CRM

MKT CAP:$169B

Salesforce, Inc.

Market Cap

$169B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$177.98-$75.64 (-29.82%)

Apr 24, 2026

Company Details

Salesforce, Inc. provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their custo...

CEO

Marc R. Benioff

IPO Date

Jun 23, 2004

Website

www.salesforce.com

Key Metrics TTM

Revenue

$41.5B

+9.6% YoY

Net Income

$7.5B

EPS (Diluted)

$7.80

Free Cash Flow

$14.4B

Revenue / Share

$44.18

Gross Margin

77.7%

Operating Margin

21.5%

Net Margin

18.0%

FCF Margin

34.7%

P/S

4.1x

P/E

22.7x

Earnings Reports

FY 2026

Mar 2, 2026

$41.5B+9.6%EPS $7.80

Q4 2026

Mar 2, 2026

$11.2B+12.1%EPS $2.07

Q3 2026

Dec 3, 2025

$10.3B+8.6%EPS $2.18

Q2 2026

Sep 3, 2025

$10.2B+9.8%EPS $1.96

Q1 2026

May 28, 2025

$9.8B+7.6%EPS $1.59

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 23	$7.4B	$5.4B	$20M
Q2 23	$7.7B	$5.6B	$193M
Q3 23	$7.8B	$5.7B	$460M
Q4 23	$8.4B	$6.3B	$357M
Q1 24	$8.2B	$6.1B	$412M
Q2 24	$8.6B	$6.5B	$1.5B
Q3 24	$8.7B	$6.6B	$1.5B
Q4 24	$9.3B	$7.1B	$1.6B
Q1 25	$9.1B	$7.0B	$1.7B
Q2 25	$9.3B	$7.2B	$1.8B
Q3 25	$9.4B	$7.3B	$1.9B
Q4 25	$10.0B	$7.8B	$1.8B
Q1 26	$9.8B	$7.6B	$1.9B
Q2 26	$10.2B	$8.0B	$2.3B
Q3 26	$10.3B	$8.0B	$2.2B
Q4 26	$11.2B	$8.7B	$2.5B

Valuation

Quarter	P/S	P/E
Q1 23	6.3x	176.5x
Q2 23	6.2x	340.4x
Q3 23	5.3x	575.5x
Q4 23	5.2x	779.4x
Q1 24	6.0x	508.8x
Q2 24	6.6x	138.6x
Q3 24	5.7x	74.7x
Q4 24	8.0x	67.5x
Q1 25	7.5x	48.9x
Q2 25	6.8x	44.3x
Q3 25	7.6x	47.7x
Q4 25	8.7x	53.1x
Q1 26	6.7x	41.5x
Q2 26	6.5x	38.8x
Q3 26	6.2x	34.6x
Q4 26	4.8x	27.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$3.7B	$3.5B
Q2 23	$334M	$131M
Q3 23	$313M	$115M
Q4 23	$2.8B	$2.6B
Q1 24	$4.5B	$4.2B
Q2 24	$808M	$628M
Q3 24	$1.5B	$1.4B
Q4 24	$3.4B	$3.3B
Q1 25	$6.2B	$6.1B
Q2 25	$892M	$755M
Q3 25	$2.0B	$1.8B
Q4 25	$4.0B	$3.8B
Q1 26	$6.5B	$6.3B
Q2 26	$740M	$605M
Q3 26	$2.3B	$2.2B
Q4 26	$5.5B	$5.3B

