# VEEVA SYSTEMS INC (VEEV) Informational only - not investment advice. CIK: 0001393052 SIC: 7372 Services-Prepackaged Software SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/) Latest 10-K filed: 2026-03-20 SEC page: https://www.sec.gov/edgar/browse/?CIK=1393052 Filing source: https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm ## At a glance FY2026 · period end 2026-01-31 · filed 2026-03-20 · accession 0001393052-26-000014 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001393052.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 3,195,311,000 USD | 2026 | verified | | Net income | 908,906,000 USD | 2026 | verified | | Assets | 8,979,343,000 USD | 2026 | verified | | Net margin | 28.44% | 2026 | computed | | Operating margin | 28.68% | 2026 | computed | | Revenue YoY | +16.34% | 2026 | computed | | ROE | 12.60% | 2026 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | VEEV | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 28.4% | 1.5% | 93 | 122 | | Operating margin | 28.7% | 1.3% | 92 | 121 | | Revenue growth | 16.3% | 13.5% | 59 | 124 | | ROE | 12.6% | 2.0% | 68 | 112 | | ROA | 10.1% | 0.9% | 84 | 124 | | Liabilities / equity | 0.24 | 0.91 | 7 | 113 | | Current ratio | 4.89 | 1.57 | 93 | 124 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 3195311000 | USD | 2026 | 2026-03-20 | | Net income | 908906000 | USD | 2026 | 2026-03-20 | | Assets | 8979343000 | USD | 2026 | 2026-03-20 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001393052.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 550,542,000 | 690,559,000 | 862,210,000 | 1,104,081,000 | 1,465,069,000 | 1,850,777,000 | 2,155,060,000 | 2,363,673,000 | 2,746,619,000 | 3,195,311,000 | | Net income | 77,572,000 | 151,177,000 | 229,832,000 | 301,118,000 | 379,998,000 | 427,390,000 | 487,706,000 | 525,705,000 | 714,138,000 | 908,906,000 | | Operating income | 120,688,000 | 157,929,000 | 222,866,000 | 286,219,000 | 377,794,000 | 505,496,000 | 459,091,000 | 429,334,000 | 691,435,000 | 916,369,000 | | Gross profit | 376,861,000 | 479,137,000 | 616,929,000 | 800,712,000 | 1,056,141,000 | 1,347,099,000 | 1,545,655,000 | 1,686,382,000 | 2,046,983,000 | 2,413,292,000 | | Diluted EPS | 0.53 | 0.98 | 1.47 | 1.90 | 2.36 | 2.63 | 3.00 | 3.22 | 4.32 | 5.44 | | Operating cash flow | 144,011,000 | 233,438,000 | 310,827,000 | 437,375,000 | 551,246,000 | 764,463,000 | 780,470,000 | 911,339,000 | 1,090,051,000 | 1,415,225,000 | | Share buybacks | | | | | | | | 0.00 | 0.00 | 169,949,000 | | Assets | 917,376,000 | 1,230,333,000 | 1,653,766,000 | 2,271,777,000 | 3,046,067,000 | 3,816,465,000 | 4,804,296,000 | 5,910,920,000 | 7,339,756,000 | 8,979,343,000 | | Liabilities | 264,722,000 | 324,095,000 | 416,017,000 | 606,183,000 | 779,747,000 | 904,828,000 | 1,088,044,000 | 1,266,096,000 | 1,507,383,000 | 1,764,591,000 | | Stockholders' equity | 678,154,000 | 906,238,000 | 1,237,749,000 | 1,665,594,000 | 2,266,320,000 | 2,911,637,000 | 3,716,252,000 | 4,644,824,000 | 5,832,373,000 | 7,214,752,000 | | Cash and cash equivalents | 217,606,000 | 320,183,000 | 550,971,000 | 476,733,000 | 730,504,000 | 1,138,040,000 | 886,465,000 | 703,487,000 | 1,118,785,000 | 1,421,233,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 14.09% | 21.89% | 26.66% | 27.27% | 25.94% | 23.09% | 22.63% | 22.24% | 26.00% | 28.44% | | Operating margin | 21.92% | 22.87% | 25.85% | 25.92% | 25.79% | 27.31% | 21.30% | 18.16% | 25.17% | 28.68% | | Return on equity | 11.44% | 16.68% | 18.57% | 18.08% | 16.77% | 14.68% | 13.12% | 11.32% | 12.24% | 12.60% | | Return on assets | 8.46% | 12.29% | 13.90% | 13.25% | 12.48% | 11.20% | 10.15% | 8.89% | 9.73% | 10.12% | | Liabilities / equity | 0.39 | 0.36 | 0.34 | 0.36 | 0.34 | 0.31 | 0.29 | 0.27 | 0.26 | 0.24 | | Current ratio | 2.88 | 3.31 | 3.57 | 2.78 | 3.23 | 3.70 | 3.94 | 4.24 | 4.51 | 4.89 | ## As-reported value updates 9 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/VEEV/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001393052.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-07-31 | | | 0.56 | reported discrete quarter | | 2022-Q3 | 2022-10-31 | | | 0.67 | reported discrete quarter | | 2024-Q1 | 2023-04-30 | | | 0.81 | reported discrete quarter | | 2024-Q2 | 2023-07-31 | 590,225,000 | 111,628,000 | 0.68 | reported discrete quarter | | 2024-Q3 | 2023-10-31 | 616,505,000 | 135,158,000 | 0.83 | reported discrete quarter | | 2024-Q4 | 2024-01-31 | 630,618,000 | 147,398,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-04-30 | 650,345,000 | 161,664,000 | 0.98 | reported discrete quarter | | 2025-Q2 | 2024-07-31 | 676,181,000 | 171,041,000 | 1.04 | reported discrete quarter | | 2025-Q3 | 2024-10-31 | 699,207,000 | 185,808,000 | 1.13 | reported discrete quarter | | 2025-Q4 | 2025-01-31 | 720,886,000 | 195,625,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-04-30 | 759,043,000 | 228,190,000 | 1.37 | reported discrete quarter | | 2026-Q2 | 2025-07-31 | 789,081,000 | 200,309,000 | 1.19 | reported discrete quarter | | 2026-Q3 | 2025-10-31 | 811,236,000 | 236,203,000 | 1.40 | reported discrete quarter | | 2026-Q4 | 2026-01-31 | 835,951,000 | 244,204,000 | | derived Q4 = FY annual - nine-month YTD | | 2027-Q1 | 2026-04-30 | 882,948,000 | 260,936,000 | 1.57 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from VEEV's latest 10-K: [/company/VEEV/business/](/company/VEEV/business/). ## Risk Factors Verbatim Item 1A Risk Factors from VEEV's latest 10-K: [/company/VEEV/risk-factors/](/company/VEEV/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1393052/000139305226000026/veev-20260430.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-06-05 Report date: 2026-04-30 ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K. In addition to historical condensed consolidated financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results could differ materially from those anticipated by these forward-looking statements as a result of many factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this report, including those set forth under “Risk Factors” and “Special Note Regarding Forward-Looking Statements.” Overview Veeva is the leading provider of industry cloud solutions for the global life sciences industry. Our offerings span cloud software, AI, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from 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. For a more detailed description of our business and products as of January 31, 2026, please see our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 filed on March 20, 2026. Our industry cloud solutions are grouped into four major product categories—Veeva Development Cloud, Veeva Quality Cloud, Veeva Commercial Cloud, and Veeva Data Cloud. For financial reporting purposes, “Commercial Solutions” revenues refer to revenues associated with our Veeva Commercial Cloud and Veeva Data Cloud solutions, and “R&D and Quality Solutions” revenues refer to revenues associated with our Veeva Development Cloud and Veeva Quality Cloud solutions. In our fiscal year ended January 31, 2026, we derived approximately 47% and 53% of our subscription revenues and 45% and 55% of our total revenues from our Commercial Solutions and R&D and Quality Solutions, respectively. For the three months ended April 30, 2026, we derived approximately 46% and 54% of our subscription revenues and 45% and 55% of our total revenues from our Commercial Solutions and R&D and Quality Solutions, respectively. Revenues associated with our R&D and Quality Solutions are expected to increase as a percentage of both subscription revenues and total revenues in the future. We also offer certain of our R&D and Quality Solutions to industries outside the life sciences industry primarily in North America and Europe. For our fiscal years ended January 31, 2026, 2025, and 2024, our total revenues were $3,195 million, $2,747 million, and $2,364 million, respectively, representing year-over-year growth in total revenues of 16% in our fiscal year ended January 31, 2026, and 16% in our fiscal year ended January 31, 2025. For our fiscal years ended January 31, 2026, 2025, and 2024, our subscription revenues were $2,684 million, $2,285 million, and $1,902 million, respectively, representing year-over-year growth in subscription revenues of 17% in our fiscal year ended January 31, 2026, and 20% in our fiscal year ended January 31, 2025. We generated net income of $909 million, $714 million, and $526 million for our fiscal years ended January 31, 2026, 2025, and 2024, respectively. As of January 31, 2026, 2025, and 2024, we served 1,552, 1,477, and 1,432 customers, respectively. As of January 31, 2026, 2025, and 2024, we had 767, 730, and 693 Commercial Solutions customers, respectively, and 1,196, 1,125, and 1,078 R&D and Quality Solutions customers, respectively. These customer count totals are net of customer attrition during each period. The combined customer counts for Commercial Solutions and R&D and Quality Solutions exceed the total customer count in each year because some customers subscribe to products in both areas. Many of our applications for R&D are used by smaller, earlier-stage, pre-commercial companies, some of which may not reach the commercialization stage. Components of Results of Operations Revenues We derive our revenues primarily from subscription fees and professional services fees. Subscription revenues consist of fees from customers accessing our software and data solutions. Professional services and other revenues consist primarily of fees from implementation services, configuration, and managed services in connection [[GREPCENT_TABLE]] [["20","Veeva Systems Inc. | Form 10-Q"]] [[/GREPCENT_TABLE]] Table of Contents with our solutions, as well as services related to our speakers bureau logistics and Veeva Business Consulting offering. For the three months ended April 30, 2026, subscription revenues constituted 83% of total revenues and professional services and other revenues constituted 17% of total revenues. We generally enter into master subscription agreements with our customers and count each distinct master subscription agreement that has not been terminated or expired and that has orders for which we have recognized revenue in the quarter as a distinct customer for purposes of determining our total number of current customers as of the end of that quarter. We generally enter into a single master subscription agreement with each customer, although in some instances, affiliated legal entities within the same corporate family may enter into separate master subscription agreements. Conversely, affiliated legal entities that maintain distinct master subscription agreements may choose to consolidate their orders under a single master subscription agreement, and, in that circumstance, our customer count would decrease. Divisions, subsidiaries, and operating units of our customers often place distinct orders for