Form 8-K

8-K — VEEVA SYSTEMS INC

Accession: 0001393052-26-000022

Filed: 2026-06-03

Period: 2026-06-03

CIK: 0001393052

SIC: 7372 (SERVICES-PREPACKAGED SOFTWARE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — veev-20260603.htm (Primary)

EX-99.1 (veev-20260430xex991.htm)

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8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________________________________________________________________

FORM 8-K

_____________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 3, 2026

_____________________________________________________________________________

Veeva Systems Inc.

(Exact name of registrant as specified in its charter)

_____________________________________________________________________________

Delaware

001-36121

20-8235463

(State or other jurisdiction of

incorporation of organization)

(Commission File Number)

(IRS Employer

Identification No.)

4280 Hacienda Drive

Pleasanton, California 94588

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (925) 452-6500

Not Applicable

(Former name or former address, if changed since last report)

_____________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Class A Common Stock,

par value $0.00001 per share VEEV New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On June 3, 2026, Veeva Systems Inc. (“Veeva”) issued a press release announcing its results for its first quarter ended April 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press Release titled “Veeva Announces Fiscal 2027 First Quarter Results,” dated June 3, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Veeva Systems Inc.

Dated: June 3, 2026 By:

/s/ BRIAN VAN WAGENER

Brian Van Wagener

Chief Financial Officer

(Principal Financial Officer)

EX-99.1

Filename: veev-20260430xex991.htm · Sequence: 2

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

Veeva Announces Fiscal 2027 First Quarter Results

Total Revenues of $882.9M, up 16% Year Over Year

Subscription Revenues of $730.2M, up 15% Year Over Year

PLEASANTON, CA — June 3, 2026 — Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its first quarter ended April 30, 2026.

"Our rapid progress with Veeva AI sets the foundation as we enter the next chapter of our industry cloud," said CEO Peter Gassner. "We are moving from an industry-specific application company to an industry-specific application and AI agent company. This is a major transformation for Veeva and the industry that will help our customers bring the right medicines to patients faster."

Fiscal 2027 First Quarter Results:

•Revenues: Total revenues for the first quarter were $882.9 million, up from $759.0 million one year ago, an increase of 16% year over year. Subscription revenues for the first quarter were $730.2 million, up from $634.8 million one year ago, an increase of 15% year over year.

•Operating Income and Non-GAAP Operating Income:(1) First quarter operating income was $273.1 million, compared to $233.7 million one year ago, an increase of 17% year over year. Non-GAAP operating income for the first quarter was $395.4 million, compared to $349.9 million one year ago, an increase of 13% year over year.

•Net Income and Non-GAAP Net Income:(1) First quarter net income was $260.9 million, compared to $228.2 million one year ago, an increase of 14% year over year. Non-GAAP net income for the first quarter was $371.1 million, compared to $327.8 million one year ago, an increase of 13% year over year.

•Net Income per Share and Non-GAAP Net Income per Share:(1) For the first quarter, fully diluted net income per share was $1.57, compared to $1.37 one year ago, while non-GAAP fully diluted net income per share was $2.24, compared to $1.97 one year ago.

“Our first quarter results exceeded guidance on all metrics, reflecting another quarter of broad-based growth and profitability,” said CFO Brian Van Wagener. “We’re pleased with the raised fiscal 2027 guidance and energized by the large and growing opportunity ahead.”

Recent Highlights:

•Advancing Industry AI with Rapid Progress Across Veeva AI – Veeva significantly advanced its industry AI strategy this quarter. Ostro, acquired in March, is delivering compliant, conversational AI for more than 50 brands. Vault AI is on track to expand to all Vault applications in August. Veeva Falcon, the new platform delivering agentic labor for clinical, regulatory, and safety, is planned for early adopter release in November.

•Leading the Industry with Agentic Commercial – At Commercial Summit in May, Veeva shared its vision for Agentic Commercial, leveraging AI to help biopharmas bring the right medicines to more patients. With capabilities like the Agentic Call Report in Vault CRM and Ostro’s conversational AI on brand websites, biopharmas can now generate and act on Commercial Evidence. In Vault CRM, the industry’s fastest path to Agentic CRM success, Veeva added 27 new Vault CRM customers in the quarter and now has more than 150 customers live.

