Veeva Systems (VEEV) – Q3 FY1/2026 Earnings Review
Summary
- Veeva delivered a decent fiscal Q3 2026, with results exceeding guidance and broad-based strength across its business.
- Profitability remained high (TTM Gross Margin 76%) and cash position grew further ($6.6 billion).
- Shares fell post-earnings on Top-20 Vault CRM migration concerns.
- Read on for a detailed financial and technical analysis, as well as rating.
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Continued Operational Strength, but CRM Share Concerns Are Rising
by Abhishek Singh
Veeva Systems delivered decent fiscal Q3 2026, see headline numbers below. The quarter saw continued progress in key initiatives: Vault CRM adoption accelerated with more top pharma go-lives, Veeva’s industry-specific AI reached initial delivery milestones, and newer product areas (like Safety, Quality, and Data Cloud) showed solid traction.
The stock has been on a downturn since last earnings release, possibly because Veeva disclosed that it expects only ~14 of the Top 20 pharma/biotech companies to migrate to Vault CRM, with ~6 choosing Salesforce, thus raising concerns around long-term CRM share and revenue durability.