Salesforce (CRM) Financials

$242.15 -4.13 (-1.68%)

As of 02:13 PM Eastern

Annual Income Statements for Salesforce

This table shows Salesforce's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-263	-47	323	360	1,110	126	4,072	1,444	208	4,136	6,197
Consolidated Net Income / (Loss)	-263	-47	323	360	1,110	126	4,072	1,444	208	4,136	6,197
Net Income / (Loss) Continuing Operations	-263	-47	323	360	1,110	126	4,072	1,444	208	4,136	6,197
Total Pre-Tax Income	-213	64	179	420	983	706	2,561	1,532	660	4,950	7,438
Total Operating Income	-146	115	218	454	535	297	455	548	1,030	5,011	7,205
Total Gross Profit	4,084	5,013	6,203	7,767	9,831	12,863	15,814	19,466	22,992	26,316	29,252
Total Revenue	5,374	6,667	8,437	10,540	13,282	17,098	21,252	26,492	31,352	34,857	37,895
Operating Revenue	5,374	6,667	8,437	10,540	13,282	17,098	21,252	26,492	31,352	34,857	37,895
Total Cost of Revenue	1,289	1,655	2,234	2,773	3,451	4,235	5,438	7,026	8,360	8,541	8,643
Operating Cost of Revenue	925	1,242	2,234	2,773	3,451	4,235	5,438	7,026	8,360	8,541	8,643
Total Operating Expenses	4,230	4,898	5,985	7,313	9,296	12,566	15,359	18,918	21,962	21,305	22,047
Selling, General & Admin Expense	680	748	966	1,089	1,346	1,704	2,087	2,598	2,553	2,534	2,836
Marketing Expense	2,757	3,240	3,811	4,671	6,064	7,930	9,674	11,855	13,526	12,877	13,257
Research & Development Expense	793	946	1,208	1,553	1,886	2,766	3,598	4,465	5,055	4,906	5,493
Restructuring Charge	-	-	-	-	-	-	-	0.00	828	988	461
Total Other Income / (Expense), net	-67	-51	-39	-34	448	409	2,106	984	-370	-61	233
Interest & Investment Income	10	15	58	-	542	427	2,170	1,211	-239	-277	-121
Other Income / (Expense), net	-4.25	6.50	-8.00	-34	-94	-18	-64	-227	-131	216	354
Income Tax Expense	50	112	-144	60	-127	580	-1,511	88	452	814	1,241
Basic Earnings per Share	($0.42)	($0.07)	$0.47	$1.50	$1.48	$0.15	$4.48	$1.51	$0.21	$4.25	$6.44
Weighted Average Basic Shares Outstanding	624.15M	661.65M	688M	715M	751M	829M	908M	955M	992M	974M	962M
Diluted Earnings per Share	($0.42)	($0.07)	$0.46	$0.49	$1.43	$0.15	$4.38	$1.48	$0.21	$4.20	$6.36
Weighted Average Diluted Shares Outstanding	624.15M	661.65M	700M	735M	775M	850M	930M	974M	997M	984M	974M
Weighted Average Basic & Diluted Shares Outstanding	650.60M	670.90M	707.50M	731.50M	771M	895M	921M	990M	1B	970M	961M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	-	$1.60

This table shows Salesforce's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-98	199	1,267	1,224	1,446	1,533	1,429	1,527	1,708	1,541	1,887
Consolidated Net Income / (Loss)	-98	199	1,267	1,224	1,446	1,533	1,429	1,527	1,708	1,541	1,887
Net Income / (Loss) Continuing Operations	-98	199	1,267	1,224	1,446	1,533	1,429	1,527	1,708	1,541	1,887
Total Pre-Tax Income	33	326	1,492	1,487	1,645	1,867	1,837	1,746	1,988	1,974	2,406
Total Operating Income	357	412	1,476	1,501	1,622	1,709	1,783	1,893	1,820	1,942	2,332
Total Gross Profit	6,284	6,122	6,490	6,565	7,139	6,971	7,166	7,339	7,776	7,564	7,994
Total Revenue	8,384	8,247	8,603	8,720	9,287	9,133	9,325	9,444	9,993	9,829	10,236
Operating Revenue	8,384	8,247	8,603	8,720	9,287	9,133	9,325	9,444	9,993	9,829	10,236
Total Cost of Revenue	2,100	2,125	2,113	2,155	2,148	2,162	2,159	2,105	2,217	2,265	2,242
Operating Cost of Revenue	2,100	2,125	2,113	2,155	2,148	2,162	2,159	2,105	2,217	2,265	2,242
Total Operating Expenses	5,927	5,710	5,014	5,064	5,517	5,262	5,383	5,446	5,956	5,622	5,662
Selling, General & Admin Expense	586	638	632	632	632	647	711	711	767	697	734
Marketing Expense	3,385	3,154	3,113	3,173	3,437	3,239	3,224	3,323	3,471	3,429	3,443
Research & Development Expense	1,128	1,207	1,220	1,204	1,275	1,368	1,349	1,356	1,420	1,460	1,481
Restructuring Charge	828	711	49	55	173	8.00	99	56	298	36	4.00
Total Other Income / (Expense), net	-324	-86	16	-14	23	158	54	-147	168	32	74
Interest & Investment Income	-314	-141	-29	-72	-35	37	-37	-217	96	-63	6.00
Other Income / (Expense), net	-10	55	45	58	58	121	91	70	72	95	68
Income Tax Expense	131	127	225	263	199	334	408	219	280	433	519
Basic Earnings per Share	($0.10)	$0.20	$1.30	$1.26	$1.49	$1.58	$1.48	$1.60	$1.78	$1.61	$1.97
Weighted Average Basic Shares Outstanding	992M	980M	975M	972M	974M	970M	964M	956M	962M	960M	956M
Diluted Earnings per Share	($0.10)	$0.20	$1.28	$1.25	$1.47	$1.56	$1.47	$1.58	$1.75	$1.59	$1.96
Weighted Average Diluted Shares Outstanding	997M	988M	986M	981M	984M	985M	973M	965M	974M	970M	962M
Weighted Average Basic & Diluted Shares Outstanding	1B	974M	973M	968M	970M	969M	956M	957M	961M	956M	952M

