Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 266

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 2
Chunk 266
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 future, primarily due to employee compensation-related costs and hosting fees as we continue to invest in our product offerings.

24Veeva Systems Inc. | Form 10-Q

Table of Contents

Sales and Marketing

Three months ended October 31,Nine months ended October 31,20252024% Change20252024% Change(dollars in thousands)Sales and marketing$110,552 $98,695 12%$318,619 $297,524 7%Percentage of total revenues14 %14 %14 %15 %

Sales and marketing expenses for the three months ended October 31, 2025 increased $12 million, primarily due to an increase of $9 million in employee compensation-related costs, which was driven by increases in salaries and benefits, as well as headcount. The expansion of our headcount was to support our sales and marketing efforts associated with our product offerings.

Sales and marketing expenses for the nine months ended October 31, 2025 increased $21 million, primarily due to an increase of $18 million in employee compensation-related costs, which was driven by increases in salaries and benefits, as well as headcount. The expansion of our headcount was to support our sales and marketing efforts associated with our product offerings.

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

General and Administrative

Three months ended October 31,Nine months ended October 31,20252024% Change20252024% Change(dollars in thousands)General and administrative$68,483 $72,359 (5)%$233,113 $195,001 20%Percentage of total revenues8 %10 %10 %10 %

General and administrative expenses for the three months ended October 31, 2025 decreased $4 million, primarily due to the 2018 equity grant to our Chief Executive Officer that was fully recognized in the prior year.

General and administrative expenses for the nine months ended October 31, 2025 increased $38 million, primarily due to a net increase of $26 million in litigation settlement-related charges and $10 million in employee compensation-related costs. The increase in employee compensation-related costs was primarily driven by stock-based compensation related to the equity grant to our Chief Executive Officer in the quarter ended July 31, 2024.

Other Income, Net

Three months ended October