Veeva Announces Fiscal 2026 Second Quarter Results

Total Revenues of $789.1M, up 17% Year Over Year Subscription Services Revenues of $659.2M, up 17% Year Over Year

Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its second quarterended July31, 2025.

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“It's exciting to see our vision of connected software, data, and business consulting for life sciencesbecoming a reality,” said CEO Peter Gassner. “I am especially excited about the power of Veeva AIandVeevaData Cloud to enable transformational change forlife sciences from clinical to commercial.”

Fiscal 2026 Second Quarter Results:

— Revenues: Total revenues for the second quarter were $789.1 million, up from $676.2 million one year ago, an increase of 17% year over year. Subscription services revenues for the second quarter were $659.2 million, up from $561.3 million one year ago, an increase of 17% year over year.

— Operating Income and Non-GAAP Operating Income:(1) Second quarter operating income was $195.9 million, compared to $166.5 million one year ago, an increase of 18% year over year. Non-GAAP operating income for the second quarter was $352.6 million, compared to $279.8 million one year ago, an increase of 26% year over year.

— Net Income and Non-GAAP Net Income:(1) Second quarter net income was $200.3 million, compared to $171.0 million one year ago, an increase of 17% year over year. Non-GAAP net income for the second quarter was $333.4 million, compared to $267.3 million one year ago, an increase of 25% year over year.

— Net Income per Share and Non-GAAP Net Income per Share:(1) For the second quarter, fully diluted net income per share was $1.19, compared to $1.04 one year ago, while non-GAAP fully diluted net income per share was $1.99, compared to $1.62 one year ago.

“We delivered another strong quarter, with results for all metrics outperforming our guidance,” said CFO Brian Van Wagener. “The business showed broad-based strength, reflecting our consistent execution and focus on customer success that will enable durable, long-term growth.”

Recent Highlights:

— Deep, Industry-SpecificAI – VeevaAI, which includes agentic AI in the Vault Platform and industry-specific application agents in all Veeva applications, is rapidly progressing with a clear and focused strategy that delivers significant, tangible value forcustomers. The first Veeva AI agentsare planned for release in December for CRM and commercial content. New agents for clinical operations, regulatory, safety, quality, medical, and commercial are planned for 2026,and clinical datais targeted for 2027.

— Veeva Reaches Significant Vault CRM Suite Milestones – Veeva Vault CRM is working at scale and delivering new capabilities, including Veeva AI planned for December. In the quarter, two top 20 biopharmas successfully went live with Vault CRM in major markets and Vault CRM now has more than 100 customers live. In August, the seventh top 20 biopharma committed to Vault CRM as their commercial foundation. Veeva also expanded the Vault CRM Suite in August with the release of Patient CRM and early customers are now live on Campaign Manager and Service Center.

— Veeva Becoming the Industry's Foundation for Drug Development and Quality – In the quarter, another top 20 biopharma selected Veeva eTMF, Veeva Study Startup, and Veeva Site Connect to further modernize and unify clinical operations. Two top 20 biopharmas selected Veeva Submissions, Submissions Archive, and Registrations. Now, all top 20 biopharmas have selected Veeva eTMF, 19 of the top 20 have selected Veeva QualityDocs, and 18 of the top 20 have selected Veeva Submissions.

— Veeva and IQVIA Partner to Advance the Life Sciences Industry – Veeva and IQVIA announced a long-term global partnership and the complete resolution of all pending legal disputes in August. The partnership makes it possible for joint customers to use Veeva and IQVIA products and services together in a simple and efficient way across both commercial and clinical.

Financial Outlook:

Veeva is providing guidance for its fiscal third quarter ending October31, 2025 as follows:

— Total revenues between $790 and $793 million.

— Non-GAAP operating income between $348 and $350 million.(2)

— Non-GAAP fully diluted net income per share between $1.94 and $1.95.(2)

Veeva is providing updated guidance for its fiscal year ending January31, 2026 as follows:

— Total revenues between $3,134 and $3,140 million.

— Non-GAAP operating income of about $1,388 million.(2)

— Non-GAAP fully diluted net income per share of approximately $7.78.(2)

Conference Call Information

Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00p.m.PT today, August27, 2025, and a replay of the call will be available on Veeva's investor relations website.

What: Veeva Systems Fiscal 2026 Second Quarter Results Conference CallWhen: Wednesday, August 27, 2025Time: 2:00 p.m. PT (5:00 p.m. ET)Online Registration: https://registrations.events/direct/Q4I261710Webcast: ir.veeva.com

(1) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled “Non-GAAP Financial Measures”and the tables entitled “Reconciliation of GAAP to Non-GAAP Financial Measures”below for details.

(2)Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the third fiscal quarter ending October31, 2025 or the fiscal year ending January31, 2026 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

About Veeva Systems

Veeva delivers the industry cloud for life sciences with software, data, and business consulting. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,500 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.

