Salesforce Inc.
CRMFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$11.2B
Q4 FY2026 · +12.1% YoY
TTM ROIC
16.1%
FY2026 · NOPAT (Non-GAAP) / Invested Capital (Equity + Debt), goodwill-inclusive · WACC ~9.25% · Moat spread +7pp
Financial Snapshot
ticker: CRM step: 04 generated: 2026-05-11 source: quick-research
Salesforce, Inc. (CRM) — Financial Snapshot
Note: Salesforce's fiscal year ends late January. "FY2026" = fiscal year ended Jan 31, 2026.
Income Statement Summary
| Metric | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|
| Revenue | $34.9B | $37.9B | $41.5B | +9.6% |
| Subscription & Support | $32.5B | $35.7B | ~$39B | +9% |
| GAAP Operating Margin | 14.4% | 19.0% | 21.3% | +2.3pp |
| Non-GAAP Operating Margin | 30.5% | 33.0% | 35.5% | +2.5pp |
| Non-GAAP EPS (diluted) | $8.22 | $10.20 | $11.50 | +13% |
| GAAP Net Income | $4.1B | $6.2B | $8.0B | +29% |
Q4 FY2026 Highlights (most recent annual close)
| Metric | Q4 FY26 | YoY |
|---|---|---|
| Revenue | $10.8B | +9% |
| Subscription & Support | $10.7B | +13% |
| Non-GAAP Operating Margin | ~36% | |
| EPS (non-GAAP) | $3.81 | beat $3.05 estimate |
RPO (Remaining Performance Obligations)
| Metric | FY26 Year-End | YoY |
|---|---|---|
| Total RPO | $72B | +14% |
| Current RPO (cRPO) | $35.1B | +16% |
| Q3 FY26 cRPO | $29.4B | +11% |
Agentforce + Data 360 ARR
| Metric | Value | YoY |
|---|---|---|
| Agentforce + Data 360 Combined ARR (Q4 FY26) | $2.9B | +200% |
| Agentforce ARR | $800M | +169% |
| Total paid Agentforce deals | 29,000+ | +50% QoQ |
| Tokens processed | ~20T | |
| Agentic Work Units delivered | 2.4B+ |
Cash Flow & Balance Sheet (FY2026)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$13B |
| Free Cash Flow | ~$12B |
| Cash & Investments | ~$13B |
| Total Debt | ~$10B |
| Buybacks FY26 | ~$10B (largest ever buyback program in 2025) |
| Buyback authorization | $30B remaining |
Key Ratios (approximate, May 2026)
- P/E (forward): ~24x | EV/Sales: ~6.5x | FCF Yield: ~4.5%
- Net Cash Position: ~$3B
- Rule of 40: ~45 (9.6% growth + 35.5% non-GAAP margin)
Growth Profile
Salesforce is balancing slowing core subscription growth (high-single-digit) with explosive Agentforce growth (+169% ARR YoY). Q4 FY26 EPS beat ($3.81 vs $3.05 est) and 36% non-GAAP operating margin show disciplined execution. The pivot to consumption-based AI pricing (per-conversation, per-Agentic-Work-Unit) is the most important strategic change since the company's founding — it transforms Salesforce from per-seat licensor to per-outcome agentic platform.
Forward Estimates
- FY2027E Revenue: ~$45B (+8-10%)
- FY2027E Non-GAAP EPS: ~$13.00 (+13%)
- FY2028E EPS: ~$15+ (consensus, assumes Agentforce momentum)
- Long-term non-GAAP operating margin target: 40%+
Capital Return
- 2025 was the launch of Salesforce's largest-ever buyback program; $10B repurchased FY26
- Quarterly dividend $0.42/share annual (~$1.6B paid)
- Total return: ~5% combined yield via buybacks + dividend
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CRM.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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