Veeva Systems Inc. stock research
FY2027 Q1
Veeva Systems (VEEV) Gross Margin — Quarter Ended Apr 30, 2026
Revenue and gross profit both increased compared to the prior quarter and the same quarter one year earlier. Gross margin improved sequentially but was lower than the year-ago quarter, as cost of revenue grew at a different rate relative to revenue.
Gross margin takeaway
Quarter ended Apr 30, 2026 · FY2027 Q1
Revenue and gross profit both increased compared to the prior quarter and the same quarter one year earlier. Gross margin improved sequentially but was lower than the year-ago quarter, as cost of revenue grew at a different rate relative to revenue.
- The sequential improvement in gross margin was the most notable change, with gross profit increasing more than cost of revenue. However, the year-over-year comparison shows a decline in margin, indicating a shift in the relationship between revenue and cost of revenue.
- Compared to the immediate prior quarter, gross margin strengthened. Compared to the same quarter one year earlier, gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
75.0%
Gross profit
$662.0M
Revenue
$882.9M
Cost of revenue
$220.9M
Quarter-over-quarter change
+0.5 pts
Year-over-year change
-2.1 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, 2025 | $789.1M | $593.8M | $195.3M | 75.3% |
| Oct 31, 2025 | $811.2M | $611.8M | $199.5M | 75.4% |
| Jan 31, 2026 | $836.0M | $622.5M | $213.5M | 74.5% |
| Apr 30, 2026 | $882.9M | $662.0M | $220.9M | 75.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 31, 2026
+0.5 pts
Year-over-year change
Apr 30, 2025
-2.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The sequential improvement in gross margin was the most notable change, with gross profit increasing more than cost of revenue. However, the year-over-year comparison shows a decline in margin, indicating a shift in the relationship between revenue and cost of revenue.
Compared to the immediate prior quarter, gross margin strengthened. Compared to the same quarter one year earlier, gross margin weakened.
Monitor the trend in cost of revenue relative to revenue, as the year-over-year margin decline suggests a changing cost structure.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Veeva Systems Inc. (VEEV) | 75.0% |