Executive Summary
Veeva Systems reported a solid QQ4 2025 with revenue of USD 720.9 million, up 14.31% year-over-year and 3.10% quarter-over-quarter, underscoring continued demand for cloud-based life sciences software. The company delivered strong profitability, with gross margin of 74.9%, operating margin of 26.1%, and net margin of 27.1%. Net income of USD 195.6 million and diluted earnings per share of USD 1.18 reflect disciplined cost management alongside robust top-line growth. Cash generation remained meaningful, as free cash flow reached USD 64.8 million and net operating cash flow was USD 69.5 million, supporting a healthy balance sheet characterized by a substantial net cash position. The balance sheet shows USD 5.15 billion in cash and short-term investments against minimum debt, driving a net debt position of negative USD 1.043 billion and a robust liquidity runway.
Key Performance Indicators
Key Insights
Revenue: USD 720.9M, YoY +14.31%, QoQ +3.10%; Gross Profit: USD 539.9M, Gross Margin 74.89%; Operating Income: USD 188.4M, Operating Margin 26.14%; Net Income: USD 195.6M, Net Margin 27.14%; EPS diluted: USD 1.18; EBITDA: USD 198.36M; Free Cash Flow: USD 64.82M; Operating Cash Flow: USD 69.54M; Cash and Short-Term Investments: USD 5.15B; Cash at End of Period: USD 1.122B; Net Debt: USD -1.043B; Current Ratio: 4.51x; DSO: 131.98 days; Deferred Revenue: USD 1.27398B; Revenue Growth Levers: Vault/D...
Financial Highlights
Revenue: USD 720.9M, YoY +14.31%, QoQ +3.10%; Gross Profit: USD 539.9M, Gross Margin 74.89%; Operating Income: USD 188.4M, Operating Margin 26.14%; Net Income: USD 195.6M, Net Margin 27.14%; EPS diluted: USD 1.18; EBITDA: USD 198.36M; Free Cash Flow: USD 64.82M; Operating Cash Flow: USD 69.54M; Cash and Short-Term Investments: USD 5.15B; Cash at End of Period: USD 1.122B; Net Debt: USD -1.043B; Current Ratio: 4.51x; DSO: 131.98 days; Deferred Revenue: USD 1.27398B; Revenue Growth Levers: Vault/Data Cloud/Commercial Cloud; Margin discipline and high retention underpin profitability.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
720.89M |
14.31% |
3.10% |
| Gross Profit |
539.90M |
18.22% |
2.87% |
| Operating Income |
188.42M |
39.30% |
3.90% |
| Net Income |
195.63M |
32.72% |
5.28% |
| EPS |
1.20 |
30.43% |
4.35% |
Key Financial Ratios
operatingProfitMargin
26.1%
operatingCashFlowPerShare
$0.43
freeCashFlowPerShare
$0.4
Management Commentary
Note: The earnings transcript data were not provided in the materials. As a result, no management quotes or theme-based quotes are available in this dataset. When transcript details are supplied, this section can be updated to group insights by themes (strategy, operations, market conditions) with context and significance for investors.
Forward Guidance
No explicit forward guidance was included in the provided data. Based on the QQ4 2025 results and the strategic position of Veeva, the implied trajectory suggests continued mid-teens revenue growth with sustained gross margins in the mid- to high-70s and operating margins in the mid-20s, assuming disciplined opex and R&D spend to protect product leadership. Key factors to monitor include: renewal rates and net retention, expansion in Vault and data cloud modules, international growth, serviceability of deferred revenue as revenue recognition evolves, and competitive dynamics among cloud providers. Any guidance on full-year revenue targets or margin opportunities would sharpen the longer-term view.