Veeva Systems Inc【VEEV】株式ニュース

Veeva Announces Fiscal 2027 First Quarter ResultsJune 3, 2026 4:05 PM
PR Newswire (US) Total Revenues of $882.9M, up 16% Year Over Year
Subscription Revenues of $730.2M, up 15% Year Over YearPLEASANTON, Calif., June 3, 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 first quarter ended April 30, 2026. "Our rapid progress with Veeva AI sets the foundation as we enter the next chapter of our industry cloud," said CEO Peter Gassner. "We are moving from an industry-specific application company to an industry-specific application and AI agent company. This is a major transformation for Veeva and the industry that will help our customers bring the right medicines to patients faster."Fiscal 2027 First Quarter Results:Revenues: Total revenues for the first quarter were $882.9 million, up from $759.0 million one year ago, an increase of 16% year over year. Subscription revenues for the first quarter were $730.2 million, up from $634.8 million one year ago, an increase of 15% year over year.Operating Income and Non-GAAP Operating Income:(1) First quarter operating income was $273.1 million, compared to $233.7 million one year ago, an increase of 17% year over year. Non-GAAP operating income for the first quarter was $395.4 million, compared to $349.9 million one year ago, an increase of 13% year over year.Net Income and Non-GAAP Net Income:(1) First quarter net income was $260.9 million, compared to $228.2 million one year ago, an increase of 14% year over year. Non-GAAP net income for the first quarter was $371.1 million, compared to $327.8 million one year ago, an increase of 13% year over year.Net Income per Share and Non-GAAP Net Income per Share:(1) For the first quarter, fully diluted net income per share was $1.57, compared to $1.37 one year ago, while non-GAAP fully diluted net income per share was $2.24, compared to $1.97 one year ago."Our first quarter results exceeded guidance on all metrics, reflecting another quarter of broad-based growth and profitability," said CFO Brian Van Wagener. "We're pleased with the raised fiscal 2027 guidance and energized by the large and growing opportunity ahead."Recent Highlights:Advancing Industry AI with Rapid Progress Across Veeva AI – Veeva significantly advanced its industry AI strategy this quarter. Ostro, acquired in March, is delivering compliant, conversational AI for more than 50 brands. Vault AI is on track to expand to all Vault applications in August. Veeva Falcon, the new platform delivering agentic labor for clinical, regulatory, and safety, is planned for early adopter release in November.Leading the Industry with Agentic Commercial – At Commercial Summit in May, Veeva shared its vision for Agentic Commercial, leveraging AI to help biopharmas bring the right medicines to more patients. With capabilities like the Agentic Call Report in Vault CRM and Ostro's conversational AI on brand websites, biopharmas can now generate and act on Commercial Evidence. In Vault CRM, the industry's fastest path to Agentic CRM success, Veeva added 27 new Vault CRM customers in the quarter and now has more than 150 customers live.Bringing Agentic Labor to Veeva Development Cloud – Veeva expanded its leadership with multiple enterprise biopharma wins across clinical, regulatory, and safety. Additionally, Veeva showcased its AI strategy at the recent European R&D and Quality Summit in Copenhagen, generating strong customer interest in Vault AI and Veeva Falcon to drive productivity and speed in drug development.Financial Outlook:Veeva is providing guidance for its fiscal second quarter ending July 31, 2026 as follows:Total revenues between $902 and $905 million.Non-GAAP operating income between $392 and $395 million.(2)Non-GAAP fully diluted net income per share between $2.21 and $2.22.(2)Veeva is providing updated guidance for its fiscal year ending January 31, 2027 as follows:Total revenues between $3,635 and $3,645 million.Non-GAAP operating income of about $1,610 million.(2)Non-GAAP fully diluted net income per share of approximately $9.05.(2)Conference Call InformationPrepared 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, June 3, 2026, and a replay of the call will be available on Veeva's investor relations website.What:Veeva Systems Fiscal 2027 First Quarter Results Conference CallWhen:Wednesday, June 3, 2026Time:2:00 p.m. PT (5:00 p.m. ET)Online Registration: https://events.q4inc.com/analyst/423437130?pwd=ckfYa8Xa 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) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the second fiscal quarter ending July 31, 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 SystemsVeeva delivers the industry cloud for life sciences with cloud software, AI, 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 StatementsThis release contains forward-looking statements regarding Veeva's expected future performance and, in particular, includes quotes from management and guidance, provided as of June 3, 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 13 and 14 in our filing on Form 10-K for the period ended January 31, 2026 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-K 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 ScurryVeeva Systems Inc.
Veeva Systems Inc.267-460-5839
781-366-7617ir@veeva.com
pr@veeva.com VEEVA SYSTEMS INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)
April 30,
2026
January 31,
2026Assets

