PLEASANTON, Calif., Nov. 20, 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 third quarter ended October 31, 2025.
"Continuing to lead through innovation, Veeva AI delivers on our vision for industry-specific AI that will help the life sciences industry reach new levels of productivity and customer centricity," said CEO Peter Gassner. "Veeva AI is advancing rapidly and our early adopter projects are demonstrating the clear value in deep, specialized AI agents running in Veeva applications."
Fiscal 2026 Third Quarter Results:
Revenues: Total revenues for the third quarter were $811.2 million, up from $699.2 million one year ago, an increase of 16% year over year. Subscription services revenues for the third quarter were $682.5 million, up from $580.9 million one year ago, an increase of 17% year over year.
Operating Income and Non-GAAP Operating Income:(1) Third quarter operating income was $240.9 million, compared to $181.4 million one year ago, an increase of 33% year over year. Non-GAAP operating income for the third quarter was $364.9 million, compared to $304.0 million one year ago, an increase of 20% year over year.
Net Income and Non-GAAP Net Income:(1) Third quarter net income was $236.2 million, compared to $185.8 million one year ago, an increase of 27% year over year. Non-GAAP net income for the third quarter was $345.1 million, compared to $288.3 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 third quarter, fully diluted net income per share was $1.40, compared to $1.13 one year ago, while non-GAAP fully diluted net income per share was $2.04, compared to $1.75 one year ago.
"Our third quarter results and increased full-year guidance demonstrate the broad-based strength we see across the business," said CFO Brian Van Wagener. "We are executing well against the large opportunity ahead and are on track toward our 2030 $6 billion revenue run-rate goal."
Recent Highlights:
Veeva AI Progress Continues and Reaches Key Milestones – Veeva AI is progressing rapidly with a focused strategy to deliver deep, industry-specific AI agents that will fundamentally transform productivity and execution for the life sciences industry. The first agents for CRM and commercial content are on track for release in early December, with R&D, quality, and additional commercial agents planned for 2026.
Leading in CRM with Product Excellence and Customer Success – Veeva Vault CRM had a strong quarter, with 23 new customer additions and now has a total of 115 customers live. The quarter was marked by a significant top 20 biopharma rollout in Japan, demonstrating Vault CRM's depth and capability to handle global complexity. This adds to the success of two top 20 biopharmas live and successful across major regions.
Early in a Large Development Cloud Opportunity to Transform R&D – Veeva made significant progress advancing Veeva Development Cloud, its largest go-forward opportunity in life sciences. Three top 20 biopharmas selected Veeva Development Cloud applications as their enterprise standard in the quarter, including one each for Veeva Study Startup, Veeva Study Training, and Veeva Safety. In safety, the newest area in Development Cloud, the third top 20 biopharma went live in the quarter and Veeva advanced a number of key opportunities as the industry looks to Veeva to help modernize pharmacovigilance.
Financial Outlook:
Veeva is providing guidance for its fiscal fourth quarter ending January 31, 2026 as follows:
Total revenues between $807 and $810 million.
Non-GAAP operating income of about $350 million.(2)
Non-GAAP fully diluted net income per share of approximately $1.92.(2)
Veeva is providing updated guidance for its fiscal year ending January 31, 2026 as follows:
Total revenues between $3,166 and $3,169 million.
Non-GAAP operating income of about $1,417 million.(2)
Non-GAAP fully diluted net income per share of approximately $7.93.(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, November 20, 2025, and a replay of the call will be available on Veeva's investor relations website.
What:
Veeva Systems Fiscal 2026 Third Quarter Results Conference Call
When:
Thursday, November 20, 2025
Time:
2:00 p.m. PT (5:00 p.m. ET)
Online Registration:
https://registrations.events/direct/Q4I997064577
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 fourth fiscal quarter ending January 31, 2026 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 November 20, 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 33 and 34 in our filing on Form 10-Q for the period ended July 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 Scurry
Veeva Systems Inc.
Veeva Systems Inc.
267-460-5839
781-366-7617
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
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
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended October 31,
Nine months ended October 31,
2025
2024
2025
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