our subscription services under the same master subscription agreement, and we do not count such distinct orders as new customers for purposes of determining our total customer count. For Veeva Crossix, we do not count as distinct customers agencies contracting with us on behalf of brands within life sciences companies. New subscription orders for our CRM applications generally have a one-year term. If a customer adds end users or additional Commercial Solutions to an existing order for a CRM application, such additional orders will generally be coterminous with the anniversary date of the CRM order, and as a result, orders for additional end users or additional Commercial Solutions will commonly have an initial term of less than one year. Subscription revenues are generally recognized ratably over the respective noncancellable subscription term because of the continuous transfer of control to the customer. Our master subscription agreements governing multi-year orders generally include a termination for convenience right for our customers. The amount of revenue recognized from such orders will generally be consistent with the amount invoiced for the relevant term of the order. Our subscription orders are generally billed at the beginning of the subscription period in annual or quarterly increments, which means the annualized value of such orders may not be completely reflected in deferred revenue at any single point in time. Also, particularly with respect to expansion orders for our Commercial Solutions, because the term of orders for additional end users or applications is commonly less than one year to align to the renewal date of existing Commercial Solutions orders, the annualized value of such orders may not be completely reflected in deferred revenue at any single point in time. We have also agreed from time to time, and may agree in the future, to allow customers to change the renewal dates of their orders to, for example, align more closely with a customer’s annual budget process or to align with the renewal dates of other orders placed by other entities within the same corporate control group, or to change payment terms from annual to quarterly, or vice versa. Such changes may result in an order of less than one year as necessary to align all orders to the desired renewal date and, thus, may result in a lesser increase to deferred revenue compared to if the adjustment had not occurred. Additionally, changes in renewal dates may change the fiscal quarter in which deferred revenue associated with a particular order is booked. Accordingly, we do not believe that changes on a quarterly or annual basis in deferred revenue, calculated billings, or normalized billings are precise indicators of future revenues. We define the term calculated billings for any period to mean revenue for the period plus the change in deferred revenue from the immediately preceding period minus the change in unbilled accounts receivable from the immediately preceding period. We define the term normalized billings for any period to mean calculated billings adjusted for the impact of (i) term changes in our customer renewals, such as changes to renewal date (for example, changing the renewal date of multiple products to be coterminous) or changes to billing frequency (for example, changing from annual to quarterly billings), and (ii) delayed renewals that have closed and billed after the period end. Our agreements typically provide that orders will automatically renew unless notice of non-renewal is provided in advance. Subscription 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. We utilize our own personnel to perform our professional services and business consulting engagements with customers. In certain cases, we may utilize third-party subcontractors to perform professional services engagements. 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 and business consulting arrangements are billed on a fixed fee basis and revenues are typically recognized over time as the services are delivered based on time incurred. Professional services revenues are affected primarily by our customers’ demands for implementation services, configuration, managed services, [[GREPCENT_TABLE]] [["Veeva Systems Inc. | Form 10-Q","21"]] [[/GREPCENT_TABLE]] Table of Contents and speakers bureau logistics. 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. Allocated Overhead We accumulate certain costs such as office rent, utilities, and other facilities costs, information technology, and building depreciation, and allocate them across the various departments based on headcount. We refer to these costs as “allocated overhead.” Cost of Revenues Cost of subscription revenues for all of our solutions 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, expenses associated with computer equipment and software, and allocated overhead. Cost of professional services and other revenues consists primarily of employee-related expenses associated with providing professional and business consulting services. The cost of providing professional services is significa [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm Complete FY 2026 MD&A: /company/VEEV/mda/fy2026/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-20 Report date: 2026-01-31 ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this report. In addition to historical consolidated financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results