Salesforce, Inc. (CRM) financials
NYSE · Technology · Software - Application · 83,334 employees · CEO Marc R. Benioff
- Price
- $229.17 -0.75%
- Market cap
- $189B
- Enterprise value
- $222B
- Last report
- Q2 '27 filed 2026-08-27
- Next report
- 2026-12-02 EPS est. $3.43
Revenue (TTM)$43.9B+11.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)21.4%+1.2 pp vs a year agoOperating income $9.4B
Net income (TTM)$9.66B+45.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$15.2B+21.3% vs a year agoCapex $596M
Diluted EPS (TTM)$10.96+59.3% vs a year agoSum of the last 4 quarters
Net cash-$30.3B-833.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $189B EV $222B
- Revenue
- $43.9B Trailing 12 months
- Revenue growth
- +11% FY2027 consensus
- Profit margin
- 22.0% Net income / revenue, TTM
- P/E
- 20.8× Forward 13.7× (FY2027)
- P/S
- 4.3× Price / sales, TTM
- EV / EBITDA
- 13.2× TTM
- Free cash flow
- $15.2B Trailing 12 months
- Net income
- $9.66B Trailing 12 months
- Revenue estimate
- $46.3B FY2027 consensus
- Earnings
- 2026-12-02 Revenue est. $11.5B
- Dividend
- $1.74 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-26): revenue in line, EPS beat by 80.4%Revenue $11.3B vs $11.3B expected (+0.1%); EPS $5.90 vs $3.27 (+80.4%).
- Revenue growth steady: 10.8% year on yearQ2 '27 revenue $11.3B, against an average of 10.9% over the four quarters before.
- Operating margin 21.4% (TTM), +1.2 pp on a year agoOperating income grew 17.7% while revenue grew 11.2%.
- 24.3% of pre-tax profit is non-operatingPre-tax income $12.4B vs operating income $9.4B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 1.4% of revenue (a year ago 1.7%)$596M invested in the last 4 quarters (-11.3% on a year earlier). Free cash flow $15.2B = 156.8% of net income.
- Returned $36.6B to shareholders = 241.4% of free cash flowBuybacks $35.1B (a year earlier $6.22B), dividends $1.52B, stock-based pay $3.67B (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 14.7% in a year821M diluted shares in Q2 '27, 962M a year earlier.
- Net debt $30.3BCash + short-term investments $11.4B, debt incl. leases $41.7B; a year ago net cash $4.14B.
Last quarter: Q2 '27
Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $11.3B | $10.2B | +10.8% |
| Gross margin | 76.7% | 78.1% | -1.4 pp |
| Operating income | $2.33B | $2.33B | 0.0% |
| Operating margin | 20.5% | 22.8% | -2.2 pp |
| Net income | $3.53B | $1.89B | +86.9% |
| Diluted EPS | $4.29 | $1.96 | +118.9% |
| Operating cash flow | $1.27B | $740M | +71.5% |
| Capex | $171M | $135M | +26.7% |
| Free cash flow | $1.1B | $605M | +81.5% |
| R&D | $1.69B | $1.48B | +13.9% |
| Stock-based compensation | $906M | $793M | +14.2% |
Reported vs consensus
2026-08-26| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $11.3B | $11.3B | +0.1% |
| EPS (as estimated) | $5.90 | $3.27 | +80.4% |
From the report of 2026-08-26 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Subscription and Support | $10.8B | – | 95.4% | – | – | |
| Salesforce Platform and Other | – | – | – | – | – | |
| Service Cloud | – | – | – | – | – | |
| Sales Cloud | – | – | – | – | – | |
| Integration And Analytics | – | – | – | – | – | |
| Marketing and Commerce Cloud | – | – | – | – | – | |
| Professional Services and Other | $525M | -3.8% | 4.6% | $2.12B | -2.8% |
Revenue by region
share of total| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $7.4B | +9.9% | 65.3% | $28.6B | +9.7% | |
