Veeva Systems (VEEV) Financials

$274.10 +0.22 (+0.08%)

Closing price 03:59 PM Eastern

Extended Trading

$275.10 +1.00 (+0.36%)

As of 07:43 PM Eastern

Annual Income Statements for Veeva Systems

This table shows Veeva Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Net Income / (Loss) Attributable to Common Shareholders	40	54	78	151	230	301	380	427	488	526	714
Consolidated Net Income / (Loss)	40	54	78	151	230	301	380	427	488	526	714
Net Income / (Loss) Continuing Operations	40	54	78	151	230	301	380	427	488	526	714
Total Pre-Tax Income	67	79	122	166	239	314	394	512	509	588	919
Total Operating Income	70	79	121	158	223	286	378	505	459	429	691
Total Gross Profit	198	267	377	479	617	801	1,056	1,347	1,546	1,686	2,047
Total Revenue	313	409	551	691	862	1,104	1,465	1,851	2,155	2,364	2,747
Operating Revenue	313	409	551	691	862	1,104	1,465	1,851	2,155	2,364	2,747
Total Cost of Revenue	116	142	174	211	245	303	409	504	609	677	700
Operating Cost of Revenue	116	142	174	211	245	303	409	504	609	677	700
Total Operating Expenses	128	188	256	321	394	514	678	842	1,087	1,257	1,356
Selling, General & Admin Expense	30	41	49	60	86	114	149	172	218	247	266
Marketing Expense	56	81	111	129	149	190	235	288	349	381	397
Research & Development Expense	41	66	97	132	159	210	294	382	520	629	693
Total Other Income / (Expense), net	-2.78	0.03	1.67	7.84	16	27	16	6.82	50	159	228
Other Income / (Expense), net	-2.78	0.03	1.67	7.84	16	27	16	6.82	50	159	228
Income Tax Expense	27	24	45	15	8.81	13	14	85	21	62	205
Basic Earnings per Share	$0.31	$0.41	$0.57	$1.08	$1.59	$2.04	$2.52	$2.79	$3.14	$3.27	$4.41
Weighted Average Basic Shares Outstanding	127.71M	132.02M	135.70M	140.31M	144.24M	147.80M	150.67M	153.25M	155.39M	160.53M	161.88M
Diluted Earnings per Share	$0.28	$0.38	$0.53	$0.98	$1.47	$1.90	$2.36	$2.63	$3.00	$3.22	$4.32
Weighted Average Diluted Shares Outstanding	144.20M	144.98M	147.58M	153.68M	156.12M	158.30M	160.73M	162.28M	162.44M	163.49M	165.23M
Weighted Average Basic & Diluted Shares Outstanding	130.30M	132.80M	134.90M	140M	144.50M	149.26M	154.36M	-	159.81M	161.32M	162.70M

This table shows Veeva Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025
Net Income / (Loss) Attributable to Common Shareholders	189	132	112	135	147	162	171	186	196	228	200
Consolidated Net Income / (Loss)	189	132	112	135	147	162	171	186	196	228	200
Net Income / (Loss) Continuing Operations	189	132	112	135	147	162	171	186	196	228	200
Total Pre-Tax Income	135	92	143	171	183	207	225	242	245	299	265
Total Operating Income	109	62	104	128	135	155	166	181	188	234	196
Total Gross Profit	399	360	421	449	457	476	506	525	540	585	594
Total Revenue	563	526	590	617	631	650	676	699	721	759	789
Operating Revenue	563	526	590	617	631	650	676	699	721	759	789
Total Cost of Revenue	164	167	169	168	174	174	170	174	181	174	195
Operating Cost of Revenue	164	167	169	168	174	174	170	174	181	174	195
Total Operating Expenses	290	298	317	320	321	321	339	343	351	351	398
Selling, General & Admin Expense	59	63	63	62	59	61	61	72	71	69	96
Marketing Expense	89	89	97	97	99	97	102	99	99	99	109
Research & Development Expense	143	147	157	161	164	163	176	172	182	184	193
Total Other Income / (Expense), net	26	30	39	42	47	52	59	61	57	65	69
Other Income / (Expense), net	26	30	39	42	47	52	59	61	57	65	69
Income Tax Expense	-53	-40	31	36	35	45	54	56	50	71	65
Basic Earnings per Share	$1.21	$0.82	$0.70	$0.84	$0.91	$1.00	$1.06	$1.15	$1.20	$1.40	$1.23
Weighted Average Basic Shares Outstanding	155.39M	159.85M	160.40M	160.77M	160.53M	161.42M	161.71M	161.99M	161.88M	162.75M	163.50M
Diluted Earnings per Share	$1.15	$0.81	$0.68	$0.83	$0.90	$0.98	$1.04	$1.13	$1.17	$1.37	$1.19
Weighted Average Diluted Shares Outstanding	162.44M	162.52M	163.28M	163.76M	163.49M	164.39M	164.56M	164.98M	165.23M	166.23M	167.69M
Weighted Average Basic & Diluted Shares Outstanding	159.81M	160.22M	160.66M	161.02M	161.32M	161.65M	161.93M	162.35M	162.70M	163.41M	163.91M

This table details how cash moves in and out of Veeva Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Net Change in Cash & Equivalents	-133	2.93	85	100	233	-72	252	410	-252	-183	414
Net Cash From Operating Activities	68	80	144	233	311	437	551	764	780	911	1,090
Net Cash From Continuing Operating Activities	68	80	144	233	311	437	551	764	779	911	1,089
Net Income / (Loss) Continuing Operations	40	54	78	151	230	301	380	427	488	526	714
Consolidated Net Income / (Loss)	40	54	78	151	230	301	380	427	488	526	714
Depreciation Expense	3.93	8.46	14	14	14	20	29	27	29	33	39
Amortization Expense	2.18	2.80	16	18	16	17	24	32	18	-8.34	-8.92
Non-Cash Adjustments To Reconcile Net Income	15	24	38	50	72	109	180	230	345	451	445
Changes in Operating Assets and Liabilities, net	6.53	-10	-1.33	0.21	-21	-10	-62	48	-101	-90	-100
Net Cash From Investing Activities	-272	-97	-97	-155	-104	-517	-334	-346	-1,008	-1,076	-700
Net Cash From Continuing Investing Activities	-272	-97	-97	-155	-104	-517	-334	-346	-1,008	-1,076	-700
Purchase of Property, Plant & Equipment	-27	-22	-7.51	-11	-9.82	-4.32	-8.68	-14	-14	-26	-21
Purchase of Investments	-402	-313	-315	-438	-726	-753	-979	-1,117	-1,997	-2,698	-2,582
Sale and/or Maturity of Investments	157	365	226	295	632	688	654	793	1,003	1,648	1,902
Net Cash From Financing Activities	71	19	38	21	26	10	34	-4.14	-19	-16	26
Net Cash From Continuing Financing Activities	71	19	38	21	26	10	34	-4.14	-19	-16	26
Other Financing Activities, net	65	19	38	21	26	10	34	-4.14	-19	-16	26
Effect of Exchange Rate Changes	-0.07	0.05	-	-	-	-2.86	0.48	-4.66	-4.99	-1.78	-1.74
Cash Income Taxes Paid	1.52	20	14	12	20	14	18	59	168	134	322