Veeva uses its ir.veeva.comwebsite as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.

Forward-looking Statements

This release contains forward-looking statements regarding Veeva's expected future performance and, in particular, includes quotes from management and guidance, provided as of August27, 2025, about Veeva's expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, developments that impact the life sciences industry (including regulatory, funding, or policy changes), general macroeconomic and geopolitical events (including changes in trade policy or practices, inflationary pressures, currency exchange fluctuations, changes in interest rates, and geopolitical conflicts), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled “Summary of Risk Factors” on pages 32 and 33 in our filing on Form 10-Q for the period ended April30, 2025which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.

Investor Relations Contact: Media Contact:Gunnar Hansen Maria ScurryVeeva Systems Inc Veeva Systems Inc267-460-5839 781-366-7617ir@veeva.com pr@veeva.comVEEVA SYSTEMS INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) July 31, January 31, 2025 2025AssetsCurrent assets:Cash and cash equivalents $ 1,930,431 $ 1,118,785Short-term investments 4,473,282 4,031,442Accounts receivable, net 422,071 1,016,356Unbilled accounts receivable 50,348 40,761Prepaid expenses and other current assets 118,456 101,458Total current assets 6,994,588 6,308,802Property and equipment, net 61,210 55,912Deferred costs, net 25,899 26,383Lease right-of-use assets 71,538 63,863Goodwill 439,877 439,877Intangible assets, net 36,445 44,460Deferred income taxes 309,639 343,919Other long-term assets 60,231 56,540Total assets $ 7,999,427 $ 7,339,756Liabilities and stockholders' equityCurrent liabilities:Accounts payable $ 33,578 $ 30,447Accrued compensation and benefits 40,647 39,429Accrued expenses and other current liabilities 58,807 35,557Income tax payable 3,662 9,024Deferred revenue 1,107,696 1,273,978Lease liabilities 10,663 9,969Total current liabilities 1,255,053 1,398,404Deferred income taxes 439 587Long-term lease liabilities 74,785 65,806Other long-term liabilities 30,611 42,586Total liabilities 1,360,888 1,507,383Stockholders' equity:Common stock 2 2Additional paid-in capital 2,757,440 2,386,192Accumulated other comprehensive loss (1,997) (8,416)Retained earnings 3,883,094 3,454,595Total stockholders' equity 6,638,539 5,832,373Total liabilities and stockholders' equity $ 7,999,427 $ 7,339,756VEEVA SYSTEMS INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands, except per share data)(Unaudited) Three months ended July 31, Six months ended July 31, 2025 2024 2025 2024Revenues:Subscription services(3) $ 659,183 $ 561,277 $ 1,293,951 $ 1,095,232Professional services and other(4) 129,898 114,904 254,173 231,294Total revenues 789,081 676,181 1,548,124 1,326,526Cost of revenues(5):Cost of subscription services 93,830 78,791 172,176 156,939Cost of professional services and other 101,423 91,581 196,901 187,317Total cost of revenues 195,253 170,372 369,077 344,256Gross profit 593,828 505,809 1,179,047 982,270Operating expenses(5):Research and development 192,677 176,429 376,710 339,140Sales and marketing 109,439 101,528 208,067 198,829General and administrative 95,804 61,365 164,630 122,642Total operating expenses 397,920 339,322 749,407 660,611Operating income 195,908 166,487 429,640 321,659Other income, net 69,456 58,573 134,545 110,302Income before income taxes 265,364 225,060 564,185 431,961Income tax provision 65,055 54,019 135,686 99,256Net income $ 200,309 $ 171,041 $ 428,499 $ 332,705Net income per share:Basic $ 1.23 $ 1.06 $ 2.63 $ 2.06Diluted $ 1.19 $ 1.04 $ 2.56 $ 2.02Weighted-average shares used to compute net income per share:Basic 163,496 161,708 163,129 161,566Diluted 167,685 164,564 167,272 164,497Other comprehensive income:Net change in unrealized (loss) gain on available-for-sale investments $ (11,300) $ 25,175 $ 6,067 $ 6,314Net change in cumulative foreign currency translation gain (loss) 390 (104) 352 (1,252)Comprehensive income $ 189,399 $ 196,112 $ 434,918 $ 337,767(3) Includes subscription services revenues from the following productareas:Veeva Commercial Solutions $ 307,523 $ 271,810 $ 612,934 $ 533,126Veeva R&D Solutions 351,660 289,467 681,017 562,106Total subscription services $ 659,183 $ 561,277 $ 1,293,951 $ 1,095,232(4) Includes professional services and other revenues from the following productareas:Veeva Commercial Solutions $ 47,703 $ 45,068 $ 94,270 $ 93,840Veeva R&D Solutions 82,195 69,836 159,903 137,454Total professional services and other $ 129,898 $ 114,904 $ 254,173 $ 231,294(5) Includes stock-based compensation as follows:Cost of revenues:Cost of subscription services $ 1,941 $ 1,642 $ 3,656 $ 3,196Cost of professional services and other 14,804 13,176 27,573 25,711Research and development 53,388 48,984 101,337 90,727Sales and marketing 25,392 23,671 47,713 46,714General and administrative 26,441 20,903 53,897 37,939Total stock-based compensation $ 121,966 $ 108,376 $ 234,176 $ 204,287VEEVA SYSTEMS INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) Six months ended July 31, 2025 2024Cash flows from operating activitiesNet income $ 428,499 $ 332,705Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 19,948 19,519Reduction of lease right-of-use assets 6,316 5,508Accretion of discount on short-term investments (4,535) (14,254)Stock-based compensation 234,176 204,287Amortization of deferred costs 8,205 7,651Deferred income taxes 31,699 (59,801)Other, net (1,414) 127Changes in operating assets and liabilities:Accounts receivable 593,032 487,219Unbilled accounts receivable (9,587) (3,067)Deferred costs (7,721) (7,174)Prepaid expenses and other current and long-term assets (21,232) 4,344Accounts payable 3,361 (3,343)Accrued expenses and other current liabilities 23,763 (5,517)Income tax payable (5,362) (6,246)Deferred revenue (180,888) (103,652)Lease liabilities (5,300) (4,666)Other long-term liabilities 2,631 2,750Net cash provided by operating activities 1,115,591 856,390Cash flows from investing activitiesPurchases of short-term investments (1,452,857) (1,392,297)Maturities and sales of short-term investments 1,023,691 1,017,605Long-term assets (12,213) (11,528)Net cash used in investing activities (441,379) (386,220)Cash flows from financing activitiesProceeds from exercise of common stock options 182,297 34,834Taxes paid related to net share settlement of equity awards (46,228) (42,490)Net cash provided by (used in) financing activities 136,069 (7,656)Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1,365 (1,252)Net change in cash, cash equivalents, and restricted cash 811,646 461,262Cash, cash equivalents, and restricted cash at beginning of period 1,120,963 706,670Cash, cash equivalents, and restricted cash at end of period $ 1,932,609 $ 1,167,932Supplemental disclosures of other cash flow information:Excess tax benefits from employee stock plans $ 15,610 $ 4,262

