Salesforce

CRM · NYSE · Information Technology · Financials, fiscal 2017 to 2026

CRM · Last close · October 26, 2026

$247.61

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%.

Salesforce, Inc. Latest fiscal year ended January 31, 2026 10-K filed March 2, 2026 · 0001108524-26-000060 Updated October 9, 2026

Revenue

$41.5B

9.6%

Operating margin

20.1%

1.0 pts

Net income

$7.5B

20.3%

Free cash flow

$14.4B

15.8%

Return on capital

10.8%

0.1 pts

Market cap

$203.3B

Oct 26 close

P/E

22.6x

On $10.97 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Outages or flaws in its online services, or in the outside data centers and cloud providers it relies on.
Fierce competition, including from new AI companies, in markets where products change fast.
Acquisitions such as Informatica may prove hard to fold in or fail to bring the expected benefits.
Ethical, legal and reputational risks from building AI into its products.
Privacy laws and new rules on cloud computing, AI and moving data across borders that could limit use of its services.

From Salesforce's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 37.0% a year and net income 41.7% a year, as new shares raised the share count by 37% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Salesforce yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Salesforce says to expect

Third quarter fiscal 2027: revenueInitiates third quarter FY27 revenue guidance of $11.42 billion to $11.5 billion, up 11% - 12% Y/Y and in CC, including slightly above 4pts Informatica contribution
Full year fiscal 2027: revenueSalesforce raises full year FY27 revenue guidance to $46.1 billion to $46.4 billion, up 11% - 12% Y/Y and 11% Y/Y in CC.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 26, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Salesforce's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Salesforce's fiscal 2026 free cash flow of $14.4B, net cash of −$5.4B at January 31, 2026 and 956 million diluted shares, from its filings. The scenarios are fitted to Salesforce: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 9.8% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Application Software); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Salesforce's own revenue growth, as above. Cautious: growth of 5% then 3.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 10% then 6% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 14.5% then 9% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $247.61
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Salesforce's earnings per share of $10.97 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 22.6×, the middle of Salesforce's own P/E today, its peers' median and its sector's median (Salesforce's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Oracle, Adobe, Intuit.

Earnings growth in the years ahead (% a year) Starts at Salesforce's revenue growth over the last 3 years, 9.8% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $247.61
Value at this multiple, against the last close: —
Salesforce's P/E at the last close: 22.6×

