Salesforce (CRM) FY2026 10-K Review

Statements & commentary

Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.

INCOME STATEMENTCASH FLOWBALANCE SHEETVARIANCE YoYBUSINESS QUALITYQUARTERLYOWNERSHIPEVERY FIGURE AS FILED · $M EXCEPT PER-SHARE

Income statement · $ millions	2026	2025	2024
Total revenues	41,525	37,895	34,857	3
· Agentforce service	9,818	9,054	8,245
· Agentforce sales	9,028	8,322	7,580
· Agentforce360 platform slack and other	8,882	7,247	6,611
· Agentforce integration and agentforce analytics	6,232	5,775	5,189
· Agentforce marketing and agentforce commerce	5,428	5,281	4,912
· Professional servicesand other	2,137	2,216	2,320
Cost of revenue	9,270	8,643	8,541
Gross profit	32,255	29,252	26,316
Research and development	5,993	5,493	4,906
Selling, general and administrative	3,000	2,836	2,534
Depreciation, depletion and amortization	1,200	1,000	1,100
Total operating expenses	23,924	22,047	21,305
Operating income	8,331	7,205	5,011	2
Other income (expense), net	172	354	216
Income before income taxes	9,520	7,438	4,950	1
Income tax provision	2,063	1,241	814	2
— of which current	1,104	2,454	1,556	1
Net income attributable to common	7,457	6,197	4,136	2
Diluted earnings per share	$7.80	$6.36	$4.20
Weighted-average diluted shares	956	974	984	1

Cash flow · $ millions	2026	2025	2024
Net income incl. noncontrolling interests	7,457	6,197	4,136	1
Depreciation, depletion and amortization	1,200	1,000	1,100	1
Share-based compensation	3,509	3,183	2,787	1
Deferred income taxes	959	(1,213)	(742)
Change in receivables	2,160	490	659
Change in payables	1,014	1,089	(478)
Net cash provided by operating activities	14,996	13,092	10,234	5
Capital expenditure	594	658	736	1
Acquisitions, net of cash	9,268	2,734	82
Net cash used in investing activities	(8,590)	(3,163)	(1,327)
Dividends paid	1,587	1,537	0	1
Repurchases of common stock	12,596	7,829	7,620	1
Net cash used in financing activities	(8,079)	(9,429)	(7,477)
Cash and equivalents at end of period	7,327	8,848	8,472

Balance sheet · $ millions	2026	2025
Cash and cash equivalents	7,327	8,848
Receivables, net	14,339	11,945	1
Total current assets	28,222	29,727
Goodwill	57,941	51,283	1
Intangible assets, net	6,815	4,428
Total assets	112,305	102,928	1
Current debt	4,000	0
Total current liabilities	37,118	27,980
Long-term debt	10,439	8,433
Total liabilities	53,163	41,755
Stockholders' equity	59,142	61,173
Total equity	59,142	61,173

Largest FY/FY moves · $ millions, ranked by \|Δ\|	FY2026	FY2025	Δ $	Δ %	Reading
Total liabilities · BS	53,163	41,755	+11,408	+27.3%	—
Total assets · BS	112,305	102,928	+9,377	+9.1%	—
Total current liabilities · BS	37,118	27,980	+9,138	+32.7%	—
Goodwill · BS	57,941	51,283	+6,658	+13.0%	—
Acquisitions, net of cash · CF	9,268	2,734	+6,534	+239.0%	◐ outsized
Net cash used in investing activities · CF	(8,590)	(3,163)	−5,427	-171.6%	◐ outsized
Repurchases of common stock · CF	12,596	7,829	+4,767	+60.9%	◐ outsized
Total revenues · IS	41,525	37,895	+3,630	+9.6%	—
Gross profit · IS	32,255	29,252	+3,003	+10.3%	—
Receivables, net · BS	14,339	11,945	+2,394	+20.0%	—
Intangible assets, net · BS	6,815	4,428	+2,387	+53.9%	◐ outsized
Deferred income taxes · CF	959	(1,213)	+2,172	+179.1%	◐ outsized
Income before income taxes · IS	9,520	7,438	+2,082	+28.0%	—
Stockholders' equity · BS	59,142	61,173	−2,031	-3.3%	—