•Bringing Agentic Labor to Veeva Development Cloud – Veeva expanded its leadership with multiple enterprise biopharma wins across clinical, regulatory, and safety. Additionally, Veeva showcased its AI strategy at the recent European R&D and Quality Summit in Copenhagen, generating strong customer interest in Vault AI and Veeva Falcon to drive productivity and speed in drug development.

Financial Outlook:

Veeva is providing guidance for its fiscal second quarter ending July 31, 2026 as follows:

•Total revenues between $902 and $905 million.

•Non-GAAP operating income between $392 and $395 million.(2)

•Non-GAAP fully diluted net income per share between $2.21 and $2.22.(2)

Veeva is providing updated guidance for its fiscal year ending January 31, 2027 as follows:

•Total revenues between $3,635 and $3,645 million.

•Non-GAAP operating income of about $1,610 million.(2)

•Non-GAAP fully diluted net income per share of approximately $9.05.(2)

Conference Call Information

Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, June 3, 2026, and a replay of the call will be available on Veeva's investor relations website.

What:

Veeva Systems Fiscal 2027 First Quarter Results Conference Call

When: Wednesday, June 3, 2026

Time: 2:00 p.m. PT (5:00 p.m. ET)

Online Registration: https://events.q4inc.com/analyst/423437130?pwd=ckfYa8Xa

Webcast: ir.veeva.com

___________

(1) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled “Non-GAAP Financial Measures” and the tables entitled “Reconciliation of GAAP to Non-GAAP Financial Measures” below for details.

(2) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the second fiscal quarter ending July 31, 2026 or the fiscal year ending January 31, 2027 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

About Veeva Systems

Veeva delivers the industry cloud for life sciences with cloud software, AI, data, and business consulting. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,500 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.

Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.

Forward-looking Statements

This release contains forward-looking statements regarding Veeva’s expected future performance and, in particular, includes quotes from management and guidance, provided as of June 3, 2026, about Veeva’s expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, developments that impact the life sciences industry (including regulatory, funding, or policy changes), general macroeconomic and geopolitical events (including changes in trade policy or practices, inflationary pressures, currency exchange fluctuations, changes in interest rates, and geopolitical conflicts), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled “Summary of Risk Factors” on pages 13 and 14 in our filing on Form 10-K for the period ended January 31, 2026 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-K and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.

###

Investor Relations Contact:

Media Contact:

Gunnar Hansen

Maria Scurry

Veeva Systems Inc.

267-460-5839

781-366-7617

ir@veeva.com

pr@veeva.com

VEEVA SYSTEMS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

April 30,

2026 January 31,

2026

Assets

Current assets:

Cash and cash equivalents $ 1,896,580 $ 1,421,233

Short-term investments 5,416,139 5,139,581

Accounts receivable, net 568,020 1,259,737

Unbilled accounts receivable 59,752 50,609

Prepaid expenses and other current assets 122,770 126,470

Total current assets 8,063,261 7,997,630

Property and equipment, net 73,484 70,261

Deferred costs, net 28,686 29,961

Lease right-of-use assets 82,060 75,626

Goodwill 488,161 439,877

Intangible assets, net 55,508 30,314

Deferred income taxes 272,665 273,417

Other long-term assets 65,733 62,257

Total assets $ 9,129,558 $ 8,979,343

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable $ 40,657 $ 37,644

Accrued compensation and benefits 52,572 45,857

Accrued expenses and other current liabilities 50,974 45,885

Income tax payable 67,897 6,698

Deferred revenue 1,476,539 1,488,819

Lease liabilities 13,131 12,153

Total current liabilities 1,701,770 1,637,056

Deferred income taxes 1,148 558

Long-term lease liabilities

89,936 83,706

Other long-term liabilities 32,350 43,271

Total liabilities 1,825,204 1,764,591

Stockholders’ equity:

Common stock

2 2

Additional paid-in capital 2,699,707 2,843,089

Accumulated other comprehensive (loss) income (19,792) 8,160

Retained earnings 4,624,437 4,363,501

Total stockholders’ equity 7,304,354 7,214,752

Total liabilities and stockholders’ equity

$ 9,129,558 $ 8,979,343

VEEVA SYSTEMS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

Three months ended April 30,

2026 2025

Revenues:

Subscription(3)

$ 730,175 $ 634,768

Professional services and other(4)

152,773 124,275

Total revenues 882,948 759,043

Cost of revenues(5):

Cost of subscription

99,103 78,346

Cost of professional services and other 121,821 95,478

Total cost of revenues 220,924 173,824

Gross profit 662,024 585,219

Operating expenses(5):

