Veeva Systems Inc. logo VEEV - Veeva Systems Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 29
HOLD 12
SELL 1
STRONG
SELL
0
| PRICE TARGET: $276.57 DETAILS
HIGH: $333.00
LOW: $205.00
MEDIAN: $283.00
CONSENSUS: $276.57
UPSIDE: 72.67%
Metric 2026 Q4 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3
Revenue
Revenue 836.0 811.2 789.1 759.0 720.9 699.2 676.2 650.3 630.6 616.5 590.2 526.3 563.4 552.4 534.2 505.1 485.5 476.1 455.6 433.6 396.8 377.5 353.7 337.1 311.5 280.9 266.9 244.8 232.3 224.7 209.6 195.5 186.0 176.1 167.8 159.8 150.2 142.8 131.3 119.8 87.0 83.8 75.7 66.7 62.8 55.0 49.6 42.8 39.8 35.8
Cost of Revenue 213.5 199.5 195.3 173.8 181.0 174.4 170.4 173.9 173.9 167.7 169.0 166.7 164.3 153.9 151.7 139.5 135.9 129.6 122.1 116.1 113.8 103.0 97.2 94.9 94.3 73.3 70.2 65.5 64.5 61.4 59.2 60.2 58.9 53.2 50.4 48.9 46.5 43.9 42.2 41.1 31.2 30.4 28.1 25.9 24.4 21.4 19.1 17.7 16.8 15.9
Gross Profit 622.5 611.8 593.8 585.2 539.9 524.8 505.8 476.5 456.7 448.8 421.2 359.7 399.1 398.4 382.5 365.6 349.6 346.5 333.5 317.4 282.9 274.5 256.5 242.2 217.2 207.6 196.7 179.2 167.8 163.4 150.4 135.4 126.0 122.9 116.2 109.0 103.7 98.9 89.2 78.7 55.9 53.4 47.5 40.8 38.4 33.6 30.4 25.1 23.0 19.9
Operating Expenses
R&D Expenses 198.8 191.9 192.7 184.0 181.5 172.4 176.4 162.7 163.5 161.3 157.2 147.0 142.5 130.3 134.0 113.5 105.3 98.6 94.9 83.2 81.9 80.0 70.1 62.2 61.2 52.6 51.1 45.0 42.8 40.0 38.8 37.2 37.0 34.0 32.7 28.3 26.1 25.0 23.6 22.1 11.7 10.6 9.8 9.0 7.9 6.6 6.5 5.6 4.7 3.6
SG&A Expenses 177.8 179.0 205.2 167.5 169.9 171.1 162.9 158.6 157.9 159.1 159.9 151.2 147.6 146.8 147.4 124.4 124.6 115.2 114.0 105.8 102.1 93.2 96.3 92.4 95.6 74.2 71.7 63.1 62.0 60.3 58.7 54.2 54.1 47.2 46.6 43.4 45.1 40.0 41.8 38.8 23.4 22.8 21.0 19.2 19.3 17.0 14.2 11.4 9.0 7.6
Other Expenses 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.3) 0 0 0 0 0 0 0 0 0 0 (0.1) 0 0 0
Operating Expenses 376.6 370.9 397.9 351.5 351.5 343.5 339.3 321.3 321.4 320.3 317.2 298.1 290.2 277.0 281.5 237.9 229.9 213.8 208.9 189.0 184.1 173.2 166.4 154.7 156.8 126.8 122.8 108.1 104.8 100.3 97.6 91.4 91.1 81.2 79.3 71.7 71.2 65.0 65.3 60.9 35.2 33.5 30.7 28.2 27.1 23.6 20.6 16.9 13.7 11.2
Operating Income
Operating Income 245.9 240.9 195.9 233.7 188.4 181.4 166.5 155.2 135.3 128.5 104.0 61.5 108.9 121.4 101.1 127.7 119.7 132.7 124.6 128.4 98.8 101.3 90.1 87.6 60.4 80.8 73.9 71.2 63.0 63.1 52.8 44.0 38.5 42.5 38.1 38.9 32.5 33.8 23.8 17.8 20.7 19.9 16.8 12.6 11.3 10.0 9.8 8.2 9.4 8.8
