Item 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

VEEVA SYSTEMS INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (KPMG LLP, San Francisco, CA, Auditor Firm ID: 185)			54
Consolidated Balance Sheets			56
Consolidated Statements of Comprehensive Income			57
Consolidated Statements of Stockholders’ Equity			58
Consolidated Statements of Cash Flows			59
Notes to Consolidated Financial Statements			60

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Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Veeva Systems Inc.:

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of Veeva Systems Inc. and subsidiaries (the Company) as of January 31, 2026 and 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, 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, 2026, based on criteria established in Internal Control – Integrated Framework (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, 2026 and 2025, and the results of its operations and its cash flows for each of the years in the three-year period ended January 31, 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, 2026 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of the sufficiency of audit evidence over revenue

As discussed in Note 1 to the consolidated financial statements, the Company recorded $3,195 million of total revenues for the year ended January 31, 2026, of which $2,684 million was subscription services related, and $511 million was professional services related. Each of these categories of revenue has multiple service offerings, and the Company’s process for revenue recognition differs between them.

We identified the evaluation of the sufficiency of the audit evidence over revenue as a critical audit matter. Evaluating the nature and extent of audit evidence obtained over revenue for each service offering required subjective auditor judgement because of the multiple service offerings and the number of information technology (IT) applications involved in the revenue recognition processes.

The following are the primary procedures we performed to address the critical audit matter. We applied auditor judgement to determine the nature and extent of procedures to be performed over revenue, including the determination of the revenue for service offerings. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s revenue recognition process. We assessed the recorded revenue by selecting transactions and comparing the amounts recognized for consistency with underlying documentation, including contracts with customers. We involved IT professionals with specialized skills and knowledge, who assisted in the testing certain IT applications that are used by the Company in its revenue recognition process. In addition, we evaluated the sufficiency of audit evidence obtained over revenue by assessing the results of procedures performed, including the nature and extent of such evidence.

/s/ KPMG LLP

We have served as the Company’s auditor since 2010.

San Francisco, CA

March 20, 2026

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VEEVA SYSTEMS INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except number of shares and par value)

			January 31, 2026						January 31, 2025
Assets
Current assets:
Cash and cash equivalents			$	1,421,233					$	1,118,785
Short-term investments			5,139,581						4,031,442
Accounts receivable, net of allowance for credit losses of $256 and $57, respectively			1,259,737						1,016,356
Unbilled accounts receivable			50,609						40,761
Prepaid expenses and other current assets			126,470						101,458
Total current assets			7,997,630						6,308,802
Property and equipment, net			70,261						55,912
Deferred costs, net			29,961						26,383
Lease right-of-use assets			75,626						63,863
Goodwill			439,877						439,877
Intangible assets, net			30,314						44,460
Deferred income taxes			273,417						343,919
Other long-term assets			62,257						56,540
Total assets			$	8,979,343					$	7,339,756
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			$	37,644					$	30,447
Accrued compensation and benefits			45,857						39,429
Accrued expenses and other current liabilities			45,885						35,557
Income tax payable			6,698						9,024
Deferred revenue			1,488,819						1,273,978
Lease liabilities			12,153						9,969
Total current liabilities			1,637,056						1,398,404
Deferred income taxes			558						587
Long-term lease liabilities			83,706						65,806
Other long-term liabilities			43,271						42,586
Total liabilities			1,764,591						1,507,383
Commitments and contingencies (note 13)
Stockholders’ equity:
Common stock, $0.00001 par value; 800,000,000 shares authorized at January 31, 2026 and January 31, 2025. 163,778,271 and 162,583,789 issued and outstanding at January 31, 2026 and January 31, 2025, respectively			2						2
Additional paid-in capital			2,843,089						2,386,192
Accumulated other comprehensive income (loss)			8,160						(8,416)
Retained earnings			4,363,501						3,454,595
Total stockholders’ equity			7,214,752						5,832,373
Total liabilities and stockholders’ equity			$	8,979,343					$	7,339,756

See Notes to Consolidated Financial Statements.

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VEEVA SYSTEMS INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data)

									Fiscal year ended January 31,
															2026						2025						2024
Revenues:
Subscription															$	2,684,194					$	2,284,659					$	1,901,593
Professional services and other															511,117						461,960						462,080
Total revenues															3,195,311						2,746,619						2,363,673
Cost of revenues (1)****:
Cost of subscription															362,888						323,070						290,577
Cost of professional services and other															419,131						376,566						386,714
Total cost of revenues															782,019						699,636						677,291
Gross profit															2,413,292						2,046,983						1,686,382
Operating expenses (1)****:
Research and development															767,386						693,078						629,031
Sales and marketing															428,798						396,726						381,472
General and administrative															300,739						265,744						246,545
Total operating expenses															1,496,923						1,355,548						1,257,048
Operating income															916,369						691,435						429,334
Other income, net															278,139						227,946						158,689
Income before income taxes															1,194,508						919,381						588,023
Income tax provision															285,602						205,243						62,318
Net income															$	908,906					$	714,138					$	525,705
Net income per share:
Basic															$	5.55					$	4.41					$	3.27
Diluted															$	5.44					$	4.32					$	3.22
Weighted-average shares used to compute net income per share:
Basic															163,667						161,879						160,532
Diluted															166,995						165,232						163,486
Other comprehensive income:
Net change in unrealized gain on available-for-sale investments															$	17,362					$	4,094					$	22,038
Net change in cumulative foreign currency translation loss															(786)						(1,873)						(1,546)
Comprehensive income															$	925,482					$	716,359					$	546,197

(1) Includes stock-based compensation as follows:
Cost of subscription															$	7,342					$	6,591					$	6,483
Cost of professional services and other															57,376						51,377						53,237
Research and development															204,893						185,901						172,876
Sales and marketing															97,355						90,178						90,865
General and administrative															105,737						103,303						70,272
Total stock-based compensation															$	472,703					$	437,350					$	393,733

See Notes to Consolidated Financial Statements.

