Slide 1: Q4'26 Quarterly Results
Q4’26 Quarterly Results March 4, 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 March 4, 2026, 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 $4,000 Subscription Revenue Services Revenue 3,585-3,600 $3,500 3,195 545-560 $3,000 2,747 511 $2,500 2,364 462 2,155 $2,000 1,851 462 422 367 $1,500 ~ 3,040 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 836 855-858 789 811 $800 759 721 128 135-138 130 129 124 112 $600 $400 659 682 708 ~ 720 609 635 $200 $- 2 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Guidance Y/Y Growth 1 Subscription 17% 19% 17% 17% 16% ~ 13% Services 3% 7% 1
Slide 6: Non-GAAP Operating Income – Annual
Non-GAAP Operating Income – Annual $million $1,600 $1,400 $1,200 $1,000 $800 ~ 1,590 1,434 $600 1,152 $400 830 843 759 $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 reconciliation of
Slide 7: Non-GAAP Operating Income – Quarterly
Non-GAAP Operating Income – Quarterly $million $400 $350 $300 $250 $200 365 366 378-381 350 353 $150 308 $100 $50 $- Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Guidance 1 Non-GAAP 42.7% 46.1% 44.7% 45.0% 43.8% ~ 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 $4,000 $3,500 $3,000 $2,500 $2,000 ~ 3,780 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% ~ 11% 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 56 82 ~ 1,520 1,390 $600 1,081 $400 840 708 698 $200 $- FY 2022 FY 2023 1 FY 2024 FY 2025 FY 2026 2 FY 2027 Guidance 3 Non-GA
Slide 10: FY 2027 Guidance
Guidance Total Revenue $3,585-3,600 million Subscription Revenue ~$3,040 million Commercial Subscription Revenue ~$1,380 million R&D and Quality Subscription Revenue ~$1,660 million Services Revenue $545-560 million FY 2027 Guidance Non-GAAP Operating Income ~$1,590 million Non-GAAP Fully Diluted Ne
Slide 11: Q1'27 Guidance
Guidance Total Revenue $855-858 million Subscription Revenue ~$720 million Q1’27 Guidance Services Revenue $135-138 million Non-GAAP Operating Income $378-381 million Non-GAAP Fully Diluted Net Income per Share $2.13-2.14 Guidance issued on March 4, 2026. Our Q1’27 guidance assumes foreign exchange
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 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Revenue Commercial Solutions - Subscription 261.3 271.8 278.4 293.4 305.4 307.5 317.7 327.0 12% 17% 13% 14% 11% R&D and Quality Solutions - Subscription 272.6 289.5 302.5 315.2 329.4 351.7
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 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Gross margin on total revenues on a GAAP basis 73.3 % 74.8 % 75.1 % 74.9 % 77.1 % 75.3 % 75.4 % 74.5 % Stock-based compensation expense 2.2 % 2.2 % 2.1 % 2.0 % 1.9 % 2.1 % 2.1 % 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
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: 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