Veeva Systems Inc. (VEEV) financials
NYSE · Technology · Software - Application · 7,928 employees · CEO Peter Gassner
- Price
- $312.96 +0.84%
- Market cap
- $50.7B
- Enterprise value
- $49B
- Last report
- Q2 '27 filed 2026-08-27
- Next report
- 2026-11-25 EPS est. $2.33
Revenue (TTM)$3.46B+16.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)29.9%+3.0 pp vs a year agoOperating income $1.03B
Net income (TTM)$1.01B+25.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.64B+23.7% vs a year agoCapex $23.1M
Diluted EPS (TTM)$6.08+25.1% vs a year agoSum of the last 4 quarters
Net cash$7.09B+12.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $50.7B EV $49B
- Revenue
- $3.46B Trailing 12 months
- Revenue growth
- +16% FY2027 consensus
- Profit margin
- 29.3% Net income / revenue, TTM
- P/E
- 50.4× Forward 33.9× (FY2027)
- P/S
- 14.7× Price / sales, TTM
- EV / EBITDA
- 37.8× TTM
- Free cash flow
- $1.64B Trailing 12 months
- Net income
- $1.01B Trailing 12 months
- Revenue estimate
- $3.69B FY2027 consensus
- Earnings
- 2026-11-25 Revenue est. $935M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-26): revenue beat by 2.5%, EPS beat by 5.4%Revenue $928M vs $905M expected (+2.5%); EPS $2.35 vs $2.23 (+5.4%).
- Revenue growth accelerating: 17.6% year on yearQ2 '27 revenue $928M, against an average of 16.3% over the four quarters before.
- Operating margin 29.9% (TTM), +3.0 pp on a year agoOperating income grew 29.5% while revenue grew 16.5%.
- 22.0% of pre-tax profit is non-operatingPre-tax income $1.33B vs operating income $1.03B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.7% of revenue (a year ago 0.7%)$23.1M invested in the last 4 quarters (+9.0% on a year earlier). Free cash flow $1.64B = 161.8% of net income.
- Returned $643M to shareholders = 39.1% of free cash flowBuybacks $643M (a year earlier $0), dividends $0, stock-based pay $255M (TTM).
- Diluted share count down 1.3% in a year165M diluted shares in Q2 '27, 167M a year earlier.
- Net cash $7.09BCash + short-term investments $7.24B, debt incl. leases $152M; a year ago net cash $6.32B.
Last quarter: Q2 '27
Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $928M | $789M | +17.6% |
| Gross margin | 75.0% | 75.3% | -0.3 pp |
| Operating income | $275M | $196M | +40.4% |
| Operating margin | 29.6% | 24.8% | +4.8 pp |
| Net income | $273M | $200M | +36.5% |
| Diluted EPS | $1.66 | $1.19 | +39.5% |
| Operating cash flow | $239M | $238M | +0.1% |
| Capex | $8.02M | $6.3M | +27.3% |
| Free cash flow | $231M | $232M | -0.6% |
| R&D | $223M | $193M | +15.7% |
| Stock-based compensation | $137M | -$1.94M | +7,148.1% |
Reported vs consensus
2026-08-26| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $928M | $905M | +2.5% |
| EPS (as estimated) | $2.35 | $2.23 | +5.4% |
From the report of 2026-08-26 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Subscription Services Veeva Commercial Cloud | $347M | +13.0% | 85.3% | – | – | |
| Subscription Services Veeva Research And Development | – | – | – | – | – | |
| Professional Services Veeva Commercial Cloud | $59.7M | +25.2% | 14.7% | – | – | |
| Professional Services Veeva Research And Development | – | – | – | – | – |
Revenue by region
share of total| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| North America | $549M | +17.3% | 60.4% | – | – | |
| Europe | $284M | +22.0% | 31.2% | – | – | |
| Asia Pacific | $76.3M | +8.8% | 8.4% | – | – | |
| Middle East, Africa, And Latin America | – | – | – | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.67B
