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Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
2
BUY 74
HOLD 19
SELL 2
STRONG
SELL
0
| PRICE TARGET: $265.75 DETAILS
HIGH: $325.00
LOW: $215.00
MEDIAN: $265.00
CONSENSUS: $265.75
UPSIDE: 59.98%
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
Revenue
Revenue 41,525 37,895 34,857 31,352 26,492 21,252 17,098 13,282 10,480.0 8,392.0 6,667.2 5,373.6 4,071.0 3,050.2 2,266.5 1,657.1 1,305.6 1,076.8 748.7 497.1 309.9 176.4 96.0 51.0 22.4 5.4
Cost of Revenue 9,270 8,643 8,541 8,360 7,026 5,438 4,235 3,451 2,773 2,234 1,654.5 1,289.3 968.4 683.6 488.9 323.8 257.9 220.5 171.6 118.9 69.1 33.5 17.3 10.4 6.0 3.4
Gross Profit 32,255 29,252 26,316 22,992 19,466 15,814 12,863 9,831 7,767 6,203 5,012.7 4,084.3 3,102.6 2,366.6 1,777.7 1,333.3 1,047.7 856.3 577.1 378.2 240.7 142.9 78.8 40.6 16.4 2.0
Operating Expenses
R&D Expenses 5,993 5,493 4,906 5,055 4,465 3,598 2,766 1,886 1,553 1,208 946.3 792.9 623.8 429.5 295.3 187.9 131.9 99.5 63.8 44.6 23.3 9.8 7.0 4.6 5.3 3.4
SG&A Expenses 17,345 16,093 15,411 16,079 14,453 11,761 9,634 7,410 5,760 4,777 3,951.4 3,437.0 2,764.9 2,047.8 1,517.4 1,047.9 800.5 693.0 493.0 337.2 197.6 126.6 71.5 46.5 32.9 32.2
Other Expenses 0 461 988 828 0 0 166 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.3) 0 (3.4) 0 7.7 0
Operating Expenses 23,338 22,047 21,305 21,962 18,918 15,359 12,566 9,296 7,313 5,985 4,897.7 4,229.9 3,388.6 2,477.3 1,812.7 1,235.8 932.4 792.6 556.8 381.8 220.6 136.4 75.0 51.1 45.9 35.6
Operating Income
Operating Income 8,917 7,205 5,011 1,030 548 455 297 535 454 218 114.9 (145.6) (286.1) (110.7) (35.1) 97.5 115.3 63.7 20.3 (3.6) 20.1 6.5 3.7 (10.5) (29.5) (33.6)
Interest Expense 324 272 0 287 220 126 131 154 87 89.0 72.5 73.2 77.2 30.9 17.0 24.9 2 0 0.0 0.2 0.1 0.0 0 0 0 0
Interest Income 539 0 0 0 0 0 117 61 37 21.9 14.1 10.1 9.5 17.9 20.8 28.3 21.2 24.2 24.5 15.0 7.7 2.7 0 0 0 0
Profitability
EBITDA 13,151 11,143 9,221 5,644 5,050 3,301 2,598 1,517 1,238 850 662.5 308.4 88.7 119.9 141.0 205.0 197.6 121.6 20.3 32.3 20.1 6.5 14.9 (5.0) (29.5) (33.6)
EBIT 9,520 7,666 5,999 1,858 1,752 455 463 535 454 268 136.8 (139.8) (280.7) (96.8) (16.3) 129.2 144.4 85.7 46.3 (3.6) 20.1 9.2 3.7 (10.5) (29.5) (33.6)
Income Before Tax 9,520 7,438 4,950 660 1,532 2,561 706 983 420 179 64.3 (213.1) (357.9) (127.8) (33.3) 104.3 142.4 85.6 46.2 12.5 28.2 9.2 4.2 (10.0) (29.0) (31.9)
Income Tax Expense 2,063 1,241 814 452 88 (1,511) 580 (127) 60 (144) 111.7 49.6 (125.8) 142.7 (21.7) 34.6 57.7 37.6 23.4 9.8 (1.3) 1.2 0.5 0 0 0
Net Income 7,457 6,197 4,136 208 1,444 4,072 126 1,110 360 323 (47.4) (262.7) (232.2) (270.4) (11.6) 64.5 80.7 43.4 18.4 0.5 28.5 7.3 3.5 (9.7) (28.6) (31.7)
Per Share Data