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 245.9 260.8 206.0 243.6 198.4 191.3 177.5 163.7 145.0 136.9 112.1 69.1 116.6 128.6 108.3 134.7 126.8 139.6 131.5 135.1 105.6 108.8 97.4 95.4 63.6 84.6 77.7 75.1 66.6 66.5 56.3 47.6 38.5 46.1 41.6 42.3 36.0 37.3 27.3 21.2 21.7 21.0 17.8 13.5 12.2 10.8 10.3 8.4 9.6 9.0
EBIT 245.9 240.9 195.9 233.7 188.4 181.4 166.5 155.2 135.3 128.5 104.0 61.5 108.9 121.4 101.1 127.7 119.5 132.7 124.6 128.4 98.8 101.3 90.1 87.6 60.4 80.8 73.9 71.2 63.0 63.1 52.8 44.0 41.5 42.5 38.1 38.9 32.5 33.8 23.8 17.8 20.7 19.9 16.8 12.6 11.3 10.0 9.8 8.2 9.4 8.8
Income Before Tax 317.5 312.8 265.4 298.8 245.1 242.3 225.1 206.9 182.7 170.7 142.9 91.8 135.4 133.9 109.5 130.4 119.5 133.5 126.3 133.0 105.3 104.8 93.0 91.0 65.2 89.9 81.2 77.3 68.7 67.7 56.2 46.1 41.5 43.9 40.9 39.5 32.3 34.3 22.5 20.6 19.0 19.0 16.7 12.5 10.9 10.1 9.8 7.7 8.8 8.9
Income Tax Expense 73.3 76.6 65.1 70.6 49.5 56.5 54.0 45.2 35.3 35.5 31.2 (39.7) (53.2) 25.4 18.9 30.3 22.4 27.7 17.4 17.4 2.4 7.8 (0.6) 4.4 (0.9) 7.7 1.9 3.9 (2.5) 3.6 5.9 1.8 0.9 8.9 2.3 2.5 10.6 12.7 9.5 8.0 5.7 8.7 7.1 5.3 4.7 3.6 3.8 2.8 3.1 3.1
Net Income 244.2 236.2 200.3 228.2 195.6 185.8 171.0 161.7 147.4 135.2 111.6 131.5 188.5 108.5 90.6 100.1 97.1 105.9 108.9 115.6 102.9 97.0 93.6 86.6 66.2 82.2 79.2 73.4 71.2 64.1 50.3 44.3 33.7 34.4 37.8 36.0 21.7 21.6 13.0 12.5 13.3 10.3 9.6 7.2 6.2 6.5 6.0 4.8 5.7 5.7
Per Share Data
EPS (Basic) 1.49 1.44 1.23 1.40 1.20 1.15 1.06 1.00 0.92 0.84 0.70 0.82 1.20 0.70 0.58 0.65 0.63 0.69 0.71 0.76 0.68 0.64 0.62 0.58 0.44 0.56 0.54 0.50 0.49 0.44 0.35 0.31 0.24 0.25 0.28 0.26 0.16 0.16 0.10 0.09 0.10 0.08 0.07 0.06 0.05 0.07 0.01 0.01 0.05 0.01
EPS (Diluted) 1.45 1.40 1.19 1.37 1.17 1.13 1.04 0.98 0.90 0.83 0.68 0.81 1.16 0.67 0.56 0.62 0.60 0.65 0.67 0.71 0.64 0.60 0.58 0.54 0.42 0.52 0.50 0.47 0.45 0.41 0.32 0.29 0.22 0.23 0.25 0.24 0.15 0.15 0.09 0.09 0.09 0.07 0.07 0.05 0.04 0.05 0.01 0.01 0.05 0.01
Shares Outstanding 164.3 163.7 163.1 162.7 162.4 162.0 161.7 161.4 161.1 160.8 160.4 159.9 156.5 155.4 155.0 154.5 153.9 153.5 153.1 152.4 151.7 151.0 150.4 149.5 148.8 148.2 147.5 146.7 145.7 144.7 143.7 142.8 141.7 140.9 140.0 137.1 136.3 135.6 135.1 134.0 130.3 129.2 136.8 123.9 122.6 134.8 122.3 108.4 108.4 108.4
Metric 2026 Q4 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1
Current Assets
