VEEVA SYSTEMS INC

For the period ended Apr 30, 2026. Filed Jun 5, 2026.

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.

Apr 30, 2026 · Filed Jun 5, 2026

VEEV$306.40+0.9%Stored close · as of Nov 9, 2026

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Contents

Operating Expenses and Operating Margin

Operating expenses include research and development, sales and marketing, and general and administrative expenses. We expect operating expenses to increase in the future, primarily due to employee compensation-related costs.

Research and Development

	Three months ended April 30,
	2026	2025	$ Change	% Change
(dollars in thousands)
Research and development	$208,323	$184,033	$24,290	13%
Percentage of total revenues	24%	24%

Research and development expenses for the three months ended April 30, 2026 increased $24 million, primarily due to an increase of $18 million in employee compensation-related costs, which was driven by increases in salaries and benefits, as well as an increase in headcount. The expansion of our headcount in research and development was to support development work for the products that we offer or may offer in the future.

We expect research and development expenses to increase in the future, primarily due to employee compensation-related costs and hosting fees as we continue to invest in our product offerings.

Sales and Marketing

	Three months ended April 30,
	2026	2025	$ Change	% Change
(dollars in thousands)
Sales and marketing	$111,117	$98,628	$12,489	13%
Percentage of total revenues	13%	13%

Sales and marketing expenses for the three months ended April 30, 2026 increased $12 million, primarily due to an increase of $12 million in employee compensation-related costs, which was driven by increases in salaries and benefits, as well as an increase in headcount. The expansion of our headcount was to support our sales and marketing efforts associated with our product offerings.

We expect sales and marketing expenses to increase in the future, primarily due to employee compensation-related costs and the increase in marketing program costs related to events.

24	Veeva Systems Inc. \| Form 10-Q

General and Administrative

	Three months ended April 30,
	2026	2025	$ Change	% Change
(dollars in thousands)
General and administrative	$69,472	$68,826	$646	1%
Percentage of total revenues	8%	9%

General and administrative expenses for the three months ended April 30, 2026 remained flat as compared to the three months ended April 30, 2025.

Other Income, Net

	Three months ended April 30,
	2026	2025	$ Change	% Change
(dollars in thousands)
Other income, net	$74,418	$65,089	$9,329	14%

Other income, net, for the three months ended April 30, 2026 increased $9 million, primarily due to an increase in interest income from higher cash and short-term investments balances.

Provision for Income Taxes

	Three months ended April 30,
	2026	2025	$ Change	% Change
(dollars in thousands)
Income before income taxes	$347,530	$298,821	$48,709	16%
Income tax provision	$86,594	$70,631	$15,963	23%
Effective tax rate	24.9%	23.6%

The provision for income taxes differs from the tax computed at the U.S. federal statutory income tax rate primarily due to state taxes, equity compensation, tax credits, and foreign-derived deduction eligible income (“FDDEI”) deduction. Future tax rates could be affected by changes in tax laws and regulations or by rulings in tax related litigation, as may be applicable.

During the three months ended April 30, 2026, as compared to the same period in the prior fiscal year, our effective tax rate increased primarily due to discrete tax deficiencies related to equity compensation.

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.