Slide 1: Q2’27 Quarterly Results
Q2’27 Quarterly Results August 26, 2026
Slide 2: Safe Harbor and Other Information
Safe Harbor and Other Information This presentation and associated commentary contain forward-looking statements regarding Veeva’s expected future performance and, in particular, includes guidance, provided as of August 26, 2026, about Veeva’s expected future financial results. Estimating guidance a
Slide 3: Statement Regarding Use of Non-GAAP Financial Measures
Statement Regarding Use of Non-GAAP Financial Measures We provide the following non-GAAP measures, which we define as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP: Non-GAAP gross margin, non-GAAP operating
Slide 4: Total Revenue – Annual
Total Revenue – Annual $million $4,000 3,682-3,687 Subscription Revenue Services Revenue $3,500 3,195 602-607 $3,000 2,747 511 $2,500 2,364 462 2,155 $2,000 1,851 462 422 367 $1,500 ~ 3,080 2,684 $1,000 2,285 1,733 1,902 1,484 $500 $- FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 Guidance 2 Y/Y G
Slide 5: Total Revenue – Quarterly
Total Revenue – Quarterly $million $1,000 Subscription Revenue Services Revenue 928 932-935 883 811 836 789 161 150-153 $800 153 129 128 130 $600 $400 767 ~ 782 682 708 730 659 $200 $- 1 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Guidance Y/Y Growth Subscription 17% 17% 16% 15% 16% ~ 15% Services 13% 9% 14
Slide 6: Non-GAAP Operating Income – Annual
Non-GAAP Operating Income – Annual $million $1,800 $1,600 $1,400 $1,200 $1,000 $800 ~ 1,640 1,434 $600 1,152 $400 759 830 843 $200 $- 2 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 Guidance Non-GAAP 41.0% 38.5% 35.6% 42.0% 44.9% ~ 44% Operating Margin 1 Fiscal Year Ending January 31 A reconciliat
Slide 7: Non-GAAP Operating Income – Quarterly
Non-GAAP Operating Income – Quarterly $million $500 $400 $300 $200 395 416 417-420 353 365 366 $100 $- Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Guidance 1 Non-GAAP 44.7% 45.0% 43.8% 44.8% 44.8% ~ 45% Operating Margin Fiscal Year Ending January 31 A reconciliation of GAAP to non-GAAP measures is set forth
Slide 8: Normalized Billings – Annual
Normalized Billings – Annual $million $4,000 $3,500 $3,000 $2,500 $2,000 ~ 3,870 3,425 $1,500 2,951 2,595 2,269 $1,000 $500 $- FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 Guidance 1 Y/Y Growth 2 16% 14% 14% 15% ~ 14% Fiscal Year Ending January 31 Normalized Billings is defined in the Appendix 1 Guidance
Slide 9: Operating Cash Flow – Annual
Operating Cash Flow – Annual $million $1,800 Non-GAAP Operating Cash Flow (excl ETB) Excess Tax Benefit (ETB) $1,600 1,415 $1,400 25 $1,200 1,090 $1,000 911 9 764 780 71 $800 ~ 1,600 56 82 1,390 $600 1,081 $400 840 708 698 $200 $- 1 2 3 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 Guidance Non-GA
Slide 10: FY 2027 Guidance
Guidance Total Revenue $3,682-3,687 million Subscription Revenue ~$3,080 million Commercial Subscription Revenue ~$1,405 million R&D and Quality Subscription Revenue ~$1,675 million Services Revenue $602-607 million FY 2027 Guidance Non-GAAP Operating Income ~$1,640 million Non-GAAP Fully Diluted Ne
Slide 11: Q3’27 Guidance
Guidance Total Revenue $932-935 million Subscription Revenue ~$782 million Q3’27 Guidance Services Revenue $150-153 million Non-GAAP Operating Income $417-420 million Non-GAAP Fully Diluted Net Income per Share $2.33-2.34 Guidance issued on August 26, 2026. Our Q3’27 guidance assumes foreign exchang
Slide 12: Appendix
V Appendix
Slide 13: Definitions
Definitions • Excess Tax Benefit (Deficiency) – The realized tax benefit (deficiency) related to employee equity compensation, including the vesting of restricted stock units and the exercising and selling of stock options. • Calculated Billings – Revenue for the period plus the change in deferred r
Slide 14: Quarterly Information
Quarterly Information Y/Y Growth Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Revenue Commercial Solutions - Subscription 278.4 293.4 305.4 307.5 317.7 327.0 337.9 347.4 13% 14% 11% 11% 13% R&D and Quality Solutions - Subscription 302.5 315.2 329.4 351.7 364.8 380.8
Slide 15: Annual Information
Annual Information Y/Y Growth FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Revenue Commercial Solutions - Subscription 876 946 996 1,105 1,258 18% 8% 5% 11% 14% R&D and Quality Solutions - Subscription 608 787 906 1,180 1,427 40% 30% 15% 30% 21% Total Subscription
Slide 16: Reconciliation of GAAP to non-GAAP Measures
Reconciliation of GAAP to non-GAAP Measures Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Gross margin on total revenues on a GAAP basis 75.1 % 74.9 % 77.1 % 75.3 % 75.4 % 74.5 % 75.0 % 75.0 % Stock-based compensation expense 2.1 % 2.0 % 1.9 % 2.1 % 2.1 % 2.0 % 1.8 % 2.0 % Amortization of purchase
Slide 17: Reconciliation of GAAP to non-GAAP Measures
Reconciliation of GAAP to non-GAAP Measures FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Gross margin on total revenues on a GAAP basis 72.8 % 71.7 % 71.3 % 74.5 % 75.5 % Stock-based compensation expense 2.2 % 2.7 % 2.6 % 2.1 % 2.0 % Amortization of purchased intangibles 0.2 % 0.2 % 0.2 % 0.2 % 0.2 % Gro