Analyst Consensus ?
ConsensusBuy41 ratings
Bullish2868.3%
Neutral1229.3%
Bearish12.4%
1 unmapped firm rating excluded from the percentages.
Veeva Systems Inc. · VEEV · FY2025 Q3 · Calendar Q4 2024
Veeva: Strong Q3 Execution, AI Monetization Enters Focus
The supplied analysis supports a constructive but qualified view: execution, Vault CRM migrations and new AI products are supporting demand, while services stabilization, migration timing, regulation and competition remain important tests.
Reported After market closeNYSETechnology
$52.30B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.58
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $688.4M
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-2.6%
Event window
SPY move
-0.2%
Same window
Abnormal move
-2.4%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
-8.1%
Up to 20 sessions
VEEVSPY benchmark
Ask FN2 about VEEV FY2025 Q3
Transcript, numbers and history already loaded
What drove VEEV's -2.6% move after FY2025 Q3 earnings?What changed in VEEV's guidance and outlook in FY2025 Q3?Give me the bull and bear case for VEEV after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior quarter, management shifted from raised guidance to maintained guidance with no new update. The current analysis adds a separate MLR Bot licensing add-on, emphasizes mature Vault CRM migration tooling, and says services growth is stabilizing; FY26 visibility is described as slightly better than a year earlier.
Guidance delta
Management maintained guidance and provided no new guidance; prior-quarter guidance sentiment was raised.
Key takeaways
- Management described strong execution, with revenue and operating margin ahead of expectations.
- Vault CRM migration tooling is mature, supporting faster moves for smaller and midsize customers while top-20 pharma wins continue.
- MLR Bot and other GenAI offerings are being rolled out with compute-cost pass-throughs; management does not expect gross-margin erosion from them.
- Services execution helped billings, but management said the services base is stabilizing and FY26 visibility is only marginally better.
Management priorities
- Accelerate Vault CRM migrations and expand migration tooling.
- Roll out MLR Bot and additional GenAI-powered modules.
- Enhance Safety Signal and Safety Workbench.
- Expand the data network through partnerships while keeping investment focused on life sciences.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$323.04Current
$165Low
$272.53Average
$360High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Oct 19, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 28, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 27, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 27, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 27, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 27, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 27, 2026 |
| Needham | Buy | Buy | Maintain | Aug 27, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 27, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Aug 27, 2026 |
| Guggenheim | Buy | Buy | Maintain | Aug 27, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Aug 27, 2026 |
| Canaccord Genuity | Hold | Hold | Maintain | Aug 27, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Aug 27, 2026 |
| Baird | Outperform | Outperform | Maintain | Aug 27, 2026 |
| Stifel | Buy | Buy | Maintain | Aug 17, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 17, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 4, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Jun 4, 2026 |
| BTIG | Buy | Buy | Maintain | Jun 4, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Feb 20, 2026 |
| Keybanc | Overweight | Downgrade | Dec 12, 2025 | |
| Raymond James | Outperform | Outperform | Maintain | Aug 28, 2025 |
