Veeva Systems (VEEV) 10-K risk factor changes: FY2026 vs FY2025

[removed: - The] [added: We face intense competition in] markets in which we [removed: participate are highly competitive,] [added: operate] and if we do not compete effectively, [added: we may lose customers and] our business and operating results could be adversely [removed: affected.][added: affected.]

- The migration of our customers to our Vault CRM applications built on our own Veeva Vault platform could cause business disruptions for [removed: customers, lead to the loss of our] customers [removed: to competitors,] and adversely affect our operating results.

- Nearly all of our revenues are generated by sales to customers in the life sciences industry, and factors that adversely affect this industry (including [removed: regulatory, funding,] [added: government funding and staffing of relevant agencies and research, drug pricing regulation, healthcare funding and eligibility reforms, regulation of pharmaceutical advertising,] or [added: other regulatory or] policy changes) could also adversely affect us.

- Uncertain macroeconomic and geopolitical factors, including as a result of [removed: worldwide inflationary pressures and] changes in [removed: interest rates, currency exchange fluctuations, changes in] trade policies and practices (including the imposition of [removed: tariffs)] [added: additional tariffs] or [added: threats to impose additional tariffs), worldwide inflationary pressures, currency exchange fluctuations, changes in interest rates or] other economic policies, geopolitical conflicts (like the Russian invasion of Ukraine and the [removed: regional] conflict in the Middle East), and concerns about a possible domestic or global recession, may cause instability in the global economy, and disruptions within the life sciences industry that may negatively impact our business, our financial results, and our stock price.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 9] [added: 31] | | |

We may suffer damages, which could be significant, or other harm from these [removed: lawsuits and we may be sued for infringement or misappropriation of third-party intellectual property in the future.][added: lawsuits.]

It is possible that our risk of cyberattacks and other sources of security breaches and incidents may be elevated as a result of Russia’s invasion of Ukraine, the [removed: regional] conflict in the Middle East, or other geopolitical tensions or conflicts, due to an increase in cyberattack attempts on us, our customers, our partners, or our technology infrastructure providers.

For instance, as [removed: artificial intelligence (AI)] [added: AI] technologies, including generative AI models, develop rapidly, threat actors are using these technologies to create sophisticated new attack methods that are increasingly automated, targeted, coordinated, and difficult to defend against.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 10] [added: 32] | | |

[added: Our insurance may not be] adequate to cover losses associated with such events, and such insurance may not cover all of the types of costs, expenses, and losses we could incur to respond to and remediate a security breach or incident.

[removed: The] [added: - We face intense competition in] markets in which we [removed: participate are highly competitive, and] [added: operate—particularly in the CRM market as we transition customers from our legacy CRM application to our Vault CRM application—and] if we do not compete effectively, [added: we may lose customers and] our business and operating results could be adversely [removed: affected.][added: affected.]

Our CRM solutions primarily compete with Salesforce, Inc., which [removed: is developing] [added: has developed] a life sciences industry-specific CRM [removed: application and has entered into a partnership with IQVIA Holdings, which also offers various data products and other applications that compete with our products.][added: application.]

Our customers may also choose to use cloud-based applications or platforms that are not life sciences specific—such as Salesforce, [removed: Inc.,] Box.com, Amazon Web Services, or Microsoft—for certain of the functions our applications provide.

For example, Salesforce, our primary CRM competitor, [removed: recently] [added: has] announced that [removed: a] [added: certain] large Veeva CRM [removed: customer has] [added: customers have] committed to purchasing its CRM [removed: solutions.][added: solutions and a number of our customers have informed us of their intent to move to Salesforce as their CRM provider.]

If our [added: actual or potential] competitors’ products, services, or technologies become more accepted than our solutions, if they are successful in bringing their products or services to market earlier than we are, if their products or services are more technologically capable than ours (including as a result of new or better use of evolving AI technologies), or if customers replace our solutions with custom-built software, then our revenues could be adversely affected.

We cannot be certain that we will be successful with respect to newer [removed: solutions] [added: solutions, including AI technologies,] and markets.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 11] [added: 33] | | |

In [added: each of] our fiscal years ended January 31, [added: 2026,] 2025, [removed: 2024,] and [removed: 2023,] [added: 2024,] our top 10 customers accounted for [removed: 28%, 28%, and 29%] [added: 28%] of our total [removed: revenues, respectively.][added: revenues.]

In addition, we have experienced, and may in the future experience, service disruptions, degradations, outages, and other performance [removed: problems.][added: problems, including from routine maintenance.]

[removed: The occurrence of any of these events could result in diminishing demand for our] solutions, a reduction of our revenues, an increase in our bad debt expense or in collection cycles for accounts receivable, or could require us to incur the expense of litigation or substantial liability.

The migration of our CRM customers to our Vault CRM applications built on our own Veeva Vault platform could cause business disruptions for [removed: customers, lead to the loss of our] customers [removed: to competitors,] and adversely affect our operating results.

We [removed: currently depend on] [added: use] the Salesforce platform to deliver our Veeva CRM application, but we have begun to migrate our CRM customers to our Vault CRM solutions, which are built on our Veeva Vault platform.

Veeva CRM will be supported until [removed: September 1, 2030.][added: December 31, 2029.]

Any disruptions in our services or other migration-related problems, whether or not such incidents are our fault, [removed: that] could subject us to liability or harm our reputation.

If we are unsuccessful migrating our Veeva CRM customers to Vault CRM, [added: or] encounter [removed: disruptions] [added: disruptions, delays,] or other problems in the migration process, [removed: or] our [removed: customers do not migrate to the Vault CRM in a timely manner, or at all, our] business, operating results, and brand could be materially and adversely affected.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 12] [added: 34] | | |

For example, we have [removed: recently] experienced increased scrutiny for certain potential projects, particularly for our professional services offerings, which may continue for the foreseeable future.

In our fiscal year ended January 31, [removed: 2025,] [added: 2026,] customers outside North America accounted for approximately [removed: 41%] [added: 40%] of our total revenues.

Our experience in the United States and other international markets in which we already have a presence may not be relevant to our ability to expand in [removed: other markets.]

Our [removed: international expansion] efforts may not be successful in creating further demand for our solutions outside of the United States or in effectively selling our solutions in the international markets we enter.

- changes in diplomatic relations and trade policy, including the status of relations between the United States and other countries, including China and Russia, and the implementation [removed: of] or [removed: changes to] [added: threatened implementation of tariffs,] export controls, trade sanctions, [removed: tariffs,] and embargoes, including if the United States and other countries were to impose more significant general sanctions against Russia in response to the continuing conflict in Ukraine, which could ban the use of our products by companies or users in Russia;

- unstable regional and economic political conditions or armed conflicts in the markets in which we operate, including as a result of the Russian invasion of Ukraine and the [removed: regional] conflict in the Middle East.

[removed: Even if we are able to successfully manage the risks of international operations, our business may be adversely] affected if our business partners are not able to successfully manage these risks, which could adversely affect our business.

In the event of a major earthquake, hurricane, or other natural disaster, or catastrophic event such as an actual or threatened public health emergency (e.g., a global pandemic), fire, extreme weather event, power loss, telecommunications failure, cyberattack, armed conflicts (including the Russian invasion of Ukraine and the [removed: regional] conflict in the Middle East), or terrorist attack, we may be unable to continue our operations at full capacity or at all and may experience system interruptions, reputational harm, delays in our solution development, lengthy interruptions in our services, breaches [removed: of data security, loss of key employees, and loss of critical data, all of which could have an adverse effect on our future operating results.]

We may not be able to successfully integrate the acquired personnel, operations, and [removed: technologies] [added: technologies,] or effectively manage the combined business following the acquisition.

- the possibility of investigation by, or the failure to obtain required approvals from, governmental authorities on a timely basis, if at all, under various regulatory schemes, including competition laws, [added: which could, among other things, delay or prevent us from completing a transaction, subject the transaction to divestiture after the fact, or otherwise restrict our ability to realize the expected financial or strategic goals of the acquisition.]

[removed: In the future, if our] acquisitions do not yield expected returns, we may be required to take charges to our operating results based on this impairment assessment process, which could adversely affect our results of operations.

[removed: Moreover, negative] [added: Negative] publicity related to our customer [removed: relationships,] [added: relationships or satisfaction with our services,] regardless of its accuracy, may further damage our business by affecting our ability to compete for new business with current and prospective customers.

Our estimate of the market size for our solutions that we have provided publicly, sometimes referred to as total addressable market [removed: (TAM),] [added: (“TAM”),] is subject to significant uncertainty and is based on assumptions and estimates, including our internal analysis and industry experience, which may not prove to be accurate.

Accordingly, [added: our]

- We have been and may in the future be sued for infringement or misappropriation of third-party intellectual property.

IQVIA, which historically offered a competitive CRM solution, has licensed its CRM software to Salesforce.

The occurrence of any of these events could result in diminishing demand for our

other markets.

Even if we are able to successfully manage the risks of international operations, our business may be adversely

of data security, loss of key employees, and loss of critical data, all of which could have an adverse effect on our future operating results.

In the event we require financing to complete an acquisition, we may not be able to raise it on terms acceptable to us or at all.

In the future, if our

Customers may have requirements, including certain data access restrictions, that our support organizations need to meet.

Other drug pricing reforms have been discussed and may be proposed in the future.

- *Changes in trade policy or geopolitical conditions that impact the life sciences industry, changes in the ability to sell healthcare treatments in certain locations, and the global availability of healthcare treatments provided by the life sciences companies to which we sell*—Tariffs imposed on the end products of the life sciences industry or on inputs relevant to the life sciences industry could increase costs for our customers or reduce demand for their products, which could delay or reduce their IT spending.

The imposition of tariffs or other trade measures could also provoke retaliatory responses from affected countries, including the imposition of digital services taxes, consumer boycotts resulting in depressed demand for products of the United States, or other measures that could negatively impact our business, operations, or financial condition.

If we are unable to effectively manage this increased complexity or if we are not able to provide solutions that can be

We also process personal data as part of the Veeva Data Cloud offerings, which provide our customers with professionally relevant data related to healthcare providers and other industry professionals and stakeholders.

In addition, we process personal data to provide services that allow healthcare marketers to reach their target audiences and to measure the impact of their media campaigns.

In some cases, the personal data that we process includes sensitive personal data, such as health data.

In China, we are regulated under China’s Personal Information Protection Law (“PIPL”), where we process data as an entrusted party on behalf of our customers who operate as data handlers.

In certain cases, we are regulated under the U.S. Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) that covers protected health information collected or maintained by covered entities and their business associates.

Additionally, many states in the U.S. have passed comprehensive privacy legislation, such as the California Consumer Privacy Act (amended by the California Privacy Rights Act).

Some states in the U.S. also have passed legislation governing the processing of particular types of data, such as biometric data and certain other health-related data.

These laws and regulations impose data subject notice or transparency requirements, mandated privacy and security standards, and registration obligations.

They also grant rights to data subjects, such as allowing them to access, correct, delete, or opt out of the sale or sharing of their information.

We also rely on standard contractual clauses in various jurisdictions, such as the EU, Switzerland, the UK, and Brazil, as well as our technical, contractual, and security measures.

countries).

Additionally, the French governmental agency for health mandates a certification requiring that personal health data collected during healthcare activities be stored exclusively within the European Economic Area.

The EU Data Act, which came into effect September 12, 2025, allows our EU customers to cancel their subscriptions without cause upon providing the notice and after the transition period specified by the Act.

Furthermore, new and evolving regulations relating to the use of data in AI and machine learning technologies, such as the EU AI Act, are creating an increasingly complex and fragmented regulatory framework.

