Veeva Announces Fourth Quarter and Fiscal Year 2026 Results

Fiscal Year 2026 Total Revenues of $3,195.3M, up 16% Year Over Year

Q4 Total Revenues of $836.0M, up 16% Year Over Year

Fiscal Year 2026 Subscription Revenues of $2,684.2M, up 17% Year Over Year

Q4 Subscription Revenues of $707.7M, up 16% Year Over Year

PLEASANTON, Calif., March 4, 2026 /PRNewswire/ -- Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its fourth quarter and fiscal year ended January 31, 2026.

"The agentic transformation underway represents a substantial opportunity for Veeva and life sciences," said CEO Peter Gassner. "With our core systems of record spanning the industry's most critical functions and unique datasets, we can deliver industry-specific AI deeply integrated into our applications. Our progress with Veeva AI and continued strong execution in Commercial Cloud, Development Cloud, and Quality Cloud will create significant value for the industry."

Fiscal 2026 Fourth Quarter Results:

Fiscal Year 2026 Results:

"Financial results in the fourth quarter exceeded our guidance across the board and capped off a year of durable, profitable growth," said CFO Brian Van Wagener. "As we look ahead, strong momentum and operational discipline give us confidence in our trajectory toward our $6 billion revenue run rate target by 2030."

Recent Highlights:

Financial Outlook:

Veeva is providing guidance for its fiscal first quarter ending April 30, 2026 as follows:

Veeva is providing updated guidance for its fiscal year ending January 31, 2027 as follows:

Conference Call Information

Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, March 4, 2026, and a replay of the call will be available on Veeva's investor relations website.

What:

Veeva Systems Fourth Quarter and Fiscal Year 2026 Results Conference Call

When:

Wednesday, March 4, 2026

Time:

2:00 p.m. PT (5:00 p.m. ET)

Online Registration:

https://events.q4inc.com/analyst/403345563?pwd=06lfBYfp

Webcast:

ir.veeva.com

___________

(1) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled "Non-GAAP Financial Measures" and the tables entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" below for details.

(2) The combined customer counts for R&D and Quality Solutions and Commercial Solutions exceed the total customer count because some customers subscribe to products in both areas. R&D and Quality Solutions consist of our Veeva Development Cloud and Veeva Quality Cloud solutions. Commercial Solutions consist of our Veeva Commercial Cloud and Veeva Data Cloud solutions.

(3) Customer count totals are presented net of customer attrition during the period.

(4) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the first fiscal quarter ending April 30, 2026 or the fiscal year ending January 31, 2027 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

About Veeva Systems

Veeva delivers the industry cloud for life sciences with software, data, and business consulting. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,500 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.

Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.

Forward-looking Statements

This release contains forward-looking statements regarding Veeva's expected future performance and, in particular, includes quotes from management and guidance, provided as of March 4, 2026, about Veeva's expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, developments that impact the life sciences industry (including regulatory, funding, or policy changes), general macroeconomic and geopolitical events (including changes in trade policy or practices, inflationary pressures, currency exchange fluctuations, changes in interest rates, and geopolitical conflicts), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled "Summary of Risk Factors" on pages 33 and 34 in our filing on Form 10-Q for the period ended October 31, 2025 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.

Investor Relations Contact:

Media Contact:

Gunnar Hansen

Maria Scurry

Veeva Systems Inc

267-460-5839

781-366-7617

[email protected]

VEEVA SYSTEMS INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

January 31,

2026

January 31,

2025

Assets

Current assets:

Cash and cash equivalents

$ 1,421,233

$ 1,118,785

Short-term investments

5,139,581

4,031,442

Accounts receivable, net

1,259,737

1,016,356

Unbilled accounts receivable

50,609

40,761

Prepaid expenses and other current assets

126,470

101,458

Total current assets

7,997,630

6,308,802

Property and equipment, net

70,261

55,912

Deferred costs, net

29,961

26,383

Lease right-of-use assets

75,626

63,863

Goodwill

439,877

Intangible assets, net

30,314

44,460

Deferred income taxes

273,417

343,919

Other long-term assets

62,257

56,540

Total assets

$ 8,979,343

$ 7,339,756

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$ 37,644

$ 30,447

Accrued compensation and benefits

45,857

39,429

Accrued expenses and other current liabilities

45,885

35,557

Income tax payable

6,698

9,024

Deferred revenue

1,488,819

1,273,978

Lease liabilities

12,153

9,969

Total current liabilities

1,637,056

1,398,404

Deferred income taxes

558

587

Long-term lease liabilities

83,706

65,806

Other long-term liabilities

43,271

42,586

Total liabilities

1,764,591

1,507,383

Stockholders' equity:

Common stock

Additional paid-in capital

2,843,089

2,386,192

Accumulated other comprehensive income (loss)

8,160

(8,416)

Retained earnings

4,363,501

3,454,595

Total stockholders' equity

7,214,752

5,832,373

Total liabilities and stockholders' equity

$ 8,979,343

$ 7,339,756

VEEVA SYSTEMS INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

Three months ended January

31,

Fiscal year ended January 31,

2026

2025

2026

2025

Revenues:

Subscription (5)

$ 707,745

$ 608,577

$ 2,684,194

$ 2,284,659

Professional services and other (6)

128,206

112,309

511,117

461,960

Total revenues

835,951

720,886

3,195,311

2,746,619

Cost of revenues (7):

Cost of subscription

96,541

83,493

362,888

323,070

Cost of professional services and other

116,936

97,498

419,131

376,566

Total cost of revenues

213,477

180,991

782,019

699,636

Gross profit

622,474

539,895

2,413,292

2,046,983

Operating expenses (7):

Research and development

198,793

181,527

767,386

693,078

Sales and marketing

110,179

99,202

428,798

396,726

General and administrative

67,626

70,743

300,739

265,744

Total operating expenses

376,598

351,472

1,496,923

1,355,548

Operating income

245,876

188,423

916,369

691,435

Other income, net

71,661

56,707

278,139

227,946

Income before income taxes

317,537

245,130

1,194,508

919,381

Income tax provision

73,333

49,505

285,602

205,243

Net income

$ 244,204

$ 195,625

$ 908,906

$ 714,138

Net income per share:

Basic

$ 1.49

$ 1.20

$ 5.55

$ 4.41

Diluted

$ 1.45

$ 1.18

$ 5.44

$ 4.32

Weighted-average shares used to compute net income per share:

Basic

164,343

162,391

163,667

161,879

Diluted

168,261

165,674

166,995

165,232

Other comprehensive income:

Net change in unrealized (loss) gain on available-for-sale investments

$ (988)

$ (1,482)

$ 17,362

$ 4,094

Net change in cumulative foreign currency translation loss

(766)

(475)

(786)

(1,873)

Comprehensive income

$ 242,450

$ 193,668

$ 925,482

$ 716,359

(5) Includes subscription revenues from the following

product areas:

Veeva Commercial Solutions

$ 326,984

$ 293,385

$ 1,257,568

$ 1,104,888

Veeva R&D and Quality Solutions

380,761

315,192

1,426,626

1,179,771

Total subscription

$ 707,745

$ 608,577

$ 2,684,194

$ 2,284,659

(6) Includes professional services and other revenues from the following

product areas:

Veeva Commercial Solutions

$ 47,580

$ 45,607

$ 189,307

$ 185,302

Veeva R&D and Quality Solutions

80,626

66,702

321,810

276,658

Total professional services and other

$ 128,206

$ 112,309

$ 511,117

$ 461,960

(7) Includes stock-based compensation as follows:

Cost of revenues:

Cost of subscription

$ 1,844

$ 1,699

$ 7,342

$ 6,591

Cost of professional services and other

15,014

12,737

57,376

51,377

Research and development

50,765

47,160

204,893

185,901

Sales and marketing

25,133

22,250

97,355

90,178

General and administrative

25,503

31,358

105,737

103,303

Total stock-based compensation

$ 118,259

$ 115,204

$ 472,703

$ 437,350

VEEVA SYSTEMS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Fiscal year ended January 31,

2026

2025

Cash flows from operating activities

Net income

$ 908,906

$ 714,138

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

37,972

39,383

Reduction of lease right-of-use assets

12,499

11,547

Accretion of discount on short-term investments

(9,693)

(24,443)

Stock-based compensation

472,703

437,350

Amortization of deferred costs

16,423

15,528

Deferred income taxes

65,094

(112,273)

Other, net

3,259

1,201

Changes in operating assets and liabilities:

Accounts receivable

(244,704)

(164,572)