- Capex
- -$23.1M
- Buybacks
- -$643M
- Dividends
- $0
- Acquisitions
- -$81.8M
- Net debt issued
- $0
- Stock-based compensation
- $255M
- Free cash flow
- $1.64B
- Returned to shareholders / FCF
- 39.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 50.4× | 58.4× | 36.7× – 84.8× |
| EV / EBITDA | 37.8× | 45.4× | 25.7× – 64.0× |
| EV / Sales | 14.2× | 13.6× | 10.0× – 19.0× |
| Price / FCF | 30.9× | 36.0× | 24.1× – 48.3× |
| Price / Book | 6.8× | 7.6× | 4.6× – 12.5× |
| FCF yield | 3.2% | 2.9% | 2.1% – 4.2% |
| Return on invested capital | 10.4% | 10.5% | 8.1% – 14.1% |
| Return on equity | 14.0% | 12.8% | 11.3% – 14.7% |
Analysts
Consensus target $300.50 (-4.0%)
range $165.00 – $375.00 · rating Buy
Strong buy0
Buy29
Hold13
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $3.69B | +15.5% | $9.24 | +69.8% | 33.9× | 17 |
| FY2028 | $4.14B | +12.3% | $10.28 | +11.3% | 30.5× | 16 |
| FY2029 | $4.65B | +12.3% | $11.55 | +12.3% | 27.1× | 8 |
| FY2030 | $5.2B | +11.7% | $12.82 | +11.1% | 24.4× | 3 |
| FY2031 | $5.85B | +12.7% | $14.50 | +13.0% | 21.6× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 230 figures Veeva Systems Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $36M | $33.6M | +7.1% | $37.6M | $30.4M | +23.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $497M | $422M | +17.7% | $1.26B | $1.02B | +23.9% |
| Accounts Receivable, Allowance for Credit Loss, Current | $97K | $602K | -83.9% | $256K | $57K | +349.1% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $1.05M | $2.03M | -48.0% | $9.69M | $24.4M | -60.3% |
| Accrued Income Taxes, Current | $3.02M | $3.66M | -17.6% | $6.7M | $9.02M | -25.8% |
| Accrued Liabilities and Other Liabilities | $49.6M | $58.8M | -15.6% | $45.9M | $35.6M | +29.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $33.7M2026-01-31 | $31.5M | +7.2% | $33.7M | $31.5M | +7.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$46.1M | -$2M | -2,210.8% | $8.16M | -$8.42M | +197.0% |
| Additional Paid in Capital, Common Stock | $2.58B | $2.76B | -6.4% | $2.84B | $2.39B | +19.1% |
| Amortization of Deferred Charges | $5M | $4M | +25.0% | $16M | $16M | 0.0% |
| Amortization of Intangible Assets | $4M | $4M | 0.0% | $14M | $19M | -26.3% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11M | 7.3M | +50.2% | 9.55M | 8.61M | +10.9% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $137M | $123M | +11.5% | $477M | $445M | +7.1% |
| Assets | $9.06B | $8B | +13.3% | $8.98B | $7.34B | +22.3% |
| Assets, Current | $7.95B | $6.99B | +13.6% | $8B | $6.31B | +26.8% |
| Assets, Fair Value Disclosure | $5.99B | – | – | $5.43B | $4.35B | +24.8% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Cash and Cash Equivalents, at Carrying Value | $1.81B | $1.93B | -6.1% | $1.42B | $1.12B | +27.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.81B | $1.93B | -6.1% | $1.42B | $1.12B | +27.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$84.4M | -$34.6M | -144.4% | $302M | $414M | -27.0% |
| Common Stock, Par or Stated Value Per Share | $0.002026-01-31 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 800M2026-01-31 | 800M | 0.0% | 800M | 800M | 0.0% |
| Common Stock, Shares, Issued | 164M2026-01-31 | 163M | +0.7% | 164M | 163M | +0.7% |
| Common Stock, Shares, Outstanding | 162M | 164M | -1.2% | 164M | 163M | +0.7% |
| Common Stock, Value, Issued | $2K | $2K | 0.0% | $2K | $2K | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $247M | $189M | +30.5% | $925M | $716M | +29.2% |
