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Salesforce

CRM NYSE Application Software Financials FY2017–FY2026

Salesforce's revenue rose 9.6% to $41.5 billion in fiscal 2026. Its operating margin was 20.1%, up from 19.0% a year earlier. Free cash flow was $14.4 billion, up 15.8%. It paid out $14.2 billion in dividends and buybacks, 98% of free cash flow. The diluted share count fell 1.9%.

Last close · Oct 23, 2026

$248.57

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$41.5B
9.6% vs prior year
Operating margin Operating income as a share of revenue.
20.1%
1.0 pts
Net income Profit after all expenses, interest and tax.
$7.5B
20.3%
Free cash flow Cash from operations minus capital spending.
$14.4B
15.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.8%
0.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$204.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
22.7x
On $10.97 EPS (TTM)

What Salesforce does

Salesforce sells business software that runs over the internet. Its programs help companies keep track of their customers and handle sales, customer service, marketing and online stores. It also sells the Slack workplace chat app, Tableau for charts and analysis, MuleSoft for connecting different computer systems, and tools for building apps on its platform. Its newest product, Agentforce, lets customers set up AI agents, software that can answer questions and carry out tasks on its own. It sells to businesses of all sizes in almost every industry, mostly through its own sales staff and also through partners.

Revenue was $41.5 billion in the fiscal year that ended in January 2026. Subscriptions and support, the fees customers pay to use the software, made up about 95 percent of it, and professional services the rest. No single customer made up more than ten percent of revenue. Salesforce competes with other business software makers, AI startups, makers of email and office tools, and companies that give their software away free or charge only for extra features.

In November 2025 Salesforce bought Informatica, which helps companies organize and manage their data, for about $9.6 billion. At the end of January 2026 it had 83,334 employees.

Legal name
Salesforce, Inc.
Fiscal year ends
January 31, 2026
Latest annual report
10-K · Mar 2, 2026
Accession · CIK
0001108524-26-000060
0001108524

Revenue and margins

Salesforce had $41.5B of revenue in fiscal 2026, up 9.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 37.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $14.4B in fiscal 2026, 34.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Salesforce returned $14.2B to shareholders in fiscal 2026, 98% of free cash flow. The diluted share count fell 1.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Salesforce yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.4B and divides by 956.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 22.7x · peers 20.3x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Salesforce can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $10.5B$12.5B$14.2B$14.0B$9.6B
Debt incl. finance leases $11.0B$11.4B$10.4B$9.1B$15.0B
Net debt / EBITDA 0.4x−0.6x−0.6x−0.6x0.6x
Debt / equity 0.2x0.2x0.2x0.2x0.3x
Interest coverage 2.5x3.4x17.7x26.5x25.7x
Current ratio 1.1x1.0x1.1x1.1x0.8x
Quick ratio 1.1x1.0x1.1x1.1x0.8x
Total assets $95.2B$98.8B$99.8B$102.9B$112.3B
Total liabilities $37.1B$40.5B$40.2B$41.8B$53.2B
Shareholders' equity $58.1B$58.4B$59.6B$61.2B$59.1B
Net debt (− = net cash) $444M−$1.1B−$3.8B−$4.9B$5.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$27.5M

3 insiders

Sold, 12 months

$35.5M

4 insiders

Of sales under plans

94%

$33.4M

DateInsiderTradeSharesPriceValueFiling
Sep 18, 2026 David Blair KirkDirector Bought 4,176 $239.33 $1.0M Form 4
Sep 4, 2026 Craig ConwayDirector Sold 4,500 $260.61 $1.2M Form 4
Mar 19, 2026 Laura AlberDirector Bought 2,571 $194.58 $0.5M Form 4
Mar 18, 2026 David Blair KirkDirector Bought 2,570 $194.62 $0.5M Form 4
Jan 14, 2026 Neelie KroesDirector Sold 3,893 $238.70 $0.9M Form 4
Dec 17, 2025 David Blair KirkDirector Bought 1,936 $258.64 $0.5M Form 4
Dec 5, 2025 ValueAct Holdings II L.P.Director Bought 96,000 $260.58 $25.0M Form 4
Dec 2, 2025 Parker HarrisCo-Founder and CTO, Slack, Director Sold plan 134,662 $234.70 $31.6M Form 4
Nov 3, 2025 Marc BenioffChair and CEO, Director Sold plan 122 $259.00 $0.0M Form 4
Oct 31, 2025 Marc BenioffChair and CEO, Director Sold plan 2,250 $258.19 $0.6M Form 4
Oct 30, 2025 Marc BenioffChair and CEO, Director Sold plan 2,250 $256.82 $0.6M Form 4
Oct 29, 2025 Marc BenioffChair and CEO, Director Sold plan 2,250 $252.03 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 9 / 98 / 97 / 9
Accruals ratio −6.1%−6.8%−7.0%
Altman Z'' 2.442.641.79