Veeva AI, an initiative that adds AI to our applications across all major areas, including clinical, regulatory, safety, quality, medical, and commercial, presents new risks and challenges that could affect the adoption of our solutions and our business.

We may also use AI for research and development and other internal operational use cases, including the use of AI-enabled processes.

The legal, regulatory, and policy environments around AI are evolving rapidly, such as the EU AI Act and legislation proposed and adopted in certain states in the U.S., and we

Our Veeva CRM application is built on a platform provided by Salesforce that utilizes hosting and computing infrastructure provided by Salesforce.

However, we have begun to migrate our Veeva CRM customers to Vault CRM, which is built on our Veeva Vault platform.

trademarks and we do not remedy such infringement in accordance with the agreement.

If the Salesforce platform for Veeva CRM becomes unavailable earlier than we anticipate, our business and operations would be adversely affected.

In addition, pursuant to the EU Data Act, which came into effect September 12, 2025, our EU customers may cancel their subscriptions without cause upon providing the notice and after the transition period specified by the Act.

- data acquisition costs associated with our Veeva Compass offering and costs incurred with our use of large language models associated with our Veeva AI offering;

may not be completely reflected in deferred revenue at any single point in time.

For example, the One Big Beautiful Bill Act includes significant tax provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017 (“TCJA”), modifications to the international tax framework and restoration of immediate expensing for domestic research and development expenditures, which were previously required to be capitalized and amortized over five years under TCJA.

Changes in the interpretation or implementation of this new law have impacted in the past and may impact in the future the calculation of our tax payments and our financial results.

For example, the Organisation for Economic Co-operation and Development (“OECD”) continues to implement reforms to the international tax system, including a 15% global minimum effective corporate tax rate referred to as Pillar Two.

- If the third-party providers of healthcare professional and healthcare organization data and prescription drug sales data, such as IQVIA for instance, do not allow our customers to upload and use such data in our solutions, the demand for our solutions may decrease, and our business may be negatively impacted.

- We are currently being sued by third parties for alleged misappropriation of trade secrets.

Our insurance may not be

We do not intend to renew our agreement with Salesforce, Inc. for use of the Salesforce platform.

Further, certain customers have decided, and other customers may in the future decide, not to migrate to Vault CRM and use a different CRM solution, including a CRM solution provided by Salesforce.

which could, among other things, delay or prevent us from completing a transaction, subject the transaction to divestiture after the fact, or otherwise restrict our ability to realize the expected financial or strategic goals of the acquisition.

Patient data may include sensitive health data.

We may be subject to increased costs of compliance and limitations on our service providers and us.

For example, in May 2023, the Irish Data Protection Commission imposed a significant fine on a large internet technology corporation for its failure to sufficiently address risks to EU data subjects when transferring data to the U.S.

For example, in 2021, China adopted the Personal Information Protection Law, which, together with the Cybersecurity Law and the Data Security Law, require companies that process personal data of China residents above certain thresholds to seek approval from the Cyberspace Administration of China (CAC) to transfer such data outside of China.

In 2023, certain of our Veeva CRM customers in China were required to request such approval from the CAC and had their requests denied.

Customers required to request approval may need to implement a CRM solution that does not require data to be transferred outside of China and customers not subject to the requirement may nonetheless choose to do so.

Currently, approximately 2% of our total revenue is attributable to China.

In the United States, the U.S. Department of Health and Human Services has promulgated privacy and security rules under the Health Insurance Portability and Accountability Act of 1996 (HIPAA) that cover protected health information (PHI) by limiting use and disclosure and giving individuals the right to access, amend, and seek accounting of disclosures of their PHI.

Certain of our customers may be either business associates or covered entities under HIPAA, which means we must maintain a HIPAA compliance program.

There is also the potential for the U.S. federal government to pass additional data privacy laws.

U.S. federal and state data privacy laws are rapidly evolving.

These laws impose new and modify existing obligations on businesses that collect personal information, create new privacy rights for individuals, and contain enhanced requirements for and restrictions on data brokers.

For example, under the California Consumer Privacy Act (CCPA), as amended, we are generally considered a “service provider” for our software solutions and a “business” for our data products.

Veeva Crossix’s data platform combines large-scale data sets, inclusive of de-identified health and consumer data, to provide insights, analytics, and audience segmentation for our life sciences customers in the U.S. In response to the Washington law, we made modifications to our audience segments that may reduce demand for our Crossix products, which, in turn, could adversely impact the business.

We recently began incorporating AI capabilities into certain of our solutions, which presents new risks and challenges that could affect the adoption of our solutions and our business.

If the third-party providers of healthcare professional and healthcare organization data and prescription drug sales data do not allow our customers to upload and use such data in our solutions, the demand for our solutions may decrease, and our business may be negatively impacted.

Many of our customers license healthcare professional and healthcare organization data and data regarding the sales of prescription drugs from third parties such as IQVIA.

In order for our customers to upload such data to the Veeva CRM, Veeva Network, Veeva Nitro, and other Veeva applications, such third-party data providers typically must consent to such uploads and often require that we enter into agreements regarding our obligations with respect to such data, which include confidentiality obligations and intellectual property rights with respect to such third-party data.

We have experienced delays and difficulties in our negotiations with such third-party data providers in the past, and we expect to continue experiencing difficulties in the future.

For instance, IQVIA currently will not consent that customers using its healthcare professional or healthcare organization data may upload such data to Veeva Network and this has negatively affected sales and customer adoption of Veeva Network.

To date, IQVIA has also restricted customers from uploading any of its data to Veeva Nitro, and has denied use of its data with certain other Veeva applications and for certain other use cases.

In addition, IQVIA has stated publicly that it will deny all customer requests for use of new IQVIA data types in Veeva applications, including, as examples, real world data, real world evidence, and genomics.

Similarly, sales and customer adoption of Veeva OpenData has been negatively impacted by certain restrictions on the use of IQVIA data during customer transitions from IQVIA data to Veeva OpenData.

If third-party data providers, particularly IQVIA, do not consent to the uploading and use of their data in our solutions, delay consent, or fail to offer reasonable conditions for the upload and use of their data in our solutions, our sales efforts, solution implementations, and productive use of our solutions by customers, which have been harmed by such actions in the past, may continue to be harmed.

Restrictions on the ability of our customers to use third-party data in our solutions may also decrease demand for our solutions or may cause customers to consider purchasing solutions that are not subject to the same restrictions.

If these third-party data limitations persist, our business may be negatively impacted.

of which could adversely affect our reputation.

platform for our Veeva CRM application.

However, we have begun to migrate our Veeva CRM customers to Vault CRM, which is built on our Veeva Vault platform, and we do not intend to renew our agreement with Salesforce, Inc. when the current term expires on September 1, 2025.

On May 1, 2023, as allowed by the terms of our agreement, Salesforce Inc. terminated certain competition restrictions imposed by the agreement.

Per the terms of the agreement, termination of those non-competition obligations by Salesforce, Inc. released us from our minimum order commitments in the future.

Under the terms of our current agreement, Salesforce, Inc. is no longer prohibited from promoting third-party products that are competitive to Veeva CRM, treating another third party as a "preferred" vendor of a CRM solution in the pharma and biotech market, or developing or promoting a product that competes with Veeva CRM.

For example, Salesforce, Inc. is developing a life sciences industry-specific CRM application that will compete with our offerings and has entered into a partnership with IQVIA.

In addition, current or potential customers may choose a competitor, such as Salesforce or IQVIA, or build their own custom solutions on the Salesforce platform rather than buy from us.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 35] [added: 46] | | |

Our offerings span cloud software, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development [removed: (R&D)] [added: (“R&D”)] through commercialization.

For financial reporting purposes, [added: “Commercial Solutions”] revenues [added: refer to revenues] associated with our Veeva Commercial Cloud and Veeva Data Cloud [removed: solutions are classified as “Commercial Solutions” revenues,] [added: solutions,] and [added: “R&D and Quality Solutions”] revenues [added: refer to revenues] associated with our Veeva Development Cloud and Veeva Quality Cloud [removed: solutions are classified as “R&D Solutions” revenues.][added: solutions.]

[removed: In our] [added: For the] fiscal year ended January 31, 2025, we derived approximately 48% and 52% of our subscription [removed: services] revenues and 47% and 53% of our total revenues from our Commercial Solutions and R&D [added: and Quality] Solutions, respectively.

[removed: For the] [added: In our] fiscal year ended January 31, [removed: 2024,] [added: 2026,] we derived approximately [removed: 52%] [added: 47%] and [removed: 48%] [added: 53%] of our subscription [removed: services] revenues and [removed: 50%] [added: 45%] and [removed: 50%] [added: 55%] of our total revenues from our Commercial Solutions and R&D [added: and Quality] Solutions, respectively.

Revenues associated with our R&D [added: and Quality] Solutions are expected to increase as a percentage of both subscription [removed: services] revenues and total revenues in the future.

We also offer certain of our R&D [added: and Quality] Solutions to industries outside the life sciences industry primarily in North America and Europe.

For our fiscal years ended January 31, [added: 2026,] 2025, [removed: 2024,] and [removed: 2023,] [added: 2024,] our total revenues were [removed: $2,747] [added: $3,195] million, [removed: $2,364] [added: $2,747] million, and [removed: $2,155] [added: $2,364] million, respectively, representing year-over-year growth in total revenues of 16% in our fiscal year ended January 31, [removed: 2025,] [added: 2026,] and [removed: 10%] [added: 16%] in our fiscal year ended January 31, [removed: 2024.][added: 2025.]

For our fiscal years ended January 31, [added: 2026,] 2025, [removed: 2024,] and [removed: 2023,] [added: 2024,] our subscription [removed: services] revenues were [removed: $2,285] [added: $2,684] million, [removed: $1,902] [added: $2,285] million, and [removed: $1,733] [added: $1,902] million, respectively, representing year-over-year growth in subscription [removed: services] revenues of [removed: 20%] [added: 17%] in our fiscal year ended January 31, [removed: 2025,] [added: 2026,] and [removed: 10%] [added: 20%] in our fiscal year ended January 31, [removed: 2024.][added: 2025.]

We generated net income of [removed: $714] [added: $909] million, [removed: $526] [added: $714] million, and [removed: $488] [added: $526] million for our fiscal years ended January 31, [added: 2026,] 2025, [removed: 2024,] and [removed: 2023,] [added: 2024,] respectively.

As of January 31, [added: 2026,] 2025, [removed: 2024,] and [removed: 2023,] [added: 2024,] we served [added: 1,552,] 1,477, [removed: 1,432,] and [removed: 1,388] [added: 1,432] customers, respectively.

As of January 31, [added: 2026,] 2025, [removed: 2024,] and [removed: 2023,] [added: 2024,] we had [added: 767,] 730, [removed: 693,] and [removed: 684] [added: 693] Commercial Solutions customers, respectively, and [added: 1,196,] 1,125, [removed: 1,078,] and [removed: 1,025] [added: 1,078] R&D [added: and Quality] Solutions customers, respectively.

The combined customer counts for Commercial Solutions and R&D [added: and Quality] Solutions exceed the total customer count in each year because some customers subscribe to products in both areas.

We derive our revenues primarily from subscription [removed: services] fees and professional services fees.

Subscription [removed: services] revenues consist of fees from customers accessing our [removed: cloud-based] software [removed: solutions] and [removed: fees for our] data solutions.

