Veeva Systems delivered a solid QQ2 2025 quarter with revenue of $676.2 million and a GAAP operating income of $166.5 million against non-GAAP operating income of $280 million as noted by management on the call, illustrating meaningful profitability under multiple accounting conventions. The company reported robust gross margins (74.8%) and a net income of $171.0 million, translating to a net margin of 25.3% and EPS of $1.06 (diluted $1.04). Management highlighted material product momentum, including 14 Vault CRM wins in the quarter and continued expansion across the Vault platform (Site Connect, CTMS/eTMF/EDC, and the new Service Center in CRM). The quarter reflects a multi-year growth trajectory driven by deeper Vault CRM migration, broader non-CRM Commercial revenue, and the expanding AI/data API ecosystem, supported by a strong balance sheet and substantial liquidity.