Veeva Systems (VEEV) Q4 2026 earnings summary

Executive summary

• Fiscal year 2026 revenue reached $3.195 billion, up 16% year-over-year, with Q4 revenue of $836 million, both exceeding guidance.

• Non-GAAP operating income for FY 2026 was $1.434 billion (44.9%–45% margin), with Q4 non-GAAP operating income at $366 million.

• Surpassed the $3 billion revenue run rate milestone, driven by innovation, AI integration, and strategic partnerships in life sciences.

• Ended FY 2026 with 1,552 customers, including significant growth in R&D, Quality, and Commercial Solutions.

• Normalized billings for FY 2026 were $3.425 billion, up 15% year-over-year.

Financial highlights

• Subscription revenue grew 17% year-over-year to $2.684 billion in FY 2026; services revenue increased 11% to $511 million.

• Q4 subscription revenue was $708 million, up 16% year-over-year; services revenue was $128 million, up 14%.

• Non-GAAP total gross margin for FY 2026 was 77.7%, with subscription gross margin at 86.9% and services gross margin at 29.3%.

• Cash, cash equivalents, and short-term investments totaled $6.6 billion at FY 2026 end.

• Crossix and RTSM businesses delivered strong growth, contributing to outperformance.

Outlook and guidance

• FY 2027 revenue guidance is $3.585–$3.600 billion, with subscription revenue expected at ~$3.04 billion and services at $545–560 million.

• FY 2027 non-GAAP operating income is guided at ~$1.59 billion (44% margin); normalized billings expected at ~$3.78 billion, up 11% year-over-year.

• Q1 FY 2027 revenue guidance: $855–$858 million; non-GAAP operating income: $378–$381 million.

• On track for $6 billion revenue run rate by 2030.

• Guidance assumes stable macro environment and similar seasonality to prior years.