AI-generated analysis, not investment advice. The articles are written by AI, edited, and checked against company filings — but the judgements are opinions and the figures go stale. How this is made · Terms

Major ClientsWide moat

Salesforce (CRM) — moat facet

No Salesforce customer reaches a tenth of revenue; the $66 billion backlog is not broken down at all, and the AI companies are adding seats.

Salesforce's customer list is wide and the filings say little about it. The company states that "None of our customers accounted for more than ten percent of our revenues in fiscal years 2026, 2025 or 2024"1, and gives no customer count, no breakdown by size and no concentration figure for its contracted backlog.

Salesforce revenue by region ($bn)18.0Americas FY202227.2Americas FY20266.0Europe FY202210.0Europe FY20262.5APAC FY20224.3APAC FY2026Salesforce Forms 10-K FY2022 and FY2026, revenue by contracting region
Europe and Asia grew faster than the Americas.

The four pages take the two concentration questions separately. No Customer at Ten Percent covers revenue, where the answer is clear. The Backlog Nobody Breaks Down covers remaining performance obligation, $66.3 billion at 31 July 20262, where the answer is not given. Sixty-One Percent American covers geography, the only split the company does provide. Nine of the Top Ten AI Companies covers the customers most able to build a replacement, on management's own figures.

The broad base is the moat's foundation. Attrition near eight percent3 means most customers renew, and no single renewal matters much. The prepayments described under Paid in Advance: $24 Billion come from that same base.

There is one dependence worth naming even though it is not a customer: the cycle of corporate IT budgets. Professional services revenue fell three years running on "less demand for larger, multi-year transformation engagements"4, which suggests large customers are trimming project spending even as they renew subscriptions.

Management says AI is where its largest customers are growing. The Investor Day slides claim that "AI shows up in +80% of our top 100 growth stories"5, measured by the largest increases in annual recurring revenue. That is a claim about where expansion comes from, not about concentration.

The customer base is wide. The disclosure gap is the backlog. If Salesforce ever reports that a single customer or a single industry exceeds a tenth of remaining performance obligation, the backlog will have become more concentrated than the revenue it secures.

Moat trajectory: Holding steady

No customer over 10% in FY2024-FY2026.

The number that tests this moat
Moat Explorer calc
United States share of revenue, full year
about 61% (FY2026: 93% of $27,193M Americas over $41,525M)

Home-market dependence; above 63% would mean overseas growth has stalled.

How it's calculated: Americas revenue times the approximately 93% attributed to the United States, divided by total revenue, Salesforce Form 10-K FY2026.
Source: Moat Explorer calculation from Salesforce filings ↗
Dig deeper
DIG DEEPER 01
No Customer at Ten Percent
No Salesforce customer reaches a tenth of revenue or receivables, so no buyer can set its prices.
DIG DEEPER 02
The Backlog Nobody Breaks Down
Salesforce discloses $66 billion of contracted revenue and no breakdown of who it comes from; about 3% of the year-end total was bought with…
DIG DEEPER 03
Sixty-One Percent American
About 61% of Salesforce's revenue comes from the United States, and Europe and Asia Pacific have grown faster for two years.
DIG DEEPER 04
Nine of the Top Ten AI Companies
Salesforce says nine of the ten largest AI companies run on it, with CRM seats up 62% a year: the firms best placed to replace packaged CRM are buying…
References
  1. ReportedThe company states that "None of our customers accounted for more than ten percent of our revenues in fiscal years 2026, 2025 or 2024", and gives no customer count, no breakdown by size and no concentration figure for its contracted backlog.
    Salesforce Form 10-K for fiscal 2026 (year ended 31 January 2026) - revenue by service offering, geography and timing of recognition. — FY2026 · publ. 2 March 2026 · source ↗
  2. ReportedThe Backlog Nobody Breaks Down covers remaining performance obligation, $66.3 billion at 31 July 2026, where the answer is not given.
    Salesforce second-quarter fiscal 2027 results release, Form 8-K exhibit 99.1 - revenue, margins, EPS, RPO, AI metrics, the two new revenue categories, balance sheet and fiscal 2027 guidance - balance sheet, cash flow, RPO and capital returns. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  3. ReportedAttrition near eight percent means most customers renew, and no single renewal matters much.
    Salesforce Form 10-K for fiscal 2026 (year ended 31 January 2026) - remaining performance obligations, unearned revenue and attrition. — FY2026 · publ. 2 March 2026 · source ↗
  4. ReportedProfessional services revenue fell three years running on "less demand for larger, multi-year transformation engagements", which suggests large customers are trimming project spending even as they renew subscriptions.
    Salesforce Form 10-K for fiscal 2026 (year ended 31 January 2026) - revenue by service offering, geography and timing of recognition. — FY2026 · publ. 2 March 2026 · source ↗
  5. ReportedThe Investor Day slides claim that "AI shows up in +80% of our top 100 growth stories", measured by the largest increases in annual recurring revenue.
    Salesforce Investor Day presentation at Dreamforce, 16 September 2026, Form 8-K exhibit 99.1 - fiscal 2030 framework, clouds per customer, annual order value by cloud, AI customer cohort, ARR uplift scenarios, Slack, M&A framework, the accelerated share repurchase and the GAAP to non-GAAP reconciliation for fiscal 2022-2026. — September 2026 · publ. 16 September 2026 · source ↗
Sources
Generated October 4, 2026