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Veeva Systems (VEEV) FY2025 results: revenue $2.7 billion, up 16.2% on the year

Veeva Systems Inc. (VEEV) reported revenue of $2.7 billion for fiscal 2025, the year ended 31 January 2025, up 16.2% on the year before. Net income was $714 million, up 35.8%, and diluted earnings per share $4.32. The figures are the company's own, from the 10-K it filed with the SEC on 24 March 2025.

Revenue
$2.7 billion
+16.2% on the year
FY2018FY2025
Operating margin
25.2%
18.2% a year earlier
FY2018FY2025
Net income
$714 million
+35.8% on the year
FY2018FY2025
Diluted EPS
$4.32
+34.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,7472,3642,155+16.2%
Cost of revenue700677609+3.3%
Gross profit2,0471,6861,546+21.4%
Gross margin74.5%71.3%71.7%
Research and development693629520+10.2%
Operating income691429459+61.0%
Operating margin25.2%18.2%21.3%
Pre-tax income919588509+56.4%
Income tax20562.321.4+229.3%
Effective tax rate22.3%10.6%4.2%
Net income714526488+35.8%
Net margin26.0%22.2%22.6%
Diluted EPS$4.32$3.22$3.00+34.2%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,090911780+19.6%
Cash from investing-700-1,076-1,008
Cash from financing26.1-16.2-19.4
Depreciation and amortisationn/a25.025.0
Share-based compensation437394352+11.1%
Buybacks0.00.0n/a
Diluted shares, weighted165m163m162m+1.1%
Shares outstanding at period end163m161mn/a+0.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,8324,6453,716+25.6%
Debt0.00.00.0
Operating lease liabilities65.846.449.7+41.7%
Other liabilities1,4421,2201,038+18.2%
Total liabilities and equity7,3405,9114,804+24.2%
Fixed assets55.958.549.8-4.5%
Goodwill4404404400.0%
Intangible assets44.563.082.5-29.4%
Investments4,0313,3242,216+21.3%
Cash and equivalents1,119703886+59.0%
Receivables1,016852703+19.3%
Other assets633470426+34.8%
Total assets7,3405,9114,804+24.2%

10-K for the year ended 31 January 2025, filed 24 March 2025: the filing.