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other markets. Our efforts may not be successful in creating further demand for our solutions outside of the United States or in effectively selling our solutions in the international markets we enter.
The 10-K against last year's
137 changes: 22 added, 17 removed, 97 reworded, 1 quiet changes
10-K 0001393052-26-000014 (2026-03-20) vs 10-K 0001393052-25-000022 (2025-03-24)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 375 words changed in this paragraph; it is 41% similar to last year's version.
Our subscription orders are generally billed at the beginning of the subscription period in annual or quarterly increments, which means the annualized value of such orders may not be completely reflected in deferred revenue at any single point in time. Many of our customers, including many of our large customers, are billed on a quarterly basis and therefore a substantial portion of the value of contracts billed on a quarterly basis will not be reflected in our deferred revenue at the end of any given quarter. Also, particularly with respect to expansion orders for our Commercial Solutions, because the term of orders for additional end users or applications is commonly less than one year to align to the renewal date of existing Commercial Solutions orders, the annualized value of such orders may not be completely reflected in deferred revenue at any single point in time. We have also agreed from time to time, and may agree in the future, to allow customers to change the renewal dates of their orders to, for example, align more closely with a customer’s annual budget process or to align with the renewal dates of other orders placed by other entities within the same corporate control group, or to change payment terms from annual to quarterly, or vice versa. Such changes may result in an order of less than one year as necessary to align all orders to the desired renewal date and, thus, may result in a lesser increase to deferred revenue compared to if the adjustment had not occurred. Additionally, changes in renewal dates may change the fiscal quarter in which deferred revenue associated with a particular order is booked. Accordingly, we do not believe that changes on a quarterly or annual basis in deferred revenue, calculated billings, or normalized billings are precise indicators of the underlying momentum of our business or future revenues. We believe that our subscription revenue guidance and normalized billings guidance for the full fiscal year are the best indicators of the momentum of our business or future revenues. Please note that we define the term calculated billings for any period to mean revenue for the period plus the change in deferred revenue from the immediately preceding period minus the change in unbilled accounts receivable from the immediately preceding period. We define the term normalized billings for any period to mean calculated billings adjusted for the impact of (i) term changes in our customer renewals, such as changes to renewal date (for example, changing the renewal date of multiple products to be coterminous) or changes to billing frequency (for example, changing from annual to quarterly billings), and (ii) delayed renewals that have closed and billed after the period end. However, many companies that provide cloud-based software report changes in deferred revenue or billings as key operating or financial metrics, and it is possible that analysts or investors may view these metrics as important. Thus, any changes in our deferred revenue balances or deferred revenue trends could adversely affect the market price of our common stock.
Source: Item 1A, 10-K 0001393052-26-000014 vs Item 1A, 10-K 0001393052-25-000022
Accounting Policies 137 words changed in this paragraph; it is 39% similar to last year's version.
In November 2024, September 2025, the FASB issued ASU 2024-03, Income Statement 2025-06, Intangibles - Reporting Comprehensive Income Goodwill and Other - Expense Disaggregation Disclosure Internal-Use Software (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure, in the notes 350-40): Targeted Improvements to the financial statements, of additional information about certain Accounting for Internal-Use Software, which modernizes the recognition and capitalization framework for internal-use software development costs and expenses in order to reflect current software development practices. The amendments also require Subtopic 360-10 disclosures for interim and annual reporting periods. all capitalized internal-use software costs. This new standard is effective for our fiscal year beginning on February 1, 2027 2028 and interim periods beginning on February 1, 2028 within that fiscal year and may be applied prospectively, retrospectively, or using a modified transition approach. The Company will early adopt ASU 2025-06 in the fiscal quarter ended April 30, 2026 on a prospective basis and retrospective application is permitted. basis. We are currently evaluating this do not expect the adoption of ASU 2025-06 to determine its have a material impact on our disclosures. consolidated financial statements.
Source: Item 8, Note 1 – Summary of Business and Significant Accounting Policies, 10-K 0001393052-26-000014 vs Item 8, Note 1 – Summary of Business and Significant Accounting Policies, 10-K 0001393052-25-000022
MD&A 113 words changed in this paragraph; it is 66% similar to last year's version.
