Salesforce, Inc. (CRM)财务
NYSE · Technology · Software - Application · 员工83,334人 · CEO Marc R. Benioff
- 股价
- $229.17 -0.75%
- 市值
- $1890亿
- 企业价值
- $2220亿
- 最近财报
- Q2 '27 2026-08-27提交
- 下次财报
- 2026-12-02 EPS预期 $3.43
营收(TTM)$439亿+11.2% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)21.4%+1.2 百分点 对比去年同期营业利润 $94亿
净利润(TTM)$96.6亿+45.0% 对比去年同期税后,含营业外收益
自由现金流(TTM)$152亿+21.3% 对比去年同期资本支出 $5.96亿
稀释EPS(TTM)$10.96+59.3% 对比去年同期最近4个季度之和
净现金-$303亿-833.7% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1890亿 EV $2220亿
- 营收
- $439亿 过去12个月
- 营收增速
- +11% FY2027年一致预期
- 净利润率
- 22.0% 净利润 / 营收,TTM
- P/E
- 20.8× 预期 13.7×(FY2027)
- P/S
- 4.3× 股价 / 营收,TTM
- EV / EBITDA
- 13.2× TTM
- 自由现金流
- $152亿 过去12个月
- 净利润
- $96.6亿 过去12个月
- 营收预期
- $463亿 FY2027年一致预期
- 盈利
- 2026-12-02 营收预期 $115亿
- 股息
- $1.74 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-26):营收符合预期,EPS 超预期80.4%营收$113亿,预期$113亿(+0.1%);EPS $5.90,预期$3.27(+80.4%)。
- 营收增长平稳:同比10.8%Q2 '27营收$113亿,此前四个季度的平均值为10.9%。
- 营业利润率21.4%(TTM),较去年同期+1.2 百分点营收增长11.2%,营业利润增长17.7%。
- 税前利润的24.3%来自营业外收益税前利润$124亿,营业利润$94亿(TTM)。股权投资收益等一次性项目推高了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的1.4%(去年为1.7%)最近4个季度投入$5.96亿(同比-11.3%)。自由现金流$152亿,相当于净利润的156.8%。
- 股东回报$366亿 = 自由现金流的241.4%回购$351亿(去年为$62.2亿),股息$15.2亿,股权激励$36.7亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少14.7%Q2 '27稀释股数8.21亿,一年前为9.62亿。
- 净债务 $303亿现金 + 短期投资 $114亿,含租赁债务 $417亿;一年前净现金 $41.4亿。
上一季度:Q2 '27
截至2026-07-31的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '27 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $113亿 | $102亿 | +10.8% |
| 毛利率 | 76.7% | 78.1% | -1.4 百分点 |
| 营业利润 | $23.3亿 | $23.3亿 | 0.0% |
| 营业利润率 | 20.5% | 22.8% | -2.2 百分点 |
| 净利润 | $35.3亿 | $18.9亿 | +86.9% |
| 稀释EPS | $4.29 | $1.96 | +118.9% |
| 经营现金流 | $12.7亿 | $7.4亿 | +71.5% |
| 资本支出 | $1.71亿 | $1.35亿 | +26.7% |
| 自由现金流 | $11亿 | $6.05亿 | +81.5% |
| R&D | $16.9亿 | $14.8亿 | +13.9% |
| 股权激励费用 | $9.06亿 | $7.93亿 | +14.2% |
实际 vs 一致预期
2026-08-26| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $113亿 | $113亿 | +0.1% |
| EPS(一致预期口径) | $5.90 | $3.27 | +80.4% |
来自2026-08-26发布的Q2 '27财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '27 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Subscription and Support | $108亿 | – | 95.4% | – | – | |
| Salesforce Platform and Other | – | – | – | – | – | |
| Service Cloud | – | – | – | – | – | |
| Sales Cloud | – | – | – | – | – | |
| Integration And Analytics | – | – | – | – | – | |
| Marketing and Commerce Cloud | – | – | – | – | – | |
| Professional Services and Other | $5.25亿 | -3.8% | 4.6% | $21.2亿 | -2.8% |
按地区划分的营收
占总额比例| 分部 | Q2 '27 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Americas | $74亿 | +9.9% | 65.3% | $286亿 | +9.7% | |
| Europe | $27.6亿 | +13.8% | 24.4% | $108亿 | +15.4% | |
| Asia Pacific | $11.7亿 | +9.1% | 10.3% | $45.4亿 | +10.9% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $158亿
- 资本支出
- -$5.96亿
- 股票回购
- -$351亿
- 股息
- -$15.2亿
- 收购
- -$107亿
- 债务净发行
- $302亿
- 股权激励费用
- $36.7亿
- 自由现金流
- $152亿
- 股东回报 / FCF
- 241.4%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 20.8× | 220.0× | 27.0× – 799.9× |
