Veeva Systems Inc. (VEEV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$2.22	$2.35	+5.9%	—	$928M	—
Q1 27	$2.14	$2.24	+4.7%	—	$882.9M	—
Q3 26	$1.95	$2.04	+4.6%	—	$811.2M	—
Q2 26	$1.9	$1.99	+4.7%	—	—	—
Q1 26	$1.74	$1.97	+13.2%	—	—	—
Q4 25	$1.58	$1.74	+10.1%	—	—	—
Q3 25	$1.58	$1.75	+10.8%	—	—	—
Q2 25	$1.53	$1.62	+5.9%	—	—	—
Q1 25	$1.42	$1.5	+5.6%	—	—	—
Q4 24	$1.3	$1.38	+6.2%	—	—	—
Q3 24	$1.3	$1.34	+3.1%	—	—	—
Q2 24	$1.13	$1.21	+7.1%	—	$590.2M	—
Q1 24	$0.79	$0.91	+15.2%	—	$526.3M	—
Q4 23	$1.04	$1.15	+10.6%	—	$563.4M	—
Q3 23	$1.07	$1.13	+5.6%	—	$552.4M	—
Q2 23	$1.01	$1.03	+2.0%	—	$534.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$5.55	—	—	$3.2B	—
FY25	—	$4.41	—	—	$2.7B	—
FY24	—	$3.27	—	—	$2.4B	—
FY23	—	$3.14	—	—	$2.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$550.5M	$690.6M	$862.2M	$1.1B	$1.5B	$1.9B	$2.2B	$2.4B	$2.7B	$3.2B
YoY change	+34.5%	+25.4%	+24.9%	+28.1%	+32.7%	+26.3%	+16.4%	+9.68%	+16.2%	+16.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	550.5M	690.6M	862.2M	1.1B	1.5B	1.9B	2.2B	2.4B	2.7B	3.2B
Cost of revenue	173.7M	211.4M	245.3M	303.4M	408.9M	503.7M	609.4M	677.3M	699.6M	782M
Gross profit	376.9M	479.1M	616.9M	800.7M	1.1B	1.3B	1.5B	1.7B	2B	2.4B
Gross margin	68.5%	69.4%	71.6%	72.5%	72.1%	72.8%	71.7%	71.3%	74.5%	75.5%
Research & development	96.7M	132M	158.8M	209.9M	294.2M	382M	520.3M	629M	693.1M	767.4M
Selling, general & administrative	159.4M	189.2M	235.3M	304.6M	384.1M	459.6M	566.3M	628M	662.5M	729.5M
Operating expenses	256.2M	321.2M	394.1M	514.5M	678.3M	841.6M	1.1B	1.3B	1.4B	1.5B
Operating income	120.7M	157.9M	222.9M	286.2M	377.8M	505.5M	459.1M	429.3M	691.4M	916.4M
Operating margin	21.9%	22.9%	25.8%	25.9%	25.8%	27.3%	21.3%	18.2%	25.2%	28.7%
Non-operating income, net	-2.8M	-541K	389K	2.3M	340K	-7.9M	4.1M	24.9M	20M	10.9M
Pretax income	122.4M	165.8M	238.6M	313.7M	394M	512.3M	509.1M	588M	919.4M	1.2B
Income tax	44.8M	14.6M	8.8M	12.6M	14M	84.9M	21.4M	62.3M	205.2M	285.6M
Net income	77.6M	151.2M	229.8M	301.1M	380M	427.4M	487.7M	525.7M	714.1M	908.9M
Net margin	14.1%	21.9%	26.7%	27.3%	25.9%	23.1%	22.6%	22.2%	26%	28.4%
EBITDA	135.5M	171M	239M	306.8M	405M	533.7M	487.6M	461.8M	734.1M	944.4M
EPS	0.51	1.01	1.59	2.03	2.52	2.79	3.14	3.27	4.41	5.55
Diluted EPS	0.47	0.92	1.47	1.9	2.36	2.63	3	3.22	4.32	5.44

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	—	—	—	—	—	—	—	—	811.2M	836M	882.9M	928M
Cost of revenue	—	—	—	—	—	—	—	—	199.5M	213.5M	220.9M	232M
Gross profit	—	—	—	—	—	—	—	—	611.8M	622.5M	662M	696M
Gross margin	—	—	—	—	—	—	—	—	75.4%	74.5%	75%	75%
Research & development	—	—	—	—	—	—	—	—	191.9M	198.8M	208.3M	222.9M
