Veeva Systems Inc. stock research
FY2026 Q1
Veeva Systems (VEEV) Gross Margin — Quarter Ended Apr 30, 2025
Revenue increased and cost of revenue decreased, leading to a higher gross profit and improved gross margin. Compared to both the prior quarter and the same quarter last year, gross margin strengthened.
Gross margin takeaway
Quarter ended Apr 30, 2025 · FY2026 Q1
Revenue increased and cost of revenue decreased, leading to a higher gross profit and improved gross margin. Compared to both the prior quarter and the same quarter last year, gross margin strengthened.
- Gross margin improved as revenue growth outpaced cost of revenue, which remained relatively flat.
- Revenue, gross profit, and gross margin were all higher than the previous quarter and the year-ago period.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
77.1%
Gross profit
$585.2M
Revenue
$759.0M
Cost of revenue
$173.8M
Quarter-over-quarter change
+2.2 pts
Year-over-year change
+3.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jul 31, 2024 | $676.2M | $505.8M | $170.4M | 74.8% |
| Oct 31, 2024 | $699.2M | $524.8M | $174.4M | 75.1% |
| Jan 31, 2025 | $720.9M | $539.9M | $181.0M | 74.9% |
| Apr 30, 2025 | $759.0M | $585.2M | $173.8M | 77.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 31, 2025
+2.2 pts
Year-over-year change
Apr 30, 2024
+3.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin improved as revenue growth outpaced cost of revenue, which remained relatively flat.
Revenue, gross profit, and gross margin were all higher than the previous quarter and the year-ago period.
Monitor cost of revenue, which decreased this quarter after being stable year-over-year.