Professional services and other revenues consist primarily of fees from implementation services, configuration, [removed: data services, training,] and managed services [removed: related to] [added: in connection with] our [removed: solutions and] [added: solutions, as well as] services related to our [added: speakers bureau logistics and Veeva Business Consulting]

| Veeva Systems Inc. \| Form 10-K | | | [removed: 36] [added: 47] | | |

For the fiscal year ended January 31, [removed: 2025,] [added: 2026,] subscription [removed: services] revenues constituted [removed: 83%] [added: 84%] of total revenues and professional services and other revenues constituted [removed: 17%] [added: 16%] of total revenues.

Subscription [removed: services] revenues are [added: generally] recognized ratably over the respective noncancellable subscription term because of the continuous transfer of control to the customer.

Subscription [removed: services] revenues are affected primarily by the number of customers, the scope of the subscription purchased by each customer (for example, the number of end users or other subscription usage metric) and the number of solutions subscribed to by each customer.

Certain professional services and business consulting arrangements are billed on a fixed fee basis and revenues are [added: typically recognized over time as the services are delivered based on time incurred.]

| Veeva Systems Inc. \| Form 10-K | | | [removed: 37] [added: 48] | | |

Professional services revenues are affected primarily by our customers’ demands for implementation services, configuration, [removed: data] [added: managed] services, [removed: training,] [added: and] speakers bureau [removed: logistics, and managed services in connection with our solutions.][added: logistics.]

[removed: Our business consulting revenues are affected primarily by our customers’ demands] for services related to a particular customer success initiative, strategic analysis, or business process change, and not by cloud software implementation.

Cost of subscription [removed: services] revenues for all of our solutions consists of expenses related to our computing infrastructure provided by third parties, including [removed: Salesforce, Inc. and] Amazon Web [removed: Services,] [added: Services and Salesforce, Inc.,] personnel related costs associated with hosting our subscription services and providing support, including our data stewards, data acquisition costs, and costs of delivering our data solutions, expenses associated with computer equipment and software, and allocated overhead.

Cost of professional services and other [added: revenues] consists primarily of employee-related expenses associated with providing professional and business consulting services.

The cost of providing professional services is significantly higher as a percentage of the related revenues than [removed: for our] [added: the cost of] subscription [removed: services] due to the direct labor costs and costs of third-party subcontractors.

Sales and marketing expenses consist primarily of employee-related expenses, sales commissions, marketing program costs, [added: travel-related expenses,] amortization expense associated with purchased intangibles [added: primarily] related to our customer [removed: contracts, customer relationships and brand development, travel-related expenses] [added: relationships,] and allocated overhead.

General and administrative expenses consist of employee-related expenses for our [removed: executive,] finance and accounting, legal, employee success, management information systems personnel, and other administrative employees.

See [note [removed: 8](#i7e129a0ad48d459ea13c21cd7e2de073_1649267442974)] [added: 7](#i7e129a0ad48d459ea13c21cd7e2de073_1649267442974)] of the notes to our consolidated financial statements.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 38] [added: 49] | | |

| | | | | | | | | | | | | | | | [added: 2026 | | | | | |] 2025 | | | | | | 2024 | | |

| | | | | | | | | | | | | [added: (in thousands)] | | | [removed: (in thousands)] | | | | | | | | |

| Professional services and other | | | | | | | | | | | | | | | [removed: 461,960] [added: 511,117] | | | | | | [removed: 462,080] [added: 461,960] | | |

| Total revenues | | | | | | | | | | | | | | | [removed: 2,746,619] [added: 3,195,311] | | | | | | [removed: 2,363,673] [added: 2,746,619] | | |

| Cost of subscription [removed: services] | | | | | | | | | | | | | | | [removed: 323,070] [added: 362,888] | | | | | | [removed: 290,577] [added: 323,070] | | |

| Cost of professional services and other | | | | | | | | | | | | | | | [removed: 376,566] [added: 419,131] | | | | | | [removed: 386,714] [added: 376,566] | | |

| Total cost of revenues | | | | | | | | | | | | | | | [removed: 699,636] [added: 782,019] | | | | | | [removed: 677,291] [added: 699,636] | | |

| Gross profit | | | | | | | | | | | | | | | [removed: 2,046,983] [added: 2,413,292] | | | | | | [removed: 1,686,382] [added: 2,046,983] | | |

| Research and development | | | | | | | | | | | | | | | [removed: 693,078] [added: 767,386] | | | | | | [removed: 629,031] [added: 693,078] | | |

offering.

Our business consulting revenues are affected primarily by our customers’ demands

| | | | | | | | | | | | | | | | 2026 | | | | | | 2025 | | |

| Subscription | | | | | | | | | | | | | | | $ | 2,684,194 | | | | | $ | 2,284,659 | |

| Subscription | | | | | | | | | | | | | | | | | | | | | $ | 2,684,194 | | | | | $ | 2,284,659 | | | | | 17% | | |

Professional services and other revenues for the fiscal year ended January 31, 2026 increased $49 million.

The increase was primarily due to an increase in business consulting and implementation services.

| Cost of subscription | | | | | | | | | | | | | | | | | | | | | $ | 362,888 | | | | | $ | 323,070 | | | | | 12% | | |

The $42 million increase in cost of professional services and other was primarily related to employee compensation-related costs, which was driven by increases in salaries and benefits, as well as headcount.

The increase in cost of subscription was primarily due to an increase of $36 million related to computing infrastructure and data costs.

The increase in

The increase in data costs is related to our continued investment in our data solutions.

We expect cost of professional services and other to increase in absolute dollars in the future as we continue to invest in our services organization.

| | | | | | | | | | | | | | | | | | | | | | 2026 | | | | | | 2025 | | | | | | % Change | | |

| | | | | | | | | | | | | | | | | | | | | | 2026 | | | | | | 2025 | | | | | | % Change | | |

| | | | | | | | | | | | | | | | | | | | | | 2026 | | | | | | 2025 | | | | | | % Change | | |

We expect general and administrative expenses to decrease in the next fiscal year, due to the litigation settlement-related charges discussed above.

| | | | | | | | | | | | | | | | | | | | | | 2026 | | | | | | 2025 | | | | | | % Change | | |

| | | | | | | | | | | | | | | | | | | (dollars in thousands) | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | 2026 | | | | | | 2025 | | | | | | % Change | | |

| | | | | | | | | | | | | | | | | | | (dollars in thousands) | | | | | | | | | | | | | | | | | |

In addition, the OBBBA restored the immediate expensing of certain domestic R&D expenditures and included an election to accelerate the unamortized capitalized R&D over a two-year period, which decreased our taxable income resulting in a decrease in our FDII benefit.

- Litigation settlement-related charges.

| | | | | | | | | | | | | | | | 2026 | | | | | | 2025 | | |

| Stock-based compensation expense | | | | | | | | | | | | | | | 472,703 | | | | | | 437,350 | | |

| Amortization of purchased intangibles | | | | | | | | | | | | | | | 14,146 | | | | | | 18,558 | | |

| Litigation settlement-related charges | | | | | | | | | | | | | | | 30,627 | | | | | | 5,000 | | |

Share Repurchase Program

In January 2026, our board of directors authorized a share repurchase program of up to $2 billion of our outstanding shares of common stock.

Under the program, we may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act.

The timing and total amount of any share repurchases depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations.

The share repurchase program has a term of two years, may be suspended or discontinued at any time, and does not obligate us to acquire any amount of common stock.

Any repurchased shares of common stock will be retired.

The repurchase program will be funded using our working capital.

During the fiscal year ended January 31, 2026, we repurchased and subsequently retired 801,735 shares of our common stock for an aggregate amount of approximately $180 million.

Fiscal Year Ended January 31, 2026 and 2025

As a result, we expect cash flows from operating activities to be substantially less in each of the subsequent quarters of the fiscal year.

The OBBBA restored the option to deduct certain domestic research and development expenditures, which were previously required to be capitalized and amortized over five years under the Tax Cuts and Jobs Act of 2017.

Additionally, the OBBBA provides for an election to accelerate the deduction of unamortized capitalized domestic research and development expenditures from fiscal years ended January 31, 2023 to January 31, 2025.

Veeva Business Consulting offering.

For purposes of determining customers of Veeva Crossix that do not contract under a master subscription agreement, we count each entity that has a statement of work or services agreement and a recurring known payment obligation as a distinct customer if such entity is not otherwise a customer of ours.

typically recognized over time as the services are delivered based on time incurred.

Data services and training revenues are generally recognized as the services are performed.

| Subscription services | | | | | | | | | | | | | | | $ | 2,284,659 | | | | | $ | 1,901,593 | |

| Cost of revenues: | | | | | | | | | | | | | | | | | | | | | | | |

| Subscription services | | | | | | | | | | | | | | | | | | | | | $ | 2,284,659 | | | | | $ | 1,901,593 | | | | | 20% | | |

Professional services and other revenues for the fiscal year ended January 31, 2025 remained flat compared to the fiscal year ended January 31, 2024 due to a decline in implementation services, offset by an increase in business consulting services.

| Cost of subscription services | | | | | | | | | | | | | | | | | | | | | $ | 323,070 | | | | | $ | 290,577 | | | | | 11% | | |

The decrease in cost of professional services and other was mainly due to lower utilization of third-party services, and reduction in employee related costs in our implementation and deployment-related activities.

The increase in employee compensation-related costs was primarily driven by an increase in headcount and the increase in technology and infrastructure costs was primarily driven by higher hosting fees.

The increase in employee compensation-related costs was primarily driven by stock-based compensation related to the equity grant to our Chief Executive Officer in June 2024.

We expect an increase in general and administrative expenses in the near term, primarily related to the stock-based compensation associated with the equity grant to our Chief Executive Officer discussed above.

Foreign Currency

We experience foreign currency fluctuations due to the periodic re-measurement of balances that are denominated in currencies other than the functional currency of the entities in which they are recorded.

The results of operations and cash flows are also subject to fluctuations in foreign currency exchange rates, particularly in the Euro, Japanese Yen, Canadian Dollar, Great British Pound Sterling, and Chinese Yuan.

The decrease in excess tax benefits during the fiscal year ended January 31, 2025 was primarily due to stock option exercises by our Chief Executive Officer in the prior year and none in the current year.

Our management also finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities.

- Litigation settlement.

| | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all.

If we are unable to raise additional capital when desired, our business, operating results, and financial condition would be adversely affected.

Note that our net income reflects the impact of excess tax benefits related to equity compensation.

In the fiscal year ended January 31, 2025, cash payments for income taxes in relation to the Tax Cuts and Jobs Act of 2017, which eliminated the option to deduct research and development expenditures and required taxpayers to capitalize and amortize them over five or fifteen years, reduced our cash flows from operating activities.

The $42 million change in cash

For the fiscal year ended January 31, [removed: 2025,] [added: 2026,] about 83% of our revenues and about [removed: 81%] [added: 80%] of our expenses were denominated in USD.

We engage in the hedging of our foreign currency transactions as described in [note [removed: 7](#i7e129a0ad48d459ea13c21cd7e2de073_52)] [added: 6](#i7e129a0ad48d459ea13c21cd7e2de073_52)] of the notes to our consolidated financial statements and may, in the future, hedge selected significant transactions or net monetary exposure positions denominated in currencies other than the U.S. dollar.

Realized and unrealized foreign currency gains and losses were immaterial for both the fiscal years ended January 31, [removed: 2025] [added: 2026] and [removed: 2024.][added: 2025.]

| Veeva Systems Inc. \| Form 10-K | | | [removed: 46] [added: 52] | | |

We had cash, cash [removed: equivalents] [added: equivalents,] and short-term investments totaling [removed: $5.2] [added: $6.6] billion as of January 31, [removed: 2025.][added: 2026.]