This table details how cash moves in and out of Veeva Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025
Net Change in Cash & Equivalents	21	207	-351	1.10	-40	494	-32	-121	74	846	-35
Net Cash From Operating Activities	63	506	265	83	58	764	93	164	70	877	238
Net Cash From Continuing Operating Activities	62	506	265	83	58	764	93	162	71	881	235
Net Income / (Loss) Continuing Operations	189	132	112	135	147	162	171	186	196	228	200
Consolidated Net Income / (Loss)	189	132	112	135	147	162	171	186	196	228	200
Depreciation Expense	7.68	7.55	8.09	8.36	8.63	8.50	11	9.93	9.93	9.82	10
Amortization Expense	2.38	1.65	-3.13	-4.97	-1.88	-2.38	-4.22	-5.49	3.18	-2.51	6.18
Non-Cash Adjustments To Reconcile Net Income	96	138	106	98	109	96	110	24	214	88	143
Changes in Operating Assets and Liabilities, net	-233	227	42	-154	-205	499	-195	-52	-352	557	-125
Net Cash From Investing Activities	-39	-297	-619	-73	-87	-272	-114	-298	-16	-52	-389
Net Cash From Continuing Investing Activities	-39	-297	-619	-73	-87	-272	-114	-298	-16	-52	-389
Purchase of Property, Plant & Equipment	-3.91	-2.96	-9.59	-5.91	-7.74	-8.48	-3.05	-4.27	-4.72	-5.91	-6.30
Purchase of Investments	-281	-612	-988	-542	-556	-778	-614	-814	-375	-667	-786
Sale and/or Maturity of Investments	245	318	379	474	477	514	504	520	364	621	403
Net Cash From Financing Activities	-2.24	-1.39	2.58	-6.89	-10	3.83	-11	13	21	20	116
Net Cash From Continuing Financing Activities	-2.24	-1.39	2.58	-6.89	-10	3.83	-11	13	21	20	116
Other Financing Activities, net	-2.24	-1.39	2.58	-6.89	-10	3.83	-11	13	21	20	116
Effect of Exchange Rate Changes	-0.59	0.02	0.29	-1.28	-0.81	-1.26	0.01	-0.09	-0.39	0.77	0.60
Cash Income Taxes Paid	57	1.03	6.23	94	34	4.23	159	76	83	14	113

This table presents Veeva Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Total Assets	545	706	917	1,230	1,654	2,272	3,046	3,816	4,804	5,911	7,340
Total Current Assets	502	501	712	1,012	1,433	1,531	2,311	3,107	3,969	5,003	6,309
Cash & Equivalents	129	132	218	320	551	477	731	1,138	886	703	1,119
Short-Term Investments	269	214	301	442	539	610	933	1,238	2,216	3,324	4,031
Accounts Receivable	93	145	183	238	322	423	612	694	785	889	1,057
Prepaid Expenses	6.49	9.96	10	12	22	22	36	37	81	87	101
Plant, Property, & Equipment, net	28	47	50	52	55	55	54	54	50	59	56
Total Noncurrent Assets	15	157	156	166	165	686	682	655	785	849	975
Goodwill	4.85	96	96	96	96	439	436	440	440	440	440
Intangible Assets	6.14	48	39	31	25	135	115	102	82	63	44
Noncurrent Deferred & Refundable Income Taxes	-	9.36	16	2.22	5.94	12	14	5.10	137	233	344
Other Noncurrent Operating Assets	3.86	4.70	4.06	36	39	101	117	108	126	113	147
Total Liabilities & Shareholders' Equity	545	706	917	1,230	1,654	2,272	3,046	3,816	4,804	5,911	7,340
Total Liabilities	138	201	265	324	416	606	780	905	1,088	1,266	1,507
Total Current Liabilities	136	186	247	306	401	551	716	841	1,007	1,179	1,398
Accounts Payable	3.89	4.60	5.68	6.94	9.11	19	23	20	42	32	30
Accrued Expenses	8.94	11	12	13	16	22	31	36	35	33	36
Current Deferred Revenue	113	157	214	267	356	469	617	732	869	1,050	1,274
Current Deferred & Payable Income Tax Liabilities	3.24	0.75	3.23	2.08	4.09	5.61	2.59	7.76	4.95	12	9.02
Current Employee Benefit Liabilities	6.50	12	12	17	15	26	30	34	44	43	39
Other Current Liabilities	-	-	-	-	-	10	12	11	11	9.33	9.97
Total Noncurrent Liabilities	2.53	14	18	18	15	55	64	64	81	87	109
Noncurrent Deferred & Payable Income Tax Liabilities	0.17	11	13	11	6.10	2.42	1.84	2.22	1.49	2.05	0.59
Other Noncurrent Operating Liabilities	2.36	3.65	4.96	6.98	8.90	53	62	62	80	85	108
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	407	505	653	906	1,238	1,666	2,266	2,912	3,716	4,645	5,832
Total Preferred & Common Equity	407	505	653	906	1,238	1,666	2,266	2,912	3,716	4,645	5,832
Total Common Equity	407	505	653	906	1,238	1,666	2,266	2,912	3,716	4,645	5,832
Common Stock	318	362	440	515	618	745	966	1,197	1,533	1,915	2,386
Retained Earnings	89	143	213	389	619	920	1,300	1,727	2,215	2,740	3,455
Accumulated Other Comprehensive Income / (Loss)	0.03	0.17	0.11	1.60	0.93	0.46	0.99	-12	-31	-11	-8.42