Non-GAAP Financial Measures

In Veeva's public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.

— Excess tax benefits. Excess tax benefits from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations,Veeva excludes excess tax benefits for its internal management reporting processes. Veeva management also finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits, Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.

— Stock-based compensation expenses.Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.

— Amortization of purchased intangibles.Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva's revenues earned during the periods presented and will contribute to Veeva's future period revenues as well.

— Litigation settlement-related charges. We exclude certain costs related to litigation settlements, including outcome-based payments to the law firms that represented us, because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.

— Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP measures.

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva's management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

VEEVA SYSTEMS INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(Dollars in thousands)(Unaudited)The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shownbelow:Reconciliation of Net Cash Provided by Operating Activities (GAAP Three months ended July 31, Six months ended July 31,basis to non-GAAP basis) 2025 2024 2025 2024Net cash provided by operating activities on a GAAP basis $ 238,433 $ 92,874 $ 1,115,591 $ 856,390Excess tax benefits from employee stock plans (13,031) (1,141) (15,610) (4,262)Net cash provided by operating activities on a non-GAAP basis $ 225,402 $ 91,733 $ 1,099,981 $ 852,128Net cash used in investing activities on a GAAP basis $ (389,272) $ (113,842) $ (441,379) $ (386,220)Net cash provided by (used in) financing activities on a GAAP basis $ 115,689 $ (11,484) $ 136,069 $ (7,656)Reconciliation of Financial Measures (GAAP basis to non-GAAP Three months ended July 31, Six months ended July 31,basis) 2025 2024 2025 2024Cost of subscription services revenues on a GAAP basis $ 93,830 $ 78,791 $ 172,176 $ 156,939Stock-based compensation expense (1,941) (1,642) (3,656) (3,196)Amortization of purchased intangibles (1,046) (1,123) (2,058) (2,222)Cost of subscription services revenues on a non-GAAP basis $ 90,843 $ 76,026 $ 166,462 $ 151,521Gross margin on subscription services revenues on a GAAP basis 85.8% 86.0% 86.7% 85.7%Stock-based compensation expense 0.3 0.3 0.3 0.3Amortization of purchased intangibles 0.1 0.2 0.1 0.2Gross margin on subscription services revenues on a non-GAAP basis 86.2% 86.5% 87.1% 86.2%Cost of professional services and other revenues on a GAAP basis $ 101,423 $ 91,581 $ 196,901 $ 187,317Stock-based compensation expense (14,804) (13,176) (27,573) (25,711)Amortization of purchased intangibles (139) (138) (273) (273)Cost of professional services and other revenues on a non-GAAP basis $ 86,480 $ 78,267 $ 169,055 $ 161,333Gross margin on professional services and other revenues on a GAAP 21.9% 20.3% 22.5% 19.0%basisStock-based compensation expense 11.4 11.5 10.8 11.1Amortization of purchased intangibles 0.1 0.1 0.2 0.1Gross margin on professional services and other revenues on a non- 33.4% 31.9% 33.5% 30.2%GAAP basisGross profit on a GAAP basis $ 593,828 $ 505,809 $ 1,179,047 $ 