Veeva Systems Inc. (VEEV): Business Model Canvas [Dec-2025 Updated]

You're looking at the blueprint of a vertical SaaS powerhouse that has effectively cornered the highly regulated life sciences market. Honestly, the numbers from Veeva Systems Inc.'s fiscal year 2025 tell a clear story: they banked $2,746.6 million in total revenue, driven by an incredible 83.2% recurring subscription stream, which hit $2,284.7 million. What's more telling is their commitment to staying ahead, pouring $693 million-a full 25% of that revenue-back into R&D to fuel platform innovation for their core customers, which include 19 of the top 20 global pharma companies. Dive into this Business Model Canvas breakdown to see exactly how they lock in those sticky, high-value relationships and maintain that premium pricing power.

Veeva Systems Inc. (VEEV) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Veeva Systems Inc.'s growth and market penetration as of late 2025. These aren't just vendor agreements; they are deep integrations that lock the platform into the industry's workflow.

Strategic Integration with IQVIA

The August 18, 2025, announcement of a global clinical and commercial partnership between IQVIA and Veeva Systems, which also resolved all pending legal disputes, is a massive structural shift. This long-term agreement lets customers seamlessly blend software, data, and services from both giants. For instance, IQVIA data is now integrated into Veeva Network for master data management, Veeva Nitro for analytics, and Veeva AI platforms. Also, IQVIA has formally joined the Veeva Technology, AI, and Services Partner Programs. This means IQVIA's commercial offerings, like IQVIA Analytics and IQVIA Agentic AI, are designed to work directly with Veeva software. The process for customers to get necessary third-party access (TPA) agreements for these combined projects is now fast and easy.

The clinical side of this partnership is just as important. IQVIA joined Veeva's CRO Clinical Data Partner program. This collaboration is specifically aimed at accelerating trial execution. Customers benefit from combining IQVIA's clinical data management expertise with Veeva software to speed up database builds, study locks, and data delivery. This is a direct response to the industry's need for speed.

Global Consulting Firms for Implementation and AI Services

Veeva Systems relies heavily on a network of global professional services firms to deploy and optimize its complex Vault ecosystem. These partners are critical for change management, especially with the rollout of new AI capabilities. Accenture, for example, is noted for having over 1500 Veeva trained practitioners and a history of over 10 years partnering with Veeva. Furthermore, EVERSANA was named an official Veeva AI Partner in April 2025, gaining early access to Vault APIs to develop generative AI solutions integrated with Veeva applications. This ecosystem ensures that Veeva's over 1,500 life sciences customers globally can adopt new features effectively.

The introduction of AI agents is driving this need for specialized consulting. Veeva's Business Consulting division supports process design, but external partners are key for deep, custom AI integration. The AI agents themselves, like the MLR Bot, promise efficiency gains, such as reducing compliance workflows by up to 75%.

Expanded Strategic Customer Relationships

The depth of Veeva Systems' relationships with the largest pharmaceutical companies acts as a powerful validation of its platform. As of late 2025, Veeva serves a customer base where its top 10 customers account for roughly 28-29% of revenue each year. The commitment from these giants is clear across the Vault suite:

• All 20 of the top biopharma companies use Vault eTMF.
• 19 out of 20 use Vault QualityDocs.
• 18 out of 20 use Vault Submissions.
• 17 of the top 20 companies adopted Veeva CTMS as of early 2025.

A prime example of this deepening relationship is the expansion with Roche Pharmaceuticals. As of December 1, 2025, Roche initiated a full global deployment of Veeva's next-generation Vault CRM across its worldwide Pharma operations. This move positions Vault CRM as the backbone for Roche's commercial execution, powered by Veeva AI, with new AI Agents slated for launch in December 2025. The Vault CRM Suite itself had already exceeded 100 live customers by Q2 FY2026.

