Veeva 1Q'26: Strong Present, Patient Future

Programming Note: Some of you may have missed my announcement in my last post that I would be taking a couple of weeks break and reached out to see if everything is okay. Thank you for your concern, and I am back to daily posting schedule.

Just a small note first: I have recently moved my billing from Stripe Canada to Stripe US. Nothing should change on your end, but if you notice anything different, please let me know. I have been told payment failure spikes after such a migration, but for vast majority of you, you may not see any difference.

Veeva had another strong quarter. Not only did they comfortably beat the high end of their revenue guide (reported $883 Mn revenue vs $858 Mn guide on the high end), they posted their highest ever GAAP operating margin exceeding 30%. Operating margin expansion continued despite the fact that gross margin declined by 212 bps YoY.

While there was not much to nitpick about the last quarter, their commentary during the Q&A was less than inspiring which I will elaborate more behind the paywall.

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