Company	Last close	Earnings per share	P/E today
SalesforceCRM	$247.61	$10.97	22.6×
IntuitINTU	$339.89	$16.46	20.6×
OracleORCL	$126.06	$6.38	19.8×
AdobeADBE	$258.62	$17.91	14.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	10.5	12.5	14.2	14.0	9.6
Debt incl. finance leases	11.0	11.4	10.4	9.1	15.0
Net debt (negative means net cash)	0.4	−1.1	−3.8	−4.9	5.4
Net debt to EBITDA	0.4x	−0.6x	−0.6x	−0.6x	0.6x
Debt to equity	0.2x	0.2x	0.2x	0.1x	0.2x
Interest coverage	2.5x	3.4x	17.7x	26.5x	25.7x
Current ratio	1.1x	1.0x	1.1x	1.1x	0.8x
Quick ratio	1.1x	1.0x	1.1x	1.1x	0.8x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $27.5 million of Salesforce shares on the open market, and 4 insiders sold $36.6 million, $34.5 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 18, 2026	David Blair KirkDirector	Bought	4,176	$239.33	$999,442	Form 4
Sep 4, 2026	Craig ConwayDirector	Sold	4,500	$260.61	$1.2 million	Form 4
Mar 19, 2026	Laura AlberDirector	Bought	2,571	$194.58	$500,266	Form 4
Mar 18, 2026	David Blair KirkDirector	Bought	2,570	$194.62	$500,173	Form 4
Jan 14, 2026	Neelie KroesDirector	Sold	3,893	$238.70	$929,259	Form 4
Dec 17, 2025	David Blair KirkDirector	Bought	1,936	$258.64	$500,727	Form 4
Dec 5, 2025	ValueAct Holdings II L.P.Director	Bought	96,000	$260.58	$25.0 million	Form 4
Dec 2, 2025	Parker HarrisCo-Founder and CTO, Slack, Director	Sold plan	134,662	$234.70	$31.6 million	Form 4
Nov 3, 2025	Marc BenioffChair and CEO, Director	Sold plan	122	$259.00	$31,599	Form 4
Oct 31, 2025	Marc BenioffChair and CEO, Director	Sold plan	2,250	$258.19	$580,936	Form 4
Oct 30, 2025	Marc BenioffChair and CEO, Director	Sold plan	2,250	$256.82	$577,847	Form 4
Oct 29, 2025	Marc BenioffChair and CEO, Director	Sold plan	2,250	$252.03	$567,076	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	9 of 9	8 of 9	7 of 9
Accruals ratio	−6.1%	−6.8%	−7.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Salesforce side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Salesforce	FY26	9.6%	20.1%	34.7%	10.8%	0.6x	7
SAP SE	FY25	7.7%	26.1%	22.9%	15.5%	−0.2x	7	Compare
Oracle	FY26	17.4%	30.6%	−35.2%	14.2%	3.5x	5	Compare
Adobe	FY25	10.5%	36.6%	41.5%	65.8%	−0.0x	7	Compare
Intuit	FY26	13.9%	27.4%	40.4%	22.0%	0.1x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	8.4	10.5	13.3	17.1	21.3	26.5	31.4	34.9	37.9	41.5
Revenue growth	25.9%	25.6%	26.0%	28.7%	24.3%	24.7%	18.4%	11.2%	8.7%	9.6%
Gross profit	6.2	7.8	9.8	12.9	15.8	19.5	23.0	26.3	29.3	32.3
Research and development	1.2	1.6	1.9	2.8	3.6	4.5	5.1	4.9	5.5	6.0
Operating income	0.2	0.5	0.5	0.3	0.5	0.5	1.0	5.0	7.2	8.3
Net income	0.3	0.4	1.1	0.1	4.1	1.4	0.2	4.1	6.2	7.5
Diluted EPS (US$)	0.46	0.49	1.43	0.15	4.38	1.48	0.21	4.20	6.36	7.80
Diluted shares (millions)	700	735	775	850	930	974	997	984	974	956
Cash flow
Cash from operations	2.2	2.7	3.4	4.3	4.8	6.0	7.1	10.2	13.1	15.0
Capital expenditure	0.5	0.5	0.6	0.6	0.7	0.7	0.8	0.7	0.7	0.6
Free cash flow	1.7	2.2	2.8	3.7	4.1	5.3	6.3	9.5	12.4	14.4
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.5	1.6
Share buybacks	0.0	0.0	0.0	0.0	0.0	0.0	4.0	7.6	7.8	12.6
Acquisitions	3.2	0.0	5.1	0.4	1.3	14.9	0.4	0.1	2.7	9.3
Stock-based compensation	0.8	1.0	1.3	1.8	2.2	2.8	3.3	2.8	3.2	3.5
Balance sheet at fiscal year end
Cash and short-term investments	2.2	4.5	4.3	7.9	12.0	10.5	12.5	14.2	14.0	9.6
Debt incl. finance leases	2.0	1.7	3.2	3.1	2.8	11.0	11.4	10.4	9.1	15.0
Total assets	17.6	22.0	30.7	55.1	66.3	95.2	98.8	99.8	102.9	112.3
Total liabilities	10.1	11.6	15.1	21.2	24.8	37.1	40.5	40.2	41.8	53.2
Shareholders' equity	8.2	10.4	15.6	33.9	41.5	58.1	58.4	59.6	61.2	59.1
Margins and ratios
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%
Net margin	3.9%	3.4%	8.4%	0.7%	19.2%	5.5%	0.7%	11.9%	16.4%	18.0%
Free cash flow margin	20.2%	20.9%	21.1%	21.6%	19.2%	19.9%	20.1%	27.2%	32.8%	34.7%
Return on capital	3.8%	5.0%	4.8%	0.7%	1.5%	1.1%	0.9%	7.4%	10.7%	10.8%
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%
Net debt to EBITDA	−0.2x	−3.4x	−1.2x	−6.5x	−8.9x	0.4x	−0.6x	−0.6x	−0.6x	0.6x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Salesforce's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Salesforce.