Connect with us

Technology

CISCO REPORTS THIRD QUARTER EARNINGS

Published

on

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.

Continue Reading

Technology

Vertical IQ Will Expand Industry Intelligence Platform with Small Business Financial Exchange (SBFE) Small Business Credit Data

Published

on

By

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

Continue Reading

Technology

CME Group Brazilian Real Futures Set New Daily Volume Record Following Election

Published

on

By

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

Continue Reading

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

on

By

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

Continue Reading

Trending