Selling, general & administrative	159.1M	157.9M	158.6M	162.9M	171.1M	169.9M	167.5M	205.2M	179M	177.8M	180.6M	198M
Operating expenses	159.1M	157.9M	158.6M	162.9M	171.1M	169.9M	167.5M	205.2M	370.9M	376.6M	388.9M	420.9M
Operating income	—	—	—	—	—	—	—	—	240.9M	245.9M	273.1M	275M
Operating margin	—	—	—	—	—	—	—	—	29.7%	29.4%	30.9%	29.6%
Non-operating income, net	—	—	—	—	—	—	—	—	71.9M	-195.6M	74.4M	74.5M
Pretax income	—	—	—	—	—	—	—	—	312.8M	317.5M	347.5M	349.5M
Income tax	—	—	—	—	—	—	—	—	76.6M	73.3M	86.6M	76.1M
Net income	—	—	—	—	—	—	—	—	236.2M	244.2M	260.9M	273.4M
Net margin	—	—	—	—	—	—	—	—	29.1%	29.2%	29.6%	29.5%
EBITDA	—	—	—	—	—	—	—	—	250.6M	254.2M	284.7M	285.9M
EPS	0.84	0.92	1	1.06	1.15	1.2	1.4	1.23	1.44	1.49	1.6	1.68
Diluted EPS	0.83	0.9	0.98	1.04	1.13	1.18	1.37	1.19	1.4	1.45	1.57	1.66

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	5.7B	8.8B	15.7B	21.7B	41.7B	36.2B	26.5B	33.3B	37.8B	33.4B	45.3B
Enterprise value	5.2B	8.1B	14.6B	20.6B	40B	33.9B	23.5B	29.3B	32.7B	26.9B	38.4B
Shares outstanding	135.7M	140.3M	144.2M	147.8M	150.7M	153.3M	155.4M	160.5M	161.9M	163.7M	163.7M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	74	58.3	68.4	72	109.6	84.8	54.3	63.3	52.9	36.7	46.1
P/S	10.4	12.8	18.2	19.6	28.4	19.6	12.3	14.1	13.7	10.4	13.1
P/B	8.8	9.73	12.7	13	18.4	12.5	7.13	7.17	6.47	4.63	6.26
EV/EBITDA	38.6	47.1	61.2	67.3	98.9	63.6	48.1	63.5	44.5	28.5	35.7
EV/Sales	9.49	11.7	17	18.7	27.3	18.3	10.9	12.4	11.9	8.42	11.1
Earnings yield	1.35%	1.71%	1.46%	1.39%	0.91%	1.18%	1.84%	1.58%	1.89%	2.72%	2.17%
FCF yield	2.38%	2.52%	1.98%	2.02%	1.32%	2.11%	2.95%	2.74%	2.89%	4.24%	2.77%
PEG	—	—	—	—	—	—	—	—	—	—	1.26

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	68.5%	69.4%	71.6%	72.5%	72.1%	72.8%	71.7%	71.3%	74.5%	75.5%	75%
Operating margin	21.9%	22.9%	25.8%	25.9%	25.8%	27.3%	21.3%	18.2%	25.2%	28.7%	29.6%
Net margin	14.1%	21.9%	26.7%	27.3%	25.9%	23.1%	22.6%	22.2%	26%	28.4%	29.3%
ROE	11.9%	16.7%	18.6%	18.1%	16.8%	14.7%	13.1%	11.3%	12.2%	12.6%	14.4%
ROA	8.46%	12.3%	13.9%	13.3%	12.5%	11.2%	10.2%	8.89%	9.73%	10.1%	7.58%
ROIC	57.2%	99.8%	145.4%	43.4%	54.7%	71.5%	65.2%	57%	70.9%	93%	232.6%
Return on tangible assets	12%	15.5%	16.3%	26.8%	19.5%	15.6%	13%	10.7%	11.2%	11.3%	12.7%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.88	3.31	3.57	2.78	3.23	3.7	3.94	4.24	4.51	4.89	5.46
Quick ratio	2.88	3.31	3.57	2.78	3.23	3.7	3.94	4.24	4.51	4.89	5.46
Debt / equity	—	—	0	0.03	0.03	0.02	0.02	0.01	0.01	0.01	0.02
Debt / assets	—	—	0	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.02
Net debt / EBITDA	—	—	-4.56	-3.36	-3.95	-4.35	-6.24	-8.6	-6.91	-6.85	-6.59