This table presents Veeva Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	10/31/2022	10/31/2022	4/30/2023	7/31/2023	10/31/2023	4/30/2024	7/31/2024	10/31/2024	4/30/2025	7/31/2025
Total Assets	4,183	4,183	5,023	5,228	5,226	6,188	6,331	6,453	7,765	7,999
Total Current Assets	3,386	3,386	4,188	4,362	4,336	5,245	5,368	5,447	6,708	6,995
Cash & Equivalents	865	865	1,094	743	744	1,197	1,166	1,045	1,965	1,930
Short-Term Investments	2,157	2,157	2,521	3,126	3,199	3,568	3,719	4,018	4,103	4,473
Accounts Receivable	325	325	451	417	300	401	404	301	541	472
Prepaid Expenses	39	39	122	76	93	79	79	83	98	118
Plant, Property, & Equipment, net	51	51	50	57	58	58	57	56	59	61
Total Noncurrent Assets	745	745	785	809	832	885	906	950	999	944
Goodwill	440	440	440	440	440	440	440	440	440	440
Intangible Assets	87	87	78	73	68	58	53	49	41	36
Noncurrent Deferred & Refundable Income Taxes	99	99	156	184	218	266	291	323	366	310
Other Noncurrent Operating Assets	119	119	111	112	106	120	122	139	152	158
Total Liabilities & Shareholders' Equity	4,183	4,183	5,023	5,228	5,226	6,188	6,331	6,453	7,765	7,999
Total Liabilities	764	764	1,080	1,076	846	1,298	1,146	951	1,554	1,361
Total Current Liabilities	690	690	1,006	1,002	768	1,223	1,070	857	1,457	1,255
Accounts Payable	41	41	44	50	36	32	28	32	37	34
Accrued Expenses	33	33	32	32	33	41	33	31	32	59
Current Deferred Revenue	510	510	870	837	644	1,029	956	740	1,246	1,108
Current Deferred & Payable Income Tax Liabilities	54	54	4.62	24	6.56	72	5.62	11	91	3.66
Current Employee Benefit Liabilities	40	40	44	48	38	39	37	35	39	41
Other Current Liabilities	12	12	11	11	9.64	10	10	9.16	11	11
Total Noncurrent Liabilities	74	74	74	74	78	75	76	94	97	106
Noncurrent Deferred & Payable Income Tax Liabilities	1.55	1.55	1.41	1.28	1.15	0.71	0.59	0.48	0.53	0.44
Other Noncurrent Operating Liabilities	72	72	73	72	77	74	75	94	97	105
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,419	3,419	3,943	4,153	4,380	4,889	5,185	5,501	6,211	6,639
Total Preferred & Common Equity	3,419	3,419	3,943	4,153	4,380	4,889	5,185	5,501	6,211	6,639
Total Common Equity	3,419	3,419	3,943	4,153	4,380	4,889	5,185	5,501	6,211	6,639
Common Stock	1,438	1,438	1,623	1,729	1,824	2,018	2,117	2,249	2,519	2,757
Retained Earnings	2,026	2,026	2,346	2,458	2,593	2,902	3,073	3,259	3,683	3,883
Accumulated Other Comprehensive Income / (Loss)	-46	-46	-26	-34	-38	-31	-5.58	-6.46	8.91	-2.00

