Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 163

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1A
Chunk 163
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,377 53,237 Research and development185,901 172,876 Sales and marketing90,178 90,865 General and administrative103,303 70,272 Total stock-based compensation$437,350 $393,733 

Fiscal Year Ended January 31, 2025 and 2024 

The following is a discussion of our results of operations for the year ended January 31, 2025 compared to the year ended January 31, 2024. For a discussion of our results of operations for the year ended January 31, 2024 compared to the year ended January 31, 2023, please refer to Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended January 31, 2024, which is hereby incorporated by reference.

Veeva Systems Inc. | Form 10-K39

Table of Contents

Revenues

Fiscal year ended January 31,20252024% Change(dollars in thousands)Revenues:Subscription services$2,284,659 $1,901,593 20%Professional services and other461,960 462,080 —%Total revenues$2,746,619 $2,363,673 16%Percentage of revenues:Subscription services83 %80 %Professional services and other17 20 Total revenues100 %100 %

Total revenues for the fiscal year ended January 31, 2025 increased $383 million, all of which was from growth in subscription services revenues.

The increase in subscription services revenues consisted of $274 million of subscription services revenue attributable to R&D Solutions and $109 million of subscription services revenue attributable to Commercial Solutions. The increase in subscription services revenue attributable to R&D solutions was primarily due to expanding use of Veeva Development Cloud products by both existing and new customers. The increase in subscription services revenue attributable to Commercial Solutions was primarily due to expanding use of our Veeva Commercial Cloud products by both existing and new customers and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment. The geographic mix of subscription services revenues was 59% from North America, 28% from Europe, and 13% from other locations, primarily Asia Pacific, for the fiscal year ended January 31, 2025, as compared to 58% from North America,