This table details how cash moves in and out of Salesforce's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Net Change in Cash & Equivalents	126	250	449	948	126	1,476	2,050	-731	1,552	1,456	376
Net Cash From Operating Activities	1,181	1,672	2,162	2,738	3,398	4,331	4,801	6,000	7,111	10,234	13,092
Net Cash From Continuing Operating Activities	1,181	1,672	2,162	2,738	3,398	4,331	4,801	6,000	7,111	10,234	13,092
Net Income / (Loss) Continuing Operations	-263	-47	323	360	1,110	126	4,072	1,444	208	4,136	6,197
Consolidated Net Income / (Loss)	-263	-47	323	360	1,110	126	4,072	1,444	208	4,136	6,197
Depreciation Expense	448	526	632	784	982	2,135	2,846	3,298	3,786	3,959	3,477
Amortization Expense	297	347	501	592	737	876	1,058	1,348	1,668	1,925	2,095
Non-Cash Adjustments To Reconcile Net Income	559	535	789	1,350	1,263	2,059	-1,756	1,914	2,917	2,815	2,767
Changes in Operating Assets and Liabilities, net	139	312	-83	-348	-694	-865	-1,419	-2,004	-1,468	-2,601	-1,444
Net Cash From Investing Activities	-698	-1,488	-2,684	-2,011	-5,308	-2,980	-3,971	-14,536	-1,989	-1,327	-3,163
Net Cash From Continuing Investing Activities	-698	-1,488	-2,684	-2,011	-5,308	-2,980	-3,971	-14,536	-1,989	-1,327	-3,163
Purchase of Property, Plant & Equipment	-290	-710	-464	-534	-595	-643	-710	-717	-798	-736	-658
Acquisitions	38	-59	-3,193	-25	-5,115	-369	-1,281	-14,876	-439	-82	-2,734
Purchase of Investments	-874	-1,525	-1,180	-2,219	-1,430	-4,625	-5,902	-7,392	-5,327	-4,257	-7,418
Sale and/or Maturity of Investments	331	558	2,073	767	1,832	2,657	3,922	8,449	4,575	3,748	7,647
Net Cash From Financing Activities	-318	73	998	221	2,010	164	1,194	7,838	-3,562	-7,477	-9,429
Net Cash From Continuing Financing Activities	-318	73	998	221	2,010	164	1,194	7,838	-3,562	-7,477	-9,429
Repayment of Debt	-925	-382	-648	-429	-1,529	-503	-4.00	-1,201	-4.00	-1,182	-1,000
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-4,000	-7,620	-7,829
Payment of Dividends	-	-	-	-	-	-	-	-	0.00	0.00	-1,537
Issuance of Common Equity	309	455	401	650	704	840	1,321	1,289	861	1,954	1,540
Other Financing Activities, net	-	-	-	-	-131	-173	-103	-156	-419	-629	-603
Effect of Exchange Rate Changes	-38	-7.11	-27	-	26	-39	26	-33	-8.00	26	-124
Cash Interest Paid	25	38	55	-40	94	106	96	187	275	254	233
Cash Income Taxes Paid	36	31	36	-53	83	129	216	196	510	1,027	2,061

This table details how cash moves in and out of Salesforce's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025
Net Change in Cash & Equivalents	940	2,139	-2,383	-319	2,019	1,486	-2,276	315	851	2,080	-563
Net Cash From Operating Activities	2,788	4,491	808	1,532	3,403	6,247	892	1,983	3,970	6,476	740
Net Cash From Continuing Operating Activities	2,788	4,491	808	1,532	3,403	6,247	892	1,983	3,970	6,476	740
Net Income / (Loss) Continuing Operations	-98	199	1,267	1,224	1,446	1,533	1,429	1,527	1,708	1,541	1,887
Consolidated Net Income / (Loss)	-98	199	1,267	1,224	1,446	1,533	1,429	1,527	1,708	1,541	1,887
Depreciation Expense	1,032	1,254	890	862	953	879	907	814	877	843	817
Amortization Expense	443	470	476	482	497	517	526	525	527	545	544
Non-Cash Adjustments To Reconcile Net Income	6,240	-1,693	-462	-1,212	6,182	-2,490	-3,289	-1,154	6,830	512	381
Changes in Operating Assets and Liabilities, net	-4,829	4,261	-1,363	176	-5,675	5,808	1,319	271	-5,972	3,035	-2,889
Net Cash From Investing Activities	312	347	-1,152	-54	-468	-2,651	2,641	-217	-2,936	-1,567	1,165
Net Cash From Continuing Investing Activities	312	347	-1,152	-54	-468	-2,651	2,641	-217	-2,936	-1,567	1,165
Purchase of Property, Plant & Equipment	-218	-243	-180	-166	-147	-163	-137	-204	-154	-179	-135
Acquisitions	-	0.00	-	-82	-	-338	-	-179	-2,217	0.00	-54
Purchase of Investments	-720	-473	-1,980	-764	-1,040	-3,455	-654	-1,306	-2,003	-2,235	-1,292
Sale and/or Maturity of Investments	1,250	1,063	1,008	958	719	1,305	3,432	1,472	1,438	847	2,646
Net Cash From Financing Activities	-2,221	-2,716	-2,050	-1,765	-946	-2,108	-5,802	-1,446	-73	-2,920	-2,503
Net Cash From Continuing Financing Activities	-2,221	-2,716	-2,050	-1,765	-946	-2,108	-5,802	-1,446	-73	-2,920	-2,503
Repayment of Debt	-1.00	-1,001	-181	-	-	-	-1,000	-	-	-179	-99
Repurchase of Common Equity	-2,323	-2,054	-1,949	-1,925	-1,692	-2,133	-4,335	-1,285	-76	-2,633	-2,225
Payment of Dividends	-	0.00	-	-	-	-388	-384	-382	-383	-402	-399
Issuance of Common Equity	173	449	362	274	869	533	202	321	484	294	232
Effect of Exchange Rate Changes	61	17	11	-32	30	-2.00	-	-5.00	-110	91	35
Cash Interest Paid	91	46	90	28	90	28	90	28	87	28	87
Cash Income Taxes Paid	120	122	129	458	318	94	823	471	673	99	891

This table presents Salesforce's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Total Assets	10,665	12,763	17,585	21,984	30,737	55,126	66,301	95,209	98,849	99,823	102,928
Total Current Assets	3,515	5,731	5,997	9,584	10,683	15,963	21,889	22,850	26,395	29,074	29,727
Cash & Equivalents	908	1,158	1,607	2,543	2,669	4,145	6,195	5,464	7,016	8,472	8,848
Short-Term Investments	87	1,567	602	1,978	1,673	3,802	5,771	5,073	5,492	5,722	5,184
Accounts Receivable	1,906	2,496	3,197	3,921	4,924	6,174	7,786	9,739	10,755	11,414	11,945
Prepaid Expenses	245	251	280	471	629	916	991	1,120	1,356	1,561	1,779
Other Current Assets	369	259	312	671	788	926	1,146	1,454	1,776	1,905	1,971
Plant, Property, & Equipment, net	1,126	1,716	1,788	1,947	2,051	2,375	2,459	2,815	3,702	3,689	3,236
Total Noncurrent Assets	6,025	5,316	9,801	10,453	18,003	36,788	41,953	69,544	68,752	67,060	69,965
Long-Term Investments	1,186	521	567	677	1,302	1,963	3,909	4,784	4,672	4,848	4,852
Goodwill	3,783	3,850	7,264	7,314	12,851	25,134	26,318	47,937	48,568	48,620	51,283
Intangible Assets	433	613	1,255	973	1,923	4,724	4,114	8,978	7,125	5,278	4,428
Other Noncurrent Operating Assets	623	332	715	1,489	1,927	4,967	7,612	7,845	8,387	8,314	9,402
Total Liabilities & Shareholders' Equity	10,665	12,763	17,585	21,984	30,737	55,126	66,301	95,209	98,849	99,823	102,928
Total Liabilities	6,690	7,760	10,085	11,608	15,132	21,241	24,808	37,078	40,490	40,177	41,755
Total Current Liabilities	4,390	5,617	7,295	10,067	11,255	14,845	17,728	21,788	25,891	26,631	27,980
Accounts Payable	1,103	1,349	1,753	76	2,691	3,433	4,355	5,470	6,743	6,111	6,658
Current Deferred Revenue	3,287	4,268	5,543	6,995	8,564	10,662	12,607	15,628	17,376	19,003	20,743
Other Current Liabilities	-	-	-	-	0.00	750	766	686	590	518	579
Total Noncurrent Liabilities	2,300	2,143	2,789	1,541	3,877	6,396	7,080	15,290	14,599	13,546	13,775
Long-Term Debt	1,371	1,286	2,008	695	3,173	2,673	2,673	10,592	9,419	8,427	8,433
Other Noncurrent Operating Liabilities	894	833	781	846	704	3,723	4,407	4,698	5,180	5,119	5,342
Total Equity & Noncontrolling Interests	3,975	5,003	7,500	10,376	15,605	33,885	41,493	58,131	58,359	59,646	61,173
Total Preferred & Common Equity	3,975	5,003	7,500	10,376	15,605	33,885	41,493	58,131	58,359	59,646	61,173
Total Common Equity	3,975	5,003	7,500	10,376	15,605	33,885	41,493	58,131	58,359	59,646	61,173
Common Stock	4,605	5,706	8,041	9,753	13,928	32,117	35,602	50,920	55,048	59,842	64,577
Retained Earnings	-606	-653	-465	635	1,735	1,861	5,933	7,377	7,585	11,721	16,369
Treasury Stock	-	-	-	-	-	-	-	0.00	-4,000	-11,692	-19,507
Accumulated Other Comprehensive Income / (Loss)	-24	-50	-76	-12	-58	-93	-42	-166	-274	-225	-266