CRO Clinical Data Partner Program for Trial Execution

The CRO Clinical Data Partner program is structured to ensure quality and standardized execution across clinical trials using Veeva software. IQVIA's entry into this program in August 2025 is significant, joining other major Contract Research Organizations. The program is tiered based on demonstrated capability and commitment to Veeva best practices.

Prior to the IQVIA agreement, 6 out of the top 7 global CROs had already joined the Veeva Vault CDMS partner program, signaling a broad industry migration to this platform for clinical data management. This network helps sponsors accelerate trial starts, as partners are trained by Veeva and confirmed in their experience.

Technology and AI Partners for Platform Enhancements

Veeva Systems is embedding artificial intelligence across its Commercial and R&D Solutions, which necessitates a strong technology partner base. The Veeva AI Partner Program, launched in 2024, has already attracted over 30 partners who use the Vault Direct Data API-which offers data access up to 100 times faster than traditional APIs-to build integrated GenAI solutions. This focus on platform-level AI is intended to increase industry productivity. For example, the planned December 2025 launch of AI Agents for Vault CRM, including the Free Text Agent and Voice Agent, is designed to streamline field team operations. This strategy supports Veeva's overall financial strength, evidenced by its Fiscal 2025 total revenue of $2.75 billion and a strong gross margin of 74.53% for that same fiscal year.

Veeva Systems Inc. (VEEV) - Canvas Business Model: Key Activities

Research and Development (R&D) for cloud software innovation.

Veeva Systems Inc. made R&D its largest expense category in fiscal year 2025. The company invested $693 million in R&D for FY2025 to enhance its product portfolio. This investment represented 25% of revenue for that fiscal year. For the twelve months ending July 31, 2025, research and development expenses were $0.731B.

Migration of customers from legacy CRM to proprietary Vault CRM.

The migration of existing Veeva CRM users to the proprietary Vault CRM began in 2025. The roadmap targets the majority of these migrations to occur between 2026-2029, with a goal for completion by 2030. As of August 27, 2025, Veeva Systems had migrated 100 customers to Vault CRM after resolving Salesforce OEM constraints. One major global top 20 biopharma company planned to complete its migration of over 15,000 users to Vault CRM by the end of 2025.

The migration activity is supported by the overall business focus, where subscription services revenue for fiscal year 2025 totaled $2,284.7 million, accounting for 83% of total revenue.

Maintaining regulatory compliance across all global platforms.

Ensuring regulatory compliance is a core activity, especially given the industry's data scrutiny. A benchmark survey in 2025 revealed that 50% of Medtech respondents lacked full confidence in the completeness of their underlying data for global product registrations. Furthermore, only 17% of those surveyed rated their regulatory data quality as excellent. For submission preparation, 80% of respondents indicated that preparing a 510(k) submission takes a month or longer.

Ongoing product development for Veeva AI Agents.

Veeva Systems Inc. is actively developing and rolling out industry-specific AI Agents. The initial availability for commercial applications, specifically Vault CRM and PromoMats, is planned for December 2025. The development and rollout schedule extends into 2026 across other major areas. The pricing model for these AI agents is usage-based, allowing customers to scale adoption over time.

The planned availability schedule for Veeva AI Agents is detailed below:

Delivering professional services for implementation and training.

Professional services are delivered to support the adoption of the cloud solutions. For the fiscal year ended January 31, 2025, the cost of professional services and other revenues on a GAAP basis was $302,195 thousand (or $302.2 million). The Business Consulting division is set to provide support for business process design and change management related to the implementation of the new AI tools.

Key metrics related to the service and subscription split in FY2025 include:

• Subscription services revenues for FY2025: $2,284.7 million.
• Subscription services revenue growth YoY for FY2025: 20%.
• Total FY2025 revenues: $2,746.6 million.

Veeva Systems Inc. (VEEV) - Canvas Business Model: Key Resources

You're looking at the core assets that let Veeva Systems Inc. command its position in the life sciences cloud space. These aren't just assets; they are the moat that keeps competitors, especially generalist CRM providers, at bay.