This amount was held primarily in demand deposit accounts, money market funds, corporate notes and bonds, U.S. treasury [removed: securities and agency obligations,] [added: securities,] and asset-backed securities.

An immediate increase of 100-basis points in interest rates would have resulted in a [removed: $58] [added: $88] million market value reduction in our investment portfolio as of January 31, [removed: 2025.][added: 2026.]

An immediate decrease of 100-basis points in interest rates would have increased the market value by [removed: $58] [added: $90] million as of January 31, [removed: 2025.][added: 2026.]

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| Veeva Systems Inc. \| Form 10-K | | | 47 | | |

Our offerings span cloud software, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development [removed: (R&D)] [added: (“R&D”)] through commercialization.

Our industry cloud solutions for the life sciences industry are grouped into four major product categories—Veeva Development Cloud, Veeva Quality Cloud, Veeva Commercial Cloud, and Veeva Data Cloud—and are designed to address pharmaceutical, biotechnology, and medical devices and diagnostics (MedTech) companies’ most pressing strategic needs in their [removed: commercial] [added: commercial, R&D,] and [removed: R&D] [added: quality] operations.

For financial reporting purposes, [added: “Commercial Solutions”] revenues [added: refer to revenues] associated with our Veeva Commercial Cloud and Veeva Data Cloud [removed: solutions are classified as “Commercial Solutions” revenues,] [added: solutions,] and [added: “R&D and Quality Solutions”] revenues [added: refer to revenues] associated with our Veeva Development Cloud and Veeva Quality Cloud [removed: solutions are classified as “R&D Solutions” revenues.][added: solutions.]

Veeva Development Cloud includes application suites for the clinical, regulatory, and safety functions of life sciences companies, all built on our [removed: proprietary Veeva Vault] [added: Veeva Vault] platform.

Our clinical platform is designed to enable seamless execution and flow of data between clinical trial stakeholders—including patients, research sites, contract research organizations [added: (“CROs”), and trial sponsors—for faster, more efficient trials that achieve higher data accuracy and increased patient diversity.]

| Veeva Systems Inc. \| Form 10-K | | | [removed: 2] [added: 9] | | |

These offerings include applications that enable sites to manage study documents electronically and securely [added: capture and] exchange information with sponsors and CROs.

Veeva Clinical Operations Suite offers applications such as Veeva eTMF, an electronic trial master file application, Veeva CTMS for clinical trial management, solutions for randomization and trial supply [removed: management,] [added: management (RTSM),] and solutions for automating the flow of clinical trial information between sponsors, CROs, and clinical research sites for better collaboration and faster clinical trials.

- [removed: Veeva] [added: Veeva] Safety is a suite of applications that unifies systems and processes to enable proactive patient safety.

These offerings include applications that manage drug safety [removed: content] [added: content, reporting and analytics, signal detection,] as well as the intake, processing, and submission of adverse event data.

Veeva Quality Cloud unifies quality applications, processes, and partners across content management, training, quality [removed: management, quality] assurance, and quality control lab solutions on the Veeva Vault platform.

Veeva CRM and some of its related applications are built on a platform provided by Salesforce, Inc. and will be supported until [removed: September 1, 2030.][added: December 31, 2029.]

- [removed: Veeva] [added: Veeva] PromoMats is an end-to-end content and digital asset management [removed: (DAM)] [added: (“DAM”)] solution through which life sciences companies can collaborate, review, distribute, and update commercial content and manage assets.

- Veeva Crossix provides [removed: pharmaceutical] [added: biopharmaceutical] brands [removed: a] best-in-class [added: marketing] analytics platform [removed: to maximize media investments] and [added: audience targeting solutions to] drive greater marketing effectiveness.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 3] [added: 10] | | |

- Veeva [removed: CRM Pulse] [added: HCP Access] is a data subscription that provides access and multichannel engagement metrics about healthcare professionals that are used by our life sciences customers for segmentation, targeting, and engagement planning.

- technical consulting services related to data migration and systems integrations; [added: and]

- training on our [removed: solutions; and][added: solutions.]

- ongoing managed services, such as outsourced systems [removed: administration.][added: administration;]

As of January 31, [removed: 2025,] [added: 2026,] we served [removed: 1,477] [added: 1,552] customers.

Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., [added: and Novartis Pharma AG, to emerging growth pharmaceutical and biotechnology companies, including Alkermes Inc., Alnylam Pharmaceuticals, Inc., bluebird bio, Inc., and Idorsia Pharmaceuticals Ltd. We also deliver solutions to companies in the consumer products industries.]

| Veeva Systems Inc. \| Form 10-K | | | [removed: 4] [added: 11] | | |

As of January 31, [removed: 2025,] [added: 2026,] we had [removed: 7,291] [added: 7,928] employees worldwide, up by [removed: 119] [added: 637] from the previous year.

In large life sciences companies, the R&D and [added: quality and] commercial business functions commonly have separate technology and business decision makers.

We have distinct R&D and [added: quality and] commercial sales teams, which we further segment to focus on selling to large global life sciences companies and smaller life sciences companies.

For [removed: example, for Veeva CRM and certain of] our [removed: multichannel CRM applications, we currently utilize the hosting infrastructure provided by Salesforce, Inc. For our] Veeva Vault applications, including Vault CRM, and certain other Veeva Commercial Cloud applications, we utilize Amazon Web Services.

For example, our commercial data [removed: warehouse] [added: science] application utilizes Amazon Redshift and our digital engagement application utilizes Zoom.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 5] [added: 12] | | |

[removed: Robust audit trail tracking, compliant electronic signature capture, data encryption, and secure] access controls are required for these software offerings, and they must be thoroughly tested for compliance with applicable life sciences industry regulations, which include:

| EU Annex 11 | | | | | | EU Good Manufacturing Processes [removed: (GMP)] [added: (“GMP”)] requirement for maintenance of electronic records | | |

| OECD No. 17 | | | | | | Application of Good Laboratory Practice [removed: (GLP)] [added: (“GLP”)] Principles to Computerised Systems | | |

| ICH E6(R3) | | | | | | Good Clinical Practice [removed: (GCP)] [added: (“GCP”)] Validation Principles | | |

Veeva maintains a data privacy program aligned to applicable laws such as the European Union’s General Data Protection Regulation [removed: (EU GDPR),] [added: (“EU GDPR”),] the United Kingdom’s General Data Protection Regulation [removed: (UK GDPR),] [added: (“UK GDPR”),] the California Consumer Privacy Act [removed: (CCPA),] [added: (“CCPA”),] and the U.S. Health Insurance Portability and Accountability Act [removed: (HIPAA).][added: (“HIPAA”).]

Our Veeva Data Cloud [removed: products] [added: products,] as well as Veeva [removed: Crossix] [added: Crossix,] compete with [removed: IQVIA,] [added: IQVIA Holdings, Inc.,] Ipsos Group S.A., Definitive Health Corp., and smaller data and data analytics providers.

Our customers may also choose to use cloud-based applications or platforms that are not life sciences specific—such as Salesforce, [removed: Inc.,] Box, Inc., Amazon Web Services, or Microsoft—for certain of the functions our applications provide.

The table below provides a summary of our issued patents and pending patent applications as of January 31, [removed: 2025:][added: 2026:]

| Issued U.S. patents (expiring between [removed: May 2027] [added: March 2028] and [removed: May 2044)] [added: April 2048)] | | | [removed: 83] [added: 111] | | |

| Issued international patents (expiring between [removed: April 2025] [added: December 2029] and [removed: June 2037)] [added: December 2038)] | | | [removed: 13] [added: 11] | | |

| U.S. and international pending patent applications | | | [removed: 121] [added: 164] | | |

Despite our efforts to protect our proprietary technology and our intellectual property rights, unauthorized parties may attempt to copy or obtain and use our technology to develop applications with the same functionality as our [added: application.]

We are a Delaware public benefit corporation (“PBC”).

Veeva AI adds agentic artificial intelligence (“AI”) to our proprietary Veeva Vault platform and deep, industry-specific agents for Veeva applications.

Veeva AI Agents work seamlessly within Veeva applications and have direct, secure access to data, documents, and workflows.

Vault CRM includes the full functionality of our legacy product, Veeva CRM, with additional applications such as Campaign Manager for coordination across engagement channels, Patient CRM for patient services, and integrated AI Agents that enhance field productivity and data quality by providing data-driven pre-call insights, enabling voice-activated data entry and follow-up actions, and identifying potential issues in call notes to ensure accuracy and compliance.

PromoMats also includes integrated AI Agents that assist with document review.

For Veeva CRM and certain of our multichannel CRM applications, we currently utilize the hosting infrastructure provided by Salesforce.

Moreover, our AI Agents use large language models from Anthropic and Amazon, hosted on Amazon Bedrock.

Robust audit trail tracking, compliant electronic signature capture, data encryption, and secure

Our CRM solutions primarily compete with Salesforce, which has developed a life sciences industry-specific CRM application.

IQVIA, which historically offered a competitive CRM solution, has licensed its CRM software to Salesforce.

For example, we are aware of a non-practicing entity alleging that we infringed its patents.

Our commercial solutions help life sciences companies achieve better, more intelligent engagement with healthcare professionals and healthcare organizations across multiple communication channels, and plan and execute more effective media and marketing campaigns.

Our R&D solutions for the clinical, regulatory, quality, and safety functions help life sciences companies streamline their end-to-end product development and quality and manufacturing processes to increase operational efficiency and maintain regulatory compliance throughout the product life cycle.

Our solutions for clinical research sites enable regulatory documents and trial information to be managed in a modern cloud solution that is intended to accelerate the clinical research process for the life sciences industry overall.

On February 1, 2021, after approval by our stockholders, we became a Delaware public benefit corporation (PBC).

(CROs), and trial sponsors—for faster, more efficient trials that achieve higher data accuracy and increased patient diversity.

Vault CRM includes the full functionality of our legacy product, Veeva CRM, with additional applications like Campaign Manager for coordination across engagement channels and Service Center for customer support.

and Novartis Pharma AG, to emerging growth pharmaceutical and biotechnology companies, including Alkermes Inc., Alnylam Pharmaceuticals, Inc., bluebird bio, Inc., and Idorsia Pharmaceuticals Ltd. We also deliver solutions to companies in the consumer products industries.

Our CRM solutions primarily compete with Salesforce, Inc., which is developing a life sciences industry-specific CRM application and has entered into a partnership with IQVIA Holdings, which also offers various data products and other applications that compete with our products.

application.

We are currently engaged in legal proceedings with competitors in which the competitors are asserting trade secret misappropriation and other claims, as well as discussions with a non-practicing entity relating to alleged infringement of its patents.

For examples, see the description of our current litigations in [note 14](#i7e129a0ad48d459ea13c21cd7e2de073_79) of the notes to our consolidated financial statements.

For information regarding certain [removed: current] legal proceedings, see [removed: [note](#i7e129a0ad48d459ea13c21cd7e2de073_79) [1](#i7e129a0ad48d459ea13c21cd7e2de073_79)[4](#i7e129a0ad48d459ea13c21cd7e2de073_79)] [added: [note 13](#i7e129a0ad48d459ea13c21cd7e2de073_79)] of the notes to our consolidated [added: financial statements, which is incorporated herein by reference.]

Although the results of legal proceedings and claims cannot be predicted with certainty, we believe we are not currently a party to any [removed: other] legal proceedings, the outcome of which, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows, or financial position.

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| Veeva Systems Inc. \| Form 10-K | | | 33 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

financial statements, which is incorporated herein by reference.

In addition to the legal proceedings referenced in [note 1](#i7e129a0ad48d459ea13c21cd7e2de073_79)[4](#i7e129a0ad48d459ea13c21cd7e2de073_79), we are involved in the following additional legal proceedings which may be material to our business.

