Financial Analysis

Acquisitions Ostro On March 9, 2026, we acquired all outstanding stock of Rise Healthcare Tech, Inc. (Ostro) in exchange for a total consideration of $90 million, or $70 million net of cash acquired, which includes the impact of adjustments to purchase price associated with the net working capital of the acquired entity at close and excludes equity awards to certain Ostro employees that are accounted for separately from the business combination. Ostro provides an engagement platform for life sciences that gives patients and doctors immediate, compliant answers through an AI-driven chat. The following table summarizes the estimated fair values of the identifiable intangible assets, useful lives, and goodwill at the acquisition date (in thousands): Useful life Fair Value Identifiable intangible assets: Trade names and trademarks 3 years $ 1,300 Developed technology 5 years 14,500 Customer relationships 7 years 9,700 Total purchased intangible assets 25,500 Goodwill 44,423 Goodwill, which is not deductible for income tax purposes, is primarily attributed to the value expected from synergies resulting from the business combination. …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Litigation From time to time, we may be involved in legal proceedings and subject to claims incident to the ordinary course of business. Although the results of such legal proceedings and claims cannot be predicted with certainty, we believe we are not currently a party to any other legal proceedings, the outcome of which, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows, or financial position. Regardless of the outcome, such proceedings can have an adverse impact on us because of defense and settlement costs, diversion of resources, and other factors, and there can be no assurances that favorable outcomes will be obtained.

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Fair Value Measurements The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of April 30, 2026 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 560,643 $ $ 560,643 Short-term investments: Certificates of deposit 27,669 27,669 Asset-backed securities 205,966 205,966 Commercial paper 44,753 44,753 Corporate notes and bonds 3,289,706 3,289,706 Foreign government bonds 219,696 219,696 Municipal securities 41,456 41,456 U.S. agency obligations 1,488 1,488 U.S. Treasury securities 1,585,405 1,585,405 Foreign currency derivative contracts 59 59 Total financial assets $ 560,643 $ 5,416,198 $ 5,976,841 Liabilities Foreign currency derivative contracts $ $ (791) $ (791) Total financial liabilities $ $ (791) $ (791) The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2026 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 286,504 $ $ 286,504 U.S. Treasury securities 2,611 2,611 Short-term investments: Certificates of deposit 27,690 27,690 Asset-backed securities 261,917 261,917 Commercial paper 75,375 75,375 Corporate notes and bonds 3,154,559 3,154,559 Foreign government bonds 233,401 233,401 Municipal securities 37,453 37,453 U.S. agency obligations 11,720 11,720 U.S. Treasury securities 1,337,466 1,337,466 Foreign currency derivative …

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Goodwill and Intangible Assets Goodwill was $488 million and $440 million as of April 30, 2026 and January 31, 2026, respectively. The following table presents the details of intangible assets as of April 30, 2026 (in thousands): Gross carrying amount Accumulated amortization Net Remaining useful life (in years) Customer relationships $ 124,057 $ (85,853) $ 38,204 4.7 Existing technology 44,280 (28,732) 15,548 4.8 Trade name and trademarks 15,500 (13,981) 1,519 2.6 Other intangibles 21,405 (21,168) 237 1.0 Total intangible assets $ 205,242 $ (149,734) $ 55,508 The following table presents the details of intangible assets as of January 31, 2026 (in thousands): Gross carrying amount Accumulated amortization Net Customer relationships $ 113,157 $ (83,606) $ 29,551 Existing technology 28,580 (28,170) 410 Other intangibles 21,405 (21,052) 353 Total intangible assets $ 163,142 $ (132,828) $ 30,314 Amortization expense associated with intangible assets was $3 million and $4 million for the three months ended April 30, 2026 and 2025, respectively. As of April 30, 2026, the estimated future amortization expense for intangible assets is as follows (in thousands): Fiscal Year Estimated amortization expense Remaining for 2027 $ 11,058 2028 13,344 2029 13,325 2030 10,300 2031 4,283 Thereafter 3,198 Total $ 55,508

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Income Taxes For the three months ended April 30, 2026 and 2025, our effective tax rates were 24.9% and 23.6%, respectively. During the three months ended April 30, 2026, as compared to the same period in the prior fiscal year, our effective tax rate increased primarily due to discrete tax deficiencies related to equity compensation.