Proprietary Veeva Vault Platform and its underlying architecture

The Veeva Vault Platform is the single most critical resource. It's a cloud-native, multi-tenant architecture, which means all customers share the same core infrastructure, allowing for rapid, consistent updates. This platform is hosted in AWS global data centers, which maintain SOC 1 Type II and ISO 27001 certifications to meet regulated compliance needs. Veeva Systems Inc. ensures this foundation is always current, with continuous IQ/OQ validation of releases. This architecture supports a unified system of record for documents, data, and processes across the enterprise.

Innovation on the platform is key to maintaining this resource's value. For instance, Veeva announced Veeva AI in April 2025, embedding large-language-model Agentic AI into the Vault platform, with the first AI Agents slated for December 2025. This shows a commitment to evolving the core technology beyond simple document storage.

Key architectural features that lock in customers include:

• Built-in workflows, version control, and lifecycle states.
• Granular security controls, audit trails, and e-signatures out of the box.
• Guaranteed 99.5%+ uptime with robust disaster recovery.
• Open REST APIs and the Vault API Library (VAPIL) for integration.

Deep, specialized intellectual property (IP) for life sciences workflows

Veeva Systems Inc.'s IP isn't just code; it's the deep understanding of highly regulated life sciences processes embedded into the software. This specialization means the platform is purpose-built, not adapted. You see this investment directly in their financials. For fiscal year 2025 (ended January 31, 2025), the company invested $693 million in Research & Development, representing 25% of that year's total revenue of $2,746.6 million.

This IP spans the entire product suite, including the Vault Clinical applications for trial execution and the Vault QualityDocs and Vault RIM modules for regulatory processes. The platform's design allows for rapid deployment of new, industry-specific capabilities, like the expansion into commercial areas via the Vault CRM Suite.

Industry-specific data assets, including Crossix and Compass data

Beyond the software platform, the proprietary data assets create a powerful feedback loop, enhancing the value proposition for commercial and clinical users. Crossix is a data analytics platform providing privacy-safe U.S. patient data and marketing insights, tracking campaign effectiveness using real-world patient data and media exposure. This is now natively integrated with Vault CRM.

Furthermore, Veeva Systems Inc. launched the full Veeva Compass suite of commercial data products in January 2024 to offer an alternative to historically dominant providers. Compass supports modern medicines by giving brands unlimited data access, projecting data for both retail prescriptions and complex procedures, and is licensed by the brand.

Here's a snapshot of the scale and financial performance underpinning the ability to maintain and grow these resources as of late 2025:

Highly specialized software engineering and domain expertise workforce

The workforce is a direct resource, translating IP into deployable product features. As of January 31, 2025, Veeva Systems Inc. reported 7,291 employees. The company has been aggressively scaling, with a stated goal to reach 10,000 employees by the end of 2025. This team possesses the domain expertise necessary to build and support software for regulated environments, which is not easily replicated.

The efficiency of this specialized team is evident in their customer acquisition metrics. For the third quarter of calendar year 2025, the Customer Acquisition Cost (CAC) payback period checked in at only 15.3 months. That rapid recovery of sales and marketing investment speaks volumes about the perceived value and specialized nature of the offering.

Long-term, sticky customer contracts (high switching costs)

The nature of the contracts creates significant stickiness. Once life sciences companies embed Vault for critical functions like regulatory submissions or quality management, the operational risk and validation effort required to switch are immense. This is underscored by the ongoing migration from the legacy Salesforce platform. Veeva Systems Inc. has a contract to use the Salesforce platform ending in September 2025, followed by a five-year winding-down period. The migration itself highlights the commitment required; it can take a small customer four to six weeks but might take a Top 20 customer around two years to fully transition to Vault CRM.

Contractual leverage points also exist outside of the core subscription. For instance, the estimated Redline threshold for contract negotiations is cited around $500k, indicating the scale at which customers might push for specific terms, but the underlying mission-criticality often supports premium pricing and renewal rates. The company is a Public Benefit Corporation, which reinforces a long-term orientation that aligns with the long-term R&D and platform investment cycles of its customers.