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VEEVA SYSTEMS INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share data)

			Common stock												Additional paid-in capital						Retained earnings						Accumulated other comprehensive (loss) income						Total stockholders’ equity
			Shares						Amount
Balance at January 31, 2023			158,244,607						$	2					$	1,532,627					$	2,214,752					$	(31,129)					$	3,716,252
Issuance of common stock upon exercise of stock options			2,277,533						—						62,687						—						—						62,687
Issuance of common stock upon vesting of restricted stock units			1,150,059						—						—						—						—						—
Shares withheld related to net share settlement			(412,027)						—						(79,825)						—						—						(79,825)
Stock-based compensation expense			—						—						399,513						—						—						399,513
Other comprehensive income			—						—						—						—						20,492						20,492
Net income			—						—						—						525,705						—						525,705
Balance at January 31, 2024			161,260,172						$	2					$	1,915,002					$	2,740,457					$	(10,637)					$	4,644,824
Issuance of common stock upon exercise of stock options			673,079						—						105,538						—						—						105,538
Issuance of common stock upon vesting of restricted stock units			1,030,545						—						—						—						—						—
Shares withheld related to net share settlement			(380,007)						—						(79,116)						—						—						(79,116)
Stock-based compensation expense			—						—						444,768						—						—						444,768
Other comprehensive income			—						—						—						—						2,221						2,221
Net income			—						—						—						714,138						—						714,138
Balance at January 31, 2025			162,583,789						$	2					$	2,386,192					$	3,454,595					$	(8,416)					$	5,832,373
Issuance of common stock upon exercise of stock options			1,374,104						—						253,863						—						—						253,863
Issuance of common stock upon vesting of restricted stock units			988,578						—						—						—						—						—
Shares withheld related to net share settlement			(366,465)						—						(93,562)						—						—						(93,562)
Repurchase and retirement of common stock			(801,735)						—						(179,942)						—						—						(179,942)
Stock-based compensation expense			—						—						476,538						—						—						476,538
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

See Notes to Consolidated Financial Statements.

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VEEVA SYSTEMS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

									Fiscal year ended January 31,
												2026						2025						2024
Cash flows from operating activities
Net income															$	908,906					$	714,138					$	525,705
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization															37,972						39,383						32,628
Reduction of lease right-of-use assets															12,499						11,547						11,691
Accretion of discount on short-term investments															(9,693)						(24,443)						(26,515)
Stock-based compensation															472,703						437,350						393,733
Amortization of deferred costs															16,423						15,528						18,177
Deferred income taxes															65,094						(112,273)						(105,374)
Other, net															3,259						1,201						471
Changes in operating assets and liabilities:
Accounts receivable															(244,704)						(164,572)						(149,810)
Unbilled accounts receivable															(9,848)						(4,396)						45,809
Deferred costs															(20,001)						(17,995)						(10,268)
Prepaid expenses and other current and long-term assets															(33,825)						(17,453)						414
Accounts payable															6,080						(1,961)						(10,230)
Accrued expenses and other current liabilities															2,982						(1,414)						(4,249)
Income tax payable															(2,326)						(2,838)						6,916
Deferred revenue															213,056						227,838						188,164
Lease liabilities															(5,822)						(9,835)						(6,879)
Other long-term liabilities															2,470						246						956
Net cash provided by operating activities															1,415,225						1,090,051						911,339
Cash flows from investing activities
Purchases of short-term investments															(3,133,080)						(2,581,968)						(2,697,968)
Maturities and sales of short-term investments															2,057,849						1,902,349						1,647,813
Long-term assets															(29,131)						(20,519)						(26,196)
Net cash used in investing activities															(1,104,362)						(700,138)						(1,076,351)
Cash flows from financing activities
Proceeds from exercise of common stock options															253,863						105,538						62,687
Repurchases of common stock															(169,949)						—						—
Taxes paid related to net share settlement of equity awards															(93,247)						(79,423)						(78,875)
Net cash (used in) provided by financing activities															(9,333)						26,115						(16,188)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash															919						(1,735)						(1,780)
Net change in cash, cash equivalents, and restricted cash															302,449						414,293						(182,980)
Cash, cash equivalents, and restricted cash at beginning of period															1,120,963						706,670						889,650
Cash, cash equivalents, and restricted cash at end of period															$	1,423,412					$	1,120,963					$	706,670
Cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents															$	1,421,233					$	1,118,785					$	703,487
Restricted cash included in other long-term assets															2,179						2,178						3,183
Total cash, cash equivalents, and restricted cash at end of period															$	1,423,412					$	1,120,963					$	706,670
Supplemental disclosures of other cash flow information:
Cash paid for income taxes, net of refunds															$	229,965					$	322,048					$	134,473
Excess tax benefits from employee stock plans															$	25,273					$	8,932					$	71,049

See Notes to Consolidated Financial Statements.

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VEEVA SYSTEMS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Summary of Business and Significant Accounting Policies

Description of Business

Veeva is the leading provider of industry cloud solutions for the global life sciences industry. 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 (“R&D”) through commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. 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 and Quality 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. Our fiscal year end is January 31.

Principles of Consolidation and Basis of Presentation

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting and include the accounts of our wholly-owned subsidiaries after elimination of intercompany accounts and transactions.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Items subject to such estimates and assumptions include, but are not limited to:

• the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations;

• the determination of the period of benefit for amortization of deferred costs;

• the realizability of deferred income tax assets;

• the fair value of our stock-based awards.

As future events cannot be determined with precision, actual results could differ significantly from those estimates.

Revenue Recognition

We derive our revenues primarily from subscription services and professional services. Subscription revenues consist of fees from customers accessing our cloud-based software solutions and fees for our data solutions. Professional services and other revenues consist primarily of fees from implementation services, configuration, and managed services in connection with our solutions, as well as services related to our speakers bureau logistics and Veeva Business Consulting offerings. Revenues are recognized when control of these services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services.

We determine revenue recognition through the following steps:

• Identification of the contract, or contracts, with a customer;

• Identification of the performance obligations in the contract;

• Determination of the transaction price;

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• Allocation of the transaction price to the performance obligations in the contract; and

• Recognition of revenue when, or as, we satisfy a performance obligation.

Subscription Revenues

Subscription revenues are recognized ratably over the respective noncancellable subscription term because of the continuous transfer of control to the customer. Our subscription arrangements are considered service contracts, and the customer does not have the right to take possession of the software.

Professional Services and Other Revenues

The majority of our professional services arrangements are billed on a time and materials basis and revenues are recognized over time based on time incurred and contractually agreed upon rates. Certain professional services revenues are billed on a fixed fee basis and revenues are typically recognized over time as the services are delivered based on time incurred. Business consulting services revenues are generally recognized as the services are performed.

Contracts with Multiple Performance Obligations

Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for individual performance obligations separately when they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and other factors, including other groupings such as customer type and geography.

Deferred Costs

Deferred costs represent sales commissions associated with obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration the expected renewal period of our customer contracts, our technology and other factors. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of comprehensive income.

Certain Risks and Concentrations of Credit Risk

Our revenues are derived from subscription services, professional services and other services delivered primarily to the life sciences industry. We operate in markets that are highly competitive and rapidly changing. Significant technological changes, shifting customer needs, the emergence of competitive products or services with new capabilities, and other factors could negatively impact our future operating results.

Our financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, short-term investments, and accounts receivable. Our cash equivalents and short-term investments are held by established financial institutions. We have established guidelines relative to credit ratings, diversification, and maturities that seek to maintain safety and liquidity. Deposits in these financial institutions may significantly exceed federally insured limits.