Current assets:

Cash and cash equivalents$    1,896,580
$    1,421,233Short-term investments5,416,139
5,139,581Accounts receivable, net568,020
1,259,737Unbilled accounts receivable59,752
50,609Prepaid expenses and other current assets122,770
126,470Total current assets8,063,261
7,997,630Property and equipment, net73,484
70,261Deferred costs, net28,686
29,961Lease right-of-use assets82,060
75,626Goodwill488,161
439,877Intangible assets, net55,508
30,314Deferred income taxes272,665
273,417Other long-term assets65,733
62,257Total assets$    9,129,558
$    8,979,343

Liabilities and stockholders' equity

Current liabilities:

Accounts payable$ 40,657
$ 37,644Accrued compensation and benefits52,572
45,857Accrued expenses and other current liabilities50,974
45,885Income tax payable67,897
6,698Deferred revenue1,476,539
1,488,819Lease liabilities13,131
12,153Total current liabilities1,701,770
1,637,056Deferred income taxes1,148
558Long-term lease liabilities89,936
83,706Other long-term liabilities32,350
43,271Total liabilities1,825,204
1,764,591Stockholders' equity:

Common stock2
2Additional paid-in capital2,699,707
2,843,089Accumulated other comprehensive (loss) income(19,792)
8,160Retained earnings4,624,437
4,363,501Total stockholders' equity7,304,354
7,214,752Total liabilities and stockholders' equity$    9,129,558
$    8,979,343 VEEVA SYSTEMS INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands, except per share data)(Unaudited)
Three months ended April 30,
2026
2025Revenues:

Subscription(3)$      730,175
$      634,768Professional services and other(4)152,773
124,275Total revenues882,948
759,043Cost of revenues(5):

Cost of subscription99,103
78,346Cost of professional services and other121,821
95,478Total cost of revenues220,924
173,824Gross profit662,024
585,219Operating expenses(5):

Research and development208,323
184,033Sales and marketing111,117
98,628General and administrative69,472
68,826Total operating expenses388,912
351,487Operating income273,112
233,732Other income, net74,418
65,089Income before income taxes347,530
298,821Income tax provision86,594
70,631Net income$      260,936
$      228,190Net income per share:

Basic$ 1.60
$ 1.40Diluted$ 1.57
$ 1.37Weighted-average shares used to compute net income per share:

Basic163,345
162,749Diluted165,989
166,229Other comprehensive income:

Net change in unrealized (loss) gain on available-for-sale investments$      (27,451)
$ 17,367Net change in cumulative foreign currency translation loss(501)
(38)Comprehensive income$      232,984
$      245,519

(3) Includes subscription revenues from the following product areas:

Veeva Commercial Solutions$      337,866
$      305,411Veeva R&D and Quality Solutions392,309
329,357Total subscription$      730,175
$      634,768

(4) Includes professional services and other revenues from the following product areas:

Veeva Commercial Solutions$ 57,573
$ 46,567Veeva R&D and Quality Solutions95,200
77,708Total professional services and other$      152,773
$      124,275

(5) Includes stock-based compensation as follows:

Cost of revenues:

Cost of subscription$ 1,761
$ 1,715Cost of professional services and other14,151
12,769Research and development51,563
47,949Sales and marketing24,594
22,321General and administrative27,190
27,456Total stock-based compensation$      119,259
$      112,210 VEEVA SYSTEMS INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited)

