CRM
Salesforce, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Salesforce, Inc..
Coverage
Salesforce Spent $27.1 Billion on Its Own Shares in One Quarter, Funded by $25 Billion of Debt. The 12% Earnings Growth It Guided for Wednesday Is That Share Count, Not More Profit.
Salesforce reports the July quarter after the close on 26 August. Consensus is $3.28 non-GAAP on $11.33B, up 12.7% and 10.7%. But at any share count between 871 and 819 million, the company's own $3.25–3.27 guide implies non-GAAP net income of +1.6% to −4.5% year over year — flat to down. The buyback also cost Salesforce five points of its own free-cash-flow growth guidance, which is 1.6 points of Rule of 40.
In February We Named Three Companies That Would Answer the AI Demand Question. Salesforce Is the One We Never Wrote.
Salesforce's revenue growth bottomed at 7.6% and has re-accelerated to 13.3%, its fastest in thirteen quarters, with trailing free cash flow of $14.66B on $42.83B of revenue. Our own Rule of 40 score for the company moved 56 points over those same four quarters and is the worst available place to read any of it — the trailing figure moved five.
All Software Stocks Under Pressure
Market believes AI threatens entire industry; infrastructure vendors accelerated growth in Q3 25—enterprise not building own solutions.
Where the revenue goes next
Latest: $11.13B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $5.15B |
| 2020Q4 | $5.42B |
| 2021Q1 | $5.82B |
| 2021Q2 | $5.96B |
| 2021Q3 | $6.34B |
| 2021Q4 | $6.86B |
| 2022Q1 | $7.33B |
| 2022Q2 | $7.41B |
| 2022Q3 | $7.72B |
| 2022Q4 | $7.84B |
| 2023Q1 | $8.38B |
| 2023Q2 | $8.25B |
| 2023Q3 | $8.60B |
| 2023Q4 | $8.72B |
| 2024Q1 | $9.29B |
| 2024Q2 | $9.13B |
| 2024Q3 | $9.32B |
| 2024Q4 | $9.44B |
| 2025Q1 | $9.99B |
| 2025Q2 | $9.83B |
| 2025Q3 | $10.24B |
| 2025Q4 | $10.26B |
| 2026Q1 | $11.20B |
| 2026Q2 | $11.13B |
Latest: $2.42 (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $2.85 |
| 2020Q4 | $1.15 |
| 2021Q1 | $0.27 |
| 2021Q2 | $0.50 |
| 2021Q3 | $0.56 |
| 2021Q4 | $0.47 |
| 2022Q1 | -$0.05 |
| 2022Q2 | $0.03 |
| 2022Q3 | $0.07 |
| 2022Q4 | $0.21 |
| 2023Q1 | -$0.10 |
| 2023Q2 | $0.20 |
| 2023Q3 | $1.28 |
| 2023Q4 | $1.25 |
| 2024Q1 | $1.47 |
| 2024Q2 | $1.56 |
| 2024Q3 | $1.47 |
| 2024Q4 | $1.58 |
| 2025Q1 | $1.75 |
| 2025Q2 | $1.59 |
| 2025Q3 | $1.96 |
| 2025Q4 | $2.19 |
| 2026Q1 | $2.07 |
| 2026Q2 | $2.42 |
Latest: 20.4 (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | 75.2 |
| 2020Q4 | 59.9 |
| 2021Q1 | 50.8 |
| 2021Q2 | 47.6 |
| 2021Q3 | 96.0 |
| 2021Q4 | 163.6 |
| 2022Q1 | 153.2 |
| 2022Q2 | 168.8 |
| 2022Q3 | 336.7 |
| 2022Q4 | 573.7 |
| 2023Q1 | 790.3 |
| 2023Q2 | 515.8 |
| 2023Q3 | 139.8 |
| 2023Q4 | 75.4 |
| 2024Q1 | 66.1 |
| 2024Q2 | 47.9 |
| 2024Q3 | 44.6 |
| 2024Q4 | 47.6 |
| 2025Q1 | 53.4 |
| 2025Q2 | 41.8 |
| 2025Q3 | 37.4 |
| 2025Q4 | 34.7 |
| 2026Q1 | 27.2 |
| 2026Q2 | 20.4 |
Latest: $6.56B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $315M |
