Report published August 26, 2026
Veeva Systems Inc. (VEEV): 2Q Earnings Review and AI Catalyst Outlook by Goldman Sachs
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 26, 2026
- Analysis as of
- August 26, 2026
Authors / editors: Gabriela Borges (Lead Analyst), Greyson Skilba (Analyst), Maura Hager (Analyst)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs reiterates its Sell rating on Veeva Systems (VEEV) while raising its 12-month price target to $180 from $165 following solid 2Q results that beat Street revenue and EPS expectations. The analysts look for concrete execution milestones in the Falcon product cycle and Commercial Vault migrations to support durable outperformance.
Key Takeaways
- 1.Veeva reported strong 2Q results with revenue beating Street consensus by 2.5% and EPS beating by 6%, supported by beats across subscription and services revenue.
- 2.Goldman Sachs maintains a Sell rating on VEEV but raises its 12-month price target to $180 (from $165) based on higher free cash flow estimates, implying 26.5% downside.
- 3.Durable stock outperformance requires evidence of success in the Falcon product cycle and post-Vault migration stabilization in the Commercial business.
Table of Contents
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement ($ mn)
- Balance Sheet ($ mn)
- Cash Flow ($ mn)
- EPS recap
- Exhibit 1: 2QFY27 Actuals vs. Estimates
- Valuation & Risks
- Disclosure Appendix
Report data
Exhibit 1: 2QFY27 Actuals vs. Estimates — as of August 26, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-Month Price Target | 180.00 USD | Raised from $165.00 |
| Share Price | 244.91 USD | Closing price as of report date |
| 2Q Total Revenue | 928 USD millions | Beat Goldman Sachs estimate of $903mn and Street consensus of $905mn |
| 2Q EPS | 2.35 USD | Beat Street consensus of $2.22 by 5.7% |
| FY27E Revenue Forecast | 3684.8 USD millions | Raised from $3,639.9mn |
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Authors / Editors
Reported Data Context
- 12-Month Price Target: 180.00 USD (12-month forward) · Source: Goldman Sachs Research
- Share Price: 244.91 USD (2026-08-26) · Source: FactSet
- 2Q Total Revenue: 928 USD millions (2Q27) · Source: Company data / Visible Alpha
- 2Q EPS: 2.35 USD (2Q27) · Source: Company data / Visible Alpha
- FY27E Revenue Forecast: 3684.8 USD millions (FY27E (1/27E)) · Source: Goldman Sachs Research estimates
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