# Salesforce Inc. (CRM) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CRM/thesis · /stocks/CRM/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CRM/fundamental

## Navigation

- Overview: /stocks/CRM
- Financials (this page): /stocks/CRM/financials
- Thesis: /stocks/CRM/thesis
- Investment Memo: /stocks/CRM/memo
- Coverage universe: /stocks