This table displays calculated financial ratios and metrics derived from Veeva Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	49.05%	30.65%	34.53%	25.43%	24.86%	28.05%	32.70%	26.33%	16.44%	9.68%	16.20%
EBITDA Growth	77.57%	22.64%	69.35%	30.13%	35.63%	30.57%	27.50%	27.91%	-2.69%	9.99%	55.12%
EBIT Growth	74.51%	17.01%	55.63%	35.48%	43.96%	31.45%	25.60%	30.03%	-0.63%	15.50%	56.35%
NOPAT Growth	74.44%	29.45%	40.55%	88.23%	49.03%	28.00%	32.62%	15.73%	4.29%	-12.73%	39.92%
Net Income Growth	71.01%	34.86%	42.44%	94.89%	52.03%	31.02%	26.20%	12.47%	14.11%	7.79%	35.84%
EPS Growth	86.67%	35.71%	39.47%	84.91%	50.00%	29.25%	24.21%	11.44%	14.07%	7.33%	34.16%
Operating Cash Flow Growth	61.84%	18.62%	79.67%	62.10%	33.15%	40.71%	26.04%	38.68%	2.09%	16.77%	19.61%
Free Cash Flow Firm Growth	25.64%	-481.70%	206.41%	31.20%	58.26%	-174.06%	360.48%	3.44%	-14.23%	5.16%	24.08%
Invested Capital Growth	211.50%	1,675.07%	-15.88%	7.84%	2.30%	292.20%	-7.48%	0.00%	14.58%	0.56%	10.55%
Revenue Q/Q Growth	8.38%	7.14%	8.34%	4.44%	5.68%	7.73%	6.18%	-3.45%	7.45%	2.93%	3.40%
EBITDA Q/Q Growth	13.91%	-1.98%	40.83%	-6.37%	10.82%	0.94%	9.70%	5.98%	1.50%	7.75%	7.81%
EBIT Q/Q Growth	13.67%	-5.09%	32.77%	-2.05%	12.84%	-1.09%	11.32%	6.36%	2.67%	8.75%	7.29%
NOPAT Q/Q Growth	23.18%	6.87%	20.26%	4.98%	14.80%	-1.44%	10.72%	8.15%	12.54%	-9.15%	8.28%
Net Income Q/Q Growth	21.26%	8.49%	19.92%	7.22%	15.30%	-1.62%	10.70%	2.36%	18.46%	-7.26%	7.24%
EPS Q/Q Growth	21.74%	11.76%	15.22%	6.52%	14.84%	-2.06%	10.80%	1.94%	18.11%	-7.20%	6.67%
Operating Cash Flow Q/Q Growth	-20.71%	6.46%	-3.70%	1.53%	10.85%	1.68%	5.60%	-1.84%	1.21%	-0.61%	1.09%
Free Cash Flow Firm Q/Q Growth	0.00%	-0.44%	-1.22%	-22.32%	31.27%	-151.90%	430.75%	-17.25%	-54.04%	2,634.03%	-4.66%
Invested Capital Q/Q Growth	176.85%	18.24%	40.68%	138.90%	70.86%	810.46%	3.80%	35.15%	0.00%	41.05%	55.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.07%	65.25%	68.45%	69.38%	71.55%	72.52%	72.09%	72.79%	71.72%	71.35%	74.53%
EBITDA Margin	23.40%	21.96%	27.65%	28.68%	31.16%	31.77%	30.53%	30.91%	25.83%	25.91%	34.58%
Operating Margin	22.34%	19.20%	21.92%	22.87%	25.85%	25.92%	25.79%	27.31%	21.30%	18.16%	25.17%
EBIT Margin	21.45%	19.21%	22.22%	24.01%	27.68%	28.41%	26.89%	27.68%	23.62%	24.88%	33.47%
Profit (Net Income) Margin	12.89%	13.31%	14.09%	21.89%	26.66%	27.27%	25.94%	23.09%	22.63%	22.24%	26.00%
Tax Burden Percent	60.11%	69.27%	63.40%	91.20%	96.31%	95.99%	96.45%	83.42%	95.80%	89.40%	77.68%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	39.89%	30.73%	36.60%	8.80%	3.69%	4.01%	3.55%	16.58%	4.20%	10.60%	22.32%
Return on Invested Capital (ROIC)	9,102.59%	64.81%	52.26%	103.59%	147.08%	75.64%	65.40%	78.74%	76.54%	62.38%	82.68%
ROIC Less NNEP Spread (ROIC-NNEP)	9,103.07%	64.80%	52.02%	102.48%	145.44%	73.22%	64.49%	78.51%	74.79%	58.40%	78.82%
Return on Net Nonoperating Assets (RNNOA)	-9,090.83%	-52.87%	-38.86%	-84.20%	-125.64%	-54.90%	-48.79%	-64.07%	-61.83%	-49.80%	-69.05%
Return on Equity (ROE)	11.76%	11.94%	13.40%	19.40%	21.44%	20.74%	16.60%	14.68%	14.72%	12.58%	13.63%
Cash Return on Invested Capital (CROIC)	279.66%	-113.86%	69.51%	96.05%	144.81%	-43.09%	73.17%	78.74%	62.95%	61.82%	72.66%
Operating Return on Assets (OROA)	14.68%	12.57%	15.08%	15.44%	16.55%	15.98%	12.94%	13.42%	11.81%	10.98%	13.88%
Return on Assets (ROA)	8.83%	8.71%	9.56%	14.08%	15.94%	15.34%	12.48%	11.20%	11.31%	9.81%	10.78%
Return on Common Equity (ROCE)	11.76%	11.94%	13.40%	19.40%	21.44%	20.74%	16.60%	14.68%	14.72%	12.58%	13.63%
Return on Equity Simple (ROE_SIMPLE)	9.93%	10.78%	11.89%	16.68%	18.57%	18.08%	13.05%	14.68%	13.12%	11.32%	12.24%
Net Operating Profit after Tax (NOPAT)	42	54	77	144	215	275	364	422	440	384	537
NOPAT Margin	13.43%	13.30%	13.90%	20.86%	24.89%	24.88%	24.87%	22.79%	20.41%	16.24%	19.55%
Net Nonoperating Expense Percent (NNEP)	-0.49%	0.01%	0.24%	1.12%	1.64%	2.42%	0.90%	0.24%	1.75%	3.98%	3.86%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	11.83%	8.26%	9.21%
Cost of Revenue to Revenue	36.93%	34.75%	31.55%	30.62%	28.45%	27.48%	27.91%	27.21%	28.28%	28.65%	25.47%
SG&A Expenses to Revenue	9.65%	10.13%	8.86%	8.75%	10.02%	10.35%	10.18%	9.27%	10.10%	10.43%	9.68%
R&D to Revenue	13.14%	16.12%	17.57%	19.12%	18.42%	19.01%	20.08%	20.64%	24.14%	26.61%	25.23%
Operating Expenses to Revenue	40.74%	46.04%	46.53%	46.51%	45.70%	46.60%	46.30%	45.47%	50.42%	53.18%	49.35%
Earnings before Interest and Taxes (EBIT)	67	79	122	166	239	314	394	512	509	588	919
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	73	90	152	198	269	351	447	572	557	612	950
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.23	6.34	8.90	9.80	12.80	13.08	14.38	12.49	7.15	7.19	6.49
Price to Tangible Book Value (P/TBV)	9.49	8.86	11.22	11.41	14.18	19.94	17.67	15.35	8.31	8.06	7.08
Price to Revenue (P/Rev)	11.99	7.83	10.55	12.87	18.38	19.73	28.58	19.65	12.32	14.13	13.79
Price to Earnings (P/E)	93.01	58.85	74.85	58.77	68.95	72.34	110.19	85.10	54.44	63.53	53.03
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.08%	1.70%	1.34%	1.70%	1.45%	1.38%	0.91%	1.18%	1.84%	1.57%	1.89%
Enterprise Value to Invested Capital (EV/IC)	374.78	17.98	39.52	56.30	99.98	35.76	73.75	63.48	38.22	47.59	47.97
Enterprise Value to Revenue (EV/Rev)	10.72	6.99	9.60	11.76	17.11	18.75	26.96	18.37	10.88	12.42	11.91
Enterprise Value to EBITDA (EV/EBITDA)	45.82	31.81	34.73	41.01	54.93	59.00	88.30	59.42	42.12	47.96	34.45
Enterprise Value to EBIT (EV/EBIT)	49.98	36.37	43.21	49.00	61.83	65.98	100.24	66.36	46.06	49.94	35.59
Enterprise Value to NOPAT (EV/NOPAT)	79.85	52.52	69.10	56.40	68.75	75.33	108.39	80.61	53.32	76.51	60.92
Enterprise Value to Operating Cash Flow (EV/OCF)	49.69	35.67	36.71	34.80	47.47	47.32	71.65	44.47	30.05	32.23	30.02
Enterprise Value to Free Cash Flow (EV/FCFF)	134.01	0.00	51.95	60.83	69.83	0.00	96.88	80.61	64.83	77.21	69.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.00	-0.82	-0.75	-0.82	-0.86	-0.75	-0.76	-0.82	-0.83	-0.85	-0.88
Leverage Ratio	1.33	1.37	1.40	1.38	1.35	1.35	1.33	1.31	1.30	1.28	1.26
Compound Leverage Factor	1.33	1.37	1.40	1.38	1.35	1.35	1.33	1.31	1.30	1.28	1.26
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	18.34	11.36	15.13	18.59	25.13	23.59	29.84	26.39	16.83	17.98	17.32
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.70	2.69	2.88	3.31	3.57	2.78	3.70	3.70	3.94	4.24	4.51
Quick Ratio	3.62	2.64	2.84	3.27	3.52	2.74	3.65	3.65	3.86	4.17	4.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	25	-96	102	134	211	-157	408	422	362	380	472
Operating Cash Flow to CapEx	250.79%	371.36%	1,918.36%	2,053.65%	3,165.57%	10,122.08%	6,348.57%	5,378.24%	5,776.12%	3,478.92%	5,312.40%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.65	0.68	0.64	0.60	0.56	0.48	0.48	0.50	0.44	0.41
Accounts Receivable Turnover	4.15	3.45	3.36	3.28	3.08	2.97	2.62	2.67	2.91	2.82	2.82
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	20.44	10.82	11.31	13.52	16.08	20.13	26.82	33.96	41.32	43.63	48.00
