VEEVA SYSTEMS INC. (VEEV) — DATA TABLES

Source: Form 10-K for the fiscal year ended January 31, 2026, filed March 20, 2026 | All figures in US$ thousands unless stated otherwise

Fiscal years are Veeva's own labels: FY2026 ended January 31, 2026; FY2025 ended January 31, 2025; FY2024 ended January 31, 2024. The document presents three years for the income statement and cash flow statement and two year-ends for the balance sheet. Where a value is not in the document, the cell reads not available; where the item does not exist for Veeva, not applicable.

Market data supplied with the request, not taken from the document: closing price on January 31, 2026 of $207.36; 163,330,933 shares outstanding at March 17, 2026 (the same figure appears on the 10-K cover).

Abbreviations for sources: IS = Consolidated Statements of Comprehensive Income (p. 57); BS = Consolidated Balance Sheets (p. 56); CF = Consolidated Statements of Cash Flows (p. 59); SE = Consolidated Statements of Stockholders' Equity (p. 58); MD&A = Item 7; N = Note to the financial statements.

TABLE A — Core financial data

A.1 Income statement

Item FY2026 FY2025 FY2024 Source
Subscription revenue 2,684,194 2,284,659 1,901,593 IS, Subscription
Professional services and other revenue 511,117 461,960 462,080 IS, Professional services and other
Total revenues 3,195,311 2,746,619 2,363,673 IS, Total revenues
Cost of subscription 362,888 323,070 290,577 IS
Cost of professional services and other 419,131 376,566 386,714 IS
Total cost of revenues 782,019 699,636 677,291 IS
Gross profit 2,413,292 2,046,983 1,686,382 IS
Research and development 767,386 693,078 629,031 IS
Sales and marketing 428,798 396,726 381,472 IS
General and administrative 300,739 265,744 246,545 IS
Total operating expenses 1,496,923 1,355,548 1,257,048 IS
Operating income 916,369 691,435 429,334 IS
Other income, net 278,139 227,946 158,689 IS; detail in N11
of which interest income, net 267,219 207,987 133,748 N11
of which accretion on investments 8,451 22,622 24,817 N11
of which foreign currency gain (loss) 1,535 (3,274) 124 N11
of which miscellaneous income 934 611 — N11
Interest expense on borrowings not applicable not applicable not applicable No borrowings in BS or notes
Income before income taxes 1,194,508 919,381 588,023 IS
Income tax provision 285,602 205,243 62,318 IS
Net income 908,906 714,138 525,705 IS (no minority interests: N1, wholly-owned subsidiaries)
EPS basic ($) 5.55 4.41 3.27 IS
EPS diluted ($) 5.44 4.32 3.22 IS
Weighted average shares, basic (thousands) 163,667 161,879 160,532 IS; N12
Weighted average shares, diluted (thousands) 166,995 165,232 163,486 IS; N12
Stock-based compensation (in costs above) 472,703 437,350 393,733 IS footnote (1); CF
— in cost of subscription 7,342 6,591 6,483 IS footnote (1)
— in cost of professional services 57,376 51,377 53,237 IS footnote (1)
— in R&D 204,893 185,901 172,876 IS footnote (1)
— in sales and marketing 97,355 90,178 90,865 IS footnote (1)
— in G&A 105,737 103,303 70,272 IS footnote (1)
Amortization of purchased intangibles 14,146 18,558 ~19,000 ("$19 million") MD&A non-GAAP table; N5
Litigation settlement-related charges 30,627 5,000 not available MD&A non-GAAP table

FY2024 EPS for Class A and Class B are identical ($3.27 basic, $3.22 diluted); Class B converted into Class A on October 15, 2023 (N12).

