Veeva Announces Fiscal 2026 First Quarter Results

Total Revenues of $759.0M, up 17% Year Over Year
Subscription Services Revenues of $634.8M, up 19% Year Over Year

PLEASANTON, Calif., May 28, 2025  -- Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its first quarter ended April 30, 2025.

"I consider this our best first quarter ever. We executed with speed, quality, and innovation across all areas on short-term objectives and long-term initiatives aligned to our values and 2030 goals," said CEO Peter Gassner. "Thanks to the Veeva team for your outstanding work and to our customers for your partnership."

Fiscal 2026 First Quarter Results:

• Revenues: Total revenues for the first quarter were $759.0 million, up from $650.3 million one year ago, an increase of 17% year over year. Subscription services revenues for the first quarter were $634.8 million, up from $534.0 million one year ago, an increase of 19% year over year.
  
  
• Operating Income and Non-GAAP Operating Income:⁽¹⁾ First quarter operating income was $233.7 million, compared to $155.2 million one year ago, an increase of 51% year over year. Non-GAAP operating income for the first quarter was $349.9 million, compared to $260.9 million one year ago, an increase of 34% year over year.
  
  
• Net Income and Non-GAAP Net Income:⁽¹⁾ First quarter net income was $228.2 million, compared to $161.7 million one year ago, an increase of 41% year over year. Non-GAAP net income for the first quarter was $327.8 million, compared to $247.0 million one year ago, an increase of 33% year over year.
  
  
• Net Income per Share and Non-GAAP Net Income per Share:⁽¹⁾ For the first quarter, fully diluted net income per share was $1.37, compared to $0.98 one year ago, while non-GAAP fully diluted net income per share was $1.97, compared to $1.50 one year ago.

"Delivering results ahead of guidance for all metrics again demonstrates our focused execution and sizable market opportunity," said CFO Brian Van Wagener. "We crossed our 2025 revenue run rate goal this quarter and are progressing well toward our 2030 goal to double that and the positive impact we can have for our customers and the industry." 

Recent Highlights:

• Veeva Surpasses $3 Billion Revenue Run Rate Goal – In the quarter, Veeva achieved its 2025 revenue run rate goal of $3 billion, a significant milestone reflecting the continued growth and innovation across its Commercial and R&D Solutions. Building on this foundation and the strong execution to start the year, the company is progressing well toward its 2030 goals to double revenue and the positive impact it can have for the industry.
  
  
• Veeva AI to Drive Productivity and Automation for the Life Sciences Industry – Veeva AI, a major new initiative, will embed artificial intelligence capabilities into Veeva applications and Veeva Vault Platform across all major areas, from clinical to commercial. Planned for the first release in December 2025, Veeva AI will enable life sciences companies to automate processes and improve employee productivity through application-specific AI Agents and user-defined AI Shortcuts that work deeply with Veeva's core applications. Veeva AI is part of Veeva's overall AI strategy which also includes the Veeva Direct Data API and the Veeva AI Partner Program.
  
  
• Showcasing Commercial Innovation and Customer Success at Veeva Summit – The industry came together at Commercial Summit in May where Veeva shared new innovations and what's ahead for commercial including AI Agents coming in December – CRM Bot, Voice Control, Compliant Free Text, and MLR Bot – the fastest path to highly productive AI for the industry. With more than 80 Vault CRM customers live, many showcased their success and learnings at the event as the company and the industry look ahead to 200 Vault CRM customers live next year, including three top 20 biopharmas.
  
  
• Commercial Innovation with Connected Software and Connected Data – The company expanded its commercial data offerings with the availability of Veeva CRM Pulse in March, a powerful offering for segmentation and targeting only Veeva can provide. With this addition, Veeva Data Cloud's complete suite of connected data products now includes, reference data, deep data, performance data, and pulse data on a common data architecture. This foundation is part of Veeva's commercial vision to deliver great data and great software that is modular and connected – so it is even better when used together to remove functional and operational silos for greater efficiency and customer centricity.

Financial Outlook:

Veeva is providing guidance for its fiscal second quarter ending July 31, 2025 as follows:

• Total revenues between $766 and $769 million.
• Non-GAAP operating income between $335 and $337 million.⁽²⁾
• Non-GAAP fully diluted net income per share between $1.89 and $1.90.⁽²⁾

Veeva is providing updated guidance for its fiscal year ending January 31, 2026 as follows:

• Total revenues between $3,090 and $3,100 million.
• Non-GAAP operating income of about $1,360 million.⁽²⁾
• Non-GAAP fully diluted net income per share of approximately $7.63.⁽²⁾

Conference Call Information

Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, May 28, 2025, and a replay of the call will be available on Veeva's investor relations website.

About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.

Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.

Forward-looking Statements
This release contains forward-looking statements regarding Veeva's expected future performance and, in particular, includes quotes from management and guidance, provided as of May 28, 2025, about Veeva's expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, developments that impact the life sciences industry (including regulatory, funding, or policy changes), general macroeconomic and geopolitical events (including changes in trade policy or practices, inflationary pressures, currency exchange fluctuations, changes in interest rates, and geopolitical conflicts), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled "Summary of Risk Factors" on pages 9 and 10 in our filing on Form 10-K for the period ended January 31, 2025 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-K and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.