| Stephens & Co. | Overweight | Overweight | Maintain | Mar 6, 2025 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Mar 6, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Dec 6, 2024 |
| Jefferies | Buy | Buy | Maintain | Mar 4, 2024 |
| Telsey Advisory Group | Outperform | Outperform | Maintain | Jun 2, 2023 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Mar 2, 2023 |
| Cowen & Co. | Perform | Market Perform | Maintain | Dec 6, 2022 |
| SVB Leerink | Outperform | Outperform | Maintain | Dec 2, 2022 |
| Stephens& Co. | Equal Weight | Overweight | Downgrade | Jan 6, 2022 |
| FBN Securities | Outperform | Outperform | Maintain | Jul 23, 2020 |
| CFRA | Hold | Hold | Maintain | May 29, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Mar 26, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Mar 4, 2020 |
| DA Davidson | Buy | Buy | Maintain | Aug 28, 2019 |
| Bank of America | Buy | Buy | Maintain | Jun 10, 2019 |
| Deutsche Bank | Hold | Hold | Maintain | May 30, 2019 |
| Leerink Swann | Outperform | Outperform | Maintain | Dec 4, 2018 |
| William Blair | Outperform | Outperform | Maintain | Sep 22, 2014 |
| Pacific Crest | Outperform | Outperform | Maintain | Sep 18, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $323.04. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $360 | $310.36 | +11.4% | Oct 19, 2026 |
| Oppenheimer | Ken Wong | $325 | $297.35 | +0.6% | Oct 15, 2026 |
| Wells Fargo | Stan Berenshteyn | $330 | $275.09 | +2.2% | Sep 8, 2026 |
| Truist Financial | Analyst unavailable | $305 | $288.01 | -5.6% | Aug 27, 2026 |
| Raymond James | Analyst unavailable | $330 | $295.78 | +2.2% | Aug 27, 2026 |
| UBS | Analyst unavailable | $325 | $294.74 | +0.6% | Aug 27, 2026 |
| RBC Capital | Analyst unavailable | $325 | $286.68 | +0.6% | Aug 27, 2026 |
| Evercore ISI | Kirk Materne | $250 | $244.69 | -22.6% | Aug 27, 2026 |
| Piper Sandler | Analyst unavailable | $320 | $286.46 | -0.9% | Aug 27, 2026 |
| Stifel Nicolaus | David Grossman | $300 | $294.46 | -7.1% | Aug 27, 2026 |
| Morgan Stanley | Craig Hettenbach | $275 | $244.69 | -14.9% | Aug 27, 2026 |
| BMO Capital | Analyst unavailable | $270 | $244.69 | -16.4% | Aug 27, 2026 |
| Mizuho Securities | Analyst unavailable | $280 | $244.69 | -13.3% | Aug 27, 2026 |
| UBS | Analyst unavailable | $290 | $244.69 | -10.2% | Aug 27, 2026 |
| Guggenheim | Analyst unavailable | $310 | $244.69 | -4.0% | Aug 27, 2026 |
| UBS | Analyst unavailable | $260 | $244.69 | -19.5% | Aug 27, 2026 |
| Robert W. Baird | Analyst unavailable | $300 | $244.69 | -7.1% | Aug 27, 2026 |
| UBS | Analyst unavailable | $320 | $244.69 | -0.9% | Aug 27, 2026 |
| Needham | Ryan MacDonald | $310 | $244.69 | -4.0% | Aug 27, 2026 |
| Barclays | Saket Kalia | $315 | $244.69 | -2.5% | Aug 27, 2026 |
| Jefferies | David Windley | $295 | $244.69 | -8.7% | Aug 27, 2026 |
| Needham | Ryan MacDonald | $270 | $247.9 | -16.4% | Aug 24, 2026 |
| Piper Sandler | Billy Fitzsimmons | $295 | $247.9 | -8.7% | Aug 24, 2026 |
| Guggenheim | Tamjid Chowdhury | $276 | $251 | -14.6% | Aug 20, 2026 |
| Barclays | Analyst unavailable | $275 | $238.34 | -14.9% | Aug 18, 2026 |
| Oppenheimer | Ken Wong | $300 | $243.75 | -7.1% | Aug 17, 2026 |
| Stifel Nicolaus | David Grossman | $275 | $243.75 | -14.9% | Aug 17, 2026 |
| Guggenheim | Analyst unavailable | $232 | $184.55 | -28.2% | Jul 22, 2026 |
| BNP Paribas | Andrew DeGasperi | $285 | $178.66 | -11.8% | Jun 4, 2026 |
| Morgan Stanley | Analyst unavailable | $215 | $178.66 | -33.4% | Jun 4, 2026 |
| BMO Capital | Analyst unavailable | $175 | $178.66 | -45.8% | Jun 4, 2026 |
| Robert W. Baird | Analyst unavailable | $260 | $178.66 | -19.5% | Jun 4, 2026 |
| Canaccord Genuity | David Hynes | $220 | $178.66 | -31.9% | Jun 4, 2026 |