EPS (Basic) 7.85 6.44 4.25 0.21 1.51 4.48 0.15 1.48 0.18 0.26 -0.07 -0.42 -0.39 -0.48 -0.02 0.13 0.16 0.09 0.04 0.00 0.07 0.03 0.03 -0.09 -0.34 -0.59
EPS (Diluted) 7.80 6.36 4.20 0.21 1.48 4.38 0.15 1.43 0.17 0.26 -0.07 -0.42 -0.39 -0.48 -0.02 0.12 0.16 0.09 0.04 0.00 0.06 0.02 0.01 -0.09 -0.34 -0.59
Shares Outstanding 950 962 974 992 955 908 829 751 714.9 687.8 661.6 624.1 595.3 563.4 541.2 520.9 497.8 484.7 467.4 449.5 429.1 302.0 118.4 105.5 84.2 53.3
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
Current Assets
Cash & Cash Equivalents 7,327 8,848 8,472 7,016 5,464 6,195 4,145 2,669 2,543 1,606.5 1,158.4 908.1 781.6 747.2 607.3 424.3 1,011.3 483.8 279.1 86.6 99.8 35.7 10.5 8.7 0 0
Short-Term Investments 2,238 5,184 5,722 5,492 5,073 5,771 3,802 1,673 1,978 602.3 1,567.0 87.3 57.1 120.4 170.6 72.7 230.7 213.8 171.7 165.8 107.7 83.1 25.3 7.3 0 0
Net Receivables 14,339 11,945 11,414 10,755 9,739 7,786 6,174 4,924 3,921 3,230.8 2,523.5 1,933.0 1,360.8 872.6 683.7 426.9 321.0 266.6 220.1 128.7 76.1 48.9 26.5 9.6 0 0
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 4,318 1,971 1,905 1,776 1,454 1,146 926 788 671 311.8 259.2 396.1 298.1 149.6 140.7 113.2 100.9 71.3 52.2 26.2 14.4 7.6 8.3 3.0 0 0
Total Current Assets 28,222 29,727 29,074 26,395 22,850 21,889 15,963 10,683 9,584 5,996.8 5,731.3 3,514.5 2,680.3 2,015.9 1,672.2 1,074.9 1,706.2 1,068.6 740.8 419.1 303.2 178.7 74.1 30.0 0 0
Non-Current Assets
Property, Plant & Equipment 5,123 5,393 6,055 6,592 5,695 5,663 5,415 2,051 1,947 1,787.5 1,715.8 1,125.9 1,240.7 604.7 527.9 387.2 89.7 77.0 41.4 30.2 24.2 7.6 5.1 5.0 0 0
Goodwill 57,941 51,283 48,620 48,568 47,937 26,318 25,134 12,851 7,314 7,263.8 3,849.9 3,782.7 3,500.8 1,529.4 785.4 396.1 49.0 44.9 8.6 6.7 0 0 0 0 0 0
Intangible Assets 6,815 4,428 5,278 7,125 8,978 4,114 4,724 2,618 973 1,294.3 653.4 779.2 910.0 270.5 249.5 165.5 41.6 30.0 24.6 11.5 0 0 0 0 0 0
Long-Term Investments 7,591 4,852 4,848 4,672 4,784 3,909 1,963 1,302 677 567.0 520.7 1,070.6 574.7 942.3 723.3 937.7 491.4 185.0 0 0 0 0 0 0 0 0
Other Non-Current Assets 2,985 2,475 2,515 2,697 2,342 1,715 1,348 1,232 1,452.5 646.6 275.7 375.2 236.7 146.9 118.2 88.6 54.9 47.8 247.8 176.8 96.9 94.1 8.3 4.7 29.7 37.0
Total Non-Current Assets 84,083 73,201 70,749 72,454 72,359 44,412 39,163 20,054 12,400 11,588.1 7,031.6 7,150.6 6,472.7 3,513.1 2,491.9 2,016.2 754.0 411.3 348.8 245.7 131.5 101.8 13.4 9.7 29.7 37.0
Total Assets 112,305 102,928 99,823 98,849 95,209 66,301 55,126 30,737 21,984 17,584.9 12,762.9 10,665.1 9,152.9 5,529.0 4,164.2 3,091.2 2,460.2 1,479.8 1,089.6 664.8 434.7 280.5 87.5 39.7 29.7 37.0
Current Liabilities
Account Payables 0 0 0 0 0 4,355 3,433 2,691 76 115.3 71.5 95.5 65.0 14.5 33.3 18.1 14.8 16.4 7.5 8.9 10.2 2.5 2.0 0.6 0 0