could differ materially from those anticipated by these forward-looking statements as a result of many factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this report, including those set forth under “Risk Factors” and “Special Note Regarding Forward-Looking Statements.” Overview 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 industry cloud solutions are grouped into four major product categories—Veeva Development Cloud, Veeva Quality Cloud, Veeva Commercial Cloud, and Veeva Data Cloud. For financial reporting purposes, “Commercial Solutions” revenues refer to revenues associated with our Veeva Commercial Cloud and Veeva Data Cloud solutions, and “R&D and Quality Solutions” revenues refer to revenues associated with our Veeva Development Cloud and Veeva Quality Cloud solutions. In our fiscal year ended January 31, 2026, we derived approximately 47% and 53% of our subscription revenues and 45% and 55% of our total revenues from our Commercial Solutions and R&D and Quality Solutions, respectively. For the fiscal year ended January 31, 2025, we derived approximately 48% and 52% of our subscription revenues and 47% and 53% of our total revenues from our Commercial Solutions and R&D and Quality Solutions, respectively. Revenues associated with our R&D and Quality Solutions are expected to increase as a percentage of both subscription revenues and total revenues in the future. We also offer certain of our R&D and Quality Solutions to industries outside the life sciences industry primarily in North America and Europe. For our fiscal years ended January 31, 2026, 2025, and 2024, our total revenues were $3,195 million, $2,747 million, and $2,364 million, respectively, representing year-over-year growth in total revenues of 16% in our fiscal year ended January 31, 2026, and 16% in our fiscal year ended January 31, 2025. For our fiscal years ended January 31, 2026, 2025, and 2024, our subscription revenues were $2,684 million, $2,285 million, and $1,902 million, respectively, representing year-over-year growth in subscription revenues of 17% in our fiscal year ended January 31, 2026, and 20% in our fiscal year ended January 31, 2025. We generated net income of $909 million, $714 million, and $526 million for our fiscal years ended January 31, 2026, 2025, and 2024, respectively. As of January 31, 2026, 2025, and 2024, we served 1,552, 1,477, and 1,432 customers, respectively. As of January 31, 2026, 2025, and 2024, we had 767, 730, and 693 Commercial Solutions customers, respectively, and 1,196, 1,125, and 1,078 R&D and Quality Solutions customers, respectively. These customer count totals are net of customer attrition during each period. The combined customer counts for Commercial Solutions and R&D and Quality Solutions exceed the total customer count in each year because some customers subscribe to products in both areas. Many of our applications for R&D are used by smaller, earlier-stage, pre-commercial companies, some of which may not reach the commercialization stage. Components of Results of Operations Revenues We derive our revenues primarily from subscription fees and professional services fees. Subscription revenues consist of fees from customers accessing our software and 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 [[GREPCENT_TABLE]] [["Veeva Systems Inc. | Form 10-K","41"]] [[/GREPCENT_TABLE]] Table of Contents offering. For the fiscal year ended January 31, 2026, subscription revenues constituted 84% of total revenues and professional services and other revenues constituted 16% of total revenues. We generally enter into master subscription agreements with our customers and count each distinct master subscription agreement that has not been terminated or expired and that has orders for which we have recognized revenue in the quarter as a distinct customer for purposes of determining our total number of current customers as of the end of that quarter. We generally enter into a single master subscription agreement with each customer, although in some instances, affiliated legal entities within the same corporate family may enter into separate master subscription agreements. Conversely, affiliated legal entities that maintain distinct master subscription agreements may choose to consolidate their orders under a single master subscription agreement, and, in that circumstance, our customer count would decrease. Divisions, subsidiaries, and operating units of our customers often place distinct orders for our subscription services under the same master subscription agreement, and we do not count such distinct orders as new customers for purposes of determining our total customer count. For Veeva Crossix, we do not count as distinct customers agencies contracting with us on behalf of brands within life sciences companies. New subscription orders for our CRM applications generally have a one-year term. If a customer adds end users or additional Commercial Solutions to an existing order for a CRM application, such additional orders will generally be coterminous with the anniversary date of the CRM order, and as a result, orders for additional end users or additional Commercial Solutions will commonly have an initial term of less than one year. Subscription revenues are generally recognized ratably over the respective noncancellable subscription term because of the continuous transfer of control to the customer. Our master subscription agreements governing multi-year