Salesforce, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Salesforce, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025	FY2025
Revenue	8,437	10,540	13,282	17,098	21,252	26,492	31,352	34,857	37,895	41,525
Cost of revenue	2,234	2,773	3,451	4,235	5,438	7,026	8,360	8,541	8,643	9,270
Gross profit	6,203	7,767	9,831	12,863	15,814	19,466	22,992	26,316	29,252	32,255
Research and development	1,208	1,553	1,886	2,766	3,598	4,465	5,055	4,906	5,493	5,993
Selling and marketing	3,811	4,671	6,064	7,930	9,674	11,855	13,526	12,877	13,257	14,345
General and administrative	966	1,089	1,346	1,704	2,087	2,598	2,553	2,534	2,836	3,000
Operating expenses	5,985	7,313	9,296	12,566	15,359	18,918	21,962	21,305	22,047	23,924
Operating income	218	454	535	297	455	548	1,030	5,011	7,205	8,331
Interest expense	89	87	154	110	110	216	300	283	272	324
Interest income	22	37	61	117			199	527	647	539
Other non-operating income	-8	-53	-94	-18		-227	-131	216	354	172
Pre-tax income	179	420	983	706	2,561	1,532	660	4,950	7,438	9,520
Income tax	-144	60	-127	580	-1,511	88	452	814	1,241	2,063
Net income	323	360	1,110	126	4,072	1,444	208	4,136	6,197	7,457
EBITDA	850	827	946	752	1,034	1,226	1,933	6,111	8,205	9,531
EPS, basic	0.47	0.50	1.48	0.15	4.48	1.51	0.21	4.25	6.44	7.85
EPS, diluted	0.46	0.49	1.43	0.15	4.38	1.48	0.21	4.20	6.36	7.80
Shares, basic (weighted)	688	715	751	829	908	955	992	974	962	950
Shares, diluted (weighted)	700	735	775	850	930	974	997	984	974	956

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025	FY2025
Cash and equivalents	1,607	2,543	2,669	4,145	6,195	5,464	7,016	8,472	8,848	7,327
Short-term investments	602	1,978	1,673	3,802	5,771	5,073	5,492	5,722	5,184	2,238
Receivables	3,197	3,921	4,924	6,174	7,786	9,739	10,755	11,414	11,945	14,339
Other current assets	280	471	629	916	991	1,120	1,356	1,561	1,779	2,243
Total current assets	5,997	9,584	10,683	15,963	21,889	22,850	26,395	29,074	29,727	28,222
Property, plant and equipment	1,788	1,947	2,051	2,375	2,459	2,815	3,702	3,689	3,236	3,120
Lease right-of-use assets				3,040	3,204	2,880	2,890	2,366	2,157	2,003
Goodwill	7,264	7,314	12,851	25,134	26,318	47,937	48,568	48,620	51,283	57,941
Intangible assets	1,113	827	1,923	4,724	4,114	8,978	7,125	5,278	4,428	6,815
Other non-current assets	487	384	695	579	2,693	2,623	2,800	3,433	4,770	3,628
Total assets	17,585	21,984	30,737	55,126	66,301	95,209	98,849	99,823	102,928	112,305
Accounts payable	115	76	165
Accrued liabilities	730	970	1,356
Deferred revenue	5,543	6,995	8,564	10,662	12,607	15,628	17,376	19,003	20,743	24,317
Short-term debt	0	1,025	3	4	4	4	1,182	999	0	4,000
Total current liabilities	7,295	10,067	11,255	14,845	17,728	21,788	25,891	26,631	27,980	37,118
Long-term debt	2,008	695	3,173	2,673	2,673	10,592	9,419	8,427	8,433	10,439
Lease liabilities				2,445	2,842	2,703	2,897	2,644	2,380	2,189
Other non-current liabilities	781	846	704	1,278	1,565	1,995	2,283	2,475	2,962	3,417
Total liabilities	10,085	11,608	15,132	21,241	24,808	37,078	40,490	40,177	41,755	53,163
Total debt	2,008	1,727	3,198	2,694	2,677	10,596	10,601	9,426	8,433	14,439
Paid-in capital	8,040	9,752	13,927	32,116	35,601	50,919	55,047	59,841	64,576	68,835
Retained earnings	-465	635	1,735	1,861	5,933	7,377	7,585	11,721	16,369	22,221
Treasury stock						0	-4,000	-11,692	-19,507	-32,228
Other comprehensive income	-75.8	-12	-58	-93	-42	-166	-274	-225	-266	313
Shareholders' equity	8,230	10,376	15,605	33,885	41,493	58,131	58,359	59,646	61,173	59,142
Total equity	8,230	10,376	15,605	33,885	41,493	58,131	58,359	59,646	61,173	59,142
Total liabilities and equity	17,585	21,984	30,737	55,126	66,301	95,209	98,849	99,823	102,928	112,305
Shares outstanding	707	730	770	893	919	989	981	971	962	929