Effective tax rate	36.6%	8.8%	3.69%	4.01%	3.55%	16.6%	4.2%	10.6%	22.3%	23.9%	23.6%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	4.06	4.92	5.98	7.47	9.72	12.1	13.9	14.7	17	19.5	21.1
EPS (basic)	0.51	1.01	1.59	2.03	2.52	2.79	3.14	3.27	4.41	5.55	5.55
EPS (diluted)	0.47	0.92	1.47	1.9	2.36	2.63	3	3.22	4.32	5.44	6.09
Book value per share	4.81	6.46	8.58	11.3	15	19	23.9	28.9	36	44.1	44.8
FCF per share	1.01	1.58	2.15	2.96	3.66	4.99	5.02	5.68	6.73	8.65	10.1
Cash per share	3.82	5.43	7.56	7.35	11	15.5	20	25.1	31.8	40.1	44.7
Capex per share	0.05	0.07	0.06	0.02	—	—	—	—	—	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	1.26%	1.39%	0.98%	0.28%	—	—	—	—	—	—	—
Capex / operating cash flow	4.95%	4.19%	2.62%	0.68%	—	—	—	—	—	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	—	—	—	—	—	—	—	—	$811.2M	$836M	$882.9M	$928M
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	518.9M	762M	1.1B	1.1B	1.7B	2.4B	3.1B	4B	5.2B	6.6B
Receivables	182.8M	224.7M	303.5M	389.7M	564.4M	631.1M	703.1M	852.2M	1B	1.3B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	711.9M	1B	1.4B	1.5B	2.3B	3.1B	4B	5B	6.3B	8B
Property, plant & equipment	36.1M	39M	41.9M	82.9M	89.6M	83.2M	84.2M	37.5M	34.9M	49.3M
Goodwill & intangibles	270.2M	254.6M	240.7M	1.1B	1.1B	1.1B	1B	1B	968.7M	940.4M
Total assets	917.4M	1.2B	1.7B	2.3B	3B	3.8B	4.8B	5.9B	7.3B	9B
Accounts payable	5.7M	6.9M	9.1M	19.4M	23.3M	20.3M	41.7M	31.5M	30.4M	37.6M
Short-term debt	—	—	—	10M	11.7M	11M	11.3M	9.3M	10M	12.2M
Total current liabilities	246.8M	306.2M	401M	551.2M	716M	840.8M	1B	1.2B	1.4B	1.6B
Long-term debt	—	—	0	44.8M	51.4M	43.6M	49.7M	46.4M	65.8M	83.7M
Total liabilities	264.7M	324.1M	416M	606.2M	779.7M	904.8M	1.1B	1.3B	1.5B	1.8B
Shareholders' equity	652.7M	906.2M	1.2B	1.7B	2.3B	2.9B	3.7B	4.6B	5.8B	7.2B
Total debt	—	—	0	54.8M	63.1M	54.6M	61M	55.8M	75.8M	95.9M
Net debt	—	—	-551M	-421.9M	-667.4M	-1.1B	-825.5M	-647.7M	-1B	-1.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	3.9B	4B	4.8B	4.9B	5.1B	5.2B	6.1B	6.4B	6.6B	6.6B	7.3B	7.2B
Receivables	255.5M	852.2M	362.3M	364.7M	255.8M	1B	492.8M	422.1M	314.2M	1.3B	568M	496.7M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	4.3B	5B	5.2B	5.4B	5.4B	6.3B	6.7B	7B	7.1B	8B	8.1B	7.9B
Property, plant & equipment	36.6M	37.5M	37.1M	35.7M	34.7M	34.9M	122.2M	132.7M	140M	49.3M	155.5M	208.8M
Goodwill & intangibles	1B	1B	996.2M	986.4M	976.8M	968.7M	960.8M	952.6M	945.1M	940.4M	1.1B	1.1B
Total assets	5.2B	5.9B	6.2B	6.3B	6.5B	7.3B	7.8B	8B	8.1B	9B	9.1B	9.1B
Accounts payable	36.2M	31.5M	31.9M	28.3M	31.8M	30.4M	37.4M	33.6M	32.7M	37.6M	40.7M	36M