A.2 Balance sheet

Item Jan 31, 2026 Jan 31, 2025 Source
Cash and cash equivalents 1,421,233 1,118,785 BS
Short-term investments 5,139,581 4,031,442 BS; N2
Cash and short-term investments 6,560,814 5,150,227 BS, sum
of which held outside the United States (cash and equivalents) ~86,000 ("$86 million") not available MD&A, Liquidity
Restricted cash (in other long-term assets) 2,179 2,178 CF, reconciliation
Accounts receivable, net 1,259,737 1,016,356 BS
Allowance for credit losses 256 57 BS, AR caption
Unbilled accounts receivable 50,609 40,761 BS; N8
Prepaid expenses and other current assets 126,470 101,458 BS
Total current assets 7,997,630 6,308,802 BS
Property and equipment, net 70,261 55,912 BS; N4
Deferred costs, net (sales commissions) 29,961 26,383 BS; N3
Lease right-of-use assets 75,626 63,863 BS
Goodwill 439,877 439,877 BS; N5
Intangible assets, net 30,314 44,460 BS; N5
Deferred income taxes (asset) 273,417 343,919 BS
Other long-term assets 62,257 56,540 BS
Total assets 8,979,343 7,339,756 BS
Accounts payable 37,644 30,447 BS
Accrued compensation and benefits 45,857 39,429 BS
Accrued expenses and other current liabilities 45,885 35,557 BS
Income tax payable 6,698 9,024 BS
Deferred revenue 1,488,819 1,273,978 BS; N8
Lease liabilities, current 12,153 9,969 BS
Total current liabilities 1,637,056 1,398,404 BS
Deferred income taxes (liability) 558 587 BS
Long-term lease liabilities 83,706 65,806 BS
Other long-term liabilities 43,271 42,586 BS
Total liabilities 1,764,591 1,507,383 BS
Common stock (par) 2 2 BS
Additional paid-in capital 2,843,089 2,386,192 BS
Accumulated other comprehensive income (loss) 8,160 (8,416) BS
Retained earnings 4,363,501 3,454,595 BS
Total stockholders' equity 7,214,752 5,832,373 BS
Minority interests not applicable not applicable N1 (wholly-owned subsidiaries)
Shares issued and outstanding (number) 163,778,271 162,583,789 BS; N10
Stockholders' equity, Jan 31, 2024 4,644,824 SE
Cash and cash equivalents, Jan 31, 2024 703,487 CF

Gross debt. Veeva has no borrowings, credit facilities or bonds in the balance sheet or notes. Gross debt therefore consists only of operating lease liabilities.

Debt item Jan 31, 2026 Jan 31, 2025 Source
Borrowings 0 0 BS
Lease liabilities, current 12,153 9,969 BS
Lease liabilities, long-term 83,706 65,806 BS
Gross debt (leases only) 95,859 75,775 sum; FY2026 agrees with N9 "Total lease liabilities"

A.3 Cash flow statement

Item FY2026 FY2025 FY2024 Source
Net income 908,906 714,138 525,705 CF
Depreciation and amortization 37,972 39,383 32,628 CF
Reduction of lease right-of-use assets 12,499 11,547 11,691 CF
Accretion of discount on short-term investments (9,693) (24,443) (26,515) CF
Stock-based compensation 472,703 437,350 393,733 CF
Amortization of deferred costs 16,423 15,528 18,177 CF
Deferred income taxes 65,094 (112,273) (105,374) CF
Other, net 3,259 1,201 471 CF
Accounts receivable (244,704) (164,572) (149,810) CF
Unbilled accounts receivable (9,848) (4,396) 45,809 CF
Deferred costs (20,001) (17,995) (10,268) CF
Prepaid expenses and other current and long-term assets (33,825) (17,453) 414 CF
Accounts payable 6,080 (1,961) (10,230) CF
Accrued expenses and other current liabilities 2,982 (1,414) (4,249) CF
Income tax payable (2,326) (2,838) 6,916 CF
Deferred revenue 213,056 227,838 188,164 CF
Lease liabilities (5,822) (9,835) (6,879) CF
Other long-term liabilities 2,470 246 956 CF
Net cash provided by operating activities 1,415,225 1,090,051 911,339 CF
Purchases of short-term investments (3,133,080) (2,581,968) (2,697,968) CF
Maturities and sales of short-term investments 2,057,849 1,902,349 1,647,813 CF
Long-term assets (capital expenditure) (29,131) (20,519) (26,196) CF; labelled "Long-term assets"
Acquisitions, net of cash acquired 0 0 0 CF (no line)
Net cash used in investing activities (1,104,362) (700,138) (1,076,351) CF
Proceeds from exercise of stock options 253,863 105,538 62,687 CF
Repurchases of common stock (169,949) 0 0 CF
Taxes paid on net share settlement of equity awards (93,247) (79,423) (78,875) CF
Debt issued / repaid 0 / 0 0 / 0 0 / 0 CF (no line)
Dividends paid 0 0 0 CF; Item 5 ("never declared or paid")
Net cash (used in) provided by financing (9,333) 26,115 (16,188) CF
Effect of exchange rates 919 (1,735) (1,780) CF
Net change in cash, equivalents, restricted cash 302,449 414,293 (182,980) CF
Cash paid for income taxes, net of refunds 229,965 322,048 134,473 CF supplemental
Excess tax benefits from employee stock plans 25,273 8,932 71,049 CF supplemental