We do not require collateral from our customers and generally require payment within 30 days to 60 days of billing.

The following customer exceeded 10% of total accounts receivable as of the dates shown:

			January 31,
			2026						2025
Customer 1			N/A						10.1%

No single customer represented over 10% of our total revenues for any of the years presented.

Cash Equivalents

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We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

Short-term Investments

Our short-term investments are classified as available-for-sale and recorded at estimated fair value. 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.

Non-credit related unrealized losses and unrealized gains are included in accumulated other comprehensive income, a component of stockholders’ equity. Realized gains and losses determined based on the specific identification method are reported in other income, net, in the consolidated statements of comprehensive income. Interest, amortization of premiums, and accretion of discount on all short-term investments are also included as a component of other income, net, in the consolidated statements of comprehensive income.

We may sell our short-term investments at any time for use in current operations or for other purposes, even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond 12 months, as current assets in the accompanying consolidated balance sheets.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are recorded at the invoiced amount, net of allowance for credit losses.

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets and commences once the asset is placed in service or ready for its intended use. Land is not depreciated. The estimated useful lives by asset classification are as follows:

Building						30 years
Building improvements						Remaining useful life of the building
Equipment and computers						3 years
Furniture and fixtures						5 years
Land improvements						10 years
Leasehold improvements						Shorter of remaining life of the lease term or estimated useful life

Leases

We have operating leases for corporate offices.

We recognize lease right-of-use assets and liabilities at the commencement date based on the present value of lease payments over the lease term. We use an estimate of our discount rate based on the information available at the lease commencement date in determining the present value of lease payments, unless the implicit rate is readily determinable. The lease right-of-use assets also include any lease payments made and exclude lease incentives such as tenant improvement allowances. Options to extend or terminate the lease are included in the lease term when it is reasonably certain that we will exercise the extension or termination option.

Our operating leases typically include non-lease components such as common-area maintenance costs. We have elected to exclude non-lease components from lease payments for the purpose of calculating lease right-of-use assets and liabilities and these variable lease payments are expensed as incurred.

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Leases with a term of one year or less are not recognized on our consolidated balance sheets; we recognize lease expense for these leases on a straight-line basis over the lease term.

Internal-Use Software

We capitalize certain costs incurred for the development of computer software for internal use. We capitalize these costs during the development of the software project, when it is determined that it is probable that the project will be completed and the software will be used as intended. Costs related to preliminary project activities, post-implementation activities, training, and maintenance are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life of three years, and the amortization expense is recorded as a component of cost of subscription. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Internal-use software is included in other long-term assets on the consolidated balance sheets.

Goodwill and Intangible Assets

Goodwill is evaluated for impairment at least annually or more frequently if circumstances indicate that goodwill may be impaired. A qualitative assessment is performed to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount. If the reporting unit does not pass the qualitative assessment, the carrying amount of the reporting unit, including goodwill, is compared to fair value and goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. Any excess of the carrying value of the goodwill above its fair value is recognized as an impairment loss.

We have one reporting unit and completed our annual impairment test in our fourth quarter of the fiscal year ended January 31, 2026. There were no goodwill impairment charges during any of the periods presented.

Intangible assets associated with purchased intangibles, consisting of existing technology, customer relationships, trade names and trademarks, and data supplier and partner relationships are stated at cost less accumulated amortization and are amortized on a straight-line basis over their estimated remaining economic lives. Amortization expense related to existing technology and data supplier and partner relationships is included in cost of subscription. Amortization expense related to customer relationships and trade names and trademarks is included in sales and marketing expense.

Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. There were no impairment charges recognized during any of the periods presented.

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Business Combinations

The purchase price in a business combination is assigned to the estimated acquisition date fair values of the tangible and intangible assets acquired and the liabilities assumed with the residual recorded as goodwill. Critical estimates in valuing certain of the intangible assets include, but are not limited to, the net present value of future expected cash flows, future revenue growth, margins, customer retention rates, technology life, royalty rates, expected use of acquired assets, and discount rates.

Stock-based Compensation

We recognize compensation expense for all stock-based awards, including stock options and restricted stock units (“RSUs”), based on the estimate of fair value of the award at the grant date. The fair value of each option award is estimated on the grant date using either a Black-Scholes option-pricing model or a Monte Carlo simulation, to the extent market conditions exist. These models require that at the date of grant we determine the fair value of the underlying common stock, the expected term of the award, the expected volatility of the price of our common stock, risk-free interest rates, and expected dividend yield of our common stock. The fair value of each RSU award is measured based on the closing stock price of our common stock on the date of grant. We account for forfeitures as they occur. Compensation expense for awards with service conditions is recognized on a straight-line basis and for awards with market conditions is recognized on a graded vesting attribution method over the requisite service periods.

Cost of Revenues

Cost of subscription revenues consists of expenses related to our computing infrastructure provided by third parties, including Amazon Web 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, allocated overhead, amortization expense associated with capitalized internal-use software, and amortization expense associated with purchased intangibles related to our subscription services. Cost of subscription revenues for Veeva CRM and certain of our multichannel customer relationship management applications include fees paid to Salesforce. for our use of the Salesforce platform and the associated hosting infrastructure and data center operations that are provided by Salesforce.

Cost of professional services and other revenues consists primarily of employee-related expenses associated with providing these services, including salaries, benefits and stock-based compensation expense, the cost of third-party subcontractors, travel costs, and allocated overhead.

Advertising Expenses

Advertising expenditures are expensed as incurred and were immaterial for each of the years presented.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

We regularly assess the realizability of our deferred tax assets and establish a valuation allowance if it is more likely than not that some or all of our deferred tax assets will not be realized. We evaluate and weigh all available positive and negative evidence such as historic results, future reversals of existing deferred tax liabilities, and projected future taxable income. Generally, more weight is given to objectively verifiable evidence such as the cumulative income in recent years.

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We establish liabilities or reduce assets for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that the position will be sustained upon an audit, including resolution of related appeals or litigation processes, if any. The second step requires us to measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. We recognize interest accrued and penalties related to unrecognized tax benefits as a component of income tax provision.

Foreign Currency Exchange

Assets and liabilities of foreign subsidiaries that do not have U.S. dollars as their functional currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates. The resulting translation adjustments are recorded as part of a separate component of the consolidated statements of comprehensive income. Foreign currency transaction gains and losses are included in the consolidated statements of comprehensive income for the period.

Indemnification

Our contracts generally include provisions for indemnifying customers against liabilities if our solutions infringe a third party’s intellectual property rights, and we may also incur liabilities if we breach the security and/or confidentiality obligations in our contracts. We have not incurred any material costs, and we have not accrued any liabilities in the accompanying consolidated financial statements as a result of these obligations.

