Salesforce, Inc. (CRM)

How they make money

We sell to businesses worldwide, primarily on a subscription basis, through our direct sales efforts and also indirectly through partners. In addition, we enable third parties to use our platform and developer tools to create additional functionality and new applications that run on our platform, which are sold separately from, or in conjunction with, our service offerings. Salesforce is committed to a core set of values: trust, customer success, innovation, equality and sustainability – all of which are grounded in legal and regulatory frameworks that guide and inform our business. Foremost among these is trust, which is paramount and the foundation for everything we do, and is also firmly ⓘ

Revenue mix

OnInvestmentsP1YP4Y11111365365iso4217:USDxbrli:sharesiso4217:USDxbrli:sharescrm:segmentxbrli:purecrm:lawsuitcrm:plaintiff00011085242025-02-012026-01-3100011085242025-07-3100011085242026-02-2500011085242026-01-3100011085242025-01-310001108524crm:SubscriptionandSupportMember2025-02-012026-01-310001108524crm:SubscriptionandSupportMember2024-02-012025-01-310001108524crm:SubscriptionandSupportMember2023-02-012024-01-310001108524crm:ProfessionalServicesandOtherMember2025-02-012026-01-310001108524crm:ProfessionalServicesandOtherMember2024-02-012025-01-310001108524crm:ProfessionalServicesandOtherMember2023-02-012024-01-3100011085242024-0ⓘ

Economics & cash

Revenue $41.52B. Gross margin 77.7%. Operating margin 20.1%. FCF (OCF−capex) $14.40B. ations" in our Annual Report on Form 10-K for the year ended January 31, 2025. Liquidity and Capital Resources As of January 31, 2026, our principal sources of liquidity were cash, cash equivalents and marketable securities totaling $9.6 billion and accounts receivable of $14.3 billion. Our cash equivalents and marketable securities are comprised primarily of corporate notes and obligations, U.S. ⓘ

Balance sheet & capital allocation

Cash & equivalents $7.33B; long-term debt (XBRL concept) $14.44B; goodwill $57.94B; SBC $3.51B; diluted/basic shares signal 929.0M shares. ng institutional or activist investors; changes in the amounts and frequency of share repurchases or dividends; issuance of equity, debt or other convertible securities; changes to our credit ratings; and issues impacting our brand and reputation. Some companies that have experienced volatility in their stock price have been the subject of securities class action litigation, suⓘ

Quality & fragility

y’s financial statements. 63 Table of Contents Concentrations of Credit Risk, Significant Customers and Investments The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. The Company monitors and manages the overall exposure of its cash balances to individual financial institutions on an ongoing basis. The Company’s marketable securities portfolio consists primarily of investment-grade securities and the Company’s poliⓘ

What management is saying

s, including, without limitation, our expectations and statements regarding our outlook and future revenues, expenses, results of operations, liquidity, plans, strategies and management objectives and any assumptions underlying any of the foregoing. Our actual results may differ significantly from those projected in the forward-looking statements. Our forward-looking statements and factors that might cause future actual results to differ materially from our recent results or those pⓘ

Risks that aren’t boilerplate

10-K. Table of Contents INDEX Page No. PART I Item 1.Business 4 Item 1A.Risk Factors 11 Item 1B.Unresolved Staff Comments 31 Item 1C.Cybersecurity 31 Item 2.Properties 33 Item 3.Legal Proceedings 33 Item 4.Mine Safety…ⓘ

iness 4 Item 1A.Risk Factors 11 Item 1B.Unresolved Staff Comments 31 Item 1C.Cybersecurity 31 Item 2.Properties 33 Item 3.Legal Proceedings 33 Item 4.Mine Safety Disclosures 33 Item 4A.Information About Our Executive …ⓘ

state-sponsored actors and nation-states, to launch coordinated cyberattacks or supply chain attacks on our infrastructure or that of our third-party vendors, including through ransomware, destructive malware, distrib…ⓘ

nnovation, equality and sustainability – all of which are grounded in legal and regulatory frameworks that guide and inform our business. Foremost among these is trust, which is paramount and the foundation for everyt…ⓘ

es to acquire or invest in complementary businesses, services, technologies and intellectual property to complement our organic innovation and advance the development of our Agentforce 360 Platform. Our evaluation see…ⓘ

Open questions

1. Which mix shift (segment / geo / product) actually drove the latest year — and is it durable?
2. How much of FCF is structural vs working-capital / one-time timing?
3. What does capital allocation imply for per-share value after SBC and M&A?
4. Which risk in the filing would change the thesis if it worsened for 2–3 years?