A.4 Revenue by product area (N15)

Item FY2026 % of total FY2025 % FY2024 % YoY FY26 YoY FY25
Commercial Solutions — subscription 1,257,568 39.36% 1,104,888 40.23% 995,803 42.13% 13.82% 10.95%
R&D and Quality Solutions — subscription 1,426,626 44.65% 1,179,771 42.95% 905,790 38.32% 20.92% 30.25%
Commercial Solutions — professional services 189,307 5.92% 185,302 6.75% 185,981 7.87% 2.16% −0.37%
R&D and Quality Solutions — professional services 321,810 10.07% 276,658 10.07% 276,099 11.68% 16.32% 0.20%
Total 3,195,311 100.00% 2,746,619 100.00% 2,363,673 100.00% 16.34% 16.20%

Veeva reports a single operating segment (N14). There is no segment operating income other than the consolidated "Operating income – adjusted" reviewed by the CEO.

A.5 Revenue by geography (N15)

Area FY2026 % FY2025 % FY2024 % YoY FY26 YoY FY25
North America 1,903,342 59.57% 1,621,697 59.04% 1,387,425 58.70% 17.37% 16.89%
Europe 939,630 29.41% 790,777 28.79% 662,560 28.03% 18.82% 19.35%
Asia Pacific 280,162 8.77% 265,735 9.67% 250,600 10.60% 5.43% 6.04%
Other international 72,177 2.26% 68,410 2.49% 63,088 2.67% 5.51% 8.44%
Total 3,195,311 100.00% 2,746,619 100.00% 2,363,673 100.00% 16.34% 16.20%

United States revenue alone: not available ("impractical to disclose", N15).

A.6 Segment profitability as reported (N14)

Item FY2026 FY2025 FY2024
Revenues 3,195,311 2,746,619 2,363,673
Cost of subscription – adjusted 352,202 312,169 279,626
Cost of professional services – adjusted 361,335 324,639 332,927
R&D – adjusted 562,493 507,092 456,041
Sales and marketing – adjusted 321,061 293,105 276,505
G&A – adjusted 164,375 157,271 176,048
Operating income – adjusted 1,433,845 1,152,343 842,526
Other segment items (SBC, amortization, litigation) 517,476 460,908 413,192
Other income, net 278,139 227,946 158,689
Income tax provision 285,602 205,243 62,318
Consolidated net income 908,906 714,138 525,705

