PLEASANTON, Calif., June 3, 2026 /PRNewswire/ -- Veeva Systems Inc. (NYSE:VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its first quarter ended April 30, 2026.
"Our rapid progress with Veeva AI sets the foundation as we enter the next chapter of our industry cloud," said CEO Peter Gassner. "We are moving from an industry-specific application company to an industry-specific application and AI agent company. This is a major transformation for Veeva and the industry that will help our customers bring the right medicines to patients faster."
Fiscal 2027 First Quarter Results:
Revenues: Total revenues for the first quarter were $882.9 million, up from $759.0 million one year ago, an increase of 16% year over year. Subscription revenues for the first quarter were $730.2 million, up from $634.8 million one year ago, an increase of 15% year over year.
Operating Income and Non-GAAP Operating Income:(1) First quarter operating income was $273.1 million, compared to $233.7 million one year ago, an increase of 17% year over year. Non-GAAP operating income for the first quarter was $395.4 million, compared to $349.9 million one year ago, an increase of 13% year over year.
Net Income and Non-GAAP Net Income:(1) First quarter net income was $260.9 million, compared to $228.2 million one year ago, an increase of 14% year over year. Non-GAAP net income for the first quarter was $371.1 million, compared to $327.8 million one year ago, an increase of 13% year over year.
Net Income per Share and Non-GAAP Net Income per Share:(1) For the first quarter, fully diluted net income per share was $1.57, compared to $1.37 one year ago, while non-GAAP fully diluted net income per share was $2.24, compared to $1.97 one year ago.
"Our first quarter results exceeded guidance on all metrics, reflecting another quarter of broad-based growth and profitability," said CFO Brian Van Wagener. "We're pleased with the raised fiscal 2027 guidance and energized by the large and growing opportunity ahead."
Recent Highlights:
Advancing Industry AI with Rapid Progress Across Veeva AI, Veeva significantly advanced its industry AI strategy this quarter. Ostro, acquired in March, is delivering compliant, conversational AI for more than 50 brands. Vault AI is on track to expand to all Vault applications in August. Veeva Falcon, the new platform delivering agentic labor for clinical, regulatory, and safety, is planned for early adopter release in November.
Leading the Industry with Agentic Commercial, At Commercial Summit in May, Veeva shared its vision for Agentic Commercial, leveraging AI to help biopharmas bring the right medicines to more patients. With capabilities like the Agentic Call Report in Vault CRM and Ostro's conversational AI on brand websites, biopharmas can now generate and act on Commercial Evidence. In Vault CRM, the industry's fastest path to Agentic CRM success, Veeva added 27 new Vault CRM customers in the quarter and now has more than 150 customers live.
Bringing Agentic Labor to Veeva Development Cloud, Veeva expanded its leadership with multiple enterprise biopharma wins across clinical, regulatory, and safety. Additionally, Veeva showcased its AI strategy at the recent European R&D and Quality Summit in Copenhagen, generating strong customer interest in Vault AI and Veeva Falcon to drive productivity and speed in drug development.
Financial Outlook:
Veeva is providing guidance for its fiscal second quarter ending July 31, 2026 as follows:
Total revenues between $902 and $905 million.
Non-GAAP operating income between $392 and $395 million.(2)
Non-GAAP fully diluted net income per share between $2.21 and $2.22.(2)
Veeva is providing updated guidance for its fiscal year ending January 31, 2027 as follows:
Total revenues between $3,635 and $3,645 million.
Non-GAAP operating income of about $1,610 million.(2)
Non-GAAP fully diluted net income per share of approximately $9.05.(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, June 3, 2026, and a replay of the call will be available on Veeva's investor relations website.
What:
Veeva Systems Fiscal 2027 First Quarter Results Conference Call
When:
Wednesday, June 3, 2026
Time:
2:00 p.m. PT (5:00 p.m. ET)
Online Registration:
https://events.q4inc.com/analyst/423437130?pwd=ckfYa8Xa
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 second fiscal quarter ending July 31, 2026 or the fiscal year ending January 31, 2027 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 cloud software, AI, 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 June 3, 2026, 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 13 and 14 in our filing on Form 10-K for the period ended January 31, 2026 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-K 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
[email protected]
[email protected]
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
April 30,2026
January 31,2026
Assets
Current assets:
Cash and cash equivalents
$ 1,896,580
$ 1,421,233
Short-term investments
5,416,139
5,139,581
Accounts receivable, net
568,020
1,259,737
Unbilled accounts receivable
59,752
50,609
Prepaid expenses and other current assets
122,770
126,470
Total current assets
8,063,261
7,997,630
Property and equipment, net
73,484
70,261
Deferred costs, net
28,686
29,961
Lease right-of-use assets
82,060
75,626
Goodwill
488,161
439,877
Intangible assets, net
55,508
30,314
Deferred income taxes
272,665
273,417
Other long-term assets
65,733
62,257
Total assets
$ 9,129,558
$ 8,979,343
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$ 40,657
$ 37,644
Accrued compensation and benefits
52,572
45,857
Accrued expenses and other current liabilities
50,974
45,885
Income tax payable
67,897
6,698
Deferred revenue
1,476,539
1,488,819
Lease liabilities
13,131
12,153
Total current liabilities
1,701,770
1,637,056
Deferred income taxes
1,148
558
Long-term lease liabilities
89,936
83,706
Other long-term liabilities
32,350
43,271
Total liabilities
1,825,204
1,764,591
Stockholders' equity:
Common stock
2
2
Additional paid-in capital
2,699,707
2,843,089
Accumulated other comprehensive (loss) income
(19,792)
8,160
Retained earnings
4,624,437
4,363,501
Total stockholders' equity
7,304,354
7,214,752
Total liabilities and stockholders' equity
$ 9,129,558
$ 8,979,343
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended April 30,
2026
2025
Revenues:
Subscription(3)
$ 730,175
$ 634,768