Cash & Cash Equivalents 1,421.2 1,660.1 1,930.4 1,965.0 1,118.8 1,044.5 1,165.8 1,197.2 703.5 743.7 742.6 1,093.6 886.5 865.2 1,140.2 1,240.0 1,138.0 1,149.9 1,064.7 1,185.0 730.5 634.3 795.8 720.8 476.7 892.6 827.5 748.2 551.0 467.6 511.7 460.2 320.2 310.8 409.2 365.7 217.6 206.1 210.4 245.9
Short-Term Investments 5,139.6 4,977.2 4,473.3 4,103.4 4,031.4 4,018.5 3,719.3 3,567.8 3,324.3 3,198.6 3,126.1 2,521.3 2,216.2 2,157.4 1,778.9 1,598.6 1,238.1 1,201.5 1,198.8 965.5 933.1 956.2 699.7 660.2 610.0 602.4 604.7 581.5 539.2 584.3 498.7 458.1 441.8 447.3 315.4 298.3 301.3 304.7 269.2 211.5
Net Receivables 1,310.3 371.8 472.4 541.3 1,057.1 301.3 404.2 401.1 888.5 300.3 416.6 451.0 785.2 324.9 391.0 391.6 694.4 279.0 334.7 313.7 611.6 236.7 257.5 273.2 422.5 147.8 166.8 187.5 321.6 110.0 126.6 172.5 233.7 76.3 97.2 113.1 182.8 65.6 89.0 81.8
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 126.5 102.8 118.5 97.8 101.5 82.9 78.6 78.8 86.9 93.1 76.4 122.2 81.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Current Assets 7,997.6 7,111.9 6,994.6 6,707.5 6,308.8 5,447.2 5,367.8 5,244.9 5,003.2 4,335.8 4,361.8 4,188.1 3,969.3 3,386.5 3,356.1 3,275.3 3,107.2 2,659.8 2,631.8 2,495.1 2,310.8 1,853.0 1,785.4 1,675.3 1,531.1 1,658.1 1,620.8 1,537.9 1,433.4 1,183.2 1,152.4 1,102.8 1,008.1 846.1 833.4 789.1 711.9 589.8 587.1 548.4
Non-Current Assets
Property, Plant & Equipment 145.9 140.0 132.7 122.2 119.8 116.0 99.8 102.6 104.1 105.7 108.0 102.2 105.2 108.4 110.9 102.7 104.1 104.0 105.7 106.0 110.6 107.2 103.9 99.8 103.9 77.3 73.3 70.8 55.0 53.6 50.7 51.5 52.3 52.7 53.5 52.0 49.9 48.2 47.2 47.7
Goodwill 439.9 439.9 439.9 439.9 439.9 439.9 439.9 439.9 439.9 439.9 439.9 439.9 439.9 439.9 439.9 439.9 439.9 437.3 437.3 436.0 436.0 436.0 438.5 438.5 438.5 95.8 95.8 95.8 95.8 95.8 95.8 95.8 95.8 95.8 95.8 95.8 95.8 95.8 95.8 95.8
Intangible Assets 30.3 32.6 36.4 40.5 44.5 48.5 53.3 58.2 63.0 67.9 72.8 77.7 82.5 87.4 92.3 97.2 101.9 102.6 107.3 110.2 114.6 119.2 124.4 129.4 134.6 19.9 21.4 23.0 24.5 26.2 27.9 29.6 31.5 33.4 35.3 37.3 39.3 41.3 44.2 46.4
Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 92.2 85.8 86.1 88.7 82.9 78.6 78.9 75.8 67.2 58.1 61.4 59.0 70.8 62.0 55.3 55.5 58.2 59.0 61.8 61.0 60.0 52.6 52.0 49.9 51.8 42.8 42 42.2 39.1 35.0 34.4 35.7 36.1 5.4 4.9 4.7 4.1 4.1 3.5 3.7
Total Non-Current Assets 981.7 985.3 1,004.8 1,057.5 1,031.0 1,005.7 963.0 942.6 907.7 890.0 866.4 835.2 835.0 796.2 760.4 735.9 709.3 707.7 719.6 727.1 735.2 730.6 731.0 729.3 740.7 242.3 239.0 238.3 220.4 214.1 212.2 214.8 192.4 200.1 202.5 207.1 205.8 198.6 200.1 203.4