A.7 Operating data

Item FY2026 FY2025 FY2024 Source
Total customers 1,552 1,477 1,432 MD&A Overview
Commercial Solutions customers 767 730 693 MD&A Overview
R&D and Quality Solutions customers 1,196 1,125 1,078 MD&A Overview
Employees at year end 7,928 7,291 (derived: 7,928 − 637) not available Item 1, Human Capital
Top 10 customers, % of total revenues 28% 28% 28% Item 1A
Revenues from customers outside North America ~40% not available not available Item 1A
Revenues denominated in USD / expenses in USD ~83% / ~80% not available not available Item 7A
Customer >10% of accounts receivable none 10.1% (Customer 1) not available N1
Customer >10% of revenue none none none N1

A.8 Arithmetic checks (A.3 of the procedure)

Check FY2026 FY2025 FY2024 Outcome
Gross profit = revenues − cost of revenues 3,195,311 − 782,019 = 2,413,292 2,746,619 − 699,636 = 2,046,983 2,363,673 − 677,291 = 1,686,382 ties, all years
Operating income = gross profit − operating expenses 2,413,292 − 1,496,923 = 916,369 2,046,983 − 1,355,548 = 691,435 1,686,382 − 1,257,048 = 429,334 ties
Operating expenses = R&D + S&M + G&A 767,386 + 428,798 + 300,739 = 1,496,923 693,078 + 396,726 + 265,744 = 1,355,548 629,031 + 381,472 + 246,545 = 1,257,048 ties
Pre-tax income = operating income + other income 916,369 + 278,139 = 1,194,508 691,435 + 227,946 = 919,381 429,334 + 158,689 = 588,023 ties
Net income = pre-tax − tax 1,194,508 − 285,602 = 908,906 919,381 − 205,243 = 714,138 588,023 − 62,318 = 525,705 ties
Product areas sum to revenue 1,257,568 + 1,426,626 + 189,307 + 321,810 = 3,195,311 1,104,888 + 1,179,771 + 185,302 + 276,658 = 2,746,619 995,803 + 905,790 + 185,981 + 276,099 = 2,363,673 ties; no residual "Other"
Geography sums to revenue 1,903,342 + 939,630 + 280,162 + 72,177 = 3,195,311 1,621,697 + 790,777 + 265,735 + 68,410 = 2,746,619 1,387,425 + 662,560 + 250,600 + 63,088 = 2,363,673 ties
Percentages sum to 100% 59.57 + 29.41 + 8.77 + 2.26 = 100.01 (rounding) 59.04 + 28.79 + 9.67 + 2.49 = 99.99 (rounding) 58.70 + 28.03 + 10.60 + 2.67 = 100.00 ties within rounding
Gross debt = sum of debt items 0 + 12,153 + 83,706 = 95,859 0 + 9,969 + 65,806 = 75,775 not available ties to N9 for FY2026
Free cash flow = CFO − capex 1,415,225 − 29,131 = 1,386,094 1,090,051 − 20,519 = 1,069,532 911,339 − 26,196 = 885,143 computed
Segment operating income − unallocated = consolidated 1,433,845 − 517,476 = 916,369 1,152,343 − 460,908 = 691,435 842,526 − 413,192 = 429,334 ties
Total assets = total liabilities + equity 1,764,591 + 7,214,752 = 8,979,343 1,507,383 + 5,832,373 = 7,339,756 — ties
Current assets sum 1,421,233 + 5,139,581 + 1,259,737 + 50,609 + 126,470 = 7,997,630 1,118,785 + 4,031,442 + 1,016,356 + 40,761 + 101,458 = 6,308,802 — ties
CFO reconciliation (NI + non-cash + working capital) 908,906 + 598,257 − 91,938 = 1,415,225 714,138 + 368,293 + 7,620 = 1,090,051 525,705 + 324,811 + 60,823 = 911,339 ties
Shares: opening + issued − withheld − repurchased = closing 162,583,789 + 1,374,104 + 988,578 − 366,465 − 801,735 = 163,778,271 161,260,172 + 673,079 + 1,030,545 − 380,007 = 162,583,789 158,244,607 + 2,277,533 + 1,150,059 − 412,027 = 161,260,172 ties
Change in cash = CFO + CFI + CFF + FX 1,415,225 − 1,104,362 − 9,333 + 919 = 302,449 1,090,051 − 700,138 + 26,115 − 1,735 = 414,293 911,339 − 1,076,351 − 16,188 − 1,780 = (182,980) ties
Retained earnings roll-forward 3,454,595 + 908,906 = 4,363,501 2,740,457 + 714,138 = 3,454,595 2,214,752 + 525,705 = 2,740,457 ties (no dividends; buybacks charged to APIC)

