VEEV (Veeva Systems Inc.) Stock Financials & Earnings

VEEVVeeva Systems Inc.

Mkt Cap$31B

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NYSE

Revenue (TTM)$3.2B

Net Income (TTM)$909M

EPS (TTM)$5.41

Free Cash Flow (TTM)$1.4B

Gross Margin75.5%

Op. Margin28.7%

Net Margin28.4%

FCF Margin43.7%

P/S Ratio (TTM)9.7x

P/E Ratio (TTM)34.2x

YoY Rev Growth+16.3%

Employees—

Earnings Reports

▶Q4 2026NEW

Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commerc...

CEO Peter GassnerIPO Oct 16, 2013www.veeva.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 24	$526M	$360M	$62M
Q2 24	$590M	$421M	$104M
Q3 24	$617M	$449M	$128M
Q4 24	$631M	$457M	$135M
Q1 25	$650M	$476M	$155M
Q2 25	$676M	$506M	$166M
Q3 25	$699M	$525M	$181M
Q4 25	$721M	$540M	$188M
Q1 26	$759M	$585M	$234M
Q2 26	$789M	$594M	$196M
Q3 26	$811M	$612M	$241M
Q4 26	$836M	$622M	$246M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 24	13.3x	55.6x
Q2 24	14.7x	60.8x
Q3 24	13.3x	54.0x
Q4 24	14.5x	65.4x
Q1 25	13.1x	58.5x
Q2 25	12.0x	50.4x
Q3 25	12.9x	51.6x
Q4 25	13.8x	53.2x
Q1 26	12.9x	47.1x
Q2 26	16.0x	58.8x
Q3 26	15.5x	55.5x
Q4 26	10.4x	36.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 24	$506M	$503M
Q2 24	$265M	$255M
Q3 24	$83M	$77M
Q4 24	$58M	$50M
Q1 25	$764M	$755M
Q2 25	$93M	$90M
Q3 25	$164M	$160M
Q4 25	$70M	$65M
Q1 26	$877M	$871M
Q2 26	$238M	$232M
Q3 26	$193M	$186M
Q4 26	$107M	$107M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 24	$3M
Q2 24	$10M
Q3 24	$6M
Q4 24	$8M
Q1 25	$8M
Q2 25	$3M
Q3 25	$4M
Q4 25	$5M
Q1 26	$6M
Q2 26	$6M
Q3 26	$6M
Q4 26	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 24	+4.2%	+23.1%
Q2 24	+10.5%	+12.2%
Q3 24	+11.6%	+13.2%
Q4 24	+11.9%	+9.0%
Q1 25	+23.6%	+6.5%
Q2 25	+14.6%	+4.8%
Q3 25	+13.4%	+6.1%
Q4 25	+14.3%	+7.5%
Q1 26	+16.7%	+6.1%
Q2 26	+16.7%	+16.4%
Q3 26	+16.0%	+10.1%
Q4 26	+16.0%	+10.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$108M	16.0%
Q3 25	$118M	16.9%
Q4 25	$0	0.0%
Q1 26	$0	0.0%
Q2 26	-$2M	-0.2%
Q3 26	$0	0.0%
Q4 26	-$2M	-0.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 24	$147M	$63M	$89M
Q2 24	$157M	$63M	$97M
Q3 24	$161M	$86M	$73M
Q4 24	$164M	$59M	$99M
Q1 25	$163M	$61M	$97M
Q2 25	$176M	$61M	$102M
Q3 25	$172M	$94M	$77M
Q4 25	$182M	$71M	$99M
Q1 26	$184M	$69M	$99M
Q2 26	$193M	$96M	$109M
Q3 26	$192M	$68M	$111M
Q4 26	$199M	$68M	$110M

Revenue Segments

Quarter	Professional Services Veeva Commercial Cloud	Professional Services Veeva Research And Development	Subscription Services Veeva Commercial Cloud	Subscription Services Veeva Research And Development
Q1 24	$45M	$67M	$239M	$175M
Q2 24	$47M	$72M	$243M	$227M
Q3 24	$48M	$74M	$251M	$244M
Q4 24	$46M	$63M	$262M	$260M
Q1 25	$49M	$68M	$261M	$273M
Q2 25	$45M	$70M	$272M	$289M
Q3 25	$46M	$73M	$278M	$302M
Q4 25	$46M	$67M	$293M	$315M
Q1 26	$47M	$78M	$305M	$329M
Q2 26	$48M	$82M	$308M	$352M

Revenue by Geography

Quarter	Asia Pacific	Europe	Middle East, Africa, And Latin America	North America
Q1 24	$56M	$142M	$14M	$314M
Q2 24	$64M	$165M	$15M	$346M
Q3 24	$65M	$172M	$16M	$362M
Q4 24	$66M	$183M	$17M	$365M
Q1 25	$62M	$190M	$16M	$382M
Q2 25	$65M	$198M	$17M	$396M
Q3 25	$69M	$199M	$17M	$414M
Q4 25	$70M	$204M	$18M	$430M
Q1 26	$65M	$217M	$17M	$459M
Q2 26	$70M	$233M	$18M	$468M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 24	$1.1B	$2.5B	$3.6B
Q2 24	$743M	$3.1B	$3.9B
Q3 24	$744M	$3.2B	$3.9B
Q4 24	$703M	$3.3B	$4.0B
Q1 25	$1.2B	$3.6B	$4.8B
Q2 25	$1.2B	$3.7B	$4.9B
Q3 25	$1.0B	$4.0B	$5.1B
Q4 25	$1.1B	$4.0B	$5.2B
Q1 26	$2.0B	$4.1B	$6.1B
Q2 26	$1.9B	$4.5B	$6.4B
Q3 26	$1.7B	$5.0B	$6.6B
Q4 26	$1.4B	$5.1B	$6.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 24	163M	+0.3%
Q2 24	163M	+0.5%
Q3 24	164M	+0.3%
Q4 24	164M	+0.2%
Q1 25	164M	+0.2%
Q2 25	165M	+0.1%
Q3 25	165M	+0.3%
Q4 25	166M	+0.4%
Q1 26	166M	+0.3%
Q2 26	167M	+0.6%
Q3 26	168M	+0.4%
Q4 26	168M	+0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 15	$329K	951
FY 16	$278K	1K
FY 17	$303K	2K
FY 18	$318K	2K
FY 19	$338K	3K
FY 20	$315K	4K
FY 21	$325K	5K
FY 22	$338K	5K
FY 23	$320K	7K
FY 24	$330K	7K
FY 25	$377K	7K
FY 26	$438K	7K