Accounts Payable Turnover	38.53	33.52	33.80	33.50	30.56	21.27	20.57	24.75	19.65	18.51	22.58
Days Sales Outstanding (DSO)	88.04	105.90	108.60	111.22	118.45	123.00	139.13	136.95	125.30	129.23	129.28
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	9.47	10.89	10.80	10.89	11.94	17.16	17.75	14.75	18.58	19.72	16.16
Cash Conversion Cycle (CCC)	78.56	95.01	97.80	100.32	106.50	105.83	121.38	122.20	106.73	109.51	113.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8.96	159	134	144	148	579	536	536	614	617	682
Invested Capital Turnover	677.97	4.87	3.76	4.97	5.91	3.04	2.63	3.46	3.75	3.84	4.23
Increase / (Decrease) in Invested Capital	17	150	-25	10	3.31	431	-43	0.00	78	3.44	65
Enterprise Value (EV)	3,358	2,859	5,287	8,123	14,756	20,698	39,495	33,995	23,450	29,368	32,720
Market Capitalization	3,756	3,205	5,806	8,885	15,847	21,784	41,871	36,371	26,553	33,396	37,870
Book Value per Share	$3.12	$3.80	$4.76	$6.41	$8.52	$11.21	$19.22	$18.94	$23.87	$28.85	$35.92
Tangible Book Value per Share	$3.03	$2.72	$3.77	$5.51	$7.69	$7.35	$15.65	$15.41	$20.51	$25.72	$32.94
Total Capital	407	505	653	906	1,238	1,666	2,912	2,912	3,716	4,645	5,832
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-398	-346	-519	-762	-1,090	-1,087	-2,376	-2,376	-3,103	-4,028	-5,150
Capital Expenditures (CapEx)	27	22	7.51	11	9.82	4.32	8.68	14	14	26	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-32	-32	-54	-56	-58	-107	-110	-110	-140	-203	-240
Debt-free Net Working Capital (DFNWC)	366	315	465	706	1,032	980	2,266	2,266	2,963	3,824	4,910
Net Working Capital (NWC)	366	315	465	706	1,032	980	2,266	2,266	2,963	3,824	4,910
Net Nonoperating Expense (NNE)	1.67	-0.02	-1.06	-7.15	-15	-26	-16	-5.69	-48	-142	-177
Net Nonoperating Obligations (NNO)	-398	-346	-519	-762	-1,090	-1,087	-2,376	-2,376	-3,103	-4,028	-5,150
Total Depreciation and Amortization (D&A)	6.11	11	30	32	30	37	53	60	48	24	30
Debt-free, Cash-free Net Working Capital to Revenue	-10.08%	-7.70%	-9.77%	-8.07%	-6.70%	-9.67%	-7.49%	-5.93%	-6.50%	-8.61%	-8.73%
Debt-free Net Working Capital to Revenue	116.95%	76.90%	84.48%	102.27%	119.74%	88.76%	154.70%	122.46%	137.47%	161.80%	178.78%
Net Working Capital to Revenue	116.95%	76.90%	84.48%	102.27%	119.74%	88.76%	154.70%	122.46%	137.47%	161.80%	178.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	$0.41	$0.51	$1.01	$1.59	$2.04	$0.00	$0.00	$3.14	$3.27	$4.41
Adjusted Weighted Average Basic Shares Outstanding	127.71M	132.02M	135.70M	140.31M	144.24M	147.80M	0.00	0.00	155.39M	160.53M	161.88M
Adjusted Diluted Earnings per Share	$0.28	$0.38	$0.47	$0.92	$1.47	$1.90	$0.00	$0.00	$3.00	$3.22	$4.32
Adjusted Weighted Average Diluted Shares Outstanding	144.20M	144.98M	147.58M	153.68M	156.12M	158.30M	0.00	0.00	162.44M	163.49M	165.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	131.47M	134.15M	138.70M	142.39M	146.43M	149.26M	0.00	0.00	159.81M	161.32M	162.70M
Normalized Net Operating Profit after Tax (NOPAT)	42	54	77	144	215	275	364	422	440	384	537
Normalized NOPAT Margin	13.43%	13.30%	13.90%	20.86%	24.89%	24.88%	24.87%	22.79%	20.41%	16.24%	19.55%
Pre Tax Income Margin	21.45%	19.21%	22.22%	24.01%	27.68%	28.41%	26.89%	27.68%	23.62%	24.88%	33.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Veeva Systems' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	36.09%	4.20%	10.48%	11.61%	11.93%	23.56%	14.56%	13.41%	14.31%	16.71%	16.70%
EBITDA Growth	6.01%	-30.12%	21.23%	20.19%	30.27%	110.97%	56.84%	41.74%	36.32%	43.71%	25.63%
EBIT Growth	10.86%	-29.61%	30.49%	27.50%	34.97%	125.44%	57.52%	41.96%	34.18%	44.43%	17.91%
NOPAT Growth	36.60%	-10.06%	-2.82%	3.44%	-28.06%	37.51%	55.64%	36.68%	37.79%	47.21%	16.88%
Net Income Growth	67.51%	31.37%	23.21%	24.62%	-21.82%	22.92%	53.22%	37.47%	32.72%	41.15%	17.11%
EPS Growth	66.67%	30.65%	21.43%	23.88%	-21.74%	20.99%	52.94%	36.14%	30.00%	39.80%	14.42%
Operating Cash Flow Growth	17.28%	5.18%	183.81%	-42.10%	-8.88%	50.91%	-64.96%	98.69%	20.38%	14.88%	156.73%
Free Cash Flow Firm Growth	-33.71%	-173.22%	-149.60%	-167.88%	43.57%	235.45%	154.69%	141.15%	-19.30%	-50.73%	91.93%
Invested Capital Growth	14.58%	0.00%	0.00%	0.00%	0.56%	-62.11%	5.54%	0.21%	10.55%	14.75%	-21.63%
Revenue Q/Q Growth	2.00%	-6.58%	12.14%	4.45%	2.29%	3.13%	3.97%	3.41%	3.10%	5.29%	3.96%
EBITDA Q/Q Growth	0.41%	-30.57%	46.41%	17.74%	8.83%	12.45%	8.85%	6.41%	4.67%	18.55%	-7.99%
EBIT Q/Q Growth	1.12%	-32.20%	55.67%	19.46%	7.04%	13.25%	8.78%	7.66%	1.17%	21.90%	-11.20%
NOPAT Q/Q Growth	54.23%	-41.88%	-7.80%	25.16%	7.26%	11.10%	4.36%	9.92%	8.12%	18.70%	-17.15%
Net Income Q/Q Growth	73.83%	-30.24%	-15.13%	21.08%	9.06%	9.68%	5.80%	8.63%	5.28%	16.65%	-12.22%
EPS Q/Q Growth	71.64%	-29.57%	-16.05%	22.06%	8.43%	8.89%	6.12%	8.65%	3.54%	17.09%	-13.14%
Operating Cash Flow Q/Q Growth	-55.56%	698.04%	-47.61%	-68.84%	-30.06%	1,221.67%	-87.84%	76.71%	-57.63%	1,161.30%	-72.82%
Free Cash Flow Firm Q/Q Growth	-85.12%	-426.00%	15.57%	-65.71%	131.48%	207.56%	-65.91%	24.67%	-38.26%	87.76%	32.80%
Invested Capital Q/Q Growth	0.00%	-46.52%	-13.49%	54.10%	41.05%	-79.85%	140.96%	46.32%	55.59%	-79.08%	64.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.83%	68.33%	71.36%	72.80%	72.42%	73.26%	74.80%	75.06%	74.89%	77.10%	75.26%
EBITDA Margin	25.81%	19.18%	25.05%	28.23%	30.04%	32.75%	34.29%	35.29%	35.82%	40.33%	35.70%
Operating Margin	19.33%	11.69%	17.63%	20.84%	21.45%	23.86%	24.62%	25.94%	26.14%	30.79%	24.83%
EBIT Margin	24.03%	17.44%	24.21%	27.68%	28.97%	31.81%	33.28%	34.65%	34.00%	39.37%	33.63%
Profit (Net Income) Margin	33.46%	24.99%	18.91%	21.92%	23.37%	24.86%	25.30%	26.57%	27.14%	30.06%	25.39%
Tax Burden Percent	139.28%	143.30%	78.13%	79.19%	80.68%	78.14%	76.00%	76.69%	79.80%	76.36%	75.48%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-39.28%	-43.30%	21.87%	20.81%	19.32%	21.86%	24.00%	23.31%	20.20%	23.64%	24.52%
Return on Invested Capital (ROIC)	101.00%	222.20%	216.59%	173.27%	66.47%	204.99%	165.06%	120.64%	88.19%	502.89%	208.17%
ROIC Less NNEP Spread (ROIC-NNEP)	99.65%	219.80%	215.03%	171.57%	65.40%	204.02%	164.04%	119.61%	87.21%	501.97%	207.24%
Return on Net Nonoperating Assets (RNNOA)	-82.37%	-201.51%	-200.33%	-154.43%	-55.77%	-193.57%	-153.79%	-109.00%	-76.39%	-489.89%	-197.87%
Return on Equity (ROE)	18.62%	20.69%	16.27%	18.83%	10.70%	11.42%	11.27%	11.64%	11.80%	12.99%	10.30%
Cash Return on Invested Capital (CROIC)	62.95%	64.23%	98.97%	-6.86%	61.82%	272.81%	151.81%	113.04%	72.66%	431.46%	254.65%
Operating Return on Assets (OROA)	12.01%	7.55%	10.34%	12.17%	12.78%	14.12%	14.82%	15.76%	14.10%	16.11%	13.93%
Return on Assets (ROA)	16.73%	10.83%	8.08%	9.63%	10.31%	11.03%	11.26%	12.09%	11.25%	12.30%	10.52%
Return on Common Equity (ROCE)	18.62%	20.69%	16.27%	18.83%	10.70%	11.42%	11.27%	11.64%	11.80%	12.99%	10.30%
Return on Equity Simple (ROE_SIMPLE)	0.00%	13.17%	13.01%	12.94%	0.00%	11.37%	11.87%	12.10%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	152	88	81	102	109	121	127	139	150	178	148