| Mizuho Securities | Steven Valiquette | $270 | $178.66 | -16.4% | Jun 4, 2026 |
| Goldman Sachs | Adam Hotchkiss | $165 | $178.66 | -48.9% | Jun 4, 2026 |
| Wells Fargo | Stan Berenshteyn | $320 | $178.66 | -0.9% | Jun 4, 2026 |
| UBS | Analyst unavailable | $235 | $178.66 | -27.3% | Jun 4, 2026 |
| Evercore ISI | Kirk Materne | $185 | $178.66 | -42.7% | Jun 4, 2026 |
| Stifel Nicolaus | David Grossman | $230 | $178.66 | -28.8% | Jun 4, 2026 |
| Raymond James | Brian Peterson | $225 | $178.66 | -30.3% | Jun 4, 2026 |
| Oppenheimer | Analyst unavailable | $275 | $172.17 | -14.9% | Feb 24, 2026 |
| Morgan Stanley | Analyst unavailable | $205 | $174.11 | -36.5% | Feb 17, 2026 |
| Mizuho Securities | Analyst unavailable | $295 | $190.8 | -8.7% | Feb 4, 2026 |
| Goldman Sachs | Adam Hotchkiss | $215 | $233.21 | -33.4% | Jan 13, 2026 |
| Robert W. Baird | Analyst unavailable | $283 | $243.69 | -12.4% | Jan 8, 2026 |
| Morgan Stanley | Craig Hettenbach | $222 | $244.22 | -31.3% | Dec 4, 2025 |
| Wells Fargo | Stan Berenshteyn | $333 | $235.74 | +3.1% | Nov 25, 2025 |
| Jefferies | David Windley | $330 | $244.06 | +2.2% | Nov 24, 2025 |
| Robert W. Baird | Analyst unavailable | $319 | $270.5 | -1.3% | Nov 21, 2025 |
| UBS | Analyst unavailable | $280 | $270.5 | -13.3% | Nov 21, 2025 |
| Canaccord Genuity | Analyst unavailable | $280 | $270.5 | -13.3% | Nov 21, 2025 |
| Barclays | Analyst unavailable | $305 | $270.5 | -5.6% | Nov 21, 2025 |
| Mizuho Securities | Analyst unavailable | $325 | $272.33 | +0.6% | Aug 29, 2025 |
| Barclays | Analyst unavailable | $325 | $280.05 | +0.6% | Aug 28, 2025 |
| Needham | Analyst unavailable | $355 | $280.07 | +9.9% | Aug 28, 2025 |
| Robert W. Baird | Analyst unavailable | $314 | $279.96 | -2.8% | Aug 28, 2025 |
| Piper Sandler | Brent Bracelin | $355 | $280.32 | +9.9% | Aug 28, 2025 |
| UBS | Analyst unavailable | $310 | $272.33 | -4.0% | Aug 28, 2025 |
| UBS | Analyst unavailable | $297 | $272.33 | -8.1% | Aug 28, 2025 |
| UBS | Analyst unavailable | $340 | $272.33 | +5.3% | Aug 28, 2025 |
| Raymond James | Brian Peterson | $340 | $282.71 | +5.3% | Aug 28, 2025 |
| Stifel Nicolaus | Analyst unavailable | $320 | $272.33 | -0.9% | Aug 28, 2025 |
| Barclays | Saket Kalia | $330 | $272.33 | +2.2% | Aug 28, 2025 |
| Wells Fargo | Analyst unavailable | $326 | $287.77 | +0.9% | Aug 26, 2025 |
| Piper Sandler | Brent Bracelin | $325 | $233 | +0.6% | May 29, 2025 |
| Barclays | Analyst unavailable | $300 | $279.04 | -7.1% | May 29, 2025 |
| UBS | Analyst unavailable | $249 | $235.85 | -22.9% | Mar 20, 2025 |
| UBS | Analyst unavailable | $245 | $236.14 | -24.2% | Mar 6, 2025 |
| Truist Financial | Analyst unavailable | $217 | $236.14 | -32.8% | Mar 6, 2025 |
| Raymond James | Analyst unavailable | $285 | $236.14 | -11.8% | Mar 6, 2025 |
| Goldman Sachs | Gabriela Borges | $200 | $229.07 | -38.1% | Jan 23, 2025 |
| Stephens | Jeff Garro | $280 | $219.67 | -13.3% | Dec 19, 2024 |
| Oppenheimer | Ken Wong | $230 | $213.13 | -28.8% | Sep 20, 2024 |
| Truist Financial | Joe Meares | $207 | $217.08 | -35.9% | Sep 3, 2024 |
| Bank of America Securities | Brad Sills | $240 | $199.35 | -25.7% | Aug 29, 2024 |
| Citigroup | Tyler Radke | $281 | $199.35 | -13.0% | Aug 29, 2024 |
| Citigroup | Tyler Radke | $273 | $198.51 | -15.5% | Aug 27, 2024 |
| UBS | Karl Keirstead | $215 | $199.25 | -33.4% | Aug 26, 2024 |
| BTIG | David Larsen | $240 | $182.89 | -25.7% | Jul 9, 2024 |
| Truist Financial | Joe Meares | $197 | $187.29 | -39.0% | Jun 13, 2024 |
| Stifel Nicolaus | David Grossman | $210 | $194.19 | -35.0% | May 31, 2024 |
| Canaccord Genuity | David Hynes | $210 | $194.19 | -35.0% | May 31, 2024 |
| Needham | Ryan MacDonald | $260 | $194.19 | -19.5% | May 31, 2024 |
| Piper Sandler | Brent Bracelin | $235 | $172.84 | -27.3% | May 31, 2024 |