| EV / EBITDA | 13.2× | 30.0× | 16.1× – 45.7× |
| EV / 营收 | 5.1× | 7.2× | 5.1× – 8.7× |
| 股价 / FCF | 12.4× | 27.5× | 14.0× – 42.1× |
| 股价 / 净资产 | 4.9× | 4.0× | 2.9× – 5.4× |
| FCF收益率 | 8.0% | 4.1% | 2.4% – 7.1% |
| 投入资本回报率 | 8.7% | 4.7% | 0.4% – 8.8% |
| 净资产收益率 | 20.2% | 6.5% | 0.4% – 12.6% |
分析师
一致目标价 $274.18 (+19.6%)
区间 $215.00 – $325.00 · 评级 Buy
强烈买入2
买入73
持有21
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $463亿 | +11.5% | $16.75 | +114.8% | 13.7× | 32 |
| FY2028 | $509亿 | +9.9% | $16.07 | -4.1% | 14.3× | 32 |
| FY2029 | $558亿 | +9.7% | $18.50 | +15.2% | 12.4× | 18 |
| FY2030 | $614亿 | +10.1% | $21.15 | +14.3% | 10.8× | 8 |
| FY2031 | $715亿 | +16.4% | $25.37 | +19.9% | 9.0× | 10 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Salesforce, Inc.在近期10-Q / 10-K文件中标记的全部274项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| $4.73亿 | $6700万 | +606.0% | – | – | – | |
| Accounts Payable and Other Accrued Liabilities, Current | $70.2亿 | $54亿 | +30.0% | $82.5亿 | $66.6亿 | +24.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $63.2亿 | $56亿 | +12.9% | $143亿 | $119亿 | +20.0% |
| Accrued Salaries | $22亿 | $18亿 | +22.2% | $33亿 | $28亿 | +17.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $2.63亿 | $4700万 | +459.6% | $3.13亿 | -$2.66亿 | +217.7% |
| Additional Paid in Capital, Common Stock | $660亿 | $667亿 | -1.0% | $688亿 | $646亿 | +6.6% |
| Advertising Expense | – | – | – | $8亿 | $10亿 | -20.0% |
| Amortization of above and below Market Leases | $5.22亿 | $3.8亿 | +37.4% | $17亿 | $16亿 | +6.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $9.08亿 | $7.96亿 | +14.1% | $35.2亿 | $32亿 | +10.1% |
| Assets | $1100亿 | $976亿 | +12.3% | $1120亿 | $1030亿 | +9.1% |
| Assets, Current | $221亿 | $253亿 | -12.8% | $282亿 | $297亿 | -5.1% |
| Assets, Fair Value Disclosure | $95.2亿 | $132亿 | -27.8% | $74.1亿 | $120亿 | -38.3% |
| Capitalized Contract Cost, Amortization | $5.89亿 | $5.44亿 | +8.3% | $22亿 | $21亿 | +4.9% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Capitalized Contract Cost, Net, Current | $20.7亿 | $18.6亿 | +11.4% | $20.8亿 | $19.7亿 | +5.3% |
| Capitalized Contract Cost, Net, Noncurrent | $28.7亿 | $22.7亿 | +26.7% | $29.9亿 | $24.8亿 | +20.6% |
| Cash | $20亿 | – | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $83.1亿 | $104亿 | -19.8% | $73.3亿 | $88.5亿 | -17.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $83.1亿 | $104亿 | -19.8% | $73.3亿 | $88.5亿 | -17.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$6.25亿 | -$5.63亿 | -11.0% | -$15.2亿 | $3.76亿 | -504.5% |
| Common Stock, Capital Shares Reserved for Future Issuance | 1.29亿2026-01-31 | 1.21亿 | +6.6% | 1.29亿 | 1.21亿 | +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 | 16亿2026-01-31 | 16亿 | 0.0% | 16亿 | 16亿 | 0.0% |
| Common Stock, Shares, Issued | 10.7亿2026-01-31 | 10.6亿 | +1.6% | 10.7亿 | 10.6亿 | +1.6% |
| Common Stock, Shares, Outstanding | 9.29亿2026-01-31 | 9.62亿 | -3.4% | 9.29亿 | 9.62亿 | -3.4% |
| Common Stock, Value, Issued | $100万 | $100万 | 0.0% | $100万 | $100万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $33.9亿 | $20.6亿 | +64.4% | $80.4亿 | $61.6亿 | +30.5% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $8.55亿 | $8.73亿 | -2.1% | $8.18亿 | $7.24亿 | +13.0% |
