VEEV Q1 2026 Earnings

Call Details

• Call Title: Veeva Systems Q1 2026 Earnings Call
• Date: May 28, 2025 at 9:00 PM UTC
• Management Team:
  • Gunnar Hansen (Senior Director, Investor Relations)
  • Peter Gassner (Chief Executive Officer)
  • Paul Shawah (EVP, Commercial Strategy)
  • Brian Van Wagener (Chief Financial Officer)

Call Summary

Financial Performance

• Total revenue in the quarter was $759 million.
• Non-GAAP operating margin for the quarter was 46%.
• Non-GAAP gross margin in the quarter was 79%.
• The company stated it has achieved its calendar 2025 revenue run rate goal of $3 billion.
• Cross-X drove a material portion of the quarter's outperformance and was described as growing more than 30% year over year.
• The company added 28 Vault CRM customers in the quarter, with roughly half being migrations and half being net new customers.
• The company characterized the majority of revenue as subscription-based and mission-critical, supporting revenue durability.

Guidance

• Company stated full-year guidance for the year at 19%.
• The company increased its billings guide for the year and cited an FX tailwind plus Q1 subscription revenue outperformance as primary drivers of the increase.
• Guidance assumes the macro environment and customer behavior continue roughly as they are today, with no material change to pipeline or renewals.
• CFO expects margins to normalize with a return to about 44% operating margin in Q2 and that level for the balance of the year.
• The company reiterated it will not provide additional quarterly updates outside public forums unless otherwise announced.
• Timing and duration timing effects on billings and services were noted as marginal factors that affected the Q1 beat and guidance adjustments.