NOPAT Margin	26.93%	16.75%	13.77%	16.50%	17.31%	18.64%	18.71%	19.89%	20.86%	23.51%	18.74%
Net Nonoperating Expense Percent (NNEP)	1.34%	2.40%	1.57%	1.69%	1.07%	0.96%	1.02%	1.04%	0.99%	0.92%	0.93%
Return On Investment Capital (ROIC_SIMPLE)	4.08%	-	-	-	2.35%	-	-	-	2.58%	2.87%	2.23%
Cost of Revenue to Revenue	29.17%	31.67%	28.64%	27.20%	27.58%	26.74%	25.20%	24.94%	25.11%	22.90%	24.74%
SG&A Expenses to Revenue	10.40%	11.91%	10.66%	10.10%	9.30%	9.42%	9.08%	10.35%	9.81%	9.07%	12.14%
R&D to Revenue	25.30%	27.92%	26.64%	26.16%	25.94%	25.02%	26.09%	24.66%	25.18%	24.25%	24.42%
Operating Expenses to Revenue	51.50%	56.64%	53.74%	51.96%	50.97%	49.40%	50.18%	49.12%	48.76%	46.31%	50.43%
Earnings before Interest and Taxes (EBIT)	135	92	143	171	183	207	225	242	245	299	265
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	145	101	148	174	189	213	232	247	258	306	282
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.15	7.26	7.88	7.07	7.19	6.55	5.98	6.15	6.49	6.12	7.00
Price to Tangible Book Value (P/TBV)	8.31	8.35	8.99	8.00	8.06	7.29	6.61	6.75	7.08	6.63	7.54
Price to Revenue (P/Rev)	12.32	13.15	14.66	13.48	14.13	12.88	12.06	12.73	13.79	13.32	15.65
Price to Earnings (P/E)	54.44	55.13	60.58	54.62	63.53	57.63	50.43	50.78	53.03	48.70	57.34
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.84%	1.81%	1.65%	1.83%	1.57%	1.74%	1.98%	1.97%	1.89%	2.05%	1.74%
Enterprise Value to Invested Capital (EV/IC)	38.22	76.19	101.63	61.76	47.59	219.28	87.25	65.59	47.97	223.94	170.50
Enterprise Value to Revenue (EV/Rev)	10.88	11.49	12.92	11.77	12.42	10.96	10.16	10.82	11.91	11.19	13.49
Enterprise Value to EBITDA (EV/EBITDA)	42.12	48.72	53.52	47.54	47.96	37.64	32.34	32.64	34.45	30.64	36.38
Enterprise Value to EBIT (EV/EBIT)	46.06	53.14	57.26	49.97	49.94	38.78	33.29	33.55	35.59	31.60	38.07
Enterprise Value to NOPAT (EV/NOPAT)	53.32	57.67	67.98	63.95	76.51	65.95	57.00	57.97	60.92	53.76	65.03
Enterprise Value to Operating Cash Flow (EV/OCF)	30.05	31.05	29.53	29.46	32.23	23.33	26.23	26.67	30.02	26.55	29.67
Enterprise Value to Free Cash Flow (EV/FCFF)	64.83	237.24	205.36	0.00	77.21	44.17	59.02	58.08	69.32	55.47	58.84
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.83	-0.92	-0.93	-0.90	-0.85	-0.95	-0.94	-0.91	-0.88	-0.98	-0.95
Leverage Ratio	1.30	1.27	1.26	1.19	1.28	1.27	1.24	1.18	1.26	1.26	1.21
Compound Leverage Factor	1.30	1.27	1.26	1.19	1.28	1.27	1.24	1.18	1.26	1.26	1.21
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	16.57	17.80	20.20	24.02	17.75	16.75	18.26	23.42	17.02	16.65	22.50
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.94	4.16	4.35	5.64	4.24	4.29	5.01	6.36	4.51	4.60	5.57
Quick Ratio	3.86	4.04	4.28	5.52	4.17	4.22	4.94	6.26	4.44	4.54	5.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	74	-240	-203	-336	106	325	111	138	85	160	213
Operating Cash Flow to CapEx	1,622.65%	17,103.99%	2,762.81%	1,397.60%	746.85%	9,007.98%	3,043.05%	3,842.59%	1,473.39%	14,841.93%	3,782.85%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.43	0.43	0.44	0.44	0.44	0.45	0.45	0.41	0.41	0.41
Accounts Receivable Turnover	2.91	4.83	5.36	7.65	2.82	5.84	6.27	8.83	2.82	6.06	6.77
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	41.32	43.47	39.21	39.87	43.63	46.03	45.30	46.89	48.00	49.00	50.35
Accounts Payable Turnover	19.65	14.34	13.10	18.43	18.51	17.93	17.53	20.35	22.58	20.18	23.41
Days Sales Outstanding (DSO)	125.30	75.64	68.12	47.74	129.23	62.51	58.20	41.33	129.28	60.23	53.90
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	18.58	25.46	27.87	19.81	19.72	20.35	20.82	17.94	16.16	18.09	15.59
Cash Conversion Cycle (CCC)	106.73	50.18	40.25	27.93	109.51	42.16	37.38	23.39	113.12	42.14	38.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	614	328	284	437	617	124	300	438	682	143	235
Invested Capital Turnover	3.75	13.26	15.73	10.50	3.84	11.00	8.82	6.07	4.23	21.39	11.11
Increase / (Decrease) in Invested Capital	78	328	284	437	3.44	-204	16	0.93	65	18	-65
Enterprise Value (EV)	23,450	25,003	28,852	27,018	29,368	27,266	26,141	28,754	32,720	31,952	40,038
Market Capitalization	26,553	28,618	32,721	30,960	33,396	32,031	31,026	33,817	37,870	38,020	46,442
Book Value per Share	$23.87	$24.67	$25.92	$27.26	$28.85	$30.31	$32.07	$33.97	$35.92	$38.18	$40.62
Tangible Book Value per Share	$20.51	$21.44	$22.72	$24.10	$25.72	$27.22	$29.02	$30.96	$32.94	$35.22	$37.71
Total Capital	3,716	3,943	4,153	4,380	4,645	4,889	5,185	5,501	5,832	6,211	6,639
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-3,103	-3,615	-3,869	-3,942	-4,028	-4,765	-4,885	-5,063	-5,150	-6,068	-6,404
Capital Expenditures (CapEx)	3.91	2.96	9.59	5.91	7.74	8.48	3.05	4.27	4.72	5.91	6.30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-140	-433	-509	-375	-203	-743	-588	-473	-240	-817	-664
Debt-free Net Working Capital (DFNWC)	2,963	3,182	3,360	3,568	3,824	4,022	4,297	4,590	4,910	5,251	5,740
Net Working Capital (NWC)	2,963	3,182	3,360	3,568	3,824	4,022	4,297	4,590	4,910	5,251	5,740
Net Nonoperating Expense (NNE)	-37	-43	-30	-33	-38	-40	-45	-47	-45	-50	-52
Net Nonoperating Obligations (NNO)	-3,103	-3,615	-3,869	-3,942	-4,028	-4,765	-4,885	-5,063	-5,150	-6,068	-6,404
Total Depreciation and Amortization (D&A)	10	9.19	4.96	3.39	6.75	6.12	6.80	4.44	13	7.31	16
Debt-free, Cash-free Net Working Capital to Revenue	-6.50%	-19.90%	-22.80%	-16.32%	-8.61%	-29.88%	-22.83%	-17.80%	-8.73%	-28.63%	-22.38%
Debt-free Net Working Capital to Revenue	137.47%	146.20%	150.51%	155.35%	161.80%	161.66%	166.98%	172.80%	178.78%	183.90%	193.37%
Net Working Capital to Revenue	137.47%	146.20%	150.51%	155.35%	161.80%	161.66%	166.98%	172.80%	178.78%	183.90%	193.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.21	$0.82	$0.70	$0.84	$0.91	$1.00	$1.06	$1.15	$1.20	$1.40	$1.23
Adjusted Weighted Average Basic Shares Outstanding	155.39M	159.85M	160.40M	160.77M	160.53M	161.42M	161.71M	161.99M	161.88M	162.75M	163.50M
Adjusted Diluted Earnings per Share	$1.15	$0.81	$0.68	$0.83	$0.90	$0.98	$1.04	$1.13	$1.17	$1.37	$1.19
Adjusted Weighted Average Diluted Shares Outstanding	162.44M	162.52M	163.28M	163.76M	163.49M	164.39M	164.56M	164.98M	165.23M	166.23M	167.69M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	159.81M	160.22M	160.66M	161.02M	161.32M	161.65M	161.93M	162.35M	162.70M	163.41M	163.91M
Normalized Net Operating Profit after Tax (NOPAT)	76	43	81	102	109	121	127	139	150	178	148
Normalized NOPAT Margin	13.53%	8.18%	13.77%	16.50%	17.31%	18.64%	18.71%	19.89%	20.86%	23.51%	18.74%
Pre Tax Income Margin	24.03%	17.44%	24.21%	27.68%	28.97%	31.81%	33.28%	34.65%	34.00%	39.37%	33.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Veeva Systems (NYSE: VEEV) has demonstrated consistent growth in revenue and profitability over the last four years, alongside strong operating cash flow generation and a solid balance sheet. Below are the key trends identified from the quarterly financial statements starting from Q2 2023 through Q2 2026:

Revenue Growth: Operating revenue has steadily increased from $505.1 million in Q1 2023 to $789.1 million in Q2 2026, reflecting strong top-line expansion.
Improving Profitability: Net income attributable to common shareholders rose from $100.1 million in Q1 2023 to $200.3 million in Q2 2026. Diluted EPS grew from $0.62 to $1.19 in the same period.
Gross Profit and Margins: Gross profit increased from $365.6 million in Q1 2023 to $593.8 million in Q2 2026. Cost of revenue remains well-managed, supporting margin expansion.
Strong Operating Cash Flow: Cash from operating activities reached $234.8 million in Q2 2026, indicating strong cash generation supporting business operations and investments.
Robust Balance Sheet: Cash and equivalents grew substantially, with $1.93 billion in Q2 2026, and a healthy level of short-term investments ($4.47 billion). Total equity increased to $6.64 billion, showing financial strength.
Consistent R&D and SG&A Investment: Veeva consistently invests in research & development (approx. $113-$193 million quarterly) and selling, general & administrative expenses ($50-$95 million), supporting innovation and market expansion.
Increasing Investments Purchases: Significant purchases of investments (ranging $433 million to $988 million in recent quarters) indicate active portfolio management but increase cash outflows.
Fluctuating Changes in Operating Assets/Liabilities: Changes in operating capital have varied greatly quarter to quarter, impacting cash flow unpredictably.
Occasional Net Cash Outflows from Investing Activities: Negative cash flows from investing activities reached as high as $618 million in Q2 2025, which may pressure liquidity if not offset by operating cash flows.
Rising Income Taxes Paid: Cash income taxes paid increased, with $112.8 million paid in Q2 2026, which could pressure net cash position depending on tax planning outcomes.

