Veeva Systems (NYSE:VEEV) reported fiscal 2026 fourth-quarter and full-year results that came in ahead of the company’s guidance, highlighting what CEO Peter Gassner described as a “strong finish to the year.” Total revenue in the fourth quarter was $836 million with non-GAAP operating income of $366 million. For the full fiscal year ended Jan. 31, 2026, Veeva posted total revenue of $3.195 billion and non-GAAP operating income of $1.434 billion.
Gassner said fiscal 2026 was “an outstanding year,” noting the company surpassed its $3 billion revenue run-rate goal and continued to deepen strategic partnerships across life sciences through “innovation and customer success.” The company posted prepared remarks ahead of the Q&A-focused call and reiterated that it may discuss non-GAAP metrics, with reconciliations available in its earnings release and supplemental materials.
AI interest is high, but modernization remains the primary driver
He noted some customers are improving reference data quality because “garbage in, garbage out” limits AI outcomes, which can support Veeva’s data business. Still, he characterized AI as “a driver” rather than “a major driver” of demand today.
Gassner also described how customers are thinking about AI adoption, saying there is “extreme interest” and pressure inside organizations to improve efficiency. He said customers generally view potential AI help across multiple categories, including:
- LLM and infrastructure providers (such as Anthropic, OpenAI, Microsoft, Amazon, and Nvidia)
- Point solution providers for specialized departmental use cases
- Internal custom development teams and system integrators
- Core application providers, including Veeva, Workday, and SAP
When customers engage with Veeva, Gassner said they want AI capabilities that are “tightly integrated” with mission-critical systems and delivered with the reliability and scale associated with Veeva’s reputation. He pointed to commercial content and promotional materials management as an area where customers are excited about AI applications that can scale, after many “experiments” in the market have not translated into durable deployments.
Vault CRM transition: customer count, cross-sell, and top 20 trajectory
Management discussed the ongoing shift to Vault CRM, with EVP of Strategy Paul Shawah saying the company disclosed “125+” customers live in prepared remarks, but the “actual number is closer to 140.” Shawah said execution has been strong across regions and customer sizes, and he highlighted cross-sell opportunities that can arise during migrations. He cited examples where customers expanded adoption of Network and OpenData alongside Vault CRM, and said smaller and mid-sized customers are turning on add-ons such as Service Center and Campaign Manager.
On top 20 pharmaceutical customers, CFO Brian Van Wagener said most decisions have been made, with “a handful, roughly five” remaining. He reiterated Veeva’s expectation that Vault CRM will ultimately be selected by about 14 of the top 20, while noting the final tally could be 13 or 15. He said the remaining decisions “will play out this year,” sometimes influenced by customer-specific priorities like upcoming product launches.
Gassner addressed the firmness of commitments from customers that have already selected Veeva, saying those projects have started and are moving to a product that is already live. He contrasted this with some Salesforce-based approaches that rely on custom builds and system integrators, which he suggested can carry more execution risk.
CRM mix shift and end-of-support date update
Management reiterated prior commentary that CRM is around 20% of Veeva’s revenue today and is projected to be about 10% by the 2030 timeframe, primarily because other parts of the business are expected to grow faster while CRM remains “relatively stable.” Van Wagener said the CRM outlook includes seat-based revenue as well as the contribution of add-on products like Campaign Manager and Service Center. Gassner added there are “puts and takes” in core CRM, including migrations from other platforms.
Veeva also moved the Veeva CRM end-of-support date to December 2029 from roughly September 2030, pulling it in by about eight or nine months. Van Wagener said the change reflects strong Vault CRM momentum and the desire to ensure there are no “stragglers” extending into 2030. He also said Salesforce-related royalty payments will wind down as customers migrate off Salesforce, and will stop “once everybody’s off.”
Crossix and services: execution and outlook considerations
Crossix drew attention as a major contributor to fiscal 2026 outperformance. Van Wagener said Crossix had an “outstanding year” that exceeded expectations, and while the company is beginning to lap tougher comparisons—particularly as it moves beyond the prior year’s first-quarter strength—management still expects “very healthy growth” with a “long runway.” He later added that guidance for fiscal 2027 is based on the best information available, and he would be surprised to see outperformance at the same level as fiscal 2026.
Professional services revenue also outperformed, which Van Wagener attributed to strong execution and growth in business consulting, with healthy contributions from R&D services, digital events, and commercial services. He said Veeva is hiring to support demand tied in part to CRM migration activity and expects services to remain profitable, with that outlook reflected in fiscal 2027 guidance.
On billings, management said it will continue to provide annual normalized billings and update that metric quarterly, but it will not provide quarterly billings guidance. Van Wagener said seasonality is expected to be “directionally similar” to last year.
R&D momentum: RTSM milestone and EDC “air pocket”
Gassner highlighted a top 20 customer standardizing on RTSM, describing it as a “milestone deal” and a significant product area comparable in importance to EDC due to the critical nature of drug supply logistics and patient randomization. He said top 20 RTSM purchasing is often study-by-study or therapeutic-area-by-therapeutic-area, and Veeva’s goal is to be an enterprise standard with synergies that reduce the need for traditional procurement approaches. He said the customer also purchased other clinical operations products in the same period, and Veeva’s focus now is execution and delivery to realize standardization benefits.
Asked about EDC performance, Gassner acknowledged it “hit a bit of an air pocket,” attributing some of the dynamic to timing and customer priorities. He said customers want tighter integration between clinical operations and clinical data management and indicated Veeva believes it has a “structural advantage” over time, while noting it is difficult to predict exactly when a more pronounced EDC breakthrough will occur.
Management also discussed expanding go-to-market efforts with contract research organizations (CROs) as a channel for study-by-study technology adoption, particularly among small biotechs that rely on CROs for trial execution. Gassner said the company is making progress toward CROs offering Veeva technology to their customers, and framed study-by-study as a potentially significant opportunity across products including EDC, RTSM, and eCOA.
In discussing AI product rollout and economics, management said fiscal 2027 is focused on deploying agents across product areas, refining offerings, and driving customer success, with no expectation of a material financial contribution this year. Van Wagener said the company expects to use token-based pricing initially for agentic AI, with margin dynamics evolving over time.
About Veeva Systems (NYSE:VEEV)
Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.
Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.
