Veeva Announces Fiscal 2026 Third Quarter Results

Core Insights - Veeva Systems Inc. reported total revenues of $811.2 million for the third quarter of fiscal 2026, representing a 16% increase year over year. Subscription services revenues were $682.5 million, up 17% year over year [1][9] - The company is on track to achieve its 2030 revenue run-rate goal of $6 billion, with strong performance across its business segments [2][9] - Veeva AI is advancing rapidly, with early adopter projects showing significant value in specialized AI applications for the life sciences industry [2] Financial Performance - Total revenues for the third quarter were $811.2 million, up from $699.2 million a year ago, marking a 16% increase [9] - Subscription services revenues increased to $682.5 million from $580.9 million, a 17% year-over-year growth [9] - Operating income for the third quarter was $240.9 million, a 33% increase from $181.4 million year over year [9] - Non-GAAP operating income was $364.9 million, up 20% from $304.0 million year over year [9] - Net income for the third quarter was $236.2 million, a 27% increase from $185.8 million year over year [9] - Non-GAAP net income was $345.1 million, up 20% from $288.3 million year over year [9] - Fully diluted net income per share was $1.40, compared to $1.13 a year ago, while non-GAAP fully diluted net income per share was $2.04, up from $1.75 [9] Strategic Developments - Veeva AI is set to release its first specialized AI agents for CRM and commercial content in early December, with additional agents planned for 2026 [9] - The company added 23 new customers to its Vault CRM platform, bringing the total to 115 customers live, including a significant rollout in Japan for a top 20 biopharma [9] - Veeva Development Cloud has been selected as the enterprise standard by three top 20 biopharmas, indicating strong demand for its applications [9] Guidance and Outlook - Veeva provided guidance for its fiscal fourth quarter ending January 31, 2026, expecting total revenues between $807 million and $810 million [3] - For the full fiscal year ending January 31, 2026, Veeva expects total revenues between $3,166 million and $3,169 million [3]