| Contract with Customer, Liability, Current | $188亿 | $166亿 | +13.5% | $243亿 | $207亿 | +17.2% |
| Convertible Debt, Current | $0 | – | – | $40亿 | $0 | – |
| Cost of Goods and Services Sold | $26.5亿 | $22.4亿 | +18.2% | $92.7亿 | $86.4亿 | +7.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $4.13亿 | $12.8亿 | -67.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $6.19亿 | $9.25亿 | -33.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $11亿 | $24.5亿 | -55.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $7200万 | $2.45亿 | -70.6% |
| Debt Securities, Available-for-sale | $30.9亿 | $50.1亿 | -38.2% | $22.4亿 | $51.8亿 | -56.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $100万 | $1200万 | -91.7% | $1600万 | $900万 | +77.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $1200万 | $1400万 | -14.3% | $100万 | $4000万 | -97.5% |
| Debt Securities, Available-for-sale, Amortized Cost | $31亿 | $50.1亿 | -38.0% | $22.2亿 | $52.2亿 | -57.4% |
| Debt Securities, Available-for-sale, Current | $30.9亿 | $50.1亿 | -38.2% | $22.4亿 | $51.8亿 | -56.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $100万 | $900万 | -88.9% | $100万 | $500万 | -80.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $18.9亿 | $34.7亿 | -45.5% | $17.8亿 | $31亿 | -42.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $12亿 | $15.3亿 | -21.3% | $4.6亿 | $20.8亿 | -77.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $6.18亿 | -$9.82亿 | +162.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $2.2亿 | -$6400万 | +443.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $9.59亿 | -$12.1亿 | +179.1% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $1.21亿 | -$1.67亿 | +172.5% |
| Deferred Tax Assets, Deferred Income | $1.24亿2026-01-31 | – | – | $1.24亿 | – | – |
| Deferred Tax Assets, Goodwill and Intangible Assets | $15.4亿2026-01-31 | $16.9亿 | -9.0% | $15.4亿 | $16.9亿 | -9.0% |
| Deferred Tax Assets, Gross | $61.7亿2026-01-31 | $66亿 | -6.5% | $61.7亿 | $66亿 | -6.5% |
| Deferred Tax Assets, Net | $20.6亿2026-01-31 | $34.9亿 | -41.0% | $20.6亿 | $34.9亿 | -41.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $52亿2026-01-31 | $58.1亿 | -10.5% | $52亿 | $58.1亿 | -10.5% |
| Deferred Tax Assets, Operating Loss Carryforwards | $2亿2026-01-31 | $2.09亿 | -4.3% | $2亿 | $2.09亿 | -4.3% |
| Deferred Tax Assets, Other | $1700万2026-01-31 | $6500万 | -73.8% | $1700万 | $6500万 | -73.8% |
| Deferred Tax Assets, Tax Credit Carryforwards | $9.06亿2026-01-31 | $7.69亿 | +17.8% | $9.06亿 | $7.69亿 | +17.8% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $2.6亿2026-01-31 | $2.37亿 | +9.7% | $2.6亿 | $2.37亿 | +9.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $4.94亿2026-01-31 | $4.82亿 | +2.5% | $4.94亿 | $4.82亿 | +2.5% |
| Deferred Tax Assets, Valuation Allowance | $9.67亿2026-01-31 | $7.86亿 | +23.0% | $9.67亿 | $7.86亿 | +23.0% |
| Deferred Tax Liabilities, Gross | $31.4亿2026-01-31 | $23.2亿 | +35.3% | $31.4亿 | $23.2亿 | +35.3% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01