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Salesforce CRM $204.1B 9.6% 20.1% 34.7% 10.8% 22.7x 7
Oracle ORCL $378.5B 17.4% 30.6% −35.2% 14.2% 19.8x 5 Compare →
Adobe ADBE $104.3B 10.5% 36.6% 41.5% 65.9% 14.7x 7 Compare →
Intuit INTU $95.1B 13.9% 27.4% 40.4% 22.0% — 6 Compare →
Workday WDAY $51.7B 13.1% 7.6% 29.1% 10.6% 42.5x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $8.4B $10.5B $13.3B $17.1B $21.3B $26.5B $31.4B $34.9B $37.9B $41.5B
Gross profit $6.2B $7.8B $9.8B $12.9B $15.8B $19.5B $23.0B $26.3B $29.3B $32.3B
Research and development $1.2B $1.6B $1.9B $2.8B $3.6B $4.5B $5.1B $4.9B $5.5B $6.0B
Operating income $218M $454M $535M $297M $455M $548M $1.0B $5.0B $7.2B $8.3B
Interest expense $89.0M $87.0M $154M $110M $110M $216M $300M $283M $272M $324M
Pretax income $179M $420M $983M $706M $2.6B $1.5B $660M $5.0B $7.4B $9.5B
Income tax −$144M $60.0M −$127M $580M −$1.5B $88.0M $452M $814M $1.2B $2.1B
Net income $323M $360M $1.1B $126M $4.1B $1.4B $208M $4.1B $6.2B $7.5B
Diluted EPS $0.46 $0.49 $1.43 $0.15 $4.38 $1.48 $0.21 $4.20 $6.36 $7.80
Diluted shares 0.70B 0.74B 0.78B 0.85B 0.93B 0.97B 1.00B 0.98B 0.97B 0.96B
Cash flow
Cash from operations $2.2B $2.7B $3.4B $4.3B $4.8B $6.0B $7.1B $10.2B $13.1B $15.0B
Capital expenditure $464M $534M $595M $643M $710M $717M $798M $736M $658M $594M
Free cash flow $1.7B $2.2B $2.8B $3.7B $4.1B $5.3B $6.3B $9.5B $12.4B $14.4B
Depreciation and amortization $632M $373M $411M $455M $579M $678M $903M $1.1B $1.0B $1.2B
Stock-based compensation $820M $997M $1.3B $1.8B $2.2B $2.8B $3.3B $2.8B $3.2B $3.5B
Acquisitions $3.2B $25.0M $5.1B $369M $1.3B $14.9B $439M $82.0M $2.7B $9.3B
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $4.0B $7.6B $7.8B $12.6B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $1.5B $1.6B
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $4.0B $7.6B $9.4B $14.2B
Balance sheet
Cash and short-term investments $2.2B $4.5B $4.3B $7.9B $12.0B $10.5B $12.5B $14.2B $14.0B $9.6B
Total debt $2.0B $1.7B $3.2B $2.7B $2.7B $10.6B $10.6B $9.4B $8.4B $14.4B
Finance lease liabilities $0.0M $0.0M $0.0M $385M $128M $385M $791M $974M $678M $535M
Current assets $6.0B $9.6B $10.7B $16.0B $21.9B $22.9B $26.4B $29.1B $29.7B $28.2B
Current liabilities $7.3B $10.1B $11.3B $14.8B $17.7B $21.8B $25.9B $26.6B $28.0B $37.1B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $1.8B $1.9B $2.1B $2.4B $2.5B $2.8B $3.7B $3.7B $3.2B $3.1B