California Non-Compete Matter

On July 17, 2017, we filed a complaint in the Superior Court of the State of California in the County of Alameda against Medidata, IQVIA, and Sparta Systems, Inc. (Veeva Systems Inc. v.

Medidata Solutions, Inc., Quintiles IMS Incorporated, IMS Software Services, LTD., and Sparta Systems, Inc., Case No. RG17868081).

Our lawsuit seeks declaratory and injunctive relief concerning the use of non-compete, confidentiality, and non-disparagement agreements by these companies.

Since the original complaint was filed, there have been extensive requests to the court for rulings on contested questions.

On June 9, 2023, IQVIA, the only defendant remaining in the case, filed a counter-complaint seeking a declaration that its non-compete agreements comply with California law.

On March 25, 2024, the trial court judge set a trial date of June 16, 2025 on the consolidated claims.

For the fiscal year ended January 31, [removed: 2025][added: 2026]

][added: sec.jpg](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131_g1.jpg)]

The aggregate market value of voting stock held by non-affiliates of the registrant on the last business day of the registrant’s most recently completed second fiscal quarter, which was July 31, [removed: 2024,] [added: 2025,] based on the closing price of [removed: $191.93] [added: $284.20] for shares of the registrant’s Class A common stock as reported by the New York Stock Exchange on July 31, [removed: 2024,] [added: 2025,] the last trading day of the second fiscal quarter, was approximately [removed: $28.3] [added: $42.6] billion.

As of March [removed: 21, 2025,] [added: 17, 2026,] there were [removed: 162,696,040] [added: 163,330,933] shares of the registrant’s Class A common stock outstanding.

Portions of the registrant’s Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Form 10-K to the extent stated herein.

The proxy statement will be filed by the registrant with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended January 31, [removed: 2025.][added: 2026.]

| Veeva Systems Inc. \| Form 10-K | | | [removed: 1] [added: 5] | | |

The summary does not include certain Part III information that will be incorporated by reference from the Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed within 120 days after our fiscal year ended January 31, [removed: 2025.][added: 2026.]

| [Special Note Regarding Forward Looking Statements](#i7e129a0ad48d459ea13c21cd7e2de073_10) | | | | | | [removed: [1](#i7e129a0ad48d459ea13c21cd7e2de073_10)] [added: [5](#i7e129a0ad48d459ea13c21cd7e2de073_10)] | | |

| [Item 1.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815600) | | | [Business](#i7e129a0ad48d459ea13c21cd7e2de073_549755815600) | | | [removed: [2](#i7e129a0ad48d459ea13c21cd7e2de073_549755815600)] [added: [6](#i7e129a0ad48d459ea13c21cd7e2de073_549755815600)] | | |

| [Item 1A.](#i7e129a0ad48d459ea13c21cd7e2de073_124) | | | [Risk Factors](#i7e129a0ad48d459ea13c21cd7e2de073_124) | | | [removed: [9](#i7e129a0ad48d459ea13c21cd7e2de073_124)] [added: [13](#i7e129a0ad48d459ea13c21cd7e2de073_124)] | | |

| [Item 1B.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815615) | | | [Unresolved Staff Comments](#i7e129a0ad48d459ea13c21cd7e2de073_549755815615) | | | [removed: [31](#i7e129a0ad48d459ea13c21cd7e2de073_549755815615)] [added: [35](#i7e129a0ad48d459ea13c21cd7e2de073_549755815615)] | | |

| I[tem 1C.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815632) | | | [Cybersecurity](#i7e129a0ad48d459ea13c21cd7e2de073_549755815632) | | | [removed: [31](#i7e129a0ad48d459ea13c21cd7e2de073_549755815632)] [added: [36](#i7e129a0ad48d459ea13c21cd7e2de073_549755815632)] | | |

| [Item 2.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815646) | | | [Properties](#i7e129a0ad48d459ea13c21cd7e2de073_549755815646) | | | [removed: [33](#i7e129a0ad48d459ea13c21cd7e2de073_549755815646)] [added: [37](#i7e129a0ad48d459ea13c21cd7e2de073_549755815646)] | | |

| [Item 3.](#i7e129a0ad48d459ea13c21cd7e2de073_2200) | | | [Legal Proceedings](#i7e129a0ad48d459ea13c21cd7e2de073_2200) | | | [removed: [33](#i7e129a0ad48d459ea13c21cd7e2de073_2200)] [added: [38](#i7e129a0ad48d459ea13c21cd7e2de073_2200)] | | |

| [Item 4.](#i7e129a0ad48d459ea13c21cd7e2de073_133) | | | [Mine Safety Disclosures](#i7e129a0ad48d459ea13c21cd7e2de073_133) | | | [removed: [34](#i7e129a0ad48d459ea13c21cd7e2de073_133)] [added: [38](#i7e129a0ad48d459ea13c21cd7e2de073_133)] | | |

| [Item 5.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815847) | | | [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](#i7e129a0ad48d459ea13c21cd7e2de073_549755815847) | | | [removed: [34](#i7e129a0ad48d459ea13c21cd7e2de073_549755815847)] [added: [39](#i7e129a0ad48d459ea13c21cd7e2de073_549755815847)] | | |

| [Item 6.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815662) | | | [\[Reserved\]](#i7e129a0ad48d459ea13c21cd7e2de073_549755815662) | | | [removed: [35](#i7e129a0ad48d459ea13c21cd7e2de073_549755815662)] [added: [40](#i7e129a0ad48d459ea13c21cd7e2de073_549755815662)] | | |

| [Item 7.](#i7e129a0ad48d459ea13c21cd7e2de073_88) | | | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i7e129a0ad48d459ea13c21cd7e2de073_88) | | | [removed: [35](#i7e129a0ad48d459ea13c21cd7e2de073_88)] [added: [41](#i7e129a0ad48d459ea13c21cd7e2de073_88)] | | |

| | | | [Overview](#i7e129a0ad48d459ea13c21cd7e2de073_91) | | | [removed: [36](#i7e129a0ad48d459ea13c21cd7e2de073_91)] [added: [41](#i7e129a0ad48d459ea13c21cd7e2de073_91)] | | |

| | | | [Components of Results of Operations](#i7e129a0ad48d459ea13c21cd7e2de073_94) | | | [removed: [36](#i7e129a0ad48d459ea13c21cd7e2de073_94)] [added: [41](#i7e129a0ad48d459ea13c21cd7e2de073_94)] | | |

| | | | [Results of Operations](#i7e129a0ad48d459ea13c21cd7e2de073_97) | | | [removed: [39](#i7e129a0ad48d459ea13c21cd7e2de073_97)] [added: [44](#i7e129a0ad48d459ea13c21cd7e2de073_97)] | | |

| | | | [Operating Expenses and Operating Margin](#i7e129a0ad48d459ea13c21cd7e2de073_100) | | | [removed: [41](#i7e129a0ad48d459ea13c21cd7e2de073_100)] [added: [46](#i7e129a0ad48d459ea13c21cd7e2de073_100)] | | |

| | | | [Non-GAAP Financial Measures](#i7e129a0ad48d459ea13c21cd7e2de073_103) | | | [removed: [42](#i7e129a0ad48d459ea13c21cd7e2de073_103)] [added: [47](#i7e129a0ad48d459ea13c21cd7e2de073_103)] | | |

| | | | [Liquidity and Capital Resources](#i7e129a0ad48d459ea13c21cd7e2de073_106) | | | [removed: [44](#i7e129a0ad48d459ea13c21cd7e2de073_106)] [added: [49](#i7e129a0ad48d459ea13c21cd7e2de073_106)] | | |

| | | | [Critical Accounting Policies and Estimates](#i7e129a0ad48d459ea13c21cd7e2de073_1649267443311) | | | [removed: [46](#i7e129a0ad48d459ea13c21cd7e2de073_1649267443311)] [added: [51](#i7e129a0ad48d459ea13c21cd7e2de073_1649267443311)] | | |

| [Item 7A.](#i7e129a0ad48d459ea13c21cd7e2de073_112) | | | [Quantitative and Qualitative Disclosures About Market Risk](#i7e129a0ad48d459ea13c21cd7e2de073_112) | | | [removed: [46](#i7e129a0ad48d459ea13c21cd7e2de073_112)] [added: [52](#i7e129a0ad48d459ea13c21cd7e2de073_112)] | | |

| [Item 8.](#i7e129a0ad48d459ea13c21cd7e2de073_16) | | | [Consolidated Financial Statements and Supplementary Data](#i7e129a0ad48d459ea13c21cd7e2de073_16) | | | [removed: [48](#i7e129a0ad48d459ea13c21cd7e2de073_16)] [added: [53](#i7e129a0ad48d459ea13c21cd7e2de073_16)] | | |

| | | | [Report of Independent Registered Public Accounting Firm](#i7e129a0ad48d459ea13c21cd7e2de073_1193) | | | [removed: [49](#i7e129a0ad48d459ea13c21cd7e2de073_1193)] [added: [54](#i7e129a0ad48d459ea13c21cd7e2de073_1193)] | | |

| | | | [Consolidated Balance Sheets](#i7e129a0ad48d459ea13c21cd7e2de073_19) | | | [removed: [51](#i7e129a0ad48d459ea13c21cd7e2de073_19)] [added: [56](#i7e129a0ad48d459ea13c21cd7e2de073_19)] | | |

| | | | [Consolidated Statements of Comprehensive Income](#i7e129a0ad48d459ea13c21cd7e2de073_22) | | | [removed: [52](#i7e129a0ad48d459ea13c21cd7e2de073_22)] [added: [57](#i7e129a0ad48d459ea13c21cd7e2de073_22)] | | |

| | | | [Consolidated Statements of Stockholders’ [removed: Equity](#i7e129a0ad48d459ea13c21cd7e2de073_25)] [added: Equity](#i7e129a0ad48d459ea13c21cd7e2de073_549755816600)] | | | [removed: [53](#i7e129a0ad48d459ea13c21cd7e2de073_25)] [added: [58](#i7e129a0ad48d459ea13c21cd7e2de073_549755816600)] | | |

| | | | [Consolidated Statements of Cash Flows](#i7e129a0ad48d459ea13c21cd7e2de073_28) | | | [removed: [54](#i7e129a0ad48d459ea13c21cd7e2de073_28)] [added: [59](#i7e129a0ad48d459ea13c21cd7e2de073_28)] | | |

| | | | [Notes to Consolidated Financial Statements](#i7e129a0ad48d459ea13c21cd7e2de073_31) | | | [removed: [55](#i7e129a0ad48d459ea13c21cd7e2de073_31)] [added: [60](#i7e129a0ad48d459ea13c21cd7e2de073_31)] | | |

| | | | [Note 1. Summary of Business and Significant Accounting Policies](#i7e129a0ad48d459ea13c21cd7e2de073_34) | | | [removed: [55](#i7e129a0ad48d459ea13c21cd7e2de073_34)] [added: [60](#i7e129a0ad48d459ea13c21cd7e2de073_34)] | | |

| | | | [Note 2. Short-Term Investments](#i7e129a0ad48d459ea13c21cd7e2de073_37) | | | [removed: [60](#i7e129a0ad48d459ea13c21cd7e2de073_37)] [added: [66](#i7e129a0ad48d459ea13c21cd7e2de073_37)] | | |

| | | | [Note 3. Deferred Costs](#i7e129a0ad48d459ea13c21cd7e2de073_40) | | | [removed: [62](#i7e129a0ad48d459ea13c21cd7e2de073_40)] [added: [67](#i7e129a0ad48d459ea13c21cd7e2de073_40)] | | |

| | | | [removed: [Note] [added: [N](#i7e129a0ad48d459ea13c21cd7e2de073_43)[ote] 4. Property and Equipment, Net](#i7e129a0ad48d459ea13c21cd7e2de073_43) | | | [removed: [62](#i7e129a0ad48d459ea13c21cd7e2de073_43)] [added: [67](#i7e129a0ad48d459ea13c21cd7e2de073_43)] | | |

| | | | [removed: [Note 5.] [added: [Note](#i7e129a0ad48d459ea13c21cd7e2de073_46) [5](#i7e129a0ad48d459ea13c21cd7e2de073_46)[.] Goodwill and Intangible Assets](#i7e129a0ad48d459ea13c21cd7e2de073_46) | | | [removed: [63](#i7e129a0ad48d459ea13c21cd7e2de073_46)] [added: [68](#i7e129a0ad48d459ea13c21cd7e2de073_46)] | | |

| | | | [removed: [Note 6. Accrued Expenses](#i7e129a0ad48d459ea13c21cd7e2de073_49)] [added: [Note](#i7e129a0ad48d459ea13c21cd7e2de073_64) [9](#i7e129a0ad48d459ea13c21cd7e2de073_64)[. Leases](#i7e129a0ad48d459ea13c21cd7e2de073_64)] | | | [removed: [64](#i7e129a0ad48d459ea13c21cd7e2de073_49)] [added: [73](#i7e129a0ad48d459ea13c21cd7e2de073_64)] | | |