| Europe | $2.76B | +13.8% | 24.4% | $10.8B | +15.4% | |
| Asia Pacific | $1.17B | +9.1% | 10.3% | $4.54B | +10.9% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $15.8B
- Capex
- -$596M
- Buybacks
- -$35.1B
- Dividends
- -$1.52B
- Acquisitions
- -$10.7B
- Net debt issued
- $30.2B
- Stock-based compensation
- $3.67B
- Free cash flow
- $15.2B
- Returned to shareholders / FCF
- 241.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 20.8× | 220.0× | 27.0× – 799.9× |
| EV / EBITDA | 13.2× | 30.0× | 16.1× – 45.7× |
| EV / Sales | 5.1× | 7.2× | 5.1× – 8.7× |
| Price / FCF | 12.4× | 27.5× | 14.0× – 42.1× |
| Price / Book | 4.9× | 4.0× | 2.9× – 5.4× |
| FCF yield | 8.0% | 4.1% | 2.4% – 7.1% |
| Return on invested capital | 8.7% | 4.7% | 0.4% – 8.8% |
| Return on equity | 20.2% | 6.5% | 0.4% – 12.6% |
Analysts
Consensus target $274.18 (+19.6%)
range $215.00 – $325.00 · rating Buy
Strong buy2
Buy73
Hold21
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $46.3B | +11.5% | $16.75 | +114.8% | 13.7× | 32 |
| FY2028 | $50.9B | +9.9% | $16.07 | -4.1% | 14.3× | 32 |
| FY2029 | $55.8B | +9.7% | $18.50 | +15.2% | 12.4× | 18 |
| FY2030 | $61.4B | +10.1% | $21.15 | +14.3% | 10.8× | 8 |
| FY2031 | $71.5B | +16.4% | $25.37 | +19.9% | 9.0× | 10 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 274 figures Salesforce, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $473M | $67M | +606.0% | – | – | – | |
| Accounts Payable and Other Accrued Liabilities, Current | $7.02B | $5.4B | +30.0% | $8.25B | $6.66B | +24.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $6.32B | $5.6B | +12.9% | $14.3B | $11.9B | +20.0% |
| Accrued Salaries | $2.2B | $1.8B | +22.2% | $3.3B | $2.8B | +17.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $263M | $47M | +459.6% | $313M | -$266M | +217.7% |
| Additional Paid in Capital, Common Stock | $66B | $66.7B | -1.0% | $68.8B | $64.6B | +6.6% |
| Advertising Expense | – | – | – | $800M | $1B | -20.0% |
| Amortization of above and below Market Leases | $522M | $380M | +37.4% | $1.7B | $1.6B | +6.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $908M | $796M | +14.1% | $3.52B | $3.2B | +10.1% |
| Assets | $110B | $97.6B | +12.3% | $112B | $103B | +9.1% |
| Assets, Current | $22.1B | $25.3B | -12.8% | $28.2B | $29.7B | -5.1% |
| Assets, Fair Value Disclosure | $9.52B | $13.2B | -27.8% | $7.41B | $12B | -38.3% |
| Capitalized Contract Cost, Amortization | $589M | $544M | +8.3% | $2.2B | $2.1B | +4.9% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Capitalized Contract Cost, Net, Current | $2.07B | $1.86B | +11.4% | $2.08B | $1.97B | +5.3% |
| Capitalized Contract Cost, Net, Noncurrent | $2.87B | $2.27B | +26.7% | $2.99B | $2.48B | +20.6% |
| Cash | $2B | – | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $8.31B | $10.4B | -19.8% | $7.33B | $8.85B | -17.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $8.31B | $10.4B | -19.8% | $7.33B | $8.85B | -17.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$625M | -$563M | -11.0% | -$1.52B | $376M | -504.5% |
| Common Stock, Capital Shares Reserved for Future Issuance | 129M2026-01-31 | 121M | +6.6% | 129M | 121M | +6.6% |
| Common Stock, Dividends, Per Share, Declared | $0.44 | $0.42 | +5.8% | – | – | – |
| Common Stock, Par or Stated Value Per Share | $0.002026-01-31 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1.6B2026-01-31 | 1.6B | 0.0% | 1.6B | 1.6B | 0.0% |
