10-Q · June 5, 2026
Veeva Systems posted strong Q1 results with revenues of $882.9 million and an EPS of $2.24, surpassing estimates of $857.7 million and $2.02, respectively. The company anticipates robust growth moving forward fueled by…
Earnings analysis · 10-Q
VEEV earnings analysis
Filed August 27, 2026 · Our reading of the company's report
The latest report
Veeva delivered a strong quarter on the reported earnings figures provided: revenue was $928.0 million and non-GAAP diluted EPS was $2.35, above consensus, while subscription revenue grew 16% year over year to $766.8…
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Veeva delivered a strong quarter on the reported earnings figures provided: revenue was $928.0 million and non-GAAP diluted EPS was $2.35, above consensus, while subscription revenue grew 16% year over year to $766.8 million. Liquidity was substantial at $7.2 billion, but the provided 10-Q excerpt does not include the income statement, balance-sheet detail, cash-flow statement, or MD&A needed to assess sequential and year-over-year trends comprehensively. Key risks include customer concentration, the migration from Salesforce-based Veeva CRM to Vault CRM, international exposure, and interest-rate sensitivity in the investment portfolio.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.35
- Operating margin
- 29.6%
What stood out
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Revenue and EPS exceeded consensus
Total revenue was $928.0 million and non-GAAP diluted EPS was $2.35, exceeding consensus estimates of $905.0 million and $2.10 by 2.5% and 11.9%, respectively.
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Subscription revenue drove growth
Subscription revenue increased 16% year over year to $766.8 million, representing approximately 82.6% of total revenue of $928.0 million.
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Operating profitability remained strong
GAAP operating margin was 29.6%, indicating strong reported profitability for the quarter, although the provided 10-Q excerpt does not include comparable prior-period margin data.
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Liquidity remained substantial
Cash, cash equivalents, and short-term investments totaled $7.2 billion as of July 31, 2026, providing substantial liquidity for operations, investment, and capital allocation.
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Most activity was dollar denominated
Approximately 83% of revenue and 80% of expenses for the six months ended July 31, 2026 were denominated in U.S. dollars, limiting—but not eliminating—near-term foreign-exchange exposure.
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Share repurchases continued
The company repurchased 1,408,414 shares during the quarter at an average price of $174.48, leaving approximately $1.353 billion available under the repurchase authorization.
What to watch
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Investment portfolio has rate sensitivity
A 100-basis-point immediate increase in interest rates would have reduced the market value of the investment portfolio by $104 million as of July 31, 2026; a 100-basis-point decrease would have increased it by $107 million.
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Customer concentration remains material
The top 10 customers accounted for 28% of total revenue in each of fiscal years 2026, 2025, and 2024, creating meaningful concentration and renewal risk.
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CRM migration creates execution risk
The company is migrating customers from Veeva CRM on Salesforce to Vault CRM and will support Veeva CRM until December 31, 2029; migration disruptions or customer moves to competitors could pressure revenue and operating results.
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International exposure adds volatility
Customers outside North America represented approximately 40% of fiscal 2026 revenue, exposing the company to international regulatory, geopolitical, currency, and trade-policy risks.
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Repurchases reduce financial flexibility
The company had repurchased 1,408,414 shares in the quarter, reducing cash available for working capital, capital expenditures, acquisitions, and other corporate purposes.
Management's outlook
The provided 10-Q excerpt does not include quantitative revenue or EPS guidance. The prior 8-K disclosed Q3 revenue guidance of $932-$935 million and non-GAAP EPS guidance of $2.33-$2.34, plus fiscal 2027 revenue guidance of $3.682-$3.687 billion and non-GAAP EPS of approximately $9.21; the prior outlook needed to determine direction was not provided.
Earlier filings 4
10-K · March 20, 2026
Veeva positions itself as "the leading provider of industry cloud solutions for the global life sciences industry," focused on four product clouds (Development, Quality, Commercial, Data) and adding agentic AI to its…
10-Q · November 21, 2025
Veeva reported quarterly revenues of $811,236,000 (three months ended October 31, 2025) and diluted EPS of $1.40. Revenue and margins improved year-over-year (revenues +$112,029,000; gross margin 75.4%; operating margin…
10-Q · August 29, 2025
Veeva Systems reported a strong quarter for Q2 2025 with revenues of $789,081,000, reflecting a 16.7% increase from the previous year. Gross margins slightly decreased to 75.3%, and diluted EPS rose to $1.19, up from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.