Finance: draft 13-week cash view by Friday.

Veeva Systems Inc. (VEEV) - Canvas Business Model: Value Propositions

You're looking at the core reasons why life sciences companies continue to commit significant spend to Veeva Systems Inc. It's about deep industry focus, not general software.

Unified cloud platform (Development Cloud and Commercial Cloud) for end-to-end operations.

Veeva Systems Inc. provides a single, industry-specific cloud foundation, the Vault Platform, which unifies Development Cloud (R&D) and Commercial Cloud (customer engagement). This unification is evident in the financial scale, with Subscription Services Revenues hitting $682.5 million in the third quarter of fiscal year 2026 (ending October 31, 2025), representing a 17% year-over-year increase. The company is actively completing the migration of its Commercial CRM customers off the legacy Salesforce infrastructure, aiming for completion by 2025. This platform strategy supports a massive customer base, serving over 1,500 life sciences companies as of August 2025.

Guaranteed regulatory compliance (GxP) and audit readiness.

The platform is architected from the ground up to meet GxP standards, which is critical given the industry's data challenges. For instance, the 2025 Veeva Medtech Regulatory Affairs Benchmark found that 50% of respondents lack full confidence in the completeness of their data for global product registrations. Veeva Systems Inc.'s embedded governance, audit trails, and access restrictions are designed to provide a defensible path for AI adoption within these validated systems. The stickiness of this compliance layer is shown by the 98% customer retention rate.

Accelerated time-to-market for new drugs and treatments.

By centralizing trial management and streamlining data, Veeva Systems Inc. helps break down silos that slow down product delivery. The administrative burden in regulatory affairs is a major bottleneck; in MedTech, preparing a 510(k) submission takes a month or longer for 80% of surveyed firms. Furthermore, 67% of these firms still rely on manual processes for monitoring time-to-market metrics, directly impacting speed. The platform's ability to automate these processes is a direct value driver for faster market access.

Industry-specific AI embedded directly into workflows (agentic AI).

Veeva Systems Inc. is embedding specialized intelligence directly where work happens. The first industry-specific AI Agents, leveraging large-language-model agentic AI, were slated for release in December 2025. Early adopters of these AI-driven CRM tools, including three of the top 20 biopharma firms, have reported efficiency gains ranging from 30-40% in sales and regulatory workflows. This approach contrasts with tools bolted onto disconnected systems, which slow insights.

Single source of truth for content and data management.

The platform's unified nature ensures that content and data flow seamlessly across functions, which is reflected in high adoption rates for integrated modules among the largest customers. For example, among the top 20 biopharma companies, 100% use Vault eTMF, 95% use Vault QualityDocs, and 90% use Vault Submissions. This high degree of multi-product adoption, at 85% across the customer base, confirms the value of having a single, integrated data layer.

Here's a quick look at the scale and performance underpinning these value propositions as of late 2025:

Finance: draft 13-week cash view by Friday.

Veeva Systems Inc. (VEEV) - Canvas Business Model: Customer Relationships

You're looking at how Veeva Systems Inc. keeps its customers so tightly integrated into their operations that switching becomes almost unthinkable. That's the core of their customer relationship strategy, which is built for long-term, high-value recurring revenue.

Dedicated Customer Success model for high retention and expansion

Veeva Systems Inc. treats Customer Success as the primary driver for its subscription revenue. This isn't just a support function; it's a core value that ensures deep embedding of their cloud solutions into mission-critical processes, like clinical trials and regulatory submissions. The result is that their customer retention rates are consistently very high. This focus on customer outcomes directly fuels their bottom line, which is why their fiscal year 2025 net income rose to $714.1 million, a 36% jump from the prior year.

