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

Informatica: $9.6 Billion in CashNarrow moat

Salesforce (CRM) — moat facet

Informatica cost Salesforce $9.6 billion in cash and adds about $1.8 billion a year of revenue: a bet that agents need clean data first.

Informatica is the bet that agents need clean data more than they need clever models. Salesforce closed the purchase in November 2025 for total consideration of $9,636 million, $9,538 million of it in cash1. It acquired $1,405 million of cash with the business, so the net outlay was about $8,231 million2. Goodwill was $5,257 million and intangibles $3,818 million3, a lower goodwill share, 54.6%4, than the earlier deals.

Informatica purchase, November 2025 ($M)9,636Consideration1,405Less cash acquired5,257Goodwill3,818IntangiblesSalesforce Form 10-K FY2026, Informatica purchase price allocation
A cash deal with a smaller goodwill share than the earlier three.

The business arrived with contracts. Informatica contributed about $399 million of revenue in the last quarter of fiscal 20265, sits in Platform, Slack and Other6, and brought about $2.2 billion of remaining performance obligation7. Its cloud ARR was $1.1 billion at the year end8. In the second quarter of fiscal 2027 it contributed $440 million of subscription revenue and $456 million in total9, about $1.8 billion a year at that rate10.

The 10-K explains the logic: Informatica "enables customers to discover, integrate, govern, and deliver trusted data at scale across hybrid and multi-cloud" environments11. An agent that acts on bad data acts badly, and Informatica's tools sit upstream of everything Salesforce sells.

Unlike Tableau and Slack, this deal was paid in cash, so it did not dilute owners; it used the balance sheet instead. The guidance assumes slightly above three points of fiscal 2027 growth from Informatica12. If its quarterly contribution falls below $440 million in any quarter of fiscal 2027, the $9.6 billion will be shrinking rather than compounding.

Moat trajectory: Widening

Informatica $456M of Q2 FY2027 revenue; about 3 points of FY2027 growth.

The number that tests this moat
Reported
Informatica revenue contribution, latest quarter
$456M total, $440M subscription (Q2 FY2027)

The newest purchase in dollars; below $440M in any quarter would mean it is shrinking inside Salesforce.

Source: Salesforce Q2 FY2027 results release ↗
⚠ Threats to the moat
⚠ THREAT 01
Nearly Nine Times Cloud ARR
Salesforce paid about 8.8 times Informatica's cloud ARR in cash, close to double its own price-to-sales ratio at the time.
References
  1. ReportedSalesforce closed the purchase in November 2025 for total consideration of $9,636 million, $9,538 million of it in cash.
    Salesforce Form 10-K for fiscal 2026 (year ended 31 January 2026) - acquisitions, purchase-price allocations, goodwill and intangible assets. — FY2026 · publ. 2 March 2026 · source ↗
  2. Moat Explorer calcIt acquired $1,405 million of cash with the business, so the net outlay was about $8,231 million.
    Moat Explorer calculation from Salesforce reported figures ($ millions unless stated; fiscal years end 31 January). Revenue growth: FY2016 6,667.2 / 5,373.6 - 1 = +24.1%; FY2021 21,252 / 17,098 - 1 = +24.3%; FY2022 26,492 / 21,252 - 1 = +24.7%; FY2023 31,352 / 26,492 - 1 = +18.3%; FY2024 34,857 / 31,352 - 1 = +11.2%; FY2025 37,895 / 34,857 - 1 = +8.7%; FY2026 41,525 / 37,895 - 1 = +9.6%; FY2026 without Informatica (41,525 - 399) / 37,895 - 1 = +8.5%; Q2 FY2027 reported 11,345 / 10,236 - 1 = +10.8%, without Informatica (11,345 - 456) / 10,236 - 1 = +6.4%; Q3 FY2027 guide 11% to 12% less slightly above 4 points of Informatica = roughly 7% to 8% organic; revenue increase FY2023 to FY2026 41,525 - 31,352 = 10,173, about $10.2bn; trailing twelve months to July 2026: revenue 41,525 - 20,065 + 22,478 = 43,938; net income 7,457 - 3,428 + 5,633 = 9,662; Q1 FY2027 revenue 22,478 - 11,345 = 11,133; fiscal 2027 revenue guidance midpoint (45,800 + 46,200) / 2 = 46,000 in February and (46,100 + 46,400) / 2 = 46,250 in August, 46,250 / 46,000 - 1 = +0.5%; FY2030 target 63,000: (63,000 / 46,400) ^ (1/3) - 1 = 10.7% a year; 46,400 times 1.107 = about 51,400 in FY2028. Revenue lines: Sales FY2016-FY2026 9,028 / 2,699.0 = 3.3 times, (3.34) ^ (1/10) - 1 = 12.8% a year; Sales growth FY2022 5,989 / 5,191 - 1 = 15.4%, FY2023 6,831 / 5,989 - 1 = 14.1%, FY2024 7,580 / 6,831 - 1 = 11.0%, FY2025 8,322 / 7,580 - 1 = 9.8%, FY2026 9,028 / 8,322 - 1 = 8.5%; Sales share of subscription revenue FY2016 2,699.0 / 6,205.6 = 43.5%, FY2026 9,028 / 39,388 = 22.9%, of total revenue 9,028 / 41,525 = 21.7%. Service FY2016-FY2026 9,818 / 1,817.8 = 5.4 times, 18.4% a year; Service growth FY2022 6,474 / 5,377 - 1 = 20.4%, FY2023 7,369 / 6,474 - 1 = 13.8%, FY2024 8,245 / 7,369 - 1 = 11.9%, FY2025 9,054 / 8,245 - 1 = 9.8%, FY2026 9,818 / 9,054 - 1 = 8.4%; Service share of revenue 9,818 / 41,525 = 23.6%. Platform, Slack and Other growth FY2018 1,913 / 1,433 - 1 = 33.5%, FY2019 2,854 / 1,913 - 1 = 49.2%, FY2021 3,324 / 2,787 - 1 = 19.3%, FY2022 4,509 / 3,324 - 1 = 35.6%, FY2023 5,967 / 4,509 - 1 = 32.3%, FY2024 6,611 / 5,967 - 1 = 10.8%, FY2025 7,247 / 6,611 - 1 = 9.6%, FY2026 8,882 / 7,247 - 1 = 22.6%, without Informatica (8,882 - 388) / 7,247 - 1 = 17.2%. Data 360, Headless Platform and Other Q2 FY2027 3,618 / 3,008 - 1 = 20.3%, without Informatica (3,618 - 440) / 3,008 - 1 = 5.7%. Marketing and Commerce FY2016-FY2026 5,428 / 654.1 = 8.3 times, 23.6% a year; growth FY2018 1,382 / 947 - 1 = 45.9%, FY2019 1,898 / 1,382 - 1 = 37.3%, FY2020 2,506 / 1,898 - 1 = 32.0%, FY2021 3,133 / 2,506 - 1 = 25.0%, FY2022 3,902 / 3,133 - 1 = 24.5%, FY2023 4,516 / 3,902 - 1 = 15.7%, FY2024 4,912 / 4,516 - 1 = 8.8%, FY2025 5,281 / 4,912 - 1 = 7.5%, FY2026 5,428 / 5,281 - 1 = 2.8%. Integration and Analytics growth FY2022 3,783 / 2,951 - 1 = 28.2%, FY2023 4,338 / 3,783 - 1 = 14.7%, FY2024 5,189 / 4,338 - 1 = 19.6%, FY2025 5,775 / 5,189 - 1 = 11.3%, FY2026 6,232 / 5,775 - 1 = 7.9%; FY2021-FY2026 (6,232 / 2,951) ^ (1/5) - 1 = 16.1% a year; share of subscription revenue FY2025 5,775 / 35,679 = 16.2%, FY2026 6,232 / 39,388 = 15.8%; growth less Sales growth FY2024 20% - 11% = +9 points, FY2026 8% - 8% = 0 points; revenue per dollar paid 6,232 / (6,425 + 14,845 = 21,270) = 0.29. Subscription and support growth FY2026 39,388 / 35,679 - 1 = 10.4%. Sales plus Service 9,028 + 9,818 = 18,846, 18,846 / 39,388 = 47.9% of subscription revenue. Sales growth FY2024-FY2026: 11.0%, 9.8%, 8.5%; Service 11.9%, 9.8%, 8.4%. Professional services: share of revenue FY2016 461.6 / 6,667.2 = 6.9%; FY2020 1,055 / 17,098 = 6.2%; FY2022 1,835 / 26,492 = 6.9%; FY2023 2,331 / 31,352 = 7.4%; FY2025 2,216 / 37,895 = 5.8%; FY2026 2,137 / 41,525 = 5.1%; Q2 FY2026 546 / 10,236 = 5.3%; Q2 FY2027 525 / 11,345 = 4.6%. Gross margin (revenue less cost, over revenue): FY2017 (638 - 617) / 638 = 3.3%, FY2018 (774 - 740) / 774 = 4.4%, FY2019 (869 - 847) / 869 = 2.5%, FY2020 (1,055 - 1,037) / 1,055 = 1.7%, FY2021 (1,276 - 1,284) / 1,276 = -0.6%, FY2022 (1,835 - 1,967) / 1,835 = -7.2%, FY2023 (2,331 - 2,539) / 2,331 = -8.9%, FY2024 (2,320 - 2,364) / 2,320 = -1.9%, FY2025 (2,216 - 2,445) / 2,216 = -10.3%, FY2026 (2,137 - 2,474) / 2,137 = -15.8%; Q2 FY2026 (546 - 597) / 546 = -9.3%; Q2 FY2027 (525 - 628) / 525 = -19.6%. Subscription and support gross margin: FY2020 (16,043 - 3,198) / 16,043 = 80.1%, FY2023 (29,021 - 5,821) / 29,021 = 79.9%, FY2025 (35,679 - 6,198) / 35,679 = 82.6%, FY2026 (39,388 - 6,796) / 39,388 = 82.7%; Q2 FY2026 (9,690 - 1,645) / 9,690 = 83.0%; Q2 FY2027 (10,820 - 2,021) / 10,820 = 81.3%. Margins and costs: GAAP operating margin = income from operations over revenue: FY2016 114.9 / 6,667.2 = 1.7%; FY2017 218 / 8,437 = 2.6%; FY2018 454 / 10,540 = 4.3%; FY2019 535 / 13,282 = 4.0%; FY2020 297 / 17,098 = 1.7%; FY2021 455 / 21,252 = 2.1%; FY2022 548 / 26,492 = 2.1%; FY2023 1,030 / 31,352 = 3.3%; FY2024 5,011 / 34,857 = 14.4%; FY2025 7,205 / 37,895 = 19.0%; FY2026 8,331 / 41,525 = 20.1%; operating income FY2026 over FY2023 8,331 / 1,030 = 8.1 times. Non-GAAP operating margin FY2015 574.1 / 5,373.6 = 10.7%; FY2016 830.0 / 6,667.2 = 12.4%. Marketing and sales over revenue FY2022 11,855 / 26,492 = 44.7%; FY2023 13,526 / 31,352 = 43.1%; FY2024 12,877 / 34,857 = 36.9%; FY2025 13,257 / 37,895 = 35.0%; FY2026 14,345 / 41,525 = 34.5%; marketing and sales growth FY2026 14,345 / 13,257 - 1 = 8.2%. Stock-based compensation over revenue FY2015 564.8 / 5,373.6 = 10.5%; FY2023 3,279 / 31,352 = 10.5%; FY2024 2,787 / 34,857 = 8.0%; FY2025 3,183 / 37,895 = 8.4%; FY2026 3,509 / 41,525 = 8.5%; unrecognised stock compensation after FY2028: 8,324 - 1,955 - 2,918 = 3,451. Amortisation of purchased intangibles FY2026 1,687 / 41,525 = 4.1%; FY2027 guide 4.4% times 46,250 = about 2,035. Restructuring FY2023-FY2026 828 + 988 + 461 + 586 = 2,863, about $2.9bn. Employees 83,334 - 76,453 = 6,881, 83,334 / 76,453 - 1 = +9.0%; revenue per employee FY2025 37,895 / 76,453 = about $496,000, FY2026 41,525 / 83,334 = about $498,000. Attrition dollars: 8% times 39,388 = about 3,151, about $3.2bn; bookings needed for 10% growth about 10% + 8% = 18% of the base; revenue kept each year at about 8% attrition 100% - 8% = about 92%. Cash: free cash flow FY2026 over FY2022 14,402 / 5,283 = 2.7 times; free cash flow over revenue FY2026 14,402 / 41,525 = 34.7%; capital expenditure over revenue 594 / 41,525 = 1.4%; non-cash charges FY2026 stock compensation 3,509 + amortisation 1,687 = 5,196, about $5.2bn; interest expense Q2 FY2027 473 / 67 = 7.1 times; unearned revenue over revenue 24,317 / 41,525 = 58.6%; unearned revenue growth FY2026 24,317 / 20,743 - 1 = +17.2%; 31 July 2026 18,787 / 16,555 - 1 = +13.5%; billings and other 45,099 / 39,635 - 1 = +13.8%; accounts receivable 14,339 / 11,945 - 1 = +20.0%. Net debt: 31 January 2025 debt 8,433 less cash 8,848 and marketable securities 5,184 = net cash of 5,599, about $5.6bn; 31 January 2026 (4,000 + 10,439 = 14,439) - 7,327 - 2,238 = 4,874, about $4.9bn; 31 July 2026 39,288 - 8,310 - 3,093 = 27,885, about $27.9bn. Contracted revenue: current RPO as a share of total RPO FY2018 9.6 / 20.6 = 46.6%; FY2019 11.9 / 25.7 = 46.3%; FY2020 15.0 / 30.8 = 48.7%; FY2021 18.0 / 36.1 = 49.9%; FY2022 22.0 / 43.7 = 50.3%; FY2023 24.6 / 48.6 = 50.6%; FY2024 27.6 / 56.9 = 48.5%; FY2025 30.2 / 63.4 = 47.6%; FY2026 35.1 / 72.4 = 48.5%; 31 July 2026 33.5 / 66.3 = 50.5%; acquired RPO FY2026 2.2 / 72.4 = 3.0%. Acquisitions and shares: MuleSoft 6,425 + Tableau 14,845 + Slack 27,068 + Informatica 9,636 = 57,974, about $58.0bn; MuleSoft goodwill 4,816 / 6,425 = 75.0%, other net assets 6,425 - 4,816 - 1,279 = 330; Tableau stock 14,552 / 14,845 = 98.0%, goodwill 10,806 / 14,845 = 72.8%; Slack goodwill 21,161 / 27,068 = 78.2%, Slack goodwill over total goodwill 21,161 / 57,941 = 36.5%; Informatica goodwill 5,257 / 9,636 = 54.6%, net of cash acquired 9,636 - 1,405 = 8,231, price over cloud ARR 9,636 / 1,100 = 8.8 times; Informatica Q2 FY2027 revenue 456 times 4 = about 1,824 a year. Goodwill over total assets FY2025 51,283 / 102,928 = 49.8%; FY2026 57,941 / 112,305 = 51.6%; goodwill plus intangibles (57,941 + 6,815 = 64,756) / 112,305 = 57.7%; goodwill FY2026 over FY2015 57,941 / 3,782.7 = 15.3 times. Shares outstanding at fiscal year end (SEC XBRL cover data): 650.6 million (FY2015), 730 (FY2018), 770 (FY2019), 893 (FY2020), 989 (FY2022), 929 (FY2026); 893 / 770 - 1 = +16.0%; 989 / 650.6 - 1 = +52.0%; 823 million on 20 August 2026. Pending Contentful 1.5 + Fin 3.6 = $5.1bn; with Informatica 9.6 + 3.6 + 1.5 = $14.7bn; if the two add 400 a year, 5,100 / 400 = 12.75 times. Valuation: market value 193,150 over trailing net income 9,662 = 20.0 times, over trailing revenue 43,938 = 4.40 times; fiscal 2027 EPS guidance midpoints GAAP (7.85 + 7.93) / 2 = 7.89 in February and (10.21 + 10.25) / 2 = 10.23 in August, +29.7%; adjusted (13.11 + 13.19) / 2 = 13.15 and (16.67 + 16.71) / 2 = 16.69, +26.9%; Q2 FY2027 EPS without investment gains 4.29 - 2.43 = 1.86 against 1.96. Geography and customers: United States share 0.93 times 27,193 / 41,525 = about 61%; growth FY2026 Americas 27,193 / 25,143 - 1 = 8.2%, Europe 10,017 / 8,891 - 1 = 12.7%, Asia Pacific 4,315 / 3,861 - 1 = 11.8%; Q2 FY2027 Europe 2,764 / 2,429 - 1 = 13.8%; Agentforce ARR 1,500 / 43,938 = 3.4% of trailing revenue. Additional: subscription and support growth FY2024 32,537 / 29,021 - 1 = 12.1%; Marketing and Commerce share of subscription revenue FY2023 4,516 / 29,021 = 15.6%, FY2024 4,912 / 32,537 = 15.1%, FY2025 5,281 / 35,679 = 14.8%, FY2026 5,428 / 39,388 = 13.8%; noncurrent RPO FY2026 37.3 / 33.2 - 1 = +12.3%, current RPO 35.1 / 30.2 - 1 = +16.2%; average repurchase price FY2023 4.0bn / 28 million = about $143, FY2024 7.7bn / 36 million = about $214, FY2025 7.8bn / 30 million = $260, FY2026 12.7bn / 50 million = $254; dividends over net income FY2026 1,587 / 7,457 = 21.3%; tangible equity 31 July 2026 38,378 - 59,250 - 6,142 = -27,014, about minus $27.0bn; fiscal 2027 free cash flow at 4% to 5% growth 14,402 times 1.04 = 14,978 to 14,402 times 1.05 = 15,122, about $15.0bn to $15.1bn. Competition (IDC estimates compiled by CX Foundation): Salesforce over the next-largest vendor 2021 23.8 / 5.4 (SAP) = 4.4 times, 2025 20.0 / 4.1 (Oracle) = 4.9 times; Salesforce 23.8% - 20.0% = 3.8 points lost 2021-2025; vendors outside the top five 65.4% - 56.6% = 8.8 points gained; Oracle, Microsoft, SAP and Adobe 5.1 + 5.3 + 5.4 + 3.8 = 19.6% in 2021 and 4.1 + 4.0 + 3.1 + 3.4 = 14.6% in 2025, 5.0 points lost; Salesforce over Oracle 20.0 / 4.1 = 4.9 times - growth, margins, costs, people, geography and market share. — FY2015-Q2 FY2027 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Salesforce Forms 10-K, 10-Q and results releases, SEC XBRL, the Investor Day presentation, stockanalysis market data and CX Foundation's compilation of IDC shares; each operand is stated in the source line.
  3. ReportedGoodwill was $5,257 million and intangibles $3,818 million, a lower goodwill share, 54.6%, than the earlier deals.
    Salesforce Form 10-K for fiscal 2026 (year ended 31 January 2026) - acquisitions, purchase-price allocations, goodwill and intangible assets. — FY2026 · publ. 2 March 2026 · source ↗
  4. Moat Explorer calcGoodwill was $5,257 million and intangibles $3,818 million, a lower goodwill share, 54.6%, than the earlier deals.
    Moat Explorer calculation from Salesforce reported figures ($ millions unless stated; fiscal years end 31 January). Revenue growth: FY2016 6,667.2 / 5,373.6 - 1 = +24.1%; FY2021 21,252 / 17,098 - 1 = +24.3%; FY2022 26,492 / 21,252 - 1 = +24.7%; FY2023 31,352 / 26,492 - 1 = +18.3%; FY2024 34,857 / 31,352 - 1 = +11.2%; FY2025 37,895 / 34,857 - 1 = +8.7%; FY2026 41,525 / 37,895 - 1 = +9.6%; FY2026 without Informatica (41,525 - 399) / 37,895 - 1 = +8.5%; Q2 FY2027 reported 11,345 / 10,236 - 1 = +10.8%, without Informatica (11,345 - 456) / 10,236 - 1 = +6.4%; Q3 FY2027 guide 11% to 12% less slightly above 4 points of Informatica = roughly 7% to 8% organic; revenue increase FY2023 to FY2026 41,525 - 31,352 = 10,173, about $10.2bn; trailing twelve months to July 2026: revenue 41,525 - 20,065 + 22,478 = 43,938; net income 7,457 - 3,428 + 5,633 = 9,662; Q1 FY2027 revenue 22,478 - 11,345 = 11,133; fiscal 2027 revenue guidance midpoint (45,800 + 46,200) / 2 = 46,000 in February and (46,100 + 46,400) / 2 = 46,250 in August, 46,250 / 46,000 - 1 = +0.5%; FY2030 target 63,000: (63,000 / 46,400) ^ (1/3) - 1 = 10.7% a year; 46,400 times 1.107 = about 51,400 in FY2028. Revenue lines: Sales FY2016-FY2026 9,028 / 2,699.0 = 3.3 times, (3.34) ^ (1/10) - 1 = 12.8% a year; Sales growth FY2022 5,989 / 5,191 - 1 = 15.4%, FY2023 6,831 / 5,989 - 1 = 14.1%, FY2024 7,580 / 6,831 - 1 = 11.0%, FY2025 8,322 / 7,580 - 1 = 9.8%, FY2026 9,028 / 8,322 - 1 = 8.5%; Sales share of subscription revenue FY2016 2,699.0 / 6,205.6 = 43.5%, FY2026 9,028 / 39,388 = 22.9%, of total revenue 9,028 / 41,525 = 21.7%. Service FY2016-FY2026 9,818 / 1,817.8 = 5.4 times, 18.4% a year; Service growth FY2022 6,474 / 5,377 - 1 = 20.4%, FY2023 7,369 / 6,474 - 1 = 13.8%, FY2024 8,245 / 7,369 - 1 = 11.9%, FY2025 9,054 / 8,245 - 1 = 9.8%, FY2026 9,818 / 9,054 - 1 = 8.4%; Service share of revenue 9,818 / 41,525 = 23.6%. Platform, Slack and Other growth FY2018 1,913 / 1,433 - 1 = 33.5%, FY2019 2,854 / 1,913 - 1 = 49.2%, FY2021 3,324 / 2,787 - 1 = 19.3%, FY2022 4,509 / 3,324 - 1 = 35.6%, FY2023 5,967 / 4,509 - 1 = 32.3%, FY2024 6,611 / 5,967 - 1 = 10.8%, FY2025 7,247 / 6,611 - 1 = 9.6%, FY2026 8,882 / 7,247 - 1 = 22.6%, without Informatica (8,882 - 388) / 7,247 - 1 = 17.2%. Data 360, Headless Platform and Other Q2 FY2027 3,618 / 3,008 - 1 = 20.3%, without Informatica (3,618 - 440) / 3,008 - 1 = 5.7%. Marketing and Commerce FY2016-FY2026 5,428 / 654.1 = 8.3 times, 23.6% a year; growth FY2018 1,382 / 947 - 1 = 45.9%, FY2019 1,898 / 1,382 - 1 = 37.3%, FY2020 2,506 / 1,898 - 1 = 32.0%, FY2021 3,133 / 2,506 - 1 = 25.0%, FY2022 3,902 / 3,133 - 1 = 24.5%, FY2023 4,516 / 3,902 - 1 = 15.7%, FY2024 4,912 / 4,516 - 1 = 8.8%, FY2025 5,281 / 4,912 - 1 = 7.5%, FY2026 5,428 / 5,281 - 1 = 2.8%. Integration and Analytics growth FY2022 3,783 / 2,951 - 1 = 28.2%, FY2023 4,338 / 3,783 - 1 = 14.7%, FY2024 5,189 / 4,338 - 1 = 19.6%, FY2025 5,775 / 5,189 - 1 = 11.3%, FY2026 6,232 / 5,775 - 1 = 7.9%; FY2021-FY2026 (6,232 / 2,951) ^ (1/5) - 1 = 16.1% a year; share of subscription revenue FY2025 5,775 / 35,679 = 16.2%, FY2026 6,232 / 39,388 = 15.8%; growth less Sales growth FY2024 20% - 11% = +9 points, FY2026 8% - 8% = 0 points; revenue per dollar paid 6,232 / (6,425 + 14,845 = 21,270) = 0.29. Subscription and support growth FY2026 39,388 / 35,679 - 1 = 10.4%. Sales plus Service 9,028 + 9,818 = 18,846, 18,846 / 39,388 = 47.9% of subscription revenue. Sales growth FY2024-FY2026: 11.0%, 9.8%, 8.5%; Service 11.9%, 9.8%, 8.4%. Professional services: share of revenue FY2016 461.6 / 6,667.2 = 6.9%; FY2020 1,055 / 17,098 = 6.2%; FY2022 1,835 / 26,492 = 6.9%; FY2023 2,331 / 31,352 = 7.4%; FY2025 2,216 / 37,895 = 5.8%; FY2026 2,137 / 41,525 = 5.1%; Q2 FY2026 546 / 10,236 = 5.3%; Q2 FY2027 525 / 11,345 = 4.6%. Gross margin (revenue less cost, over revenue): FY2017 (638 - 617) / 638 = 3.3%, FY2018 (774 - 740) / 774 = 4.4%, FY2019 (869 - 847) / 869 = 2.5%, FY2020 (1,055 - 1,037) / 1,055 = 1.7%, FY2021 (1,276 - 1,284) / 1,276 = -0.6%, FY2022 (1,835 - 1,967) / 1,835 = -7.2%, FY2023 (2,331 - 2,539) / 2,331 = -8.9%, FY2024 (2,320 - 2,364) / 2,320 = -1.9%, FY2025 (2,216 - 2,445) / 2,216 = -10.3%, FY2026 (2,137 - 2,474) / 2,137 = -15.8%; Q2 FY2026 (546 - 597) / 546 = -9.3%; Q2 FY2027 (525 - 628) / 525 = -19.6%. Subscription and support gross margin: FY2020 (16,043 - 3,198) / 16,043 = 80.1%, FY2023 (29,021 - 5,821) / 29,021 = 79.9%, FY2025 (35,679 - 6,198) / 35,679 = 82.6%, FY2026 (39,388 - 6,796) / 39,388 = 82.7%; Q2 FY2026 (9,690 - 1,645) / 9,690 = 83.0%; Q2 FY2027 (10,820 - 2,021) / 10,820 = 81.3%. Margins and costs: GAAP operating margin = income from operations over revenue: FY2016 114.9 / 6,667.2 = 1.7%; FY2017 218 / 8,437 = 2.6%; FY2018 454 / 10,540 = 4.3%; FY2019 535 / 13,282 = 4.0%; FY2020 297 / 17,098 = 1.7%; FY2021 455 / 21,252 = 2.1%; FY2022 548 / 26,492 = 2.1%; FY2023 1,030 / 31,352 = 3.3%; FY2024 5,011 / 34,857 = 14.4%; FY2025 7,205 / 37,895 = 19.0%; FY2026 8,331 / 41,525 = 20.1%; operating income FY2026 over FY2023 8,331 / 1,030 = 8.1 times. Non-GAAP operating margin FY2015 574.1 / 5,373.6 = 10.7%; FY2016 830.0 / 6,667.2 = 12.4%. Marketing and sales over revenue FY2022 11,855 / 26,492 = 44.7%; FY2023 13,526 / 31,352 = 43.1%; FY2024 12,877 / 34,857 = 36.9%; FY2025 13,257 / 37,895 = 35.0%; FY2026 14,345 / 41,525 = 34.5%; marketing and sales growth FY2026 14,345 / 13,257 - 1 = 8.2%. Stock-based compensation over revenue FY2015 564.8 / 5,373.6 = 