Total Assets 8,979.3 8,097.2 7,999.4 7,765.1 7,339.8 6,452.9 6,330.8 6,187.6 5,910.9 5,225.8 5,228.1 5,023.4 4,804.3 4,182.7 4,116.6 4,011.2 3,816.5 3,367.5 3,351.4 3,222.1 3,046.1 2,583.6 2,516.4 2,404.6 2,271.8 1,900.4 1,859.9 1,776.1 1,653.8 1,397.3 1,364.6 1,317.7 1,200.5 1,046.2 1,035.9 996.2 917.7 788.5 787.2 751.8
Current Liabilities
Account Payables 37.6 32.7 33.6 37.4 30.4 31.8 28.3 31.9 31.5 36.2 49.9 44.4 41.7 40.9 30.9 25.4 20.3 25.6 21.3 18.9 23.3 21.3 16.5 15.0 19.4 9.9 8.6 8.4 9.1 10.9 7.7 9.0 6.9 7.4 6.3 5.2 5.7 5.0 6.4 4.6
Short-Term Debt 12.2 10.5 10.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 1,488.8 822.5 1,107.7 1,246.2 1,274.0 739.7 956.4 1,029.5 1,049.8 644.5 836.5 869.9 869.3 510.1 684.6 723.7 731.7 417.8 558.7 608.7 617.0 331.2 421.2 470.3 468.9 250.7 329.1 363.9 356.4 196.2 259.2 289.6 275.4 173.4 222.7 238.0 213.6 137.1 176.7 180.8
Other Current Liabilities 98.4 31.7 58.8 39.1 18.8 20.1 22.2 21.8 19.8 18.3 48.3 44.4 16.8 40.3 36.6 33.2 15.8 32.1 33.9 31.7 30.4 28.9 27.5 27.1 25.6 16.0 18.0 15.4 15.3 14.5 14.1 15.4 17.1 12.7 12.1 12.4 12.0 9.9 12.4 11.9
Total Current Liabilities 1,637.1 944.9 1,255.1 1,456.6 1,398.4 857.0 1,070.4 1,223.3 1,178.9 768.2 1,002.0 1,006.3 1,006.8 690.3 799.4 878.9 840.8 536.9 662.8 709.5 716.0 417.4 501.5 550.3 551.2 306.9 382.9 412.6 401.0 236.7 294.7 326.2 314.7 214.3 255.6 269.0 246.8 167.6 208.1 207.1
Non-Current Liabilities
Long-Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Tax Liabilities 0.6 0.4 0.4 0.5 0.6 0.5 0.6 0.7 2.1 1.1 1.3 1.4 1.5 1.5 1.7 1.7 2.2 1.9 7.5 6.5 1.8 1.0 1.8 1.7 2.4 9.0 8.4 7.3 6.1 14.1 12.3 9.7 7.3 7.2 7.6 12.2 13.0 9.5 9.9 10.3
Other Non-Current Liabilities 43.3 32.0 30.6 30.3 42.6 31.4 31.2 28.8 38.7 28.6 24.4 25.1 30.1 21.9 19.5 19.9 18.2 14.1 13.3 12.5 10.6 10.9 10.2 9.1 7.8 6.1 7.9 7.7 8.9 8.1 7.2 7.3 7.0 6.2 6.1 5.6 5.0 5.4 4.1 3.9
Total Non-Current Liabilities 127.5 111.6 105.8 97.4 109.0 94.4 75.7 74.9 87.2 77.7 73.5 74.0 81.2 73.6 73.3 64.1 64.0 61.2 68.4 67.6 63.8 59.9 58.2 53.2 55.0 35.0 31.9 28.4 15.0 22.3 19.6 17.0 17.9 13.4 13.7 17.7 17.9 15.0 14.0 14.1
Total Liabilities 1,764.6 1,056.5 1,360.9 1,554.0 1,507.4 951.5 1,146.1 1,298.2 1,266.1 846.0 1,075.5 1,080.3 1,088.0 763.9 872.7 942.9 904.8 598.1 731.3 777.2 779.7 477.3 559.7 603.6 606.2 341.9 414.8 441.0 416.0 259.0 314.2 343.2 329.0 227.7 269.3 286.8 264.7 182.6 222.1 221.2