The relationship is designed for expansion, meaning success with one Vault application leads to adoption of others. This is evident in their customer penetration:

• Veeva Systems Inc. serves a total of 1,477 customers as of the end of fiscal year 2025.
• Nearly all of the world's largest pharmaceutical companies are included in that customer base.
• Adoption of core Vault applications is near-universal among top-tier clients: 100% use Vault eTMF, 95% use Vault QualityDocs, and 90% use Vault Submissions.

Long-term, high-touch relationships with top biopharma executives

The engagement strategy goes beyond the IT department; it targets strategic alignment with top biopharma leadership. Veeva Systems Inc. executives regularly share strategic roadmaps and industry predictions with customer leaders, positioning the company as a long-term partner in healthcare progress. For instance, leaders from companies like Merck, Pfizer, and Sanofi share their strategies at Veeva's R&D and Quality Summits, indicating a high level of executive-level collaboration focused on industry-wide challenges.

On the commercial side, the focus for 2025 was on simplifying engagement models to meet increasing therapeutic complexity, requiring a unified approach across commercial and medical teams. This strategic alignment ensures that Veeva Systems Inc.'s platform remains central to how these large organizations operate.

Subscription-based licensing model ensures continuous engagement

The financial backbone of the customer relationship is the subscription model. This structure guarantees continuous engagement because the software is the operational backbone for regulated processes. For fiscal year 2025, Subscription Services Revenues for Veeva Systems Inc. reached $2,284.7 million, marking a 20% increase year-over-year on total revenues of $2.7466 billion. This high-margin recurring revenue stream is what allows Veeva Systems Inc. to invest heavily in product excellence and innovation, which in turn secures the next renewal.

Here is a snapshot of the financial scale driven by this model for the fiscal year ended January 31, 2025:

Business Consulting services for process design and change management

While subscriptions are the core, Veeva Systems Inc. complements this with professional services, which include business consulting for process design and change management. The CEO specifically mentioned strong execution in business consulting when announcing the fiscal year 2025 results. These services are crucial for helping customers standardize and simplify complex workflows, such as unifying QA and QC or improving data flow across R&D silos.

To be fair, these services are a smaller portion of revenue compared to the software subscriptions, but they serve a vital purpose: they increase Veeva Systems Inc.'s wallet share within existing accounts by driving deeper integration and adoption of best practices. For example, in clinical operations, customers report efficiency gains like 50% faster study build times with Veeva EDC, a benefit often realized through expert implementation and process alignment.

Finance: draft the Q1 FY2026 revenue contribution breakdown for Professional Services by next Tuesday.

Veeva Systems Inc. (VEEV) - Canvas Business Model: Channels

You're looking at how Veeva Systems Inc. gets its specialized cloud software and data solutions into the hands of life sciences companies. It's a highly focused approach, built around direct engagement supported by a growing ecosystem.

Direct Sales Force Targeting Global Life Sciences Enterprises

Veeva Systems Inc. relies on a direct sales force to engage the largest, most complex organizations in the life sciences space. This channel is critical for landing the high-value, enterprise-wide platform deals.

• Veeva Systems Inc. serves 19 of the world's top 20 life sciences companies as of late 2025.
• The total customer count reached 1,477 by the end of Fiscal Year 2025 (January 31, 2025).
• Of these customers, 1,125 are aligned with Veeva R&D Solutions and 730 with Veeva Commercial Solutions.
• The company has over 50 of the world's largest pharmaceutical companies as customers.

Veeva Vault Platform and Commercial Cloud Delivered via the Internet (SaaS)

The core delivery mechanism is Software as a Service (SaaS) over the internet, which drives the recurring revenue stream. This is where the bulk of the financial performance originates.

The migration to the next-generation platform shows channel success in driving adoption. As of December 1, 2025, 115 customers were live on Vault CRM. This is up from more than 80 Vault CRM customers live as of May 2025. The company is targeting 200 Vault CRM customers live by 2026. Separately, 1,357 verified companies use the broader Veeva Vault platform as of August 17, 2025.