Non-cash items excluding nothing (FY2026): 37,972 + 12,499 − 9,693 + 472,703 + 16,423 + 65,094 + 3,259 = 598,257. Working capital FY2026: −244,704 − 9,848 − 20,001 − 33,825 + 6,080 + 2,982 − 2,326 + 213,056 − 5,822 + 2,470 = −91,938.

TABLE A-bis — Notes, auditor, commitments

Income taxes (N7)

Item FY2026 FY2025 FY2024 Source
Pre-tax income, United States 1,140,527 890,066 546,837 N7
Pre-tax income, foreign 53,981 29,315 41,186 N7
Current tax — federal / state / foreign 160,443 / 44,196 / 15,869 243,660 / 62,953 / 10,903 126,174 / 29,361 / 12,157 N7
Total current provision 220,508 317,516 167,692 N7
Deferred tax — federal / state / foreign 60,512 / 8,129 / (3,547) (90,035) / (18,569) / (3,669) (87,651) / (15,739) / (1,984) N7
Total deferred provision (benefit) 65,094 (112,273) (105,374) N7
Effective tax rate 23.9% 22.3% 10.6% (computed: 62,318 / 588,023) MD&A; computed for FY2024
Cash taxes paid, net 229,965 322,048 134,473 CF; N7

Rate reconciliation FY2026 (ASU 2023-09 format, N7):

Line $ %
Federal statutory rate 250,845 21.0%
State and local, net of federal 41,337 3.5%
Foreign tax effects 1,505 0.1%
FDII deduction (13,105) (1.1)%
Other cross-border 810 0.1%
R&D credits (22,745) (1.9)%
Other credits (639) (0.1)%
Valuation allowance (655) (0.1)%
Nondeductible stock-based compensation 32,137 2.7%
Excess tax benefits on SBC (16,604) (1.4)%
162(m) limited executive compensation 14,510 1.2%
Other nondeductible 306 —%
Changes in unrecognized tax benefits (1,657) (0.1)%
Other adjustments (443) —%
Income tax provision 285,602 23.9%

Rate reconciliation FY2025 / FY2024 (prior format, N7): statutory 193,070 / 123,485; state 42,650 / 12,056; tax credits (35,416) / (36,333); stock-based compensation 35,618 / (32,054); valuation allowance 3,726 / 13,572; FDII (30,535) / (15,489); release of reserves (2,531) / (9,201); other (1,339) / 6,282; total 205,243 / 62,318.

Deferred taxes (N7) Jan 31, 2026 Jan 31, 2025
Capitalized expenditures 246,020 326,533
Stock-based compensation 82,657 68,466
Tax credit carryforward 67,067 64,536
Lease liabilities 25,216 19,737
Other 14,170 14,781
Gross deferred tax assets 435,130 494,053
Valuation allowance (FY2026 increase 2,439; rate reconciliation line (655)) (79,495) (77,056)
Deferred tax liabilities: intangibles / ROU / other (21,945) / (19,988) / (40,843) (23,305) / (16,675) / (33,685)
Net deferred tax assets 272,859 343,332

Other tax data (N7): valuation allowance "primarily related to certain U.S. state deferred tax assets"; state NOLs ~$13 million, expiring from 2031; California R&D credits $82 million, non-expiring; gross unrecognized tax benefits 41,547 (FY2025 39,402; FY2024 39,737), of which $26 million would affect the rate; accrued interest and penalties $4 million; movements FY2026: +584 prior-period, +4,641 current-period, −29 prior-period decreases, −3,051 statute lapses. Open years: federal from FY2023, California and other states from FY2018, foreign from FY2021. Cash taxes FY2026 by jurisdiction: federal 159,500; New Jersey 15,231; Pennsylvania 11,701; other states 27,681; foreign 15,852. Taxes not recorded on indefinitely reinvested foreign earnings (MD&A, Liquidity).