Securities registered pursuant to Section 12(g) of the Act: None

| | | | [Note 17. Subsequent Events](#i7e129a0ad48d459ea13c21cd7e2de073_3118) | | | [81](#i7e129a0ad48d459ea13c21cd7e2de073_3118) | | |

*(Former name, former address and former fiscal year, if changed since last report)* N/A

| | | | [Note 10. Leases](#i7e129a0ad48d459ea13c21cd7e2de073_64) | | | [68](#i7e129a0ad48d459ea13c21cd7e2de073_64) | | |

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| Veeva Systems Inc. \| Form 10-K | | | 35 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| Veeva Systems Inc. \| Form 10-K | | | [removed: 31] [added: 36] | | |

[removed: Our] [added: The Cybersecurity Committee of our] board of directors [removed: formed a Cybersecurity Committee to exercise] [added: exercises] oversight over our cybersecurity and privacy programs and controls for our products and our internal-use information technology.

Our day-to-day cybersecurity and technology risk management efforts, including oversight of our information security management system, are led by our [removed: EVP of Internal Operations,] [added: Chief Information Officer (“CIO”),] a member of our executive leadership team with over three decades of experience in the field, whose cybersecurity experience includes serving [removed: as our Chief Information Officer and] in executive roles at other companies leading security, operations, audit, and compliance teams.

Our Chief Information Security Officer [removed: (CISO),] [added: (“CISO”),] who has over two decades of experience in cybersecurity, including over five years at Veeva, reports to the [removed: EVP of Internal Operations] [added: CIO] and oversees our security team.

We maintain a comprehensive Information Security Management System [removed: (ISMS) that] [added: (“ISMS”), which] is [added: managed by our CISO and is] designed to ensure the confidentiality, integrity, and availability of customer data, corporate data (such as intellectual property or source code), employee data, and our systems.

- ISO/IEC [removed: 27001:2013] [added: 27001:2022] – Information Security Management

- IT Infrastructure Library [removed: (ITIL)] [added: (“ITIL”)] version 3

[removed: These solutions] and practices include identity and access management, separation of duties, secure software development, network and data security, and system hardening.

Potentially material cybersecurity incidents are escalated according to our Security Incident Management Policy to a management response team comprising our [removed: EVP of Internal Operations,] Chief [added: Information Officer, Chief] Financial Officer, Chief Accounting Officer, General Counsel, Chief Privacy Officer, and Associate General Counsel (Corporate).

Our ISMS is certified to ISO/IEC 27001 and incorporates the ISO/IEC 27017 and ISO/IEC 27018 codes of practice for cloud security and privacy.

These solutions

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

We have achieved ISO 27001 certification for our ISMS, which is managed by our CISO.

As a data processor, we are the custodian of customer information that can be both confidential and sensitive.

We are also certified to ISO 27018 for privacy controls.

| Veeva Systems Inc. \| Form 10-K | | | 32 | | |

We expect to expand our facilities capacity in certain field locations during our fiscal year ending January 31, [removed: 2026] [added: 2027] and may further expand our facilities capacity after January 31, [removed: 2026] [added: 2027] as our employee base grows.

See [note [removed: 10](#i7e129a0ad48d459ea13c21cd7e2de073_64)] [added: 9](#i7e129a0ad48d459ea13c21cd7e2de073_64)] of the notes to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K for more information about our lease commitments.

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| Veeva Systems Inc. \| Form 10-K | | | 37 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| Veeva Systems Inc. \| Form 10-K | | | 38 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

As of January 31, [removed: 2025,] [added: 2026,] we had 17 holders of record of our common stock.

This performance graph shall not be deemed “filed” for purposes of Section 18 of the [removed: Securities] Exchange [removed: Act of 1934, as amended (Exchange Act),] [added: Act,] or incorporated by reference into any of our other filings under the Exchange Act or the Securities Act except to the extent we specifically incorporate it by reference into such filing.

The chart assumes $100 was invested at the close of market on January 31, [removed: 2020] [added: 2021] in the common stock of Veeva Systems Inc., the S&P 500 Index, and the S&P 1500 Application Software Index and [added: assumes the reinvestment of any dividends.]

| Veeva Systems Inc. \| Form 10-K | | | [removed: 34] [added: 39] | | |

[removed: ][added: ]

| | | | | | | | | | | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2025] [added: 2026] | | |

Dividend Policy

We have never declared or paid any cash dividends on our capital stock.

We currently anticipate that we will retain future earnings for the development, operation, and expansion of our business and do not anticipate declaring or paying any cash dividends for the foreseeable future.

The following table presents information with respect to our repurchases of common stock during the three months ended January 31, 2026:

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Period | | | Total Number of Shares Purchased (2) | | | | | | Average Price Paid per Share (1) | | | | | | Total Number of Shares Purchased as a Part of Publicly Announced Program | | | | | | Approximate Dollar Value of Shares that May Yet Be Purchased Under Publicly Announced Program (in millions) | | |

| November 1 - 30, 2025 | | | — | | | | | | $ | — | | | | | — | | | | | | $ | — | |

| December 1 - 31, 2025 | | | — | | | | | | $ | — | | | | | — | | | | | | $ | — | |

| January 1 - 31, 2026 | | | 801,735 | | | | | | $ | 224.43 | | | | | 801,735 | | | | | | $ | 1,820 | |

| Total | | | 801,735 | | | | | | $ | 224.43 | | | | | 801,735 | | | | | | $ | 1,820 | |

| (1) Amounts exclude commissions. | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

(2) On January 5, 2026, we announced that our board of directors authorized a share repurchase program of up to $2 billion of our outstanding shares of common stock.

Under the program, we may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, and other transactions in accordance with applicable securities laws.

The share repurchase program has a term of two years, may be suspended or discontinued at any time, and does not obligate us to acquire any amount of common stock.

See [note 10](#i7e129a0ad48d459ea13c21cd7e2de073_70) of of the notes to our consolidated financial statements for additional information related to share repurchases.

| Veeva Systems Inc. | | | | | | | | | | | | | | | 100.00 | | | | | | 85.57 | | | | | | 61.70 | | | | | | 75.03 | | | | | | 84.38 | | | | | | 73.77 | | |

| S&P 500 | | | | | | | | | | | | | | | 100.00 | | | | | | 123.29 | | | | | | 113.16 | | | | | | 136.72 | | | | | | 172.78 | | | | | | 201.03 | | |

| S&P 1500 Application Software Index | | | | | | | | | | | | | | | 100.00 | | | | | | 110.90 | | | | | | 89.84 | | | | | | 135.58 | | | | | | 147.25 | | | | | | 125.07 | | |

None.

assumes the reinvestment of any dividends.

| Veeva Systems Inc. | | | | | | | | | | | | | | | 100.00 | | | | | | 188.55 | | | | | | 161.34 | | | | | | 116.33 | | | | | | 141.47 | | | | | | 159.10 | | |

| S&P 500 | | | | | | | | | | | | | | | 100.00 | | | | | | 117.25 | | | | | | 144.56 | | | | | | 132.68 | | | | | | 160.30 | | | | | | 202.59 | | |

| S&P 1500 Application Software Index | | | | | | | | | | | | | | | 100.00 | | | | | | 131.94 | | | | | | 146.32 | | | | | | 118.53 | | | | | | 178.89 | | | | | | 194.28 | | |

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| Veeva Systems Inc. \| Form 10-K | | | 40 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| [Report of Independent Registered Public Accounting Firm](#i7e129a0ad48d459ea13c21cd7e2de073_1193) (KPMG LLP, San Francisco, CA, Auditor Firm ID: 185) | | | [removed: [49](#i7e129a0ad48d459ea13c21cd7e2de073_1193)] [added: [54](#i7e129a0ad48d459ea13c21cd7e2de073_1193)] | | |

| [Consolidated Balance Sheets](#i7e129a0ad48d459ea13c21cd7e2de073_19) | | | [removed: [51](#i7e129a0ad48d459ea13c21cd7e2de073_19)] [added: [56](#i7e129a0ad48d459ea13c21cd7e2de073_19)] | | |

| [Consolidated Statements of Comprehensive Income](#i7e129a0ad48d459ea13c21cd7e2de073_22) | | | [removed: [52](#i7e129a0ad48d459ea13c21cd7e2de073_22)] [added: [57](#i7e129a0ad48d459ea13c21cd7e2de073_22)] | | |

| [Consolidated Statements of [removed: Stockholders' Equity](#i7e129a0ad48d459ea13c21cd7e2de073_25)] [added: Stockholders](#i7e129a0ad48d459ea13c21cd7e2de073_549755816600)’ [Equity](#i7e129a0ad48d459ea13c21cd7e2de073_549755816600)] | | | [removed: [53](#i7e129a0ad48d459ea13c21cd7e2de073_25)] [added: [58](#i7e129a0ad48d459ea13c21cd7e2de073_549755816600)] | | |

| [Consolidated Statements of Cash Flows](#i7e129a0ad48d459ea13c21cd7e2de073_28) | | | [removed: [54](#i7e129a0ad48d459ea13c21cd7e2de073_28)] [added: [59](#i7e129a0ad48d459ea13c21cd7e2de073_28)] | | |

| [Notes to Consolidated Financial Statements](#i7e129a0ad48d459ea13c21cd7e2de073_34) | | | [removed: [55](#i7e129a0ad48d459ea13c21cd7e2de073_34)] [added: [60](#i7e129a0ad48d459ea13c21cd7e2de073_34)] | | |

| Veeva Systems Inc. \| Form 10-K | | | [removed: 48] [added: 62] | | |

We have audited the accompanying consolidated balance sheets of Veeva Systems Inc. and subsidiaries (the Company) as of January 31, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] the related consolidated statements of comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended January 31, [removed: 2025,] [added: 2026,] and the related notes (collectively, the consolidated financial statements).