Short-Term Debt 4,000 0 999 1,182 4 0 0 3 1,025 0 0 0 572.2 521.3 496.1 0 0 0 0 0.2 0.6 0.6 0.1 0.5 0 0
Deferred Revenue 24,317 20,743 19,003 17,376 15,628 12,607 10,662 8,564 6,995 5,542.8 4,267.7 3,286.8 2,473.7 1,798.6 1,291.6 913.2 690.2 583.8 468.8 280.3 169.2 95.9 49.7 19.2 0 0
Other Current Liabilities 8,253 6,658 6,111 6,743 5,470 0 0 954 898.5 716.2 554.5 470.2 451.0 311.6 228.5 148.3 0 0 3.6 6.6 5.8 0.2 0.5 0 0 0
Total Current Liabilities 37,118 27,980 26,631 25,891 21,788 17,728 14,845 11,255 10,067 7,295.5 5,617.0 4,390.1 3,980.2 2,917.6 2,300.0 1,276.5 908.1 767.0 605.9 373.2 234.6 131.7 70.0 28.8 0 0
Non-Current Liabilities
Long-Term Debt 10,439 8,433 8,427 9,419 10,592 2,673 2,673 3,173 695 2,008.4 1,286.1 1,370.7 1,301.9 0 0 472.5 450.2 12.5 0 0 0 1.6 0 0 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 115.7 99.4 86.0 66.5 108.8 49.1 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 3,417 2,962 2,475 2,283 1,995 1,565 1,278 704 52.9 (37.1) 0 1.0 14.0 0 37.3 18.5 17.6 0 22.7 5.2 1.2 0 63.0 66.3 19.9 66.4
Total Non-Current Liabilities 16,045 13,775 13,546 14,599 15,290 7,080 6,396 3,877 1,541 2,789.3 2,143.0 2,299.8 2,107.5 240.1 198.0 538.2 495.4 30.4 22.7 5.2 1.3 2.3 63.0 66.3 19.9 66.4
Total Liabilities 53,163 41,755 40,177 40,490 37,078 24,808 21,241 15,132 11,608 10,084.8 7,760.1 6,689.9 6,087.7 3,157.7 2,498.1 1,814.7 1,403.5 797.3 628.6 378.4 236.0 134.0 133.0 95.1 19.9 66.4
Stockholders' Equity
Common Stock 1 1 1 1 1 1 1 1 1 0.7 0.7 0.7 0.6 0.6 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0 0
Retained Earnings 22,221 16,369 11,721 7,585 7,377 5,933 1,861 1,735 635 (464.9) (653.3) (605.8) (343.2) (111.0) 159.5 171.0 106.6 25.8 (17.6) (35.6) (36.1) (64.6) (71.9) (75.4) (65.7) (37.1)
Accumulated Other Comprehensive Income 313 (266) (225) (274) (166) (42) (93) (58) (12) (75.8) (49.9) (24.1) 17.7 17.1 12.7 6.7 (1.4) (2.9) (2.3) (2.2) (4.6) (7.6) (9.9) (11.2) 0 0
Total Stockholders' Equity 59,142 61,173 59,646 58,359 58,131 41,493 33,885 15,605 10,376 7,500.1 5,002.9 3,975.2 3,065.2 2,371.2 1,666.1 1,276.5 1,043.8 671.8 452.1 281.8 196.4 145.1 (46.2) (55.9) 9.8 (29.3)
Total Liabilities & Equity 112,305 102,928 99,823 98,849 95,209 66,301 55,126 30,737 21,984 17,584.9 12,762.9 10,665.1 9,152.9 5,529.0 4,164.2 3,091.2 2,460.2 1,479.8 1,089.6 664.8 434.7 280.5 87.5 39.7 29.7 37.0
Debt Metrics
Total Debt 17,176 11,392 12,588 14,088 13,985 6,281 5,868 3,579 2,500.0 2,792.1 2,048.6 2,197.6 2,508.6 647.9 568.2 498.0 463.7 20.1 0 0.2 0.8 2.9 0.1 0.6 0 0
Net Debt 9,849 2,544 4,116 7,072 8,521 86 1,723 507 (43.0) 1,185.5 890.2 1,289.5 1,726.9 (99.3) (39.0) 73.7 (547.6) (463.7) (279.1) (86.4) (99.0) (32.9) (10.4) (8.1) 0 0
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
Operating Activities