The increase in subscription services revenues consisted of $274 $247 million of subscription services revenue attributable to R&D and Quality Solutions and $109 $153 million of subscription services revenue attributable to Commercial Solutions. The increase in subscription services revenue attributable to R&D solutions and Quality Solutions was primarily due to driven by the expanding use by existing customers of our Veeva Development Cloud products by both existing and new customers. The increase in subscription services revenue attributable to Commercial Solutions was primarily due to expanding use of our Veeva Commercial Quality Cloud products by both existing and new customers and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment. adjustment for Veeva Development Cloud products. The increase in subscription revenue attributable to Commercial Solutions was primarily driven by the expanding use by existing customers of our Veeva Commercial Cloud and Veeva Data Cloud products and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment for Veeva Commercial Cloud products. The geographic mix of subscription services revenues was 60% from North America, 28% from Europe, and 12% from other locations, primarily Asia Pacific, for the fiscal year ended January 31, 2026, as compared to 59% from North America, 28% from Europe, and 13% from other locations, primarily Asia Pacific, for the fiscal year ended January 31, 2025, as compared to 58% from North America, 27% from Europe, and 15% from other locations, primarily Asia Pacific, for the fiscal year ended January 31, 2024. 2025.
Source: Item 7, 10-K 0001393052-26-000014 vs Item 7, 10-K 0001393052-25-000022
Legal Proceedings New paragraph this year (88 words), with no similar paragraph last year.
On August 13, 2025, Veeva and IQVIA entered into a settlement agreement that resolved all ongoing litigations between Veeva and IQVIA. Prior to that, IQVIA and Veeva had been involved in a series of litigations since 2017, including IQVIA Inc. v. Veeva Systems Inc. (No. 2:17-cv-00177) and IQVIA Inc. v. Veeva Systems Inc. (No. 2:19-cv-15517). Under the terms of the settlement agreement, neither party paid damages to the other party and both parties agreed to dismiss with prejudice all claims and counterclaims currently pending. Accordingly, all claims and
Source: Item 3, via Note 13 – Commitments and Contingencies, 10-K 0001393052-26-000014 vs Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001393052-25-000022
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of VEEV's Risk Factors and MD&A, 10-K 2026-03-20 against 10-K 2025-03-24. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, wouldAddedRisk Factors
of data security, loss of key employees, and loss of critical data, all of which could have an adverse effect on our future operating results.
AddedRisk Factors
We process personal data on behalf of our customers, who use our solutions to manage personal data of their employees, healthcare professionals, patients, and related individuals. We also process personal data as part of the Veeva Data Cloud offerings, which provide our customers with professionally relevant data related to healthcare providers and other industry professionals and stakeholders. In addition, we process personal data to provide services that allow healthcare marketers to reach their target audiences and to measure the impact of their media campaigns. In some cases, the personal data that we process includes sensitive personal data, such as health data.
AddedRisk Factors
Many countries and governmental bodies have adopted or may adopt laws and regulations governing our processing of personal and other data, making compliance an increasingly complex task. For example, we are regulated under the European General Data Protection Regulation (“EU GDPR”) and the United Kingdom’s General Data Protection Regulation (“UK GDPR”), as amended by the Data (Use and Access) Act of 2025, where we act as a data controller for our data products and a data processor with respect to our software products. In China, we are regulated under China’s Personal Information Protection Law (“PIPL”), where we process data as an entrusted party on behalf of our customers who operate as data handlers. In certain cases, we are regulated under the U.S. Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) that covers protected health information collected or maintained by covered entities and their business associates. Additionally, many states in the U.S. have passed comprehensive privacy legislation, such as the California Consumer Privacy Act (amended by the California Privacy Rights Act). Some states in the U.S. also have passed legislation governing the processing of particular types of data, such as biometric data and certain other health-related data.
