Company: VEEV
Filing Date: 2025-08-29
Form Type: 10-Q
Source: 0001393052-25-000067
Chunk: 149

Company: VEEVA SYSTEMS INC
Filing Date: 2025-08-29
Form: 10-Q
Item: Part I, Item 1
Chunk 149
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181.98 6.8$1,600 Options vested and exercisable at July 31, 20256,862,373 $138.67 4.5$1,000 Options vested and exercisable at July 31, 2025 and expected to vest thereafter15,638,841 $181.98 6.8$1,600 The options granted during the six months ended July 31, 2025 were primarily made in connection with our annual performance review cycle. The weighted average grant-date fair value of options granted was $122.04 and $97.28 per option for the three and six months ended July 31, 2025, respectively.As of July 31, 2025, there was $541 million in unrecognized compensation cost related to unvested stock options granted under the 2013 Equity Incentive Plan. This cost is expected to be recognized over a weighted average period of 2.4 years.

The total intrinsic value of options exercised was approximately $64 million and $80 million for the three and six months ended July 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 July 31,Six months ended July 31,2025202420252024Volatility39%-40%39%39%-40%39%-41%Expected term (in years)6.256.25-7.636.25-7.006.25-7.63Risk-free interest rate4.02%-4.17%4.15%-4.45%3.78%-4.41%4.12%-4.65%Dividend yield—%—%—%—%Restricted Stock Units

A summary of RSU activity for the six months ended July 31, 2025 is as follows:Unreleased restrictedstock unitsWeighted average grantdate fair valueBalance at January 31, 2025880,026 $206.25 RSUs granted1,016,695 $215.98 RSUs vested(493,507)$208.21 RSUs forfeited/cancelled(31,447)$214.68 Balance at July 31, 20251,371,767 $