VEEVA SYSTEMS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VEEVA SYSTEMS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025	FY2026
Revenue	551	691	862	1,104	1,465	1,851	2,155	2,364	2,747	3,195
Cost of revenue	174	211	245	303	409	504	609	677	700	782
Gross profit	377	479	617	801	1,056	1,347	1,546	1,686	2,047	2,413
Research and development	96.7	132	159	210	294	382	520	629	693	767
Selling and marketing	111	129	149	190	235	288	349	381	397	429
General and administrative	48.8	60.4	86.4	114	149	172	218	247	266	301
Operating expenses	256	321	394	514	678	842	1,087	1,257	1,356	1,497
Operating income	121	158	223	286	378	505	459	429	691	916
Other non-operating income	1.67	7.84	15.8	27.5	16.2	6.82	50	159	228	278
Pre-tax income	122	166	239	314	394	512	509	588	919	1,195
Income tax	44.8	14.6	8.81	12.6	14	84.9	21.4	62.3	205	286
Net income	77.6	151	230	301	380	427	488	526	714	909
EBITDA	135	172	237	306	387	512	465	435
EPS, basic	0.57	1.08	1.59	2.04	2.52	2.79	3.14	3.27	4.41	5.55
EPS, diluted	0.53	0.98	1.47	1.90	2.36	2.63	3.00	3.22	4.32	5.44
Shares, basic (weighted)	136	140	144	148	151	153	155	161	162	164
Shares, diluted (weighted)	148	154	156	158	161	162	162	163	165	167

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	218	320	551	477	731	1,138	886	703	1,119	1,421
Short-term investments		442	539	610	933	1,238	2,216	3,324	4,031	5,140
Receivables	183	225	303	390	564	631	703	852	1,016	1,260
Other current assets	10.2	12.4	21.7	21.9	35.6	36.7	81.5	86.9	101	126
Total current assets	712	1,012	1,433	1,531	2,311	3,107	3,969	5,003	6,309	7,998
Property, plant and equipment	49.9	52.3	55	54.8	53.7	54.5	49.8	58.5	55.9	70.3
Lease right-of-use assets				49.1	56.9	49.6	55.3	45.6	63.9	75.6
Goodwill	95.8	95.8	95.8	439	436	440	440	440	440	440
Intangible assets	39.3	31.5	24.5	135	115	102	82.5	63	44.5	30.3
Other non-current assets	4.06	5.81	8.25	16.2	17.9	25.1	39	43.3	56.5	62.3
Total assets	917	1,230	1,654	2,272	3,046	3,816	4,804	5,911	7,340	8,979
Accounts payable	5.68	6.94	9.11	19.4	23.3	20.3	41.7	31.5	30.4	37.6
Accrued liabilities	12	17.1	15.3	25.6	30.4	33.8	44.3	43.4	39.4	45.9
Deferred revenue	214	267	356	469	617	732	869	1,050	1,274	1,489
Total current liabilities	247	306	401	551	716	841	1,007	1,179	1,398	1,637
Lease liabilities				44.5	51.4	43.6	49.7	46.4	65.8	83.7
Other non-current liabilities	4.96	6.98	8.9	7.78	10.6	18.2	30.1	38.7	42.6	43.3
Total liabilities	265	324	416	606	780	905	1,088	1,266	1,507	1,765
Paid-in capital	440	515	618	745	966	1,197	1,533	1,915	2,386	2,843
Retained earnings	213	389	619	920	1,300	1,727	2,215	2,740	3,455	4,364
Other comprehensive income	0.11	1.6	0.93	0.46	0.99	-12	-31.1	-10.6	-8.42	8.16
Shareholders' equity	678	906	1,238	1,666	2,266	2,912	3,716	4,645	5,832	7,215
Total equity	678	906	1,238	1,666	2,266	2,912	3,716	4,645	5,832	7,215
Total liabilities and equity	917	1,230	1,654	2,272	3,046	3,816	4,804	5,911	7,340	8,979
Shares outstanding								161	163	164

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025	FY2026
Net income	77.6	151	230	301	380	427	488	526	714	909
Depreciation and amortization	13.8	14.3	14.1	19.9	9	7	6	6
Stock-based compensation	40.8	54	76.4	116	185	235	352	394	437	473
Deferred income tax	-1.12	1.21	-8.09	-6.66	-1.05	11.1	-128	-105	-112	65.1
Change in receivables	-36.6	-47.8	-79	-55.5	-174	-67	-72.2	-150	-165	-245
Change in payables	1.11	1.4	1.82	2.81	0.75	-3	21.4	-10.2	-1.96	6.08
Cash from operations	144	233	311	437	551	764	780	911	1,090	1,415
Capital expenditures	-6.92	-9.63	-8.44	-3.11
Acquisitions		0	0	-448	0	-7.78	0	0
Purchases of investments	-315	-438	-726	-753	-979	-1,117	-1,997	-2,698	-2,582	-3,133
Cash from investing	-96.8	-155	-104	-517	-334	-346	-1,008	-1,076	-700	-1,104
Stock issued	12.4	20.8	25.9	11	34.9	51.5	43.7	62.7	106	254
Share buybacks								0	0	-170
Cash from financing	38	20.8	25.9	10	33.8	-4.14	-19.4	-16.2	26.1	-9.33
Exchange rate effect	0.09	3.09	-2.08	-2.86	0.48	-4.66	-4.99	-1.78	-1.74	0.92
Net change in cash	85.3	103	231	-72.4	252	410	-252	-183	414	302
Free cash flow	137	224	302	434
Income taxes paid	14.2	12.5	19.5	14.3	18.1	58.6	168	134	322	230

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $280.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	75.0%	Gross profit / revenue.
Operating margin	29.9%	Operating income / revenue.
Pre-tax margin	38.4%	Pre-tax income / revenue.
Net margin	29.3%	Net income / revenue.
Operating cash flow margin	48.2%	Cash from operations / revenue.
Effective tax rate	23.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.2%	Net income / average total assets.
Return on invested capital (ROIC)	14.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	23.8%	Research and development expense / revenue.
Stock-based pay / revenue	14.3%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	32.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	25.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	27.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	25.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	18.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	29.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	23.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	26.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	22.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.46x	Current assets / current liabilities.
Quick ratio	5.32x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.97x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	18.0%	Total liabilities / total assets.
Working capital	$6.49B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.88B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	43.5x	Revenue / average property, plant and equipment.
Receivables turnover	6.96x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
Days payables	15 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.95	Revenue / diluted weighted shares.
Operating cash flow per share	$10.09	Cash from operations / diluted weighted shares.
Book value per share	$45.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$42.53	Tangible book value / shares outstanding.
Cash per share	$44.76	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$45.81B	Share price x shares outstanding.
Enterprise value	$38.56B	Market cap + total debt - cash - short-term investments.
P/E	45.1x	Market cap / net income. Only when net income is positive.
P/S	13.2x	Market cap / revenue.
P/B	6.16x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.66x	Market cap / tangible book value, when positive.
P/OCF	27.5x	Market cap / cash from operations, when positive.
EV/Sales	11.2x	Enterprise value / revenue.
EV/EBIT	37.3x	Enterprise value / operating income, when both are positive.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
PEG	2.06x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was VEEVA SYSTEMS INC's revenue in fiscal 2026?

VEEVA SYSTEMS INC reported revenue of $3.20B for fiscal 2026, 16.3% higher than the year before.

Was VEEVA SYSTEMS INC profitable in fiscal 2026?

Yes. Net income was $908.9M, a net margin of 28.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to VEEVA SYSTEMS INC