AddedRisk Factors
These laws and regulations impose data subject notice or transparency requirements, mandated privacy and security standards, and registration obligations. They also grant rights to data subjects, such as allowing them to access, correct, delete, or opt out of the sale or sharing of their information. Some of these laws and regulations target certain types of marketing and advertising based on the use of personal information. For example, in response to the State of Washington’s My Health My Data Act, which placed significant restrictions on how businesses can collect, use, and disclose consumer health data, we added limitations to the audience segments on our Veeva Crossix data platform. Other states have considered, and in certain cases, enacted, similar laws.
AddedRisk Factors
In 2025, the U.S. Department of Justice issued a final rule that places limitations, and in some cases prohibitions, on certain transfers of and access to certain personal data of U.S. persons by persons and entities located in China (and other designated countries) or controlled by a person or entity located in China (and other designated
AddedRisk Factors
countries). Additionally, the French governmental agency for health mandates a certification requiring that personal health data collected during healthcare activities be stored exclusively within the European Economic Area.
AddedRisk Factors
These laws and regulations impose significant data protection obligations and carry substantial penalties for noncompliance. Furthermore, the application and interpretation of these laws and regulations are complex and, at times, unclear and inconsistent.
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AddedRisk Factors
As we expand our data product offerings into new jurisdictions, we are required to assess, monitor, and comply with additional laws and regulations related to our collection and processing of data, which may include new registration, consent, and notification obligations. In addition to our own processing of personal data, our customers expect that our solutions can be used to enable their compliance with applicable data protection, data privacy, and cybersecurity laws and regulations.
AddedRisk Factors
Salesforce also has the right, in certain circumstances, to terminate the wind-down period early, including in the event of a material breach of the agreement by us, or if Salesforce is subjected to third-party intellectual property infringement claims based on our solutions (except to the extent based on the Salesforce platform) or our
AddedRisk Factors
trademarks and we do not remedy such infringement in accordance with the agreement. Also, if we are acquired by specified companies, Salesforce may terminate the agreement upon notice of not less than 12 months. If the Salesforce platform for Veeva CRM becomes unavailable earlier than we anticipate, our business and operations would be adversely affected.
AddedRisk Factors
•data acquisition costs associated with our Veeva Compass offering and costs incurred with our use of large language models associated with our Veeva AI offering;
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Further, in recent years, there have been legislative and regulatory changes regarding the pricing of drugs and other healthcare treatments sold by life sciences companies, such as the drug pricing reforms in the Inflation Reduction Act, and additional which went into effect in August 2022, drug pricing reforms have been discussed and may be proposed by the current administration, which would impose certain limits on drug prices in the future. U.S. relative to the prices paid in other countries, and drug price negotiations with the current administration and certain drug manufacturers.
RewordedRisk Factors
If we are unable to effectively manage this increased complexity or if we are not able to provide solutions that can be used in compliance with applicable laws and regulations, customers may be unwilling to use our solutions, and any such non-compliance could result in the termination of our customer agreements or claims arising from such agreements with our customers.
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We also expect laws, regulations, industry standards these laws and other obligations in relating to privacy, data protection, and cybersecurity regulations to continue to evolve, and that there will continue to be new, modified, and re-interpreted laws, regulations, standards, and other obligations in these areas. relating to privacy, data protection, and cybersecurity, introducing uncertainty and increasing complexity.
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For example, Salesforce, our primary CRM competitor, recently has announced that a certain large Veeva CRM customer has customers have committed to purchasing its CRM solutions. solutions and a number of our customers have informed us of their intent to move to Salesforce as their CRM provider.
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Our CRM solutions primarily compete with Salesforce, Inc., which is developing has developed a life sciences industry-specific CRM application and has entered into a partnership with IQVIA Holdings, which also offers various data products and other applications that compete with our products. application.
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Uncertain macroeconomic and geopolitical factors, including as a result of worldwide inflationary pressures and changes in interest rates, currency exchange fluctuations, changes in trade policies and practices (including the imposition or threatened imposition of tariffs) tariffs), worldwide inflationary pressures, currency exchange fluctuations, changes in interest rates, or other economic policies, geopolitical conflicts (like the Russian invasion of Ukraine and the regional conflict in the Middle East), and concerns about a possible domestic or global recession have led to volatility in the stock market.
