Slide 1: Q1’26 Quarterly Results
Q1’26 Quarterly Results May 28, 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 May 28, 2025, about Veeva’s expected future financial results. Estimating guidance accu
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 3,090-3,100 $3,000 2,747 465-475 $2,500 2,364 462 2,155 1,851 462 $2,000 422 1,465 367 $1,500 286 ~ 2,625 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 759 766-769 $800 721 676 699 650 124 117-120 118 112 $600 116 115 $400 609 635 ~ 649 534 561 581 $200 $- 2 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Guidance Y/Y Growth 1 Subscription 29% 19% 17% 17% 19% ~ 16% Services 4% (4%)
Slide 6: Non-GAAP Operating Income – Annual
Non-GAAP Operating Income – Annual $million $1,400 $1,200 $1,000 $800 ~ 1,360 $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% ~ 44% 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 $400 $350 $300 $250 $200 350 335-337 $150 304 308 261 280 $100 $50 $- Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Guidance 1 Non-GAAP 40.1% 41.4% 43.5% 42.7% 46.1% ~ 44% Operating Margin Fiscal Year Ending January 31 A reconciliation of GAAP to non-GAAP measure
Slide 8: Normalized Billings – Annual
Normalized Billings – Annual $million $3,500 $3,000 $2,500 $2,000 ~ 3,320 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% ~ 12% 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 $1,400 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 ~ 1,210 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 $3,090-3,100 million Subscription Revenue ~$2,625 million Commercial Solutions Subscription Revenue ~$1,225 million R&D Solutions Subscription Revenue ~$1,400 million Services Revenue $465-475 million FY 2026 Guidance Non-GAAP Operating Income ~$1,360 million Non-GAAP Fully Di
Slide 11: Q2’26 Guidance
Guidance Total Revenue $766-769 million Subscription Revenue ~$649 million Q2’26 Guidance Services Revenue Non-GAAP Operating Income $117-120 million $335-337 million Non-GAAP Fully Diluted Net Income per Share $1.89-1.90 Normalized Billings ~$663 million Guidance issued on May 28, 2025. Our Q2’26 g
Slide 12: Appendix
V Appendix
Slide 13: Definitions
Definitions • Excess Tax Benefit (ETB) – The realized tax benefit related to employee equity compensation, including the vesting of restricted stock units and the exercising and selling of stock options. • Calculated Billings – Revenue for the period plus the change in deferred revenue from the imme
Slide 14: Quarterly Information
Quarterly Information Y/Y Growth Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Revenue Commercial Solutions - Subscription 243.4 251.2 261.9 261.3 271.8 278.4 293.4 305.4 9% 12% 11% 12% 17% R&D Solutions - Subscription 227.2 243.7 259.6 272.6 289.5 302.5 315.2 329.4 5
Slide 15: Annual Information
Annual Information Y/Y Growth FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Revenue Commercial Solutions - Subscription 745 876 946 996 1,105 25% 18% 8% 5% 11% R&D Solutions - Subscription 435 608 787 906 1,180 44% 40% 30% 15% 30% Total Subscription Revenue ($M) 1,1
Slide 16: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to non-GAAP Measures Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Gross margin on total revenues on a GAAP basis 71.4 % 72.8 % 72.4 % 73.3 % 74.8 % 75.1 % 74.9 % 77.1 % Stock-based compensation expense 2.7 % 2.4 % 2.4 % 2.2 % 2.2 % 2.1 % 2.0 % 1.9 % 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: FY 2024 and FY 2025 Results Normalized for Estimated TFC Impacts
FY 2024 and FY 2025 Results 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