| Common Stock, Shares, Issued | 1.07B2026-01-31 | 1.06B | +1.6% | 1.07B | 1.06B | +1.6% |
| Common Stock, Shares, Outstanding | 929M2026-01-31 | 962M | -3.4% | 929M | 962M | -3.4% |
| Common Stock, Value, Issued | $1M | $1M | 0.0% | $1M | $1M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $3.39B | $2.06B | +64.4% | $8.04B | $6.16B | +30.5% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $855M | $873M | -2.1% | $818M | $724M | +13.0% |
| Contract with Customer, Liability, Current | $18.8B | $16.6B | +13.5% | $24.3B | $20.7B | +17.2% |
| Convertible Debt, Current | $0 | – | – | $4B | $0 | – |
| Cost of Goods and Services Sold | $2.65B | $2.24B | +18.2% | $9.27B | $8.64B | +7.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $413M | $1.28B | -67.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $619M | $925M | -33.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.1B | $2.45B | -55.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $72M | $245M | -70.6% |
| Debt Securities, Available-for-sale | $3.09B | $5.01B | -38.2% | $2.24B | $5.18B | -56.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $1M | $12M | -91.7% | $16M | $9M | +77.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $12M | $14M | -14.3% | $1M | $40M | -97.5% |
| Debt Securities, Available-for-sale, Amortized Cost | $3.1B | $5.01B | -38.0% | $2.22B | $5.22B | -57.4% |
| Debt Securities, Available-for-sale, Current | $3.09B | $5.01B | -38.2% | $2.24B | $5.18B | -56.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $1M | $9M | -88.9% | $1M | $5M | -80.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $1.89B | $3.47B | -45.5% | $1.78B | $3.1B | -42.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.2B | $1.53B | -21.3% | $460M | $2.08B | -77.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $618M | -$982M | +162.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $220M | -$64M | +443.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $959M | -$1.21B | +179.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $121M | -$167M | +172.5% |
| Deferred Tax Assets, Deferred Income | $124M2026-01-31 | – | – | $124M | – | – |
| Deferred Tax Assets, Goodwill and Intangible Assets | $1.54B2026-01-31 | $1.69B | -9.0% | $1.54B | $1.69B | -9.0% |
| Deferred Tax Assets, Gross | $6.17B2026-01-31 | $6.6B | -6.5% | $6.17B | $6.6B | -6.5% |
| Deferred Tax Assets, Net | $2.06B2026-01-31 | $3.49B | -41.0% | $2.06B | $3.49B | -41.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $5.2B2026-01-31 | $5.81B | -10.5% | $5.2B | $5.81B | -10.5% |
| Deferred Tax Assets, Operating Loss Carryforwards | $200M2026-01-31 | $209M | -4.3% | $200M | $209M | -4.3% |
| Deferred Tax Assets, Other | $17M2026-01-31 | $65M | -73.8% | $17M | $65M | -73.8% |
| Deferred Tax Assets, Tax Credit Carryforwards | $906M2026-01-31 | $769M | +17.8% | $906M | $769M | +17.8% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $260M2026-01-31 | $237M | +9.7% | $260M | $237M | +9.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $494M2026-01-31 | $482M | +2.5% | $494M | $482M | +2.5% |
| Deferred Tax Assets, Valuation Allowance | $967M2026-01-31 | $786M | +23.0% | $967M | $786M | +23.0% |
| Deferred Tax Liabilities, Gross | $3.14B2026-01-31 | $2.32B | +35.3% | $3.14B | $2.32B | +35.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-Q 2026-04-30, 10-K 2026-01-31, 10-Q 2025-10-31, 10-Q 2025-07-31, 10-Q 2025-04-30, 10-K 2025-01-31, 10-Q 2024-10-31, 10-Q 2024-07-31
Data as of 2026-11-01