Overall, Veeva Systems exhibits strong revenue and earnings growth backed by solid cash flow and balance sheet positions. Continued investments in R&D and marketing suggest a focus on future growth, but investors should monitor the impact of large investing cash outflows and tax payments on liquidity. The company’s track record shows improving profitability and efficient capital management, supporting a positive outlook.

09/18/25 12:42 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Veeva Systems' Financials

When does Veeva Systems' fiscal year end?

According to the most recent income statement we have on file, Veeva Systems' financial year ends in January. Their financial year 2025 ended on January 31, 2025.

How has Veeva Systems' net income changed over the last 10 years?

Veeva Systems' net income appears to be on an upward trend, with a most recent value of $714.14 million in 2025, rising from $40.38 million in 2015. The previous period was $525.71 million in 2024. Find out what analysts predict for Veeva Systems in the coming months.

What is Veeva Systems' operating income?

Veeva Systems' total operating income in 2025 was $691.44 million, based on the following breakdown:

Total Gross Profit: $2.05 billion
Total Operating Expenses: $1.36 billion

How has Veeva Systems' revenue changed over the last 10 years?

Over the last 10 years, Veeva Systems' total revenue changed from $313.22 million in 2015 to $2.75 billion in 2025, a change of 776.9%.

How much debt does Veeva Systems have?

Veeva Systems' total liabilities were at $1.51 billion at the end of 2025, a 19.1% increase from 2024, and a 991.9% increase since 2015.

How much cash does Veeva Systems have?

In the past 10 years, Veeva Systems' cash and equivalents has ranged from $129.25 million in 2015 to $1.14 billion in 2022, and is currently $1.12 billion as of their latest financial filing in 2025.

How has Veeva Systems' book value per share changed over the last 10 years?

Over the last 10 years, Veeva Systems' book value per share changed from 3.12 in 2015 to 35.92 in 2025, a change of 1,053.2%.

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This page (NYSE:VEEV) was last updated on 9/17/2025 by MarketBeat.com Staff

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Veeva Systems (VEEV) Financials

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Veeva Systems (VEEV) Financials

Annual Income Statements for Veeva Systems

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Quarterly Cash Flow Statements for Veeva Systems

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Quarterly Balance Sheets for Veeva Systems

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Quarterly Metrics And Ratios for Veeva Systems

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