Veeva Systems Inc. (VEEV) Cash Flow Statement
Where VEEV’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $1.42B +29.8% vs FY2025
- Capital expenditures
- $29.1M 0.9% of revenue
- Free cash flow
- $1.39B 43.4% margin
- Returned to shareholders
- $169.9M 12% of free cash flow
- Change in cash
- $302.4M cash at year-end $1.42B
Drawn to scale: where the cash came from and how it was used. Hover for values.
VEEV operating cash flow, capex and free cash flow
VEEV cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $144.0MFY2017 | $1.42BFY2026 | +28.9%/yr | |
| Capital expenditures | $6.9MFY2017 | $29.1MFY2026 | +17.3%/yr | |
| Free cash flow | $137.1MFY2017 | $1.39BFY2026 | +29.3%/yr | |
| Free cash flow margin | 25.2%FY2017 | 43.4%FY2026 | +18.2 pts | |
| Operating cash flow / net income | 2.09FY2017 | 1.56FY2026 | −0.54 | |
| Stock-based compensation | $40.8MFY2017 | $472.7MFY2026 | +31.3%/yr | |
| Dividends paid | $0FY2017 | $3.8MFY2022 | — | |
| Share buybacks (net) | $14,000FY2017 | $169.9MFY2026 | +184.3%/yr | |
| Capex / revenue | 1.3%FY2017 | 0.9%FY2026 | −0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VEEV cash flow by activity
VEEV net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VEEV cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $908.9M | $714.1M | $525.7M | $487.7M | $427.4M | $380.0M | $301.1M | $229.8M | $151.2M | $68.8M |
| Depreciation & amortization | $50.5M | $39.4M | $37.1M | $37.7M | $37.0M | $39.3M | $26.6M | $13.4M | $13.7M | $13.1M |
| Stock-based compensation | $472.7M | $437.4M | $393.7M | $351.9M | $234.6M | $185.0M | $115.9M | $76.4M | $54.0M | $40.8M |
| Change in working capital | −$91.9M | $7.6M | $60.8M | $7.3M | $20.7M | −$75.6M | −$18.2M | −$17.4M | −$5.3M | $23.7M |
| Other non-cash items | $75.1M | −$108.4M | −$106.1M | −$104.1M | $44.8M | $22.5M | $11.9M | $8.5M | $19.8M | −$2.4M |
| Cash from operating activities | $1.42B | $1.09B | $911.3M | $780.5M | $764.5M | $551.2M | $437.4M | $310.8M | $233.4M | $144.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$29.1M | −$20.5M | −$26.2M | −$13.5M | −$14.2M | −$8.7M | −$3.1M | −$8.4M | −$9.6M | −$6.9M |
| Investments (net) | −$1.08B | −$700.1M | −$1.08B | −$1.01B | −$324.2M | −$333.6M | −$64.4M | −$94.0M | −$154.7M | −$96.7M |
| Acquisitions & other investing | $0 | $20.5M | $26.2M | $13.5M | −$7.8M | $8.7M | −$449.4M | −$1.4M | $9.8M | $6.9M |
| Cash from investing activities | −$1.10B | −$700.1M | −$1.08B | −$1.01B | −$346.2M | −$333.6M | −$516.9M | −$103.9M | −$154.5M | −$96.7M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$3.8M | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$169.9M | $0 | −$78.9M | −$63.0M | −$55.3M | $34.9M | $11.0M | $25.9M | $20.8M | −$14,000 |
| Net borrowing (repayment) | — | — | $0 | $0 | −$384,000 | −$1.0M | −$984,000 | −$984,000 | −$984,000 | −$984,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $160.6M | $26.1M | $62.7M | $43.7M | $55.3M | $0 | $0 | $984,000 | $984,000 | $39.0M |
| Cash from financing activities | −$9.3M | $26.1M | −$16.2M | −$19.4M | −$4.1M | $33.8M | $10.0M | $25.9M | $20.8M | $38.0M |
| Summary | ||||||||||
| Net change in cash | $302.4M | $414.3M | −$183.0M | −$251.6M | $409.5M | $251.9M | −$72.4M | $230.8M | $102.6M | $85.4M |
| Cash at end of period | $1.42B | $1.12B | $706.7M | $889.6M | $1.14B | $731.7M | $479.8M | $552.2M | $320.2M | $217.6M |
| Free cash flow | $1.39B | $1.07B | $885.1M | $767.0M | $750.2M | $542.6M | $434.3M | $302.4M | $223.8M | $137.1M |
| Free cash flow margin | 43.4% | 38.9% | 37.4% | 35.6% | 40.5% | 37.0% | 39.3% | 35.1% | 32.4% | 25.2% |
| Capex / revenue | 0.9% | 0.7% | 1.1% | 0.6% | 0.8% | 0.6% | 0.3% | 1.0% | 1.4% | 1.3% |
| Operating cash flow / net income | 1.56 | 1.53 | 1.73 | 1.60 | 1.79 | 1.45 | 1.45 | 1.35 | 1.54 | 2.09 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $273.4M | $260.9M | $244.2M | $236.2M | $200.3M | $228.2M | $195.6M | $185.8M | $171.0M | $161.7M | $147.4M | $135.2M |