Business quality — Buffett/Munger screen · deterministic · not part of the filing score	Value	Reading
Return on equity net income ÷ average of start- and end-of-year equity	12.4% sector median 17.7%	adequate
Share count, year-end (year-end shares − prior year-end) ÷ prior year-end	-3.4% sector median -0.7%	shrinking
Debt to equity (current debt + long-term debt) ÷ year-end equity	0.24 sector median 0.43	low
FCF consistency, 5yr operating cash flow − capital expenditure, per year	positive 5 of 5	consistent
Margin stability pre-tax income ÷ revenue, swing across up to five years	pre-tax margin 22.9% sector median 20.1%	volatile

Quarterly · as filed in 10-Q/10-K · $ millions	OCT 24	APR 25	JUL 25	OCT 25	APR 26
Total revenues	9,444	9,829	10,236	10,259	11,133
Cost of revenue	2,105	2,265	2,242	2,255	2,570
Gross profit	7,339	7,564	7,994	8,004	8,563
Research and development	1,356	1,460	1,481	1,433	1,627
Selling, general and administrative	711	697	734	667	740
Depreciation, depletion and amortization	814	843	817	851	985
Total operating expenses	5,446	5,622	5,662	5,816	6,216
Operating income	1,893	1,942	2,332	2,188	2,347
Interest expense	—	68	—	—	317
Other income (expense), net	70	163	68	61	133
Income before income taxes	1,746	1,974	2,406	2,512	2,721
Income tax provision	219	433	519	426	614
Net income attributable to common	1,527	1,541	1,887	2,086	2,107
Diluted earnings per share	$1.58	$1.59	$1.96	$2.19	$2.42
Weighted-average diluted shares	965	970	962	952	871
Net cash provided by operating activities	1,983	6,476	740	2,316	6,701

Largest QoQ moves · latest vs prior filed quarter	Prior	Latest	Δ $	Δ %
Net cash provided by operating activities	2,316	6,701	+4,385	+189.3%
Total revenues	10,259	11,133	+874	+8.5%
Gross profit	8,004	8,563	+559	+7.0%
Total operating expenses	5,816	6,216	+400	+6.9%
Cost of revenue	2,255	2,570	+315	+14.0%
Interest expense	68	317	+249	+366.2%
Income before income taxes	2,512	2,721	+209	+8.3%
Research and development	1,433	1,627	+194	+13.5%

Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only	Value	Reading
Public float	$191,800M	10-K cover · as of 2025-07-31
Insider Form 4s, 90d	20 filings · 37 non-market txns	quiet — awards/exercises only
Insider ownership %	—	needs the proxy statement — not read yet, never estimated
Institutional %	—	needs 13F aggregation — not read yet, never estimated
· 10b5-1 adopted	Parker Harris, Co-Founder & Chief Technology Officer, Slack	December 18, 2025 · 154,725 shares · 10-K insider trading arrangements
· 10b5-1 adopted	Srinivas Tallapragada, President and Chief Engineering and Customer Success Officer	January 12, 2026 · 22,904 shares · 10-K insider trading arrangements

COMMENTARY6EARNINGS QUALITY7

10-Q · quarter ended 2026-04-30 · filed 2026-05-28 · 1 match · 3 partly · 0 contradict

Quarterly revenue growth◐PARTLY

“Total revenues $ 11,133 $ 9,829 $ 1,304 13 %”

Revenues, quarterly $10.3B → $11.1B+874

Revenues, quarterly (vs year-ago quarter) $9.4B → $11.1B+1,689

Quoted $ 11,133 Revenues, quarterly: filed $11.1B

1 of 4 quoted figures reconcile ($ 11,133 against revenues, quarterly); $ 1,304 , $ 9,829 does not map to a filed line on this page — carried as partly supported.

2 LINES TRACED · 10-Q · ITEM 2 · FILED 2026-05-28

Quarterly net income growth◐PARTLY

“Net income $ 2,107 19 % $ 1,541 16 %”

Net income incl. noncontrolling interests, quarterly $-220M → $-68M+153

Net income incl. noncontrolling interests, quarterly (vs year-ago quarter) $-4M → $-68M-64

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

2 LINES TRACED · 10-Q · ITEM 2 · FILED 2026-05-28

Quarterly operating cash flow◐PARTLY

“Net cash provided by operating activities $ 6,701 $ 6,476”

Operating cash flow, quarterly $2.3B → $6.7B+4,385

Operating cash flow, quarterly (vs year-ago quarter) $2.0B → $6.7B+4,718

Quoted $ 6,701 Operating cash flow, quarterly: filed $6.7B

1 of 2 quoted figures reconcile ($ 6,701 against operating cash flow, quarterly); $ 6,476 does not map to a filed line on this page — carried as partly supported.

2 LINES TRACED · 10-Q · ITEM 2 · FILED 2026-05-28

Quarterly capital expenditures✓MATCHES

“capital expenditures of $145 million”

Capital expenditure, quarterly $139M → $145M+6

Quoted $145 millionCapital expenditure, quarterly: filed $145M

Every quoted figure reconciles to the filed lines: $145 million against capital expenditure, quarterly.

1 LINES TRACED · 10-Q · ITEM 2 · FILED 2026-05-28

10-K · FY2026 annual review

revenue growth✓MATCHES

“For fiscal 2026, revenue was $41.5 billion , an increase of ten percent year-over-year.”

Total revenues $37.9B → $41.5B+3,630

Quoted $41.5 billionTotal revenues: filed $41.5B

Every quoted figure reconciles to the filed lines: $41.5 billion against total revenues.

1 LINES TRACED · ITEM 7 · HIGHLIGHTS FROM FISCAL 2026 · P.37

operating income✓MATCHES

“Income from Operations: For fiscal 2026, income from operations was $8.3 billion as compared to $7.2 billion from a year ago.”

Operating income $7.2B → $8.3B+1,126

Quoted $8.3 billionOperating income: filed $8.3B

Quoted $7.2 billionOperating income: filed $7.2B

Every quoted figure reconciles to the filed lines: $8.3 billion against operating income; $7.2 billion against operating income.

1 LINES TRACED · ITEM 7 · HIGHLIGHTS FROM FISCAL 2026 · P.37

operating margin◐PARTLY

“Operating margin, which represents income from operations as a percentage of total revenue, increased to approximately 20 percent for fiscal 2026 compared to approximately 19 percent in the prior year period.”

Operating income $7.2B → $8.3B+1,126

Total revenues $37.9B → $41.5B+3,630

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

2 LINES TRACED · ITEM 7 · HIGHLIGHTS FROM FISCAL 2026 · P.37

operating cash flow✓MATCHES

“Cash: Cash provided by operations for fiscal 2026 was $15.0 billion , an increase of 15 percent year-over-year.”

Net cash provided by operating activities $13.1B → $15.0B+1,904

Quoted $15.0 billionNet cash provided by operating activities: filed $15.0B

Quoted 15 percentNet cash provided by operating activities: change +14.5%

Every quoted figure reconciles to the filed lines: $15.0 billion against net cash provided by operating activities; 15 percent against net cash provided by operating activities.

1 LINES TRACED · ITEM 7 · HIGHLIGHTS FROM FISCAL 2026 · P.37

tax provision✓MATCHES

“We recorded a tax provision of $2.1 billion on pretax income of $9.5 billion for fiscal 2026.”

Income tax provision $1.2B → $2.1B+822

Income before income taxes $7.4B → $9.5B+2,082

Quoted $2.1 billionIncome tax provision: filed $2.1B

Quoted $9.5 billionIncome before income taxes: filed $9.5B

Every quoted figure reconciles to the filed lines: $2.1 billion against income tax provision; $9.5 billion against income before income taxes.