10.5%; FY2023 3,279 / 31,352 = 10.5%; FY2024 2,787 / 34,857 = 8.0%; FY2025 3,183 / 37,895 = 8.4%; FY2026 3,509 / 41,525 = 8.5%; unrecognised stock compensation after FY2028: 8,324 - 1,955 - 2,918 = 3,451. Amortisation of purchased intangibles FY2026 1,687 / 41,525 = 4.1%; FY2027 guide 4.4% times 46,250 = about 2,035. Restructuring FY2023-FY2026 828 + 988 + 461 + 586 = 2,863, about $2.9bn. Employees 83,334 - 76,453 = 6,881, 83,334 / 76,453 - 1 = +9.0%; revenue per employee FY2025 37,895 / 76,453 = about $496,000, FY2026 41,525 / 83,334 = about $498,000. Attrition dollars: 8% times 39,388 = about 3,151, about $3.2bn; bookings needed for 10% growth about 10% + 8% = 18% of the base; revenue kept each year at about 8% attrition 100% - 8% = about 92%. Cash: free cash flow FY2026 over FY2022 14,402 / 5,283 = 2.7 times; free cash flow over revenue FY2026 14,402 / 41,525 = 34.7%; capital expenditure over revenue 594 / 41,525 = 1.4%; non-cash charges FY2026 stock compensation 3,509 + amortisation 1,687 = 5,196, about $5.2bn; interest expense Q2 FY2027 473 / 67 = 7.1 times; unearned revenue over revenue 24,317 / 41,525 = 58.6%; unearned revenue growth FY2026 24,317 / 20,743 - 1 = +17.2%; 31 July 2026 18,787 / 16,555 - 1 = +13.5%; billings and other 45,099 / 39,635 - 1 = +13.8%; accounts receivable 14,339 / 11,945 - 1 = +20.0%. Net debt: 31 January 2025 debt 8,433 less cash 8,848 and marketable securities 5,184 = net cash of 5,599, about $5.6bn; 31 January 2026 (4,000 + 10,439 = 14,439) - 7,327 - 2,238 = 4,874, about $4.9bn; 31 July 2026 39,288 - 8,310 - 3,093 = 27,885, about $27.9bn. Contracted revenue: current RPO as a share of total RPO FY2018 9.6 / 20.6 = 46.6%; FY2019 11.9 / 25.7 = 46.3%; FY2020 15.0 / 30.8 = 48.7%; FY2021 18.0 / 36.1 = 49.9%; FY2022 22.0 / 43.7 = 50.3%; FY2023 24.6 / 48.6 = 50.6%; FY2024 27.6 / 56.9 = 48.5%; FY2025 30.2 / 63.4 = 47.6%; FY2026 35.1 / 72.4 = 48.5%; 31 July 2026 33.5 / 66.3 = 50.5%; acquired RPO FY2026 2.2 / 72.4 = 3.0%. Acquisitions and shares: MuleSoft 6,425 + Tableau 14,845 + Slack 27,068 + Informatica 9,636 = 57,974, about $58.0bn; MuleSoft goodwill 4,816 / 6,425 = 75.0%, other net assets 6,425 - 4,816 - 1,279 = 330; Tableau stock 14,552 / 14,845 = 98.0%, goodwill 10,806 / 14,845 = 72.8%; Slack goodwill 21,161 / 27,068 = 78.2%, Slack goodwill over total goodwill 21,161 / 57,941 = 36.5%; Informatica goodwill 5,257 / 9,636 = 54.6%, net of cash acquired 9,636 - 1,405 = 8,231, price over cloud ARR 9,636 / 1,100 = 8.8 times; Informatica Q2 FY2027 revenue 456 times 4 = about 1,824 a year. Goodwill over total assets FY2025 51,283 / 102,928 = 49.8%; FY2026 57,941 / 112,305 = 51.6%; goodwill plus intangibles (57,941 + 6,815 = 64,756) / 112,305 = 57.7%; goodwill FY2026 over FY2015 57,941 / 3,782.7 = 15.3 times. Shares outstanding at fiscal year end (SEC XBRL cover data): 650.6 million (FY2015), 730 (FY2018), 770 (FY2019), 893 (FY2020), 989 (FY2022), 929 (FY2026); 893 / 770 - 1 = +16.0%; 989 / 650.6 - 1 = +52.0%; 823 million on 20 August 2026. Pending Contentful 1.5 + Fin 3.6 = $5.1bn; with Informatica 9.6 + 3.6 + 1.5 = $14.7bn; if the two add 400 a year, 5,100 / 400 = 12.75 times. Valuation: market value 193,150 over trailing net income 9,662 = 20.0 times, over trailing revenue 43,938 = 4.40 times; fiscal 2027 EPS guidance midpoints GAAP (7.85 + 7.93) / 2 = 7.89 in February and (10.21 + 10.25) / 2 = 10.23 in August, +29.7%; adjusted (13.11 + 13.19) / 2 = 13.15 and (16.67 + 16.71) / 2 = 16.69, +26.9%; Q2 FY2027 EPS without investment gains 4.29 - 2.43 = 1.86 against 1.96. Geography and customers: United States share 0.93 times 27,193 / 41,525 = about 61%; growth FY2026 Americas 27,193 / 25,143 - 1 = 8.2%, Europe 10,017 / 8,891 - 1 = 12.7%, Asia Pacific 4,315 / 3,861 - 1 = 11.8%; Q2 FY2027 Europe 2,764 / 2,429 - 1 = 13.8%; Agentforce ARR 1,500 / 43,938 = 3.4% of trailing revenue. Additional: subscription and support growth FY2024 32,537 / 29,021 - 1 = 12.1%; Marketing and Commerce share of subscription revenue FY2023 4,516 / 29,021 = 15.6%, FY2024 4,912 / 32,537 = 15.1%, FY2025 5,281 / 35,679 = 14.8%, FY2026 5,428 / 39,388 = 13.8%; noncurrent RPO FY2026 37.3 / 33.2 - 1 = +12.3%, current RPO 35.1 / 30.2 - 1 = +16.2%; average repurchase price FY2023 4.0bn / 28 million = about $143, FY2024 7.7bn / 36 million = about $214, FY2025 7.8bn / 30 million = $260, FY2026 12.7bn / 50 million = $254; dividends over net income FY2026 1,587 / 7,457 = 21.3%; tangible equity 31 July 2026 38,378 - 59,250 - 6,142 = -27,014, about minus $27.0bn; fiscal 2027 free cash flow at 4% to 5% growth 14,402 times 1.04 = 14,978 to 14,402 times 1.05 = 15,122, about $15.0bn to $15.1bn. Competition (IDC estimates compiled by CX Foundation): Salesforce over the next-largest vendor 2021 23.8 / 5.4 (SAP) = 4.4 times, 2025 20.0 / 4.1 (Oracle) = 4.9 times; Salesforce 23.8% - 20.0% = 3.8 points lost 2021-2025; vendors outside the top five 65.4% - 56.6% = 8.8 points gained; Oracle, Microsoft, SAP and Adobe 5.1 + 5.3 + 5.4 + 3.8 = 19.6% in 2021 and 4.1 + 4.0 + 3.1 + 3.4 = 14.6% in 2025, 5.0 points lost; Salesforce over Oracle 20.0 / 4.1 = 4.9 times - acquisitions, goodwill, share count, deals and earnings guidance. — FY2015-Q2 FY2027 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Salesforce Forms 10-K, 10-Q and results releases, SEC XBRL, the Investor Day presentation, stockanalysis market data and CX Foundation's compilation of IDC shares; each operand is stated in the source line.