| Depreciation & amortization | $10.9M | $14.9M | $11.4M | $9.7M | $10.1M | $9.8M | $13.1M | $9.9M | $11.0M | $8.5M | $9.7M | $8.4M |
| Stock-based compensation | $136.8M | $119.3M | −$1.8M | $120.3M | −$1.9M | $112.2M | $115.2M | $117.9M | $108.4M | $95.9M | $98.9M | $101.2M |
| Change in working capital | −$202.8M | $716.4M | −$286.9M | −$197.7M | −$152.5M | $545.2M | −$235.1M | −$118.0M | −$162.0M | $522.7M | −$171.8M | −$128.2M |
| Other non-cash items | $20.5M | $15.7M | $140.0M | $24.3M | $182.5M | −$18.3M | −$19.4M | −$31.5M | −$35.6M | −$25.2M | −$26.4M | −$34.0M |
| Cash from operating activities | $238.7M | $1.13B | $106.8M | $192.8M | $238.4M | $877.2M | $69.5M | $164.1M | $92.9M | $763.5M | $57.8M | $82.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$8.0M | −$1.8M | −$7.0M | −$6.3M | −$6.3M | −$5.9M | −$4.7M | −$4.3M | −$3.1M | −$8.5M | −$7.7M | −$5.9M |
| Investments (net) | −$49.2M | −$311.5M | −$160.7M | −$495.2M | −$389.3M | −$52.1M | −$15.7M | −$298.2M | −$113.8M | −$272.4M | −$86.7M | −$73.3M |
| Acquisitions & other investing | −$6.4M | −$75.5M | $0 | $6.3M | $6.3M | $5.9M | $4.7M | $4.3M | $3.1M | $8.5M | $7.7M | $5.9M |
| Cash from investing activities | −$63.5M | −$388.7M | −$167.8M | −$495.2M | −$389.3M | −$52.1M | −$15.7M | −$298.2M | −$113.8M | −$272.4M | −$86.7M | −$73.3M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$245.7M | −$226.9M | −$169.9M | — | $0 | −$20.2M | — | — | −$17.9M | −$24.6M | −$21.0M | −$20.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$13.6M | −$35.6M | −$8.1M | $32.6M | $115.7M | $40.6M | $20.8M | $13.0M | $6.4M | $28.4M | $10.5M | $14.0M |
| Cash from financing activities | −$259.3M | −$262.5M | −$178.0M | $32.6M | $115.7M | $20.4M | $20.8M | $13.0M | −$11.5M | $3.8M | −$10.5M | −$6.9M |
| Summary | ||||||||||||
| Net change in cash | −$84.4M | $475.3M | −$238.9M | −$270.3M | −$34.6M | $846.2M | $74.3M | −$121.2M | −$32.4M | $493.7M | −$40.2M | $1.1M |
| Cash at end of period | $1.81B | $1.90B | $1.42B | $1.66B | $1.93B | $1.97B | $1.12B | $1.05B | $1.17B | $1.20B | $703.5M | $746.9M |
| Free cash flow | $230.7M | $1.13B | $99.8M | $186.5M | $232.1M | $871.2M | $64.8M | $159.8M | $89.8M | $755.0M | $50.0M | $76.7M |
| Free cash flow margin | 24.9% | 127.5% | 11.9% | 23.0% | 29.4% | 114.8% | 9.0% | 22.9% | 13.3% | 116.1% | 7.9% | 12.4% |
| Capex / revenue | 0.9% | 0.2% | 0.8% | 0.8% | 0.8% | 0.8% | 0.7% | 0.6% | 0.5% | 1.3% | 1.2% | 1.0% |
| Operating cash flow / net income | 0.87 | 4.32 | 0.44 | 0.82 | 1.19 | 3.84 | 0.36 | 0.88 | 0.54 | 4.72 | 0.39 | 0.61 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
VEEV cash generation
In fiscal 2026 (ended January 31, 2026), Veeva generated $1.4 billion of cash from operations (up 29.8%) and spent $29.1 million on capital expenditures, leaving free cash flow of $1.4 billion, 43.4% of revenue. It returned $169.9 million to shareholders through dividends ($0) and net share buybacks ($169.9 million). Cash and equivalents rose by $302.4 million over the year.
Related: VEEV income statement, VEEV balance sheet. See the VEEV stock overview for the latest quote and news.
VEEV cash flow FAQ
What is Veeva's free cash flow?
Veeva's free cash flow was $1.4 billion in fiscal 2026: $1.4 billion of operating cash flow minus $29.1 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does Veeva generate from operations?
Veeva generated $1.4 billion of cash from operating activities in fiscal 2026, 1.56 times its net income of $908.9 million.
How much does Veeva spend on capital expenditures?
Veeva spent $29.1 million on capital expenditures in fiscal 2026, 0.9% of revenue, compared with $20.5 million the year before.
How much stock does Veeva buy back?
Veeva spent $169.9 million on net share repurchases in fiscal 2026.