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<font size="3"><B><p align="center">UNITED STATES</br>
SECURITIES AND EXCHANGE COMMISSION</br>
Washington, D.C. 20549</font></p></B>

<br>
<HR WIDTH="25%">
<p align="center"><font size="3"><strong>FORM 8-K</strong></font></p>
<HR WIDTH="25%">
<br>

<font size="3"><B><p align="center">
CURRENT REPORT
</font></p></B>

<font size="3"><B><p align="center">
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
</font></p></B>
<font size="3"><B><p align="center">
<U>   January 21, 2004</U>
</font></p></B>

<font size="2"><p align="center">
             Date of Report (Date of earliest event reported)
</font></p>

<font size="5" color="#0000FF"><B><p align="center">
                 <u> SIEBEL SYSTEMS, INC.</u>
</B></font></br>
<font size="2">
             (Exact name of Registrant as specified in its charter)
</font></p>

<P>&nbsp;
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<font size="3"><B>
<CENTER><u>Delaware</u></CENTER>
</font></B>
</TD>
<TD>
<font size="3"><B>
<CENTER><u>0-20725</u></CENTER>
</font></B>
</TD>
<TD>
<font size="3"><B>
<CENTER><u>94-3187233</u></CENTER>
</font></B>
</TD>
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<TD>
<font size="2">
<CENTER>&nbsp; (State or other jurisdiction of incorporation or organization)&nbsp;</CENTER>
</font>
</TD>
<TD>
<font size="2">
<CENTER>(Commission File Number)</CENTER>
</font>
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<font size="2">
<CENTER>(IRS Employer Identification Number)</CENTER>
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<font size="3"><B><p align="center">
                            2207 Bridgepointe Parkway<br>
                            <u>San Mateo, CA &nbsp; 94404
</U></font></B><br>

<font size="2">
                   (Address of principal executive offices, including zip code)
</font></p>

<font size="3"><B><U><p align="center">
                                 (650) 477-5000
</U></font></B><br>

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             (Registrant's telephone number, including area code)
</font></p>

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<B><P ALIGN="JUSTIFY">Item 12.&#9;  Results of Operations and Financial Condition.</P></B>

<P ALIGN="JUSTIFY">
On January 21, 2004, Siebel Systems, Inc. issued a press release announcing its financial
results for the fourth quarter ended December 31, 2003.  A copy of the press release, dated as
of January 21, 2004, entitled "Siebel Systems Reports Financial Results for the Fourth
Quarter Ended December 31, 2003" is furnished as Exhibit 99.1 to this Current Report and is
incorporated herein by reference.
</P>



<P ALIGN="JUSTIFY">
The information in this report, including the exhibit hereto, shall not be deemed to be "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of
1933, as amended. The information contained herein and in the  accompanying exhibit shall not
be incorporated by reference into any registration statement or other document filed with the
Securities and Exchange Commission by Siebel Systems, Inc., whether made before or after the
date hereof, regardless of any general  incorporation language in such filing, except as shall
be expressly set forth by specific reference in such filing.
</P>


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<B><P ALIGN="CENTER">SIGNATURES</P>
</B><P ALIGN="JUSTIFY"><Font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the undersigned,
hereunto duly authorized.</P>

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    <TD>&nbsp;</TD>
    <TD align=left><FONT SIZE=2>
<B>                                   SIEBEL SYSTEMS, INC.</B>
</TD></TR></TABLE>

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    <TD>&nbsp;</TD>
    <TD align=left><FONT SIZE=2>
<I>(Registrant)</I>
</TD></TR></TABLE>


<FONT SIZE=2>
<p>Dated: January 21, 2004


<P>
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    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2>By:&nbsp;</TD>
   <TD align=left><FONT SIZE=2>
/s/ Kenneth A. Goldman
</TD></TR></TABLE>


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    <TD>&nbsp;</TD>
    <TD align=left><FONT SIZE=2>
Kenneth A. Goldman
</TD></TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD align=left><FONT SIZE=2><I>
                                    Senior Vice President,<br>
                                    Finance and Administration<br>
                                    and Chief Financial Officer
</I></TD></TR></TABLE></P>

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<B><P ALIGN="Center">INDEX TO EXHIBITS</P></B>

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<FONT SIZE=2><P>
 99.1</P>
</TD>
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<FONT SIZE=2><P><A HREF="exh99-1.htm">
Press Release, dated as of January 21, 2004, entitled "Siebel Systems Reports Financial Results
for the Fourth Quarter Ended December 31, 2003."</A></P>
</TD>
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10.03 8K doc
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
January 21, 2004
Date of Report (Date of earliest event reported)
SIEBEL SYSTEMS, INC.
(Exact name of Registrant as specified in its charter)
Delaware
0-20725
94-3187233
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(IRS Employer Identification Number)
2207 Bridgepointe Parkway
San Mateo, CA   94404
(Address of principal executive offices, including zip code)
(650) 477-5000
(Registrant's telephone number, including area code)
Item 12.	  Results of Operations and Financial Condition.
On January 21, 2004, Siebel Systems, Inc. issued a press release announcing its financial
results for the fourth quarter ended December 31, 2003.  A copy of the press release, dated as
of January 21, 2004, entitled "Siebel Systems Reports Financial Results for the Fourth
Quarter Ended December 31, 2003" is furnished as Exhibit 99.1 to this Current Report and is
incorporated herein by reference.
The information in this report, including the exhibit hereto, shall not be deemed to be "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of
1933, as amended. The information contained herein and in the  accompanying exhibit shall not
be incorporated by reference into any registration statement or other document filed with the
Securities and Exchange Commission by Siebel Systems, Inc., whether made before or after the
date hereof, regardless of any general  incorporation language in such filing, except as shall
be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the undersigned,
hereunto duly authorized.
SIEBEL SYSTEMS, INC.
(Registrant)
Dated: January 21, 2004
By:
/s/ Kenneth A. Goldman
Kenneth A. Goldman
Senior Vice President,
Finance and Administration
and Chief Financial Officer
INDEX TO EXHIBITS
99.1
Press Release, dated as of January 21, 2004, entitled "Siebel Systems Reports Financial Results
for the Fourth Quarter Ended December 31, 2003."