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

⚠ Twenty-Five Billion Dollars BorrowedHigh threat

Salesforce (CRM) — threat to the moat

Salesforce borrowed $25 billion to buy back about 14% of its shares, turning net cash into about $28 billion of net debt and raising its interest bill sevenfold.

1. ReportedIt "issued $ 25.0 billion aggregate principal amount of unsecured Senior Notes" with maturities from 2028 to 2066, and "used the net proceeds from the March 2026 Notes to fund an accelerated share repurchase program".
   Salesforce Form 10-Q for the quarter ended 31 July 2026 - the March 2026 notes and term loan, the $25 billion accelerated share repurchase, strategic-investment gains, interest expense, pending acquisitions and unrecognised stock compensation. — Q2 FY2027 · publ. 27 August 2026 · source ↗
2. ReportedIt "issued $ 25.0 billion aggregate principal amount of unsecured Senior Notes" with maturities from 2028 to 2066, and "used the net proceeds from the March 2026 Notes to fund an accelerated share repurchase program".
   Salesforce Form 10-Q for the quarter ended 31 July 2026 - the March 2026 notes and term loan, the $25 billion accelerated share repurchase, strategic-investment gains, interest expense, pending acquisitions and unrecognised stock compensation. — Q2 FY2027 · publ. 27 August 2026 · source ↗
3. ReportedThe longest bond, $1,000 million due in March 2066, pays 6.70 percent.
   Salesforce Form 10-Q for the quarter ended 31 July 2026 - the March 2026 notes and term loan, the $25 billion accelerated share repurchase, strategic-investment gains, interest expense, pending acquisitions and unrecognised stock compensation. — Q2 FY2027 · publ. 27 August 2026 · source ↗
4. ReportedIt also took a $6.0 billion term loan to refinance the borrowing used for Informatica.
   Salesforce Form 10-Q for the quarter ended 31 July 2026 - the March 2026 notes and term loan, the $25 billion accelerated share repurchase, strategic-investment gains, interest expense, pending acquisitions and unrecognised stock compensation. — Q2 FY2027 · publ. 27 August 2026 · source ↗
5. ReportedDebt was $39,288 million at 31 July 2026 against $14,439 million at the fiscal year end.
   Salesforce Form 10-Q for the quarter ended 31 July 2026 - the March 2026 notes and term loan, the $25 billion accelerated share repurchase, strategic-investment gains, interest expense, pending acquisitions and unrecognised stock compensation. — Q2 FY2027 · publ. 27 August 2026 · source ↗
6. Moat Explorer calcWith cash of $8,310 million and marketable securities of $3,093 million, net debt was about $27.9 billion, against net cash of about $5.6 billion a year and a half earlier.
   Moat Explorer calculation from Salesforce reported figures ($ 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 - cash flow, debt, prepayments, receivables and contracted revenue. — 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. Moat Explorer calcWith cash of $8,310 million and marketable securities of $3,093 million, net debt was about $27.9 billion, against net cash of about $5.6 billion a year and a half earlier.
   Moat Explorer calculation from Salesforce reported figures ($ 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 - cash flow, debt, prepayments, receivables and contracted revenue. — 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.
8. ReportedStockholders' equity fell from $59,142 million to $38,378 million.
   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 ↗
9. ReportedThe repurchase retired about 103 million shares at an average of $198.34 on initial delivery, about 80% of the expected total, and the company expects a share count reduction of at least 14%.
   Salesforce Form 10-Q for the quarter ended 31 July 2026 - the March 2026 notes and term loan, the $25 billion accelerated share repurchase, strategic-investment gains, interest expense, pending acquisitions and unrecognised stock compensation. — Q2 FY2027 · publ. 27 August 2026 · source ↗
10. ReportedThe repurchase retired about 103 million shares at an average of $198.34 on initial delivery, about 80% of the expected total, and the company expects a share count reduction of at least 14%.
    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 ↗
11. ReportedIt calls it the "largest ASR ever" and says it expects "Over 40% return on our investment" based on the share price in August.
    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 ↗
12. ReportedThe cost is interest: $473 million in the second quarter against $67 million a year earlier, enough to halve the fiscal 2027 cash-flow growth guide, as argued under The Cash-Flow Guide Was Halved.
    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 ↗
13. Third-party estimateThe plan to repay it partly depends on selling the Anthropic stake, whose value is a private mark.
    Benzinga (citing CNBC), 17 September 2026 - Marc Benioff expects the Anthropic stake to be worth tens of billions and to sell it to pay off the accelerated share repurchase debt; Salesforce spends about $300 million a year on Anthropic tokens. — September 2026 · publ. 17 September 2026 · source ↗
14. ReportedSalesforce bought about 28 million shares for about $4.0 billion in fiscal 2023, 36 million for about $7.7 billion in fiscal 2024, and 30 million for about $7.8 billion in fiscal 2025 and 50 million for about $12.7 billion in fiscal 2026: averages of about $143, $214, $260 and $254 a share.
    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 ↗
15. ReportedSalesforce bought about 28 million shares for about $4.0 billion in fiscal 2023, 36 million for about $7.7 billion in fiscal 2024, and 30 million for about $7.8 billion in fiscal 2025 and 50 million for about $12.7 billion in fiscal 2026: averages of about $143, $214, $260 and $254 a share.
    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 ↗
16. ReportedSalesforce bought about 28 million shares for about $4.0 billion in fiscal 2023, 36 million for about $7.7 billion in fiscal 2024, and 30 million for about $7.8 billion in fiscal 2025 and 50 million for about $12.7 billion in fiscal 2026: averages of about $143, $214, $260 and $254 a share.
    Salesforce Form 10-K for fiscal 2026 (year ended 31 January 2026) - financial statements, MD&A and notes: income, margins, cash flow, capital returns, debt and employees. — FY2026 · publ. 2 March 2026 · source ↗
17. Moat Explorer calcSalesforce bought about 28 million shares for about $4.0 billion in fiscal 2023, 36 million for about $7.7 billion in fiscal 2024, and 30 million for about $7.8 billion in fiscal 2025 and 50 million for about $12.7 billion in fiscal 2026: averages of about $143, $214, $260 and $254 a share.
    Moat Explorer calculation from Salesforce reported figures ($ 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.
18. ReportedThe ASR's initial delivery came at $198.34, and the company expects an average of $182 over the whole programme.
    Salesforce Form 10-Q for the quarter ended 31 July 2026 - the March 2026 notes and term loan, the $25 billion accelerated share repurchase, strategic-investment gains, interest expense, pending acquisitions and unrecognised stock compensation. — Q2 FY2027 · publ. 27 August 2026 · source ↗
19. ReportedThe ASR's initial delivery came at $198.34, and the company expects an average of $182 over the whole programme.
    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 ↗

• Salesforce Form 10-K, FY2026
• Salesforce Form 10-Q, Q2 FY2027
• Moat Explorer calculation from Salesforce filings