VEEVA SYSTEMS INC

For the period ended Jul 31, 2025. Filed Aug 29, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jul 31, 2025 · Filed Aug 29, 2025

VEEV$305.55-0.3%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Comprehensive Income

(In thousands, except per share data)

	Three months ended July 31,		Six months ended July 31,
	2025	2024	2025	2024
Revenues:
Subscription services	$659,183	$561,277	$1,293,951	$1,095,232
Professional services and other	129,898	114,904	254,173	231,294
Total revenues	789,081	676,181	1,548,124	1,326,526
Cost of revenues (1):
Cost of subscription services	93,830	78,791	172,176	156,939
Cost of professional services and other	101,423	91,581	196,901	187,317
Total cost of revenues	195,253	170,372	369,077	344,256
Gross profit	593,828	505,809	1,179,047	982,270
Operating expenses (1):
Research and development	192,677	176,429	376,710	339,140
Sales and marketing	109,439	101,528	208,067	198,829
General and administrative	95,804	61,365	164,630	122,642
Total operating expenses	397,920	339,322	749,407	660,611
Operating income	195,908	166,487	429,640	321,659
Other income, net	69,456	58,573	134,545	110,302
Income before income taxes	265,364	225,060	564,185	431,961
Income tax provision	65,055	54,019	135,686	99,256
Net income	$200,309	$171,041	$428,499	$332,705
Net income per share:
Basic	$1.23	$1.06	$2.63	$2.06
Diluted	$1.19	$1.04	$2.56	$2.02
Weighted-average shares used to compute net income per share:
Basic	163,496	161,708	163,129	161,566
Diluted	167,685	164,564	167,272	164,497
Other comprehensive income:
Net change in unrealized (loss) gain on available-for-sale investments	$(11,300)	$25,175	$6,067	$6,314
Net change in cumulative foreign currency translation gain (loss)	390	(104)	352	(1,252)
Comprehensive income	$189,399	$196,112	$434,918	$337,767

(1) Includes stock-based compensation as follows:
Cost of revenues:
Cost of subscription services	$1,941	$1,642	$3,656	$3,196
Cost of professional services and other	14,804	13,176	27,573	25,711
Research and development	53,388	48,984	101,337	90,727
Sales and marketing	25,392	23,671	47,713	46,714
General and administrative	26,441	20,903	53,897	37,939
Total stock-based compensation	$121,966	$108,376	$234,176	$204,287

Veeva Systems Inc. \| Form 10-Q	5

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.