Research and development 208,323 184,033

Sales and marketing 111,117 98,628

General and administrative 69,472 68,826

Total operating expenses 388,912 351,487

Operating income 273,112 233,732

Other income, net 74,418 65,089

Income before income taxes 347,530 298,821

Income tax provision

86,594 70,631

Net income $ 260,936 $ 228,190

Net income per share:

Basic $ 1.60 $ 1.40

Diluted $ 1.57 $ 1.37

Weighted-average shares used to compute net income per share:

Basic 163,345 162,749

Diluted 165,989 166,229

Other comprehensive income:

Net change in unrealized (loss) gain on available-for-sale investments

$ (27,451) $ 17,367

Net change in cumulative foreign currency translation loss (501) (38)

Comprehensive income $ 232,984 $ 245,519

(3) Includes subscription revenues from the following product areas:

Veeva Commercial Solutions $ 337,866 $ 305,411

Veeva R&D and Quality Solutions

392,309 329,357

Total subscription

$ 730,175 $ 634,768

(4) Includes professional services and other revenues from the following product areas:

Veeva Commercial Solutions $ 57,573 $ 46,567

Veeva R&D and Quality Solutions

95,200 77,708

Total professional services and other $ 152,773 $ 124,275

(5) Includes stock-based compensation as follows:

Cost of revenues:

Cost of subscription

$ 1,761 $ 1,715

Cost of professional services and other 14,151 12,769

Research and development 51,563 47,949

Sales and marketing 24,594 22,321

General and administrative 27,190 27,456

Total stock-based compensation $ 119,259 $ 112,210

VEEVA SYSTEMS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three months ended April 30,

2026 2025

Cash flows from operating activities

Net income $ 260,936 $ 228,190

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 11,587 9,822

Reduction of lease right-of-use assets 3,279 3,265

Accretion of discount on short-term investments (1,788) (2,509)

Stock-based compensation 119,259 112,210

Amortization of deferred costs 4,900 4,043

Deferred income taxes 14,337 (27,418)

Other, net (1,777) 4,327

Changes in operating assets and liabilities:

Accounts receivable 696,614 522,686

Unbilled accounts receivable (9,143) (7,672)

Deferred costs (3,625) (4,055)

Prepaid expenses and other current and long-term assets (7,984) (4,501)

Accounts payable 4,473 7,743

Accrued expenses and other current liabilities 8,923 (8,720)

Income tax payable 61,199 82,345

Deferred revenue (32,963) (41,361)

Lease liabilities (2,460) (2,543)

Other long-term liabilities 1,349 1,306

Net cash provided by operating activities 1,127,116 877,158

Cash flows from investing activities

Purchases of short-term investments (982,315) (667,100)

Maturities and sales of short-term investments 670,835 620,903

Long-term assets (1,751) (5,910)

Acquisitions, net of cash acquired (75,480) —

Net cash used in investing activities (388,711) (52,107)

Cash flows from financing activities

Proceeds from exercise of common stock options 2,939 40,605

Repurchases of common stock (226,947) —

Taxes paid related to net share settlement of equity awards (38,518) (20,225)

Net cash (used in) provided by financing activities (262,526) 20,380

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (532) 766

Net change in cash, cash equivalents, and restricted cash 475,347 846,197

Cash, cash equivalents, and restricted cash at beginning of period 1,423,412 1,120,963

Cash, cash equivalents, and restricted cash at end of period $ 1,898,759 $ 1,967,160

Supplemental disclosures of other cash flow information:

Excess tax (deficiency) benefit from employee stock plans $ (4,092) $ 2,579

Non-GAAP Financial Measures

In Veeva’s public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.

•Excess tax benefit (deficiency). Excess tax benefits (deficiencies) from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva finds it useful to exclude excess tax benefits (deficiencies) when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits (deficiencies), Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.

•Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.

•Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva’s revenues earned during the periods presented and will contribute to Veeva’s future period revenues as well.

•Litigation settlement-related charges. We exclude certain costs related to litigation settlements, including outcome-based payments to the law firms that represented us, because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.

•Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP measures.