Three months ended April 30,

2026
2025Cash flows from operating activities

Net income
$ 260,936
$ 228,190Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization
11,587
9,822Reduction of lease right-of-use assets
3,279
3,265Accretion of discount on short-term investments
(1,788)
(2,509)Stock-based compensation
119,259
112,210Amortization of deferred costs
4,900
4,043Deferred income taxes
14,337
(27,418)Other, net
(1,777)
4,327Changes in operating assets and liabilities:

Accounts receivable
696,614
522,686Unbilled accounts receivable
(9,143)
(7,672)Deferred costs
(3,625)
(4,055)Prepaid expenses and other current and long-term assets
(7,984)
(4,501)Accounts payable
4,473
7,743Accrued expenses and other current liabilities
8,923
(8,720)Income tax payable
61,199
82,345Deferred revenue
(32,963)
(41,361)Lease liabilities
(2,460)
(2,543)Other long-term liabilities
1,349
1,306Net cash provided by operating activities
1,127,116
877,158Cash flows from investing activities

Purchases of short-term investments
(982,315)
(667,100)Maturities and sales of short-term investments
670,835
620,903Long-term assets
(1,751)
(5,910)Acquisitions, net of cash acquired
(75,480)
—Net cash used in investing activities
(388,711)
(52,107)Cash flows from financing activities

Proceeds from exercise of common stock options
2,939
40,605Repurchases of common stock
(226,947)
—Taxes paid related to net share settlement of equity awards
(38,518)
(20,225)Net cash (used in) provided by financing activities
(262,526)
20,380Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(532)
766Net change in cash, cash equivalents, and restricted cash
475,347
846,197Cash, cash equivalents, and restricted cash at beginning of period
1,423,412
1,120,963Cash, cash equivalents, and restricted cash at end of period
$   1,898,759
$   1,967,160

Supplemental disclosures of other cash flow information:

Excess tax (deficiency) benefit from employee stock plans
$ (4,092)
$ 2,579Non-GAAP Financial MeasuresIn 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.Excess tax benefit (deficiency). Excess tax benefits (deficiencies) from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva finds it useful to exclude excess tax benefits (deficiencies) when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits (deficiencies), Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva's revenues earned during the periods presented and will contribute to Veeva's future period revenues as well.Litigation settlement-related charges. We exclude certain costs related to litigation settlements, including outcome-based payments to the law firms that represented us, because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP 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 April 30,
2026
2025Net cash provided by operating activities on a GAAP basis$ 1,127,116
$ 877,158Excess tax deficiency (benefit) from employee stock plans4,092
(2,579)Net cash provided by operating activities on a non-GAAP basis$ 1,131,208
$ 874,579Net cash used in investing activities on a GAAP basis$   (388,711)
$    (52,107)Net cash (used in) provided by financing activities on a GAAP basis$   (262,526)
$     20,380

Reconciliation of Financial Measures (GAAP basis to non-GAAP basis)Three months ended April 30,
2026
2025Cost of subscription revenues on a GAAP basis$     99,103
$     78,346Stock-based compensation expense(1,761)
(1,715)Amortization of purchased intangibles(674)
(1,012)Cost of subscription revenues on a non-GAAP basis$     96,668
$     75,619

Gross margin on subscription revenues on a GAAP basis86.4 %
87.7 %Stock-based compensation expense0.2
0.3Amortization of purchased intangibles0.2
0.1Gross margin on subscription revenues on a non-GAAP basis86.8 %
88.1 %

Cost of professional services and other revenues on a GAAP basis$    121,821
$     95,478Stock-based compensation expense(14,151)
(12,769)Amortization of purchased intangibles—
(134)Cost of professional services and other revenues on a non-GAAP basis$    107,670
$     82,575

Gross margin on professional services and other revenues on a GAAP basis20.3 %
23.2 %Stock-based compensation expense9.2
10.3Amortization of purchased intangibles—
0.1Gross margin on professional services and other revenues on a non-GAAP basis29.5 %
33.6 %