Total assets $17.6B $22.0B $30.7B $55.1B $66.3B $95.2B $98.8B $99.8B $102.9B $112.3B
Total liabilities $10.1B $11.6B $15.1B $21.2B $24.8B $37.1B $40.5B $40.2B $41.8B $53.2B
Shareholders' equity $8.2B $10.4B $15.6B $33.9B $41.5B $58.1B $58.4B $59.6B $61.2B $59.1B
Margins
Gross margin 73.9% 73.7% 74.0% 75.2% 74.4% 73.5% 73.3% 75.5% 77.2% 77.7%
Operating margin 2.6% 4.3% 4.0% 1.7% 2.1% 2.1% 3.3% 14.4% 19.0% 20.1%
EBITDA margin 10.1% 7.9% 7.1% 4.4% 4.9% 4.6% 6.2% 17.5% 21.7% 23.0%
Net margin 3.9% 3.4% 8.4% 0.7% 19.2% 5.5% 0.7% 11.9% 16.4% 18.0%
FCF margin 20.2% 20.9% 21.1% 21.6% 19.3% 19.9% 20.1% 27.3% 32.8% 34.7%
Returns
Return on capital 3.8% 5.0% 4.9% 0.7% 1.5% 1.1% 0.9% 7.4% 10.7% 10.8%
Return on capital employed 2.5% 4.1% 3.4% 1.0% 1.0% 0.9% 1.4% 6.9% 9.7% 11.1%
Return on equity 4.9% 3.9% 8.5% 0.5% 10.8% 2.9% 0.4% 7.0% 10.3% 12.4%
Return on assets 2.1% 1.8% 4.2% 0.3% 6.7% 1.8% 0.2% 4.2% 6.1% 6.9%
Growth
Revenue growth 25.9% 25.6% 26.0% 28.7% 24.3% 24.7% 18.4% 11.2% 8.7% 9.6%
Net income growth — 11.5% 208.3% −88.7% 3,131.8% −64.5% −85.6% 1,888.5% 49.8% 20.3%
EPS growth — 6.5% 191.8% −89.5% 2,820.0% −66.2% −85.8% 1,900.0% 51.4% 22.6%
FCF growth 22.4% 29.8% 27.2% 31.6% 10.9% 29.1% 19.5% 50.5% 30.9% 15.8%
Share count change 5.8% 5.0% 5.4% 9.7% 9.4% 4.7% 2.4% −1.3% −1.0% −1.9%
Financial health
Net debt / EBITDA −0.2x −3.4x −1.2x −6.5x −8.9x 0.4x −0.6x −0.6x −0.6x 0.6x
Debt / equity 0.2x 0.2x 0.2x 0.1x 0.1x 0.2x 0.2x 0.2x 0.2x 0.3x
Interest coverage 2.5x 5.2x 3.5x 2.7x 4.1x 2.5x 3.4x 17.7x 26.5x 25.7x
Current ratio 0.8x 1.0x 1.0x 1.1x 1.2x 1.1x 1.0x 1.1x 1.1x 0.8x
Quick ratio 0.8x 1.0x 1.0x 1.1x 1.2x 1.1x 1.0x 1.1x 1.1x 0.8x
Capital allocation
Capex / revenue 5.5% 5.1% 4.5% 3.8% 3.3% 2.7% 2.6% 2.1% 1.7% 1.4%
Stock comp / revenue 9.8% 9.5% 9.7% 10.4% 10.3% 10.5% 10.5% 8.0% 8.4% 8.5%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 63.4% 80.2% 75.3% 98.5%
Quality scores
Piotroski F-score 5.0 5.0 6.0 6.0 6.0 4.0 4.0 9.0 8.0 7.0
Altman Z'' 0.4 1.0 1.3 2.0 2.5 2.0 1.9 2.4 2.6 1.8
Accruals ratio −12.1% −12.0% −8.7% −9.8% −1.2% −5.6% −7.1% −6.1% −6.8% −7.0%

Source: SEC EDGAR XBRL filings (CIK 0001108524). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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