Veeva Systems (VEEV) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 ended with total revenue of $3,195 million, up 16% year-over-year, and Q4 revenue of $836 million, both ahead of guidance.

• Subscription revenue reached $2,684 million for the year, up 17% year-over-year, and services revenue was $511 million.

• Non-GAAP operating income for FY 2026 was $1,434 million, with a margin of 44.9%.

• Normalized billings for FY 2026 were $3,425 million, growing 15% year-over-year.

• Surpassed the $3 billion revenue run rate milestone, driven by innovation and strategic partnerships in life sciences.

Financial highlights

• Subscription revenue grew 17% year-over-year in FY 2026, while services revenue increased 11%.

• Non-GAAP total gross margin for FY 2026 was 77.7%, with subscription gross margin at 86.9% and services gross margin at 29.3%.

• Cash, cash equivalents, and short-term investments stood at $6,561 million at FY 2026 end.

• Non-GAAP operating cash flow for FY 2026 was $1,390 million, with a margin of 43.5%.

• Customer count grew by 5%, driven by strong execution in small and emerging biotechs.

Outlook and guidance

• FY 2027 revenue guidance is $3,585–$3,600 million, with subscription revenue expected at ~$3,040 million and services revenue at $545–560 million.

• FY 2027 non-GAAP operating income is guided at ~$1,590 million, with a margin near 44%.

• FY 2027 normalized billings are expected to be ~$3,780 million, up ~11% year-over-year.

• Q1'27 revenue guidance is $855–858 million, with non-GAAP operating income of $378–381 million.

• Guidance assumes no significant macro changes; industry planning cycles are more influential than short-term macro shifts.