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Veeva Systems (VEEV) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Aug 27, 2026 · Veeva Systems (VEEV) Q2 FY27 earnings results →

Q2 FY27 Revenue up 18% year over year to $928M · 29¢ of every $1 of revenue kept as net profit · operating margin 29.6%

Veeva Systems made $928M in Q2 FY27 (+18% Y/Y): Subscription $767M, Professional services and other $161M. Operating margin 29.6%, net earnings $273M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 27, 2026.

Revenue$928M
Year over year+18%
Operating margin29.6%
Net earnings$273M
Operating cash flow$239M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $928.0M in Q2 FY27, up 18% year over year and up 5% from the previous quarter. R&D and Quality Solutions was the largest line at 45% of revenue. R&D and Quality Solutions added $67.7M year over year (up 19%), 49% of the total change.

Gross margin was 75.0%, down 0.3 points from Q2 FY26. Operating profit was $275.0M, a 29.6% margin (up 4.8 points year over year). Of the extra revenue versus Q2 FY26, 57% reached operating profit, above the 25% margin then. Operating expenses grew 6% against revenue growth of 18%. The fastest-growing cost line was Sales & marketing (+16%). Net earnings were $273.4M, up 37% year over year. The effective tax rate was 21.8%. Non-operating items added $74.5M, 21% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $238.7M (roughly flat year over year), 87% of net earnings. Non-cash charges added back $136.8M of share-based compensation. Working capital and other items used $171.5M.

Quarterly history

Veeva Systems revenue by quarterVeeva Systems revenue by quarter$721MQ4 FY25$759MQ1 FY26$789MQ2 FY26$811MQ3 FY26$836MQ4 FY26$883MQ1 FY27$928MQ2 FY27
Veeva Systems net earnings by quarterVeeva Systems net earnings by quarter$196MQ4 FY25$228MQ1 FY26$200MQ2 FY26$236MQ3 FY26$244MQ4 FY26$261MQ1 FY27$273MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QAug 27, 2026$928M+18%29.6%$273M$239M
Q1 FY2710-QJun 5, 2026$883M+16%30.9%$261M$1.1B
Q4 FY2610-KMar 20, 2026$836M+16%29.4%$244M$107M
Q3 FY2610-QNov 21, 2025$811M+16%29.7%$236M$193M
Q2 FY2610-QAug 29, 2025$789M+17%24.8%$200M$238M
Q1 FY2610-QJun 2, 2025$759M+17%30.8%$228M$877M
Q4 FY2510-KMar 24, 2025$721M+14%26.1%$196M$69.5M

Charts

Veeva Systems: revenue growth, year over year and quarter over quarterVeeva Systems: revenue growth, year over year and quarter over quarterY/YQ/Q+14%Q4 FY25+17%+5%Q1 FY26+17%+4%Q2 FY26+16%+3%Q3 FY26+16%+3%Q4 FY26+16%+6%Q1 FY27+18%+5%Q2 FY27
Latest (Q2 FY27): Y/Y +18%, Q/Q +5%.
Veeva Systems: where the cash came from (+) and went (−), TTM to Q2 FY27Veeva Systems: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$1.7BOther investing−$1.1BBuybacks−$643MCash drawn (+) / kept (−)$118MTaxes on employees’ shares−$113MShares issued$88.7MExchange rates−$1.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Veeva Systems: profit against cash, quarter by quarterVeeva Systems: profit against cash, quarter by quarterNet incomeOperating cash flow$186M$164MQ3 FY25$196M$69.5MQ4 FY25$228M$877MQ1 FY26$200M$238MQ2 FY26$236M$193MQ3 FY26$244M$107MQ4 FY26$261M$1.1BQ1 FY27$273M$239MQ2 FY27
Latest (Q2 FY27): Net income $273M, Operating cash flow $239M.
Veeva Systems: diluted shares by fiscal yearVeeva Systems: diluted shares by fiscal year161MFY21162MFY22162MFY23163MFY24165MFY25167MFY26
+3.9% since FY21: more shares outstanding (issuance, stock pay).
Veeva Systems in its industry: growth against margin (192 companies, SIC 7372)Veeva Systems in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYVEEV (+18%, 30%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Veeva Systems

Veeva is the leading provider of industry cloud solutions for the global life sciences industry. Our offerings span cloud software, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development (“R&D”) through commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Our goal is to become the most strategic software, data, and business consulting partner to the life sciences industry, supporting the industry’s most critical drug development, quality and manufacturing, and commercialization functions.

In its own words, from its 10-K, filed Mar 20, 2026.

Veeva Systems against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +18%. Operating margin: 29.6% against the peers' median 20.5%.

CompanyQuarterRevenueY/YOp. margin
VEEV Veeva SystemsQ2 FY27$928M+18%29.6%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Veeva Systems 10-Q on SEC EDGAR · CIK 1393052 · Services-Prepackaged Software

Guidance and outlook

Veeva Systems Revenue: guidance against what was reportedVeeva Systems Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY26$789MQ3 FY26$811MFY26$3.2BQ4 FY26$836MFY27Q1 FY27$883MQ2 FY27$928MQ3 FY27
Met or beat 9 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns VEEV and who is buying

Largest holders of VEEV (13F)Largest holders of VEEV (13F)Vanguard Group$3.4BBlackRock$2.3BVanguard Capital Management LLC$1.7BVanguard Portfolio Management LLC$1.3BState Street$1.2BPrincipal Financial Group$884MAlliancebernstein L.P.$863MGeode Capital Management, LLC$797MLinonia Partnership LP$783MAQR Capital Management LLC$615M
Funds' net buying of VEEV by quarter (13F)Funds' net buying of VEEV by quarter (13F)−$378M2024-09−$329M2024-12$888M2025-03$1.4B2025-06$426M2025-09$106M2025-12−$388M2026-03$1.2B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on VEEV

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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