This table presents Salesforce's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	4/30/2025	7/31/2025
Total Assets	91,884	98,849	93,541	92,447	91,022	99,823	96,180	92,180	91,395	98,610	97,573
Total Current Assets	19,209	26,395	21,981	21,138	20,202	29,074	25,604	21,862	21,425	25,866	25,331
Cash & Equivalents	6,076	7,016	9,155	6,772	6,453	8,472	9,958	7,682	7,997	10,928	10,365
Short-Term Investments	5,842	5,492	4,822	5,625	5,410	5,722	7,712	4,954	4,760	6,480	5,007
Accounts Receivable	4,275	10,755	4,632	5,400	4,850	11,414	4,273	5,391	4,741	4,354	5,596
Prepaid Expenses	1,467	1,356	1,600	1,560	1,732	1,561	1,796	1,984	2,091	2,180	2,501
Other Current Assets	1,549	1,776	1,772	1,781	1,757	1,905	1,865	1,851	1,836	1,924	1,862
Plant, Property, & Equipment, net	3,514	3,702	3,695	3,876	3,807	3,689	3,506	3,580	3,416	3,131	3,154
Total Noncurrent Assets	69,161	68,752	67,865	67,433	67,013	67,060	67,070	66,738	66,554	69,613	69,088
Long-Term Investments	5,124	4,672	4,633	4,778	4,774	4,848	4,978	5,017	4,845	4,941	5,085
Goodwill	48,555	48,568	48,567	48,566	48,614	48,620	48,940	48,941	49,093	51,281	51,438
Intangible Assets	7,598	7,125	6,654	6,182	5,737	5,278	4,869	4,415	4,119	4,033	3,669
Other Noncurrent Operating Assets	7,884	8,387	8,011	7,907	7,888	8,314	8,283	8,365	8,497	9,358	8,896
Total Liabilities & Shareholders' Equity	91,884	98,849	93,541	92,447	91,022	99,823	96,180	92,180	91,395	98,610	97,573
Total Liabilities	32,533	40,490	36,129	34,365	32,932	40,177	36,497	34,547	32,870	37,944	36,245
Total Current Liabilities	18,227	25,891	21,626	20,805	19,394	26,631	23,149	21,001	19,375	24,196	22,532
Accounts Payable	5,285	6,743	5,733	5,059	5,308	6,111	5,520	5,220	5,331	5,804	5,397
Current Deferred Revenue	11,193	17,376	15,121	14,237	12,564	19,003	16,061	15,222	13,472	17,799	16,555
Other Current Liabilities	567	590	591	510	523	518	568	559	572	593	580
Total Noncurrent Liabilities	14,306	14,599	14,503	13,560	13,538	13,546	13,348	13,546	13,495	13,748	13,713
Long-Term Debt	9,418	9,419	9,421	8,424	8,426	8,427	8,429	8,430	8,432	8,435	8,436
Other Noncurrent Operating Liabilities	4,888	5,180	5,082	5,136	5,112	5,119	4,919	5,116	5,063	5,313	5,277
Total Equity & Noncontrolling Interests	59,351	58,359	57,412	58,082	58,090	59,646	59,683	57,633	58,525	60,666	61,328
Total Preferred & Common Equity	59,351	58,359	57,412	58,082	58,090	59,646	59,683	57,633	58,525	60,666	61,328
Total Common Equity	59,351	58,359	57,412	58,082	58,090	59,646	59,683	57,633	58,525	60,666	61,328
Common Stock	53,892	55,048	56,027	57,346	58,150	59,842	60,947	62,144	63,115	65,491	66,702
Retained Earnings	7,683	7,585	7,784	9,051	10,275	11,721	12,866	13,907	15,049	17,504	18,987
Treasury Stock	-1,743	-4,000	-6,144	-8,057	-10,004	-11,692	-13,860	-18,182	-19,414	-22,199	-24,408
Accumulated Other Comprehensive Income / (Loss)	-481	-274	-255	-258	-331	-225	-270	-236	-225	-130	47