Net Income 7,457 6,197 4,136 208 1,444 4,072 126 1,110 127.5 179.6 (47.4) (262.7) (232.2) (270.4) (11.6) 69.7 84.7 43.4 18.4 0.5 28.5 7.3 3.5 (9.7)
Depreciation & Amortization 3,631 3,477 3,959 3,786 3,298 2,846 2,135 962 752.6 632.2 525.8 448.3 369.4 216.8 157.3 75.7 53.2 94.7 66.4 35.9 20.6 18.7 11.2 5.5
Stock-Based Compensation 3,509 3,183 2,787 3,279 2,779 2,190 1,785 1,283 997.0 820.4 593.6 564.8 503.3 379.4 229.3 120.4 88.9 0 0 0 0 0 0 0
Change in Working Capital (503) (1,981) (2,850) (2,069) (1,658) (1,192) (330) (172) 364.9 141.6 312.0 139.1 (1.3) 247.2 105.0 129.4 31.1 62.3 94.0 50.0 46.1 24.7 6.0 4.4
Other Non-Cash Items 902 2,216 2,202 1,907 137 (1,112) 876 757 495.9 402.1 346.5 307.6 244.3 178.9 117.5 120.4 13.1 29.2 23.2 22.6 0.7 5.1 1.1 5.0
Operating Cash Flow 14,996 13,092 10,234 7,111 6,000 4,801 4,331 3,398 2,738.0 2,162.2 1,672.1 1,173.7 875.5 736.9 591.5 459.1 270.9 229.6 204.3 111.2 95.9 55.9 21.8 5.2
Investing Activities
Capital Expenditure (594) (658) (736) (798) (717) (710) (643) (595) (534.0) (464.0) (709.9) (416.9) (299.1) (179.7) (171.3) (368.8) (53.9) (61.1) (43.6) (22.1) (23.4) (4.3) (2.9) (2.0)
Acquisitions (9,268) (2,734) (82) (439) (14,876) (1,281) (369) (5,115) (25.4) (3,192.7) (58.7) 38.1 (2,617.3) (579.7) (422.7) (403.3) (12.0) (49.5) (1.3) (15.5) 0 0 0 0
Purchases of Investments (5,721) (7,418) (4,257) (5,327) (7,392) (5,902) (4,625) (1,430) (2,219.6) (1,100.4) (1,505.8) (874.3) (589.9) (179.5) (37.4) (290.4) (312.7) (10.4) (447.3) (827.6) (193.2) (282.2) (39.9) (28.0)
Sales/Maturities of Investments 6,993 7,647 3,748 4,575 8,449 3,922 2,657 1,832 768.5 2,072.8 538.1 331.5 1,074.7 851.5 141.7 1,412.3 1,005.2 438.6 388.1 699.4 165.6 136.6 21.9 20.7
Other Investing Activities 0 0 0 0 0 0 0 0 0 0 (36.1) (67.2) 0 (175.6) (151.6) (90.9) 0 0 0 0 3.2 0.7 (0.2) (0.2)
Investing Cash Flow (8,590) (3,163) (1,327) (1,989) (14,536) (3,971) (2,980) (5,308) (2,010.5) (2,684.3) (1,487.9) (698.4) (2,431.6) (938.9) (489.7) (1,062.6) (378.6) (121.0) (102.7) (168.6) (47.8) (149.2) (21.1) (9.6)
Financing Activities
Net Debt Issuance 5,416 (1,603) (1,811) (423) 6,549 (107) (676) 1,306 (429) 597 (382.3) (627.2) 1,369.2 (31.8) (30.5) (10.4) 559.0 (1.0) (0.2) (0.6) (0.6) (0.5) (0.5) (0.8)
Stock Repurchased (12,596) (7,829) (7,620) (4,000) 0 0 0 0 0 0 0 0 0 0 0 (172.0) 0 0 0 (0.0) (0.0) (0.3) (0.0) (0.3)
Dividends Paid (1,587) (1,537) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (351) 1,540 1,954 861 1,289 1,301 840 704 650 400.7 455.5 316.7 229.1 366.3 106.4 196.4 78.2 97.9 32.0 16.6 0.7 1.0 0 0
Financing Cash Flow (8,079) (9,429) (7,477) (3,562) 7,838 1,194 164 2,010 221 997.7 73.2 (310.5) 1,598.2 334.5 75.8 14.1 637.2 96.9 92.7 45.0 15.8 118.8 1.1 1.0
Cash Position
