Total Revenues of $789.1M, up 17% Year Over Year
Subscription Services Revenues of $659.2M, up 17% Year Over Year
PLEASANTON, Calif., Aug. 27, 2025 /PRNewswire/ — Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its second quarter ended July 31, 2025.
“It’s exciting to see our vision of connected software, data, and business consulting for life sciences becoming a reality,” said CEO Peter Gassner. “I am especially excited about the power of Veeva AI and Veeva Data Cloud to enable transformational change for life sciences from clinical to commercial.”
Fiscal 2026 Second Quarter Results:
Revenues: Total revenues for the second quarter were $789.1 million, up from $676.2 million one year ago, an increase of 17% year over year. Subscription services revenues for the second quarter were $659.2 million, up from $561.3 million one year ago, an increase of 17% year over year.
Operating Income and Non-GAAP Operating Income:(1) Second quarter operating income was $195.9 million, compared to $166.5 million one year ago, an increase of 18% year over year. Non-GAAP operating income for the second quarter was $352.6 million, compared to $279.8 million one year ago, an increase of 26% year over year.
Net Income and Non-GAAP Net Income:(1) Second quarter net income was $200.3 million, compared to $171.0 million one year ago, an increase of 17% year over year. Non-GAAP net income for the second quarter was $333.4 million, compared to $267.3 million one year ago, an increase of 25% year over year.
Net Income per Share and Non-GAAP Net Income per Share:(1) For the second quarter, fully diluted net income per share was $1.19, compared to $1.04 one year ago, while non-GAAP fully diluted net income per share was $1.99, compared to $1.62 one year ago.
“We delivered another strong quarter, with results for all metrics outperforming our guidance,” said CFO Brian Van Wagener. “The business showed broad-based strength, reflecting our consistent execution and focus on customer success that will enable durable, long-term growth.”
Recent Highlights:
Deep, Industry-Specific AI – Veeva AI, which includes agentic AI in the Vault Platform and industry-specific application agents in all Veeva applications, is rapidly progressing with a clear and focused strategy that delivers significant, tangible value for customers. The first Veeva AI agents are planned for release in December for CRM and commercial content. New agents for clinical operations, regulatory, safety, quality, medical, and commercial are planned for 2026, and clinical data is targeted for 2027.Veeva Reaches Significant Vault CRM Suite Milestones – Veeva Vault CRM is working at scale and delivering new capabilities, including Veeva AI planned for December. In the quarter, two top 20 biopharmas successfully went live with Vault CRM in major markets and Vault CRM now has more than 100 customers live. In August, the seventh top 20 biopharma committed to Vault CRM as their commercial foundation. Veeva also expanded the Vault CRM Suite in August with the release of Patient CRM and early customers are now live on Campaign Manager and Service Center.Veeva Becoming the Industry’s Foundation for Drug Development and Quality – In the quarter, another top 20 biopharma selected Veeva eTMF, Veeva Study Startup, and Veeva Site Connect to further modernize and unify clinical operations. Two top 20 biopharmas selected Veeva Submissions, Submissions Archive, and Registrations. Now, all top 20 biopharmas have selected Veeva eTMF, 19 of the top 20 have selected Veeva QualityDocs, and 18 of the top 20 have selected Veeva Submissions.Veeva and IQVIA Partner to Advance the Life Sciences Industry – Veeva and IQVIA announced a long-term global partnership and the complete resolution of all pending legal disputes in August. The partnership makes it possible for joint customers to use Veeva and IQVIA products and services together in a simple and efficient way across both commercial and clinical.
Financial Outlook:
Veeva is providing guidance for its fiscal third quarter ending October 31, 2025 as follows:
Total revenues between $790 and $793 million.
Non-GAAP operating income between $348 and $350 million.(2)
Non-GAAP fully diluted net income per share between $1.94 and $1.95.(2)
Veeva is providing updated guidance for its fiscal year ending January 31, 2026 as follows:
Total revenues between $3,134 and $3,140 million.
Non-GAAP operating income of about $1,388 million.(2)
Non-GAAP fully diluted net income per share of approximately $7.78.(2)
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, August 27, 2025, and a replay of the call will be available on Veeva’s investor relations website.
