How did Veeva perform in its fiscal 2026 first quarter?

Veeva reported total revenues of $759.0 million, up 17% year over year, and subscription services revenues of $634.8 million, up 19%. GAAP net income was $228.2 million and non-GAAP net income was $327.8 million.

What is the difference between GAAP and non-GAAP results in this quarter?

The main adjustments are stock-based compensation of $112.2 million and amortization of purchased intangibles of $3.9 million. GAAP operating income was $233.7 million versus non-GAAP operating income of $349.9 million for the quarter.

What guidance did Veeva provide for the fiscal second quarter and full year?

For the quarter ending July 31, 2025, Veeva expects total revenues of $766 to $769 million, non-GAAP operating income of $335 to $337 million, and non-GAAP diluted EPS of $1.89 to $1.90. For fiscal 2026, it expects total revenues of $3,090 to $3,100 million, non-GAAP operating income of about $1,360 million, and non-GAAP diluted EPS of approximately $7.63.

Why does Veeva not provide GAAP guidance for operating income and EPS?

Veeva states it cannot reasonably predict certain items excluded from non-GAAP measures, such as stock-based compensation expense, and that the effect of these excluded items may be significant.

How strong is Veeva's balance sheet and cash generation this quarter?

Cash and cash equivalents increased to $1.96 billion at April 30, 2025, from $1.12 billion at January 31, 2025, and short-term investments were $4.10 billion. Net cash provided by operating activities was $877.2 million for the quarter, and deferred revenue was $1.25 billion.

VEEV 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed May 28, 2025. Cited figures are marked; the original filing is the authoritative source.

Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2026 first quarter ended April 30, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K.

Total revenues were $759.0 million^a, up 17% year over year from $650.3 million, and subscription services revenues were $634.8 million, up 19% from $534.0 million. GAAP operating income was $233.7 million versus $155.2 million a year earlier, and GAAP net income was $228.2 million versus $161.7 million. GAAP fully diluted net income per share was $1.37, compared with $0.98 a year earlier.

Non-GAAP operating income was $349.9 million^b, up 34% from $260.9 million, and non-GAAP net income was $327.8 million, up 33% from $247.0 million. Non-GAAP fully diluted net income per share was $1.97, compared with $1.50. Management said the company crossed its 2025 revenue run-rate goal of $3 billion during the quarter.

Cash and cash equivalents rose to $1.96 billion^c at April 30, 2025, from $1.12 billion at January 31, 2025, and net cash provided by operating activities was $877.2 million. For the fiscal second quarter ending July 31, 2025, Veeva guided to total revenues of $766 to $769 million, non-GAAP operating income of $335 to $337 million, and non-GAAP fully diluted net income per share of $1.89 to $1.90.

For fiscal 2026 it updated guidance to total revenues of $3,090 to $3,100 million^d, non-GAAP operating income of about $1,360 million, and non-GAAP fully diluted net income per share of approximately $7.63. The company stated it cannot provide GAAP operating income or EPS guidance because of items such as stock-based compensation that cannot be reasonably predicted.

02—Key points

Key Highlights

Total revenues of $759.0 million, up 17% year over year; subscription services revenues of $634.8 million, up 19%.
GAAP operating income of $233.7 million (up from $155.2 million) and non-GAAP operating income of $349.9 million (up 34%).
GAAP diluted EPS of $1.37 versus $0.98 a year earlier; non-GAAP diluted EPS of $1.97 versus $1.50.
Achieved the 2025 revenue run-rate goal of $3 billion during the quarter, with progress toward the 2030 goal to double revenue.
Fiscal 2026 revenue guidance updated to $3,090 to $3,100 million, with non-GAAP operating income of about $1,360 million and non-GAAP EPS of approximately $7.63.
Fiscal Q2 2025 (ending July 31, 2025) guidance of $766 to $769 million in revenue and $1.89 to $1.90 in non-GAAP EPS.
Announced Veeva AI, a planned AI initiative across applications and the Vault Platform, with the first release planned for December 2025.

03—Questions

Frequently Asked Questions

How did Veeva perform in its fiscal 2026 first quarter?
Veeva reported total revenues of $759.0 million, up 17% year over year, and subscription services revenues of $634.8 million, up 19%. GAAP net income was $228.2 million and non-GAAP net income was $327.8 million.
What is the difference between GAAP and non-GAAP results in this quarter?
The main adjustments are stock-based compensation of $112.2 million and amortization of purchased intangibles of $3.9 million. GAAP operating income was $233.7 million versus non-GAAP operating income of $349.9 million for the quarter.
What guidance did Veeva provide for the fiscal second quarter and full year?
For the quarter ending July 31, 2025, Veeva expects total revenues of $766 to $769 million, non-GAAP operating income of $335 to $337 million, and non-GAAP diluted EPS of $1.89 to $1.90. For fiscal 2026, it expects total revenues of $3,090 to $3,100 million, non-GAAP operating income of about $1,360 million, and non-GAAP diluted EPS of approximately $7.63.
Why does Veeva not provide GAAP guidance for operating income and EPS?
Veeva states it cannot reasonably predict certain items excluded from non-GAAP measures, such as stock-based compensation expense, and that the effect of these excluded items may be significant.
How strong is Veeva's balance sheet and cash generation this quarter?
Cash and cash equivalents increased to $1.96 billion at April 30, 2025, from $1.12 billion at January 31, 2025, and short-term investments were $4.10 billion. Net cash provided by operating activities was $877.2 million for the quarter, and deferred revenue was $1.25 billion.

04—Continue

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