This table displays calculated financial ratios and metrics derived from Salesforce's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/31/2015	1/31/2016	1/31/2017	1/31/2018	1/31/2019	1/31/2020	1/31/2021	1/31/2022	1/31/2023	1/31/2024	1/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	32.00%	24.07%	26.54%	24.93%	26.02%	28.73%	24.30%	24.66%	18.35%	11.18%	8.72%
EBITDA Growth	84.64%	66.82%	35.15%	33.73%	20.27%	52.31%	30.55%	15.65%	27.90%	74.89%	18.18%
EBIT Growth	48.48%	181.01%	72.95%	100.00%	5.00%	-36.73%	40.14%	-17.90%	180.06%	481.42%	44.61%
NOPAT Growth	49.09%	16.82%	563.93%	-1.08%	55.24%	-91.23%	1,264.86%	-28.60%	-37.16%	1,189.86%	43.37%
Net Income Growth	-13.14%	81.95%	781.06%	11.46%	208.33%	-88.65%	3,131.75%	-64.54%	-85.60%	1,888.46%	49.83%
EPS Growth	-7.69%	83.33%	757.14%	6.52%	191.84%	-89.51%	2,820.00%	-66.21%	-85.81%	1,900.00%	51.43%
Operating Cash Flow Growth	34.95%	41.53%	29.30%	26.64%	24.11%	27.46%	10.85%	24.97%	18.52%	43.92%	27.93%
Free Cash Flow Firm Growth	113.10%	-89.43%	-8,974.73%	106.79%	-2,616.24%	-139.01%	93.17%	-2,575.06%	107.93%	204.37%	-10.55%
Invested Capital Growth	-12.53%	-3.85%	121.26%	2.46%	90.40%	102.89%	6.17%	88.77%	-3.04%	-3.38%	1.38%
Revenue Q/Q Growth	4.27%	7.14%	6.70%	3.31%	7.49%	7.87%	4.76%	6.04%	3.49%	2.66%	1.90%
EBITDA Q/Q Growth	14.80%	8.61%	27.16%	-0.59%	-14.46%	26.01%	13.09%	-5.12%	13.71%	13.34%	1.28%
EBIT Q/Q Growth	29.32%	72.25%	140.26%	11.13%	-52.07%	2,436.36%	104.71%	-55.23%	180.06%	34.23%	2.89%
NOPAT Q/Q Growth	32.13%	75.76%	-20.88%	39.47%	0.34%	-85.46%	91.87%	-30.23%	1.02%	43.94%	2.41%
Net Income Q/Q Growth	16.22%	45.91%	57.13%	46.38%	16.35%	-82.88%	14.48%	-16.96%	-25.18%	59.57%	4.41%
EPS Q/Q Growth	16.00%	46.15%	53.33%	53.13%	12.60%	-83.87%	15.87%	-17.78%	-19.23%	59.70%	4.61%
Operating Cash Flow Q/Q Growth	6.18%	8.45%	12.24%	14.47%	8.95%	416.59%	-50.28%	-3.10%	12.78%	6.39%	4.53%
Free Cash Flow Firm Q/Q Growth	84.47%	119.07%	-28.44%	8.27%	15.82%	2.33%	32.97%	-2.72%	17.34%	20.19%	-28.08%
Invested Capital Q/Q Growth	-6.77%	-6.07%	6.81%	8.19%	-3.91%	-4.19%	-4.30%	-1.56%	-2.13%	-1.67%	2.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	76.01%	75.18%	73.52%	73.69%	74.02%	75.23%	74.41%	73.48%	73.34%	75.50%	77.19%
EBITDA Margin	11.09%	14.90%	15.92%	17.04%	16.26%	19.24%	20.21%	18.75%	20.26%	31.88%	34.65%
Operating Margin	-2.71%	1.72%	2.58%	4.31%	4.03%	1.74%	2.14%	2.07%	3.29%	14.38%	19.01%
EBIT Margin	-2.79%	1.82%	2.49%	3.98%	3.32%	1.63%	1.84%	1.21%	2.87%	15.00%	19.95%
Profit (Net Income) Margin	-4.89%	-0.71%	3.83%	3.42%	8.36%	0.74%	19.16%	5.45%	0.66%	11.87%	16.35%
Tax Burden Percent	123.28%	-73.78%	180.45%	85.71%	112.92%	17.85%	159.00%	94.26%	31.52%	83.56%	83.32%
Interest Burden Percent	142.16%	52.94%	85.24%	100.00%	222.90%	253.05%	654.99%	477.26%	73.41%	94.70%	98.40%
Effective Tax Rate	0.00%	173.78%	-80.45%	14.29%	-12.92%	82.15%	-59.00%	5.74%	68.48%	16.44%	16.68%
Return on Invested Capital (ROIC)	-3.01%	-2.73%	8.05%	5.71%	6.03%	0.27%	2.63%	1.26%	0.62%	8.23%	11.92%
ROIC Less NNEP Spread (ROIC-NNEP)	121.94%	-5.43%	13.21%	7.08%	-10.98%	-1.24%	-30.13%	-9.08%	2.68%	8.85%	9.98%
Return on Net Nonoperating Assets (RNNOA)	-4.46%	1.68%	-2.88%	-1.68%	2.51%	0.24%	8.17%	1.63%	-0.26%	-1.22%	-1.66%
Return on Equity (ROE)	-7.46%	-1.06%	5.17%	4.03%	8.54%	0.51%	10.80%	2.90%	0.36%	7.01%	10.26%
Cash Return on Invested Capital (CROIC)	10.37%	1.20%	-67.44%	3.28%	-56.23%	-67.67%	-3.35%	-60.22%	3.71%	11.66%	10.54%
Operating Return on Assets (OROA)	-1.51%	1.04%	1.38%	2.12%	1.67%	0.65%	0.64%	0.40%	0.93%	5.26%	7.46%
Return on Assets (ROA)	-2.65%	-0.40%	2.13%	1.82%	4.21%	0.29%	6.71%	1.79%	0.21%	4.16%	6.11%
Return on Common Equity (ROCE)	-7.43%	-1.06%	5.17%	4.03%	8.54%	0.51%	10.80%	2.90%	0.36%	7.01%	10.26%
Return on Equity Simple (ROE_SIMPLE)	-6.61%	-0.95%	4.31%	3.47%	7.11%	0.37%	9.81%	2.48%	0.36%	6.93%	10.13%
Net Operating Profit after Tax (NOPAT)	-102	-85	393	389	604	53	723	517	325	4,187	6,003
NOPAT Margin	-1.90%	-1.27%	4.66%	3.69%	4.55%	0.31%	3.40%	1.95%	1.04%	12.01%	15.84%
Net Nonoperating Expense Percent (NNEP)	-124.94%	2.70%	-5.16%	-1.37%	17.01%	1.50%	32.77%	10.35%	-2.06%	-0.63%	1.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	0.47%	6.06%	8.62%
Cost of Revenue to Revenue	23.99%	24.82%	26.48%	26.31%	25.98%	24.77%	25.59%	26.52%	26.67%	24.50%	22.81%
SG&A Expenses to Revenue	12.65%	11.22%	11.45%	10.33%	10.13%	9.97%	9.82%	9.81%	8.14%	7.27%	7.48%
R&D to Revenue	14.76%	14.19%	14.32%	14.73%	14.20%	16.18%	16.93%	16.85%	16.12%	14.07%	14.50%
Operating Expenses to Revenue	78.72%	73.46%	70.94%	69.38%	69.99%	73.49%	72.27%	71.41%	70.05%	61.12%	58.18%
Earnings before Interest and Taxes (EBIT)	-150	121	210	420	441	279	391	321	899	5,227	7,559
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	596	994	1,343	1,796	2,160	3,290	4,295	4,967	6,353	11,111	13,131
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.94	9.01	7.33	7.91	7.43	4.76	4.96	3.93	2.86	4.54	5.35
Price to Tangible Book Value (P/TBV)	0.00	83.47	0.00	39.27	139.50	40.04	18.61	187.90	62.65	47.07	59.87
Price to Revenue (P/Rev)	6.61	6.76	6.51	7.78	8.73	9.43	9.68	8.62	5.33	7.76	8.63
Price to Earnings (P/E)	0.00	0.00	170.13	227.89	104.44	1,279.74	50.54	158.23	803.06	65.42	52.77
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%
Earnings Yield	0.00%	0.00%	0.59%	0.44%	0.96%	0.08%	1.98%	0.63%	0.12%	1.53%	1.90%
Enterprise Value to Invested Capital (EV/IC)	10.97	14.17	8.05	11.39	8.64	5.78	6.81	4.19	3.10	5.22	6.24
Enterprise Value to Revenue (EV/Rev)	6.46	6.46	6.42	7.45	8.54	9.01	9.06	8.45	5.12	7.49	8.35
Enterprise Value to EBITDA (EV/EBITDA)	58.27	43.38	40.35	43.74	52.53	46.81	44.84	45.05	25.26	23.49	24.11
Enterprise Value to EBIT (EV/EBIT)	0.00	354.98	258.02	187.06	257.27	552.01	492.57	697.07	178.49	49.93	41.88
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	137.74	201.89	187.80	2,905.54	266.22	433.21	494.32	62.33	52.73
Enterprise Value to Operating Cash Flow (EV/OCF)	29.38	25.78	25.06	28.69	33.39	35.56	40.12	37.29	22.56	25.50	24.18
Enterprise Value to Free Cash Flow (EV/FCFF)	98.73	1,160.42	0.00	351.01	0.00	0.00	0.00	0.00	82.26	43.96	59.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.26	0.27	0.17	0.20	0.08	0.06	0.18	0.18	0.16	0.14
