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S
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Salesforce Inc
XMUN:FOO
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US |
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D
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Deutsche Bank AG
SWB:DBK
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DE |
Salesforce's multi-year history shows a subscription-led model that has paired durable revenue expansion with substantial operating leverage. Cash generation is substantial relative to capital spending, although stock-based compensation and strategic-investment volatility make earnings-to-cash and dilution interpretation important.
The latest comparable results represent development rather than an inflection: TTM revenue, operating income, operating cash flow, and free cash flow all increased, while the latest quarter's operating margin was below the prior-year quarter. Net income and EPS acceleration was amplified by strategic-investment gains and share repurchases, so it does not by itself indicate a comparable improvement in core operations.
Whether operating cash flow and free cash flow remain aligned with core operating earnings after working-capital and strategic-investment effects normalize.
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| 8.4B | 10.5B | 13.3B | 17.1B | 21.3B | 26.5B | 31.4B | 34.9B | 37.9B | 41.5B | |
| (2.2B) | (2.8B) | (3.5B) | (4.2B) | (5.4B) | (7B) | (8.4B) | (8.5B) | (8.6B) | (9.3B) | |
| 6.2B | 7.8B | 9.8B | 12.9B | 15.8B | 19.5B | 23B | 26.3B | 29.3B | 32.3B | |
| (6B) | (7.3B) | (9.3B) | (12.4B) | (15.4B) | (18.9B) | (21.1B) | (20.3B) | (21.6B) | (23.3B) | |
| (4.7B) | (5.6B) | (7.2B) | (9.3B) | (11.3B) | (13.7B) | (15.2B) | (14.5B) | (15.2B) | (16.4B) | |
| (1.2B) | (1.6B) | (1.9B) | (2.8B) | (3.6B) | (4.5B) | (5.1B) | (4.9B) | (5.5B) | (6B) | |
| (98m) | (121m) | (232m) | (352m) | (459m) | (727m) | (916m) | (891m) | (901m) | (995m) | |
| 218m | 454m | 562m | 463m | 455m | 602m | 1.9B | 6B | 7.7B | 8.9B | |
| (117m) | (17m) | 479m | 415m | 2.1B | 1B | (35m) | 160m | 161m | 1.2B | |
| 89m | 87m | 154m | 130m | 126m | 216m | 287m | 29m | 300m | 349m | |
| — | — | (27m) | (166m) | 0 | (105m) | (1.3B) | (1.5B) | (1B) | (1.1B) | |
| 78m | (17m) | (31m) | (6m) | — | (11m) | 156m | 245m | 654m | 521m | |
| 179m | 420m | 983m | 706m | 2.6B | 1.5B | 660m | 5B | 7.4B | 9.5B | |
| 144m | 66m | 170m | (574m) | 1.5B | (88m) | (452m) | (814m) | (1.2B) | (2.1B) | |
| 323m | 486m | 1.2B | 132m | 4.1B | 1.4B | 208m | 4.1B | 6.2B | 7.5B | |
| 323m | 360m | 1.1B | 126m | 4.1B | 1.4B | 208m | 4.1B | 6.2B | 7.5B | |
| 0.46 | 0.48 | 1.43 | 0.16 | 4.37 | 1.48 | 0.21 | 4.20 | 6.36 | 7.80 |
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