Veeva Systems (VEEV) investor relations material

Executive summary

• Fiscal 2026 ended with total revenue of $3,195.3 million, up 16% year-over-year, surpassing the $3 billion milestone, with Q4 revenue of $836 million and strong operating income.

• Subscription revenue reached $2,684.2 million, up 17% year-over-year, and services revenue was $511 million.

• Non-GAAP operating income for FY 2026 was $1,434 million, with a margin of 44.9%.

• Net income for FY 2026 was $908.9 million, up 27% year-over-year.

• Customer count grew to 1,552, with significant growth in R&D, Quality, and Commercial Solutions.

Financial highlights

• Q4 total revenue was $836 million, up 16% year-over-year; non-GAAP Q4 operating income was $366 million.

• Subscription revenue grew 17% year-over-year in FY 2026; services revenue increased 11%.

• Non-GAAP total gross margin for FY 2026 was 77.7%, with subscription gross margin at 86.9%.

• Cash, cash equivalents, and short-term investments stood at $6,561 million at FY 2026 end.

• Non-GAAP net income for FY 2026 was $1,352.5 million, up 24% year-over-year.

Outlook and guidance

• FY 2027 revenue guidance is $3,585–3,600 million, with subscription revenue expected at ~$3,040 million and services revenue at $545–560 million.

• FY 2027 non-GAAP operating income is guided at ~$1,590 million, with a margin near 44%.

• FY 2027 normalized billings are expected to be ~$3,780 million, up ~11% year-over-year.

• Q1'27 revenue guidance is $855–858 million, with non-GAAP operating income of $378–381 million.

• Guidance reflects cautious optimism, assuming no significant macroeconomic changes and similar seasonality to prior years.