Loss Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Recently Adopted Accounting Pronouncements

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction, among other amendments. We adopted the new standard during the year ended January 31, 2026 on a prospective basis. See note 7 for more information.

New Accounting Pronouncements Issued and Not Yet Adopted

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. This new standard is effective for our fiscal year beginning on February 1, 2028 and interim periods within that fiscal year and may be applied prospectively, retrospectively, or using a modified transition approach. 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.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure, in the notes to the financial statements, of additional information about certain costs and expenses for interim and annual reporting periods. This new standard is effective for our fiscal year beginning on

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February 1, 2027 and interim periods beginning on February 1, 2028 on a prospective basis. Retrospective application is permitted. We are currently evaluating this ASU to determine its impact on our disclosures.

Note 2. Short-Term Investments

As of January 31, 2026, short-term investments consisted of the following (in thousands):

			Amortized cost						Gross unrealized gains						Gross unrealized losses						Estimated fair value
Available-for-sale securities:
Certificates of deposit			$	27,710					$	—					$	(20)					$	27,690
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
Foreign government bonds			232,271						1,206						(76)						233,401
Municipal securities			37,231						222						—						37,453
U.S. agency obligations			11,699						21						—						11,720
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

As of January 31, 2025, short-term investments consisted of the following (in thousands):

			Amortized cost						Gross unrealized gains						Gross unrealized losses						Estimated fair value
Available-for-sale securities:
Certificates of deposit			$	64,045					$	69					$	(21)					$	64,093
Asset-backed securities			526,986						3,257						(232)						530,011
Commercial paper			74,468						108						(1)						74,575
Corporate notes and bonds			2,202,150						10,588						(5,782)						2,206,956
Foreign government bonds			176,684						442						(1,023)						176,103
Municipal securities			67,780						173						(122)						67,831
U.S. agency obligations			24,616						94						(1)						24,709
U.S. treasury securities			888,968						1,440						(3,244)						887,164
Total available-for-sale securities			$	4,025,697					$	16,171					$	(10,426)					$	4,031,442

The following table summarizes the estimated fair value of our short-term investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of the dates shown (in thousands):

			January 31,
			2026						2025
Due in one year or less			$	1,025,871					$	1,066,558
Due in greater than one year			4,113,710						2,964,884
Total			$	5,139,581					$	4,031,442

We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high credit quality of our investments. It is more likely than not we will hold such securities until maturity or a recovery of the cost basis.

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The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2026 (in thousands):

			Less than 12 months												12 months or greater
			Fair value						Gross unrealized losses						Fair value						Gross unrealized losses
Certificates of deposit			$	27,690					$	(20)					$	—					$	—
Asset-backed securities			4,091						(80)						1,090						(51)
Commercial paper			9,960						(1)						—						—
Corporate notes and bonds			425,464						(950)						—						—
Foreign government bonds			69,877						(68)						8,049						(8)
Municipal securities			580						—						—						—
U.S. treasury securities			140,204						(358)						—						—
Total			$	677,866					$	(1,477)					$	9,139					$	(59)

The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2025 (in thousands):

			Less than 12 months												12 months or greater
			Fair value						Gross unrealized losses						Fair Value						Gross unrealized losses
Certificates of deposit			$	20,095					$	(21)					$	—					$	—
Asset-backed securities			25,220						(31)						44,789						(201)
Commercial paper			4,944						(1)						—						—
Corporate notes and bonds			616,379						(5,569)						71,331						(213)
Foreign government bonds			76,856						(1,023)						—						—
Municipal securities			22,593						(122)						—						—
U.S. agency obligations			1,865						(1)						—						—
U.S. treasury securities			439,382						(3,072)						173,071						(172)
Total			$	1,207,334					$	(9,840)					$	289,191					$	(586)

Note 3. Deferred Costs

Deferred costs, which consist of deferred sales commissions, were $30 million and $26 million as of January 31, 2026 and January 31, 2025, respectively. Amortization expense for deferred costs included in sales and marketing expenses in the consolidated statements of comprehensive income was $16 million, $16 million, and $18 million for the fiscal years ended January 31, 2026, 2025, and 2024, respectively. There have been no impairment losses recorded in relation to the costs capitalized for any period presented.

Note 4. Property and Equipment, Net

Property and equipment, net consists of the following as of the dates shown (in thousands):

			January 31,
			2026						2025
Land			$	3,040					$	3,040
Building			20,984						20,984
Land improvements and building improvements			22,392						22,392
Equipment and computers			2,293						1,483
Furniture and fixtures			8,060						6,288
Leasehold improvements			45,153						30,186
Construction in progress			2,059						2,992
Property and equipment, gross			103,981						87,365
Less accumulated depreciation			(33,720)						(31,453)
Total property and equipment, net			$	70,261					$	55,912

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Total depreciation expense was immaterial for the fiscal years ended January 31, 2026, 2025, and 2024.

Note 5. Goodwill and Intangible Assets

Goodwill was $440 million as of both January 31, 2026 and January 31, 2025.

The following table presents the details of intangible assets as of January 31, 2026 (in thousands):

			Gross carrying amount						Accumulated amortization						Net
Customer relationships			$	113,157					$	(83,606)					$	29,551
Existing technology			28,580						(28,170)						410
Other intangibles			21,405						(21,052)						353
Total intangible assets			$	163,142					$	(132,828)					$	30,314

The following table presents the details of intangible assets as of January 31, 2025 (in thousands):

			Gross carrying amount						Accumulated amortization						Net
Customer relationships			$	113,157					$	(73,223)					$	39,934
Existing technology			28,580						(24,878)						3,702
Other intangibles			21,405						(20,581)						824
Total intangible assets			$	163,142					$	(118,682)					$	44,460

Amortization expense associated with intangible assets was $14 million, $19 million, and $19 million for the fiscal years ended January 31, 2026, 2025, and 2024, respectively.

As of January 31, 2026, the estimated future amortization expense for intangible assets is as follows (in thousands):

Fiscal Year			Estimated amortization expense
2027			$	8,922
2028			7,778
2029			7,782
2030			5,832
Total			$	30,314

Note 6. Fair Value Measurements

The carrying amounts of accounts receivable, other current assets, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature.

Financial assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities, are as follows:

Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

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Financial assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires management to make judgments and considers factors specific to the asset or liability.

