"AI is automation, right? That's the goal. But AI is not the only way you do automation. Part of it is you do automation through a system to have clean workflow."
— Peter Gassner
03Detailed Report
VEEV
Company VEEV
Period
Q4 2026
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 8, 2026
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Executive Summary
Veeva Systems delivered a strong finish to fiscal 2026, underscoring durable profitability and cash generation in a high-growth life sciences cloud ecosystem. Q4 2026 revenue of $835.95 million exceeded guidance and brought full-year revenue to $3.196 billion, up 15.96% year over year. The company posted a robust gross margin of 74.46% and non-GAAP operating income of $366 million in the quarter, contributing to full-year non-GAAP operating income of $1.434 billion. Management highlighted the resilience of Vault CRM and the accelerating adoption of Crossix, while signaling that AI-driven automation remains a core but not sole driver of demand. Strategic emphasis remains on platform consolidation (CRM, Vault, OpenData/Network), scalable RTSM, and a growing study-by-study services cadence via CROs. The guidance framework emphasizes annual normalized billings with a 13% revenue growth target for FY2027, while maintaining discretion around quarterly guidance. The balance sheet remains exceptionally strong with sizable cash and investments, a net cash position, and modest leverage, underpinning ongoing investments in product development and go-to-market expansion.
Key Performance Indicators
Revenue
Increasing
835.95M
QoQ: 3.05% | YoY: 15.96%
Gross Profit
Increasing
622.47M
74.46% margin
QoQ: 1.75% | YoY: 15.30%
Operating Income
Increasing
245.88M
QoQ: 2.09% | YoY: 30.49%
Net Income
Increasing
244.20M
QoQ: 3.39% | YoY: 24.83%
EPS
Increasing
1.49
QoQ: 3.47% | YoY: 24.17%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: Q4 2026 revenue of $835.95M, up 15.96% YoY and 3.05% QoQ. Full-year revenue $3.195B. Gross profit: $622.474M; gross margin 74.46%. Operating income: $245.876M; operating margin 29.41%. EBITDA: $245.876M; EBITDA margin 29.41%. Net income: $244.204M; net margin 29.21%. Diluted EPS: $1.45; GAAP EPS $1.49. Cash flow: Operating cash flow $106.847M; free cash flow $106.847M. Balance sheet: cash and cash equivalents $1.421B; short-term investments $5.139B; total cash and investments $6.561B; total assets $8.979B; total liabilities $1.765B; stockholders’ equity $7.214B. Share repurchases: $169.949M in the period; dividends paid: none. Net debt: negative $1.325B (net cash). Notable non-operating items: $71.661M in total other income/expenses. Deferred revenue (current): $1.489B. Deferred revenue and ARR dynamics underpin strong revenue visibility.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
835.95M
15.96%
3.05%
Gross Profit
622.47M
15.30%
1.75%
Operating Income
245.88M
30.49%
2.09%
Net Income
244.20M
24.83%
3.39%
EPS
1.49
24.17%
3.47%
Key Financial Ratios
Management Insights Available for Members
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