Salesforce
Salesforce, Inc. (“Salesforce,” the “Company,” “we” or “our”) is a global leader in customer relationship management (“CRM”) technology, helping organizations of any size become agentic enterprises.
10-K, Mar 2, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001108524-26-000060 · filed Mar 2, 2026
Business
How does Salesforce make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $18 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $41.5B
- Gross profit: $32.3B
- Operating income: $8.3B
- Net income: $7.5B
- Free cash flow: $14.4B
Where do customers sit?
65.5% of revenue is from Americas.
Source and method
Revenue by region, latest annual report.
10-K · 0001108524-26-000060 · XBRL revenue by region · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“Our artificial intelligence (“AI”) powered Agentforce 360 Platform unites our offerings — spanning sales, service, marketing, commerce, collaboration, data management, integration, analytics, IT service, industry verticals and more — on a single, intelligent platform for trusted enterprise execution.”
“We unify and harmonize across systems, applications and devices to create a complete view of customers.”
“With this single source of customer truth powering agents, teams can be more responsive, productive and efficient and deliver AI-powered, personalized and automated experiences across every channel.”
Item 1 · Business · 10-K · 0001108524-26-000060 · filed Mar 2, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Revenue +10%
“Revenue: For fiscal 2026, revenue was $41.5 billion, an increase of ten percent year-over-year.”
Item 7 · MD&A · 10-K · 0001108524-26-000060 · filed Mar 2, 2026
Number check (revenue): stated $41.5B matches the stored value ($41.5B, ±10%)
Revenue: $41.5B FY2026 · +9.6% vs FY2025 · KPIs
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 1 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
Position (in the company’s words): no filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 9.6% to $41.5B.
Revenue grew 11% YoY to $11.3B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 38.1%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
20.1% operating margin, up from 19.0%.
77.7% gross margin, up from 77.2%.
Operating income grew 16% to $8.3B.
Net income grew 20% to $7.5B.
R&D grew 9.1% to $6.0B.
SG&A grew 7.8% to $17.3B.
EPS diluted grew 23% to $7.80.
20.5% operating margin, down from 22.8%.
76.7% gross margin, down from 78.1%.
Operating income fell 0.0% YoY to $2.3B.
Net income grew 87% YoY to $3.5B.
R&D grew 14% YoY to $1.7B.
SG&A grew 9.7% YoY to $4.6B.
EPS diluted grew 119% YoY to $4.29.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $35 of every $100 as free cash.
Operating cash flow grew 15% to $15.0B.
Capex fell 9.7% to $594M.
Buybacks grew 61% to $12.6B.
Dividends grew 3.3% to $1.6B.
Stock-based compensation grew 10% to $3.5B.
Free cash flow grew 81% YoY to $1.1B.
Operating cash flow grew 71% YoY to $1.3B.
Capex grew 27% YoY to $171M.
Buybacks fell 96% YoY to $84.0M.
Dividends fell 8.8% YoY to $364M.
Stock-based compensation grew 14% YoY to $906M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$7.3B cash vs $14.4B debt.
Total debt grew 71% to $14.4B.
Interest expense grew 19% to $324M.
Total assets grew 9.1% to $112.3B.
Equity fell 3.3% to $59.1B.
Cash fell 20% YoY to $8.3B.
Total debt grew 366% YoY to $39.3B.
Interest expense grew 606% YoY to $473M.
Total assets grew 12% YoY to $109.6B.
Equity fell 37% YoY to $38.4B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Salesforce depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Salesforce annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Salesforce
No supplier among the covered companies is named in the filings.
Salesforce holds stakes in
No stake in a covered company found in SEC filings.
Others name Salesforce
4 competitor mentions (e.g. IBM, Oracle, ServiceNow, Veeva) · 4 other mentions (e.g. IBM, Infosys, Okta, Veeva) · 3 partner mentions (e.g. Infosys, Veeva, Zoom) · 1 supplier mention (e.g. Veeva) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 38 risk factors, one per theme.
Competition
“The market for enterprise applications and platform services is highly competitive, rapidly evolving, fragmented and subject to changing technology, low barriers to entry, shifting customer needs and frequent introductions of new products and services.”
Item 1A · Risk Factors · 10-K · 0001108524-26-000060 · filed Mar 2, 2026
Trade, government policy and geopolitics
“Sales to customers outside the United States expose us to risks inherent in international operations.”
Item 1A · Risk Factors · 10-K · 0001108524-26-000060 · filed Mar 2, 2026
Security, defects and outages
“Defects or disruptions in our services could diminish demand for our services and subject us to substantial liability.”
Item 1A · Risk Factors · 10-K · 0001108524-26-000060 · filed Mar 2, 2026
Acquisitions
“As we acquire companies or technologies, we may not realize the expected business or financial benefits and the acquisitions could prove difficult to integrate, disrupt our business, dilute stockholder value and adversely affect our operating results and the market value of our common stock.”
Item 1A · Risk Factors · 10-K · 0001108524-26-000060 · filed Mar 2, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.42%.
Vanguard Capital Management LLC7.42%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock Inc.7.5% (then)
13G/A · filed Jan 26, 2024 · older than 18 months, current position unknown
State Street Corp5.1% (then)
13G · as of Sep 30, 2024 · filed Oct 16, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
4 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.10.3%
72.7M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.3%
52.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp6.3%
44.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Morgan Stanley3.3%
23.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Geode Capital Management, LLC2.8%
19.8M shares · 13F filed Aug 12, 2026 · share of 13F-reported
2,477 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
6 purchases · 107 sales · $42.3M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 35 SEC metrics, FY2017–FY2026
Income statement 12
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | ||||||
| Capex | ||||||||||
| Dividends | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values