The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2026 (in thousands):

						Level 1						Level 2												Total
Assets
Cash equivalents:
Money market funds						$	286,504					$	—											$	286,504
U.S. Treasury securities						—						2,611												2,611
Short-term investments:
Certificates of deposit						—						27,690												27,690
Asset-backed securities						—						261,917												261,917
Commercial paper						—						75,375												75,375
Corporate notes and bonds						—						3,154,559												3,154,559
Foreign government bonds						—						233,401												233,401
Municipal securities						—						37,453												37,453
U.S. agency obligations						—						11,720												11,720
U.S. Treasury securities						—						1,337,466												1,337,466
Foreign currency derivative contracts						—						822												822
Total financial assets						$	286,504					$	5,143,014											$	5,429,518
Liabilities
Foreign currency derivative contracts						$	—					$	(3,187)											$	(3,187)
Total financial liabilities						$	—					$	(3,187)											$	(3,187)

The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2025 (in thousands):

						Level 1						Level 2												Total
Assets
Cash equivalents:
Money market funds						$	314,872					$	—											$	314,872
U.S. Treasury securities						—						3,301												3,301
Short-term investments:
Certificates of deposit						—						64,093												64,093
Asset-backed securities						—						530,011												530,011
Commercial paper						—						74,575												74,575
Corporate notes and bonds						—						2,206,956												2,206,956
Foreign government bonds						—						176,103												176,103
Municipal securities						—						67,831												67,831
U.S. agency obligations						—						24,709												24,709
U.S. Treasury securities						—						887,164												887,164
Foreign currency derivative contracts						—						96												96
Total financial assets						$	314,872					$	4,034,839											$	4,349,711
Liabilities
Foreign currency derivative contracts						$	—					$	(525)											$	(525)
Total financial liabilities						$	—					$	(525)											$	(525)

We determine the fair value of our security holdings based on pricing from our service providers and market prices from industry-standard independent data providers. The valuation techniques used to measure the fair value of financial instruments having Level 2 inputs were derived from non-binding consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs).

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Balance Sheet Hedges

We enter into foreign currency forward contracts in order to hedge our foreign currency exposure. These forward contracts are not designated as hedging instruments under applicable accounting guidance, and therefore, we account for them at fair value with changes in the fair value recorded as a component of other income, net in our consolidated statements of comprehensive income. Cash flows from such forward contracts are classified as operating activities.

For the fiscal year ended January 31, 2026, net realized and unrealized foreign currency losses on hedging were $9 million. The net realized and unrealized foreign currency gains on hedging were not material for the fiscal years ended January 31, 2025 and 2024.

The fair value of our outstanding derivative instruments is summarized below (in thousands):

			January 31,
			2026						2025
Notional amount of foreign currency derivative contracts			$	354,696					$	130,122
Fair value of foreign currency derivative contracts			$	356,320					$	130,552

Note 7. Income Taxes

The components of income before income taxes by U.S. and foreign jurisdictions were as follows for the periods shown (in thousands):

			Fiscal year ended January 31,
			2026						2025						2024
United States			$	1,140,527					$	890,066					$	546,837
Foreign			53,981						29,315						41,186
Total			$	1,194,508					$	919,381					$	588,023

The majority of our revenues from international sales are invoiced from and collected by our U.S. entity and recognized as a component of income before taxes in the United States as opposed to a foreign jurisdiction.

Provision for income taxes consisted of the following for the periods shown (in thousands):

			Fiscal year ended January 31,
			2026						2025						2024
Current provision:
Federal			$	160,443					$	243,660					$	126,174
State			44,196						62,953						29,361
Foreign			15,869						10,903						12,157
Total current provision			220,508						317,516						$	167,692
Deferred provision (benefit)
Federal			60,512						(90,035)						(87,651)
State			8,129						(18,569)						(15,739)
Foreign			(3,547)						(3,669)						(1,984)
Total deferred provision (benefit)			65,094						(112,273)						$	(105,374)
Income tax provision			$	285,602					$	205,243					$	62,318

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Provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 21% for the fiscal year ended January 31, 2026 to income before income taxes as a result of the following, prepared in accordance with ASU 2023-09 (in thousands, except percentages):

			Fiscal year ended January 31,
			2026
Federal tax statutory tax rate			$	250,845					21.0		%
State and local income taxes, net of federal income tax effect (1)			41,337						3.5		%
Foreign tax effects			1,505						0.1		%
Effect of cross-border tax laws
Foreign derived intangible income deduction ("FDII")			(13,105)						(1.1)		%
Other			810						0.1		%
Tax credits
R&D credits			(22,745)						(1.9)		%
Other credits			(639)						(0.1)		%
Valuation allowance			(655)						(0.1)		%
Nontaxable or nondeductible items
Nondeductible stock-based compensation			32,137						2.7		%
Excess tax benefits on stock-based compensation			(16,604)						(1.4)		%
162(m) limited executive compensation			14,510						1.2		%
Other			306						—		%
Changes in unrecognized tax benefits			(1,657)						(0.1)		%
Other adjustments			(443)						—		%
Income tax provision			$	285,602					23.9		%
(1) In the fiscal year ended January 31, 2026, state and local income taxes in New Jersey, Pennsylvania, and Massachusetts comprise the majority of the domestic state and local income taxes, net of federal effect category.

The following table presents the required disclosures prior to our adoption of ASU 2023-09. Provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 21% for each of the fiscal years ended January 31, 2025 and 2024 to income before income taxes as a result of the following (in thousands):

						Fiscal year ended January 31,
									2025						2024
Expected provision at statutory tax rate									$	193,070					$	123,485
State taxes, net of federal benefit									42,650						12,056
Tax credits									(35,416)						(36,333)
Stock-based compensation									35,618						(32,054)
Valuation allowance									3,726						13,572
Foreign derived intangible income deduction (“FDII”)									(30,535)						(15,489)
Release of income tax reserves									(2,531)						(9,201)
Other									(1,339)						6,282
Income tax provision									$	205,243					$	62,318

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The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities related to the following (in thousands):

			January 31,
			2026						2025
Deferred tax assets:
Capitalized expenditures			$	246,020					$	326,533
Stock-based compensation			82,657						68,466
Tax credit carryforward			67,067						64,536
Lease liabilities			25,216						19,737
Other			14,170						14,781
Gross deferred tax assets			435,130						494,053
Valuation allowance			(79,495)						(77,056)
Total deferred tax assets			355,635						416,997
Deferred tax liabilities:
Intangible assets			(21,945)						(23,305)
Lease right-of-use assets			(19,988)						(16,675)
Other			(40,843)						(33,685)
Total deferred tax liabilities			(82,776)						(73,665)
Net deferred tax assets			$	272,859					$	343,332

In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including recent financial performance, scheduled reversals of temporary differences and projected future taxable income. Based on a review of such information, management believes that it is possible that some portion of deferred tax assets will not be realized as a future benefit and therefore has recorded a valuation allowance. The valuation allowance at the end of January 31, 2026 was primarily related to certain U.S. state deferred tax assets.

As of January 31, 2026, the net operating loss carryforwards for state income tax purposes were approximately $13 million. The state net operating losses begin to expire in 2031.

As of January 31, 2026, we had $82 million of California research and development tax credits available to offset future taxes which do not expire.