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings 4,363.5 4,119.3 3,883.1 3,682.8 3,454.6 3,259.0 3,073.2 2,902.1 2,740.5 2,593.1 2,457.9 2,346.3 2,214.8 2,026.2 1,917.8 1,827.2 1,727.0 1,630.0 1,524.1 1,415.2 1,299.7 1,196.7 1,099.8 1,006.2 919.7 853.5 771.2 692.0 619.2 548.0 484.0 433.7 354.9 321.1 286.8 247.4 212.2 190.5 168.9 155.9
Accumulated Other Comprehensive Income 8.2 9.9 (2.0) 8.9 (8.4) (6.5) (5.6) (30.6) (10.6) (37.5) (34.4) (25.8) (31.1) (45.6) (27.3) (24.2) (12.0) (5.7) (2.7) (2.3) 1.0 3.5 6.2 2.1 0.5 0.2 (0.1) 1.2 0.9 (1.2) (0.1) 1.1 1.4 1.0 1.3 0.9 0.1 0.3 0.9 0.5
Total Stockholders' Equity 7,214.8 7,040.6 6,638.5 6,211.1 5,832.4 5,501.4 5,184.7 4,889.4 4,644.8 4,379.8 4,152.6 3,943.1 3,716.3 3,418.8 3,243.9 3,068.3 2,911.6 2,769.4 2,620.1 2,445.0 2,266.3 2,106.4 1,956.7 1,801.0 1,665.6 1,558.6 1,445.0 1,335.1 1,237.7 1,138.3 1,050.4 974.4 871.5 818.5 766.6 709.4 653.0 605.9 565.1 530.5
Total Liabilities & Equity 8,979.3 8,097.2 7,999.4 7,765.1 7,339.8 6,452.9 6,330.8 6,187.6 5,910.9 5,225.8 5,228.1 5,023.4 4,804.3 4,182.7 4,116.6 4,011.2 3,816.5 3,367.5 3,351.4 3,222.1 3,046.1 2,583.6 2,516.4 2,404.6 2,271.8 1,900.4 1,859.9 1,776.1 1,653.8 1,397.3 1,364.6 1,317.7 1,200.5 1,046.2 1,035.9 996.2 917.7 788.5 787.2 751.8
Debt Metrics
Total Debt 95.9 89.8 85.4 77.2 75.8 71.7 54.1 55.7 55.8 57.7 58.5 58.2 61.0 61.9 63.5 54.1 54.6 56.0 58.7 60.0 63.1 59.0 57.3 52.6 54.8 27.3 22.2 19.3 0 0 0 0 0 0 0 0 0 0 0 0
Net Debt (1,325.4) (1,570.3) (1,845.0) (1,887.8) (1,043.0) (972.8) (1,111.7) (1,141.5) (647.7) (686.0) (684.1) (1,035.4) (825.5) (803.3) (1,076.8) (1,185.9) (1,083.5) (1,093.9) (1,006.0) (1,125.0) (667.4) (575.2) (738.5) (668.2) (421.9) (865.3) (805.2) (728.9) (551.0) (467.6) (511.7) (460.2) (320.2) (310.8) (409.2) (365.7) (217.6) (206.1) (210.4) (245.9)
Metric 2026 Q4 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1
Operating Activities
Net Income 244.2 236.2 200.3 228.2 195.6 185.8 171.0 161.7 147.4 135.2 111.6 131.5 188.5 108.5 90.6 100.1 97.1 105.9 108.9 115.6 102.9 97.0 93.6 86.6 66.2 82.2 79.2 73.4 71.2 64.1 50.3 44.3 40.7 34.9 38.6 36.0 21.7 21.6 13.0 12.5
Depreciation & Amortization 11.4 9.7 13.2 13.1 13.1 9.9 11.0 8.5 9.7 8.8 8.9 8.8 9.0 9.1 10.0 9.9 9.7 9.9 9.9 8.8 7.7 7 7 10.0 7.8 3.6 3.6 3.6 3.4 3.2 3.4 3.4 3.5 3.5 3.4 3.4 3.5 3.5 3.5 3.4
Stock-Based Compensation (1.8) 120.3 (1.9) 0 0 117.9 108.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11.0 0 8.1