orders generally include a termination for convenience right for our customers. The amount of revenue recognized from such orders will generally be consistent with the amount invoiced for the relevant term of the order. Our subscription orders are generally billed at the beginning of the subscription period in annual or quarterly increments, which means the annualized value of such orders may not be completely reflected in deferred revenue at any single point in time. Also, particularly with respect to expansion orders for our Commercial Solutions, because the term of orders for additional end users or applications is commonly less than one year to align to the renewal date of existing Commercial Solutions orders, the annualized value of such orders may not be completely reflected in deferred revenue at any single point in time. We have also agreed from time to time, and may agree in the future, to allow customers to change the renewal dates of their orders to, for example, align more closely with a customer’s annual budget process or to align with the renewal dates of other orders placed by other entities within the same corporate control group, or to change payment terms from annual to quarterly, or vice versa. Such changes may result in an order of less than one year as necessary to align all orders to the desired renewal date and, thus, may result in a lesser increase to deferred revenue compared to if the adjustment had not occurred. Additionally, changes in renewal dates may change the fiscal quarter in which deferred revenue associated with a particular order is booked. Accordingly, we do not believe that changes on a quarterly or annual basis in deferred revenue, calculated billings, or normalized billings are precise indicators of future revenues. We define the term calculated billings for any period to mean revenue for the period plus the change in deferred revenue from the immediately preceding period minus the change in unbilled accounts receivable from the immediately preceding period. We define the term normalized billings for any period to mean calculated billings adjusted for the impact of (i) term changes in our customer renewals, such as changes to renewal date (for example, changing the renewal date of multiple products to be coterminous) or changes to billing frequency (for example, changing from annual to quarterly billings), and (ii) delayed renewals that have closed and billed after the period end. Our agreements typically provide that orders will automatically renew unless notice of non-renewal is provided in advance. Subscription 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. We utilize our own personnel to perform our professional services and business consulting engagements with customers. In certain cases, we may utilize third-party subcontractors to perform professional services engagements. 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 and business consulting arrangements are billed on a fixed fee basis and revenues are typically recognized over time as the services are delivered based on time incurred. Professional services revenues are affected primarily by our customers’ demands for implementation services, configuration, managed services, and speakers bureau logistics. Our business consulting revenues are affected primarily by our customers’ demands [[GREPCENT_TABLE]] [["Veeva Systems Inc. | Form 10-K","42"]] [[/GREPCENT_TABLE]] Table of Contents for services related to a particular customer success initiative, strategic analysis, or business process change, and not by cloud software implementation. Allocated Overhead We accumulate certain costs such as office rent, utilities, and other facilities costs, information technology, and building depreciation, and allocate them across the various departments based on headcount. We refer to these costs as “allocated overhead.” Cost of Revenues Cost of subscription revenues for all of our solutions 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, expenses associated with computer equipment and software, and allocated overhead. Cost of professional services and other 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 the cost of subscription due to the direct labor costs and costs of third-party subcontractors. Operating Expenses Research and Development. Research and development expenses consist pri [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2026 MD&A: /company/VEEV/mda/fy2026/ All MD&A years: /company/VEEV/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2025 MD&A](/company/VEEV/mda/fy2025/): filed 2025-03-24; accession 0001393052-25-000022 (https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131.htm) - [FY 2024 MD&A](/company/VEEV/mda/fy2024/): filed 2024-03-25; accession 0001393052-24-000013 (https://www.sec.gov/Archives/edgar/data/1393052/000139305224000013/veev-20240131.htm) - [FY 2023 MD&A](/company/VEEV/mda/fy2023/): filed 2023-03-30; accession 0001393052-23-000025 (https://www.sec.gov/Archives/edgar/data/1393052/000139305223000025/veev-20230131.htm) - [FY 2022 MD&A](/company/VEEV/mda/fy2022/): filed 2022-03-30; accession 0001393052-22-000017 (https://www.sec.gov/Archives/edgar/data/1393052/000139305222000017/veev-20220131.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/VEEV.md · JSON record: /company/VEEV.json · verified financials: /company/VEEV/financials.json / /company/VEEV/financials.csv · machine TOC for the whole site: /llms.txt