Veeva Systems (VEEV) risk factors, FY2026 10-K

Veeva Systems's FY2026 10-K, filed Mar 20, 2026, lists 44 risk factors in 6 groups. Against the prior year's 45: 4 new, 5 dropped, 15 substantially reworded.

Open VEEV in Gloom →
Veeva Systems' chart, financials and news, free in your browser.Open VEEV in Gloom →
Risk factors listed
446 groups
New this year
4vs 45 last year
Dropped
5since the prior 10-K
Substantially reworded
15of those kept
Section length
18k wordsItem 1A

What the changes say

  • Veeva faces intensifying competition in life sciences cloud software and data analytics from Salesforce and IQVIA.

What changed since the prior 10-K

New

  • NewRisks Related to Our Business

    We face intense competition in markets in which we operate and if we do not compete effectively, we may lose customers and our business and operating results could be adversely affected

    We face intense competition from cloud and legacy providers like Salesforce, IQVIA, and Oracle across our CRM, Data Cloud, and Development Cloud applications.

  • NewRisks Related to Our Business

    other markets. Our efforts may not be successful in creating further demand for our solutions outside of the United States or in effectively selling our solutions in the international markets we enter

    International expansion exposes us to localization costs, data sovereignty laws, local competition, and complex foreign regulations.

  • NewRisks Related to the Principal Industry We Serve

    These laws and regulations impose significant data protection obligations and carry substantial penalties for noncompliance. Furthermore, the application and interpretation of these laws and regulations are complex and, at times, unclear and inconsistent

    New European regulations like NIS2, the EU Data Act, and the EU AI Act introduce data protection obligations and subscription cancellation rights.

  • NewRisks Related to Our Status as a Public Benefit Corporation, Our ESG Disclosures, and Ownership of Our Common Stock

    Our share repurchase program may not enhance long-term shareholder value

    Our board authorized a $2 billion share repurchase program, and failing to execute it could negatively impact our stock price and reputation.

Dropped

  • DroppedRisks Related to Our Business

    The markets in which we participate are highly competitive, and if we do not compete effectively, our business and operating results could be adversely affected

  • DroppedRisks Related to Our Business

    which could, among other things, delay or prevent us from completing a transaction, subject the transaction to divestiture after the fact, or otherwise restrict our ability to realize the expected financial or strategic goals of the acquisition

  • DroppedRisks Related to Our Reliance on Third Parties

    If the third-party providers of healthcare professional and healthcare organization data and prescription drug sales data do not allow our customers to upload and use such data in our solutions, the demand for our solutions may decrease, and our business may be negatively impacted

    High competition in life sciences cloud markets could adversely affect operating results.

  • DroppedRisks Related to Our Reliance on Third Parties

    In addition, current or potential customers may choose a competitor, such as Salesforce or IQVIA, or build their own custom solutions on the Salesforce platform rather than buy from us. Any of these events may have a material adverse impact on our business, operating results, and financial condition

  • DroppedRisks Related to Our Status as a Public Benefit Corporation, Our ESG Disclosures, and Ownership of Our Common Stock

    We do not intend to pay dividends on our capital stock for the foreseeable future, so any returns will be limited to changes in the value of our common stock

Reworded

  • 100% rewrittenRisks Related to Our Business

    Veeva Systems Inc. | Form 10-K

    Added specific consequences of security breaches including bad debt, collection delays, litigation expenses, and substantial liabilities.

  • 90% rewrittenRisks Related to the Principal Industry We Serve

    Increasingly complex regulations relating to privacy, data protection, and cybersecurity are burdensome, may reduce demand for our solutions, and non-compliance may impose significant liabilities

    Expanded data processing disclosures to cover Veeva Data Cloud, media campaign measurement, and sensitive health data.

  • 80% rewrittenRisks Related to Our Business

    Sales to customers outside the United States or with international operations expose us to risks inherent in international sales

    Updated international revenue contribution from 41% in fiscal 2025 to 40% in fiscal 2026.

  • 76% rewrittenRisks Related to Our Reliance on Third Parties

    We are currently dependent upon Salesforce’s platform for our Veeva CRM application

    Updated the Salesforce agreement expiration date to September 1, 2025, and clarified the ongoing dependent relationship for Veeva CRM.

    Was: We are currently dependent upon the Salesforce platform to deliver Veeva CRM

  • 55% rewrittenRisks Related to Our Financial Performance, How We Contract with Customers, and the Financial Position of Our Business

    Unanticipated changes in our effective tax rate and additional tax liabilities, including as a result of our international operations or implementation of new tax rules, could harm our future results

    Reiterated risks regarding complex transfer pricing regulations and unpredictable tax law changes across jurisdictions.

