Veeva Systems (VEEV) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 ended with total revenue of $3,195.3 million, up 16% year-over-year, and non-GAAP operating income of $1,434 million, both ahead of guidance.

• Subscription revenue reached $2,684.2 million, up 17% year-over-year, and services revenue was $511 million.

• Q4 revenue was $836 million, with non-GAAP operating income of $366 million.

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

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

Financial highlights

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

• Crossix business delivered outstanding growth, exceeding expectations and driving outperformance.

• Professional services saw strong execution, led by business consulting and R&D, with continued profitability expected.

• CRM is projected to decline as a percentage of total revenue from 20% to 10% by 2030, remaining stable in absolute terms.

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

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, with annual normalized billings and seasonality similar to prior years.