. By bringing that evidence to the point of care, Vera becomes a trusted clinical intelligence layer, not just another AI tool,” said Emily Melton, co-founder and managing partner of Threshold Ventures.
Vera Health will remain free for licensed clinicians and medical trainees worldwide as it expands access to medical evidence and locally relevant clinical guidance.
New medical knowledge takes an estimated 17 years to reach routine clinical practice, according to research published in the Journal of the Royal Society of Medicine. Vera Health aims to reduce the time physicians spend searching for and evaluating that knowledge, bringing relevant evidence closer to the moment clinical decisions are made.
“Our mission is to close the gap between what medicine knows and what every patient receives,” said Bennani. “Today, that gap is measured in years. We want it measured in seconds.”
About Vera Health
Vera Health is the search engine that reasons like a clinician, finding and grading evidence before showing the source, strength and limits behind every answer. More than 800,000 clinicians in 190 countries use Vera, which is free for licensed clinicians and trainees, never trains on clinicians’ questions, and is HIPAA and GDPR compliant and SOC 2 Type II certified. Founded in 2024 at Y Combinator by MIT graduates and sons of physicians Taieb Bennani and Maxime Allouch, Vera is headquartered in San Francisco and backed by Threshold Ventures, Gradient, Y Combinator, SV Angel and Mantis VC.
Learn more at verahealth.ai.
¹ Download data: Appark, worldwide App Store and Google Play downloads, June through [September] 2026.
Media Contact
Interdependence
(949) 259-6377 x 225
425709@email4pr.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/vera-health-quietly-became-one-of-the-worlds-most-used-clinical-tools-now-it-has-raised-32-million-to-give-every-clinician-in-the-world-the-best-medical-knowledge-in-seconds-302920905.html
SOURCE Vera Health
Vertical IQ Will Expand Industry Intelligence Platform with Small Business Financial Exchange (SBFE) Small Business Credit Data
CME Group Brazilian Real Futures Set New Daily Volume Record Following Election
Vera Health Quietly Became One of the World’s Most Used Clinical Tools. Now It Has Raised $32 Million to Give Every Clinician in the World the Best Medical Knowledge in Seconds
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Nullmax and Renesas Forge Strategic Partnership to Deliver Competitive ADAS Solutions for the Global Market
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology4 days agoMiami Startup BOB Raises $5.5M To Build An AI-Powered Banking Platform
-
Coin Market4 days agoBitcoin ETFs bleed $635M as October slides back into the red
-
Coin Market4 days agoCysic dangles a 10% bounty, hacker pours loot into Tornado Cash
-
Coin Market4 days agoEthereum delays Glamsterdam Hoodi testnet launch over security risks
-
Coin Market4 days agoMalaysia, Thailand join Singapore’s cross-border stablecoin push
-
Technology4 days agoKin Becomes First U.S. Home Insurer to Enable WebMCP for AI Shopping
-
Coin Market5 days agoWinklevoss PAC moves into Texas Senate race with $81K ad buy
-
Technology5 days agoLunai Bioworks Announces Receipt of Nasdaq Determination and Intention to Voluntarily Delist and Deregister
