Company: VEEV
Filing Date: 2025-08-29
Form Type: 10-Q
Source: 0001393052-25-000067
Chunk: 260

Company: VEEVA SYSTEMS INC
Filing Date: 2025-08-29
Form: 10-Q
Item: Part I, Item 2
Chunk 260
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99,256 Net income$200,309 $171,041 $428,499 $332,705 

(1) Includes stock-based compensation as follows:Cost of revenues:Cost of subscription services$1,941 $1,642 $3,656 $3,196 Cost of professional services and other14,804 13,176 27,573 25,711 Research and development53,388 48,984 101,337 90,727 Sales and marketing25,392 23,671 47,713 46,714 General and administrative26,441 20,903 53,897 37,939 Total stock-based compensation$121,966 $108,376 $234,176 $204,287 

Revenues

Three months ended July 31,Six months ended July 31,20252024% Change20252024% Change(dollars in thousands)Revenues:Subscription services$659,183 $561,277 17%$1,293,951 $1,095,232 18%Professional services and other129,898 114,904 13%254,173 231,294 10%Total revenues$789,081 $676,181 17%$1,548,124 $1,326,526 17%Percentage of revenues:Subscription services84 %83 %84 %83 %Professional services and other16 17 16 17 Total revenues100 %100 %100 %100 %

Total revenues for the three months ended July 31, 2025 increased $113 million, of which $98 million was from growth in subscription services revenue.

22Veeva Systems Inc. | Form 10-Q

Table of Contents

The increase in subscription services revenues consisted of $62 million attributable to R&D Solutions and $36 million attributable to Commercial Solutions. The increase in subscription services revenue attributable to R&D solutions was primarily driven by the expanding use by existing customers of our Veeva Development Cloud and Veeva Quality Cloud products and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment for Veeva Development Cloud products. The increase in subscription services revenue attributable to Commercial Solutions was primarily driven by the expanding use by existing customers of our Veeva Commercial Cloud and Veeva Data Cloud products and, to a