| Robert W. Baird | Joe Vruwink | $245 | $194.19 | -24.2% | May 31, 2024 |
| RBC Capital | Rishi Jaluria | $250 | $194.19 | -22.6% | May 31, 2024 |
| Evercore ISI | Kirk Materne | $200 | $194.19 | -38.1% | May 31, 2024 |
| Robert W. Baird | Joe Vruwink | $255 | $203.09 | -21.1% | May 29, 2024 |
| Wells Fargo | Stan Berenshteyn | $242 | $203.89 | -25.1% | May 28, 2024 |
| Piper Sandler | Brent Bracelin | $200 | $174.03 | -38.1% | Dec 7, 2023 |
| Barclays | Saket Kalia | $220 | $208.98 | -31.9% | Aug 31, 2023 |
| Oppenheimer | Analyst unavailable | $225 | $165.31 | -30.3% | Jan 12, 2023 |
| Piper Sandler | Analyst unavailable | $204 | $159.61 | -36.8% | Jan 9, 2023 |
| Morgan Stanley | Analyst unavailable | $181 | $161.44 | -44.0% | Jan 6, 2023 |
| UBS | Analyst unavailable | $190 | $162.77 | -41.2% | Dec 20, 2022 |
| Cowen & Co. | Analyst unavailable | $184 | $167.24 | -43.0% | Dec 6, 2022 |
| UBS | Analyst unavailable | $200 | $177.43 | -38.1% | Dec 2, 2022 |
| Raymond James | Analyst unavailable | $215 | $191.42 | -33.4% | Dec 2, 2022 |
| Needham | Analyst unavailable | $220 | $191.42 | -31.9% | Dec 2, 2022 |
| Leerink Partners | Analyst unavailable | $233 | $191.42 | -27.9% | Dec 2, 2022 |
| JMP Securities | Joe Goodwin | $215 | $199.32 | -33.4% | Sep 1, 2022 |
| SVB Securities | Stephanie Davis | $242 | $199.32 | -25.1% | Sep 1, 2022 |
| Guggenheim | Jack Wallace | $252 | $198.04 | -22.0% | Jun 30, 2022 |
| New Street | Gabriela Borges | $253 | $198.43 | -21.7% | Jun 23, 2022 |
| Goldman Sachs | Gabriela Borges | $253 | $187.67 | -21.7% | Jun 23, 2022 |
| JMP Securities | Joe Goodwin | $240 | $187.73 | -25.7% | Jun 10, 2022 |
| Needham | Ryan MacDonald | $205 | $192.55 | -36.5% | Jun 2, 2022 |
| Guggenheim | Kenneth Wong | $255 | $193.16 | -21.1% | Mar 3, 2022 |
| Bank of America Securities | Bradley Sills | $220 | $193.16 | -31.9% | Mar 3, 2022 |
| Stifel Nicolaus | David Grossman | $265 | $193.16 | -18.0% | Mar 3, 2022 |
| Morgan Stanley | Stan Zlotsky | $225 | $193.16 | -30.3% | Mar 3, 2022 |
| UBS | Karl Keirstead | $210 | $193.16 | -35.0% | Mar 3, 2022 |
| Citigroup | Tyler Radke | $278 | $232.05 | -13.9% | Mar 1, 2022 |
| Truist Financial | Joseph Meares | $275 | $224.74 | -14.9% | Jan 28, 2022 |
| Canaccord Genuity | David Hynes | $300 | $291.34 | -7.1% | May 28, 2021 |
| Evercore ISI | Kirk Materne | $313 | $291.34 | -3.1% | May 28, 2021 |
Track every rating change on VEEV the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationVeeva Systems Inc. is a leading provider of cloud-based software solutions, exclusively dedicated to the global life sciences industry. Its extensive operational presence spans across North America, Europe, the Asia Pacific region, the Middle East, Africa, and Latin America. The company's product portfolio is primarily structured around two major offerings. First, the Veeva Commercial Cloud delivers an integrated suite of software, data, and analytics tools designed to optimize commercial operations. This includes vital applications such as Veeva Customer Relationship Management (CRM) and its specialized Medical CRM, Veeva Closed Loop Marketing (CLM), sophisticated analytics via Veeva CRM MyInsights, approved email communication with Veeva CRM Approved Email, digital engagement tools like Veeva CRM Engage, commercial alignment through Veeva Align, event management capabilities with Veeva CRM Events Management, data warehousing solutions (Veeva Nitro), data services (Veeva OpenData, Veeva Link), master data management (Veeva…
Historical context
All VEEV earningsTechnology peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-20T00:01:49.813283+00:00
- Polygon adjusted daily market bars · 2026-10-25T21:00:43.490547+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T21:00:43.487737+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.