  • 51% rewrittenRisks Related to Our Business

    The migration of our CRM customers to our Vault CRM applications built on our own Veeva Vault platform could cause business disruptions for customers and adversely affect our operating results

    Changed the Veeva CRM support end date to December 31, 2029, and added risks of migration outages or performance problems.

    Was: The migration of our CRM customers to our Vault CRM applications built on our own Veeva Vault platform could cause business disruptions for customers, lead to the loss of our customers to competitors, and adversely affect our operating results

  • 47% rewrittenRisks Related to Our Financial Performance, How We Contract with Customers, and the Financial Position of Our Business

    We may not be able to sustain the level of profitability we have achieved in the past

    Added future expenditures for Veeva Compass data acquisition, Veeva AI large language models, acquisitions, and general IT administration.

    Was: As our costs increase, we may not be able to sustain the level of profitability we have achieved in the past

  • 46% rewrittenRisks Related to Our Financial Performance, How We Contract with Customers, and the Financial Position of Our Business

    Our historic growth rates of total revenues and subscription revenues should not be viewed as indicative of our future performance

    Updated historical revenue growth rates to include fiscal year ended January 31, 2026, showing 16% total revenue and 17% subscription revenue growth.

    Was: Our historic growth rates of total revenues and subscription services revenues should not be viewed as indicative of our future performance

  • 46% rewrittenRisks Related to Our Intellectual Property

    Any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand

  • 37% rewrittenRisks Related to the Principal Industry We Serve

    Incorporating AI in our solutions or other uses of AI may result in reputational harm and increased liability

    Was: Incorporating AI in our solutions may result in reputational harm and increased liability

  • 34% rewrittenRisks Related to Our Business

    Acquisitions could divert our management’s attention, result in additional dilution to our stockholders, and otherwise disrupt our operations

  • 31% rewrittenRisks Related to Our Status as a Public Benefit Corporation, Our ESG Disclosures, and Ownership of Our Common Stock

    Evolving expectations and disclosure requirements related to environmental, social and governance matters expose us to risks that could adversely affect our reputation and performance

  • 28% rewrittenRisks Related to Our Intellectual Property

    We have been and may in the future be sued by third parties for alleged infringement of their proprietary rights or misappropriation of intellectual property, and we may suffer damages or other harm from such proceedings

  • 24% rewrittenRisks Related to Our Status as a Public Benefit Corporation, Our ESG Disclosures, and Ownership of Our Common Stock

    Our common stock price has been and will likely continue to be volatile

  • 22% rewrittenRisks Related to Our Financial Performance, How We Contract with Customers, and the Financial Position of Our Business

    Currency exchange fluctuations may negatively impact our financial results

All 44 risk factors

Headings as the filing states them, in filing order.

Risks Related to Our Business

  1. 01If our security measures are breached or compromised or unauthorized access to customer data is otherwise obtained, our solutions may be perceived as not being secure, customers may reduce or stop their use of our solutions, and we may incur significant liabilities
  2. 02We face intense competition in markets in which we operate and if we do not compete effectively, we may lose customers and our business and operating results could be adversely affectedNew
  3. 03Defects or disruptions in our solutions could result in diminished demand for our solutions, a reduction in our revenues, and subject us to substantial liability
  4. 04Veeva Systems Inc. | Form 10-K100% rewritten
  5. 05If our newer solutions are not successfully adopted by new and existing customers, the growth rate of our revenues and operating results will be adversely affected
  6. 06Our revenues are relatively concentrated within a small number of key customers, and the loss of one or more of such key customers, or their failure to renew or expand user subscriptions, could slow the growth rate of our revenues or cause our revenues to decline
  7. 07Our sales cycles can be long and unpredictable, and our sales efforts require considerable investment of resources. If our sales cycle lengthens or we invest substantial resources pursuing unsuccessful sales opportunities, our operating results and growth would be harmed
  8. 08Sales to customers outside the United States or with international operations expose us to risks inherent in international sales80% rewritten
  9. 09other markets. Our efforts may not be successful in creating further demand for our solutions outside of the United States or in effectively selling our solutions in the international markets we enterNew
  10. 10We have an office, vendors, and customers in Israel and many of our customers in other regions also have operations in Israel. Armed conflicts, terrorist activities or political instability involving Israel or other countries in the region may cause business disruptions and adversely impact our results of operations
  11. 11The migration of our CRM customers to our Vault CRM applications built on our own Veeva Vault platform could cause business disruptions for customers and adversely affect our operating results51% rewritten
  12. 12Difficulty attracting and retaining highly skilled employees could adversely affect our business and efforts to attract and retain such employees may increase our expenses
  13. 13Further, it takes time for newly hired employees to become productive. With respect to sales professionals, for instance, even if we are successful in attracting highly qualified personnel, it may take six to nine months or longer before they are fully trained and productive
  14. 14Catastrophic events could disrupt our business and adversely affect our operating results
  15. 15Acquisitions could divert our management’s attention, result in additional dilution to our stockholders, and otherwise disrupt our operations34% rewritten
  16. 16Changes in our senior management team or other key personnel could have a negative effect on our ability to execute our business strategy
  17. 17Our business could be adversely affected if our customers are not satisfied with the professional or technical support services provided by us or our partners
  18. 18Our estimate of the market size for our solutions we have provided publicly may prove to be inaccurate, and even if the market size is accurate, we cannot assure you that our business will serve a significant portion of the market