  5. ReportedInformatica contributed about $399 million of revenue in the last quarter of fiscal 2026, sits in Platform, Slack and Other, and brought about $2.2 billion of remaining performance obligation.
    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 ↗
  6. ReportedInformatica contributed about $399 million of revenue in the last quarter of fiscal 2026, sits in Platform, Slack and Other, and brought about $2.2 billion of remaining performance obligation.
    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 ↗
  7. ReportedInformatica contributed about $399 million of revenue in the last quarter of fiscal 2026, sits in Platform, Slack and Other, and brought about $2.2 billion of remaining performance obligation.
    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 ↗
  8. ReportedIts cloud ARR was $1.1 billion at the year end.
    Salesforce fourth-quarter and fiscal 2026 results release, Form 8-K exhibit 99.1 - margins, cash flow, capital returns, the $50 billion repurchase authorisation, the dividend increase, Agentforce ARR and fiscal 2027 and fiscal 2030 targets. — FY2026 · publ. 25 February 2026 · source ↗
  9. ReportedIn the second quarter of fiscal 2027 it contributed $440 million of subscription revenue and $456 million in total, about $1.8 billion a year at that rate.
    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 - highlights, income statement, revenue categories and margins. — Q2 FY2027 · publ. 26 August 2026 · source ↗
  10. Moat Explorer calcIn the second quarter of fiscal 2027 it contributed $440 million of subscription revenue and $456 million in total, about $1.8 billion a year at that rate.
    Moat Explorer calculation from Salesforce reported figures ($ millions unless stated; fiscal years end 31 January). Revenue growth: FY2016 6,667.2 / 5,373.6 - 1 = +24.1%; FY2021 21,252 / 17,098 - 1 = +24.3%; FY2022 26,492 / 21,252 - 1 = +24.7%; FY2023 31,352 / 26,492 - 1 = +18.3%; FY2024 34,857 / 31,352 - 1 = +11.2%; FY2025 37,895 / 34,857 - 1 = +8.7%; FY2026 41,525 / 37,895 - 1 = +9.6%; FY2026 without Informatica (41,525 - 399) / 37,895 - 1 = +8.5%; Q2 FY2027 reported 11,345 / 10,236 - 1 = +10.8%, without Informatica (11,345 - 456) / 10,236 - 1 = +6.4%; Q3 FY2027 guide 11% to 12% less slightly above 4 points of Informatica = roughly 7% to 8% organic; revenue increase FY2023 to FY2026 41,525 - 31,352 = 10,173, about $10.2bn; trailing twelve months to July 2026: revenue 41,525 - 20,065 + 22,478 = 43,938; net income 7,457 - 3,428 + 5,633 = 9,662; Q1 FY2027 revenue 22,478 - 11,345 = 11,133; fiscal 2027 revenue guidance midpoint (45,800 + 46,200) / 2 = 46,000 in February and (46,100 + 46,400) / 2 = 46,250 in August, 46,250 / 46,000 - 1 = +0.5%; FY2030 target 63,000: (63,000 / 46,400) ^ (1/3) - 1 = 10.7% a year; 46,400 times 1.107 = about 51,400 in FY2028. Revenue lines: Sales FY2016-FY2026 9,028 / 2,699.0 = 3.3 times, (3.34) ^ (1/10) - 1 = 12.8% a year; Sales growth FY2022 5,989 / 5,191 - 1 = 15.4%, FY2023 6,831 / 5,989 - 1 = 14.1%, FY2024 7,580 / 6,831 - 1 = 11.0%, FY2025 8,322 / 7,580 - 1 = 9.8%, FY2026 9,028 / 8,322 - 1 = 8.5%; Sales share of subscription revenue FY2016 2,699.0 / 6,205.6 = 43.5%, FY2026 9,028 / 39,388 = 22.9%, of total revenue 9,028 / 41,525 = 21.7%. Service FY2016-FY2026 9,818 / 1,817.8 = 5.4 times, 18.4% a year; Service growth FY2022 6,474 / 5,377 - 1 = 20.4%, FY2023 7,369 / 6,474 - 1 = 13.8%, FY2024 8,245 / 7,369 - 1 = 11.9%, FY2025 9,054 / 8,245 - 1 = 9.8%, FY2026 9,818 / 9,054 - 1 = 8.4%; Service share of revenue 9,818 / 41,525 = 23.6%. Platform, Slack and Other growth FY2018 1,913 / 1,433 - 1 = 33.5%, FY2019 2,854 / 1,913 - 1 = 49.2%, FY2021 3,324 / 2,787 - 1 = 19.3%, FY2022 4,509 / 3,324 - 1 = 35.6%, FY2023 5,967 / 4,509 - 1 = 32.3%, FY2024 6,611 / 5,967 - 1 = 10.8%, FY2025 7,247 / 6,611 - 1 = 9.6%, FY2026 8,882 / 7,247 - 1 = 22.6%, without Informatica (8,882 - 388) / 7,247 - 1 = 17.2%. Data 360, Headless Platform and Other Q2 FY2027 3,618 / 3,008 - 1 = 20.3%, without Informatica (3,618 - 440) / 3,008 - 1 = 5.7%. Marketing and Commerce FY2016-FY2026 5,428 / 654.1 = 8.3 times, 23.6% a year; growth FY2018 1,382 / 947 - 1 = 45.9%, FY2019 1,898 / 1,382 - 1 = 37.3%, FY2020 2,506 / 1,898 - 1 = 32.0%, FY2021 3,133 / 2,506 - 1 = 25.0%, FY2022 3,902 / 3,133 - 1 = 24.5%, FY2023 4,516 / 3,902 - 1 = 15.7%, FY2024 4,912 / 4,516 - 1 = 8.8%, FY2025 5,281 / 4,912 - 1 = 7.5%, FY2026 5,428 / 5,281 - 1 = 2.8%. Integration and Analytics growth FY2022 3,783 / 2,951 - 1 = 28.2%, FY2023 4,338 / 3,783 - 1 = 14.7%, FY2024 5,189 / 4,338 - 1 = 19.6%, FY2025 5,775 / 5,189 - 1 = 11.3%, FY2026 6,232 / 5,775 - 1 = 7.9%; FY2021-FY2026 (6,232 / 2,951) ^ (1/5) - 1 = 16.1% a year; share of subscription revenue FY2025 5,775 / 35,679 = 16.2%, FY2026 6,232 / 39,388 = 15.8%; growth less Sales growth FY2024 20% - 11% = +9 points, FY2026 8% - 8% = 0 points; revenue per dollar paid 6,232 / (6,425 + 14,845 = 21,270) = 0.29. Subscription and support growth FY2026 39,388 / 35,679 - 1 = 10.4%. Sales plus Service 9,028 + 9,818 = 18,846, 18,846 / 39,388 = 47.9% of subscription revenue. Sales growth FY2024-FY2026: 11.0%, 9.8%, 8.5%; Service 11.9%, 9.8%, 8.4%. Professional services: share of revenue FY2016 461.6 / 6,667.2 = 6.9%; FY2020 1,055 / 17,098 = 6.2%; FY2022 1,835 / 26,492 = 6.9%; FY2023 2,331 / 31,352 = 7.4%; FY2025 2,216 / 37,895 = 5.8%; FY2026 2,137 / 41,525 = 5.1%; Q2 FY2026 546 / 10,236 = 5.3%; Q2 FY2027 525 / 11,345 = 4.6%. Gross margin (revenue less cost, over revenue): FY2017 (638 - 617) / 638 = 3.3%, FY2018 (774 - 740) / 774 = 4.4%, FY2019 (869 - 847) / 869 = 2.5%, FY2020 (1,055 - 1,037) / 1,055 = 1.7%, FY2021 (1,276 - 1,284) / 1,276 = -0.6%, FY2022 (1,835 - 1,967) / 1,835 = -7.2%, FY2023 (2,331 - 2,539) / 2,331 = -8.9%, FY2024 (2,320 - 2,364) / 2,320 = -1.9%, FY2025 (2,216 - 2,445) / 2,216 = -10.3%, FY2026 (2,137 - 2,474) / 2,137 = -15.8%; Q2 FY2026 (546 - 597) / 546 = -9.3%; Q2 FY2027 (525 - 628) / 525 = -19.6%. Subscription and support gross margin: FY2020 (16,043 - 3,198) / 16,043 = 80.1%, FY2023 (29,021 - 5,821) / 29,021 = 79.9%, FY2025 (35,679 - 6,198) / 35,679 = 82.6%, FY2026 (39,388 - 6,796) / 39,388 = 82.7%; Q2 FY2026 (9,690 - 1,645) / 9,690 = 83.0%; Q2 FY2027 (10,820 - 2,021) / 10,820 = 81.3%. Margins and costs: GAAP operating margin = income from operations over revenue: FY2016 114.9 / 6,667.2 = 1.7%; FY2017 218 / 8,437 = 2.6%; FY2018 454 / 10,540 = 4.3%; FY2019 535 / 13,282 = 4.0%; FY2020 297 / 17,098 = 1.7%; FY2021 455 / 21,252 = 2.1%; FY2022 548 / 26,492 = 2.1%; FY2023 1,030 / 31,352 = 3.3%; FY2024 5,011 / 34,857 = 14.4%; FY2025 7,205 / 37,895 = 19.0%; FY2026 8,331 / 41,525 = 20.1%; operating income FY2026 over FY2023 8,331 / 1,030 = 8.1 times. Non-GAAP operating margin FY2015 574.1 / 5,373.6 = 10.7%; FY2016 830.0 / 6,667.2 = 12.4%. Marketing and sales over revenue FY2022 11,855 / 26,492 = 44.7%; FY2023 13,526 / 31,352 = 43.1%; FY2024 12,877 / 34,857 = 36.9%; FY2025 13,257 / 37,895 = 35.0%; FY2026 14,345 / 41,525 = 34.5%; marketing and sales growth FY2026 14,345 / 13,257 - 1 = 8.2%. Stock-based compensation over revenue FY2015 564.8 / 5,373.6 = 10.5%; FY2023 3,279 / 31,352 = 10.5%; FY2024 2,787 / 34,857 = 8.0%; FY2025 3,183 / 37,895 = 8.4%; FY2026 3,509 / 41,525 = 8.5%; unrecognised stock compensation after FY2028: 8,324 - 1,955 - 2,918 = 3,451. Amortisation of purchased intangibles FY2026 1,687 / 41,525 = 4.1%; FY2027 guide 4.4% times 46,250 = about 2,035. Restructuring FY2023-FY2026 828 + 988 + 461 + 586 = 2,863, about $2.9bn. Employees 83,334 - 76,453 = 6,881, 83,334 / 76,453 - 1 = +9.0%; revenue per employee FY2025 37,895 / 76,453 = about $496,000, FY2026 41,525 / 83,334 = about $498,000. Attrition dollars: 8% times 39,388 = about 3,151, about $3.2bn; bookings needed for 10% growth about 10% + 8% = 18% of the base; revenue kept each year at about 8% attrition 100% - 8% = about 92%. Cash: free cash flow FY2026 over FY2022 14,402 / 5,283 = 2.7 times; free cash flow over revenue FY2026 14,402 / 41,525 = 34.7%; capital expenditure over revenue 594 / 41,525 = 1.4%; non-cash charges FY2026 stock compensation 3,509 + amortisation 1,687 = 5,196, about $5.2bn; interest expense Q2 FY2027 473 / 67 = 7.1 times; unearned revenue over revenue 24,317 / 41,525 = 58.6%; unearned revenue growth FY2026 24,317 / 20,743 - 1 = +17.2%; 31 July 2026 18,787 / 16,555 - 1 = +13.5%; billings and other 45,099 / 39,635 - 1 = +13.8%; accounts receivable 14,339 / 11,945 - 1 = +20.0%. Net debt: 31 January 2025 debt 8,433 less cash 8,848 and marketable securities 5,184 = net cash of 5,599, about $5.6bn; 31 January 2026 (4,000 + 10,439 = 14,439) - 7,327 - 2,238 = 4,874, about $4.9bn; 31 July 2026 39,288 - 8,310 - 3,093 = 27,885, about $27.9bn. Contracted revenue: current RPO as a share of total RPO FY2018 9.6 / 20.6 = 46.6%; FY2019 11.9 / 25.7 = 