2 LINES TRACED · ITEM 7 · PROVISION FOR INCOME TAXES · P.45

cash flow build◐PARTLY

“The net cash provided by operating activities during fiscal 2026 was primarily comprised of net income of $7.5 billion, adjusted for non-cash items, including $3.6 billion of depreciation and amortization and $3.5 billion of stock-based compensation expense.”

Net income incl. noncontrolling interests $6.2B → $7.5B+1,260

Depreciation, depletion and amortization $1.0B → $1.2B+200

Share-based compensation $3.2B → $3.5B+326

Net cash provided by operating activities $13.1B → $15.0B+1,904

Quoted $7.5 billionNet income incl. noncontrolling interests: filed $7.5B

Quoted $3.5 billionShare-based compensation: filed $3.5B

2 of 3 quoted figures reconcile ($7.5 billion against net income incl. noncontrolling interests; $3.5 billion against share-based compensation); $3.6 billion does not map to a filed line on this page — carried as partly supported.

4 LINES TRACED · ITEM 7 · LIQUIDITY AND CAPITAL RESOURCES · OPERATING ACTIVITIES · P.46

Cash tax vs book charge✗RED FLAG

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Cash income taxes paid$1,282M

Total book tax charge$2,063M

Divergence ($1,282M − $2,063M) ÷ $2,063M-37.9%

Deferred tax asset $3,489M → $2,060M-1,429M

Cash taxes paid diverge from the total book charge by -37.9%. The deferred tax asset moved in the same direction — the ordinary accounting counterpart of such a gap, shown above. The flag marks the size of the divergence. Management's own account touching these lines appears in the "tax provision" claim on this page (confirmed); this page has not independently verified it.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Receivables pace◐WATCH

SILENT IN MD&ADisclosed in the statements; not discussed by management.

DSO, prior year $11,945M ÷ $37,895M × 365115.1 days

DSO, current year $14,339M ÷ $41,525M × 365126.0 days

Change+11.0 days

Days sales outstanding moved +11.0 days. Carried as watch; this page verifies no stated cause.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Goodwill weight◐WATCH

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Goodwill$57,941M

Total assets$112,305M

Weight $57,941M ÷ $112,305M51.6%

Impairments, three years (newest first)none filed

Goodwill is 51.6% of assets — above the 40% threshold, carried as watch.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Stock compensation in cash flow◐WATCH

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Share-based compensation$3,509M

Operating cash flow$14,996M

Share $3,509M ÷ $14,996M23.4%

Share-based compensation is 23.4% of operating cash flow — carried as watch (15% threshold).

EARNINGS-QUALITY FLAG · 1 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Cash conversion stability✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Operating cash flow, three years (newest first)$14,996M · $13,092M · $10,234M

Net income attributable to common, three years (newest first)$7,457M · $6,197M · $4,136M

OCF ÷ NI, three years (newest first)2.01× · 2.11× · 2.47×

Swing 2.47× − 2.01×0.46×

Cause verified by this pageno

OCF ÷ NI ran 2.01× · 2.11× · 2.47× across three years — swing 0.46×, inside the 1.00× threshold.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Capital returned vs free cash flow✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Capital returned ÷ FCF, three years (newest first)0.98× · 0.75× · 0.80×

Current year ($1,587M + $12,596M) ÷ ($14,996M − $594M)0.98×

Capital returned ran 0.98× of free cash flow (threshold 1.00×).

EARNINGS-QUALITY FLAG · 4 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Share-count artefact✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Weighted-average shares 974M → 956M-1.8%

Shares outstanding, year-end 962.0M → 929.0M-3.4%

EPS-growth vs NI-growth gap+2.3pp

No share-count artefact: weighted-average and year-end counts do not diverge in direction.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY

Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →

Terms and acronyms used on this page

Income statement & cash flow

OCFOperating cash flow — net cash provided by operating activities, as reported.

FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.

Balance sheet & market

Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.

Filing & document terms

10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.

YoY · CAGRYear over year · compound annual growth rate.

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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Salesforce's Form 10-K for FY2026 (accession 0001108524-26-000060), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. CRM is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.