RewordedRisk Factors
In the event of a major earthquake, hurricane, or other natural disaster, or catastrophic event such as an actual or threatened public health emergency (e.g., a global pandemic), fire, extreme weather event, power loss, telecommunications failure, cyberattack, armed conflicts (including the Russian invasion of Ukraine and the regional conflict in the Middle East), or terrorist attack, we may be unable to continue our operations at full capacity or at all and may experience system interruptions, reputational harm, delays in our solution development, lengthy interruptions in our services, breaches of data security, loss of key employees, and loss of critical data, all of which could have an adverse effect on our future operating results.
RewordedRisk Factors
However, we have begun to migrate our Veeva CRM customers to Vault CRM, which is built on our Veeva Vault platform, and we do not intend to renew our agreement with Salesforce, Inc. when the current term expires on September 1, 2025. platform.
RewordedRisk Factors
If we are unsuccessful migrating our Veeva CRM customers to Vault CRM, or encounter disruptions disruptions, delays, or other problems in the migration process, or our customers do not migrate to the Vault CRM in a timely manner, or at all, our business, operating results, and brand could be materially and adversely affected.
AddedMD&A
We expect general and administrative expenses to decrease in the next fiscal year, due to the litigation settlement-related charges discussed above.
AddedMD&A
In January 2026, our board of directors authorized a share repurchase program of up to $2 billion of our outstanding shares of common stock. Under the program, we may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The timing and total amount of any share repurchases depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program has a term of two years, may be suspended or discontinued at any time, and does not obligate us to acquire any amount of common stock. Any repurchased shares of common stock will be retired. The repurchase program will be funded using our working capital.
AddedMD&A
During the fiscal year ended January 31, 2026, we repurchased and subsequently retired 801,735 shares of our common stock for an aggregate amount of approximately $180 million.
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Fiscal year ended January 31, 2026 2025 2024 (in thousands) Net cash provided by operating activities on a GAAP basis $ 1,415,225 $ 1,090,051 $ 911,339 Excess tax benefits from employee stock plans (25,273) (8,932) (71,049) Net cash provided by operating activities on a non-GAAP basis $ 1,389,952 $ 1,081,119 $ 840,290 Net cash used in investing activities on a GAAP basis $ (1,104,362) $ (700,138) $ (1,076,351) Net cash (used in) provided by (used in) financing activities on a GAAP basis $ (9,333) $ 26,115 $ (16,188) Operating income on a GAAP basis $ 916,369 $ 691,435 $ 429,334 Stock-based compensation expense 472,703 437,350 393,733 Amortization of purchased intangibles 14,146 18,558 19,459 Litigation settlement settlement-related charges 30,627 5,000 — Operating income on a non-GAAP basis $ 1,433,845 $ 1,152,343 $ 842,526 Net income on a GAAP basis $ 908,906 $ 714,138 $ 525,705 Stock-based compensation expense 472,703 437,350 393,733 Amortization of purchased intangibles 14,146 18,558 19,459 Litigation settlement settlement-related charges 30,627 5,000 — Income tax effect on non-GAAP adjustments (1) (73,915) (84,618) (147,937) Net income on a non-GAAP basis $ 1,352,468 $ 1,090,428 $ 790,960 Diluted net income per share on a GAAP basis $ 5.44 $ 4.32 $ 3.22 Stock-based compensation expense 2.83 2.65 2.41 Amortization of purchased intangibles 0.08 0.11 0.12 Litigation settlement settlement-related charges 0.18 0.03 — Income tax effect on non-GAAP adjustments (1) (0.43) (0.51) (0.91) Diluted net income per share on a non-GAAP basis $ 8.10 $ 6.60 $ 4.84 (1) For the fiscal years ended January 31, 2025 2026 and 2024, 2025, we used an estimated annual effective non-GAAP tax rate of 21%.
