Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 196

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 196
---
Total revenues811,236 699,207 2,359,360 2,025,733 Cost of revenues (1):Cost of subscription services94,171 82,638 266,347 239,577 Cost of professional services and other105,294 91,751 302,195 279,068 Total cost of revenues199,465 174,389 568,542 518,645 Gross profit611,771 524,818 1,790,818 1,507,088 Operating expenses (1):Research and development191,883 172,411 568,593 511,551 Sales and marketing110,552 98,695 318,619 297,524 General and administrative68,483 72,359 233,113 195,001 Total operating expenses370,918 343,465 1,120,325 1,004,076 Operating income240,853 181,353 670,493 503,012 Other income, net71,933 60,937 206,478 171,239 Income before income taxes312,786 242,290 876,971 674,251 Income tax provision76,583 56,482 212,269 155,738 Net income$236,203 $185,808 $664,702 $518,513 

(1) Includes stock-based compensation as follows:Cost of revenues:Cost of subscription services$1,842 $1,696 $5,498 $4,892 Cost of professional services and other14,789 12,929 42,362 38,640 Research and development52,791 48,014 154,128 138,741 Sales and marketing24,509 21,214 72,222 67,928 General and administrative26,337 34,006 80,234 71,945 Total stock-based compensation$120,268 $117,859 $354,444 $322,146 

Revenues

Three months ended October 31,Nine months ended October 31,20252024% Change20252024% Change(dollars in thousands)Revenues:Subscription services$682,498 $580,850 17%$1,976,449 $1,676,082 18%Professional services and other