| 2020Q4 | $215M |
| 2021Q1 | $2.02B |
| 2021Q2 | $3.06B |
| 2021Q3 | $173M |
| 2021Q4 | $238M |
| 2022Q1 | $1.81B |
| 2022Q2 | $3.50B |
| 2022Q3 | $131M |
| 2022Q4 | $115M |
| 2023Q1 | $2.57B |
| 2023Q2 | $4.25B |
| 2023Q3 | $628M |
| 2023Q4 | $1.37B |
| 2024Q1 | $3.26B |
| 2024Q2 | $6.08B |
| 2024Q3 | $755M |
| 2024Q4 | $1.78B |
| 2025Q1 | $3.82B |
| 2025Q2 | $6.30B |
| 2025Q3 | $605M |
| 2025Q4 | $2.18B |
| 2026Q1 | $5.32B |
| 2026Q2 | $6.56B |
Latest: $937,000,000.00 (2026Q3)
| Period | Value |
|---|---|
| 2019Q1 | $722,000,000.00 |
| 2019Q2 | $729,000,000.00 |
| 2019Q3 | $738,000,000.00 |
| 2020Q1 | $776,000,000.00 |
| 2020Q2 | $877,000,000.00 |
| 2020Q3 | $887,000,000.00 |
| 2021Q1 | $901,000,000.00 |
| 2021Q2 | $910,000,000.00 |
| 2021Q3 | $915,000,000.00 |
| 2022Q1 | $926,000,000.00 |
| 2022Q2 | $979,000,000.00 |
| 2022Q3 | $985,000,000.00 |
| 2023Q1 | $995,000,000.00 |
| 2023Q2 | $1,000,000,000.00 |
| 2023Q3 | $1,000,000,000.00 |
| 2024Q1 | $974,000,000.00 |
| 2024Q2 | $973,000,000.00 |
| 2024Q3 | $968,000,000.00 |
| 2025Q1 | $969,000,000.00 |
| 2025Q2 | $956,000,000.00 |
| 2025Q3 | $957,000,000.00 |
| 2026Q1 | $956,000,000.00 |
| 2026Q2 | $952,000,000.00 |
| 2026Q3 | $937,000,000.00 |
Latest: $70.61B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $13.89B |
| 2020Q4 | $14.10B |
| 2021Q1 | $16.13B |
| 2021Q2 | $19.18B |
| 2021Q3 | $19.36B |
| 2021Q4 | $19.60B |
| 2022Q1 | $21.41B |
| 2022Q2 | $24.91B |
| 2022Q3 | $25.04B |
| 2022Q4 | $25.15B |
| 2023Q1 | $27.72B |
| 2023Q2 | $31.97B |
| 2023Q3 | $32.60B |
| 2023Q4 | $33.97B |
| 2024Q1 | $37.22B |
| 2024Q2 | $43.31B |
| 2024Q3 | $44.06B |
| 2024Q4 | $45.84B |
| 2025Q1 | $49.66B |
| 2025Q2 | $55.95B |
| 2025Q3 | $56.56B |
| 2025Q4 | $58.73B |
| 2026Q1 | $64.06B |
| 2026Q2 | $70.61B |
Latest results
Company History
Founded on March 8, 1999, by Marc Benioff and others as a SaaS company, with the first prototype launched in November 1999.
Went public on the NYSE in June 2004 under symbol CRM, raising US$110 million.
Passed $1 billion in annual revenue and launched Service Cloud for managing customer service conversations.
Announced Einstein, an artificial intelligence platform supporting cloud services, including a licensing deal for Albert Einstein
Announced $27.7 billion acquisition of Slack in December 2020, completed in July 2021, to integrate messaging with CRM.
Changed legal name from Salesforce.com, Inc. to Salesforce, Inc. in April 2022; surpassed SAP to become the world\
Laid off about 10% of staff (8,000 positions) in January 2023 due to over-hiring during the pandemic.
Launched Agentforce AI platform, betting heavily on autonomous AI agents for enterprise.
Pivoted away from AI agents after struggles with complex service; cut 4,000 support jobs, moving to
Key Players
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Funds we follow holding CRM
By latest reported 13F position value. Market value at quarter-end, not cost basis.
