VEEV Q4 2025 Earnings

Call Details

• Call Title: Veeva Systems Q4 2025 Earnings Call
• Date: March 5, 2025 10:00 PM UTC
• Management Team:
  • Peter Gassner (Chief Executive Officer)
  • Brian Van Wagener (Chief Financial Officer)
  • Paul Shawah (EVP, Commercial Strategy)
  • Gunnar Hansen (Senior Director, Investor Relations)

Call Summary

Financial Performance

• Veeva reported total revenue for Q4 of $721M and non-GAAP operating income of $308M.
• For the fiscal year, Veeva reported total revenue of $2.75B and non-GAAP operating income of $1.15B.
• The company emphasized non-GAAP results and stated reconciliations to GAAP are in the earnings release and supplemental presentation.
• GAAP operating income and GAAP EPS were not disclosed on the call.
• CFO said there was a roughly $50M collection timing benefit in the prior year that affected operating cash flow comparisons.
• The company described FY25 as a year of product innovation and above-guidance performance that sets the base for FY26 plans.

Guidance

• The company stated FY26 guidance assumes no major changes in the macro environment.
• CFO stated FY26 non-GAAP operating margin guidance of above 42%.
• CFO said subscription growth guidance reflects a minor deceleration from last year after normalizing for one-time items, with FY25 normalized subscription growth of 15%.
• CFO stated that excluding FX, subscription growth in the FY26 guide is about 14%.
• The company flagged a roughly 1% revenue headwind from FX that affects the year-over-year revenue comparison.
• CFO noted the guide does not incorporate further intra-quarter updates and that forward-looking statements are based on facts available as of March 5, 2025.