46.3%; FY2020 15.0 / 30.8 = 48.7%; FY2021 18.0 / 36.1 = 49.9%; FY2022 22.0 / 43.7 = 50.3%; FY2023 24.6 / 48.6 = 50.6%; FY2024 27.6 / 56.9 = 48.5%; FY2025 30.2 / 63.4 = 47.6%; FY2026 35.1 / 72.4 = 48.5%; 31 July 2026 33.5 / 66.3 = 50.5%; acquired RPO FY2026 2.2 / 72.4 = 3.0%. Acquisitions and shares: MuleSoft 6,425 + Tableau 14,845 + Slack 27,068 + Informatica 9,636 = 57,974, about $58.0bn; MuleSoft goodwill 4,816 / 6,425 = 75.0%, other net assets 6,425 - 4,816 - 1,279 = 330; Tableau stock 14,552 / 14,845 = 98.0%, goodwill 10,806 / 14,845 = 72.8%; Slack goodwill 21,161 / 27,068 = 78.2%, Slack goodwill over total goodwill 21,161 / 57,941 = 36.5%; Informatica goodwill 5,257 / 9,636 = 54.6%, net of cash acquired 9,636 - 1,405 = 8,231, price over cloud ARR 9,636 / 1,100 = 8.8 times; Informatica Q2 FY2027 revenue 456 times 4 = about 1,824 a year. Goodwill over total assets FY2025 51,283 / 102,928 = 49.8%; FY2026 57,941 / 112,305 = 51.6%; goodwill plus intangibles (57,941 + 6,815 = 64,756) / 112,305 = 57.7%; goodwill FY2026 over FY2015 57,941 / 3,782.7 = 15.3 times. Shares outstanding at fiscal year end (SEC XBRL cover data): 650.6 million (FY2015), 730 (FY2018), 770 (FY2019), 893 (FY2020), 989 (FY2022), 929 (FY2026); 893 / 770 - 1 = +16.0%; 989 / 650.6 - 1 = +52.0%; 823 million on 20 August 2026. Pending Contentful 1.5 + Fin 3.6 = $5.1bn; with Informatica 9.6 + 3.6 + 1.5 = $14.7bn; if the two add 400 a year, 5,100 / 400 = 12.75 times. Valuation: market value 193,150 over trailing net income 9,662 = 20.0 times, over trailing revenue 43,938 = 4.40 times; fiscal 2027 EPS guidance midpoints GAAP (7.85 + 7.93) / 2 = 7.89 in February and (10.21 + 10.25) / 2 = 10.23 in August, +29.7%; adjusted (13.11 + 13.19) / 2 = 13.15 and (16.67 + 16.71) / 2 = 16.69, +26.9%; Q2 FY2027 EPS without investment gains 4.29 - 2.43 = 1.86 against 1.96. Geography and customers: United States share 0.93 times 27,193 / 41,525 = about 61%; growth FY2026 Americas 27,193 / 25,143 - 1 = 8.2%, Europe 10,017 / 8,891 - 1 = 12.7%, Asia Pacific 4,315 / 3,861 - 1 = 11.8%; Q2 FY2027 Europe 2,764 / 2,429 - 1 = 13.8%; Agentforce ARR 1,500 / 43,938 = 3.4% of trailing revenue. Additional: subscription and support growth FY2024 32,537 / 29,021 - 1 = 12.1%; Marketing and Commerce share of subscription revenue FY2023 4,516 / 29,021 = 15.6%, FY2024 4,912 / 32,537 = 15.1%, FY2025 5,281 / 35,679 = 14.8%, FY2026 5,428 / 39,388 = 13.8%; noncurrent RPO FY2026 37.3 / 33.2 - 1 = +12.3%, current RPO 35.1 / 30.2 - 1 = +16.2%; average repurchase price FY2023 4.0bn / 28 million = about $143, FY2024 7.7bn / 36 million = about $214, FY2025 7.8bn / 30 million = $260, FY2026 12.7bn / 50 million = $254; dividends over net income FY2026 1,587 / 7,457 = 21.3%; tangible equity 31 July 2026 38,378 - 59,250 - 6,142 = -27,014, about minus $27.0bn; fiscal 2027 free cash flow at 4% to 5% growth 14,402 times 1.04 = 14,978 to 14,402 times 1.05 = 15,122, about $15.0bn to $15.1bn. Competition (IDC estimates compiled by CX Foundation): Salesforce over the next-largest vendor 2021 23.8 / 5.4 (SAP) = 4.4 times, 2025 20.0 / 4.1 (Oracle) = 4.9 times; Salesforce 23.8% - 20.0% = 3.8 points lost 2021-2025; vendors outside the top five 65.4% - 56.6% = 8.8 points gained; Oracle, Microsoft, SAP and Adobe 5.1 + 5.3 + 5.4 + 3.8 = 19.6% in 2021 and 4.1 + 4.0 + 3.1 + 3.4 = 14.6% in 2025, 5.0 points lost; Salesforce over Oracle 20.0 / 4.1 = 4.9 times - revenue lines, professional services and subscription margins. — FY2015-Q2 FY2027 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Salesforce Forms 10-K, 10-Q and results releases, SEC XBRL, the Investor Day presentation, stockanalysis market data and CX Foundation's compilation of IDC shares; each operand is stated in the source line.
  11. ReportedThe 10-K explains the logic: Informatica "enables customers to discover, integrate, govern, and deliver trusted data at scale across hybrid and multi-cloud" environments.
    Salesforce Form 10-K for fiscal 2026 (year ended 31 January 2026) - acquisitions, purchase-price allocations, goodwill and intangible assets. — FY2026 · publ. 2 March 2026 · source ↗
  12. ReportedThe guidance assumes slightly above three points of fiscal 2027 growth from Informatica.
    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 - third-quarter and full-year fiscal 2027 guidance. — Q2 FY2027 · publ. 26 August 2026 · source ↗
Sources
Generated October 4, 2026