Salesforce
CRM · NYSEServices-Prepackaged Software · Fiscal year ends Jan 31
Salesforce reported revenue of $41.5B in the fiscal year ended Jan 2026, up 9.6% from the year before. Operating income was $8.3B, an operating margin of 20.1%, and net income was $7.5B. Operating cash flow of $15B less capital expenditure of $594M left free cash flow of $14.4B. Net debt was $7.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $26.5B | $31.4B | $34.9B | $37.9B | $41.5B |
| Cost of revenue | $7B | $8.4B | $8.5B | $8.6B | $9.3B |
| Gross profit | $19.5B | $23B | $26.3B | $29.3B | $32.3B |
| Research & development | $4.5B | $5.1B | $4.9B | $5.5B | $6B |
| Operating income | $548M | $1B | $5B | $7.2B | $8.3B |
| Interest expense | $216M | $300M | $283M | $272M | $324M |
| Pre-tax income | $1.5B | $660M | $5B | $7.4B | $9.5B |
| Income tax | $88M | $452M | $814M | $1.2B | $2.1B |
| Net income | $1.4B | $208M | $4.1B | $6.2B | $7.5B |
| Diluted EPS | 1.48 | 0.21 | 4.20 | 6.36 | 7.80 |
| Diluted shares | 974M | 997M | 984M | 974M | 956M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $5.5B | $7B | $8.5B | $8.8B | $7.3B |
| Receivables | $9.7B | $10.8B | $11.4B | $11.9B | $14.3B |
| Current assets | $22.9B | $26.4B | $29.1B | $29.7B | $28.2B |
| Goodwill | $47.9B | $48.6B | $48.6B | $51.3B | $57.9B |
| Total assets | $95.2B | $98.8B | $99.8B | $103B | $112B |
| Deferred revenue | $15.6B | $17.4B | $19B | $20.7B | $24.3B |
| Current liabilities | $21.8B | $25.9B | $26.6B | $28B | $37.1B |
| Short-term debt | $4M | $1.2B | $999M | $0 | $4B |
| Long-term debt | $10.6B | $9.4B | $8.4B | $8.4B | $10.4B |
| Total liabilities | $37.1B | $40.5B | $40.2B | $41.8B | $53.2B |
| Shareholders' equity | $58.1B | $58.4B | $59.6B | $61.2B | $59.1B |
| Backlog (remaining obligations) | $43.7B | $48.6B | $56.9B | $63.4B | $72.4B |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $6B | $7.1B | $10.2B | $13.1B | $15B |
| Capital expenditure | $717M | $798M | $736M | $658M | $594M |
| Free cash flow | $5.3B | $6.3B | $9.5B | $12.4B | $14.4B |
| Depreciation & amortisation | $678M | $903M | $1.1B | $1B | $1.2B |
| Stock-based compensation | $2.8B | $3.3B | $2.8B | $3.2B | $3.5B |
| Acquisitions | $14.9B | $439M | $82M | $2.7B | $9.3B |
| Share buybacks | $0 | $4B | $7.6B | $7.8B | $12.6B |
| Dividends paid | – | $0 | $0 | $1.5B | $1.6B |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.3% | 11.2% | 8.7% | 9.6% |
| Operating income growth (YoY) | – | 88.0% | 386.5% | 43.8% | 15.6% |
| EPS growth (YoY) | – | −85.8% | 1900.0% | 51.4% | 22.6% |
| Gross margin | 73.5% | 73.3% | 75.5% | 77.2% | 77.7% |
| Operating margin | 2.1% | 3.3% | 14.4% | 19.0% | 20.1% |
| Net margin | 5.5% | 0.7% | 11.9% | 16.4% | 18.0% |
| Return on equityBlank when equity is negative | 2.5% | 0.4% | 6.9% | 10.1% | 12.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 0.7% | 1.4% | 6.8% | 9.6% | 11.1% |
| Free cash flow margin | 19.9% | 20.1% | 27.2% | 32.8% | 34.7% |
| Cash conversion (CFO ÷ net income) | 4.16x | 34.2x | 2.47x | 2.11x | 2.01x |
| Receivable days | 134 | 125 | 120 | 115 | 126 |
| Interest cover | 2.54x | 3.43x | 17.7x | 26.5x | 25.7x |
| Debt ÷ equity | 0.18x | 0.18x | 0.16x | 0.14x | 0.24x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.1B | $3.6B | $954M | −$415M | $7.1B |
| Current ratio | 1.05x | 1.02x | 1.09x | 1.06x | 0.76x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.