Veeva Systems Inc. (VEEV) Financial Results Summary
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Veeva Systems Inc. (VEEV) Q3 2026 Financial Results Summary
Release Date: November 20, 2025
Veeva Systems Inc. (NYSE: VEEV), a leader in providing industry cloud solutions for the life sciences sector, announced its financial results for the third quarter ended October 31, 2025. Below is a summary of the key metrics and developments from the report.
Fiscal 2026 Third Quarter Results:
- Total Revenue:
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$811.2 million, an increase of 16% compared to $699.2 million from the same quarter last year.
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Subscription Services Revenue:
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$682.5 million, representing a growth of 17% year over year from $580.9 million.
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Operating Income:
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$240.9 million, up 33% from $181.4 million in Q3 2025.
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Non-GAAP Operating Income:
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$364.9 million, reflecting a 20% year-over-year growth from $304.0 million.
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Net Income:
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$236.2 million, increased by 27% compared to $185.8 million in the previous year.
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Non-GAAP Net Income:
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$345.1 million, which is a 20% increase from $288.3 million year over year.
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Net Income per Share:
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Fully diluted net income per share was $1.40, an increase of 24% from $1.13.
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Non-GAAP Net Income per Share:
- Non-GAAP fully diluted earnings per share was $2.04, up 16% from $1.75.
Additional Highlights:
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Veeva AI Development: Progress continues with Veeva AI, showing strong potential for enhancing productivity within the life sciences industry. Early adopter projects indicate value in specialized AI implementations in Veeva applications.
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Customer Growth: Veeva Vault CRM added 23 new customers during the quarter, reaching a total of 115 live customers, including notable successes in Japan.
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Advancements in R&D Solutions: Significant progress has been made with Veeva Development Cloud, with three top 20 biopharmas adopting its applications as enterprise standards.
Financial Outlook for Upcoming Quarter:
- Fourth Quarter Guidance:
- Expected total revenues between $807 million and $810 million.
- Non-GAAP operating income projected to be around $350 million.
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Non-GAAP fully diluted net income per share is anticipated at approximately $1.92.
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Full-Year Guidance Update:
- Total revenue estimates for the fiscal year ending January 31, 2026, are projected to be between $3,166 million and $3,169 million.
- Non-GAAP operating income expected at about $1,417 million.
- Non-GAAP fully diluted net income per share forecasted around $7.93.
Shareholder Returns:
- Veeva did not declare a quarterly dividend for this period, and no share repurchase program was mentioned in the report.
Conference Call:
- Veeva hosted a Q&A conference call post-release to provide further insights and answer investor queries, reinforcing their focus on continued growth and innovation.
In summation, Veeva Systems Inc. demonstrated strong growth in its third-quarter financial results for fiscal 2026, marked by significant increases across all key financial metrics year over year, while also making substantial strides in technology development and customer acquisition.