Net Change in Cash (1,521) 376 1,456 1,552 (731) 2,050 1,476 126 936.9 448.2 250.2 126.5 34.4 140.0 183.0 (587.0) 527.5 204.7 192.5 (13.2) 64.1 25.3 1.8 (3)
Cash at Beginning 8,848 8,472 7,016 5,464 6,195 4,145 2,669 2,543 1,606.5 1,158.4 908.1 781.6 747.2 607.3 424.3 1,011.3 483.8 279.1 86.6 99.8 35.7 10.5 8.7 11.7
Cash at End 7,327 8,848 8,472 7,016 5,464 6,195 4,145 2,669 2,543.5 1,606.5 1,158.4 908.1 781.6 747.2 607.3 424.3 1,011.3 483.8 279.1 86.6 99.8 35.7 10.5 8.7
Free Cash Flow 14,402 12,434 9,498 6,313 5,283 4,091 3,688 2,803 2,203.9 1,698.2 962.2 756.8 576.4 557.2 420.2 90.2 217.0 168.5 160.7 89.1 72.5 51.6 18.9 3.2
Key Metrics 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
Income Statement
Revenue 41,525 37,895 34,857 31,352 26,492 21,252 17,098 13,282 10,480.0 8,392.0 6,667.2 5,373.6 4,071.0 3,050.2 2,266.5 1,657.1 1,305.6 1,076.8 748.7 497.1 309.9 176.4 96.0 51.0 22.4 5.4
Gross Profit 32,255 29,252 26,316 22,992 19,466 15,814 12,863 9,831 7,767 6,203 5,012.7 4,084.3 3,102.6 2,366.6 1,777.7 1,333.3 1,047.7 856.3 577.1 378.2 240.7 142.9 78.8 40.6 16.4 2.0
Operating Income 8,917 7,205 5,011 1,030 548 455 297 535 454 218 114.9 (145.6) (286.1) (110.7) (35.1) 97.5 115.3 63.7 20.3 (3.6) 20.1 6.5 3.7 (10.5) (29.5) (33.6)
Net Income 7,457 6,197 4,136 208 1,444 4,072 126 1,110 360 323 (47.4) (262.7) (232.2) (270.4) (11.6) 64.5 80.7 43.4 18.4 0.5 28.5 7.3 3.5 (9.7) (28.6) (31.7)
EPS (Diluted) 7.80 6.36 4.20 0.21 1.48 4.38 0.15 1.43 0.17 0.26 -0.07 -0.42 -0.39 -0.48 -0.02 0.12 0.16 0.09 0.04 0.00 0.06 0.02 0.01 -0.09 -0.34 -0.59
Balance Sheet
Cash & Equivalents 7,327 8,848 8,472 7,016 5,464 6,195 4,145 2,669 2,543 1,606.5 1,158.4 908.1 781.6 747.2 607.3 424.3 1,011.3 483.8 279.1 86.6 99.8 35.7 10.5 8.7 0 0
Total Assets 112,305 102,928 99,823 98,849 95,209 66,301 55,126 30,737 21,984 17,584.9 12,762.9 10,665.1 9,152.9 5,529.0 4,164.2 3,091.2 2,460.2 1,479.8 1,089.6 664.8 434.7 280.5 87.5 39.7 29.7 37.0
Total Debt 17,176 11,392 12,588 14,088 13,985 6,281 5,868 3,579 2,500.0 2,792.1 2,048.6 2,197.6 2,508.6 647.9 568.2 498.0 463.7 20.1 0 0.2 0.8 2.9 0.1 0.6 0 0
Stockholders' Equity 59,142 61,173 59,646 58,359 58,131 41,493 33,885 15,605 10,376 7,500.1 5,002.9 3,975.2 3,065.2 2,371.2 1,666.1 1,276.5 1,043.8 671.8 452.1 281.8 196.4 145.1 (46.2) (55.9) 9.8 (29.3)
Cash Flow
Operating Cash Flow 14,996 13,092 10,234 7,111 6,000 4,801 4,331 3,398 2,738.0 2,162.2 1,672.1 1,173.7 875.5 736.9 591.5 459.1 270.9 229.6 204.3 111.2 95.9 55.9 21.8 5.2
Capital Expenditure (594) (658) (736) (798) (717) (710) (643) (595) (534.0) (464.0) (709.9) (416.9) (299.1) (179.7) (171.3) (368.8) (53.9) (61.1) (43.6) (22.1) (23.4) (4.3) (2.9) (2.0)
Free Cash Flow 14,402 12,434 9,498 6,313 5,283 4,091 3,688 2,803 2,203.9 1,698.2 962.2 756.8 576.4 557.2 420.2 90.2 217.0 168.5 160.7 89.1 72.5 51.6 18.9 3.2