Long-Term Debt to Equity	0.34	0.26	0.27	0.07	0.20	0.08	0.06	0.18	0.16	0.14	0.14
Financial Leverage	-0.04	-0.31	-0.22	-0.24	-0.23	-0.20	-0.27	-0.18	-0.10	-0.14	-0.17
Leverage Ratio	2.81	2.61	2.43	2.21	2.03	1.74	1.61	1.62	1.67	1.68	1.68
Compound Leverage Factor	4.00	1.38	2.07	2.21	4.52	4.39	10.55	7.74	1.22	1.59	1.65
Debt to Total Capital	25.64%	20.45%	21.12%	14.22%	16.90%	7.31%	6.05%	15.42%	15.37%	13.65%	12.12%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	8.47%	0.00%	0.00%	0.00%	0.01%	1.71%	1.45%	0.00%
Long-Term Debt to Total Capital	25.64%	20.45%	21.12%	5.75%	16.90%	7.31%	6.05%	15.41%	13.66%	12.20%	12.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	74.36%	79.55%	78.88%	85.78%	83.10%	92.69%	93.95%	84.58%	84.63%	86.35%	87.88%
Debt to EBITDA	2.30	1.29	1.50	0.96	1.47	0.81	0.62	2.13	1.67	0.85	0.64
Net Debt to EBITDA	-1.36	-1.97	-0.57	-1.94	-1.14	-2.20	-3.07	-0.95	-1.04	-0.87	-0.80
Long-Term Debt to EBITDA	2.30	1.29	1.50	0.39	1.47	0.81	0.62	2.13	1.48	0.76	0.64
Debt to NOPAT	-13.45	-15.17	5.11	4.42	5.25	50.43	3.69	20.51	32.66	2.25	1.40
Net Debt to NOPAT	7.95	23.12	-1.95	-8.94	-4.09	-136.53	-18.25	-9.15	-20.27	-2.30	-1.74
Long-Term Debt to NOPAT	-13.45	-15.17	5.11	1.79	5.25	50.43	3.69	20.51	29.02	2.01	1.40
Altman Z-Score	3.46	3.98	3.66	4.80	5.13	4.95	5.52	4.11	2.94	4.76	5.55
Noncontrolling Interest Sharing Ratio	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.80	1.02	0.82	0.95	0.95	1.08	1.23	1.05	1.02	1.09	1.06
Quick Ratio	0.66	0.93	0.74	0.84	0.82	0.95	1.11	0.93	0.90	0.96	0.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	352	37	-3,296	224	-5,632	-13,461	-920	-24,598	1,951	5,937	5,311
Operating Cash Flow to CapEx	1,757.74%	290.04%	465.95%	512.73%	571.09%	673.56%	676.20%	836.82%	891.10%	1,390.49%	1,989.67%
Free Cash Flow to Firm to Interest Expense	4.80	0.51	-37.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	16.13	23.07	24.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	15.21	15.11	19.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.57	0.56	0.53	0.50	0.40	0.35	0.33	0.32	0.35	0.37
Accounts Receivable Turnover	3.29	3.03	2.96	2.96	3.00	3.08	3.04	3.02	3.06	3.14	3.24
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.54	4.69	4.82	5.64	6.64	7.73	8.79	10.05	9.62	9.43	10.94
Accounts Payable Turnover	1.27	1.35	1.44	3.03	2.49	1.38	1.40	1.43	1.37	1.33	1.35
Days Sales Outstanding (DSO)	110.93	120.49	123.14	123.24	121.53	118.46	119.88	120.73	119.30	116.07	112.50
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	288.44	270.53	253.41	120.35	146.33	263.90	261.37	255.20	266.61	274.66	269.62
Cash Conversion Cycle (CCC)	-177.50	-150.05	-130.27	2.89	-24.79	-145.45	-141.49	-134.48	-147.32	-158.59	-157.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,165	3,043	6,733	6,898	13,134	26,648	28,291	53,406	51,780	50,030	50,722
Invested Capital Turnover	1.58	2.15	1.73	1.55	1.33	0.86	0.77	0.65	0.60	0.68	0.75
Increase / (Decrease) in Invested Capital	-453	-122	3,690	165	6,236	13,514	1,643	25,115	-1,626	-1,750	692
Enterprise Value (EV)	34,708	43,103	54,184	78,564	113,454	154,010	192,596	223,761	160,458	260,968	316,556
Market Capitalization	35,518	45,063	54,952	82,042	115,925	161,247	205,798	228,486	167,037	270,584	327,007
Book Value per Share	$6.30	$7.53	$10.77	$14.37	$20.40	$38.20	$45.35	$59.02	$58.36	$61.62	$63.92
Tangible Book Value per Share	($0.38)	$0.81	($1.46)	$2.89	$1.09	$4.54	$12.09	$1.23	$2.67	$5.94	$5.71
Total Capital	5,346	6,289	9,509	12,096	18,778	36,558	44,166	68,727	68,960	69,072	69,606
Total Debt	1,371	1,286	2,008	1,720	3,173	2,673	2,673	10,596	10,601	9,426	8,433
Total Long-Term Debt	1,371	1,286	2,008	695	3,173	2,673	2,673	10,592	9,419	8,427	8,433
Net Debt	-810	-1,960	-767	-3,478	-2,471	-7,237	-13,202	-4,725	-6,579	-9,616	-10,451
Capital Expenditures (CapEx)	67	577	464	534	595	643	710	717	798	736	658
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,871	-2,611	-3,508	-3,979	-4,914	-6,829	-7,805	-9,471	-10,822	-10,752	-12,285
Debt-free Net Working Capital (DFNWC)	-876	114	-1,299	542	-572	1,118	4,161	1,066	1,686	3,442	1,747
Net Working Capital (NWC)	-876	114	-1,299	-483	-572	1,118	4,161	1,062	504	2,443	1,747
Net Nonoperating Expense (NNE)	161	-37	70	29	-506	-73	-3,349	-927	117	51	-194
Net Nonoperating Obligations (NNO)	-810	-1,960	-767	-3,478	-2,471	-7,237	-13,202	-4,725	-6,579	-9,616	-10,451
Total Depreciation and Amortization (D&A)	746	872	1,133	1,376	1,719	3,011	3,904	4,646	5,454	5,884	5,572
Debt-free, Cash-free Net Working Capital to Revenue	-34.82%	-39.16%	-41.57%	-37.75%	-37.00%	-39.94%	-36.73%	-35.75%	-34.52%	-30.85%	-32.42%
Debt-free Net Working Capital to Revenue	-16.29%	1.71%	-15.39%	5.14%	-4.31%	6.54%	19.58%	4.02%	5.38%	9.87%	4.61%
Net Working Capital to Revenue	-16.29%	1.71%	-15.39%	-4.58%	-4.31%	6.54%	19.58%	4.01%	1.61%	7.01%	4.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.42)	($0.07)	$0.26	$0.18	$1.48	$0.15	$0.00	$1.51	$0.21	$4.25	$6.44
Adjusted Weighted Average Basic Shares Outstanding	624.15M	661.65M	687.80M	714.92M	751M	829M	0.00	955M	992M	974M	962M
Adjusted Diluted Earnings per Share	($0.42)	($0.07)	$0.26	$0.17	$1.43	$0.15	$0.00	$1.48	$0.21	$4.20	$6.36
Adjusted Weighted Average Diluted Shares Outstanding	624.15M	661.65M	700.22M	734.60M	775M	850M	0.00	974M	997M	984M	974M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.15	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	650.60M	670.90M	707.50M	731.50M	771M	895M	0.00	990M	1B	970M	961M
Normalized Net Operating Profit after Tax (NOPAT)	-102	55	153	389	375	208	319	517	1,301	5,012	6,387
Normalized NOPAT Margin	-1.90%	0.82%	1.81%	3.69%	2.82%	1.22%	1.50%	1.95%	4.15%	14.38%	16.85%
Pre Tax Income Margin	-3.97%	0.96%	2.12%	3.98%	7.40%	4.13%	12.05%	5.78%	2.11%	14.20%	19.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.05	1.68	2.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-1.39	-1.17	4.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-2.96	-6.28	-2.85	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-2.31	-9.12	-0.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.80%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,923.08%	184.24%	151.14%