Partner Ecosystem (Service Partners) for Regional Implementation

Veeva Systems Inc. uses a network of service partners to help customers implement and scale its solutions regionally and across complex functional areas. This ecosystem extends the reach beyond the direct sales and implementation teams.

• As of early 2023 data, Veeva Systems Inc. had a total of 297 partner engagements.
• The primary focus areas-Consulting Services, Business Process Applications, and Communications and Collaboration-accounted for 62.8 percent of these engagements.
• Industry analysis projected the Veeva-services market spending to reach $2 billion by 2025.

Direct Customer Support and Education Services

The delivery model inherently includes direct support and education, often bundled within the subscription or as part of the business consulting offering. This ensures customers can effectively use the specialized software.

• Veeva Systems Inc. explicitly includes business consulting as part of its offering.
• The company's focus on product excellence and customer success is a key component of maintaining high renewal rates for its SaaS subscriptions.

Finance: draft 13-week cash view by Friday

Veeva Systems Inc. (VEEV) - Canvas Business Model: Customer Segments

You're looking at the core of Veeva Systems Inc.'s market penetration, which is deeply concentrated in the most regulated corners of the life sciences world. This focus is why they command such high switching costs; their software manages mission-critical processes.

The customer base is segmented to capture value across the entire drug lifecycle, from initial research to commercial sales. As of the end of fiscal year 2025 (ended January 31, 2025), Veeva Systems Inc. reported a total customer count of 1,477. This base is strategically weighted toward the largest players.

Global Pharmaceutical and Biotechnology companies (including 19 of the top 20)

This group represents the bedrock of Veeva Systems Inc.'s revenue, given their massive scale and complex regulatory needs. Veeva Systems Inc. has successfully embedded its solutions across these giants. For instance, in Regulatory Information Management (RIM) alone, 19 of the top 20 biopharmas have adopted Veeva RIM on a unified platform as of September 2025. Furthermore, the transition to the next-generation Vault CRM is underway, with management projecting 200 Vault CRM customers live in fiscal year 2026, which is expected to include three top 20 biopharmas. This segment is crucial, though the company noted a loss of 6 clients in the top 20 leading up to late 2025, which some analysts flagged as a near-term risk.

Emerging Biotech and smaller life sciences firms

Veeva Systems Inc. doesn't just cater to the established names; the company serves a wide spectrum, including emerging biotechs. This segment is vital for future growth, as these smaller firms adopt Veeva Systems Inc.'s cloud solutions early in their development, often standardizing on the platform from the start. The total addressable market (TAM) for life sciences industry-specific software, data, and services is estimated to be over $20 billion, indicating significant runway even within the core life sciences sector.

Here's a quick look at the breadth of Veeva Systems Inc.'s customer types:

• Large Biopharma
• Biotech
• Emerging Biotechs
• CDMO (Contract Development and Manufacturing Organization)
• CRO (Contract Research Organization)
• Generics
• Animal Health

Adjacent regulated industries: MedTech, Consumer Packaged Goods (CPG), and Chemical

Veeva Systems Inc. leverages its core compliance and quality expertise to serve adjacent, highly regulated industries. While the primary focus remains on pharma and biotech, these segments represent an expansion of the industry cloud strategy. For example, MedTech companies use specialized Vault CRM applications. For CPG and Chemical sectors, Veeva Systems Inc. specifically offers Quality and training solutions. The company has a dedicated Vault CRM for MedTech product, which tailors CRM and content management for device companies.

Contract Research Organizations (CROs) for clinical trial execution

CROs are a key customer category, often using Veeva Systems Inc.'s Development Cloud products to manage outsourced clinical trial activities for their pharmaceutical sponsors. While specific revenue contribution from CROs isn't broken out, their adoption of solutions like Veeva RIM and other clinical modules is essential for end-to-end trial execution. The company lists CRO specifically as one of its defined customer types.

The following table summarizes the key customer segments and relevant adoption metrics as of late 2025:

If onboarding takes 14+ days, churn risk rises, especially with emerging biotechs needing speed.