Short-term debt	9.6M	9.3M	10.4M	10.2M	9.2M	10M	10.7M	10.7M	10.5M	12.2M	13.1M	14.6M
Total current liabilities	768.3M	1.2B	1.2B	1.1B	857M	1.4B	1.5B	1.3B	944.9M	1.6B	1.7B	1.5B
Long-term debt	48M	46.4M	45.4M	43.9M	62.5M	65.8M	66.6M	74.8M	79.3M	83.7M	89.9M	137.1M
Total liabilities	846M	1.3B	1.3B	1.1B	951.5M	1.5B	1.6B	1.4B	1.1B	1.8B	1.8B	1.6B
Shareholders' equity	4.4B	4.6B	4.9B	5.2B	5.5B	5.8B	6.2B	6.6B	7B	7.2B	7.3B	7.4B
Total debt	57.7M	55.8M	55.7M	54.1M	71.7M	75.8M	77.2M	85.4M	89.8M	95.9M	103.1M	151.7M
Net debt	-686M	-647.7M	-1.1B	-1.1B	-972.8M	-1B	-1.9B	-1.8B	-1.6B	-1.3B	-1.8B	-1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	77.6M	151.2M	229.8M	301.1M	380M	427.4M	487.7M	525.7M	714.1M	908.9M
Depreciation & amortization	13.8M	14.3M	14.1M	19.9M	29.5M	27.4M	29.1M	32.6M	39.4M	38M
Stock-based compensation	40.8M	54M	76.4M	115.9M	185M	234.6M	351.9M	393.7M	437.4M	472.7M
Change in working capital	-5.3M	-7.5M	-8.4M	-1.4M	-74.1M	8.9M	48.3M	57.7M	29.3M	-58.8M
Operating cash flow	140M	229.9M	322.2M	457.3M	550.3M	746.9M	823.8M	934.3M	1.1B	1.4B
Capital expenditure	-6.9M	-9.6M	-8.4M	-3.1M	—	—	—	—	—	—
Investing cash flow	-96.1M	-153M	-112.3M	-520M	-333.6M	-346.2M	-1B	-1.1B	-700.1M	-1.1B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	-169.9M
Financing cash flow	25.6M	0	0	-984K	-1M	-55.3M	-63M	-78.9M	-79.4M	-263.2M
Net change in cash	69.5M	76.9M	209.9M	-63.7M	215.7M	345.5M	-246.9M	-220.9M	356.6M	47.7M
Free cash flow	136.5M	222.1M	310.8M	437.4M	551.2M	764.5M	780.5M	911.3M	1.1B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	135.2M	147.4M	161.7M	171M	185.8M	195.6M	228.2M	200.3M	236.2M	244.2M	260.9M	273.4M
Depreciation & amortization	8.4M	8.6M	8.5M	11M	9.9M	9.9M	9.8M	10.1M	9.7M	8.3M	11.6M	10.9M
Stock-based compensation	101.2M	98.9M	95.9M	108.4M	117.9M	115.2M	112.2M	122M	120.3M	118.3M	119.3M	136.8M
Change in working capital	-86.1M	-189.7M	452.2M	-84.1M	-115.4M	-223.3M	476.1M	-80.6M	-187.5M	-266.8M	654.2M	-113.8M
Operating cash flow	131.7M	48.1M	698.3M	178.7M	173.3M	84.8M	810.5M	238.4M	192.8M	106.8M	1.1B	238.7M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-73.3M	-86.7M	-272.4M	-113.8M	-298.2M	-15.7M	-52.1M	-389.3M	-495.2M	-167.8M	-388.7M	-63.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	-226.9M	-245.7M
Financing cash flow	-20.8M	-21M	-24.6M	-17.9M	-17.3M	-19.6M	-20.2M	-26M	-25.1M	-22M	-265.5M	-273.5M
Net change in cash	37.5M	-59.5M	401.3M	47M	-142.2M	49.5M	738.2M	-176.8M	-327.5M	-82.9M	472.9M	-98.3M
Free cash flow	82.6M	57.8M	763.5M	92.9M	164.1M	69.5M	877.2M	238.4M	192.8M	106.8M	1.1B	238.7M

Veeva Systems Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement