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Technology · NYSE: CRM

Salesforce: how the business works

Salesforce sells subscriptions to cloud software that businesses use to sell to, serve and market to their customers, with revenue of $41.5 billion in FY2026.

By · Checked against filings: . Editorial policy. Corrections

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Salesforce, Inc. · San Francisco, California · Founded 1999

Updated for Q2 FY2027 · checked

Revenue, FY2026
$41.5B
Operating income, FY2026
$8.3B
Net income, FY2026
$7.5B
Subscriptions, share of FY2026 revenue
94.9%
Employees, Jan 31, 2026
83,334

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Salesforce in 5 points

  1. 1 · What it sells

    Salesforce sells subscriptions to cloud software for sales, customer service, marketing, data and Slack, with $41.5 billion of revenue in FY2026.

    More: what it sells

  2. 2 · Who pays it

    In FY2026, customer service software brought in 23.6% of revenue, sales software 21.7%, the platform and Slack 21.4%, integration and analytics 15.0%, marketing and commerce 13.1% and professional services 5.1%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2026, Salesforce kept $17.5 as net income, which includes $1.0 billion of gains on investments, and operating income was $20.06 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Salesforce reports one operating segment and no profit by product, but subscriptions and support were 94.9% of its FY2026 revenue.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Net debt was $27.9 billion at Jul 31, 2026, against net cash of $5.6 billion at Jan 31, 2025, and interest expense was $473 million in Q2 FY2027, up from $67 million a year earlier.

    More: the one thing to watch

Sources: From Salesforce's FY2026 10-K, Q2 FY2027 10-Q and Q2 FY2027 earnings release · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2026

Where does $100 of Salesforce's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Salesforce · FY2026

Receipt for every $100

Where $100 of Salesforce's money went in FY2026
Sales and marketing$33.6
Delivering the software$21.7
Research and development$14.0
Administration and restructuring$8.4
Income tax$4.8
Kept as net income$17.5
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2026 10-K. Of every $100 that came in during FY2026 (revenue plus other income): each line = line ÷ $42.71 billion × 100. Net income includes $1.0 billion of gains on investments, which are not part of operations; operating income was $20.06 per $100 of revenue.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Salesforce do?

Businesses pay Salesforce subscription fees for cloud software that tracks and serves their customers; the largest cost is sales and marketing, and what's left is profit.

  • Subscriptions and support were 94.9% of Salesforce's $41.5 billion of revenue in FY2026, the year ended Jan 31, 2026. Its fourth quarter brings the most invoices and its first quarter the most cash.
  • Of every $100 that came in during FY2026, $33.6 went on sales and marketing, $21.7 on delivering the software and $14.0 on research and development.
Next: Who pays it

03Who pays it

Who pays Salesforce?

  • Buyers of customer service software

    24%

    of revenue

    Agentforce Service subscriptions: $9.8 billion, 23.6% of FY2026 revenue, up 8.4% from FY2025.

  • Buyers of sales software

    22%

    of revenue

    Agentforce Sales subscriptions: $9.0 billion, 21.7% of FY2026 revenue, up 8.5%.

  • Buyers of the platform and Slack

    21%

    of revenue

    Agentforce 360 Platform, Slack and Other: $8.9 billion, 21.4% of FY2026 revenue, up 22.6% including Informatica.

  • Buyers of integration and analytics software

    15%

    of revenue

    MuleSoft, Tableau and related products: $6.2 billion, 15.0% of FY2026 revenue, up 7.9%.

  • Buyers of marketing and commerce software

    13%

    of revenue

    $5.4 billion, 13.1% of FY2026 revenue, up 2.8%.

  • Buyers of professional services

    5%

    of revenue

    Help setting up and using the software: $2.1 billion, 5.1% of FY2026 revenue, down from $2.2 billion in FY2025.

  • Buyers of customer service software24%
  • Buyers of sales software22%
  • Buyers of the platform and Slack21%
  • Buyers of integration and analytics software15%
  • Buyers of marketing and commerce software13%
  • Buyers of professional services5%

How spread out the customers are

Salesforce's FY2026 10-K says no customer represented 10% or more of revenue in FY2026, FY2025 or FY2024. Shares are a Cityfort calculation from the FY2026 10-K and add to 99.9% because of rounding. Salesforce does not report revenue by customer size or industry.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Salesforce make money?

Software costs little to deliver, so profit depends on how much Salesforce spends to sell it.

Gross profit, revenue minus the direct cost of delivering the software, was $77.68 per $100 of FY2026 revenue. Sales and marketing took $34.55 of each $100, down from $44.75 in FY2022. Operating income rose from $2.07 to $20.06 per $100 over those years.

Operating income per $100 of revenue

$2.1$20.1

FY2022 to FY2026

  1. Companies sign subscriptions for a set period
  2. Invoices peak in Q4, so cash collections peak in Q1
  3. Delivering the software costs about $22 per $100 of revenue
  4. Selling it costs about $35 per $100, the largest cost
  5. What's left pays for research, buybacks, dividends and acquisitions

↺ Step 5 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2026

Which businesses make up Salesforce?

  • Agentforce Service

    24%

    Customer service and field service software. Salesforce has one operating segment, so it reports no profit by product.

    Revenue $9.8B

  • Agentforce Sales

    22%

    Software for sales teams.

    Revenue $9.0B

  • Platform, Slack and Other

    21%

    App-building platform and Slack; FY2026 includes $388 million from Informatica.

    Revenue $8.9B

  • Integration and Analytics

    15%

    MuleSoft, Tableau and related data products.

    Revenue $6.2B

  • Marketing and Commerce

    13%

    Marketing campaign and online selling software.

    Revenue $5.4B

  • Professional services

    5%

    Consulting and training. From Q1 FY2027 Salesforce splits subscriptions into two new groups instead, so these five product series end at FY2026.

    Revenue $2.1B

How the mix changed

  • Agentforce Service
  • Agentforce Sales
  • Platform, Slack and Other
  • Integration and Analytics
  • Marketing and Commerce
  • Professional services

Revenue by segment, FY2022 to FY2026.

US$

See the numbers
How the mix changed (US$)
YearAgentforce ServiceAgentforce SalesPlatform, Slack and OtherIntegration and AnalyticsMarketing and CommerceProfessional services
FY2022$6.5B$6.0B$4.5B$3.8B$3.9B$1.8B
FY2023$7.4B$6.8B$6.0B$4.3B$4.5B$2.3B
FY2024$8.2B$7.6B$6.6B$5.2B$4.9B$2.3B
FY2025$9.1B$8.3B$7.2B$5.8B$5.3B$2.2B
FY2026$9.8B$9.0B$8.9B$6.2B$5.4B$2.1B
Sources (3)
Next: How has it done

06The numbers · Consolidated · US$

How has Salesforce done?

Revenue

$41.5BFY2026

Revenue grew every year, from $26.5 billion in FY2022 to $41.5 billion in FY2026, and was $11.3 billion in Q2 FY2027, up 10.8% including Informatica.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2022$26.5B
FY2023$31.4B
FY2024$34.9B
FY2025$37.9B
FY2026$41.5B
Q2 FY2025$9.3B
Q3 FY2025$9.4B
Q4 FY2025$10.0B
Q1 FY2026$9.8B
Q2 FY2026$10.2B
Q3 FY2026$10.3B
Q4 FY2026$11.2B
Q1 FY2027$11.1B
Q2 FY2027$11.3B

Net profit

$7.5BFY2026

Net income fell to $208 million in FY2023, a year with $828 million of restructuring costs, and reached $7.5 billion in FY2026; Q2 FY2027's $3.5 billion includes a $2.6 billion gain on investments.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2022$1.4B$1.48
FY2023$208M$0.21
FY2024$4.1B$4.20
FY2025$6.2B$6.36
FY2026$7.5B$7.80
Q2 FY2025$1.4B$1.47
Q3 FY2025$1.5B$1.58
Q4 FY2025$1.7B$1.75
Q1 FY2026$1.5B$1.59
Q2 FY2026$1.9B$1.96
Q3 FY2026$2.1B$2.19
Q4 FY2026$1.9B$2.07
Q1 FY2027$2.1B$2.42
Q2 FY2027$3.5B$4.29

Profit kept per $100 of revenue

$18.0FY2026

Operating income was $20.06 per $100 of revenue in FY2026, up from $2.07 in FY2022; stock-based compensation was more than half of net income in FY2022 to FY2025 and 47% in FY2026.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY20225.5%14.5%
FY20230.7%15.4%
FY202411.9%25.7%
FY202516.4%28.2%
FY202618.0%28.8%

Free cash flow

$14.4BFY2026

Free cash flow rose from $5.3 billion in FY2022 to $14.4 billion in FY2026, and Q1 is usually the largest cash quarter, because Q4 brings the most invoices.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2022$6.0B$717M$5.3B
FY2023$7.1B$798M$6.3B
FY2024$10.2B$736M$9.5B
FY2025$13.1B$658M$12.4B
FY2026$15.0B$594M$14.4B
See all yearly numbers
Salesforce annual financials, FY2022–FY2026, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2022$26.5B$3.8B$1.4B$1.48$6.0B$717M$5.3B
FY2023$31.4B$4.8B$208M$0.21$7.1B$798M$6.3B
FY2024$34.9B$9.0B$4.1B$4.20$10.2B$736M$9.5B
FY2025$37.9B$10.7B$6.2B$6.36$13.1B$658M$12.4B
FY2026$41.5B$12.0B$7.5B$7.80$15.0B$594M$14.4B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (January 31; FY2026 is the year ended Jan 31, 2026). Net profit is the share belonging to the company's owners.

Download Salesforce's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (12)
Next: What they said, and what happened

07Who runs it

Who runs Salesforce, and did they deliver?

  • Marc Benioff

    Chair and CEO; co-founder

    Holds both the chair and CEO roles. FY2026 total pay was $49.4 million, about 296 times the median employee's $166,753. Held 2.8% of shares on Mar 25, 2026.

  • Robin Washington

    President, Chief Operating and Financial Officer · since 2025

    Chief Operating and Financial Officer since Mar 21, 2025, when Amy Weaver stepped down as CFO; before that she was lead independent director. She was also principal accounting officer from March to June 2026.

  • Guy Wanger

    Chief Accounting Officer · since 2026

    Appointed effective Jun 15, 2026.

  • Parker Harris

    Co-founder; Chief Technology Officer, Slack; director

    Held 2.3 million shares on Mar 25, 2026.

  • Arnold Donald

    Lead Independent Director · since 2025

    Lead independent director since March 2025; 10 of the 13 board nominees in 2026 were independent.

What they said, and what happened

4 delivered · 3 too early to tell

  1. Said on Dec 3, 2025

    Salesforce targeted FY2026 revenue of $41.45–41.55 billion.

    What happened

    Reported revenue of $41.525 billion, inside the range.

    Delivered

  2. Said on Dec 3, 2025

    Salesforce targeted FY2026 operating cash flow growth of about 13–14%.

    What happened

    Reported growth of 15%.

    Delivered

  3. Said on Feb 25, 2026

    Salesforce targeted Q1 FY2027 revenue of $11.03–11.08 billion.

    What happened

    Reported revenue of $11.133 billion, above the range.

    Delivered

  4. Said on May 27, 2026

    Salesforce targeted Q2 FY2027 revenue of $11.27–11.35 billion.

    What happened

    Reported revenue of $11.345 billion, inside the range.

    Delivered

  5. Said on Feb 25, 2026

    Salesforce targeted FY2027 operating cash flow growth of about 9–10%.

    What happened

    Lowered to about 4–5% on May 27, 2026, "to reflect the impact of the $25 billion debt issuance for the ASR". FY2027 ends Jan 31, 2027.

    Too early to tell

  6. Said on Feb 25, 2026

    Salesforce targeted FY2027 revenue of $45.8–46.2 billion and a GAAP operating margin of 20.9%.

    What happened

    On Aug 26, 2026 the range became $46.1–46.4 billion, now including the pending Contentful and Fin deals, and the GAAP operating margin target 20.1%.

    Too early to tell

  7. Said on Dec 3, 2025

    Salesforce targeted FY2030 revenue of $60 billion or more, organically.

    What happened

    Restated on Feb 25, 2026 as $63 billion including Informatica, which the company described as an 11% yearly growth rate from FY2026; repeated at its Sep 16, 2026 Investor Day.

    Too early to tell
Sources (10)
Next: What could go wrong

08What could go wrong

What could go wrong for Salesforce?

  • Debt

    Buyback paid for with debt

    Salesforce borrowed $25 billion in March 2026 to buy back shares. Net cash of $5.6 billion at Jan 31, 2025 became net debt of $27.9 billion at Jul 31, 2026 (Cityfort calculation from the FY2026 10-K and Q2 FY2027 10-Q). Interest expense was $473 million in Q2 FY2027. S&P's outlook in the March 2026 term sheet was negative.

    Watch Net debt, interest expense and any rating change.

  • Demand

    Slower growth in the main apps

    Subscription revenue from the Agentforce Apps group, 66.5% of subscriptions, grew 7.6% in Q2 FY2027. Total revenue growth since Q4 FY2026 includes Informatica. Salesforce said in February, May and August 2026 that it expects organic revenue growth to pick up in the second half of FY2027.

    Watch Agentforce Apps growth and cRPO growth in the Q3 and Q4 FY2027 releases.

  • Competition

    AI-native competitors

    Salesforce's FY2026 10-K lists AI-native startups and free or low-cost software among its competitors. Marketing and Commerce subscription revenue grew 2.8% in FY2026.

    Watch Growth by product group and revenue attrition, about 8% as Salesforce reports it.

  • Execution

    Many acquisitions at once

    Salesforce bought Informatica for about $9.6 billion and Qualified.com for $1.2 billion, completed Contentful on Sep 1, 2026 and Intercom, Inc. (Fin) on Sep 10, 2026, and agreed on Oct 20, 2026 to buy Braze for about $5.66 billion in enterprise value. Goodwill was $59.3 billion at Jul 31, 2026, 1.54 times shareholders' equity.

    Watch Deal closings, impairment charges and the acquisitions note in each 10-Q.

  • Other

    Investment gains swing net income

    Q2 FY2027 net income of $3.5 billion includes a $2.6 billion gain, mostly upward revaluations of private company stakes. These stakes were carried at $11.3 billion at Jul 31, 2026. Salesforce reported losses on them in FY2023 to FY2025.

    Watch The gains (losses) on strategic investments line in each release.

  • Legal

    Backpage-related lawsuits

    Plaintiffs in federal suits, and 18 plaintiffs in Texas state court, allege they were sex-trafficking victims advertised on backpage.com and that Salesforce software provided to a Backpage affiliate facilitated its business. Salesforce says its current legal matters are not expected to have a material adverse impact, but a matter could still materially affect a particular quarter.

    Watch The legal note in each 10-Q and 10-K.

  • Governance

    Changes in senior leadership

    Salesforce has had a new CFO since March 2025, a new chief accounting officer since June 2026, and its President of engineering and customer success stepped down in August 2026. Marc Benioff is both chair and CEO.

    Watch Further 8-K filings under Item 5.02.

Sources (15)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue grew every year, from $26.5 billion in FY2022 to $41.5 billion in FY2026, and free cash flow from $5.3 billion to $14.4 billion.
  • Operating income rose from $2.07 to $20.06 per $100 of revenue between FY2022 and FY2026.
  • Revenue for FY2026, Q1 FY2027 and Q2 FY2027 came in inside or above the ranges Salesforce had set.
  • cRPO, contracted revenue due within 12 months, grew 14% to $33.5 billion at Jul 31, 2026.
  • Diluted shares fell to 821 million in Q2 FY2027 from 962 million a year earlier, after the buyback.

What critics point to

  • Net cash of $5.6 billion at Jan 31, 2025 became net debt of $27.9 billion at Jul 31, 2026.
  • Salesforce lowered its FY2027 operating cash flow growth target from about 9–10% to about 4–5% in May 2026, citing the buyback debt.
  • Agentforce Apps subscription revenue grew 7.6% in Q2 FY2027, and total growth since Q4 FY2026 includes Informatica.
  • Q2 FY2027 net income of $3.5 billion includes a $2.6 billion gain on investments.
  • Executive pay drew 46% support in 2024; stock-based compensation was $3.5 billion in FY2026.
Next: What to watch next

10What to watch next

What should you watch next at Salesforce?

Next event

Q3 FY2027 results

Date not announced yet.

  • Buyback settlement and share count

    About 823 million shares were outstanding on Aug 20, 2026. The final delivery under the $25 billion buyback was expected in Q3 FY2027.

  • Interest and net debt

    Interest expense was $473 million in Q2 FY2027, up from $67 million a year earlier, with net debt of $27.9 billion.

  • Organic growth

    Salesforce said it expects organic growth to pick up in the second half of FY2027. It expects Q3 FY2027 revenue of $11.42–11.50 billion.

  • Deals closing

    Salesforce completed Contentful on Sep 1, 2026 and Intercom, Inc. (Fin) on Sep 10, 2026; Braze was expected to close in FY2028.

Next: Key dates

11Key dates

What are the key dates for Salesforce?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Salesforce
EventDateSource
Q3 FY2027 endedThe Q3 FY2027 results date is not announced in the documents read.Q2 fiscal 2027 earnings release (8-K Ex. 99.1)
Fiscal 2027 endsEDGAR company submissions for Salesforce, Inc. (CIK 0001108524)
Final settlement of the $25 billion buybackExpected in Q3 FY2027; no filing read reports it.Not yet statedForm 10-Q, Q2 fiscal 2027 (ended Jul 31, 2026)
Braze purchase closesExpected in FY2028, subject to approvals.Not yet statedForm 8-K: agreement to acquire Braze (Ex. 99.1 press release)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained

Sources (4)
Next: Key facts

12Key facts

Key facts about Salesforce

What does Salesforce do?
Salesforce, Inc. sells cloud software that companies use to manage sales, customer service, marketing, online selling, data and team chat (Slack). Salesforce had revenue of $41.5 billion in FY2026, the year ended Jan 31, 2026, and 83,334 employees at that date.
How does Salesforce make money?
Salesforce makes money mainly from subscriptions and support, which were $39.4 billion, or 94.9%, of its $41.5 billion of revenue in FY2026. Professional services, such as help setting up the software, were $2.1 billion, or 5.1%.
What is Salesforce's business model?
Salesforce's business model is renting access to its software for a set period. Salesforce had $72.4 billion of remaining performance obligationsSigned contracts with customers that have not been billed yet., revenue under contract but not yet booked, at Jan 31, 2026. Sales and marketing took $34.55 of every $100 of FY2026 revenue.
Is Salesforce profitable?
Yes. Salesforce reported operating income of $8.3 billion and net income of $7.5 billion on revenue of $41.5 billion in FY2026. FY2026 net income includes $1.0 billion of gains on its stakes in other companies. In FY2023 net income was $208 million.
What is Salesforce's revenue by segment?
Salesforce reports one operating segment but splits revenue by product. In FY2026, Agentforce Service was 23.6% of revenue, Agentforce Sales 21.7%, Platform and Slack 21.4%, Integration and Analytics 15.0%, Marketing and Commerce 13.1% and professional services 5.1%. Salesforce has reported two new product groups since Q1 FY2027.
Who are Salesforce's customers?
Salesforce sells to companies of all sizes and industries. No customer represented 10% or more of Salesforce's revenue in FY2026, FY2025 or FY2024. Salesforce's revenue was 65.5% from the Americas, 24.1% from Europe and 10.4% from Asia Pacific in FY2026, by the Salesforce entity that signed the contract.
How much does Salesforce earn from its sales and customer service software?
Salesforce's Agentforce Service software brought in $9.8 billion of subscription revenue in FY2026, or 23.6% of total revenue, and Agentforce Sales brought in $9.0 billion, or 21.7%. Agentforce Service grew 8.4% and Agentforce Sales 8.5% from FY2025.
How much does Salesforce earn from Slack and its app-building platform?
Salesforce's Agentforce 360 Platform, Slack and Other group had subscription revenue of $8.9 billion in FY2026, or 21.4% of total revenue, up 22.6% from FY2025. That figure includes $388 million from Informatica, bought in November 2025.
How much does Salesforce earn from marketing, commerce, data and analytics software?
In FY2026 Salesforce's Integration and Analytics group, which includes MuleSoft and Tableau, had subscription revenue of $6.2 billion, or 15.0% of total revenue. Its Marketing and Commerce group had $5.4 billion, or 13.1%, up 2.8% from FY2025.
Who owns Salesforce?
Salesforce's largest reported holders are BlackRock with 8.9% and State Street with 6.0% (as listed in the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more), and Vanguard Capital Management with 7.42% (Mar 31, 2026). Salesforce's directors and executive officers held 3.5% on Mar 25, 2026, including co-founder and CEO Marc Benioff's 2.8%.
Sources (5)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Salesforce sell?

Salesforce sells software that runs over the internet and helps companies find customers, sell to them, serve them and market to them. Customers pay for access over a set period.

  • Agentforce Sales

    Software sales teams use to track leads, deals and customer accounts. It was 21.7% of FY2026 revenue; it was called Sales until Q3 FY2026.

  • Agentforce Service

    Software for customer support teams, including a field service tool that schedules and dispatches technicians. It was 23.6% of FY2026 revenue.

  • Agentforce 360 Platform and Slack

    Tools to build business apps, workflows and AI agents with little or no code, plus Slack, the workplace messaging app. Together 21.4% of FY2026 revenue.

  • Integration and Analytics

    MuleSoft connects a company's different software systems; Tableau turns data into charts and insights. Together 15.0% of FY2026 revenue.

  • Marketing and Commerce

    Software for running marketing campaigns and selling online: 13.1% of FY2026 revenue.

  • Agentforce

    AI agents that work inside Salesforce's apps, using a customer's data and business rules to take actions. Sold across the product groups above.

  • Informatica

    Data management software. Salesforce completed the purchase on Nov 18, 2025, for net consideration of about $9.6 billion.

  • Professional services

    Consulting and training that help customers set up and use the software: 5.1% of FY2026 revenue.

What it does

  • Does: Sells most of its software as subscriptions for a set period
  • Does: Builds AI agents into its sales, service and other apps
  • Does: Buys other software companies, such as Slack in 2021 and Informatica in 2025
  • Does: Pays a quarterly dividend: $0.44 a share from Q1 FY2027

What it does not do

  • Does not: Does not get 10% or more of its revenue from any one customer
  • Does not: Does not report profit by product: it has one operating segment
  • Does not: Does not name its competitors in its FY2026 10-K
  • Does not: Does not report the five product groups of FY2026 after that year: two new groups replaced them in Q1 FY2027
Sources (2)
14How the money flows

14How the money flows · FY2026

How does money flow through Salesforce?

Money in

  • Subscriptions and support$39.4B
  • Professional services and other$2.1B
  • Gains on investments and other income, net of interest$1.2B

The company

Salesforce

$42.7B came in

Money out

  • Delivering the software (cost of revenues)$9.3B
  • Sales and marketing$14.3B
  • Research and development$6.0B
  • Administration and restructuring$3.6B
  • Income tax$2.1B
  • Net income$7.5B
  1. Customers paid Salesforce $41.5 billion in FY2026; $39.4 billion of it was subscriptions and support.
  2. Delivering the software and services cost $9.3 billion.
  3. Sales and marketing took $14.3 billion, research and development $6.0 billion, and administration and restructuring $3.6 billion.
  4. That left $8.3 billion of operating income. Gains on stakes in other companies added $1.0 billion, and other income, net of interest, $172 million.
  5. After $2.1 billion of income tax, $7.5 billion was left as net income.
Sources (1)
15What it needs to run

15What it needs to run

What does Salesforce need to run?

  • People

    83,334 employees at Jan 31, 2026, up from 76,453 a year earlier. Sales and marketing is the largest cost.

  • Research and development

    $6.0 billion in FY2026, up from $4.5 billion in FY2022.

  • Offices

    Headquarters in Salesforce Tower, San Francisco, and about 1.0 million square feet of offices in the San Francisco Bay Area.

  • Stakes in other companies

    Investments in more than 450 companies, carried at $7.6 billion at Jan 31, 2026 and $11.3 billion at Jul 31, 2026. Two holdings were 35% of the portfolio at Jan 31, 2026.

Sources (4)
16Where it sells

16Where it sells · FY2026

Where does Salesforce sell?

  • Americas66%
  • Europe24%
  • Asia Pacific10%
Sources (1)
17Where growth could come from

17Where growth could come from

Where could Salesforce's growth come from?

Salesforce said on Aug 26, 2026 that it expects FY2027 revenue of $46.1–46.4 billion and a GAAP operating margin of 20.1%. It expects Q3 FY2027 revenue of $11.42–11.50 billion and GAAP diluted EPS of $1.81–1.83.
Management statement, Aug 26, 2026. Reported as a statement, not our forecast.

  • Data, integration and headless platform

    Working

    +20.3% in Q2 FY2027

    Subscription revenue in the Data 360, Headless Platform, and Other group was $3.6 billion in Q2 FY2027. The group includes Informatica, MuleSoft and Tableau; Informatica had revenue of $456 million in the quarter.

    Status: Working, on track against what the company said.

  • Agentforce Apps

    Mixed

    +7.6% in Q2 FY2027

    Subscription revenue from the Sales, Service, Marketing, Commerce and Slack apps was $7.2 billion, 66.5% of subscription revenue. It grew 8.9% in Q1 FY2027.

    Status: Mixed, partly on track.

  • Agentforce AI agents

    Early

    Over $1.5B ARR

    Salesforce said Agentforce annual recurring revenue passed $1.5 billion at Jul 31, 2026. It widened the measure that quarter to include Slackbot and Headless 360, so growth rates are not like-for-like.

    Status: Early, too early to judge.

  • Acquisitions

    New

    About $9.6B for Informatica

    Informatica closed on Nov 18, 2025 and Qualified.com in April 2026 for $1.2 billion. Contentful (about $1.5 billion) closed on Sep 1, 2026 and Intercom, Inc., maker of Fin (about $3.6 billion), on Sep 10, 2026. It agreed on Oct 20, 2026 to buy Braze.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (9)
18The company's own measures (non-GAAP)

18The company's own measures · FY2026 and Q2 FY2027

What do Salesforce's own measures show?

Adjusted (non-GAAP) figures, ARR and attrition are Salesforce's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Operating income, FY2026

    $8.3B

    Company's own measure: Non-GAAP operating income, FY2026

    $14.2B

    Salesforce leaves out amortization of bought intangible assets, stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more, and restructuring and acquisition-related costs. Stock-based compensation was $3.5 billion in FY2026, a real cost paid in shares.

  • Official (GAAP): Operating margin, Q2 FY2027

    20.5%

    Company's own measure: Non-GAAP operating margin, Q2 FY2027

    34.1%

    Leaves out the same costs as non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more operating income.

  • Official (GAAP): Diluted EPS, Q2 FY2027

    $4.29

    Company's own measure: Non-GAAP diluted EPS, Q2 FY2027

    $5.90

    Both figures include gains on Salesforce's stakes in other companies: $2.43 a share in GAAP EPS and $2.53 in non-GAAP EPS. Salesforce does not leave those gains out.

  • Official (GAAP): Remaining performance obligations, Jul 31, 2026

    $66.3B

    Company's own measure: Current remaining performance obligations (cRPO), Jul 31, 2026

    $33.5B

    cRPO is the part of contracted revenue Salesforce expects to book within 12 months. It grew 14% from a year earlier.

  • Official (GAAP): Data 360, Headless Platform, and Other subscription revenue, Q2 FY2027

    $3.6B

    Company's own measure: Agentforce and Data 360 ARR, Jul 31, 2026 (about, as Salesforce states it)

    $3.9B

    ARR (annual recurring revenue) is Salesforce's own yearly value of these subscriptions. It includes $1.1 billion from Informatica's cloud business, bought in November 2025.

  • Official (GAAP): Subscription and support revenue, Q2 FY2027

    $10.8B

    Company's own measure: Agentforce ARR, Jul 31, 2026 (Salesforce says over this figure)

    $1.5B

    Salesforce widened this measure in Q2 FY2027 to include Slackbot and Headless 360, so it is not comparable with the $1.2 billion reported for Q1 FY2027.

  • Official (GAAP)

    No official figure measures this; it is the company's own operating measure.

    Company's own measure: Revenue attrition, Q2 FY2027 (about, as Salesforce states it)

    8%

    Salesforce's own measure of revenue lost from customers who leave or cut back, over the trailing 12 months.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (6)
19Financial strength and debt

19Financial strength · Jul 31, 2026

How much debt does Salesforce have?

At Jul 31, 2026 Salesforce's debt exceeded its cash and marketable securities by $27.9 billion; at Jan 31, 2025 cash exceeded debt by $5.6 billion.
  • Total debt$39.3B
  • Cash and investments$11.4B
  • Net debt (debt minus cash)$27.9B
  • Net worth (shareholders' money)$38.4B
Debt to equity
1.02×
$ of debt for every $1 of shareholders' money
Interest cover
4.9×
how many times operating profit covers interest
  • Debt is $39.3 billion at carrying value ($39.5 billion owed): $25 billion of notes sold in March 2026, a $6 billion term loan and $8.5 billion of older notes. Net figures are a Cityfort calculation from the Q2 FY2027 10-Q and the FY2026 10-K.
  • The March 2026 notes pay 4.50% to 6.70% a year and fall due between 2028 and 2066. Their money paid for a $25 billion share buyback.
  • Interest expense was $473 million in Q2 FY2027, up from $67 million a year earlier. Operating income covered it 4.9 times in that quarter (Cityfort calculation from the Q2 FY2027 earnings release).
  • Shareholders' equity fell from $59.1 billion at Jan 31, 2026 to $38.4 billion at Jul 31, 2026, because shares bought back are subtracted from equity.
  • Goodwill was $59.3 billion at Jul 31, 2026, 1.54 times shareholders' equity (Cityfort calculation from the Q2 FY2027 10-Q).
  • A $5.0 billion revolving credit line was undrawn. Operating lease liabilities of $2.5 billion are not counted as debt here.
  • The pricing term sheet for the March 2026 notes, dated Mar 11, 2026, lists ratings of A2 (stable outlook) from Moody's and A+ (negative outlook) from S&P.
Sources (6)
20Who owns it

20Who owns it · ownership as of Mar 25, 2026

Who owns Salesforce?

Salesforce has one class of common stock, with one vote per share. Its 17 directors and executive officers held 28.5 million shares, 3.5%, on Mar 25, 2026; co-founder Marc Benioff held 22.8 million, 2.8%. The insider trading policy bars hedging and using company shares as loan collateral.
Officers and directors (as a group), shares
3.5%
Share classes
Salesforce share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (About 823 million shares on Aug 20, 2026 (10-Q cover). The count falls further when the $25 billion buyback settles; no filing read reports that yet.)8231–––Yes
Holders of 5% or more
Salesforce holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.8.9%–Jan 26, 2024S1572,882,619 shares, from a Schedule 13G/A filed Jan 26, 2024, as listed in the 2026 proxy; the percentage uses the Mar 25, 2026 share count.
Vanguard Capital Management7.4%–Mar 31, 2026S17, S18, S15Schedule 13G filed Apr 30, 2026: 68,562,595 shares. The Vanguard Group, listed at 10.2% in the proxy, reported 0 in March 2026 after an internal realignment.
State Street Corporation6.0%–Oct 16, 2024S1549,018,644 shares, from a Schedule 13G filed Oct 16, 2024, as listed in the 2026 proxy.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (4)
21What it does with profit

21What it does with profit

What does Salesforce do with its profit?

Salesforce began paying dividends in FY2025: $1.5 billion that year and $1.6 billion in FY2026. The quarterly dividend was $0.416 a share in FY2026 and $0.44 from Q1 FY2027. Buybacks and dividends were 98.5% of free cash flow in FY2026 (Cityfort calculation from the FY2026 10-K). Robin Washington said on Aug 26, 2026 that Salesforce expects to repurchase "at least 14% of shares outstanding through this program".

  • Buyback · Jan 31, 2023

    Repurchased $4.0 billion of common stock in FY2023.

    $4.0B

  • Buyback · Jan 31, 2024

    Repurchased $7.6 billion of common stock in FY2024; 36 million shares.

    $7.6B

  • Buyback · Jan 31, 2025

    Repurchased $7.8 billion of common stock in FY2025; 30 million shares.

    $7.8B

  • Buyback · Jan 31, 2026

    Repurchased $12.6 billion of common stock in FY2026; 50 million shares.

    $12.6B

  • Buyback · Mar 16, 2026

    Paid $25 billion under an accelerated share repurchase, part of a $50 billion authorization approved in February 2026. About 103 million shares were delivered at first, at an average of $198.34. $22.9 billion of the authorization remained at Jul 31, 2026.

    $25.0B

  • Money raised · Mar 13, 2026

    Sold $25 billion of senior notes in eight parts, due 2028 to 2066, to pay for the buyback. Salesforce also took a $6 billion five-year term loan that replaced the loans used for Informatica.

    $25.0B

Sources (6)
22Governance signals

22Governance signals

What do Salesforce's governance filings show?

Auditor
Ernst & Young LLP, since 2002
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy reports that entities linked to Marc Benioff's TIME magazine paid about $450,000 for Salesforce cloud services, and that Salesforce reimbursed Benioff about $1.11 million for business use of his aircraft. Some relatives of directors work at Salesforce.
Credit rating
Moody's and S&P (as listed in Salesforce's Mar 11, 2026 pricing term sheet for its senior notes) A2 (Moody's) / A+ (S&P) (Stable (Moody's) / Negative (S&P)), Mar 11, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • other

    Chair and CEO roles combined

    Marc Benioff is both chair and CEO. Arnold Donald has been lead independent director since March 2025.

  • other · Jun 1, 2026

    Executive pay vote: 80.8% in favor

    At the 2026 annual meeting, 80.8% of for and against votes backed executive pay in an advisory vote (Cityfort calculation from the 8-K filed Jun 1, 2026). The proxy reports 46% support in 2024 and about 77% in 2025.

  • other · Aug 5, 2026

    Finance and engineering leadership changes in 2026

    Robin Washington added the principal accounting officer role in March, Guy Wanger became chief accounting officer in June, and Srini Tallapragada stepped down as President and Chief Engineering and Customer Success Officer in August.

  • other

    Lawsuits over a former customer, Backpage

    Salesforce is a defendant in state and federal suits by plaintiffs who allege they were sex-trafficking victims advertised on backpage.com, and that Salesforce's software, provided to an affiliate of Backpage, facilitated its business. Three federal cases were stayed in October 2025 and most others later, pending criminal proceedings involving Backpage.

  • other

    Slack shareholder suit

    A purported class action in California state court alleges violations of securities laws in connection with Slack's Form S-1 registration statement. The court lifted a stay on Nov 7, 2025 to allow some discovery. The case seeks unspecified damages.

Sources (8)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Salesforce on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Salesforce closed at $222.41, from Nasdaq's historical price table; Salesforce's shares are listed on the NYSE. Times about 823 million shares (Aug 20, 2026), that is a market value of about $183.0 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q2 FY2027 10-Q cover). The share count falls when the buyback settles. P/E is price ÷ earnings per share: 28.5 on FY2026 diluted EPS of $7.80, which includes gains on investments (Cityfort calculation from the Nov 5, 2026 closing price and the FY2026 10-K). The $0.44 quarterly dividend is $1.76 over four quarters, or 0.79% of that price.

Share price
$222.41
Market value (market cap)
$183.0B
P/E
28.5×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 823 million ($222.41 × 823 million shares ≈ $183.0B). Source: Form 10-Q, Q2 fiscal 2027 (ended Jul 31, 2026)

Source: Nasdaq historical price table for CRM (NYSE-listed), close Nov 5, 2026; Form 10-Q, Q2 fiscal 2027 (ended Jul 31, 2026); Form 10-K, fiscal 2026 (ended Jan 31, 2026) and 1 more

Sources (7)
24How it got here

24How it got here

How did Salesforce get here?

  1. 1999

    Milestone

    Founded

    Salesforce was founded in 1999 and is based in San Francisco.

  2. 2021

    Business-model change

    Bought Slack

    Salesforce completed its acquisition of Slack in July 2021, its largest to that date. It spent $14.9 billion in cash on acquisitions in FY2022.