RewordedMD&A
The geographic mix of subscription services revenues was 60% from North America, 28% from Europe, and 12% from other locations, primarily Asia Pacific, for the fiscal year ended January 31, 2026, as compared to 59% from North America, 28% from Europe, and 13% from other locations, primarily Asia Pacific, for the fiscal year ended January 31, 2025, as compared to 58% from North America, 27% from Europe, and 15% from other locations, primarily Asia Pacific, for the fiscal year ended January 31, 2024. 2025.
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The geographic mix of professional services and other revenues was 58% from North America, 36% from Europe, and 6% from other locations, primarily Asia Pacific, for the fiscal year ended January 31, 2026, as compared to 60% from North America, 33% from Europe, and 7% from other locations, primarily Asia Pacific, for the fiscal year ended January 31, 2025, as compared to 61% from North America, 32% from Europe, and 7% from other locations, primarily Asia Pacific, for the fiscal year ended January 31, 2024. 2025.
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For our fiscal years ended January 31, 2026, 2025, and 2024, and 2023, our subscription services revenues were $2,684 million, $2,285 million, and $1,902 million, and $1,733 million, respectively, representing year-over-year growth in subscription services revenues of 17% in our fiscal year ended January 31, 2026, and 20% in our fiscal year ended January 31, 2025, and 10% in our fiscal year ended January 31, 2024. 2025.
RewordedMD&A
Research and development expenses for the fiscal year ended January 31, 2025 2026 increased $64 million $74 million, primarily due to an increase of $46 $64 million in employee compensation-related costs costs, which was driven by increases in salaries and an increase of $16 million in technology and infrastructure costs. benefits, as well as headcount.
RewordedMD&A
The increase in subscription services revenue attributable to Commercial R&D and Quality Solutions was primarily due to driven by the expanding use by existing customers of our Veeva Commercial Development Cloud and Veeva Quality Cloud products by both existing and new customers and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment. adjustment for Veeva Development Cloud products.
RewordedMD&A
Cost of revenues for the fiscal year ended January 31, 2025 2026 increased $22 $82 million, comprising comprised of a $32 $42 million increase in cost of subscription services, partially offset by a $10 million decrease in cost of professional services and other. other and a $40 million increase in cost of subscription.
RewordedMD&A
The increase in cost of subscription services was primarily due to an increase of $21 $36 million related to computing infrastructure costs, which was driven by an increase in both the number of end users and the volume of activity by end users of our subscription services. data costs.
RewordedMD&A
For financial reporting purposes, “Commercial Solutions” revenues refer to revenues associated with our Veeva Commercial Cloud and Veeva Data Cloud solutions are classified as “Commercial solutions, and “R&D and Quality Solutions” revenues, and revenues refer to revenues associated with our Veeva Development Cloud and Veeva Quality Cloud solutions are classified as “R&D Solutions” revenues. solutions.
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Sales and marketing expenses for the fiscal year ended January 31, 2025 2026 increased $15 $32 million, primarily due to an increase of $6 $29 million in employee compensation-related costs costs, which was driven by increases in salaries and an increase of $4 million in travel costs. benefits, as well as headcount.
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Research and development 767,386 693,078 629,031 Sales and marketing 428,798 396,726 381,472 General and administrative 300,739 265,744 246,545 Total operating expenses 1,496,923 1,355,548 1,257,048 Operating income 916,369 691,435 429,334 Other income, net 278,139 227,946 158,689 Income before income taxes 1,194,508 919,381 588,023 Income tax provision 285,602 205,243 62,318 Net income $ 908,906 $ 714,138 $ 525,705 (1) Includes stock-based compensation as follows:
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The increase in subscription services revenue attributable to Commercial Solutions was primarily due to driven by the expanding use by existing customers of our Veeva Commercial Cloud and Veeva Data Cloud products by both existing and new customers and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment. adjustment for Veeva Commercial Cloud products.
Quiet changesMD&A
Subscription services revenues are generally recognized ratably over the respective noncancellable subscription term because of the continuous transfer of control to the customer.