982,270Stock-based compensation expense 16,745 14,818 31,229 28,907Amortization of purchased intangibles 1,185 1,261 2,331 2,495Gross profit on a non-GAAP basis $ 611,758 $ 521,888 $ 1,212,607 $ 1,013,672Gross margin on total revenues on a GAAP basis 75.3% 74.8% 76.2% 74.0%Stock-based compensation expense 2.1 2.2 2.0 2.2Amortization of purchased intangibles 0.1 0.2 0.1 0.2Gross margin on total revenues on a non-GAAP basis 77.5% 77.2% 78.3% 76.4%Research and development expense on a GAAP basis $ 192,677 $ 176,429 $ 376,710 $ 339,140Stock-based compensation expense (53,388) (48,984) (101,337) (90,727)Amortization of purchased intangibles – (28) – (56)Research and development expense on a non-GAAP basis $ 139,289 $ 127,417 $ 275,373 $ 248,357 Three months ended July 31, Six months ended July 31, 2025 2024 2025 2024Sales and marketing expense on a GAAP basis $ 109,439 $ 101,528 $ 208,067 $ 198,829Stock-based compensation expense (25,392) (23,671) (47,713) (46,714)Amortization of purchased intangibles (2,890) (3,546) (5,685) (7,014)Sales and marketing expense on a non-GAAP basis $ 81,157 $ 74,311 $ 154,669 $ 145,101General and administrative expense on a GAAP basis $ 95,804 $ 61,365 $ 164,630 $ 122,642Stock-based compensation expense (26,441) (20,903) (53,897) (37,939)Amortization of purchased intangibles – (57) – (113)Litigation settlement-related charges (30,627) – (30,627) (5,000)General and administrative expense on a non-GAAP basis $ 38,736 $ 40,405 $ 80,106 $ 79,590Operating expense on a GAAP basis $ 397,920 $ 339,322 $ 749,407 $ 660,611Stock-based compensation expense (105,221) (93,558) (202,947) (175,380)Amortization of purchased intangibles (2,890) (3,631) (5,685) (7,183)Litigation settlement-related charges (30,627) – (30,627) (5,000)Operating expense on a non-GAAP basis $ 259,182 $ 242,133 $ 510,148 $ 473,048Operating income on a GAAP basis $ 195,908 $ 166,487 $ 429,640 $ 321,659Stock-based compensation expense 121,966 108,376 234,176 204,287Amortization of purchased intangibles 4,075 4,892 8,016 9,678Litigation settlement-related charges 30,627 – 30,627 5,000Operating income on a non-GAAP basis $ 352,576 $ 279,755 $ 702,459 $ 540,624Operating margin on a GAAP basis 24.8% 24.6% 27.8% 24.2%Stock-based compensation expense 15.5 16.0 15.1 15.4Amortization of purchased intangibles 0.5 0.8 0.5 0.8Litigation settlement-related charges 3.9 – 2.0 0.4Operating margin on a non-GAAP basis 44.7% 41.4% 45.4% 40.8%Net income on a GAAP basis $ 200,309 $ 171,041 $ 428,499 $ 332,705Stock-based compensation expense 121,966 108,376 234,176 204,287Amortization of purchased intangibles 4,075 4,892 8,016 9,678Litigation settlement-related charges 30,627 – 30,627 5,000Income tax effect on non-GAAP adjustments(6) (23,572) (17,030) (40,085) (37,438)Net income on a non-GAAP basis $ 333,406 $ 267,279 $ 661,234 $ 514,232Diluted net income per share on a GAAP basis $ 1.19 $ 1.04 $ 2.56 $ 2.02Stock-based compensation expense 0.73 0.66 1.40 1.24Amortization of purchased intangibles 0.02 0.03 0.05 0.06Litigation settlement-related charges 0.18 – 0.18 0.03Income tax effect on non-GAAP adjustments(6) (0.13) (0.11) (0.24) (0.22)Diluted net income per share on a non-GAAP basis $ 1.99 $ 1.62 $ 3.95 $ 3.13(6) For the three and six months ended July 31, 2025 and 2024, management used an estimated annual effective non-GAAP tax rate of 21.0%.

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