Capital Expenditures

Quarter	CapEx
Q1 23	$179M
Q2 23	$203M
Q3 23	$198M
Q4 23	$218M
Q1 24	$243M
Q2 24	$180M
Q3 24	$166M
Q4 24	$147M
Q1 25	$163M
Q2 25	$137M
Q3 25	$204M
Q4 25	$154M
Q1 26	$179M
Q2 26	$135M
Q3 26	$139M
Q4 26	$141M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+24.3%	+31.8%
Q2 23	+21.8%	+25.3%
Q3 23	+14.2%	+8.1%
Q4 23	+14.4%	+7.0%
Q1 24	+11.3%	+6.0%
Q2 24	+11.4%	-5.3%
Q3 24	+11.3%	-2.1%
Q4 24	+10.8%	-4.5%
Q1 25	+10.7%	-5.2%
Q2 25	+8.4%	+5.8%
Q3 25	+8.3%	+4.6%
Q4 25	+7.6%	+6.6%
Q1 26	+7.6%	+6.2%
Q2 26	+9.8%	+4.8%
Q3 26	+8.6%	+6.9%
Q4 26	+12.1%	+7.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$776M	10.5%
Q2 23	$851M	11.0%
Q3 23	$843M	10.8%
Q4 23	$809M	9.6%
Q1 24	$696M	8.4%
Q2 24	$724M	8.4%
Q3 24	$693M	7.9%
Q4 24	$674M	7.3%
Q1 25	$750M	8.2%
Q2 25	$810M	8.7%
Q3 25	$820M	8.7%
Q4 25	$803M	8.0%
Q1 26	$814M	8.3%
Q2 26	$793M	7.7%
Q3 26	$819M	8.0%
Q4 26	$1.1B	9.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$1.3B	$656M	$3.4B
Q2 23	$1.3B	$647M	$3.4B
Q3 23	$1.3B	$664M	$3.3B
Q4 23	$1.1B	$586M	$3.4B
Q1 24	$1.2B	$638M	$3.2B
Q2 24	$1.2B	$632M	$3.1B
Q3 24	$1.2B	$632M	$3.2B
Q4 24	$1.3B	$632M	$3.4B
Q1 25	$1.4B	$647M	$3.2B
Q2 25	$1.3B	$711M	$3.2B
Q3 25	$1.4B	$711M	$3.3B
Q4 25	$1.4B	$767M	$3.5B
Q1 26	$1.5B	$697M	$3.4B
Q2 26	$1.5B	$734M	$3.4B
Q3 26	$1.4B	$667M	$3.5B
Q4 26	$1.6B	$902M	$4.0B

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	24.3%	12.5%	36.8
Q2 23	21.8%	14.2%	36.0
Q3 23	14.2%	17.9%	32.1
Q4 23	14.4%	26.4%	40.9
Q1 24	11.3%	28.8%	40.1
Q2 24	11.4%	28.1%	39.5
Q3 24	11.3%	27.7%	39.0
Q4 24	10.8%	29.7%	40.4
Q1 25	10.7%	28.4%	39.2
Q2 25	8.4%	29.9%	38.3
Q3 25	8.3%	29.3%	37.6
Q4 25	7.6%	30.0%	37.6
Q1 26	7.6%	28.0%	35.6
Q2 26	9.8%	31.5%	41.3
Q3 26	8.6%	29.3%	37.9
Q4 26	12.1%	33.5%	45.5

Rule of 40

Revenue Segments

Quarter	Integration And Analytics	Marketing and Commerce Cloud	Professional Services and Other	Sales Cloud	Salesforce Platform and Other	Service Cloud
Q1 23	$955M	$1.1B	$555M	$1.6B	$1.4B	$1.8B
Q2 23	$1.0B	$1.1B	$577M	$1.7B	$1.5B	$1.8B
Q3 23	$1.0B	$1.1B	$604M	$1.7B	$1.5B	$1.9B
Q4 23	$1.3B	$1.2B	$595M	$1.8B	$1.6B	$1.9B
Q1 24	$1.1B	$1.2B	$605M	$1.8B	$1.6B	$2.0B
Q2 24	$1.2B	$1.2B	$597M	$1.9B	$1.6B	$2.0B
Q3 24	$1.2B	$1.2B	$579M	$1.9B	$1.7B	$2.1B
Q4 24	$1.6B	$1.3B	$539M	$2.0B	$1.7B	$2.2B
Q1 25	$1.4B	$1.3B	$548M	$2.0B	$1.7B	$2.2B
Q2 25	$1.3B	$1.3B	$561M	$2.1B	$1.8B	$2.3B
Q3 25	$1.3B	$1.3B	$565M	$2.1B	$1.8B	$2.3B
Q4 25	$1.7B	$1.4B	$542M	$2.1B	$1.9B	$2.3B
Q1 26	$1.5B	$1.3B	$532M	$2.1B	$2.0B	$2.3B
Q2 26	$1.5B	$1.4B	$546M	$2.3B	$2.1B	$2.5B
Q3 26	$1.4B	$1.4B	$533M	$2.3B	$2.2B	$2.5B
Q4 26	$1.8B	$1.4B	$526M	$2.3B	$2.7B	$2.5B

