Veeva Systems delivered a solid QQ3 2025 performance with revenue of $699.2 million, up 13.4% year over year and 3.4% quarter over quarter. The quarter posted a gross margin of 75.06% and an operating margin of 25.94%, driving net income of $185.8 million and earnings per share (EPS) of $1.15 (GAAP) and $1.13 (diluted). Free cash flow totaled $159.8 million, supporting a robust balance sheet characterized by a net cash position and ample liquidity. The cash and short-term investments balance stood at approximately $5.06 billion, with cash and cash equivalents of about $1.04 billion. Net debt remained negative at approximately $(0.97) billion, underscoring substantial financial flexibility.
The results reinforce Veeva’s position as a high-quality, asset-light software provider for the life sciences industry, underpinned by a scalable SaaS model, strong customer retention, and a large, recurring revenue base via deferred revenue of $739.7 million in current liabilities. The quarterly metrics point to operating leverage: a healthy EBITDA margin of ~25.9% and continued profitability alongside meaningful cash generation. Management commentary (where available) typically emphasizes demand durability for Veeva’s Commercial Cloud, Vault, and data analytics offerings and ongoing investments in data-driven solutions and product expansion. Given the strong cash position and operating cash flow generation, the company remains well-positioned to fund product development, expand go-to-market initiatives, and potentially return capital over time.
Overall, the QQ3 2025 results support a constructive investment view, with discipline around execution, product expansion, and cross-selling as key catalysts for sustained growth and margin resilience.