Finance: draft 13-week cash view by Friday.

Veeva Systems Inc. (VEEV) - Canvas Business Model: Cost Structure

You're looking at the core expenses that fuel Veeva Systems Inc.'s growth engine as of late 2025. The cost structure is heavily weighted toward product development, which makes sense for a company focused on deep industry specialization.

High R&D investment is the most significant driver here. For fiscal year 2025, Veeva Systems invested $693 million in Research and Development. This represented a substantial 25% of the total revenue for the year, which was $2,746.6 million.

The next major cost component is Sales and Marketing, which is necessary to acquire and expand relationships with large enterprise accounts in the life sciences sector. For the full fiscal year ended January 31, 2025, the GAAP Sales and Marketing expense totaled $318.619 million. To give you a sense of the current mix, in the third quarter of fiscal year 2026, Sales & Marketing represented 14% of that quarter's revenue.

Personnel costs are embedded within these figures, particularly within R&D and Sales & Marketing, reflecting the need for specialized software developers, compliance experts, and professional services staff to support the global Vault platform deployments. While a specific total personnel cost isn't isolated here, the high R&D spend points directly to significant investment in specialized technical talent.

Regarding the Cloud infrastructure and hosting costs for the global Vault platform, these are a necessary, ongoing operational expense for any major SaaS provider. While the exact dollar amount for FY2025 infrastructure spend isn't explicitly itemized separately from other Cost of Revenue items, it scales directly with the $2,284.7 million in Subscription Services Revenue generated that year.

A key financial benefit Veeva Systems is realizing is the reduction in Royalty payments to Salesforce. The strategic migration of customers to the native Vault CRM is projected to eliminate $80 million in annual royalty payments, according to reports from late 2025, which directly flows through to margin expansion.

Here is a breakdown of the major GAAP operating expenses for the fiscal year ended January 31, 2025 (FY2025), in thousands of US Dollars:

The total operating expense on a GAAP basis for the full fiscal year 2025 was $1,120,325 thousand (or $1.120 billion).

You should track the operating margin improvement, as the GAAP operating income for FY2025 reached $691.4 million, yielding an operating margin of 25.2%, up from 18.2% the prior year. Finance: draft 13-week cash view by Friday.

Veeva Systems Inc. (VEEV) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Veeva Systems Inc.'s financial performance as of late 2025, and frankly, it's a story of subscription dominance. The total revenue picture for the fiscal year 2025 ended January 31, 2025, was a solid $2,746.6 million.

The way Veeva Systems Inc. brings in that money is heavily weighted toward its software-as-a-service (SaaS) offerings. Here's the quick math on how the two main buckets stacked up for FY2025:

That $461.9 million for Professional Services is the remainder calculated from the total revenue of $2,746.6 million minus the subscription revenue of $2,284.7 million. Still, that professional services piece has been, to be fair, relatively flat year-over-year, which tells you the business model is intentionally leaning into the stickiness of its core platform.

The Subscription Services Revenue is the star here, hitting $2,284.7 million in FY2025, representing 83.2% of everything the company brought in. This stream is built entirely on the foundation of recurring revenue from annual or multi-year SaaS contracts. It's the predictable, high-margin money that analysts really like to see.

Within that subscription base, you see the value of Veeva Systems Inc.'s expanding ecosystem. You can expect this segment to include:

• Recurring fees for the core Commercial and R&D Solutions.
• Revenue from data services, such as those provided through Crossix and Compass offerings.
• Fees associated with the ongoing use of the Veeva Vault Platform.

The Professional Services and Other Revenue, which accounted for the remaining $461.9 million, covers things like implementation, training, and consulting to get customers onto the platform. As noted, this stream has been relatively flat YoY, which is by design; Veeva wants customers to self-serve or rely on the inherent value of the subscription rather than high-cost, one-time service engagements. If onboarding takes 14+ days, churn risk rises, so keeping services lean makes sense for their long-term margin goals.

Finance: draft 13-week cash view by Friday.