This table displays calculated financial ratios and metrics derived from Salesforce's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.44%	11.28%	11.44%	11.27%	10.77%	10.74%	8.39%	8.30%	7.60%	7.62%	9.77%
EBITDA Growth	72.54%	73.34%	98.97%	59.86%	71.79%	47.24%	14.55%	13.74%	5.30%	6.17%	13.73%
EBIT Growth	250.22%	1,397.22%	1,018.38%	244.91%	384.15%	291.86%	23.21%	25.91%	12.62%	11.31%	28.07%
NOPAT Growth	-760.54%	1,696.41%	1,628.65%	507.53%	234.48%	457.97%	10.66%	34.00%	9.67%	8.04%	31.87%
Net Income Growth	-250.00%	610.71%	1,763.24%	482.86%	1,575.51%	670.35%	12.79%	24.75%	18.12%	0.52%	32.05%
EPS Growth	-100.00%	566.67%	1,728.57%	495.24%	1,570.00%	680.00%	14.84%	26.40%	19.05%	1.92%	33.33%
Operating Cash Flow Growth	40.67%	22.17%	141.92%	389.46%	22.06%	39.10%	10.40%	29.44%	16.66%	3.67%	-17.04%
Free Cash Flow Firm Growth	102.24%	111.64%	71.74%	111.51%	461.27%	16.03%	11.59%	-2.69%	-72.55%	-63.27%	-71.82%
Invested Capital Growth	-3.04%	-5.15%	-3.29%	-3.84%	-3.38%	-4.01%	-3.81%	-2.99%	1.38%	0.62%	1.85%
Revenue Q/Q Growth	6.98%	-1.63%	4.32%	1.36%	6.50%	-1.66%	2.10%	1.28%	5.81%	-1.64%	4.14%
EBITDA Q/Q Growth	0.33%	20.25%	31.77%	0.55%	7.82%	3.07%	2.51%	-0.15%	-0.18%	3.91%	9.81%
EBIT Q/Q Growth	-23.23%	34.58%	225.70%	2.50%	7.76%	8.93%	2.40%	4.75%	-3.62%	7.66%	17.82%
NOPAT Q/Q Growth	-621.31%	123.72%	398.38%	-1.43%	15.40%	-1.58%	-1.16%	19.36%	-5.55%	-3.05%	20.64%
Net Income Q/Q Growth	-146.67%	303.06%	536.68%	-3.39%	18.14%	6.02%	-6.78%	6.86%	11.85%	-9.78%	22.45%
EPS Q/Q Growth	-147.62%	300.00%	540.00%	-2.34%	17.60%	6.12%	-5.77%	7.48%	10.76%	-9.14%	23.27%
Operating Cash Flow Q/Q Growth	790.73%	61.08%	-82.01%	89.60%	122.13%	83.57%	-85.72%	122.31%	100.20%	63.12%	-88.57%
Free Cash Flow Firm Q/Q Growth	-63.36%	409.26%	2.84%	10.23%	-2.78%	5.27%	-1.08%	-3.88%	-72.58%	40.88%	-24.11%
Invested Capital Q/Q Growth	-2.13%	-6.52%	3.98%	1.09%	-1.67%	-7.13%	4.19%	1.95%	2.77%	-7.83%	5.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.95%	74.23%	75.44%	75.29%	76.87%	76.33%	76.85%	77.71%	77.81%	76.96%	78.10%
EBITDA Margin	21.73%	26.57%	33.56%	33.29%	33.70%	35.32%	35.46%	34.96%	32.98%	34.85%	36.74%
Operating Margin	4.26%	5.00%	17.16%	17.21%	17.47%	18.71%	19.12%	20.04%	18.21%	19.76%	22.78%
EBIT Margin	4.14%	5.66%	17.68%	17.88%	18.09%	20.04%	20.10%	20.79%	18.93%	20.72%	23.45%
Profit (Net Income) Margin	-1.17%	2.41%	14.73%	14.04%	15.57%	16.79%	15.32%	16.17%	17.09%	15.68%	18.43%
Tax Burden Percent	-296.97%	61.04%	84.92%	82.31%	87.90%	82.11%	77.79%	87.46%	85.92%	78.06%	78.43%
Interest Burden Percent	9.51%	69.81%	98.09%	95.38%	97.92%	102.02%	98.03%	88.95%	105.07%	96.91%	100.25%
Effective Tax Rate	396.97%	38.96%	15.08%	17.69%	12.10%	17.89%	22.21%	12.54%	14.08%	21.94%	21.57%
Return on Invested Capital (ROIC)	-7.54%	1.97%	9.41%	9.27%	10.51%	11.58%	10.99%	13.01%	11.77%	12.77%	14.45%
ROIC Less NNEP Spread (ROIC-NNEP)	-24.56%	2.60%	9.24%	9.44%	10.26%	10.41%	10.49%	14.58%	10.33%	12.59%	13.90%
Return on Net Nonoperating Assets (RNNOA)	2.38%	-0.38%	-1.24%	-1.10%	-1.41%	-1.98%	-1.54%	-2.05%	-1.72%	-2.84%	-2.48%
Return on Equity (ROE)	-5.15%	1.60%	8.18%	8.17%	9.10%	9.60%	9.45%	10.96%	10.05%	9.93%	11.96%
Cash Return on Invested Capital (CROIC)	3.71%	6.36%	6.93%	9.52%	11.66%	15.30%	14.93%	14.73%	10.54%	12.51%	11.59%
Operating Return on Assets (OROA)	1.34%	1.95%	6.27%	6.64%	6.35%	7.55%	7.94%	8.48%	7.08%	8.21%	9.76%
Return on Assets (ROA)	-0.38%	0.83%	5.22%	5.21%	5.46%	6.32%	6.05%	6.59%	6.39%	6.21%	7.68%
Return on Common Equity (ROCE)	-5.15%	1.60%	8.18%	8.17%	9.10%	9.60%	9.45%	10.96%	10.05%	9.93%	11.96%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.66%	2.72%	4.46%	0.00%	9.17%	9.77%	10.14%	0.00%	10.23%	0.00%
Net Operating Profit after Tax (NOPAT)	-1,060	251	1,253	1,236	1,426	1,403	1,387	1,656	1,564	1,516	1,829
NOPAT Margin	-12.65%	3.05%	14.57%	14.17%	15.35%	15.36%	14.87%	17.53%	15.65%	15.42%	17.87%
Net Nonoperating Expense Percent (NNEP)	17.02%	-0.62%	0.17%	-0.17%	0.25%	1.17%	0.49%	-1.57%	1.44%	0.18%	0.55%
Return On Investment Capital (ROIC_SIMPLE)	-1.54%	-	-	-	2.06%	-	-	-	2.25%	2.19%	2.62%
Cost of Revenue to Revenue	25.05%	25.77%	24.56%	24.71%	23.13%	23.67%	23.15%	22.29%	22.19%	23.04%	21.90%
SG&A Expenses to Revenue	6.99%	7.74%	7.35%	7.25%	6.81%	7.08%	7.62%	7.53%	7.68%	7.09%	7.17%
R&D to Revenue	13.45%	14.64%	14.18%	13.81%	13.73%	14.98%	14.47%	14.36%	14.21%	14.85%	14.47%
Operating Expenses to Revenue	70.69%	69.24%	58.28%	58.07%	59.41%	57.62%	57.73%	57.67%	59.60%	57.20%	55.31%
Earnings before Interest and Taxes (EBIT)	347	467	1,521	1,559	1,680	1,830	1,874	1,963	1,892	2,037	2,400
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,822	2,191	2,887	2,903	3,130	3,226	3,307	3,302	3,296	3,425	3,761
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.86	3.45	3.76	3.35	4.54	4.36	4.35	4.76	5.35	4.26	4.03
Price to Tangible Book Value (P/TBV)	62.65	90.28	65.55	52.03	47.07	44.34	58.63	52.43	59.87	48.25	39.70
Price to Revenue (P/Rev)	5.33	6.15	6.61	5.73	7.76	7.29	6.88	7.49	8.63	6.69	6.25
Price to Earnings (P/E)	803.06	521.91	138.49	75.06	65.42	47.62	44.53	46.93	52.77	41.62	37.06
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.15%	0.31%	0.41%	0.47%	0.60%	0.79%
Earnings Yield	0.12%	0.19%	0.72%	1.33%	1.53%	2.10%	2.25%	2.13%	1.90%	2.40%	2.70%
Enterprise Value to Invested Capital (EV/IC)	3.10	3.90	4.19	3.68	5.22	5.32	4.99	5.46	6.24	5.23	4.76
Enterprise Value to Revenue (EV/Rev)	5.12	5.87	6.37	5.52	7.49	6.92	6.62	7.24	8.35	6.33	5.95
Enterprise Value to EBITDA (EV/EBITDA)	25.26	25.93	24.18	19.11	23.49	20.36	19.22	20.78	24.11	18.33	17.04
Enterprise Value to EBIT (EV/EBIT)	178.49	134.66	75.63	48.11	49.93	37.52	34.79	36.67	41.88	31.46	28.33
Enterprise Value to NOPAT (EV/NOPAT)	494.32	355.56	114.86	64.40	62.33	46.51	44.32	45.96	52.73	39.94	35.82
Enterprise Value to Operating Cash Flow (EV/OCF)	22.56	23.82	25.09	19.48	25.50	20.62	20.01	21.51	24.18	18.34	17.84