What:
Veeva Systems Fiscal 2026 Second Quarter Results Conference Call
When:
Wednesday, August 27, 2025
Time:
2:00 p.m. PT (5:00 p.m. ET)
Online Registration:
https://registrations.events/direct/Q4I261710
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 third fiscal quarter ending October 31, 2025 or the fiscal year ending January 31, 2026 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 August 27, 2025, 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 32 and 33 in our filing on Form 10-Q for the period ended April 30, 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
Veeva Systems Inc
267-460-5839
781-366-7617
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
July 31,
2025
January 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 1,930,431
$ 1,118,785
Short-term investments
4,473,282
4,031,442
Accounts receivable, net
422,071
1,016,356
Unbilled accounts receivable
50,348
40,761
Prepaid expenses and other current assets
118,456
101,458
Total current assets
6,994,588
6,308,802
Property and equipment, net
61,210
55,912
Deferred costs, net
25,899
26,383
Lease right-of-use assets
71,538
63,863
Goodwill
439,877
439,877
Intangible assets, net
36,445
44,460
Deferred income taxes
309,639
343,919
Other long-term assets
60,231
56,540
Total assets
$ 7,999,427
$ 7,339,756
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 33,578
$ 30,447
Accrued compensation and benefits
40,647
39,429
Accrued expenses and other current liabilities
58,807
35,557
Income tax payable
3,662
9,024
Deferred revenue
1,107,696
1,273,978
Lease liabilities
10,663
9,969
Total current liabilities
1,255,053
1,398,404
Deferred income taxes
439
587
Long-term lease liabilities
74,785
65,806
Other long-term liabilities
30,611
42,586
Total liabilities
1,360,888
1,507,383
Stockholders’ equity:
Common stock
2
2
Additional paid-in capital
2,757,440
2,386,192
Accumulated other comprehensive loss
(1,997)
(8,416)
Retained earnings
3,883,094
3,454,595
Total stockholders’ equity
6,638,539
5,832,373
Total liabilities and stockholders’ equity
$ 7,999,427
$ 7,339,756
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended July 31,
Six months ended July 31,
2025
2024
2025
2024
Revenues:
Subscription services(3)
$ 659,183
$ 561,277
$ 1,293,951
$ 1,095,232
Professional services and other(4)
129,898
114,904
254,173
231,294
Total revenues
789,081
676,181
1,548,124
1,326,526
Cost of revenues(5):
Cost of subscription services
93,830
78,791
172,176
156,939
Cost of professional services and other
101,423
91,581
196,901
187,317
Total cost of revenues
195,253
170,372
369,077
344,256
Gross profit
593,828
505,809
1,179,047
982,270
Operating expenses(5):
Research and development
192,677
176,429
376,710
339,140
Sales and marketing
109,439
101,528
208,067
198,829
General and administrative
95,804
61,365
164,630
122,642
Total operating expenses
397,920
339,322
749,407
660,611
Operating income
195,908
166,487
429,640
321,659
Other income, net
69,456
58,573
134,545
110,302
Income before income taxes
265,364
225,060
564,185
431,961
Income tax provision
65,055
54,019
135,686
99,256
Net income
$ 200,309
$ 171,041
$ 428,499
$ 332,705
Net income per share:
Basic
$ 1.23
$ 1.06
$ 2.63
$ 2.06
Diluted
$ 1.19
$ 1.04
$ 2.56
$ 2.02
Weighted-average shares used to compute net income per share:
Basic
163,496
161,708
163,129
161,566
Diluted
167,685
164,564
167,272
164,497
Other comprehensive income:
Net change in unrealized (loss) gain on available-for-sale investments
$ (11,300)
$ 25,175
$ 6,067
$ 6,314
Net change in cumulative foreign currency translation gain (loss)
390
(104)
352
(1,252)
Comprehensive income
$ 189,399
$ 196,112
$ 434,918
$ 337,767
(3) Includes subscription services revenues from the following product
areas:
Veeva Commercial Solutions
$ 307,523
$ 271,810
$ 612,934
$ 533,126
Veeva R&D Solutions
351,660
289,467
681,017
562,106
Total subscription services
$ 659,183
$ 561,277
$ 1,293,951
$ 1,095,232
(4) Includes professional services and other revenues from the following product
areas:
Veeva Commercial Solutions
$ 47,703
$ 45,068
$ 94,270
$ 93,840
Veeva R&D Solutions
82,195
69,836
159,903
137,454
Total professional services and other
$ 129,898
$ 114,904
