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Integration and AnalyticsNarrow moat

Salesforce (CRM) — moat facet

Salesforce paid $21.3 billion for MuleSoft and Tableau; together they now bring in $6.2 billion a year, growing 8%.

1. ReportedIt holds MuleSoft and Tableau, and it was $6,232 million in fiscal 2026, 16% of subscription revenue, up 8%.
   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. ReportedMuleSoft connects a customer's systems; the 10-K now adds "MuleSoft Agent Fabric", which lets companies "manage, govern, and observe agents regardless of where they were built or where they run".
   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 ↗
3. ReportedPart of the revenue is term licences recognised when the software is delivered, so "we expect these offerings to experience greater volatility"; the rest is subscription.
   Salesforce Form 10-K for fiscal 2026 (year ended 31 January 2026) - Item 1A risk factors: competition, AI-native rivals, attrition, consumption pricing, infrastructure and investments. — FY2026 · publ. 2 March 2026 · source ↗
4. ReportedThe line exists because of two purchases: MuleSoft for $6,425 million in 2018 and Tableau for $14,845 million in 2019, $21.3 billion together.
   Salesforce Form 10-K for fiscal 2019 (year ended 31 January 2019) - the MuleSoft acquisition, employees, attrition, RPO and revenue by service offering for fiscal 2017-2019 under ASC 606. — FY2019 · publ. March 2019 · source ↗
5. ReportedThe line exists because of two purchases: MuleSoft for $6,425 million in 2018 and Tableau for $14,845 million in 2019, $21.3 billion together.
   Salesforce Form 10-K for fiscal 2020 (year ended 31 January 2020) - the Tableau acquisition, employees, attrition and revenue by service offering for fiscal 2018-2020. — FY2020 · publ. March 2020 · source ↗
6. Moat Explorer calcThe line exists because of two purchases: MuleSoft for $6,425 million in 2018 and Tableau for $14,845 million in 2019, $21.3 billion together.
   Moat Explorer calculation from Salesforce reported figures ($ 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.
7. ReportedIt was first shown as Data in the fiscal 2022 10-K, which said it "is comprised of revenue from Analytics and Integration service offerings, which were reclassified from Platform and Other", and restated fiscal 2020 at $1,686 million.
   Salesforce Form 10-K for fiscal 2022 (year ended 31 January 2022) - the Slack acquisition, the reclassification of Integration and Analytics into a Data line with fiscal 2020-2021 restated, employees, attrition and RPO. — FY2022 · publ. March 2022 · source ↗
8. ReportedIt was first shown as Data in the fiscal 2022 10-K, which said it "is comprised of revenue from Analytics and Integration service offerings, which were reclassified from Platform and Other", and restated fiscal 2020 at $1,686 million.
   Salesforce Form 10-K for fiscal 2022 (year ended 31 January 2022) - the Slack acquisition, the reclassification of Integration and Analytics into a Data line with fiscal 2020-2021 restated, employees, attrition and RPO. — FY2022 · publ. March 2022 · source ↗
9. ReportedIt was renamed Integration and Analytics in fiscal 2024.
   Salesforce Form 10-K for fiscal 2024 (year ended 31 January 2024) - the January 2023 restructuring plan, the renaming of Data to Integration and Analytics, attrition, employees and revenue by service offering for fiscal 2022-2024. — FY2024 · publ. March 2024 · source ↗
10. ReportedRevenue went from $1,686 million in fiscal 2020 to $2,951 million in fiscal 2021, the first full year of Tableau, then $3,783 million, $4,338 million, $5,189 million and $5,775 million, and $6,232 million in fiscal 2026.
    Salesforce Form 10-K for fiscal 2022 (year ended 31 January 2022) - the Slack acquisition, the reclassification of Integration and Analytics into a Data line with fiscal 2020-2021 restated, employees, attrition and RPO. — FY2022 · publ. March 2022 · source ↗
11. ReportedRevenue went from $1,686 million in fiscal 2020 to $2,951 million in fiscal 2021, the first full year of Tableau, then $3,783 million, $4,338 million, $5,189 million and $5,775 million, and $6,232 million in fiscal 2026.
