Executive Summary
Veeva Systems delivered a solid QQ2 2026 quarter, underscoring the company’s leadership in cloud-based life sciences software. Revenue reached $789.1 million, up 16.7% year over year and 3.96% quarter over quarter, while gross margins remained robust at approximately 75.3%. Operating income of $226.5 million produced an operating margin of 28.7%, and net income of $200.3 million yielded a net margin of 25.4%. EBITDA stood at roughly $255.5 million, reflecting durable profitability in a high-value software portfolio. The balance sheet remains exceptionally strong, with ~$6.4 billion in cash and short-term investments and a net cash position of about $1.845 billion. Deferred revenue sits at ~$1.108 billion, providing revenue visibility and multi-year revenue recognition tailwinds that support sustainable cash flow.
Key Performance Indicators
QoQ: -12.22% | YoY:17.11%
QoQ: -12.14% | YoY:16.04%
Key Insights
Revenue: $789.081 million; YoY +16.70%; QoQ +3.96%. Gross Profit: $593.828 million; Gross Margin ~75.26% (vs. 75.08% prior year). Operating Income: $226.535 million; Operating Margin ~28.71%. Net Income: $200.309 million; Net Margin ~25.38%. EBITDA: $255.542 million; EBITDA Margin ~32.32%. EPS: $1.23 (GAAP basic); Diluted EPS $1.19. Cash Flow: Net cash from operating activities $238.433 million; Free cash flow $238.433 million. Balance Sheet Highlights: Cash and cash equivalents $1.93B; Short-te...
Financial Highlights
Revenue: $789.081 million; YoY +16.70%; QoQ +3.96%. Gross Profit: $593.828 million; Gross Margin ~75.26% (vs. 75.08% prior year). Operating Income: $226.535 million; Operating Margin ~28.71%. Net Income: $200.309 million; Net Margin ~25.38%. EBITDA: $255.542 million; EBITDA Margin ~32.32%. EPS: $1.23 (GAAP basic); Diluted EPS $1.19. Cash Flow: Net cash from operating activities $238.433 million; Free cash flow $238.433 million. Balance Sheet Highlights: Cash and cash equivalents $1.93B; Short-term investments $4.47B; Total cash and short-term investments ~$6.40B; Deferred revenue ~$1.108B; Total assets ~$7.999B; Total liabilities ~$1.361B; Total stockholders’ equity ~$6.639B. Leverage: Net debt position is negative (~$-1.844B), reflecting a strong liquidity stance with no material long-term debt. Growth drivers include multi-product adoption (CRM, Vault, OpenData, Data Cloud) and ongoing cross-sell across geographies.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
789.08M |
16.70% |
3.96% |
| Gross Profit |
593.83M |
17.40% |
1.47% |
| Operating Income |
226.54M |
36.07% |
-3.08% |
| Net Income |
200.31M |
17.11% |
-12.22% |
| EPS |
1.23 |
16.04% |
-12.14% |
Management Commentary
No QQ2 2026 earnings call transcript data provided. Transcript-based highlights could not be generated from the supplied material. Please append management commentary quotes or transcript text for them to be incorporated into this section.
Forward Guidance
No explicit forward guidance was disclosed in the provided QQ2 2026 materials. The results imply continued revenue growth and margin stability given a high-quality, multi-product SaaS platform and substantial deferred revenue. Investors should monitor ARR growth and renewal rates, the pace of cross-sell into Vault/Data Cloud, and any new product expansions that could lift long-term revenue visibility. In the absence of formal guidance, sensitivity to macro conditions and customer concentration risk remain key considerations.