Debt (N9, BS, MD&A)

Item Value Source
Borrowings, bonds, convertibles not applicable (none) BS
Credit lines granted and unused not available (none disclosed) —
Covenants not applicable —
Lease maturities FY2027 / FY2028 / FY2029 / FY2030 / FY2031 / thereafter 14,851 / 18,538 / 14,984 / 14,053 / 11,293 / 42,549 N9
Total lease payments / imputed interest / lease liabilities 116,268 / (20,409) / 95,859 N9
Weighted average remaining lease term 7.8 years (FY2025: 7.7) N9
Weighted average discount rate 4.8% (FY2025: 4.6%) N9
Operating lease expense 17 million / 14 million / 16 million (FY26/25/24) N9
Cash paid for lease liabilities 9,545 / 12,522 (FY26/25) N9
ROU assets obtained for new leases 24,023 / 30,866 (FY26/25) N9

Stock-based compensation and equity plans (N10)

Item Value Source
SBC expense, cash flow statement 472,703 / 437,350 / 393,733 CF
SBC credited to APIC, equity statement 476,538 / 444,768 / 399,513 SE
Difference (equity statement − cash flow) 3,835 / 7,418 / 5,780 computed; not explained by the document
SBC by instrument type not available —
Unrecognized cost, stock options ~417,000 over 2.0 years (weighted) N10
Unrecognized cost, RSUs ~65,000 over ~0.6 years N10
Options outstanding, Jan 31, 2026 15,134,876 at $181.99 weighted exercise price; 6.3 years remaining; intrinsic value $523 million N10
Options vested and exercisable 6,558,348 at $136.89; intrinsic value $496 million N10
Options granted / exercised / forfeited in FY2026 2,261,282 at $216.48 / 1,374,104 at $184.75 / 386,223 at $209.76 N10
Options outstanding, Jan 31, 2025 14,633,921 at $177.65 N10
Weighted grant-date fair value of options granted $97.93 / $80.69 / $81.17 N10
Intrinsic value of options exercised ~120 million / 45 million / 353 million N10
Fair value of options vested 148 million / 152 million / 114 million N10
Valuation assumptions FY2026 volatility 39%–40%; expected term 6.3–7.0 years; risk-free 3.68%–4.41%; dividend yield 0% N10
CEO option (granted FY2025) 2,650,000 shares at $236.90; market condition achieved; time-vesting through 2030, none reached at Jan 31, 2026; grant-date fair value ~$172 million (Monte Carlo: volatility 39%, term 7.6 years, risk-free 4.18%) N10
RSUs: opening / granted / vested / forfeited / closing 880,026 / 1,065,116 at $217.87 / 988,578 / 66,508 / 890,056 at $211.42 N10
Fair value of RSUs vested 253 million / 215 million / 223 million N10
Shares available under 2013 EIP 51,279,704; 6,503,351 added by the board in FY2026 N10
Shares available under ESPP 4,897,856; no offering periods since June 15, 2014 N10

Shares (N10, N12, SE, Item 5)

