In Q4'26, Veeva Systems' total operating expenses reached $376.6M USD, comprising $198.8M USD in R&D expenses and $177.8M USD in SG&A expenses, reflecting a modest quarter-over-quarter increase driven primarily by sustained R&D investments. From Q1'24 to Q4'26, operating expenses exhibited a consistent upward trend, growing from $298.1M USD to $376.6M USD, with R&D expenses rising steadily from $147.0M USD to $198.8M USD at an average quarterly increase of about 5%, while SG&A expenses showed more volatility, fluctuating between $151.2M USD and $205.2M USD before stabilizing around $178M USD in the latter periods. This pattern underscores expanding operational scale, particularly in research and development, amid overall cost management in administrative functions.