Change in Working Capital (286.9) (197.7) (152.5) 545.2 (235.1) (118.0) (162.0) 522.7 (171.8) (128.2) 68.2 292.6 (189.6) (43.1) (89.8) 329.8 (122.5) (70.9) (77.1) 291.1 (100.5) (65.9) (53.7) 144.5 (73.3) (60.4) (17.3) 132.8 (55.5) (51.5) 8.5 81.1 (64.6) (24.6) (2.1) 91.6 (35.3) (11.6) (15.3) 62.1
Other Non-Cash Items 125.1 5.8 120.3 118.1 116.9 (0.1) (2.3) 97.2 97.7 100.2 101.6 94.5 98.5 99.3 103.4 73.6 68.9 70.1 70.5 57.6 55.8 59.2 59.0 42.2 46.8 35.7 34.0 26.0 23.5 23.9 23.8 21.8 19.7 18.5 18.0 12.3 12.2 0.7 23.0 23.2
Operating Cash Flow 106.8 192.8 238.4 877.2 69.5 164.1 92.9 763.5 57.8 82.6 265.0 505.9 63.4 142.7 93.4 481.0 54.1 113.0 119.1 478.4 68.4 95.4 105.3 282.2 39.1 61.5 100.5 236.3 31.9 41.6 86.8 150.6 1.4 32.2 57.6 142.2 (2.1) 25.0 11.7 109.4
Investing Activities
Capital Expenditure (7.0) (6.3) (6.3) (5.9) (4.7) (4.3) (3.1) (8.5) (7.7) (5.9) (9.6) (3.0) (3.9) (5.6) (1.7) (2.3) (3.9) (2.3) (5.3) (2.7) (0.2) (3.3) (5.1) 0 0.1 (0.9) (1.1) (1.2) (2.9) (4.2) (0.7) (0.7) (1.5) (1.6) (2.5) (4.0) (2.6) (1.5) (0.9) (2.2)
Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (5.6) 0 (2.1) 0 0 0 (0.3) 0.3 (448.2) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.1)
Purchases of Investments (746.9) (933.3) (785.8) (667.1) (375.4) (814.2) (614.5) (777.8) (555.9) (541.5) (988.1) (612.5) (280.6) (710.8) (433.1) (572.3) (181.4) (256.0) (422.7) (256.9) (104.8) (417.9) (267.7) (188.8) (123.7) (190.7) (209.2) (228.9) (137.3) (214.8) (181.1) (193.2) (87.1) (207.3) (87.2) (56.2) (41.1) (89.8) (116.2) (67.7)
Sales/Maturities of Investments 586.2 448.0 402.8 620.9 364.5 520.3 503.7 513.9 476.9 474.1 378.7 318.1 245.3 310.7 250.5 196.2 135.9 248.1 187.3 221.6 126.1 158.6 229.2 140.3 116.7 194.7 187.8 189.0 184.4 130.1 141.3 176.5 91.5 74.8 69.7 58.7 43.8 53.7 58.2 70.0
Other Investing Activities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.0) 0 (0.1) 0.0 (0.1)
Investing Cash Flow (167.8) (495.2) (389.3) (52.1) (15.7) (298.2) (113.8) (272.4) (86.7) (73.3) (618.9) (297.4) (39.3) (405.7) (184.2) (378.5) (55.2) (10.2) (242.8) (37.9) 21.1 (262.6) (43.9) (48.2) (455.3) 2.7 (22.8) (41.5) 43.8 (89.4) (40.8) (17.6) 2.5 (134.4) (20.5) (2.3) (0.1) (37.7) (58.9) 0.1
Financing Activities
Net Debt Issuance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.1) (0.3) (0.6) 0.1 (0.3) (0.2) (0.3) (0.2) (0.2) (0.2) 0 0 0 0 0 0 0 0 0 0 0 0
Stock Repurchased (169.9) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.0) (0.0) 0 (0.0)