Unbilled accounts receivable

(9,848)

(4,396)

Deferred costs

(20,001)

(17,995)

Prepaid expenses and other current and long-term assets

(33,825)

(17,453)

Accounts payable

6,080

(1,961)

Accrued expenses and other current liabilities

2,982

(1,414)

Income tax payable

(2,326)

(2,838)

Deferred revenue

213,056

227,838

Lease liabilities

(5,822)

(9,835)

Other long-term liabilities

2,470

246

Net cash provided by operating activities

1,415,225

1,090,051

Cash flows from investing activities

Purchases of short-term investments

(3,133,080)

(2,581,968)

Maturities and sales of short-term investments

2,057,849

1,902,349

Long-term assets

(29,131)

(20,519)

Net cash used in investing activities

(1,104,362)

(700,138)

Cash flows from financing activities

Proceeds from exercise of common stock options

253,863

105,538

Repurchases of common stock

(169,949)

—

Taxes paid related to net share settlement of equity awards

(93,247)

(79,423)

Net cash (used in) provided by financing activities

(9,333)

26,115

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

919

(1,735)

Net change in cash, cash equivalents, and restricted cash

302,449

414,293

Cash, cash equivalents, and restricted cash at beginning of period

1,120,963

706,670

Cash, cash equivalents, and restricted cash at end of period

$ 1,423,412

$ 1,120,963

Supplemental disclosures of other cash flow information:

Excess tax benefits from employee stock plans

$ 25,273

$ 8,932

Non-GAAP Financial Measures

In Veeva's public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva's management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

VEEVA SYSTEMS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Dollars in thousands)

(Unaudited)

The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:

Reconciliation of Net Cash Provided by Operating Activities (GAAP basis to non-GAAP

basis)

Three months ended January

31,

Fiscal year ended January 31,

2026

2025

2026

2025

Net cash provided by operating activities on a GAAP basis

$ 106,847

$ 69,544

$ 1,415,225

$ 1,090,051

Excess tax benefits from employee stock plans

(1,971)

(3,772)

(25,273)

(8,932)

Net cash provided by operating activities on a non-GAAP basis

$ 104,876

$ 65,772

$ 1,389,952

$ 1,081,119

Net cash used in investing activities on a GAAP basis

$ (167,750)

$ (15,692)

$ (1,104,362)

$ (700,138)

Net cash (used in) provided by financing activities on a GAAP basis

$ (178,048)

$ 20,811

$ (9,333)

$ 26,115

Reconciliation of Financial Measures (GAAP basis to non-GAAP

basis)

Three months ended January

31,

Fiscal year ended January 31,

2026

2025

2026

2025

Cost of subscription revenues on a GAAP basis

$ 96,541

$ 83,493

$ 362,888

$ 323,070

Stock-based compensation expense

(1,844)

(1,699)

(7,342)

(6,591)

Amortization of purchased intangibles

(240)

(1,045)

(3,344)

(4,310)

Cost of subscription revenues on a non-GAAP basis

$ 94,457

$ 80,749

$ 352,202

$ 312,169

Gross margin on subscription revenues on a GAAP basis

86.4 %

86.3 %

86.5 %

85.9 %

Stock-based compensation expense

0.3

Amortization of purchased intangibles

—

0.1

Gross margin on subscription revenues on a non-GAAP basis

86.7 %

86.9 %

86.3 %

Cost of professional services and other revenues on a GAAP basis

$ 116,936

$ 97,498

$ 419,131

$ 376,566

Stock-based compensation expense

(15,014)

(12,737)

(57,376)

(51,377)

Amortization of purchased intangibles

(9)

(138)

(420)

(550)

