Detailed financial statements for Salesforce, Inc. (CRM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Salesforce, Inc. is a leading provider of customer relationship management (CRM) solutions, dedicated to connecting businesses and their clientele on a global scale. At its core, the Customer 360 platform empowers organizations to create seamless, integrated experiences for their customers.
Analysis Summary
Salesforce, Inc. reported revenue of $41.52B in the most recent fiscal year, growing at a 5-year CAGR of 14.3%. Net income reached $7.46B, with a 12.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 77.3%, operating margin 21.4%, net margin 22.0%. Free cash flow grew at 28.6% CAGR over 5 years.
At the current price of $229.79, CRM trades at a P/E of 21.41 and an ROE of 20.15%. Market capitalisation stands at $188.2B, placing it among large-cap names.
Balance sheet quality for CRM: current ratio of 0.8, net debt of $7.61B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $14.40B represents 193% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.39B | $10.48B | $13.28B | $17.10B | $21.25B | $26.49B | $31.35B | $34.86B | $37.90B | $41.52B |
| Cost of Revenue | $2.23B | $2.77B | $3.45B | $4.24B | $5.44B | $7.03B | $8.36B | $8.54B | $8.64B | $9.27B |
| Gross Profit | $6.20B | $7.77B | $9.83B | $12.86B | $15.81B | $19.47B | $22.99B | $26.32B | $29.25B | $32.26B |
| Research & Development | $1.21B | $1.55B | $1.89B | $2.77B | $3.60B | $4.46B | $5.05B | $4.91B | $5.49B | $5.99B |
| Selling, General & Admin | $4.78B | $5.76B | $7.41B | $9.63B | $11.76B | $14.45B | $16.08B | $15.41B | $16.09B | $17.34B |
| Operating Expenses | $5.99B | $7.31B | $9.30B | $12.57B | $15.36B | $18.92B | $21.96B | $21.30B | $22.05B | $23.34B |
| Operating Income | $218.0M | $454.0M | $535.0M | $297.0M | $455.0M | $548.0M | $1.03B | $5.01B | $7.21B | $8.92B |
| EBITDA | $850.0M | $1.24B | $1.52B | $2.60B | $3.30B | $5.05B | $5.64B | $9.22B | $11.14B | $13.15B |
| Interest Expense | $89.0M | $87.0M | $154.0M | $131.0M | $126.0M | $220.0M | $287.0M | 0 | $272.0M | $324.0M |
| Pre-tax Income | $179.0M | $420.0M | $983.0M | $706.0M | $2.56B | $1.53B | $660.0M | $4.95B | $7.44B | $9.52B |
| Income Tax | -$144.0M | $60.0M | -$127.0M | $580.0M | -$1.51B | $88.0M | $452.0M | $814.0M | $1.24B | $2.06B |
| Net Income | $323.0M | $360.0M | $1.11B | $126.0M | $4.07B | $1.44B | $208.0M | $4.14B | $6.20B | $7.46B |
| EPS | $0.26 | $0.18 | $1.48 | $0.15 | $4.48 | $1.51 | $0.21 | $4.25 | $6.44 | $7.85 |
| EPS (Diluted) | $0.26 | $0.17 | $1.43 | $0.15 | $4.38 | $1.48 | $0.21 | $4.20 | $6.36 | $7.80 |
| Shares Outstanding (Diluted) | $700.2M | $734.6M | $775.0M | $850.0M | $930.0M | $974.0M | $997.0M | $984.0M | $974.0M | $956.0M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $10.26B | $11.20B | $11.13B | $11.35B |
| Gross Profit | $8.00B | $8.69B | $8.56B | $8.70B |
| Operating Income | $2.19B | $2.45B | $2.43B | $2.33B |
| EBITDA | $3.00B | $3.75B | $4.02B | $5.03B |
| Net Income | $2.09B | $1.94B | $2.11B | $3.53B |
| EPS | $2.19 | $2.08 | $2.43 | $4.30 |