We evaluate tax positions for recognition using a more likely than not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. We classify unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as “other non-current liabilities” in the consolidated balance sheets. As of January 31, 2026, the total amount of gross unrecognized tax benefits was $42 million, of which $26 million, if recognized, would favorably impact our effective tax rate. The aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows for the periods shown (in thousands):

			Fiscal year ended January 31,
			2026						2025						2024
Beginning balance			$	39,402					$	39,737					$	30,713
Increases related to tax positions taken during the prior period			584						2						7,385
Increases related to tax positions taken during the current period			4,641						4,242						10,131
Decreases related to tax positions taken during the prior period			(29)						(101)						(17)
Lapse of statute of limitations			(3,051)						(4,478)						(8,475)
Ending balance			$	41,547					$	39,402					$	39,737

Our policy is to classify interest and penalties associated with unrecognized tax benefits as a component of the provision for income taxes. Accrued interest and penalties included in our liability related to unrecognized tax benefits were $4 million, $3 million, and $2 million as of January 31, 2026, 2025, and 2024, respectively.

We file tax returns in the United States for federal, California, and other states. Fiscal years ended January 31, 2023 and forward remain open to examination for federal income tax, and fiscal years ended January 31, 2018 and forward remain open to examination for California and other states. We file tax returns in multiple foreign

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jurisdictions. The fiscal years ended January 31, 2021 and forward remain open to examination in these foreign jurisdictions.

Net cash paid for income taxes, net of refunds, consisted of the following, prepared in accordance with ASU 2023-09 (in thousands):

			Fiscal year ended January 31,
			2026
Federal			$	159,500
State and local
New Jersey			15,231
Pennsylvania			11,701
Other states and localities			27,681
Foreign			15,852
Net cash paid for income taxes			$	229,965

Note 8. Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable

Deferred Revenue

Of the beginning deferred revenue balance for the respective periods, we recognized $1,226 million, $1,028 million, and $833 million in revenue for the fiscal years ended January 31, 2026, 2025, and 2024, respectively.

Transaction Price Allocated to the Remaining Performance Obligations

As of January 31, 2026 and January 31, 2025, the amount of the transaction price allocated to remaining performance obligations for noncancellable subscription services contracts greater than one year was not significant with the substantial majority of such allocated transaction price included in deferred revenue and expected to be recognized over the next 12 months.

Unbilled Accounts Receivable

As of January 31, 2026, unbilled accounts receivable consisted of (i) receivables of $40 million primarily for revenue recognized for professional services performed but not yet billed and (ii) contract assets of $11 million primarily related to professional services performed but for which we are not contractually able to invoice until a future period.

As of January 31, 2025, unbilled accounts receivable consisted of (i) receivables of $33 million primarily for revenue recognized for professional services performed but not yet billed and (ii) contract assets of $8 million primarily related to professional services performed but for which we are not contractually able to invoice until a future period.

Note 9. Leases

We have operating leases for our global offices with various expiration dates, some of which include options to extend the leases for up to five years.

For the fiscal years ended January 31, 2026, 2025, and 2024, our operating lease expense was $17 million, $14 million, and $16 million, respectively.

Supplemental cash flow information related to leases was as follows (in thousands):

			Fiscal year ended January 31,
			2026						2025
Cash paid for lease liabilities			$	9,545					$	12,522
Lease right-of-use assets obtained in exchange for new lease liabilities			$	24,023					$	30,866

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Supplemental balance sheet information related to operating leases was as follows:

			January 31,
			2026						2025
Weighted average remaining lease term			7.8 years						7.7 years
Weighted average discount rate			4.8		%				4.6		%

As of January 31, 2026, remaining maturities of lease liabilities are as follows (in thousands):

Fiscal Year
2027			$	14,851
2028			18,538
2029			14,984
2030			14,053
2031			11,293
Thereafter			42,549
Total lease payments			116,268
Less imputed interest			(20,409)
Total lease liabilities			$	95,859

Note 10. Stockholders’ Equity

Common Stock

As of January 31, 2026 and 2025, we had 163,778,271 and 162,583,789 shares of common stock outstanding, respectively.

Voting Rights

The holders of our common stock are entitled to one vote per share.

Stockholders do not have the ability to cumulate votes for the election of directors. Our certificate of incorporation and bylaws provide for a declassified board of directors, with annual election of directors, serving a one-year term.

Dividend Rights

Subject to preferences that may apply to shares of preferred stock outstanding at the time, the holders of outstanding shares of our common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends, and only then at the times and in the amounts that our board of directors may determine.

No Preemptive or Similar Rights

Our common stock is not entitled to preemptive rights and is not subject to conversion, redemption, or sinking fund provisions.

Right to Receive Liquidation Distributions

Upon our dissolution, liquidation, or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

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Employee Equity Plans

Pursuant to our equity compensation program, the vast majority of our employees are granted RSUs, which typically vest over a one-year period, and stock options, which typically vest over a four-year period.

2013 Equity Incentive Plan

Our board of directors adopted our 2013 Equity Incentive Plan in August 2013, and our stockholders approved it in September 2013. The 2013 Equity Incentive Plan became effective immediately on adoption although no awards were made under it until the date of our IPO on October 15, 2013. Our board of directors approved the amended and restated 2013 Equity Incentive Plan (as amended and restated, 2013 EIP) in March 2022, and our stockholders approved it in June 2022, at which time the amended and restated 2013 EIP took effect.

As of January 31, 2026, the number of shares of our common stock available for issuance under the 2013 EIP was 51,279,704. The number of shares available for issuance under the 2013 EIP automatically increases on the first business day of each of our fiscal years, commencing in 2014, by a number equal to the least of (a) 13.75 million shares, (b) 5% of the shares of our common stock outstanding on the last business day of the prior fiscal year, or (c) the number of shares determined by our board of directors. During our fiscal year ended January 31, 2026, our board of directors determined to add 6,503,351 shares of common stock to the 2013 EIP.

2013 Employee Stock Purchase Plan

Our Employee Stock Purchase Plan (“ESPP”) was adopted by our board of directors in August 2013 and our stockholders approved it in September 2013. The ESPP became effective as of our IPO registration statement on Form S-1, on October 15, 2013. Our ESPP is intended to qualify under Section 423 of the Internal Revenue Code of 1986, as amended (“Code”). The ESPP was approved with a reserve of 4 million shares of common stock for future issuance under various terms provided for in the ESPP. As of January 31, 2026, the number of shares available for issuance under our ESPP was 4,897,856. The number of shares available for issuance under the ESPP automatically increases on the first business day of each of our fiscal years, commencing in 2014, by a number equal to the least of (a) 2.2 million shares, (b) 1% of the shares of our common stock outstanding on the last business day of the prior fiscal year or (c) the number of shares determined by our board of directors. During our fiscal year ended January 31, 2026, our board of directors determined no additional shares were to be made available for issuance under the ESPP.