Revenue by Geography

Quarter	Americas	Asia Pacific	Europe
Q1 23	$5.0B	$702M	$1.7B
Q2 23	$5.3B	$714M	$1.7B
Q3 23	$5.4B	$731M	$1.7B
Q4 23	$5.7B	$792M	$1.9B
Q1 24	$5.5B	$814M	$2.0B
Q2 24	$5.8B	$860M	$2.0B
Q3 24	$5.9B	$860M	$2.0B
Q4 24	$6.2B	$906M	$2.2B
Q1 25	$6.1B	$926M	$2.1B
Q2 25	$6.2B	$940M	$2.2B
Q3 25	$6.2B	$996M	$2.2B
Q4 25	$6.7B	$999M	$2.3B
Q1 26	$6.5B	$1.0B	$2.3B
Q2 26	$6.7B	$1.1B	$2.4B
Q3 26	$6.7B	$1.1B	$2.5B
Q4 26	$7.3B	$1.1B	$2.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$6.9B	$6.6B	$13.5B
Q2 23	$6.9B	$6.6B	$13.5B
Q3 23	$6.1B	$5.8B	$11.9B
Q4 23	$7.0B	$5.5B	$12.5B
Q1 24	$9.2B	$4.8B	$14.0B
Q2 24	$6.8B	$5.6B	$12.4B
Q3 24	$6.5B	$5.4B	$11.9B
Q4 24	$8.5B	$5.7B	$14.2B
Q1 25	$10.0B	$7.7B	$17.7B
Q2 25	$7.7B	$5.0B	$12.6B
Q3 25	$8.0B	$4.8B	$12.8B
Q4 25	$8.8B	$5.2B	$14.0B
Q1 26	$10.9B	$6.5B	$17.4B
Q2 26	$10.4B	$5.0B	$15.4B
Q3 26	$9.0B	$2.3B	$11.3B
Q4 26	$7.3B	$2.2B	$9.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 23	1.00B	+1.5%	+6.5%
Q2 23	1.00B	0.0%	+5.4%
Q3 23	1.00B	-0.1%	-0.1%
Q4 23	984M	-1.6%	-0.2%
Q1 24	988M	+0.4%	-1.3%
Q2 24	986M	-0.2%	-1.5%
Q3 24	981M	-0.5%	-1.9%
Q4 24	983M	+0.2%	-0.1%
Q1 25	985M	+0.2%	-0.3%
Q2 25	973M	-1.2%	-1.3%
Q3 25	975M	+0.2%	-0.6%
Q4 25	974M	-0.1%	-0.9%
Q1 26	970M	-0.4%	-1.5%
Q2 26	962M	-0.8%	-1.1%
Q3 26	962M	0.0%	-1.3%
Q4 26	940M	-2.3%	-3.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 23	$100.8K	74K
Q2 23	$105.0K	74K
Q3 23	$106.6K	74K
Q4 23	$105.6K	79K
Q1 24	$103.9K	79K
Q2 24	$108.4K	79K
Q3 24	$109.8K	79K
Q4 24	$127.8K	73K
Q1 25	$125.7K	73K
Q2 25	$128.3K	73K
Q3 25	$129.9K	73K
Q4 25	$130.7K	76K
Q1 26	$128.6K	76K
Q2 26	$133.9K	76K
Q3 26	$134.2K	76K
Q4 26	$134.4K	83K

Revenue / Employee