Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 186

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 186
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ed stock options granted under the 2013 Equity Incentive Plan. This cost is expected to be recognized over a weighted average period of 2.2 years.

The total intrinsic value of options exercised was approximately $34 million and $114 million for the three and nine months ended October 31, 2025, respectively.

14Veeva Systems Inc. | Form 10-Q

Table of Contents

Stock Option Valuation AssumptionsThe following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented:Three months ended October 31,Nine months ended October 31,2025202420252024Volatility39%-40%39%-40%39%-40%39%-41%Expected term (in years)6.255.54-7.256.25-7.005.54-7.63Risk-free interest rate3.68%-3.97%3.46%-4.07%3.68%-4.41%3.46%-4.65%Dividend yield—%—%—%—%Restricted Stock Units (“RSUs”)

A summary of RSU activity for the nine months ended October 31, 2025 is as follows:Unreleased restrictedstock unitsWeighted average grantdate fair valueBalance at January 31, 2025880,026 $206.25 RSUs granted1,037,518 $217.30 RSUs vested(731,949)$210.98 RSUs forfeited/cancelled(48,516)$214.69 Balance at October 31, 20251,137,079 $212.93 As of October 31, 2025, there was a total of $122 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 0.7 years. The total grant date fair value of RSUs vested for the three and nine months ended October 31, 2025 was $70 million and $195 million, respectively.

Note 10. 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