During active offering periods, our ESPP permits eligible employees to acquire shares of our common stock at 85% of the lower of the fair market value of our common stock on the first day of the applicable offering period or the fair market value of our common stock on the purchase date. Participants may purchase shares of common stock through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The initial offering period for our ESPP commenced on the date of our initial public offering and ended on June 15, 2014. We have not had any open offering periods subsequent to the initial offering period.

Stock Option Activity

The 2013 EIP provides for the issuance of incentive and nonstatutory options to employees, consultants and non-employee directors. Options issued under the 2013 EIP generally are exercisable for periods not to exceed ten years and generally vest over four years, with certain options vesting over five to seven years.

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A summary of stock option activity for the fiscal year ended January 31, 2026 is as follows:

			Number of shares						Weighted average exercise price						Weighted average remaining contractual term (in years)						Aggregate intrinsic value (in millions)
Options outstanding at January 31, 2025			14,633,921						$	177.65					6.8						$	860
Options granted			2,261,282						$	216.48
Options exercised			(1,374,104)						$	184.75
Options forfeited/cancelled			(386,223)						$	209.76
Options outstanding at January 31, 2026			15,134,876						$	181.99					6.3						$	523
Options vested and exercisable at January 31, 2026			6,558,348						$	136.89					3.9						$	496
Options vested and exercisable at January 31, 2026 and expected to vest thereafter			15,134,876						$	181.99					6.3						$	523

As of January 31, 2026, there was $417 million in unrecognized compensation cost related to unvested stock options granted under the 2013 Equity Incentive Plan. This cost is expected to be recognized over a weighted average period of 2.0 years. The fair value of options vested was $148 million, $152 million, and $114 million for the fiscal years ended January 31, 2026, 2025, and 2024, respectively.

The options granted during the fiscal year ended January 31, 2026 were primarily made in connection with our annual performance review cycle. The weighted average grant-date fair value of options granted was $97.93, $80.69, and $81.17 per option for the fiscal years ended January 31, 2026, 2025, and 2024, respectively. The total intrinsic value of options exercised was approximately $120 million, $45 million, and $353 million for the fiscal years ended January 31, 2026, 2025, and 2024, respectively.

Stock Option Valuation Assumptions

The following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented:

												Fiscal year ended January 31,
																		2026												2025												2024
Volatility																														39%			-			40%						39%			-			41%						39%			-			41%
Expected term (in years)																								6.3			-			7.0						5.5			-			7.6						6.3			-			7.0
Risk-free interest rate																														3.68%			-			4.41%						3.46%			-			4.65%						3.34%			-			4.73%
Dividend yield																		—%												—%												—%

During the fiscal year ended January 31, 2025, we granted our Chief Executive Officer (“CEO”) options to purchase an aggregate of 2,650,000 shares of our common stock at an exercise price of $236.90 per share. The stock option carries a market condition and vests through 2030, subject to Mr. Gassner’s continuous service as CEO. As of January 31, 2026, the market condition has been achieved, but no time-based vesting milestone has been reached. The grant date fair value of the stock option of approximately $172 million was calculated using a Monte Carlo simulation model and the following table provides the assumptions used in the simulation:

Volatility			39		%
Expected term (in years)			7.6
Risk-free interest rate			4.18		%
Dividend yield			—		%

Restricted Stock Units (“RSUs”)

The 2013 EIP provides for the issuance of RSUs to employees. RSUs issued under the 2013 EIP generally vest over a period of one year.

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A summary of RSU activity for the fiscal year ended January 31, 2026 is as follows:

			Unreleased restricted stock units						Weighted average grant date fair value
Balance at January 31, 2025			880,026						$	206.25
RSUs granted			1,065,116						$	217.87
RSUs vested			(988,578)						$	213.67
RSUs forfeited/cancelled			(66,508)						$	212.68
Balance at January 31, 2026			890,056						$	211.42

As of January 31, 2026, there was a total of $65 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 0.6 years. The total fair value of RSUs vested was $253 million, $215 million, and $223 million for the fiscal years ended January 31, 2026, 2025, and 2024, respectively.

The weighted average grant-date fair value of RSUs granted was $217.87, $213.04, and $180.78 per award for the fiscal years ended January 31, 2026, 2025, and 2024, respectively.

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 Securities Exchange Act of 1934, as amended (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 table below sets forth information regarding repurchase of shares under our share repurchase program (in thousands, except number of shares and per share data):

									Fiscal year ended January 31,
															2026
Total number of shares repurchased															801,735
Average price paid per share (1)															$	224.43
Amount repurchased (1)															$	179,930
(1) Amounts exclude commissions.

All repurchases were made in open market transactions. As of January 31, 2026, $1.82 billion remained available for future repurchase. Upon retirement, the par value of the common stock repurchased was deducted from the repurchase price of the common stock. Any excess of repurchase price over par value was accounted for entirely as a deduction from additional paid-in capital in the consolidated balance sheets.

Note 11. Other Income

Other income, net, consisted of the following (in thousands):

			Fiscal year ended January 31,
			2026						2025						2024
Foreign currency gain (loss)			$	1,535					$	(3,274)					$	124
Accretion on investments			8,451						22,622						24,817
Interest income, net			267,219						207,987						133,748
Miscellaneous income			934						611						—
Other income, net			$	278,139					$	227,946					$	158,689

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Note 12. Net Income per Share

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period.

Diluted net income per share is computed by dividing net income by the weighted-average shares outstanding, including potentially dilutive shares of common equivalents outstanding during the period. The dilutive effect of potential shares of common stock is determined using the treasury stock method.

On October 15, 2023, all of our outstanding shares of Class B common stock automatically converted into the same number of shares of Class A common stock pursuant to the terms of our then effective Amended and Restated Certificate of Incorporation. Because shares of Class B common stock were outstanding for a portion of the fiscal year ended January 31, 2024, we have disclosed earnings per share for Class A and Class B common stock for the fiscal year ended January 31, 2024. For the fiscal year ended January 31, 2024, the computation of fully diluted net income per share of Class A common stock assumes the conversion from Class B common stock, while the fully diluted net income per share of Class B common stock does not assume the conversion of those shares.

