Veeva Systems delivered a solid QQ3 2026 performance with durable top-line growth and strong profitability, underpinned by its cloud-native platform stack and favorable operating leverage. Revenue reached $811.2 million, up 16.0% year over year and 2.8% quarter over quarter, with an expanding gross margin of 75.4% and operating margin near 29.7%. EBITDA of $260.8 million contributed to an EBITDA margin of roughly 32.1%, while net income of $236.2 million supported a net margin of 29.1% and GAAP earnings per share (EPS) of $1.44 (diluted $1.40). Cash flow remained robust, with net cash provided by operating activities of $192.8 million and free cash flow reported at $192.8 million for the period. The balance sheet shows a fortress liquidity position: cash and short-term investments totaling about $6.64 billion, minimal net debt (net debt stood negative by approximately $1.57 billion), and a sizable deferred revenue balance of $822.5 million signaling durable customer commitments. These dynamics position Veeva to sustain mid-teens revenue growth and favorable margin progression as cloud adoption in life sciences deepens and cross-sell opportunities grow. However, management did not provide explicit calendar-year 2026 guidance in the release, suggesting an emphasis on execution and pipeline visibility rather than firm numeric targets. Given the breadth of Vault and Commercial Cloud deployments, the company remains well-placed to monetize its expanding installed base and accelerate ARR growth over the next quarters.