  3. 2023

    Crisis

    Job cuts and restructuring

    On Jan 4, 2023 Salesforce announced a plan to cut about 10% of its workforce. FY2023 net income fell to $208 million, after $828 million of restructuring costs.

  4. 2024

    Milestone

    First dividends

    Salesforce started paying a quarterly dividend in FY2025 and paid $1.5 billion that year.

  5. 2025

    Milestone

    Products renamed Agentforce

    In Q3 FY2026 Salesforce put the Agentforce name on its product groups, without moving revenue between them.

  6. 2025

    Milestone

    Informatica closed

    Salesforce completed its purchase of the data management company on Nov 18, 2025, for net consideration of about $9.6 billion.

  7. 2026

    Business-model change

    $25 billion buyback paid with debt

    In March 2026 Salesforce sold $25 billion of notes and paid $25 billion for an accelerated share repurchase.

  8. 2026

    Milestone

    Two new product groups

    From Q1 FY2027 Salesforce reports subscriptions as Agentforce Apps and Data 360, Headless Platform, and Other.

  9. 2026

    Milestone

    Agreed to buy Braze

    On Oct 20, 2026 Salesforce agreed to buy the customer engagement company for $47.50 a share in cash, expected to close in FY2028.

Sources (9)

25Sources and changes

Where every number on this page comes from

Sources (35 documents)
  1. S1Form 10-K, fiscal 2026 (ended Jan 31, 2026) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
  2. S2Form 10-K, fiscal 2025 (ended Jan 31, 2025) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 5, 2025
  3. S3Form 10-K, fiscal 2024 (ended Jan 31, 2024) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 6, 2024
  4. S4Form 10-K, fiscal 2023 (ended Jan 31, 2023) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 8, 2023
  5. S5Form 10-Q, Q2 fiscal 2027 (ended Jul 31, 2026) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2026
  6. S6Q2 fiscal 2027 earnings release (8-K Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 26, 2026
  7. S7Q1 fiscal 2027 earnings release (8-K Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 27, 2026
  8. S8Q4 fiscal 2026 earnings release (8-K Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
  9. S9Q3 fiscal 2026 earnings release (8-K Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 3, 2025
  10. S10Q2 fiscal 2026 earnings release (8-K Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 3, 2025
  11. S11Q1 fiscal 2026 earnings release (8-K Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 28, 2025
  12. S12Q4 fiscal 2025 earnings release (8-K Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2025
  13. S13Q3 fiscal 2025 earnings release (8-K Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 3, 2024
  14. S14Q2 fiscal 2025 earnings release (8-K Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2024
  15. S152026 proxy statement (DEF 14A) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 16, 2026
  16. S16Form 8-K: 2026 annual meeting vote results and equity plan amendments (Items 5.02, 5.07) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 1, 2026
  17. S17Schedule 13G: Vanguard Capital Management (event date Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  18. S18Schedule 13G/A: The Vanguard Group (event date Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
  19. S19Form 8-K: $25 billion accelerated share repurchase, notes underwriting and five-year term loan (Items 1.01, 2.03) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2026
  20. S20Form 8-K: completion of $25 billion senior notes offering (Items 1.01, 2.03) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 13, 2026
  21. S21Free writing prospectus: pricing term sheet for senior notes (Mar 11, 2026) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2026
  22. S22Form 8-K: completion of the Informatica acquisition (Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 18, 2025
  23. S23Form 8-K: agreement to acquire Braze (Ex. 99.1 press release) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
  24. S24Form 8-K: Investor Day presentation, Sep 16, 2026 (Ex. 99.1) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 17, 2026
  25. S25Form 8-K: Srini Tallapragada steps down as President and Chief Engineering and Customer Success Officer (Item 5.02) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  26. S26Form 8-K: Guy Wanger appointed Chief Accounting Officer (Item 5.02) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 2, 2026
  27. S27Form 8-K: Robin Washington assumes principal accounting officer role (Item 5.02) · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 6, 2026
  28. S28Q2 fiscal 2027 earnings call transcript (Aug 26, 2026) · Salesforce, Inc. (investor relations) · Tier 1: company or exchange filing · Aug 26, 2026
  29. S30Q4 fiscal 2026 earnings call transcript (Feb 25, 2026) · Salesforce, Inc. (investor relations) · Tier 1: company or exchange filing · Feb 25, 2026
  30. S31Q3 fiscal 2026 earnings call transcript (Dec 3, 2025) · Salesforce, Inc. (investor relations) · Tier 1: company or exchange filing · Dec 3, 2025
  31. S32Q2 fiscal 2027 quarterly investor deck · Salesforce, Inc. (investor relations) · Tier 1: company or exchange filing · Aug 26, 2026
  32. S33Nasdaq historical price table for CRM (NYSE-listed), close Nov 5, 2026 · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
  33. S34EDGAR company submissions for Salesforce, Inc. (CIK 0001108524) · U.S. SEC (data.sec.gov) · Tier 1: company or exchange filing · Nov 6, 2026
  34. S35Form S-8: Contentful equity plans assumed after the acquisition completed on Sep 1, 2026 · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 1, 2026
  35. S36Form S-8: Intercom (Fin) equity plan assumed after the acquisition completed on Sep 10, 2026 · Salesforce, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 11, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q2 FY2027 (quarter ended Jul 31, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.