The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):

									Fiscal year ended January 31,
												2026						2025						2024
															Common						Common						Class A						Class B
Numerator:
Net income, basic															$	908,906					$	714,138					$	491,747					$	33,958
Reallocation as a result of conversion of Class B to Class A common stock:
Net income, basic															—						—						33,958						—
Reallocation of net income to Class B common stock															—						—						—						8,887
Net income, diluted															$	908,906					$	714,138					$	525,705					$	42,845
Denominator:
Basic shares:
Weighted average common shares outstanding, basic															163,667						161,879						150,162						10,370
Diluted shares:
Weighted average common shares outstanding, basic															163,667						161,879						150,162						10,370
Conversion of Class B to Class A common stock															—						—						10,370						—
Effect of potentially dilutive common shares															3,328						3,353						2,954						2,954
Weighted average common shares outstanding, diluted															166,995						165,232						163,486						13,324
Net income per share:
Basic															$	5.55					$	4.41					$	3.27					$	3.27
Diluted															$	5.44					$	4.32					$	3.22					$	3.22

Potential common share equivalents excluded because their inclusion would be anti-dilutive are as follows (in thousands):

									Fiscal year ended January 31,
												2026						2025						2024
Options and RSUs															9,549						8,609						6,083

Note 13. Commitments and Contingencies

Litigation

On August 13, 2025, Veeva and IQVIA entered into a settlement agreement that resolved all ongoing litigations between Veeva and IQVIA. Prior to that, IQVIA and Veeva had been involved in a series of litigations since 2017, including IQVIA Inc. v. Veeva Systems Inc. (No. 2:17-cv-00177) and IQVIA Inc. v. Veeva Systems Inc. (No. 2:19-cv-15517). Under the terms of the settlement agreement, neither party paid damages to the other party and both parties agreed to dismiss with prejudice all claims and counterclaims currently pending. Accordingly, all claims and

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counterclaims were dismissed. We paid approximately $31 million to certain law firms with whom we entered into partial contingency fee arrangements, pursuant to which such law firms were entitled to a success fee if certain non-monetary outcomes are achieved.

From time to time, we may be involved in other legal proceedings and subject to claims incident to the ordinary course of business. Although the results of such legal proceedings and claims cannot be predicted with certainty, we believe we are not currently a party to any 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. Regardless of the outcome, such proceedings can have an adverse impact on us because of defense and settlement costs, diversion of resources, and other factors, and there can be no assurances that favorable outcomes will be obtained.

Note 14. Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. We define the term “chief operating decision maker” to be our CEO. Our CEO reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, the Company operates as a single operating and reportable segment that is focused on providing industry cloud solutions tailored to the global life sciences industry.

The CEO gauges the effectiveness of investment and resourcing decisions and trends in the overall efficiency of the business over time using multiple measures of performance, including consolidated net income and adjusted operating income, which is an additional measure of our segment profitability. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The following table reconciles the Company’s revenues to consolidated net income and the specific items excluded from cost of revenues and operating expenses to calculate adjusted operating income (in thousands):

									Fiscal year ended January 31,
															2026						2025						2024
Revenues															$	3,195,311					$	2,746,619					$	2,363,673
Cost of revenues - adjusted:
Cost of subscription revenues															352,202						312,169						279,626
Cost of professional services and other revenues															361,335						324,639						332,927
Operating expenses - adjusted:
Research and development															562,493						507,092						456,041
Sales and marketing															321,061						293,105						276,505
General and administrative															164,375						157,271						176,048
Operating income - adjusted															1,433,845						1,152,343						842,526
Other segment items (1)															517,476						460,908						413,192
Other income, net															278,139						227,946						158,689
Income tax provision															285,602						205,243						62,318
Consolidated net income															$	908,906					$	714,138					$	525,705
(1) Other segment items included in consolidated net income consist primarily of stock-based compensation, amortization of purchased intangibles, and litigation settlement-related charges.

Cost of revenues - adjusted, and operating expenses - adjusted, are segment expenses that are regularly provided to the CEO and do not include stock-based compensation, amortization of purchased intangibles, and litigation settlement-related charges, as we exclude them from our internal management reporting processes. We find it useful to exclude these expenses when we assess the appropriate level of various operating expenses and resource allocations when budgeting, planning, and forecasting future periods.

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Note 15. Information about Geographic Areas and Products

Information about Geographic Areas

We track and allocate revenues by principal geographic area rather than by individual country, which makes it impractical to disclose revenues for the United States or other specific foreign countries. We measure subscription revenue primarily by the estimated location of the end users in each geographic area for our Commercial Solutions and primarily by the estimated location of usage in each geographic area for our R&D and Quality Solutions. We measure professional services revenue primarily by the location of the resources performing the professional services.

Total revenues by geographic area were as follows for the periods shown below (in thousands):

									Fiscal year ended January 31,
															2026						2025						2024
Revenues by geography
North America															$	1,903,342					$	1,621,697					$	1,387,425
Europe															939,630						790,777						662,560
Asia Pacific															280,162						265,735						250,600
Other international															72,177						68,410						63,088
Total revenues															$	3,195,311					$	2,746,619					$	2,363,673

Long-lived assets by geographic area are as follows as of the periods shown below (in thousands):

			January 31,
			2026						2025
Long-lived assets by geography
North America			$	54,089					$	47,144
Europe			11,018						6,778
Asia Pacific			4,239						1,295
Other international			915						695
Total long-lived assets			$	70,261					$	55,912

Revenues by Product

We group our revenues into two product areas: Commercial Solutions and R&D and Quality Solutions. Commercial Solutions revenues consist of revenues from our Veeva Commercial Cloud and Veeva Data Cloud solutions. R&D and Quality Solutions revenues consist of revenues from our Veeva Development Cloud and Veeva Quality Cloud solutions.

Total revenues consist of the following (in thousands):

									Fiscal year ended January 31,
															2026						2025						2024
Subscription
Commercial Solutions															$	1,257,568					$	1,104,888					$	995,803
R&D and Quality Solutions															1,426,626						1,179,771						905,790
Total subscription															2,684,194						2,284,659						1,901,593
Professional services and other
Commercial Solutions															189,307						185,302						185,981
R&D and Quality Solutions															321,810						276,658						276,099
Total professional services and other															511,117						461,960						462,080
Total revenues															$	3,195,311					$	2,746,619					$	2,363,673

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Note 16. 401(k) Plan

We have a qualified defined contribution plan under Section 401(k) of the Internal Revenue Code covering eligible employees, as well as a Registered Retirement Savings Plan (“RRSP”) for eligible employees in Canada. Under the 401(k) plan, we match up to $4,000 per employee per year. Under the RRSP plan, we also match up to $2,000 per employee per year. For the fiscal years ended January 31, 2026, 2025, and 2024, total expense related to these plans was $18 million, $10 million, and $9 million, respectively.

Note 17. Subsequent Events

On March 10, 2026, we acquired all outstanding stock of Rise Healthcare Tech, Inc. (“Ostro”). Ostro provides an engagement platform for life sciences that gives patients and doctors immediate, compliant answers through an AI-driven chat experience. Veeva completed the acquisition of Ostro for approximately $100 million in cash and long-term equity retention grants. We are currently evaluating the accounting treatment of this acquisition and are in the process of completing the preliminary purchase price allocation of the assets acquired and liabilities assumed.