Enterprise Value to Free Cash Flow (EV/FCFF)	82.26	59.73	59.46	37.92	43.96	34.08	32.78	36.48	59.61	41.91	41.50
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.18	0.17	0.16	0.16	0.16	0.16	0.15	0.14	0.14	0.14	0.14
Long-Term Debt to Equity	0.16	0.16	0.15	0.15	0.14	0.14	0.15	0.14	0.14	0.14	0.14
Financial Leverage	-0.10	-0.14	-0.13	-0.12	-0.14	-0.19	-0.15	-0.14	-0.17	-0.23	-0.18
Leverage Ratio	1.67	1.60	1.58	1.56	1.68	1.62	1.60	1.56	1.68	1.62	1.60
Compound Leverage Factor	0.16	1.12	1.55	1.49	1.65	1.65	1.56	1.39	1.76	1.57	1.60
Debt to Total Capital	15.37%	14.33%	13.96%	13.96%	13.65%	13.64%	12.76%	12.59%	12.12%	12.21%	12.09%
Short-Term Debt to Total Capital	1.71%	0.27%	1.48%	1.48%	1.45%	1.45%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	13.66%	14.06%	12.48%	12.48%	12.20%	12.20%	12.76%	12.59%	12.12%	12.21%	12.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	84.63%	85.67%	86.04%	86.04%	86.35%	86.36%	87.24%	87.41%	87.88%	87.79%	87.91%
Debt to EBITDA	1.67	1.32	1.08	0.96	0.85	0.78	0.67	0.65	0.64	0.63	0.61
Net Debt to EBITDA	-1.04	-1.24	-0.89	-0.74	-0.87	-1.09	-0.73	-0.71	-0.80	-1.04	-0.87
Long-Term Debt to EBITDA	1.48	1.29	0.97	0.86	0.76	0.69	0.67	0.65	0.64	0.63	0.61
Debt to NOPAT	32.66	18.08	5.13	3.24	2.25	1.77	1.55	1.44	1.40	1.38	1.29
Net Debt to NOPAT	-20.27	-16.97	-4.22	-2.48	-2.30	-2.49	-1.69	-1.56	-1.74	-2.27	-1.83
Long-Term Debt to NOPAT	29.02	17.74	4.59	2.90	2.01	1.59	1.55	1.44	1.40	1.38	1.29
Altman Z-Score	2.92	3.77	4.37	4.14	4.64	4.93	5.04	5.82	5.37	4.81	4.88
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.02	1.02	1.02	1.04	1.09	1.11	1.04	1.11	1.06	1.07	1.12
Quick Ratio	0.90	0.86	0.86	0.86	0.96	0.95	0.86	0.90	0.93	0.90	0.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	566	2,881	2,963	3,267	3,176	3,343	3,307	3,179	872	1,228	932
Operating Cash Flow to CapEx	1,278.90%	1,848.15%	448.89%	922.89%	2,314.97%	3,832.52%	651.09%	972.06%	2,577.92%	3,617.88%	548.15%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.35	0.35	0.37	0.35	0.38	0.40	0.41	0.37	0.40	0.42
Accounts Receivable Turnover	3.06	7.50	6.52	7.44	3.14	8.03	6.76	7.76	3.24	8.95	7.19
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	9.62	9.81	9.12	9.28	9.43	9.93	9.78	10.30	10.94	11.63	11.73
Accounts Payable Turnover	1.37	1.63	1.60	1.60	1.33	1.52	1.68	1.61	1.35	1.54	1.66
Days Sales Outstanding (DSO)	119.30	48.67	55.98	49.05	116.07	45.47	54.01	47.07	112.50	40.80	50.76
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	266.61	223.50	227.53	227.63	274.66	239.41	217.52	226.45	269.62	236.29	219.46
Cash Conversion Cycle (CCC)	-147.32	-174.83	-171.54	-178.58	-158.59	-193.94	-163.52	-179.39	-157.13	-195.50	-168.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	51,780	48,404	50,330	50,878	50,030	46,464	48,410	49,355	50,722	46,752	49,307
Invested Capital Turnover	0.60	0.65	0.65	0.65	0.68	0.75	0.74	0.74	0.75	0.83	0.81
Increase / (Decrease) in Invested Capital	-1,626	-2,630	-1,710	-2,031	-1,750	-1,940	-1,920	-1,523	692	288	897
Enterprise Value (EV)	160,458	188,795	210,782	187,332	260,968	247,247	241,554	269,380	316,556	244,316	234,942
Market Capitalization	167,037	197,803	218,534	194,544	270,584	260,466	250,777	278,550	327,007	258,230	246,963
Book Value per Share	$58.36	$57.41	$59.63	$59.70	$61.62	$61.53	$59.48	$61.22	$63.92	$63.13	$64.15
Tangible Book Value per Share	$2.67	$2.19	$3.42	$3.84	$5.94	$6.06	$4.41	$5.56	$5.71	$5.57	$6.51
Total Capital	68,960	67,014	67,505	67,515	69,072	69,112	66,063	66,957	69,606	69,101	69,764
Total Debt	10,601	9,602	9,423	9,425	9,426	9,429	8,430	8,432	8,433	8,435	8,436
Total Long-Term Debt	9,419	9,421	8,424	8,426	8,427	8,429	8,430	8,432	8,433	8,435	8,436
Net Debt	-6,579	-9,008	-7,752	-7,212	-9,616	-13,219	-9,223	-9,170	-10,451	-13,914	-12,021
Capital Expenditures (CapEx)	218	243	180	166	147	163	137	204	154	179	135
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-10,822	-13,441	-11,065	-10,056	-10,752	-14,215	-11,775	-10,707	-12,285	-15,738	-12,573
Debt-free Net Working Capital (DFNWC)	1,686	536	1,332	1,807	3,442	3,455	861	2,050	1,747	1,670	2,799
Net Working Capital (NWC)	504	355	333	808	2,443	2,455	861	2,050	1,747	1,670	2,799
Net Nonoperating Expense (NNE)	-962	52	-14	12	-20	-130	-42	129	-144	-25	-58
Net Nonoperating Obligations (NNO)	-6,579	-9,008	-7,752	-7,212	-9,616	-13,219	-9,223	-9,170	-10,451	-13,914	-12,021
Total Depreciation and Amortization (D&A)	1,475	1,724	1,366	1,344	1,450	1,396	1,433	1,339	1,404	1,388	1,361
Debt-free, Cash-free Net Working Capital to Revenue	-34.52%	-41.76%	-33.46%	-29.62%	-30.85%	-39.77%	-32.29%	-28.79%	-32.42%	-40.78%	-31.83%
Debt-free Net Working Capital to Revenue	5.38%	1.67%	4.03%	5.32%	9.87%	9.67%	2.36%	5.51%	4.61%	4.33%	7.09%
Net Working Capital to Revenue	1.61%	1.10%	1.01%	2.38%	7.01%	6.87%	2.36%	5.51%	4.61%	4.33%	7.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.10)	$0.20	$1.30	$1.26	$1.49	$1.58	$1.48	$1.60	$1.78	$1.61	$1.97
Adjusted Weighted Average Basic Shares Outstanding	992M	980M	975M	972M	974M	970M	964M	956M	962M	960M	956M
Adjusted Diluted Earnings per Share	($0.10)	$0.20	$1.28	$1.25	$1.47	$1.56	$1.47	$1.58	$1.75	$1.59	$1.96
Adjusted Weighted Average Diluted Shares Outstanding	997M	988M	986M	981M	984M	985M	973M	965M	974M	970M	962M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1B	974M	973M	968M	970M	969M	956M	957M	961M	956M	952M
Normalized Net Operating Profit after Tax (NOPAT)	830	686	1,295	1,281	1,578	1,410	1,464	1,705	1,820	1,544	1,832
Normalized NOPAT Margin	9.89%	8.31%	15.05%	14.69%	16.99%	15.44%	15.70%	18.05%	18.21%	15.71%	17.90%
Pre Tax Income Margin	0.39%	3.95%	17.34%	17.05%	17.71%	20.44%	19.70%	18.49%	19.89%	20.08%	23.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.80%	25.00%	23.50%
Augmented Payout Ratio	1,923.08%	1,597.36%	507.16%	318.33%	184.24%	140.75%	179.07%	159.14%	151.14%	159.23%	116.84%

