Veeva Systems Inc.

Worth knowing

• Stock pay outran buybacks. Stock-based pay expense $1.3B vs $170M spent repurchasing shares over the 3 fiscal years to FY Jan 2026.

  Over three fiscal years Veeva Systems recorded $1.3B of stock-based pay expense and spent $170M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Veeva Systems recorded $1.3B of stock-based pay expense and spent $170M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 15% of revenue in FY Jan 2026.

  Veeva Systems paid employees $473M in stock in FY Jan 2026, 15% of its $3.2B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

• Operating margin at a 6-year high. 29% in FY Jan 2026, the best of the last 6 years.

  Veeva Systems kept 29% of revenue as operating profit in FY Jan 2026, its highest in the 6 years of filings we have.

• Profits growing faster than sales. Since FY Jan 2023: revenue +48%, operating profit +100%.

  Since FY Jan 2023, Veeva Systems's revenue grew 48% while operating profit grew 100%: each extra dollar of sales is adding more profit.