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Apr 30, 2025
Veeva Q1 2026 Earnings Report
Reported strong financial results for the first quarter of fiscal year 2026
Key Takeaways
Veeva Systems announced a strong start to fiscal year 2026 with total revenues reaching $759.0 million, a 17% increase year over year. Subscription services revenue grew by 19%, contributing significantly to the overall growth. Both GAAP and non-GAAP operating income and net income saw substantial increases, exceeding guidance.
Total revenues for Q1 FY2026 were $759.0 million, a 17% increase compared to the same period last year.
Subscription services revenues grew by 19% year over year to $634.8 million.
GAAP operating income increased by 51% year over year to $233.7 million.
Non-GAAP diluted net income per share was $1.97, a 31% increase from $1.50 in the prior year.
Revenue by Segment
Forward Guidance
Veeva provided guidance for the second fiscal quarter ending July 31, 2025, and updated guidance for the full fiscal year ending January 31, 2026.
Positive Outlook
- Fiscal Q2 2026 total revenue expected between $766 million and $769 million.
- Fiscal Q2 2026 non-GAAP operating income expected between $335 million and $337 million.
- Fiscal Q2 2026 non-GAAP fully diluted net income per share expected between $1.89 and $1.90.
- Fiscal Year 2026 total revenue expected between $3,090 million and $3,100 million.
- Fiscal Year 2026 non-GAAP operating income expected to be about $1,360 million.
Challenges Ahead
- Difficulty in estimating GAAP targets for operating income and fully diluted net income per share due to unpredictable excluded items like stock-based compensation.
- Guidance involves assumptions and internal estimates that may prove incorrect.
- Numerous risks could negatively impact financial performance, including product performance, competition, customer decisions, industry developments, and macroeconomic/geopolitical events.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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