Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 262

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 2
Chunk 262
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,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 other128,738 118,357 9%382,911 349,651 10%Total revenues$811,236 $699,207 16%$2,359,360 $2,025,733 16%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 October 31, 2025 increased $112 million, of which $102 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 $63 million attributable to R&D Solutions and $39 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 lesser extent, due to higher prices in connection with our annual inflation adjustment for Veeva Commercial Cloud products. The geographic mix of subscription services revenues was 60% from North America, 28% from Europe, and 12%