    Salesforce Form 10-K for fiscal 2023 (year ended 31 January 2023) - the first share repurchase programme, employees, attrition, revenue by service offering and the income statement for fiscal 2021-2023. — FY2023 · publ. March 2023 · source ↗
12. ReportedRevenue went from $1,686 million in fiscal 2020 to $2,951 million in fiscal 2021, the first full year of Tableau, then $3,783 million, $4,338 million, $5,189 million and $5,775 million, and $6,232 million in fiscal 2026.
    Salesforce Form 10-K for fiscal 2024 (year ended 31 January 2024) - the January 2023 restructuring plan, the renaming of Data to Integration and Analytics, attrition, employees and revenue by service offering for fiscal 2022-2024. — FY2024 · publ. March 2024 · source ↗
13. ReportedRevenue went from $1,686 million in fiscal 2020 to $2,951 million in fiscal 2021, the first full year of Tableau, then $3,783 million, $4,338 million, $5,189 million and $5,775 million, and $6,232 million in fiscal 2026.
    Salesforce Form 10-K for fiscal 2025 (year ended 31 January 2025) - employees, attrition, repurchases and revenue by service offering for fiscal 2023-2025. — FY2025 · publ. March 2025 · source ↗
14. ReportedRevenue went from $1,686 million in fiscal 2020 to $2,951 million in fiscal 2021, the first full year of Tableau, then $3,783 million, $4,338 million, $5,189 million and $5,775 million, and $6,232 million in fiscal 2026.
    Salesforce Form 10-K for fiscal 2026 (year ended 31 January 2026) - revenue by service offering, geography and timing of recognition. — FY2026 · publ. 2 March 2026 · source ↗
15. Moat Explorer calcFrom fiscal 2021 that is about 16.1% a year, slowing to 7.9% in the latest year.
    Moat Explorer calculation from Salesforce reported figures ($ 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 $15.1bn. Competition (IDC estimates compiled by CX Foundation): Salesforce over the next-largest vendor 2021 23.8 / 5.4 (SAP) = 4.4 times, 2025 20.0 / 4.1 (Oracle) = 4.9 times; Salesforce 23.8% - 20.0% = 3.8 points lost 2021-2025; vendors outside the top five 65.4% - 56.6% = 8.8 points gained; Oracle, Microsoft, SAP and Adobe 5.1 + 5.3 + 5.4 + 3.8 = 19.6% in 2021 and 4.1 + 4.0 + 3.1 + 3.4 = 14.6% in 2025, 5.0 points lost; Salesforce over Oracle 20.0 / 4.1 = 4.9 times - growth, margins, costs, people, geography and market share. — FY2015-Q2 FY2027 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Salesforce Forms 10-K, 10-Q and results releases, SEC XBRL, the Investor Day presentation, stockanalysis market data and CX Foundation's compilation of IDC shares; each operand is stated in the source line.
16. Moat Explorer calcFrom fiscal 2021 that is about 16.1% a year, slowing to 7.9% in the latest year.
    Moat Explorer calculation from Salesforce reported figures ($ 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.
17. Third-party estimateIDC ranks Salesforce first in integration software for a fourth year.
    Salesforce news, 4 June 2026: IDC Worldwide Semiannual Software Tracker ranks Salesforce first in CRM for a 13th year with 20.0% in 2025; first in Sales for a 14th year, Customer Service a 13th, Marketing a seventh and Integration a fourth; second in Agent Build and Deploy with 17.5%. — 2025 · publ. 4 June 2026 · source ↗
18. Moat Explorer calcThe line brings in about 29 cents of revenue a year for each dollar paid for it: $6,232 million against $21.3 billion.
    Moat Explorer calculation from Salesforce reported figures ($ 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.
19. ReportedSince the first quarter of fiscal 2027 MuleSoft and Tableau report inside Data 360, Headless Platform and Other with 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 - highlights, income statement, revenue categories and margins. — Q2 FY2027 · publ. 26 August 2026 · source ↗
20. ReportedThe 10-K says that "Tableau Semantics, integrated into Data 360, translates data into business language", which makes the analytics product part of what agents read rather than a separate dashboard tool.
    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 ↗
21. ReportedMuleSoft is also being sold as a control point for agents built elsewhere: its Agent Fabric "provides a central registry to discover and reuse agents across the enterprise".
    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 ↗

• Salesforce Form 10-K, FY2026