We also have audited the Company’s internal control over financial reporting as of January 31, [removed: 2025,] [added: 2026,] based on criteria established in [removed: Internal] [added: *Internal] Control – Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of January 31, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] and the results of its operations and its cash flows for each of the years in the three-year period ended January 31, [removed: 2025,] [added: 2026,] in conformity with U.S. generally accepted accounting principles.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January 31, [removed: 2025] [added: 2026] based on criteria established in [removed: Internal] [added: *Internal] Control – Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 49] [added: 64] | | |

As discussed in Note 1 to the consolidated financial statements, the Company recorded [removed: $2,747] [added: $3,195] million of total revenues for the year ended January 31, [removed: 2025,] [added: 2026,] of which [removed: $2,285] [added: $2,684] million was subscription services related, and [removed: $462] [added: $511] million was professional services related.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 50] [added: 66] | | |

| | | | [removed: January 31, 2025] | | | | | | [removed: January 31, 2024] [added: 2025] | | | [added: | | | 2024 | | |]

| Cash and cash equivalents | | | [added: | | | | | | | | | | | |] $ | [added: 1,421,233 | | | | | $ |] 1,118,785 | | | | | $ | 703,487 | |

| Short-term investments | | | [removed: 4,031,442] [added: 5,139,581] | | | | | | [removed: 3,324,269] [added: 4,031,442] | | |

| Accounts receivable, net of allowance for credit losses of [removed: $57] [added: $256] and [removed: $520,] [added: $57,] respectively | | | [removed: 1,016,356] [added: 1,259,737] | | | | | | [removed: 852,172] [added: 1,016,356] | | |

| Unbilled accounts receivable | | | [removed: 40,761] [added: 50,609] | | | | | | [removed: 36,365] [added: 40,761] | | |

| Prepaid expenses and other current assets | | | [removed: 101,458] [added: 126,470] | | | | | | [removed: 86,918] [added: 101,458] | | |

| Total current assets | | | [removed: 6,308,802] [added: 7,997,630] | | | | | | [removed: 5,003,211] [added: 6,308,802] | | |

| Property and equipment, net | | | [removed: 55,912] [added: 70,261] | | | | | | [removed: 58,532] [added: 55,912] | | |

| Deferred costs, net | | | [removed: 26,383] [added: 29,961] | | | | | | [removed: 23,916] [added: 26,383] | | |

| Lease right-of-use assets | | | [removed: 63,863] [added: 75,626] | | | | | | [removed: 45,602] [added: 63,863] | | |

| Intangible assets, net | | | [removed: 44,460] [added: 30,314] | | | | | | [removed: 63,017] [added: 44,460] | | |

| Deferred income taxes | | | [removed: 343,919] [added: 273,417] | | | | | | [removed: 233,463] [added: 343,919] | | |

| Other long-term assets | | | [removed: 56,540] [added: 62,257] | | | | | | [removed: 43,302] [added: 56,540] | | |

| Total assets | | | $ | [removed: 7,339,756] [added: 8,979,343] | | | | | $ | [removed: 5,910,920] [added: 7,339,756] | |

| Accounts payable | | | $ | [removed: 30,447] [added: 37,644] | | | | | $ | [removed: 31,513] [added: 30,447] | |

| Accrued compensation and benefits | | | [removed: 39,429] [added: 45,857] | | | | | | [removed: 43,433] [added: 39,429] | | |

| Accrued expenses and other current liabilities | | | [removed: 35,557] [added: 45,885] | | | | | | [removed: 32,980] [added: 35,557] | | |

| Income tax payable | | | [removed: 9,024] [added: 6,698] | | | | | | [removed: 11,862] [added: 9,024] | | |

| Deferred revenue | | | [removed: 1,273,978] [added: 1,488,819] | | | | | | [removed: 1,049,761] [added: 1,273,978] | | |

| Lease liabilities | | | [removed: 9,969] [added: 12,153] | | | | | | [removed: 9,334] [added: 9,969] | | |

| Total current liabilities | | | [removed: 1,398,404] [added: 1,637,056] | | | | | | [removed: 1,178,883] [added: 1,398,404] | | |

| Deferred income taxes | | | [removed: 587] [added: 558] | | | | | | [removed: 2,052] [added: 587] | | |

| Long-term lease liabilities | | | [removed: 65,806] [added: 83,706] | | | | | | [removed: 46,441] [added: 65,806] | | |

| Other long-term liabilities | | | [removed: 42,586] [added: 43,271] | | | | | | [removed: 38,720] [added: 42,586] | | |

| Total liabilities | | | [removed: 1,507,383] [added: 1,764,591] | | | | | | [removed: 1,266,096] [added: 1,507,383] | | |

| Commitments and contingencies ([note [removed: 1](#i7e129a0ad48d459ea13c21cd7e2de073_79)[4](#i7e129a0ad48d459ea13c21cd7e2de073_79))] [added: 13](#i7e129a0ad48d459ea13c21cd7e2de073_79))] | | | | | | | | | | | |

March 20, 2026

| | | | January 31, 2026 | | | | | | January 31, 2025 | | |

| Repurchase and retirement of common stock | | | (801,735) | | | | | | — | | | | | | (179,942) | | | | | | — | | | | | | — | | | | | | (179,942) | | |

| Other comprehensive income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,576 | | | | | | 16,576 | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 908,906 | | | | | | — | | | | | | 908,906 | | |

| Balance at January 31, 2026 | | | 163,778,271 | | | | | | $ | 2 | | | | | $ | 2,843,089 | | | | | $ | 4,363,501 | | | | | $ | 8,160 | | | | | $ | 7,214,752 | |

| Repurchases of common stock | | | | | | | | | | | | | | | (169,949) | | | | | | — | | | | | | — | | |

| | | | 2026 | | | | | | 2025 | | |

When the fair value of a security is below its amortized cost, the amortized cost will be reduced to its fair value and the resulting loss will be recorded in other income, net in the consolidated statements of comprehensive income, if it is more likely than not that we are required to sell the security before recovery of its amortized cost basis, or we have the intention to sell the security.

If neither of these criteria are met, we further assess whether the decline in fair value below amortized cost is due to credit or non-credit related factors.

In making this assessment, we consider the extent to which fair value is less than amortized cost, credit ratings, and any adverse conditions specifically related to the security, among other factors.

Credit related losses are recorded as an allowance on the consolidated balance sheets with a corresponding charge in other income, net in the consolidated statements of comprehensive income.

for our use of the Salesforce platform and the associated hosting infrastructure and data center operations that are provided by Salesforce.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): *Targeted Improvements to the Accounting for Internal-Use Software*, which modernizes the recognition and capitalization framework for internal-use software development costs in order to reflect current software development practices.

The amendments also require Subtopic 360-10 disclosures for all capitalized internal-use software costs.

The Company will early adopt ASU 2025-06 in the fiscal quarter ended April 30, 2026 on a prospective basis.

We do not expect the adoption of ASU 2025-06 to have a material impact on our consolidated financial statements.

February 1, 2027 and interim periods beginning on February 1, 2028 on a prospective basis.

Retrospective application is permitted.

| Asset-backed securities | | | 260,136 | | | | | | 1,912 | | | | | | (131) | | | | | | 261,917 | | |

| Commercial paper | | | 75,367 | | | | | | 8 | | | | | | — | | | | | | 75,375 | | |

| Corporate notes and bonds | | | 3,133,825 | | | | | | 21,684 | | | | | | (950) | | | | | | 3,154,559 | | |

| Municipal securities | | | 37,231 | | | | | | 222 | | | | | | — | | | | | | 37,453 | | |

| U.S. treasury securities | | | 1,332,382 | | | | | | 5,443 | | | | | | (359) | | | | | | 1,337,466 | | |

| Total available-for-sale securities | | | $ | 5,110,621 | | | | | $ | 30,496 | | | | | $ | (1,536) | | | | | $ | 5,139,581 | |

| | | | 2026 | | | | | | 2025 | | |

| Corporate notes and bonds | | | 425,464 | | | | | | (950) | | | | | | — | | | | | | — | | |

| U.S. treasury securities | | | 140,204 | | | | | | (358) | | | | | | — | | | | | | — | | |

| Total | | | $ | 677,866 | | | | | $ | (1,477) | | | | | $ | 9,139 | | | | | $ | (59) | |

| | | | Less than 12 months | | | | | | | | | | | | 12 months or greater | | | | | | | | |

| Total | | | $ | 1,207,334 | | | | | $ | (9,840) | | | | | $ | 289,191 | | | | | $ | (586) | |

| | | | 2026 | | | | | | 2025 | | |

| Existing technology | | | 28,580 | | | | | | (28,170) | | | | | | 410 | | |

| Other intangibles | | | 21,405 | | | | | | (21,052) | | | | | | 353 | | |

| Total intangible assets | | | $ | 163,142 | | | | | $ | (132,828) | | | | | $ | 30,314 | |

| Total intangible assets | | | $ | 163,142 | | | | | $ | (118,682) | | | | | $ | 44,460 | |

| 2030 | | | 5,832 | | |

| Total | | | $ | 30,314 | |

| Asset-backed securities | | | | | | — | | | | | | 261,917 | | | | | | | | | | | | 261,917 | | |

March 24, 2025

| | | | | | | | | | | | |

| Cost of revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at January 31, 2022 | | | 154,196,597 | | | | | | $ | 2 | | | | | $ | 1,196,547 | | | | | $ | 1,727,046 | | | | | $ | (11,958) | | | | | $ | 2,911,637 | |

| Change in other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,171) | | | | | | (19,171) | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 487,706 | | | | | | — | | | | | | 487,706 | | |

| (1) Class B common stock was converted to Class A common stock on October 15, 2023. We refer to our Class A common stock as common stock. See [note 1](#i7e129a0ad48d459ea13c21cd7e2de073_76)[3](#i7e129a0ad48d459ea13c21cd7e2de073_76) Net Income per Share. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | January 31, | | | | | | | | |

We evaluate our investments to assess whether those with unrealized loss positions are other than temporarily impaired.

We consider impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely we will sell the securities before the recovery of their amortized cost basis.

Management evaluates the useful lives of these assets on an annual

software, and amortization expense associated with purchased intangibles related to our subscription services.

Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): *Improvements to Reportable Segment Disclosures*, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

We are currently evaluating this ASU to determine its impact on our disclosures.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Asset-backed securities | | | 605,852 | | | | | | 2,916 | | | | | | (1,787) | | | | | | 606,981 | | |

| Commercial paper | | | 144,218 | | | | | | 47 | | | | | | (20) | | | | | | 144,245 | | |

| Corporate notes and bonds | | | 1,581,382 | | | | | | 8,835 | | | | | | (5,188) | | | | | | 1,585,029 | | |

| Municipal securities | | | 79,404 | | | | | | 301 | | | | | | (231) | | | | | | 79,474 | | |

| U.S. treasury securities | | | 717,015 | | | | | | 1,268 | | | | | | (3,824) | | | | | | 714,459 | | |

| Total available-for-sale securities | | | $ | 3,321,633 | | | | | $ | 13,892 | | | | | $ | (11,256) | | | | | $ | 3,324,269 | |

| Asset-backed securities | | | 120,543 | | | | | | (343) | | | | | | 105,419 | | | | | | (1,444) | | |

| Corporate notes and bonds | | | 394,823 | | | | | | (1,560) | | | | | | 280,092 | | | | | | (3,628) | | |

| Foreign government bonds | | | 8,915 | | | | | | (19) | | | | | | 9,784 | | | | | | (161) | | |

| Municipal securities | | | 31,418 | | | | | | (122) | | | | | | 13,686 | | | | | | (109) | | |

| U.S. treasury securities | | | 280,946 | | | | | | (1,227) | | | | | | 204,274 | | | | | | (2,597) | | |

| Trade name and trademarks | | | 13,900 | | | | | | (13,900) | | | | | | — | | | | | | 0.0 | | |

| Total intangible assets | | | $ | 177,042 | | | | | $ | (132,582) | | | | | $ | 44,460 | | | | | | | |

| Existing technology | | | $ | 28,580 | | | | | $ | (20,646) | | | | | $ | 7,934 | | | | | 2.0 | | |

| Trade name and trademarks | | | 13,900 | | | | | | (11,925) | | | | | | 1,975 | | | | | | 0.8 | | |

| Other intangibles | | | 21,405 | | | | | | (19,699) | | | | | | 1,706 | | | | | | 2.2 | | |

| Total intangible assets | | | $ | 177,042 | | | | | $ | (114,025) | | | | | $ | 63,017 | | | | | | | |

| Fiscal 2026 | | | $ | 14,147 | |

| Fiscal 2030 | | | 5,831 | | |

| Total | | | $ | 44,460 | |

Accrued Expenses

Accrued expenses consisted of the following as of the dates shown (in thousands):

| Accrued commissions | | | $ | 8,031 | | | | | $ | 9,848 | |

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of January 31, [removed: 2025.][added: 2026.]