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Leases We have operating leases for our global offices with various expiration dates, some of which include options to extend the leases for up to five years. For the three months ended April 30, 2026 and 2025, our operating lease expense was $5 million and $4 million, respectively. Supplemental cash flow information related to leases was as follows (in thousands): Three months ended April 30, 2026 2025 Cash paid for lease liabilities $ 3,605 $ 3,359 Lease right-of-use assets obtained in exchange for new lease liabilities $ 12,156 $ 2,976 Supplemental balance sheet information related to operating leases was as follows: April 30, 2026 January 31, 2026 Weighted average remaining lease term 7.9 years 7.8 years Weighted average discount rate 4.8 % 4.8 % As of April 30, 2026, remaining maturities of lease liabilities are as follows (in thousands): Fiscal Year Remaining for 2027 $ 11,268 2028 19,354 2029 15,815 2030 15,188 2031 13,077 Thereafter 50,720 Total lease payments 125,422 Less imputed interest (22,355) Total lease liabilities $ 103,067

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Recently Adopted Accounting Pronouncements Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which modernizes the recognition and capitalization framework for internal-use software development costs in order to reflect current software development practices. We early adopted the new standard during the fiscal quarter ended April 30, 2026 on a prospective basis and there was no material impact on our consolidated financial statements. New Accounting Pronouncements Issued and Not Yet Adopted Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires disclosure, in the notes to the financial statements, of additional information about certain costs and expenses for interim and annual reporting periods. This new standard is effective for our fiscal year beginning on February 1, 2027 and interim periods beginning on February 1, 2028 on a prospective basis. Retrospective application is permitted. We are currently evaluating this ASU to determine its impact on our disclosures.

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Information about Geographic Areas and Products Information about Geographic Areas We track and allocate revenues by principal geographic area rather than by individual country, which makes it impractical to disclose revenues for the United States or other specific foreign countries. We measure subscription revenue primarily by the estimated location of the end users in each geographic area for our Commercial Solutions and primarily by the estimated location of usage in each geographic area for our R&D and Quality Solutions. We measure professional services revenue primarily by the location of the resources performing the professional services. Total revenues by geographic area were as follows for the periods shown below (in thousands): Three months ended April 30, 2026 2025 Revenues by geography North America $ 526,167 $ 459,467 Europe 265,670 217,103 Asia Pacific 72,877 65,370 Other international 18,234 17,103 Total revenues $ 882,948 $ 759,043 Long-lived assets by geographic area are as follows as of the periods shown below (in thousands): April 30, 2026 January 31, 2026 Long-lived assets by geography North America $ 54,680 $ 54,089 Europe 10,299 11,018 Asia Pacific 4,116 4,239 Other international 4,389 915 Total long-lived assets $ 73,484 $ 70,261 Revenues by Product We group our revenues into two product areas: Commercial Solutions and R&D and Quality Solutions. Commercial Solutions revenues consist of revenues from our Veeva Commercial Cloud and Veeva Data Cloud …

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Segment Information Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. We define the term chief operating decision maker to be our CEO. Our CEO reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, the Company operates as a single operating and reportable segment that is focused on providing industry cloud solutions tailored to the global life sciences industry. The CEO gauges the effectiveness of investment and resourcing decisions and trends in the overall efficiency of the business over time using multiple measures of performance, including consolidated net income and adjusted operating income, which is an additional measure of our segment profitability. The measure of segment assets is reported on the consolidated balance sheets as total assets. The following table reconciles the Companys revenues to consolidated net income and the specific items excluded from cost of revenues and operating expenses to calculate adjusted operating income (in thousands): Three months ended April 30, 2026 2025 Revenues $ 882,948 $ 759,043 Cost of revenues - adjusted: Cost of subscription revenues 96,668 75,619 Cost of professional services and other revenues 107,670 82,575 Operating expenses - adjusted: Resear …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing