Veeva
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.
10-K, Mar 20, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001393052-26-000014 · filed Mar 20, 2026
Business
How does Veeva make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $28 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $3.2B
- Gross profit: $2.4B
- Operating income: $916M
- Net income: $909M
- Free cash flow: not reported (not reported for this fiscal year, nothing estimated)
Where do customers sit?
59.6% of revenue is from North America.
Source and method
Revenue by region, latest annual report.
10-K · 0001393052-26-000014 · XBRL revenue by region · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“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.”
“Customer success is one of our core values, and our focus on it has allowed us to deepen and expand our strategic relationships with customers over time.”
“Because of our industry focus, we have a unique, in-depth perspective into the needs and best practices of life sciences companies and clinical research sites.”
Item 1 · Business · 10-K · 0001393052-26-000014 · filed Mar 20, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Revenue growth
“Total revenues for the fiscal year ended January 31, 2026 increased $449 million, of which $400 million was from growth in subscription revenue.”
Item 7 · MD&A · 10-K · 0001393052-26-000014 · filed Mar 20, 2026
Number check (revenue): stated $449M matches the stored change ($449M, ±10%)
Revenue: $3.2B FY2026 · +16.3% vs FY2025 · KPIs
R&D investment
“Research and development expenses for the fiscal year ended January 31, 2026 increased $74 million, primarily due to an increase of $64 million in employee compensation-related costs, which was driven by increases in salaries and benefits, as well as headcount.”
Item 7 · MD&A · 10-K · 0001393052-26-000014 · filed Mar 20, 2026
Number check (R&D expense): stated $74.0M matches the stored change ($74.3M, ±10%)
R&D expense: $767M FY2026 · +10.7% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
Position (in the company’s words): no filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 16% to $3.2B.
Revenue grew 18% YoY to $928M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 44.2%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
28.7% operating margin, up from 25.2%.
75.5% gross margin, up from 74.5%.
Operating income grew 33% to $916M.
Net income grew 27% to $909M.
R&D grew 11% to $767M.
SG&A grew 10% to $730M.
EPS diluted grew 26% to $5.44.
29.6% operating margin, up from 24.8%.
75.0% gross margin, down from 75.3%.
Operating income grew 40% YoY to $275M.
Net income grew 37% YoY to $273M.
R&D grew 16% YoY to $223M.
SG&A fell 3.5% YoY to $198M.
EPS diluted grew 39% YoY to $1.66.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Operating cash flow grew 30% to $1.4B.
Buybacks: $170M in FY2026.
Stock-based compensation grew 8.1% to $473M.
Operating cash flow grew 0.1% YoY to $239M.
Buybacks: $246M in FY2027 Q2.
Stock-based compensation grew 12% YoY to $137M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: $1.4B; debt not reported.
Total assets grew 22% to $9.0B.
Equity grew 24% to $7.2B.
Cash fell 6.1% YoY to $1.8B.
Total assets grew 13% YoY to $9.1B.
Equity grew 12% YoY to $7.4B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Veeva depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Veeva annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Veeva
Veeva holds stakes in
No stake in a covered company found in SEC filings.
Others name Veeva
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 48 risk factors, one per theme.
Customer concentration
“Our revenues are relatively concentrated within a small number of key customers, and the loss of one or more of such key customers, or their failure to renew or expand user subscriptions, could slow the growth rate of our revenues or cause our revenues to decline.”
Item 1A · Risk Factors · 10-K · 0001393052-26-000014 · filed Mar 20, 2026
Competition
“We face intense competition in markets in which we operate and if we do not compete effectively, we may lose customers and our business and operating results could be adversely affected.”
Item 1A · Risk Factors · 10-K · 0001393052-26-000014 · filed Mar 20, 2026
Trade, government policy and geopolitics
“Sales to customers outside the United States or with international operations expose us to risks inherent in international sales.”
Item 1A · Risk Factors · 10-K · 0001393052-26-000014 · filed Mar 20, 2026
Security, defects and outages
“If our security measures are breached or compromised or unauthorized access to customer data is otherwise obtained, our solutions may be perceived as not being secure, customers may reduce or stop their use of our solutions, and we may incur significant liabilities.”
Item 1A · Risk Factors · 10-K · 0001393052-26-000014 · filed Mar 20, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 7.3%.
BlackRock, Inc.7.3%
13G/A · as of Jun 30, 2026 · filed Jul 30, 2026
Vanguard Capital Management LLC6.89%
13G · as of Jun 30, 2026 · filed Jul 31, 2026
Veeva Systems Inc11.2% (then)
13G/A · as of Dec 31, 2021 · filed Feb 8, 2022 · older than 18 months, current position unknown
Gassner Peter P8.9% (then)
13G/A · as of Dec 31, 2023 · filed Feb 9, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
9 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.8.8%
12.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.7%
9.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.1%
7.4M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp4.6%
6.7M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Principal Financial Group Inc3.4%
5.0M shares · 13F filed Aug 4, 2026 · share of 13F-reported
1,061 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 3 large filings with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 13 sales · $15.3M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 29 SEC metrics, FY2017–FY2026
Income statement 11
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Total assets | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 5
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Capex | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Free cash flow calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values