Item FY2026 FY2025 FY2024 Source
Shares outstanding at year end 163,778,271 162,583,789 161,260,172 SE; BS
Shares outstanding at cover date (Mar 17, 2026) 163,330,933 Cover
Dilutive effect of potential shares (thousands) 3,328 3,353 2,954 N12
Anti-dilutive options and RSUs excluded (thousands) 9,549 8,609 6,083 N12
Shares issued on option exercise 1,374,104 673,079 2,277,533 SE
Shares issued on RSU vesting 988,578 1,030,545 1,150,059 SE
Shares withheld for net share settlement (366,465) (380,007) (412,027) SE
Net share settlement, equity statement (APIC) (93,562) (79,116) (79,825) SE
Net share settlement, cash flow statement (93,247) (79,423) (78,875) CF; difference 315 / (307) / 950 not explained by the document
Shares repurchased and retired (801,735) 0 0 SE; N10
Repurchase cost, equity statement 179,942 0 0 SE
Repurchase amount excluding commissions 179,930 N10
Repurchase cash, cash flow statement 169,949 0 0 CF
Average price paid per share (excl. commissions) $224.43 N10; Item 5
Repurchase month January 2026 (all 801,735 shares) Item 5
Authorization $2 billion, announced January 5, 2026, two-year term N10; Item 5
Authorization remaining at Jan 31, 2026 $1.82 billion N10

Revenue, deferred revenue, performance obligations (N8, MD&A)

Item Value Source
Deferred revenue, opening / closing FY2026 1,273,978 / 1,488,819 BS
Revenue recognized from opening deferred revenue 1,226 million / 1,028 million / 833 million (FY26/25/24) N8
Remaining performance obligations beyond one year "not significant"; substantial majority in deferred revenue, recognized within 12 months N8
Unbilled AR FY2026: receivables / contract assets ~40 million / ~11 million N8
Unbilled AR FY2025: receivables / contract assets ~33 million / ~8 million N8
Subscription revenue growth: from R&D and Quality / from Commercial +247 million / +153 million MD&A
Subscription revenue mix by geography FY2026 (FY2025) North America 60% (59%); Europe 28% (28%); other 12% (13%) MD&A
Professional services mix FY2026 (FY2025) North America 58% (60%); Europe 36% (33%); other 6% (7%) MD&A
Share of subscription revenue: Commercial / R&D and Quality 47% / 53% (FY2025: 48% / 52%) MD&A
Contract terms majority one-year; multi-year agreements generally include termination for convenience; annual inflation adjustment at the lower of 4% or CPI-U (August) on certain contracts Item 1A; MD&A
Payment terms generally 30 to 60 days of billing N1

Litigation and contingencies (N13, Item 1, Item 1A)

Item Value Source
IQVIA litigation Settled August 13, 2025; no damages paid by either party; all claims dismissed with prejudice N13
Payments to law firms (contingency fees) ~31 million N13
Litigation settlement-related charges 30,627 (FY2026); 5,000 (FY2025) MD&A non-GAAP table
Non-practicing entity patent allegation disclosed, no amount Item 1; Item 1A
Amount accrued for other matters not available —
Reasonably possible additional loss not available —
Indemnification liabilities accrued none N1

Goodwill and intangibles (N5, N1)

Item Value Source
Goodwill 439,877 (unchanged) N5
Reporting units one N1
Impairment test annual, Q4 FY2026, qualitative approach described; no impairment in any period presented; headroom not disclosed N1
Intangibles gross / accumulated amortization / net FY2026 163,142 / (132,828) / 30,314 N5
Customer relationships net 29,551 (FY2025: 39,934) N5
Existing technology net 410 (FY2025: 3,702) N5
Other intangibles net 353 (FY2025: 824) N5
Expected amortization FY2027–FY2030 8,922 / 7,778 / 7,782 / 5,832 N5

Fair value (N6, N2)

Item Level 1 Level 2 Level 3 Total
Financial assets, Jan 31, 2026 286,504 5,143,014 0 5,429,518
Financial liabilities (FX derivatives), Jan 31, 2026 0 (3,187) 0 (3,187)
Financial assets, Jan 31, 2025 314,872 4,034,839 0 4,349,711

Short-term investment composition at fair value, Jan 31, 2026 (N2): corporate notes and bonds 3,154,559; U.S. treasuries 1,337,466; asset-backed 261,917; foreign government bonds 233,401; commercial paper 75,375; municipal 37,453; certificates of deposit 27,690; U.S. agency 11,720. Amortized cost 5,110,621; gross unrealized gains 30,496, losses (1,536). Maturity: within one year 1,025,871; beyond one year 4,113,710 (FY2025: 1,066,558 / 2,964,884). No credit-loss allowance. Interest-rate sensitivity: +100 bp → −$88 million market value; −100 bp → +$90 million (Item 7A). FX forwards: notional 354,696 (FY2025: 130,122); net hedging losses $9 million in FY2026 (N6). Unlisted equity investments: not applicable (none disclosed). Valuation gains through income: not applicable (AFS gains go to OCI).