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva’s management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial

measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

VEEVA SYSTEMS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Dollars in thousands)

(Unaudited)

The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:

Reconciliation of Net Cash Provided by Operating Activities (GAAP basis to non-GAAP basis) Three months ended April 30,

2026 2025

Net cash provided by operating activities on a GAAP basis $ 1,127,116 $ 877,158

Excess tax deficiency (benefit) from employee stock plans

4,092 (2,579)

Net cash provided by operating activities on a non-GAAP basis $ 1,131,208 $ 874,579

Net cash used in investing activities on a GAAP basis $ (388,711) $ (52,107)

Net cash (used in) provided by financing activities on a GAAP basis $ (262,526) $ 20,380

Reconciliation of Financial Measures (GAAP basis to non-GAAP basis) Three months ended April 30,

2026 2025

Cost of subscription revenues on a GAAP basis

$ 99,103 $ 78,346

Stock-based compensation expense (1,761) (1,715)

Amortization of purchased intangibles (674) (1,012)

Cost of subscription revenues on a non-GAAP basis

$ 96,668 $ 75,619

Gross margin on subscription revenues on a GAAP basis

86.4 % 87.7 %

Stock-based compensation expense 0.2 0.3

Amortization of purchased intangibles 0.2 0.1

Gross margin on subscription revenues on a non-GAAP basis

86.8 % 88.1 %

Cost of professional services and other revenues on a GAAP basis $ 121,821 $ 95,478

Stock-based compensation expense (14,151) (12,769)

Amortization of purchased intangibles — (134)

Cost of professional services and other revenues on a non-GAAP basis $ 107,670 $ 82,575

Gross margin on professional services and other revenues on a GAAP basis 20.3 % 23.2 %

Stock-based compensation expense 9.2 10.3

Amortization of purchased intangibles — 0.1

Gross margin on professional services and other revenues on a non-GAAP basis 29.5 % 33.6 %

Gross profit on a GAAP basis $ 662,024 $ 585,219

Stock-based compensation expense 15,912 14,484

Amortization of purchased intangibles 674 1,146

Gross profit on a non-GAAP basis $ 678,610 $ 600,849

Gross margin on total revenues on a GAAP basis 75.0 % 77.1 %

Stock-based compensation expense 1.8 1.9

Amortization of purchased intangibles 0.1 0.2

Gross margin on total revenues on a non-GAAP basis 76.9 % 79.2 %

Research and development expense on a GAAP basis $ 208,323 $ 184,033

Stock-based compensation expense (51,563) (47,949)

Research and development expense on a non-GAAP basis $ 156,760 $ 136,084

VEEVA SYSTEMS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)

(Dollars in thousands, except per share data)

(Unaudited)

Three months ended April 30,

2026 2025

Sales and marketing expense on a GAAP basis $ 111,117 $ 98,628

Stock-based compensation expense (24,594) (22,321)

Amortization of purchased intangibles (2,331) (2,795)

Sales and marketing expense on a non-GAAP basis $ 84,192 $ 73,512

General and administrative expense on a GAAP basis $ 69,472 $ 68,826

Stock-based compensation expense (27,190) (27,456)

General and administrative expense on a non-GAAP basis $ 42,282 $ 41,370

Operating expense on a GAAP basis $ 388,912 $ 351,487

Stock-based compensation expense (103,347) (97,726)

Amortization of purchased intangibles (2,331) (2,795)

Operating expense on a non-GAAP basis $ 283,234 $ 250,966

Operating income on a GAAP basis $ 273,112 $ 233,732

Stock-based compensation expense 119,259 112,210

Amortization of purchased intangibles 3,005 3,941

Operating income on a non-GAAP basis $ 395,376 $ 349,883

Operating margin on a GAAP basis 30.9 % 30.8 %

Stock-based compensation expense 13.5 14.8

Amortization of purchased intangibles 0.4 0.5

Operating margin on a non-GAAP basis 44.8 % 46.1 %

Net income on a GAAP basis $ 260,936 $ 228,190

Stock-based compensation expense 119,259 112,210

Amortization of purchased intangibles 3,005 3,941

Income tax effect on non-GAAP adjustments(6)

(12,063) (16,513)

Net income on a non-GAAP basis $ 371,137 $ 327,828

Diluted net income per share on a GAAP basis $ 1.57 $ 1.37

Stock-based compensation expense 0.72 0.68

Amortization of purchased intangibles 0.02 0.02

Income tax effect on non-GAAP adjustments(6)

(0.07) (0.10)

Diluted net income per share on a non-GAAP basis $ 2.24 $ 1.97

________________________

(6) For the three months ended April 30, 2026 and 2025, management used an estimated annual effective non-GAAP

tax rate of 21.0%.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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No definition available.

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Local phone number for entity.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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