Gross profit on a GAAP basis$    662,024
$    585,219Stock-based compensation expense15,912
14,484Amortization of purchased intangibles674
1,146Gross profit on a non-GAAP basis$    678,610
$    600,849

Gross margin on total revenues on a GAAP basis75.0 %
77.1 %Stock-based compensation expense1.8
1.9Amortization of purchased intangibles0.1
0.2Gross margin on total revenues on a non-GAAP basis76.9 %
79.2 %

Research and development expense on a GAAP basis$    208,323
$    184,033Stock-based compensation expense(51,563)
(47,949)Research and development expense on a non-GAAP basis$    156,760
$    136,084

Three months ended April 30,
2026
2025

Sales and marketing expense on a GAAP basis$    111,117
$     98,628Stock-based compensation expense(24,594)
(22,321)Amortization of purchased intangibles(2,331)
(2,795)Sales and marketing expense on a non-GAAP basis$     84,192
$     73,512

General and administrative expense on a GAAP basis$     69,472
$     68,826Stock-based compensation expense(27,190)
(27,456)General and administrative expense on a non-GAAP basis$     42,282
$     41,370

Operating expense on a GAAP basis$    388,912
$    351,487Stock-based compensation expense(103,347)
(97,726)Amortization of purchased intangibles(2,331)
(2,795)Operating expense on a non-GAAP basis$    283,234
$    250,966

Operating income on a GAAP basis$    273,112
$    233,732Stock-based compensation expense119,259
112,210Amortization of purchased intangibles3,005
3,941Operating income on a non-GAAP basis$    395,376
$    349,883

Operating margin on a GAAP basis30.9 %
30.8 %Stock-based compensation expense13.5
14.8Amortization of purchased intangibles0.4
0.5Operating margin on a non-GAAP basis44.8 %
46.1 %

Net income on a GAAP basis$    260,936
$    228,190Stock-based compensation expense119,259
112,210Amortization of purchased intangibles3,005
3,941Income tax effect on non-GAAP adjustments(6)(12,063)
(16,513)Net income on a non-GAAP basis$ 371,137
$ 327,828

Diluted net income per share on a GAAP basis$        1.57
$        1.37Stock-based compensation expense0.72
0.68Amortization of purchased intangibles0.02
0.02Income tax effect on non-GAAP adjustments(6)(0.07)
(0.10)Diluted net income per share on a non-GAAP basis$        2.24
$        1.97________________________(6) For the three months ended April 30, 2026 and 2025, management used an estimated annual effective non-GAAP tax rate of 21.0%. View original content to download multimedia:https://www.prnewswire.com/news-releases/veeva-announces-fiscal-2027-first-quarter-results-302790659.htmlSOURCE Veeva Systems Original: Veeva Announces Fiscal 2027 First Quarter Results

Veeva Announces Fourth Quarter and Fiscal Year 2026 ResultsMarch 4, 2026 4:05 PM
PR Newswire (US)