| EPS (Diluted) | $2.18 | $2.07 | $2.42 | $4.29 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.61B | $2.54B | $2.67B | $4.14B | $6.20B | $5.46B | $7.02B | $8.47B | $8.85B | $7.33B |
| Short-term Investments | $602.3M | $1.98B | $1.67B | $3.80B | $5.77B | $5.07B | $5.49B | $5.72B | $5.18B | $2.24B |
| Receivables | $3.23B | $3.92B | $4.92B | $6.17B | $7.79B | $9.74B | $10.76B | $11.41B | $11.95B | $14.34B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $6.00B | $9.58B | $10.68B | $15.96B | $21.89B | $22.85B | $26.39B | $29.07B | $29.73B | $28.22B |
| Property, Plant & Equipment | $1.79B | $1.95B | $2.05B | $5.42B | $5.66B | $5.70B | $6.59B | $6.05B | $5.39B | $5.12B |
| Goodwill | $7.26B | $7.31B | $12.85B | $25.13B | $26.32B | $47.94B | $48.57B | $48.62B | $51.28B | $57.94B |
| Intangible Assets | $1.29B | $973.0M | $2.62B | $4.72B | $4.11B | $8.98B | $7.12B | $5.28B | $4.43B | $6.82B |
| Total Assets | $17.58B | $21.98B | $30.74B | $55.13B | $66.30B | $95.21B | $98.85B | $99.82B | $102.93B | $112.31B |
| Accounts Payable | $115.3M | $76.0M | $2.69B | $3.43B | $4.36B | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | $1.02B | $3.0M | 0 | 0 | $4.0M | $1.18B | $999.0M | 0 | $4.00B |
| Total Current Liabilities | $7.30B | $10.07B | $11.26B | $14.85B | $17.73B | $21.79B | $25.89B | $26.63B | $27.98B | $37.12B |
| Long-term Debt | $2.01B | $695.0M | $3.17B | $2.67B | $2.67B | $10.59B | $9.42B | $8.43B | $8.43B | $10.44B |
| Total Liabilities | $10.08B | $11.61B | $15.13B | $21.24B | $24.81B | $37.08B | $40.49B | $40.18B | $41.76B | $53.16B |
| Retained Earnings | -$464.9M | $635.0M | $1.74B | $1.86B | $5.93B | $7.38B | $7.58B | $11.72B | $16.37B | $22.22B |
| Total Equity | $7.50B | $10.38B | $15.61B | $33.88B | $41.49B | $58.13B | $58.36B | $59.65B | $61.17B | $59.14B |
| Total Debt | $2.79B | $2.50B | $3.58B | $5.87B | $6.28B | $13.98B | $14.09B | $12.59B | $11.39B | $17.18B |
| Net Debt | $583.2M | -$2.02B | -$763.0M | -$2.08B | -$5.68B | $3.45B | $1.58B | -$1.61B | -$2.64B | $7.61B |
| Working Capital | -$1.30B | -$483.0M | -$572.0M | $1.12B | $4.16B | $1.06B | $504.0M | $2.44B | $1.75B | -$8.90B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $8.98B | $7.33B | $8.94B | $8.31B |
| Total Assets | $95.14B | $112.31B | $106.68B | $109.62B |
| Total Liabilities | $35.12B | $53.16B | $72.44B | $71.24B |
| Total Equity | $60.02B | $59.14B | $34.23B | $38.38B |
| Total Debt | $11.14B | $17.18B | $41.88B | $41.74B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $179.6M | $127.5M | $1.11B | $126.0M | $4.07B | $1.44B | $208.0M | $4.14B | $6.20B | $7.46B |
| Depreciation & Amortization | $632.2M | $752.6M | $962.0M | $2.13B | $2.85B | $3.30B | $3.79B | $3.96B | $3.48B | $3.63B |
| Stock-based Compensation | $820.4M | $997.0M | $1.28B | $1.78B | $2.19B | $2.78B | $3.28B | $2.79B | $3.18B | $3.51B |
| Change in Working Capital | $141.6M | $364.9M | -$172.0M | -$330.0M | -$1.19B | -$1.66B | -$2.07B | -$2.85B | -$1.98B | -$503.0M |
| Operating Cash Flow | $2.16B | $2.74B | $3.40B | $4.33B | $4.80B | $6.00B | $7.11B | $10.23B | $13.09B | $15.00B |
| Capital Expenditure | -$464.0M | -$534.0M | -$595.0M | -$643.0M | -$710.0M | -$717.0M | -$798.0M | -$736.0M | -$658.0M | -$594.0M |