Risks Related to the Principal Industry We Serve

  1. 19Nearly all of our revenues are generated by sales to customers in the life sciences industry, and factors that adversely affect this industry, including mergers within the life sciences industry or regulatory changes, could also adversely affect us
  2. 20Our solutions address heavily regulated functions within the life sciences industry, and failure to comply with applicable laws and regulations could lessen the demand for our solutions or subject us to significant claims and losses
  3. 21Increasingly complex regulations relating to privacy, data protection, and cybersecurity are burdensome, may reduce demand for our solutions, and non-compliance may impose significant liabilities90% rewritten
  4. 22These laws and regulations impose significant data protection obligations and carry substantial penalties for noncompliance. Furthermore, the application and interpretation of these laws and regulations are complex and, at times, unclear and inconsistentNew
  5. 23Incorporating AI in our solutions or other uses of AI may result in reputational harm and increased liability37% rewritten

Risks Related to Our Reliance on Third Parties

  1. 24We are currently dependent upon Salesforce’s platform for our Veeva CRM application76% rewritten
  2. 25Our solutions utilize open-source software, and any failure to comply with the terms of one or more of these open-source licenses could adversely affect our business

Risks Related to Our Financial Performance, How We Contract with Customers, and the Financial Position of Our Business

  1. 26Our historic growth rates of total revenues and subscription revenues should not be viewed as indicative of our future performance46% rewritten
  2. 27Our results may fluctuate from period to period, which could prevent us from meeting our own guidance or security analyst or investor expectations
  3. 28We may not be able to sustain the level of profitability we have achieved in the past47% rewritten
  4. 29Our revenues and gross margin from professional services fees are volatile and may not increase from quarter to quarter or at all
  5. 30Because we recognize subscription revenues ratably over the term of an order for our subscription services, our short-term results of operations may not reflect a decline in sales and may not be indicative of future results
  6. 31Deferred revenue and change in deferred revenue may not be accurate indicators of our future financial results
  7. 32Currency exchange fluctuations may negatively impact our financial results22% rewritten
  8. 33Taxing authorities may successfully assert that we should have collected or in the future should collect sales and use, value-added or similar transactional taxes, and we could be subject to liability with respect to past or future sales, which could adversely affect our results of operations
  9. 34Unanticipated changes in our effective tax rate and additional tax liabilities, including as a result of our international operations or implementation of new tax rules, could harm our future results55% rewritten
  10. 35If we are unable to implement and maintain effective internal controls over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports
  11. 36We have broad discretion in the use of our cash balances and may not use them effectively

Risks Related to Our Intellectual Property

  1. 37We have been and may in the future be sued by third parties for alleged infringement of their proprietary rights or misappropriation of intellectual property, and we may suffer damages or other harm from such proceedings28% rewritten
  2. 38Any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand46% rewritten

Risks Related to Our Status as a Public Benefit Corporation, Our ESG Disclosures, and Ownership of Our Common Stock

  1. 39Our status as a Delaware public benefit corporation may not result in the benefits that we anticipate, requires our directors to balance the interest of stockholders with other interests, and may subject us to legal uncertainty and other risks
  2. 40Evolving expectations and disclosure requirements related to environmental, social and governance matters expose us to risks that could adversely affect our reputation and performance31% rewritten
  3. 41Our common stock price has been and will likely continue to be volatile24% rewritten
  4. 42Our share repurchase program may not enhance long-term shareholder valueNew
  5. 43Provisions in our certificate of incorporation and bylaws and Delaware law might discourage, delay or prevent a change in control of our company or changes in our management and, therefore, depress the market price of our common stock
  6. 44Our bylaws provide for exclusive forums for certain disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees

Other Veeva Systems 10-Ks

  • FY2025 10-K risk factors
    45 risks

    Veeva faces critical transition risks migrating CRM customers from Salesforce to its own Vault CRM platform by 2030. Revenue concentration is high, with the top 10 customers generating 28% of total revenues in fiscal 2025. Strict life sciences regulations, third-party data dependencies, and new AI adoption risks heavily impact operations.

    Filed Mar 24, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.