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025	FY2025
Net income	323	360	1,110	126	4,072	1,444	208	4,136	6,197	7,457
Depreciation and amortization	632	373	411	455	579	678	903	1,100	1,000	1,200
Stock-based compensation	820	997	1,283	1,785	2,190	2,779	3,279	2,787	3,183	3,509
Deferred income tax	-221	-20	-283	27	-1,790	-254	-334	-742	-1,213	959
Change in receivables	-633	-719	-923	-1,000	-1,556	-1,824	-995	-659	-490	-2,160
Change in payables	35	-39	74	15	1,100	507	528	-478	1,089	1,014
Cash from operations	2,162	2,738	3,398	4,331	4,801	6,000	7,111	10,234	13,092	14,996
Capital expenditures	-464	-534	-595	-643	-710	-717	-798	-736	-658	-594
Acquisitions	-3,193	-25	-5,115	-369	-1,281	-14,876	-439	-82	-2,734	-9,268
Purchases of investments	-1,070	-2,003	-1,068	-3,857	-4,833	-5,674	-4,777	-3,761	-6,879	-3,763
Sales and maturities of investments	68	78	146	779	1,035	2,069	2,449	2,129	3,378	2,395
Cash from investing	-2,684	-2,011	-5,308	-2,980	-3,971	-14,536	-1,989	-1,327	-3,163	-8,590
Debt repaid	0	-123
Share buybacks					0	0	-4,000	-7,620	-7,829	-12,596
Dividends paid							0	0	-1,537	-1,587
Cash from financing	998	221	2,010	164	1,194	7,838	-3,562	-7,477	-9,429	-8,079
Exchange rate effect	-27	-12	26	-39	26	-33	-8	26	-124	152
Net change in cash	449	936	126	1,476	2,050	-731	1,552	1,456	376	-1,521
Free cash flow	1,698	2,204	2,803	3,688	4,091	5,283	6,313	9,498	12,434	14,402
Interest paid	55	40	94	106	96	187	275	254	233	276
Income taxes paid	36	53	83	129	216	196	510	1,027	2,061	1,282

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $234.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.3%	Gross profit / revenue.
Operating margin	19.9%	Operating income / revenue.
EBITDA margin	28.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	28.3%	Pre-tax income / revenue.
Net margin	22.0%	Net income / revenue.
FCF margin	34.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	35.8%	Cash from operations / revenue.
Effective tax rate	22.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.8%	Net income / average total assets.
Return on invested capital (ROIC)	9.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.5%	Research and development expense / revenue.
Stock-based pay / revenue	8.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	8.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	100.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	78.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	70.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	55.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	20.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	229.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	22.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	233.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	28.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	31.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	28.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.84x	Current assets / current liabilities.
Quick ratio	0.67x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.43x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.8%	Total debt / total assets.
Liabilities / assets	65.0%	Total liabilities / total assets.
Net debt	$27.89B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.92x	Operating income / interest expense.
Working capital	-$4.25B	Current assets - current liabilities.
Goodwill and intangibles / assets	59.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$27.01B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	14.4x	Revenue / average property, plant and equipment.
Receivables turnover	6.95x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
FCF conversion	156.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$53.52	Revenue / diluted weighted shares.
FCF per share	$18.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$19.18	Cash from operations / diluted weighted shares.
Book value per share	$46.75	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$32.90	Tangible book value / shares outstanding.
Cash per share	$13.89	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	231.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$191.66B	Share price x shares outstanding.
Enterprise value	$219.55B	Market cap + total debt - cash - short-term investments.
P/E	19.8x	Market cap / net income. Only when net income is positive.
P/S	4.36x	Market cap / revenue.
P/B	4.99x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	12.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.2x	Market cap / cash from operations, when positive.
EV/Sales	5.00x	Enterprise value / revenue.
EV/EBIT	25.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.9%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	19.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.08x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Salesforce, Inc.'s revenue in fiscal 2025?

Salesforce, Inc. reported revenue of $41.53B for fiscal 2025, 9.6% higher than the year before.

Was Salesforce, Inc. profitable in fiscal 2025?

Yes. Net income was $7.46B, a net margin of 18%.

How much free cash flow did Salesforce, Inc. generate in fiscal 2025?

Cash from operations of $15.00B minus capital expenditures of $594.0M left free cash flow of $14.40B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Salesforce, Inc.