Veeva Systems (VEEV) financial statements
Veeva Systems reported revenue of $3.2B in fiscal 2026, up 21.6% a year over 9 years.
Net income was $909M and the operating margin 28.7%, against 21.9% in 2017.
Free cash flow was $1.4B, and the company returned $170M in net buybacks.
The diluted share count rose 13% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Veeva Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $551M | $691M | $862M | $1.1B | $1.5B | $1.9B | $2.2B | $2.4B | $2.7B | $3.2B |
| Cost of revenue | $174M | $211M | $245M | $303M | $409M | $504M | $609M | $677M | $700M | $782M |
| Gross profit | $377M | $479M | $617M | $801M | $1.1B | $1.3B | $1.5B | $1.7B | $2.0B | $2.4B |
| Research and development | $97M | $132M | $159M | $210M | $294M | $382M | $520M | $629M | $693M | $767M |
| Selling, general and admin | $159M | $189M | $235M | $305M | $384M | $460M | $566M | $628M | $662M | $730M |
| Operating income | $121M | $158M | $223M | $286M | $378M | $505M | $459M | $429M | $691M | $916M |
| Pre-tax income | $122M | $166M | $239M | $314M | $394M | $512M | $509M | $588M | $919M | $1.2B |
| Income tax | $45M | $15M | $9M | $13M | $14M | $85M | $21M | $62M | $205M | $286M |
| Net income | $78M | $151M | $230M | $301M | $380M | $427M | $488M | $526M | $714M | $909M |
| EPS (diluted) | $0.53 | $0.98 | $1.47 | $1.90 | $2.36 | $2.63 | $3.00 | $3.22 | $4.32 | $5.44 |
| Diluted shares | 148M | 154M | 156M | 158M | 161M | 162M | 162M | 163M | 165M | 167M |
| Gross margin | 68.5% | 69.4% | 71.6% | 72.5% | 72.1% | 72.8% | 71.7% | 71.3% | 74.5% | 75.5% |
| Operating margin | 21.9% | 22.9% | 25.8% | 25.9% | 25.8% | 27.3% | 21.3% | 18.2% | 25.2% | 28.7% |
| Net margin | 14.1% | 21.9% | 26.7% | 27.3% | 25.9% | 23.1% | 22.6% | 22.2% | 26.0% | 28.4% |
Balance sheet
Fiscal years, from Veeva Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $519M | $762M | $1.1B | $1.1B | $1.7B | $2.4B | $3.1B | $4.0B | $5.2B | $6.6B |
| Receivables | $183M | $225M | $303M | $390M | $564M | $631M | $703M | $852M | $1.0B | $1.3B |
| Total current assets | $712M | $1.0B | $1.4B | $1.5B | $2.3B | $3.1B | $4.0B | $5.0B | $6.3B | $8.0B |
| Property, plant and equipment | $50M | $52M | $55M | $55M | $54M | $54M | $50M | $59M | $56M | $70M |
| Goodwill | $96M | $96M | $96M | $439M | $436M | $440M | $440M | $440M | $440M | $440M |
| Total assets | $917M | $1.2B | $1.7B | $2.3B | $3.0B | $3.8B | $4.8B | $5.9B | $7.3B | $9.0B |
| Total current liabilities | $247M | $306M | $401M | $551M | $716M | $841M | $1.0B | $1.2B | $1.4B | $1.6B |
| Total liabilities | $265M | $324M | $416M | $606M | $780M | $905M | $1.1B | $1.3B | $1.5B | $1.8B |
| Shareholders' equity | $678M | $906M | $1.2B | $1.7B | $2.3B | $2.9B | $3.7B | $4.6B | $5.8B | $7.2B |
| Net debt | -$218M | -$320M | -$551M | -$477M | -$731M | -$1.1B | -$886M | -$703M | -$1.1B | -$1.4B |
Cash flow
Fiscal years, from Veeva Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $144M | $233M | $311M | $437M | $551M | $764M | $780M | $911M | $1.1B | $1.4B |
| Capital spending | $8M | $11M | $18M | $7M | $9M | $14M | $14M | $26M | $21M | $29M |
| Free cash flow | $137M | $222M | $293M | $430M | $543M | $750M | $767M | $885M | $1.1B | $1.4B |
| Stock-based compensation | $41M | $54M | $76M | $116M | $185M | $235M | $352M | $394M | $437M | $473M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$170M |
| Free cash flow margin | 24.8% | 32.2% | 33.9% | 38.9% | 37.0% | 40.5% | 35.6% | 37.4% | 38.9% | 43.4% |
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Open VEEV in InvestinglyQuestions
What was Veeva Systems's revenue in 2026?
$3.2B in fiscal 2026, from its 10-K filing.
How much free cash flow does Veeva Systems generate?
$1.4B in fiscal 2026 (operating cash flow minus capital spending).
From Veeva Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.