Veeva Systems Inc.

Veeva Systems Inc. (VEEV) delivered robust FY2026 results ending January 31, 2026, with total revenues of $3.20B, up 16% YoY from $2.75B in FY2025, driven by 17% subscription revenue growth to $2.68B, representing 84% of total revenues. Gross profit reached $2.41B, operating income $916.4M, and net income $908.9M, reflecting strong profitability with diluted EPS of $5. The company expanded to 1,552 customers from 1,477, with R&D and Quality Solutions comprising 55% of total revenues (up from 53% prior year) and 53% of subscription revenues. Commercial Solutions accounted for 45% of total revenues. Balance sheet highlights include $8.98B total assets, $7.21B stockholders' equity, $1.42B cash and equivalents, and $1.42B operating cash flow. Key drivers were growth in Veeva Development Cloud, Quality Cloud, and AI integrations like Veeva AI agents. Investors should note ongoing CRM migration from legacy Veeva CRM to Vault CRM, supported until 2029, amid competition from Salesforce. Strong liquidity ($8.00B current assets vs. $1.64B current liabilities) positions Veeva for R&D investment ($767.4M) and share repurchases ($169.9M). Forward significance lies in deepening life sciences focus, international expansion (40% revenues ex-North America), and AI-enhanced solutions for clinical, commercial, and quality functions.

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