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (22.0) (25.1) (26.0) (20.2) (19.6) (17.3) (17.9) (24.6) (21.0) (20.8) (20.4) (16.6) (15.8) (15.1) (17.1) (15.0) (18.8) (21.4) (15.1) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9.4 5.3 8.1 4.2
Financing Cash Flow (178.0) 32.6 115.7 20.4 20.8 13.0 (11.5) 3.8 (10.5) (6.9) 2.6 (1.4) (2.2) (10.5) (7.9) 1.3 (10.6) (16.0) 5.7 16.8 9.0 6.3 9.0 9.5 2.1 1.4 3.4 3.1 6.2 4.9 7.0 7.8 3.6 3.7 6.1 7.3 13.7 8.8 11.3 4.2
Cash Position
Net Change in Cash (238.9) (270.3) (34.6) 846.2 74.3 (121.2) (32.4) 493.7 (40.2) 1.1 (351.0) 207.2 21.3 (275.1) (99.8) 102.0 (11.9) 85.2 (118.3) 454.5 96.2 (161.5) 73.1 244.0 (414.0) 65.1 79.3 197.2 83.3 (44.1) 51.5 140.1 9.4 (98.4) 43.6 148.1 11.5 (4.3) (35.6) 113.8
Cash at Beginning 1,660.1 1,930.4 1,965.0 1,121.0 1,046.7 1,167.9 1,200.4 706.7 743.7 745.8 1,096.8 889.6 868.3 1,143.4 1,243.2 1,141.2 1,153.1 1,067.9 1,186.2 731.7 635.5 797.0 723.8 479.8 893.8 828.7 749.4 552.2 468.8 512.9 461.4 321.4 310.8 409.2 365.7 217.6 206.1 210.4 245.9 132.2
Cash at End 1,423.4 1,660.1 1,930.4 1,967.2 1,121.0 1,046.7 1,167.9 1,200.4 703.5 746.9 745.8 1,096.8 889.6 868.3 1,143.4 1,243.2 1,141.2 1,153.1 1,067.9 1,186.2 731.7 635.5 797.0 723.8 479.8 893.8 828.7 749.4 552.2 468.8 512.9 461.4 320.2 310.8 409.2 365.7 217.6 206.1 210.4 245.9
Free Cash Flow 99.8 186.5 232.1 871.2 64.8 159.8 89.8 755.0 50.0 76.7 255.4 503.0 59.5 137.1 91.7 478.7 50.1 110.6 113.7 475.7 68.1 92.1 100.2 282.2 39.2 60.6 99.4 235.1 29.0 37.4 86.1 149.9 (0.1) 30.6 55.1 138.2 (4.6) 23.5 10.9 107.2
Key Metrics 2026 Q4 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3
Income Statement
Revenue 836.0 811.2 789.1 759.0 720.9 699.2 676.2 650.3 630.6 616.5 590.2 526.3 563.4 552.4 534.2 505.1 485.5 476.1 455.6 433.6 396.8 377.5 353.7 337.1 311.5 280.9 266.9 244.8 232.3 224.7 209.6 195.5 186.0 176.1 167.8 159.8 150.2 142.8 131.3 119.8 87.0 83.8 75.7 66.7 62.8 55.0 49.6 42.8 39.8 35.8
Gross Profit 622.5 611.8 593.8 585.2 539.9 524.8 505.8 476.5 456.7 448.8 421.2 359.7 399.1 398.4 382.5 365.6 349.6 346.5 333.5 317.4 282.9 274.5 256.5 242.2 217.2 207.6 196.7 179.2 167.8 163.4 150.4 135.4 126.0 122.9 116.2 109.0 103.7 98.9 89.2 78.7 55.9 53.4 47.5 40.8 38.4 33.6 30.4 25.1 23.0 19.9
Operating Income 245.9 240.9 195.9 233.7 188.4 181.4 166.5 155.2 135.3 128.5 104.0 61.5 108.9 121.4 101.1 127.7 119.7 132.7 124.6 128.4 98.8 101.3 90.1 87.6 60.4 80.8 73.9 71.2 63.0 63.1 52.8 44.0 38.5 42.5 38.1 38.9 32.5 33.8 23.8 17.8 20.7 19.9 16.8 12.6 11.3 10.0 9.8 8.2 9.4 8.8
Net Income 244.2 236.2 200.3 228.2 195.6 185.8 171.0 161.7 147.4 135.2 111.6 131.5 188.5 108.5 90.6 100.1 97.1 105.9 108.9 115.6 102.9 97.0 93.6 86.6 66.2 82.2 79.2 73.4 71.2 64.1 50.3 44.3 33.7 34.4 37.8 36.0 21.7 21.6 13.0 12.5 13.3 10.3 9.6 7.2 6.2 6.5 6.0 4.8 5.7 5.7
EPS (Diluted) 1.45 1.40 1.19 1.37 1.17 1.13 1.04 0.98 0.90 0.83 0.68 0.81 1.16 0.67 0.56 0.62 0.60 0.65 0.67 0.71 0.64 0.60 0.58 0.54 0.42 0.52 0.50 0.47 0.45 0.41 0.32 0.29 0.22 0.23 0.25 0.24 0.15 0.15 0.09 0.09 0.09 0.07 0.07 0.05 0.04 0.05 0.01 0.01 0.05 0.01
Balance Sheet
Cash & Equivalents 1,421.2 1,660.1 1,930.4 1,965.0 1,118.8 1,044.5 1,165.8 1,197.2 703.5 743.7 742.6 1,093.6 886.5 865.2 1,140.2 1,240.0 1,138.0 1,149.9 1,064.7 1,185.0 730.5 634.3 795.8 720.8 476.7 892.6 827.5 748.2 551.0 467.6 511.7 460.2 320.2 310.8 409.2 365.7 217.6 206.1 210.4 245.9
Total Assets 8,979.3 8,097.2 7,999.4 7,765.1 7,339.8 6,452.9 6,330.8 6,187.6 5,910.9 5,225.8 5,228.1 5,023.4 4,804.3 4,182.7 4,116.6 4,011.2 3,816.5 3,367.5 3,351.4 3,222.1 3,046.1 2,583.6 2,516.4 2,404.6 2,271.8 1,900.4 1,859.9 1,776.1 1,653.8 1,397.3 1,364.6 1,317.7 1,200.5 1,046.2 1,035.9 996.2 917.7 788.5 787.2 751.8
Total Debt 95.9 89.8 85.4 77.2 75.8 71.7 54.1 55.7 55.8 57.7 58.5 58.2 61.0 61.9 63.5 54.1 54.6 56.0 58.7 60.0 63.1 59.0 57.3 52.6 54.8 27.3 22.2 19.3 0 0 0 0 0 0 0 0 0 0 0 0
Stockholders' Equity 7,214.8 7,040.6 6,638.5 6,211.1 5,832.4 5,501.4 5,184.7 4,889.4 4,644.8 4,379.8 4,152.6 3,943.1 3,716.3 3,418.8 3,243.9 3,068.3 2,911.6 2,769.4 2,620.1 2,445.0 2,266.3 2,106.4 1,956.7 1,801.0 1,665.6 1,558.6 1,445.0 1,335.1 1,237.7 1,138.3 1,050.4 974.4 871.5 818.5 766.6 709.4 653.0 605.9 565.1 530.5
Cash Flow
Operating Cash Flow 106.8 192.8 238.4 877.2 69.5 164.1 92.9 763.5 57.8 82.6 265.0 505.9 63.4 142.7 93.4 481.0 54.1 113.0 119.1 478.4 68.4 95.4 105.3 282.2 39.1 61.5 100.5 236.3 31.9 41.6 86.8 150.6 1.4 32.2 57.6 142.2 (2.1) 25.0 11.7 109.4
Capital Expenditure (7.0) (6.3) (6.3) (5.9) (4.7) (4.3) (3.1) (8.5) (7.7) (5.9) (9.6) (3.0) (3.9) (5.6) (1.7) (2.3) (3.9) (2.3) (5.3) (2.7) (0.2) (3.3) (5.1) 0 0.1 (0.9) (1.1) (1.2) (2.9) (4.2) (0.7) (0.7) (1.5) (1.6) (2.5) (4.0) (2.6) (1.5) (0.9) (2.2)
Free Cash Flow 99.8 186.5 232.1 871.2 64.8 159.8 89.8 755.0 50.0 76.7 255.4 503.0 59.5 137.1 91.7 478.7 50.1 110.6 113.7 475.7 68.1 92.1 100.2 282.2 39.2 60.6 99.4 235.1 29.0 37.4 86.1 149.9 (0.1) 30.6 55.1 138.2 (4.6) 23.5 10.9 107.2