| Three months ended October 31, 2025 | Three months ended October 31, 2024 | Nine months ended October 31, 2025 | Nine months ended October 31, 2024 | |
|---|---|---|---|---|
| Revenues: | ||||
| Subscription services(3) | $ 682,498 | $ 580,850 | $ 1,976,449 | $ 1,676,082 |
| Professional services and other(4) | $ 128,738 | $ 118,357 | $ 382,911 | $ 349,651 |
| Total revenues | $ 811,236 | $ 699,207 | $ 2,359,360 | $ 2,025,733 |
| Cost of revenues(5): | ||||
| Cost of subscription services | $ 94,171 | $ 82,638 | $ 266,347 | $ 239,577 |
| Cost of professional services and other | $ 105,294 | $ 91,751 | $ 302,195 | $ 279,068 |
| Total cost of revenues | $ 199,465 | $ 174,389 | $ 568,542 | $ 518,645 |
| Gross profit | $ 611,771 | $ 524,818 | $ 1,790,818 | $ 1,507,088 |
| Operating expenses(5): | ||||
| Research and development | $ 191,883 | $ 172,411 | $ 568,593 | $ 511,551 |
| Sales and marketing | $ 110,552 | $ 98,695 | $ 318,619 | $ 297,524 |
| General and administrative | $ 68,483 | $ 72,359 | $ 233,113 | $ 195,001 |
| Total operating expenses | $ 370,918 | $ 343,465 | $ 1,120,325 | $ 1,004,076 |
| Operating income | $ 240,853 | $ 181,353 | $ 670,493 | $ 503,012 |
| Other income, net | $ 71,933 | $ 60,937 | $ 206,478 | $ 171,239 |
| Income before income taxes | $ 312,786 | $ 242,290 | $ 876,971 | $ 674,251 |
| Income tax provision | $ 76,583 | $ 56,482 | $ 212,269 | $ 155,738 |
| Net income | $ 236,203 | $ 185,808 | $ 664,702 | $ 518,513 |
| Net income per share: | ||||
| Basic | $ 1.44 | $ 1.15 | $ 4.06 | $ 3.21 |
| Diluted | $ 1.40 | $ 1.13 | $ 3.96 | $ 3.15 |
| Weighted-average shares used to compute net income per share: | ||||
| Basic | 164,049 | 161,987 | 163,676 | 161,707 |
| Diluted | 168,935 | 164,979 | 167,953 | 164,838 |
| Other comprehensive income: | ||||
| Net change in unrealized gain (loss) on available-for-sale investments | $ 12,283 | $ -738 | $ 18,350 | $ 5,576 |
| Net change in cumulative foreign currency translation loss | -372 | -146 | -20 | -1,398 |
| Comprehensive income | $ 248,114 | $ 184,924 | $ 683,032 | $ 522,691 |
| October 31, 2025 | January 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,660,137 | $ 1,118,785 |
| Short-term investments | $ 4,977,164 | $ 4,031,442 |
| Accounts receivable, net | $ 314,227 | $ 1,016,356 |
| Unbilled accounts receivable | $ 57,549 | $ 40,761 |
| Prepaid expenses and other current assets | $ 102,777 | $ 101,458 |
| Total current assets | $ 7,111,854 | $ 6,308,802 |
| Property and equipment, net | $ 66,117 | $ 55,912 |
| Deferred costs, net | $ 25,304 | $ 26,383 |
| Lease right-of-use assets | $ 73,839 | $ 63,863 |
| Goodwill | $ 439,877 | $ 439,877 |
| Intangible assets, net | $ 32,650 | $ 44,460 |
| Deferred income taxes | $ 286,966 | $ 343,919 |
| Other long-term assets | $ 60,544 | $ 56,540 |
| Total assets | $ 8,097,151 | $ 7,339,756 |
| Liabilities and stockholders’equity | ||
| Current liabilities: | ||
| Accounts payable | $ 32,671 | $ 30,447 |
| Accrued compensation and benefits | $ 41,485 | $ 39,429 |
| Accrued expenses and other current liabilities | $ 31,707 | $ 35,557 |
| Income tax payable | $ 6,020 | $ 9,024 |
| Deferred revenue | $ 822,466 | $ 1,273,978 |
| Lease liabilities | $ 10,529 | $ 9,969 |
| Total current liabilities | $ 944,878 | $ 1,398,404 |
| Deferred income taxes | $ 367 | $ 587 |
| Long-term lease liabilities | $ 79,267 | $ 65,806 |
| Other long-term liabilities | $ 32,008 | $ 42,586 |
| Total liabilities | $ 1,056,520 | $ 1,507,383 |
| Stockholders’ equity: | ||
| Common stock | $ 2 | $ 2 |
| Additional paid-in capital | $ 2,911,418 | $ 2,386,192 |
| Accumulated other comprehensive income (loss) | $ 9,914 | $ -8,416 |
| Retained earnings | $ 4,119,297 | $ 3,454,595 |
| Total stockholders’ equity | $ 7,040,631 | $ 5,832,373 |
| Total liabilities and stockholders’equity | $ 8,097,151 | $ 7,339,756 |