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Veeva Systems cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$239M in Q2 FY27 · $1.7B over twelve months

Operating cash flow$239M
Free cash flow+$239M
Cash / net income0.9×
Cash conversion cycle38 days

Analysis

In Q2 FY27, Veeva Systems generated $239M of operating cash flow. That is $276K more than in Q2 FY26 ($238M).

Over the twelve months to Jul 31, 2026, operating cash flow was $1.7B; the largest uses were other investing ($1.1B), buybacks ($643M), taxes on employees’ shares ($113M); besides operations, cash came from shares issued ($88.7M); the cash balance fell by $118M.

Operating cash flow was $239M against net income of $273M — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue −$167M, stock-based pay +$137M, receivables +$71.7M.

Its cash conversion cycle was 38 days (receivables 53 + inventory 0 − payables 15).

Free cash flow

Veeva Systems: free cash flow by quarterVeeva Systems: free cash flow by quarter$164MQ3 FY25$69.5MQ4 FY25$877MQ1 FY26$238MQ2 FY26$193MQ3 FY26$107MQ4 FY26$1.1BQ1 FY27$239MQ2 FY27
Operating cash flow less capital spending.
Veeva Systems: operating cash flow against capital spendingVeeva Systems: operating cash flow against capital spendingOperating cash flowCapital spending$164M$0Q3 FY25$69.5M$0Q4 FY25$877M$0Q1 FY26$238M$0Q2 FY26$193M$0Q3 FY26$107M$0Q4 FY26$1.1B$0Q1 FY27$239M$0Q2 FY27
Latest (Q2 FY27): Operating cash flow $239M, Capital spending $0.

Capital allocation, year by year

Veeva Systems: where the cash came from (up) and went (down), by fiscal yearVeeva Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAcquisitionsBuybacksFY22: Operating cash flow $764MFY22: Shares issued $51.5MFY22: Acquisitions −$7.8M$816MFY22FY23: Operating cash flow $780MFY23: Shares issued $43.7M$824MFY23FY24: Operating cash flow $911MFY24: Shares issued $62.7M$974MFY24FY25: Operating cash flow $1.1BFY25: Shares issued $106M$1.2BFY25FY26: Operating cash flow $1.4BFY26: Shares issued $254MFY26: Buybacks −$170M$1.7BFY26
Over these 5 years operating cash flow totalled $5.0B; the largest uses were buybacks ($170M) and acquisitions ($7.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.2B
Debtnone
Net cash$7.2B

Veeva Systems funds itself: free cash flow was $1.7B over the last twelve months, with $7.2B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Veeva Systems: sources (+) and uses (−) of cash, Q2 FY27Veeva Systems: sources (+) and uses (−) of cash, Q2 FY27Buybacks−$246MOperating cash flow$239MCash drawn (+) / kept (−)$84.4MOther investing−$57.2MTaxes on employees’ shares−$27.8MShares issued$14.2MAcquisitions−$6.4MExchange rates−$299K
Veeva Systems: sources (+) and uses (−) of cash, TTM to Q2 FY27Veeva Systems: sources (+) and uses (−) of cash, 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 profit to cash

Veeva Systems: net income to operating cash flow, Q2 FY27Veeva Systems: net income to operating cash flow, Q2 FY27Net income$273MStock-based pay$137MDeferred taxes$12.2MReceivables$71.7MPayables−$5.1MAccrued liabilities−$10.5MDeferred revenue−$167MPrepaid and other assets−$13.4MOther liabilities$1.9MIncome taxes payable−$65.1MOperating cash flow$239M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2753—1538
Q1 FY2792—1676
Q4 FY2687—1571
Q3 FY2642—1526
Q2 FY2653—1737
Q1 FY2688—1771
Q4 FY2581—1665
Q3 FY2541—1625

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$239M−$6.4M−$246M$14.2M$84.4M$239M
Q1 FY27$1.1B−$75.5M−$227M$2.9M−$475M$1.1B
Q4 FY26$107M——$13.9M$239M$107M
Q3 FY26$193M——$57.7M$270M$193M
Q2 FY26$238M——$142M$34.6M$238M
Q1 FY26$877M——$40.6M−$846M$877M
Q4 FY25$69.5M——$40.4M−$74.3M$69.5M
Q3 FY25$164M——$30.3M$121M$164M

Veeva Systems: income statement and cash flow

Veeva Systems, Q2 FY27: revenue $928M (+18% year over year), operating margin 29.6%. The chart follows the revenue to costs, profit and cash.

Veeva Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.