Cost of professional services and other revenues on a non-GAAP basis

$ 101,913

$ 84,623

$ 361,335

$ 324,639

Gross margin on professional services and other revenues on a GAAP

basis

8.8 %

13.2 %

18.0 %

18.5 %

Stock-based compensation expense

11.7

11.3

11.2

11.1

Amortization of purchased intangibles

—

0.2

0.1

Gross margin on professional services and other revenues on a non-

GAAP basis

20.5 %

24.7 %

29.3 %

29.7 %

Gross profit on a GAAP basis

$ 622,474

$ 539,895

$ 2,413,292

$ 2,046,983

Stock-based compensation expense

16,858

14,436

64,718

57,968

Amortization of purchased intangibles

249

1,183

3,764

4,860

Gross profit on a non-GAAP basis

$ 639,581

$ 555,514

$ 2,481,774

$ 2,109,811

Gross margin on total revenues on a GAAP basis

74.5 %

74.9 %

75.5 %

74.5 %

Stock-based compensation expense

2.0

2.1

Amortization of purchased intangibles

—

0.2

Gross margin on total revenues on a non-GAAP basis

76.5 %

77.1 %

77.7 %

76.8 %

Research and development expense on a GAAP basis

$ 198,793

$ 181,527

$ 767,386

$ 693,078

Stock-based compensation expense

(50,765)

(47,160)

(204,893)

(185,901)

Amortization of purchased intangibles

—

(85)

Research and development expense on a non-GAAP basis

$ 148,028

$ 134,367

$ 562,493

$ 507,092

Three months ended January

31,

Fiscal year ended January 31,

2026

2025

2026

2025

Sales and marketing expense on a GAAP basis

$ 110,179

$ 99,202

$ 428,798

$ 396,726

Stock-based compensation expense

(25,133)

(22,250)

(97,355)

(90,178)

Amortization of purchased intangibles

(2,087)

(2,885)

(10,382)

(13,443)

Sales and marketing expense on a non-GAAP basis

$ 82,959

$ 74,067

$ 321,061

$ 293,105

General and administrative expense on a GAAP basis

$ 67,626

$ 70,743

$ 300,739

$ 265,744

Stock-based compensation expense

(25,503)

(31,358)

(105,737)

(103,303)

Amortization of purchased intangibles

—

(170)

Litigation settlement-related charges

—

(30,627)

(5,000)

General and administrative expense on a non-GAAP basis

$ 42,123

$ 39,385

$ 164,375

$ 157,271

Operating expense on a GAAP basis

$ 376,598

$ 351,472

$ 1,496,923

$ 1,355,548

Stock-based compensation expense

(101,401)

(100,768)

(407,985)

(379,382)

Amortization of purchased intangibles

(2,087)

(2,885)

(10,382)

(13,698)

Litigation settlement-related charges

—

(30,627)

(5,000)

Operating expense on a non-GAAP basis

$ 273,110

$ 247,819

$ 1,047,929

$ 957,468

Operating income on a GAAP basis

$ 245,876

$ 188,423

$ 916,369

$ 691,435

Stock-based compensation expense

118,259

115,204

472,703

437,350

Amortization of purchased intangibles

2,336

4,068

14,146

18,558

Litigation settlement-related charges

—

30,627

5,000

Operating income on a non-GAAP basis

$ 366,471

$ 307,695

$ 1,433,845

$ 1,152,343

Operating margin on a GAAP basis

29.4 %

26.1 %

28.7 %

25.2 %

Stock-based compensation expense

14.1

16.0

14.8

15.9

Amortization of purchased intangibles

0.3

0.6

0.4

0.7

Litigation settlement-related charges

—

1.0

0.2

Operating margin on a non-GAAP basis

43.8 %

42.7 %

44.9 %

42.0 %

Net income on a GAAP basis

$ 244,204

$ 195,625

$ 908,906

$ 714,138

Stock-based compensation expense

118,259

115,204

472,703

437,350

Amortization of purchased intangibles

2,336

4,068

14,146

18,558

Litigation settlement-related charges

—

30,627

5,000

Income tax effect on non-GAAP adjustments (8)

(18,675)

(27,020)

(73,915)

(84,618)

Net income on a non-GAAP basis

$ 346,124

$ 287,877

$ 1,352,468

$ 1,090,428

Diluted net income per share on a GAAP basis

$ 1.45

$ 1.18

$ 5.44

$ 4.32

Stock-based compensation expense

0.70

2.83

2.65

Amortization of purchased intangibles

0.01

0.02

0.08

0.11

Litigation settlement-related charges

—

0.18

0.03

Income tax effect on non-GAAP adjustments (8)

(0.10)

(0.16)

(0.43)

(0.51)

Diluted net income per share on a non-GAAP basis

$ 2.06

$ 1.74

$ 8.10

$ 6.60

________________________

(8)

For the three months and fiscal years ended January 31, 2026 and 2025, management used an estimated annual effective non-GAAP

tax rate of 21.0%.

SOURCE Veeva Systems