Key Financial Trends

Salesforce (NYSE: CRM) has demonstrated strong financial performance over the past four years with consistent revenue growth, improving profitability, and healthy cash flow generation. Here's a summary highlighting key observations from the latest quarterly financial data through Q2 2026 alongside trends from the previous years:

Revenue Growth: Operating revenue increased from $7.4 billion in Q1 2023 to $10.2 billion in Q2 2026, reflecting a solid multi-year growth trajectory indicating strong demand for Salesforce’s services.
Profitability Trends: Net income from continuing operations improved substantially, rising from a mere $28 million in Q1 2023 to $1.89 billion in Q2 2026, signaling enhanced operational efficiency and pricing power over time.
Gross Profit Margin: Gross profit margins have remained robust around 75%-78%, with gross profit reaching $7.9 billion in Q2 2026 on revenues of $10.2 billion, underscoring Salesforce’s strong business model and pricing.
Operating Expenses Management: While SG&A and marketing expenses remain significant, the operating income increase to $2.33 billion in Q2 2026 from $0.64 billion in Q1 2023 shows the company is managing costs effectively relative to its expanding revenues.
Cash Flow from Operations: Operating cash flow shows strength at $740 million in Q2 2026 versus $3.67 billion in Q1 2023 (note seasonality), with positive adjustments reflecting good cash conversion.
Balance Sheet Strength: Cash & equivalents increased from about $6.9 billion in early 2023 to $10.4 billion in Q2 2026 accompanied by steady total assets growth to $97.6 billion, supporting liquidity and operational flexibility.
Investing Activities: Salesforce has consistently invested heavily in property, plant and equipment (roughly $135-$240 million quarterly) and acquisitions, reflecting ongoing expansion and innovation.
Share Repurchases and Equity Issuance: The company has engaged in significant share repurchases amounting to billions over most quarters, offset somewhat by equity issuances. This could impact share count and capital structure.
Changes in Operating Assets and Liabilities: Volatility here, including a large negative $2.9 billion change in Q2 2026, suggests working capital fluctuations that may pressure cash flows in some periods.
Debt Levels: Long-term debt remains elevated around $8.4 billion, slightly reduced from $9.6 billion in early 2023, implying ongoing leverage consideration in financing strategy.

Summary: Salesforce's financials reveal a strong growth story with increasing revenues and profits supported by cash flow strength and a solid balance sheet. Investors should watch for ongoing cash flow volatility due to working capital changes and the impact of large share repurchases. The company remains well-positioned for future growth with good liquidity and investments in innovation. Overall, Salesforce shows positive momentum in key financial metrics over the past several years.

09/12/25 11:20 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Salesforce's Financials

When does Salesforce's fiscal year end?

According to the most recent income statement we have on file, Salesforce's financial year ends in January. Their financial year 2025 ended on January 31, 2025.

How has Salesforce's net income changed over the last 10 years?

Salesforce's net income appears to be on an upward trend, with a most recent value of $6.20 billion in 2025, falling from -$262.69 million in 2015. The previous period was $4.14 billion in 2024. See where experts think Salesforce is headed by visiting Salesforce's forecast page.

What is Salesforce's operating income?

Salesforce's total operating income in 2025 was $7.21 billion, based on the following breakdown:

Total Gross Profit: $29.25 billion
Total Operating Expenses: $22.05 billion

How has Salesforce's revenue changed over the last 10 years?

Over the last 10 years, Salesforce's total revenue changed from $5.37 billion in 2015 to $37.90 billion in 2025, a change of 605.2%.

How much debt does Salesforce have?

Salesforce's total liabilities were at $41.76 billion at the end of 2025, a 3.9% increase from 2024, and a 524.1% increase since 2015.

How much cash does Salesforce have?

In the past 10 years, Salesforce's cash and equivalents has ranged from $908.12 million in 2015 to $8.85 billion in 2025, and is currently $8.85 billion as of their latest financial filing in 2025.

How has Salesforce's book value per share changed over the last 10 years?

Over the last 10 years, Salesforce's book value per share changed from 6.30 in 2015 to 63.92 in 2025, a change of 914.7%.

Related Companies

This page (NYSE:CRM) was last updated on 9/12/2025 by MarketBeat.com Staff

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