| Contract with Customer, Liability, Current | $1.31B | $1.11B | +18.3% | $1.49B | $1.27B | +16.9% |
| Contract with Customer, Liability, Revenue Recognized | $640M | $556M | +15.1% | $1.23B | $1.03B | +19.3% |
| Cost of Goods and Services Sold | $232M | $195M | +18.8% | $782M | $700M | +11.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $160M | $244M | -34.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $15.9M | $10.9M | +45.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $221M | $318M | -30.6% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $44.2M | $63M | -29.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $3.16M | $18.8M | -83.2% | $30.5M | $16.2M | +88.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $46.3M | $4.94M | +838.4% | $1.54M | $10.4M | -85.3% |
| Debt Securities, Available-for-sale, Amortized Cost | $5.47B | $4.46B | +22.8% | $5.11B | $4.03B | +26.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $8.41M | $47.7M | -82.4% | $9.14M | $289M | -96.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $54K | $95K | -43.2% | $59K | $586K | -89.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $4.26B | $1.41B | +202.4% | $678M | $1.21B | -43.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $46.3M | $4.84M | +855.7% | $1.48M | $9.84M | -85.0% |
| Debt Securities, Available-for-sale, Current | $5.43B | $4.47B | +21.4% | $5.14B | $4.03B | +27.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $4.42B | $3.54B | +24.7% | $4.11B | $2.96B | +38.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.01B | $930M | +8.7% | $1.03B | $1.07B | -3.8% |
| Deferred Costs, Noncurrent | $27.8M | $25.9M | +7.5% | $30M | $26.4M | +13.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $60.5M | -$90M | +167.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$3.55M | -$3.67M | +3.3% |
| Deferred Income Tax Assets, Net | $268M | $310M | -13.4% | $273M | $344M | -20.5% |
| Deferred Income Tax Expense (Benefit) | $12.2M | $59.1M | -79.4% | $65.1M | -$112M | +158.0% |
| Deferred Income Tax Liabilities, Net | $2.06M | $439K | +368.3% | $558K | $587K | -4.9% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $8.13M | -$18.6M | +143.8% |
| Deferred Tax Assets, Gross | $435M2026-01-31 | $494M | -11.9% | $435M | $494M | -11.9% |
| Deferred Tax Assets, Net | $273M2026-01-31 | $343M | -20.5% | $273M | $343M | -20.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $356M2026-01-31 | $417M | -14.7% | $356M | $417M | -14.7% |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $13M2026-01-31 | $13M | 0.0% | $13M | $13M | 0.0% |
| Deferred Tax Assets, Other | $14.2M2026-01-31 | $14.8M | -4.1% | $14.2M | $14.8M | -4.1% |
| Deferred Tax Assets, Property, Plant and Equipment | $246M2026-01-31 | $327M | -24.7% | $246M | $327M | -24.7% |
| Deferred Tax Assets, Tax Credit Carryforwards | $67.1M2026-01-31 | $64.5M | +3.9% | $67.1M | $64.5M | +3.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $82.7M2026-01-31 | $68.5M | +20.7% | $82.7M | $68.5M | +20.7% |
| Deferred Tax Assets, Valuation Allowance | $79.5M2026-01-31 | $77.1M | +3.2% | $79.5M | $77.1M | +3.2% |
| Deferred Tax Liabilities, Goodwill and Intangible Assets | $21.9M2026-01-31 | $23.3M | -5.8% | $21.9M | $23.3M | -5.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-Q 2026-04-30, 10-K 2026-01-31, 10-Q 2025-10-31, 10-Q 2025-07-31, 10-Q 2025-04-30, 10-K 2025-01-31, 10-Q 2024-10-31, 10-Q 2024-07-31
Data as of 2026-11-02