Slide 1: Q4'25 Quarterly Results
Q4’25 Quarterly Results March 5, 2025
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 March 5, 2025, about Veeva’s expected future financial results. Estimating guidance acc
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 $3,500 Subscription Revenue Services Revenue 3,040-3,055 $3,000 2,747 455-470 $2,500 2,364 462 2,155 1,851 462 $2,000 422 1,465 367 $1,500 286 ~ 2,585 2,285 $1,000 1,902 1,733 1,484 $500 1,179 $- FY 2021 1 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Guidance 3 Y/Y Growth
Slide 5: Total Revenue – Quarterly
Total Revenue – Quarterly $million $1,000 Subscription Revenue Services Revenue $800 699 721 726-729 650 676 631 110-113 118 112 $600 116 115 109 $400 561 581 609 ~ 616 521 534 $200 $- 2 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Guidance Y/Y Growth 1 Subscription 13% 29% 19% 17% 17% ~ 15% Services 6% 4% (
Slide 6: Non-GAAP Operating Income – Annual
Non-GAAP Operating Income – Annual $million $1,400 $1,200 $1,000 $800 ~ 1,300 $600 1,152 $400 830 843 759 583 $200 $- 2 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Guidance Non-GAAP 39.8% 41.0% 38.5% 35.6% 42.0% ~ 43% Operating Margin 1 Fiscal Year Ending January 31 A reconciliation of GAAP to n
Slide 7: Non-GAAP Operating Income – Quarterly
Non-GAAP Operating Income – Quarterly $million $350 $300 $250 $200 $150 304 308 307-309 261 280 239 $100 $50 $- 2 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Guidance Non-GAAP 37.9% 40.1% 41.4% 43.5% 42.7% ~ 42% Operating Margin 1 Fiscal Year Ending January 31 A reconciliation of GAAP to non-GAAP measures i
Slide 8: Normalized Billings – Annual
Normalized Billings – Annual $million $3,500 $3,000 $2,500 $2,000 ~ 3,265 $1,500 2,951 2,595 2,269 $1,000 1,972 $500 $- 1 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Guidance Y/Y Growth 2 23% 16% 14% 14% ~ 10% Fiscal Year Ending January 31 Normalized Billings is defined in the Appendix 1 Guidance issued
Slide 9: Operating Cash Flow – Annual
Operating Cash Flow – Annual $million $1,400 Non-GAAP Operating Cash Flow (excl ETB) Excess Tax Benefit (ETB) $1,200 1,090 $1,000 9 911 764 780 71 $800 56 82 $600 551 ~ 1,170 81 1,081 $400 840 708 698 $200 471 $- 1 2 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Guidance Non-GAAP 32% 38% 32% 36% 3
Slide 10: FY 2026 Guidance
Guidance Total Revenue $3,040-3,055 million Subscription Revenue ~$2,585 million Commercial Solutions Subscription Revenue ~$1,190 million R&D Solutions Subscription Revenue ~$1,395 million Services Revenue $455-470 million FY 2026 Guidance Non-GAAP Operating Income ~$1,300 million Non-GAAP Fully Di
Slide 11: Q1'26 Guidance
Guidance Total Revenue $726-729 million Subscription Revenue ~$616 million Q1’26 Guidance Services Revenue Non-GAAP Operating Income $110-113 million $307-309 million Non-GAAP Fully Diluted Net Income per Share $1.74-1.75 Normalized Billings ~$678 million Guidance issued on March 5, 2025. Our Q1’26
Slide 12: Appendix
V Appendix
Slide 13: Definitions
Definitions • Excess Tax Benefit (ETB) – The realized tax benefit related to employee equity compensation, including the vesting of restricted stock units and the exercising and selling of stock options. • Calculated Billings – Revenue for the period plus the change in deferred revenue from the imme
Slide 14: Quarterly Information
Quarterly Information Y/Y Growth Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Revenue Commercial Solutions - Subscription 239.3 243.4 251.2 261.9 261.3 271.8 278.4 293.4 8% 9% 12% 11% 12% R&D Solutions - Subscription 175.2 227.2 243.7 259.6 272.6 289.5 302.5 315.2 19
Slide 15: Annual Information
Annual Information Y/Y Growth FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Revenue Commercial Solutions - Subscription 745 876 946 996 1,105 25% 18% 8% 5% 11% R&D Solutions - Subscription 435 608 787 906 1,180 44% 40% 30% 15% 30% Total Subscription Revenue ($M) 1,1
Slide 16: Reconciliation of GAAP to non-GAAP Measures
Reconciliation of GAAP to non-GAAP Measures Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Gross margin on total revenues on a GAAP basis 68.3 % 71.4 % 72.8 % 72.4 % 73.3 % 74.8 % 75.1 % 74.9 % Stock-based compensation expense 2.7 % 2.7 % 2.4 % 2.4 % 2.2 % 2.2 % 2.1 % 2.0 % Amortization of purchase
Slide 17: Reconciliation of GAAP to non-GAAP Measures
Reconciliation of GAAP to non-GAAP Measures FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Gross margin on total revenues on a GAAP basis 72.1 % 72.8 % 71.7 % 71.3 % 74.5 % Stock-based compensation expense 2.2 % 2.2 % 2.7 % 2.6 % 2.1 % Amortization of purchased intangibles 0.4 % 0.2 % 0.2 % 0.2 % 0.2 % Gro
Slide 18: Customer Contracting Change
Customer Contracting Change Standardizing Termination for Convenience (TFC) Rights Historically As of February 1, 2023 • Most customer orders had a • More orders are multi-year one-year term, thus TFC rights in duration were not meaningful • TFC rights standardized for • TFC rights differed customer
Slide 19: Impact of TFC on Subscription Revenue Timing
Impact of TFC on Subscription Revenue Timing EXAMPLE 1: Multi-Year Ramping Deal without TFC Invoice/Billings Subscription Revenue 6 6 6 Revenue is recognized ratably over the duration of 4 4 4 4 the committed term 2 Year 1 Year 2 Year 3 Renewal EXAMPLE 2: Multi-Year Ramping Deal with TFC Invoice/Bil
Slide 20: Key Takeaways - TFC Change
Key Takeaways - TFC Change • Consistent TFC treatment of customers with multi-year ramping deals • With continued execution, we do not expect an impact to: − Cash flows − Billings − Expected total revenue on multi-year ramping deals Copyright © Veeva Systems 2025 20
Slide 21: Results and Guidance Normalized for Estimated TFC Impacts
Results and Guidance Normalized for Estimated TFC Impacts Reported Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY 2024 FY 2025 Y/Y Growth Subscription Revenue Growth 3% 10% 12% 13% 29% 19% 17% 17% 10% 20% Services Revenue Growth 9% 13% 10% 6% 4% (4%) (3%) 3% 9% (0%) Total Revenue Growth 4% 10% 1