Fiscal Year 2026 Total Revenues of $3,195.3M, up 16% Year Over Year
Q4 Total Revenues of $836.0M, up 16% Year Over YearFiscal Year 2026 Subscription Revenues of $2,684.2M, up 17% Year Over Year
Q4 Subscription Revenues of $707.7M, up 16% Year Over YearPLEASANTON, 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:Revenues: Total revenues for the fourth quarter were $836.0 million, up from $720.9 million one year ago, an increase of 16% year over year. Subscription revenues for the fourth quarter were $707.7 million, up from $608.6 million one year ago, an increase of 16% year over year.Operating Income and Non-GAAP Operating Income:(1) Fourth quarter operating income was $245.9 million, compared to $188.4 million one year ago, an increase of 30% year over year. Non-GAAP operating income for the fourth quarter was $366.5 million, compared to $307.7 million one year ago, an increase of 19% year over year.Net Income and Non-GAAP Net Income:(1) Fourth quarter net income was $244.2 million, compared to $195.6 million one year ago, an increase of 25% year over year. Non-GAAP net income for the fourth quarter was $346.1 million, compared to $287.9 million one year ago, an increase of 20% year over year.Net Income per Share and Non-GAAP Net Income per Share:(1) For the fourth quarter, fully diluted net income per share was $1.45, compared to $1.18 one year ago, while non-GAAP fully diluted net income per share was $2.06, compared to $1.74 one year ago.Fiscal Year 2026 Results:Revenues: Total revenues for the fiscal year ended January 31, 2026 were $3,195.3 million, up from $2,746.6 million one year ago, an increase of 16% year over year. Subscription revenues were $2,684.2 million, up from $2,284.7 million one year ago, an increase of 17% year over year.Operating Income and Non-GAAP Operating Income:(1) Fiscal year 2026 operating income was $916.4 million, compared to $691.4 million one year ago, an increase of 33% year over year. Non-GAAP operating income for fiscal year 2026 was $1,433.8 million, compared to $1,152.3 million one year ago, an increase of 24% year over year.Net Income and Non-GAAP Net Income:(1) Fiscal year 2026 net income was $908.9 million, compared to $714.1 million one year ago, an increase of 27% year over year. Non-GAAP net income for fiscal year 2026 was $1,352.5 million, compared to $1,090.4 million one year ago, an increase of 24% year over year.Net Income per Share and Non-GAAP Net Income per Share:(1) For fiscal year 2026, fully diluted net income per share was $5.44, compared to $4.32 one year ago, while non-GAAP fully diluted net income per share was $8.10, compared to $6.60 one year ago."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:Strengthening our Partnership with the Industry in Milestone Year – Expanding with both new and existing customers, Veeva finished the year with a total of 1,552 customers, including 1,196 in Veeva R&D and Quality Solutions and 767 in Veeva Commercial Solutions. Driven by continued customer success and product excellence, Veeva achieved its $3 billion revenue run rate in early 2025 – a major milestone that underscores the company's consistent execution against its goals.(2)(3)Driving Innovation with Deeply Integrated, Industry AI – With core systems of record spanning the industry's most critical functions, Veeva is uniquely positioned to deliver industry-specific AI integrated into its core applications. Veeva AI utilizes specialized datasets, sophisticated logic, deep process integration, and safeguards to provide high-value AI that ensures compliance and data integrity. Since the December release of the first Veeva AI Agents for CRM and commercial content, several customers have gone live and many more projects are underway. Veeva is on track to release additional agents across its other major application areas throughout 2026.Expanding Leadership in R&D and Quality – Veeva Development Cloud and Quality Cloud advanced significantly in the quarter, marked by several top 20 biopharma wins and key progress in newer application areas. In clinical, a top 20 biopharma selected Veeva RTSM as their enterprise standard. Safety momentum continued with Veeva's sixth top 20 win and its first top 20 biopharma live on Workbench and Signal. In Quality, Veeva LIMS made significant progress and remains on track for its first top 20 biopharma go-live at two manufacturing sites in 2026.Leading in Commercial with Innovation and Customer Success Focus – With Vault CRM, the next generation CRM for life sciences, Veeva is accelerating the industry's move to agentic CRM. More than 125 customers are live on Vault CRM including 2 top 20 biopharmas in major markets, with many more on track to go live in 2026. Veeva ended the year with 10 top 20 biopharmas committed to Vault CRM globally and expects about 14 of the top 20 to commit as it continues to execute on its commercial vision. Crossix also had a breakout year, with strong growth in Measurement and Audiences.Financial Outlook:Veeva is providing guidance for its fiscal first quarter ending April 30, 2026 as follows:Total revenues between $855 and $858 million.Non-GAAP operating income between $378 and $381 million.(4)Non-GAAP fully diluted net income per share between $2.13 and $2.14.(4)Veeva is providing updated guidance for its fiscal year ending January 31, 2027 as follows:Total revenues between $3,585 and $3,600 million.Non-GAAP operating income of about $1,590 million.(4)Non-GAAP fully diluted net income per share of approximately $8.85.(4)Conference Call InformationPrepared 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 CallWhen:Wednesday, March 4, 2026Time: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 SystemsVeeva 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 StatementsThis 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 ScurryVeeva Systems Inc
Veeva Systems Inc267-460-5839
781-366-7617ir@veeva.com
pr@veeva.com VEEVA SYSTEMS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

January 31,
2026
January 31,
2025Assets

Current assets:

Cash and cash equivalents$      1,421,233
$      1,118,785Short-term investments5,139,581
4,031,442Accounts receivable, net1,259,737
1,016,356Unbilled accounts receivable50,609
40,761Prepaid expenses and other current assets126,470
101,458Total current assets7,997,630
6,308,802Property and equipment, net70,261
55,912Deferred costs, net29,961
26,383Lease right-of-use assets75,626
63,863Goodwill439,877
439,877Intangible assets, net30,314
44,460Deferred income taxes273,417
343,919Other long-term assets62,257
56,540Total assets$      8,979,343
$      7,339,756

Liabilities and stockholders' equity

Current liabilities:

Accounts payable$           37,644
$           30,447Accrued compensation and benefits45,857
39,429Accrued expenses and other current liabilities45,885
35,557Income tax payable6,698
9,024Deferred revenue1,488,819
1,273,978Lease liabilities12,153
9,969Total current liabilities1,637,056
1,398,404Deferred income taxes558
587Long-term lease liabilities83,706
65,806Other long-term liabilities43,271
42,586Total liabilities1,764,591
1,507,383Stockholders' equity:

Common stock2
2Additional paid-in capital2,843,089
2,386,192Accumulated other comprehensive income (loss)8,160
(8,416)Retained earnings4,363,501
3,454,595Total stockholders' equity7,214,752
5,832,373Total 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
2025Revenues:

Subscription(5)$         707,745
$         608,577
$      2,684,194
$      2,284,659Professional services and other(6)128,206
112,309
511,117
461,960Total revenues835,951
720,886
3,195,311
2,746,619Cost of revenues(7):

Cost of subscription96,541
83,493
362,888
323,070Cost of professional services and other116,936
97,498
419,131
376,566Total cost of revenues213,477
180,991
782,019
699,636Gross profit622,474
539,895
2,413,292
2,046,983Operating expenses(7):

Research and development198,793
181,527
767,386
693,078Sales and marketing110,179
99,202
428,798
396,726General and administrative67,626
70,743
300,739
265,744Total operating expenses376,598
351,472
1,496,923
1,355,548Operating income245,876
188,423
916,369
691,435Other income, net71,661
56,707
278,139
227,946Income before income taxes317,537
245,130
1,194,508
919,381Income tax provision73,333
49,505
285,602
205,243Net income$         244,204
$         195,625
$         908,906
$         714,138Net income per share:

Basic$               1.49
$               1.20
$               5.55
$               4.41Diluted$               1.45
$               1.18
$               5.44
$               4.32Weighted-average shares used to compute net income per share:

Basic164,343
162,391
163,667
161,879Diluted168,261
165,674
166,995
165,232Other comprehensive income:

Net change in unrealized (loss) gain on available-for-sale investments$              (988)
$            (1,482)
$           17,362
$             4,094Net 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
$      1,104,888Veeva R&D and Quality Solutions380,761
315,192
1,426,626
1,179,771Total 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
$         185,302Veeva R&D and Quality Solutions80,626
66,702
321,810
276,658Total 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
$             6,591Cost of professional services and other15,014
12,737
57,376
51,377Research and development50,765
47,160
204,893
185,901Sales and marketing25,133
22,250
97,355
90,178General and administrative25,503
31,358
105,737
103,303Total 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
2025Cash flows from operating activities

