VEEV

MKT CAP:$26B

Veeva Systems Inc.

Market Cap

$26B

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

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$161.01-$58.48 (-26.64%)

Apr 24, 2026

Company Details

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 Commercial Cloud, a suite of software, data, an...

CEO

Peter Gassner

IPO Date

Oct 16, 2013

Website

www.veeva.com

Key Metrics TTM

Revenue

$3.2B

+16.3% YoY

Net Income

$909M

EPS (Diluted)

$5.41

Free Cash Flow

$1.4B

Revenue / Share

$18.99

Gross Margin

75.5%

Operating Margin

28.7%

Net Margin

28.4%

FCF Margin

43.5%

P/S

8.3x

P/E

29.1x

Earnings Reports

FY 2026

Mar 20, 2026

$3.2B+16.3%EPS $5.44

Q4 2026

Mar 20, 2026

$836M+16.0%EPS $1.45

Q3 2026

Nov 21, 2025

$811M+16.0%EPS $1.40

Q2 2026

Aug 29, 2025

$789M+16.7%EPS $1.19

Q1 2026

Jun 2, 2025

$759M+16.7%EPS $1.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 23	$505M	$366M	$128M
Q2 23	$534M	$383M	$101M
Q3 23	$552M	$398M	$121M
Q4 23	$563M	$399M	$109M
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

Valuation

Quarter	P/S	P/E
Q1 23	15.1x	70.6x
Q2 23	17.4x	88.5x
Q3 23	12.7x	66.3x
Q4 23	12.4x	54.7x
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 23	$481M	$479M
Q2 23	$93M	$92M
Q3 23	$143M	$137M
Q4 23	$63M	$59M
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	$100M

Capital Expenditures

Quarter	CapEx
Q1 23	$2M
Q2 23	$2M
Q3 23	$6M
Q4 23	$4M
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	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+16.5%	+23.7%
Q2 23	+17.3%	+30.9%
Q3 23	+16.0%	+25.5%
Q4 23	+16.0%	+24.2%
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 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
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	$120M	14.8%
Q4 26	-$2M	-0.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$113M	$48M	$76M
Q2 23	$134M	$58M	$90M
Q3 23	$130M	$53M	$94M
Q4 23	$143M	$59M	$89M
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 23	$43M	$59M	$228M	$175M
Q2 23	$44M	$61M	$236M	$192M
Q3 23	$45M	$65M	$239M	$202M
Q4 23	$44M	$59M	$243M	$217M
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 23	$58M	$139M	$14M	$295M
Q2 23	$61M	$150M	$15M	$309M
Q3 23	$63M	$153M	$15M	$322M
Q4 23	$63M	$157M	$15M	$328M
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 23	$1.2B	$1.6B	$2.8B
Q2 23	$1.1B	$1.8B	$2.9B
Q3 23	$865M	$2.2B	$3.0B
Q4 23	$886M	$2.2B	$3.1B
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	YoY Change
Q1 23	162M	-0.5%	-0.2%
Q2 23	162M	+0.1%	-0.4%
Q3 23	162M	+0.1%	-0.5%
Q4 23	162M	-0.1%	-0.4%
Q1 24	163M	+0.3%	+0.4%
Q2 24	163M	+0.5%	+0.7%
Q3 24	164M	+0.3%	+0.9%
Q4 24	164M	+0.2%	+1.2%
Q1 25	164M	+0.2%	+1.2%
Q2 25	165M	+0.1%	+0.8%
Q3 25	165M	+0.3%	+0.7%
Q4 25	166M	+0.4%	+1.0%
Q1 26	166M	+0.3%	+1.1%
Q2 26	167M	+0.6%	+1.6%
Q3 26	168M	+0.4%	+1.8%
Q4 26	168M	+0.2%	+1.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 23	$92.1K	5K
Q2 23	$97.4K	5K
Q3 23	$100.8K	5K
Q4 23	$83.5K	7K
Q1 24	$78.0K	7K
Q2 24	$87.5K	7K
Q3 24	$91.4K	7K
Q4 24	$87.9K	7K
Q1 25	$90.7K	7K
Q2 25	$94.3K	7K
Q3 25	$97.5K	7K
Q4 25	$98.9K	7K
Q1 26	$104.1K	7K
Q2 26	$108.2K	7K
Q3 26	$111.3K	7K
Q4 26	$105.4K	8K

Revenue / Employee