VEEVMEDIUM SIGNALOPPORTUNITY10-K

Veeva Systems delivered strong financial performance with revenue growing 28% to $1.1B and operating income expanding 33% to $916M, while maintaining robust cash generation.

The company demonstrates healthy growth momentum across its life sciences software platform, with operating leverage evidenced by operating income growth outpacing revenue growth. The strong cash flow generation of $1.4B and reduced capital expenditures suggest efficient capital allocation and a maturing business model that requires less infrastructure investment.

Comparing 2026-03-20 vs 2025-03-24View on EDGAR →
FINANCIAL ANALYSIS

Veeva's financial profile strengthened meaningfully with revenue reaching $1.1B and operating income growing to $916M, reflecting solid execution in the life sciences software market. The balance sheet expanded proportionally with total assets growing 22% to $9.0B and stockholders' equity increasing 24% to $7.2B, supported by strong cash generation. Notably, capital expenditures declined significantly to $3.1M while operating cash flow grew to $1.4B, indicating the business is generating substantial returns with minimal reinvestment needs.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-63.1%
$8.4M→$3.1M

Capex reduced 63.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Income
P&L
+32.5%
$691.4M→$916.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+29.8%
$1.1B→$1.4B

Operating cash flow grew 29.8% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
+28.1%
$862.2M→$1.1B

Revenue growing 28.1% — solid top-line momentum, watch margins for quality of growth.

Net Income
P&L
+27.3%
$714.1M→$908.9M

Net income grew 27.3% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+27%
$1.1B→$1.4B

Cash grew 27% — improving liquidity position supports investment and shareholder returns.

Current Assets
Balance Sheet
+26.8%
$6.3B→$8.0B

Current assets grew 26.8% — improving short-term liquidity or inventory/receivables build.

Accounts Receivable
Balance Sheet
+23.9%
$1.0B→$1.3B

Receivables grew 23.9% — monitor days sales outstanding for collection efficiency.

Stockholders Equity
Balance Sheet
+23.7%
$5.8B→$7.2B

Equity base grew 23.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+22.3%
$7.3B→$9.0B

Asset base grew 22.3% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-20
PRIOR — 2025-03-24
ADDED
As of March 17, 2026, there were 163,330,933 shares of the registrant s Class A common stock outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 41 Overview 41 Components of Results of Operations 41 Results of Operations 44 Operating Expenses and Operating Margin 46 Non-GAAP Financial Measures 47 Liquidity and Capital Resources 49 Critical Accounting Policies and Estimates 51 Item 7A.
Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable 73 Note 9 .
Form 10-K Summary 84 Exhibit Index 84 Signatures 87 Veeva Systems Inc.
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.
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REMOVED
As of March 21, 2025, there were 162,696,040 shares of the registrant s Class A common stock outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 35 Overview 36 Components of Results of Operations 36 Results of Operations 39 Operating Expenses and Operating Margin 41 Non-GAAP Financial Measures 42 Liquidity and Capital Resources 44 Critical Accounting Policies and Estimates 46 Item 7A.
Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable 68 Note 10.
Form 10-K Summary 79 Exhibit Index 79 Signatures 82 Veeva Systems Inc.
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.
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MORE OPPORTUNITY SIGNALS
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