The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the [removed: Securities] Exchange [removed: Act of 1934, as amended (Exchange Act),] [added: Act,] means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Securities and Exchange Commission’s [removed: (SEC)] [added: (“SEC”)] rules and forms.

Based on the evaluation of our disclosure controls and procedures as of January 31, [removed: 2025,] [added: 2026,] our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Our management conducted an assessment of the effectiveness of our internal control over financial reporting as of January 31, [removed: 2025] [added: 2026] based on the criteria set forth in [added: *Internal Control-Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.]

| [removed: 76 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 81 | | |]

Based on the assessment, our management has concluded that our internal control over financial reporting was effective as of January 31, [removed: 2025] [added: 2026] to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with U.S. GAAP.

[removed: Other than as described in the preceding paragraph, there] [added: There] were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the fiscal quarter ended January 31, [removed: 2025] [added: 2026] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

*Internal Control-Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

During the fiscal quarter ended January 31, 2025, we implemented an internally developed system that we use for our internal commercial operations.

As a result of this implementation, internal controls were modified to align with the changed business processes, and new system-based controls were implemented to adapt to the new system functionalities.

The following table sets forth the material terms of all “Rule 10b5-1 trading arrangements” (as such term is defined under Item 408(a) of Regulation S-K) adopted or terminated by our Section 16 officers and directors during the fiscal quarter ended January 31, [removed: 2025:][added: 2026:]

[removed: None] [added: Except as set forth above, none] of our Section 16 officers or directors adopted or terminated a [added: “Rule 10b5-1 trading arrangement” or a] “non-Rule 10b5-1 trading arrangement” (as such [removed: term is] [added: terms are] defined under Item 408(c) of Regulation S-K) during the fiscal quarter ended January 31, [removed: 2025.][added: 2026.]

| Priscilla Hung *Director* | | | Adoption | | | 1/9/2026 | | | 1,500 | | | 6/30/2026 | | |

| Josh Faddis *SVP, General Counsel and Secretary* | | | Adoption | | | 12/19/2024 | | | 17,655 | | | 4/1/2026 | | |

| Tom Schwenger *President and Chief Customer Officer* | | | Adoption | | | 1/7/2025 | | | 8,300 | | | 4/10/2026 | | |

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| Veeva Systems Inc. \| Form 10-K | | | 77 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

The information required by this item will be contained in our definitive proxy statement to be filed with the Securities and Exchange Commission in connection with our [removed: 2025] [added: 2026] Annual Meeting of Stockholders (Proxy Statement), which we expect to file not later than 120 days after the end of our fiscal year ended January 31, [removed: 2025,] [added: 2026,] and is incorporated in this report by reference.

The information required by this item will be set forth in the Proxy Statement, which we expect to file not later than 120 days after the end of our fiscal year ended January 31, [removed: 2025] [added: 2026] and is incorporated in this report by reference.

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| 82 | | | Veeva Systems Inc. \| Form 10-K | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

The information required by this item will be set forth in the Proxy Statement, which we expect to file not later than 120 days after the end of our fiscal year ended January 31, [removed: 2025] [added: 2026] and is incorporated in this report by reference.

The information required by this item will be set forth in the Proxy Statement, which we expect to file not later than 120 days after the end of our fiscal year ended January 31, [removed: 2025] [added: 2026] and is incorporated in this report by reference.

The information required by this item will be set forth in the Proxy Statement, which we expect to file not later than 120 days after the end of our fiscal year ended January 31, [removed: 2025] [added: 2026] and is incorporated in this report by reference.

| [removed: 78 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 83 | | |]

| Veeva Systems Inc. \| Form 10-K | | | [removed: 79] [added: 85] | | |

| 10.9 | | | | | | [Amended and Restated Value-Added Reseller Agreement, dated September 2, 2010, [removed: between](https://www.sec.gov/Archives/edgar/data/1393052/000119312513373497/d541293dex107.htm)] [added: between](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-fy2610xkxexhibit109.htm)] [Veeva Systems [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513373497/d541293dex107.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-fy2610xkxexhibit109.htm)] [and salesforce.com, inc., as amended December 3, 2010, December 13, 2010, April 15, 2011, August 23, 2011, September 29, 2011, April 3, [removed: 2012](https://www.sec.gov/Archives/edgar/data/1393052/000119312513373497/d541293dex107.htm),[May] [added: 2012](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-fy2610xkxexhibit109.htm), [May] 24, 2012, March 3, 2014, and August 11, 2016.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513373497/d541293dex107.htm) | | | | | | [removed: S-1/A] | | | | | | [removed: 333-191085] | | | | | | [removed: 10.7] | | | | | | [removed: 9/20/2013] | | | | | | [added: X] | | |

| 10.10 | | | | | | [Eighth Amendment, dated March 3, 2014, to Amended and Restated Value-Added Reseller Agreement, dated September 2, 2010, [removed: between](https://www.sec.gov/Archives/edgar/data/1393052/000119312514082315/d684653dex101.htm)] [added: between](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-fy2610xkxexhibit101.htm)] [Veeva Systems [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000119312514082315/d684653dex101.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-fy2610xkxexhibit101.htm)] [and salesforce.com, inc., as [removed: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000119312514082315/d684653dex101.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-fy2610xkxexhibit101.htm)] | | | | | | [removed: 8-K] | | | | | | [removed: 001-36121] | | | | | | [removed: 10.1] | | | | | | [removed: 3/4/2014] | | | | | | [added: X] | | |

| 10.20* | | | | | | [Offer [removed: Letter] [added: Letter,] dated [removed: April 12, 2023,] [added: May 23, 2024,] between [removed: Kristine Diamond and](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000044/veevex101jul2023.htm) [Veeva Systems Inc](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000044/veevex101jul2023.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000044/veevex101jul2023.htm)] [added: Brian Van Wagener and](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) [Veeva](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) [Systems](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) [Inc](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm)[.](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm)] | | | | | | 8-K | | | | | | 001-36121 | | | | | | [removed: 10.1] [added: 10.1*] | | | | | | [removed: 8/21/2023] [added: 9/16/2024] | | | | | | | | |

| 19.1 | | | | | | [Insider [removed: Tra](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/a24-09x23xinsiderxtradin.htm)[ding] [added: Trading] Policy](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/a24-09x23xinsiderxtradin.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-36121] | | | | | | [added: 19.1] | | | | | | [added: 3/24/2025] | | | | | | [removed: X] | | |

| 21.1 | | | | | | [List of Subsidiaries [removed: of](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx211.htm)] [added: of](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131xexx211.htm)] [Veeva Systems [removed: Inc](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx211.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx211.htm)] [added: Inc](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131xexx211.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131xexx211.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of KPMG LLP, Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xex231.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131xex231.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: 80] [added: 86] | | | Veeva Systems Inc. \| Form 10-K | | |

| 31.1 | | | | | | [Certification of Principal Executive Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as [removed: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx311.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131xexx311.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | | | | [Certification of Principal Financial Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as [removed: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx312.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131xexx312.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.1† | | | | | | [Certification of Chief Executive Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. [removed: §1350.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx321.htm)] [added: §1350.](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131xexx321.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.2† | | | | | | [Certification of Chief Financial Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. [removed: §1350.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx322.htm)] [added: §1350.](https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131xexx322.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 101.INS | | | | | | [added: Inline] XBRL Instance Document. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 101.SCH | | | | | | [added: Inline] XBRL Taxonomy Schema Linkbase Document. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 101.CAL | | | | | | [added: Inline] XBRL Taxonomy Calculation Linkbase Document. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 101.DEF | | | | | | [added: Inline] XBRL Taxonomy Definition Linkbase Document. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 101.LAB | | | | | | [added: Inline] XBRL Taxonomy Labels Linkbase Document. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 101.PRE | | | | | | [added: Inline] XBRL Taxonomy Presentation Linkbase Document. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| Veeva Systems Inc. \| Form 10-K | | | [removed: 81] [added: 87] | | |

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Pleasanton, State of California, on this [removed: 24th] [added: 20th] day of March, [removed: 2025.][added: 2026.]

| Dated: | | | March [removed: 24, 2025] [added: 20, 2026] | | | By: | | | /s/ BRIAN VAN WAGENER | | |

| [removed: 82] [added: 88] | | | Veeva Systems Inc. \| Form 10-K | | |

| /s/ Peter P. Gassner | | | | | | Chief Executive Officer and Director | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ Brian Van Wagener | | | | | | Chief Financial Officer | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ [removed: Kristine Diamond] [added: Vipin Kondath] | | | | | | Chief Accounting Officer | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

| [removed: Kristine Diamond] [added: Vipin Kondath] | | | | | | (Principal Accounting Officer) | | | | | | | | |

| /s/ Tim Cabral | | | | | | Director | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ Mark Carges | | | | | | Director | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ Mary Lynne Hedley | | | | | | Director | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ Priscilla Hung | | | | | | Director | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ Marshall Mohr | | | | | | Director | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ Gordon Ritter | | | | | | Chair of the Board of Directors | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ Paul Sekhri | | | | | | Director | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ Matthew J. Wallach | | | | | | Director | | | | | | March [removed: 24, 2025] [added: 20, 2026] | | |

Certain confidential information contained in this exhibit has been omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

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[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| 10.21* | | | | | | [Advisor Agreement, dated April 22, 2024, between Alan Mateo and Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000024/a240422advisoragreement-.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1* | | | | | | 6/4/2024 | | | | | | | | |

| 10.22* | | | | | | [Separation Agreement, dated April 4, 2024, between Brent Bowman and Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000024/a240404brentseparationag.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.2* | | | | | | 6/4/2024 | | | | | | | | |

| 10.23* | | | | | | [Offer Letter, dated February 29, 2024, between Stacey Epstein and Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000024/veevaofferletter-staceye.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.3* | | | | | | 6/4/2024 | | | | | | | | |

| 10.24* | | | | | | [Offer Letter, dated May 23, 2024, between Brian Van Wagener and](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) [Veeva](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) [Systems](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) [Inc](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm)[.](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) | | | | | | 8-K | | | | | | 001-36121 | | | | | | 10.1* | | | | | | 9/16/2024 | | | | | | | | |

Portions of this exhibit (indicated by asterisks) have been omitted pursuant to an order granting confidential treatment.

Omitted portions have been submitted separately to the Securities and Exchange Commission (SEC).

| Veeva Systems Inc. \| Form 10-K | | | 83 | | |

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| /s/ Nimrata Khatra Hunt | | | | | | Director | | | | | | March 24, 2025 | | |

| Nimrata Khatra Hunt | | | | | | | | | | | | | | |