| Acquisitions | -$3.19B | -$25.4M | -$5.12B | -$369.0M | -$1.28B | -$14.88B | -$439.0M | -$82.0M | -$2.73B | -$9.27B |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$4.00B | -$7.62B | -$7.83B | -$12.60B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$1.54B | -$1.59B |
| Free Cash Flow | $1.70B | $2.20B | $2.80B | $3.69B | $4.09B | $5.28B | $6.31B | $9.50B | $12.43B | $14.40B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $2.32B | $5.46B | $6.70B | $1.27B |
| Capital Expenditure | -$139.0M | -$141.0M | -$145.0M | -$171.0M |
| Free Cash Flow | $2.18B | $5.32B | $6.56B | $1.10B |
| Dividends Paid | -$395.0M | -$391.0M | -$365.0M | -$364.0M |
| Stock-based Compensation | $819.0M | $1.08B | $857.0M | $906.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +24.9% | +26.7% | +28.7% | +24.3% | +24.7% | +18.3% | +11.2% | +8.7% | +9.6% | |
| Net Income Growth (YoY) | +11.5% | +208.3% | -88.6% | +3,131.7% | -64.5% | -85.6% | +1,888.5% | +49.8% | +20.3% | |
| EPS Growth (YoY) | -30.8% | +722.2% | -89.9% | +2,886.7% | -66.3% | -86.1% | +1,923.8% | +51.5% | +21.9% | |
| Shares Change (YoY) | +4.9% | +5.5% | +9.7% | +9.4% | +4.7% | +2.4% | -1.3% | -1.0% | -1.8% | |
| FCF Growth (YoY) | +29.8% | +27.2% | +31.6% | +10.9% | +29.1% | +19.5% | +50.5% | +30.9% | +15.8% | |
| Gross Margin | 73.9% | 74.1% | 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% | 21.5% |
| EBITDA Margin | 10.1% | 11.8% | 11.4% | 15.2% | 15.5% | 19.1% | 18.0% | 26.5% | 29.4% | 31.7% |
| Net Margin | 3.8% | 3.4% | 8.4% | 0.7% | 19.2% | 5.5% | 0.7% | 11.9% | 16.4% | 18.0% |
| FCF Margin | 20.2% | 21.0% | 21.1% | 21.6% | 19.2% | 19.9% | 20.1% | 27.2% | 32.8% | 34.7% |
| Effective Tax Rate | -80.4% | 14.3% | -12.9% | 82.2% | -59.0% | 5.7% | 68.5% | 16.4% | 16.7% | 21.7% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.43 | $3.00 | $3.62 | $4.34 | $4.40 | $5.42 | $6.33 | $9.65 | $12.77 | $15.06 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.58 | $1.66 |
| Shares Outstanding (Basic) | $687.8M | $714.9M | $751.0M | $829.0M | $908.0M | $955.0M | $992.0M | $974.0M | $962.0M | $950.0M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 20.15% |
| Return on Invested Capital | 8.73% |
| Return on Assets | 8.81% |
| Gross Margin | 77.28% |
| Operating Margin | 21.39% |
| Net Margin | 21.99% |
Financial Health
| Debt / Equity | 1.09 |
| Current Ratio | 0.84 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.09 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 304.23 | 632.83 | 102.68 | 1,215.40 | 51.00 | 154.06 | 799.86 | 66.14 | 53.06 | 27.04 |
| P/B | 7.25 | 7.85 | 7.31 | 4.46 | 5.00 | 3.82 | 2.86 | 4.59 | 5.37 | 3.41 |
| P/S | 6.48 | 7.77 | 8.59 | 8.84 | 9.76 | 8.39 | 5.31 | 7.85 | 8.67 | 4.86 |
| Gross Margin | 73.9% | 74.1% | 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% | 21.5% |
| Net Margin | 3.8% | 3.4% | 8.4% | 0.7% | 19.2% | 5.5% | 0.7% | 11.9% | 16.4% | 18.0% |
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Explore sector: Technology · Software - Application
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