Net income
$        908,906
$        714,138Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization
37,972
39,383Reduction of lease right-of-use assets
12,499
11,547Accretion of discount on short-term investments
(9,693)
(24,443)Stock-based compensation
472,703
437,350Amortization of deferred costs
16,423
15,528Deferred income taxes
65,094
(112,273)Other, net
3,259
1,201Changes 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
227,838Lease liabilities
(5,822)
(9,835)Other long-term liabilities
2,470
246Net cash provided by operating activities
1,415,225
1,090,051Cash 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
1,902,349Long-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
105,538Repurchases 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)
26,115Effect 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
414,293Cash, cash equivalents, and restricted cash at beginning of period
1,120,963
706,670Cash, 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
$            8,932Non-GAAP Financial MeasuresIn 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.Excess tax benefits. Excess tax benefits from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits, Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva's revenues earned during the periods presented and will contribute to Veeva's future period revenues as well.Litigation settlement-related charges. We exclude certain costs related to litigation settlements, including outcome-based payments to the law firms that represented us, because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP 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
2025Net cash provided by operating activities on a GAAP basis$      106,847
$        69,544
$   1,415,225
$   1,090,051Excess 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
$   1,081,119Net 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
2025Cost of subscription revenues on a GAAP basis$        96,541
$        83,493
$      362,888
$      323,070Stock-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 basis86.4 %
86.3 %
86.5 %
85.9 %Stock-based compensation expense0.3
0.3
0.3
0.3Amortization of purchased intangibles—
0.1
0.1
0.1Gross margin on subscription revenues on a non-GAAP basis86.7 %
86.7 %
86.9 %
86.3 %

Cost of professional services and other revenues on a GAAP basis$      116,936
$        97,498
$      419,131
$      376,566Stock-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
basis8.8 %
13.2 %
18.0 %
18.5 %Stock-based compensation expense11.7
11.3
11.2
11.1Amortization of purchased intangibles—
0.2
0.1
0.1Gross margin on professional services and other revenues on a non-
GAAP basis20.5 %
24.7 %
29.3 %
29.7 %

Gross profit on a GAAP basis$      622,474
$      539,895
$   2,413,292
$   2,046,983Stock-based compensation expense16,858
14,436
64,718
57,968Amortization of purchased intangibles249
1,183
3,764
4,860Gross profit on a non-GAAP basis$      639,581
$      555,514
$   2,481,774
$   2,109,811

Gross margin on total revenues on a GAAP basis74.5 %
74.9 %
75.5 %
74.5 %Stock-based compensation expense2.0
2.0
2.0
2.1Amortization of purchased intangibles—
0.2
0.2
0.2Gross margin on total revenues on a non-GAAP basis76.5 %
77.1 %
77.7 %
76.8 %

Research and development expense on a GAAP basis$      198,793
$      181,527
$      767,386
$      693,078Stock-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
$      396,726Stock-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
$      265,744Stock-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
$   1,355,548Stock-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
$      691,435Stock-based compensation expense118,259
115,204
472,703
437,350Amortization of purchased intangibles2,336
4,068
14,146
18,558Litigation settlement-related charges—
—
30,627
5,000Operating income on a non-GAAP basis$      366,471
$      307,695
$   1,433,845
$   1,152,343

Operating margin on a GAAP basis29.4 %
26.1 %
28.7 %
25.2 %Stock-based compensation expense14.1
16.0
14.8
15.9Amortization of purchased intangibles0.3
0.6
0.4
0.7Litigation settlement-related charges—
—
1.0
0.2Operating margin on a non-GAAP basis43.8 %
42.7 %
44.9 %
42.0 %

Net income on a GAAP basis$      244,204
$      195,625
$      908,906
$      714,138Stock-based compensation expense118,259
115,204
472,703
437,350Amortization of purchased intangibles2,336
4,068
14,146
18,558Litigation settlement-related charges—
—
30,627
5,000Income 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
$            4.32Stock-based compensation expense0.70
0.70
2.83
2.65Amortization of purchased intangibles0.01
0.02
0.08
0.11Litigation settlement-related charges—
—
0.18
0.03Income 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%.

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Original: Veeva Announces Fourth Quarter and Fiscal Year 2026 Results