Receivables, inventory, reserves

Item Value Source
Allowance for credit losses 256 (FY2025: 57); movement table not available BS
Inventory not applicable BS
Insurance/technical reserves not applicable —
Deferred commissions: capitalized / amortized FY2026 20,001 / 16,423 (FY2025: 17,995 / 15,528) CF; N3
Deferred commissions amortization period three years N1; N3

Commitments, auditor, controls, related parties, subsequent events

Item Value Source
Purchase commitments by year not available —
Salesforce agreement expired September 1, 2025; wind-down to September 1, 2030; no new customers on Salesforce platform; existing customers capped at 150% of seats in use at September 1, 2025; Veeva CRM supported until December 31, 2029 Item 1A; Item 1
Guarantees, off-balance-sheet entities not available (none disclosed) —
Auditor KPMG LLP, San Francisco; auditor since 2010 Auditor's report
Critical Audit Matter "Evaluation of the sufficiency of audit evidence over revenue" (total revenue $3,195 million) Auditor's report
Internal control opinion effective, no material weaknesses; no changes in Q4 Auditor's report; Item 9A
Restatements none (cover checkbox unmarked) Cover
Related-party transactions not available (incorporated by reference to the proxy) Item 13
Insider 10b5-1 plans adopted Q4 Priscilla Hung, director, 1,500 shares, adopted 1/9/2026, expires 6/30/2026 Item 9B
Subsequent event Acquisition of Rise Healthcare Tech, Inc. ("Ostro") on March 10, 2026, ~$100 million in cash and long-term equity retention grants; purchase price allocation in progress N17
401(k) expense 18 million / 10 million / 9 million N16

TABLE A-ter — Items for later calculations

Item FY2026 FY2025 FY2024 Source
Depreciation and amortization 37,972 39,383 32,628 CF
of which amortization of purchased intangibles 14,146 18,558 ~19,000 MD&A; N5
Inventory not applicable not applicable not applicable BS
Gross trade receivables (net + allowance) 1,259,993 1,016,413 not available BS
Allowance for credit losses 256 57 not available BS
Accounts payable 37,644 30,447 not available BS
Other current assets (prepaid and other) 126,470 101,458 not available BS
Other current liabilities (accrued compensation + accrued expenses + tax payable) 98,440 84,010 not available BS, sum
Working-capital change per cash flow statement (91,938) 7,620 60,823 CF, sum of operating asset and liability lines
Acquisitions, net of cash acquired 0 0 0 CF
Property and equipment, gross 103,981 87,365 not available N4
Property and equipment, net 70,261 55,912 not available N4
Accumulated depreciation (33,720) (31,453) not available N4
Construction in progress 2,059 2,992 not available N4
Capitalized internal-use software in the year not available (policy disclosed; amount not; balance inside "other long-term assets") N1
Capitalized sales commissions in the year 20,001 17,995 10,268 CF
Research and development expense 767,386 693,078 629,031 IS
Shares issued (option proceeds) / repurchased (cash) 253,863 / (169,949) 105,538 / 0 62,687 / 0 CF
Taxes paid on net share settlement (93,247) (79,423) (78,875) CF
Debt issued / repaid 0 / 0 0 / 0 0 / 0 CF
Goodwill + intangibles (for tangible equity) 470,191 484,337 not available BS
Dividend per share not applicable not applicable not applicable Item 5
Total depreciation expense (property) "immaterial" "immaterial" "immaterial" N4