Veeva FY27 Q2: $928.0M revenue, 18% growth, but a near-flat guide
Veeva beat its own guidance and raised the full-year view, yet the quarter's real message is the outlook: next-quarter revenue of $932–935 million sits just 0.6% above the $927.96 million it just reported. That is why the call here is Neutral rather than Bullish. Read the beat first, then the guidance, then check whether the cash flow was earned or merely collected.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $1.66 versus $1.19 a year ago, and non-GAAP EPS was $2.35 versus $1.99. The $0.69 gap between those two numbers is almost entirely stock-based pay of $136.80 million, equal to 14.7% of revenue. Treat $2.35 as the marketing number and $1.66 as the cost to shareholders.
Revenue came in at $927.96 million versus $789.08 million a year ago, an 18% increase as the release frames it. Subscription revenue was $766.76 million, up from $659.18 million, while professional services and other revenue jumped 24.1% to $161.20 million. That smaller services line is growing faster than the core subscription business, which flatters total growth a little.
Third-quarter revenue is guided to $932–935 million, and at the $933.50 million midpoint that is only 0.6% above this quarter and about 15.1% above the $811.24 million reported a year earlier. Full-year revenue is guided to $3,682–3,687 million with non-GAAP EPS of about $9.21 and non-GAAP operating income of about $1,640 million. Note that guided third-quarter non-GAAP EPS of $2.33–$2.34 is below the $2.35 just delivered.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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