Veeva Systems (VEEV) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 revenue reached $2.75 billion, up 16% year-over-year, with non-GAAP operating income of $1.15 billion and a margin of 42%; Q4 revenue was $721 million, up 14% year-over-year.

• Subscription revenue grew 20% to $2.285 billion for FY25, while services revenue remained flat; Q4 subscription revenue rose 17%.

• Major wins included a top 20 pharma going all-in on the clinical platform, 20 new Vault CRM customers, and significant adoption of Quality Cloud and AI-driven products.

• Strategic innovation in AI, product development, and expansion into new markets, with a long-term goal of $6 billion revenue by 2030.

• Cash and short-term investments exceeded $5.1 billion at year-end.

Financial highlights

• FY25 revenue: $2.75 billion (+16% YoY); Q4 revenue: $721 million (+14% YoY).

• FY25 non-GAAP operating income: $1.15 billion (42% margin); Q4 non-GAAP operating income: $308 million (43% margin).

• FY25 non-GAAP operating cash flow: $1.081 billion; normalized billings: $2.951 billion (+14% YoY).

• FY25 non-GAAP total gross margin: 76.8%; subscription gross margin: 86.3%.

• Cash and investments at year-end: $5.15 billion, up 28% YoY.

Outlook and guidance

• FY26 revenue guidance: $3.040–$3.055 billion; subscription revenue: ~$2.585 billion (13% growth); non-GAAP operating income: ~$1.3 billion (43% margin); non-GAAP EPS: ~$7.32.

• Q1 FY26 revenue guidance: $726–$729 million; non-GAAP operating income: $307–$309 million; non-GAAP EPS: $1.74–$1.75.

• FY26 normalized billings guidance: ~$3.265 billion (+10% YoY); non-GAAP operating cash flow: ~$1.17 billion.

• FX headwinds expected to impact FY26 revenue by about 1% or $20 million.

• Long-term goal to reach $6 billion revenue run rate by 2030.