FINANCIAL MODEL

Salesforce, Inc.

CRM · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Income Statement
Revenue	6,667	8,392	10,480	13,282	17,098	21,252	26,492	31,352	34,857	37,895	41,525
Cost of Goods Sold	1,655	2,234	2,774	3,451	4,235	5,438	7,026	8,360	8,541	8,643	9,270
Gross Profit	5,013	6,158	7,706	9,831	12,863	15,814	19,466	22,992	26,316	29,252	32,255
SG&A	3,988	4,886	5,918	7,410	9,634	11,761	14,453	16,079	15,411	16,093	17,345
R&D	946	1,208	1,553	1,886	2,766	3,598	4,465	5,055	4,906	5,493	5,993
EBITDA	641	696	988	1,497	2,432	3,301	3,846	4,816	8,970	10,682	11,962
D&A	526	632	753	962	2,135	2,846	3,298	3,786	3,959	3,477	3,631
EBIT (Operating Income)	115	64	236	535	297	455	548	1,030	5,011	7,205	8,331
Interest Expense	72	89	87	154	131	110
Pre-Tax Income	64	25	202	983	706	2,561	1,532	660	4,950	7,438	9,520
Tax Expense	112	-154	75	-127	580	-1,511	88	452	814	1,241	2,063
Net Income	-47	180	127	1,110	126	4,072	1,444	208	4,136	6,197	7,457
Diluted EPS	-0.07	0.26	0.17	1.43	0.15	4.38	1.48	0.21	4.20	6.36	7.80
Diluted Shares (M)	661.6	700.2	734.6	775.0	850.0	930.0	974.0	997.0	984.0	974.0	956.0
Balance Sheet
Total Cash & Equivalents	1,158	1,607	2,543	4,342	7,947	11,966	10,537	12,508	14,194	14,032	9,565
Short-term Debt		0	1,025	3	4	4	4	1,182	999	0	4,000
Long-term Debt		2,008	695	3,173	2,673	2,673	10,592	9,419	8,427	8,433	10,439
Total Debt		2,008	1,719	3,176	2,677	2,677	10,596	10,601	9,426	8,433	14,439
Net Debt		402	-824	-1,166	-5,270	-9,289	59	-1,907	-4,768	-5,599	4,874
Total Current Assets		5,997	9,290	10,683	15,963	21,889	22,850	26,395	29,074	29,727	28,222
Total Current Liabilities		7,295	10,130	11,255	14,845	17,728	21,788	25,891	26,631	27,980	37,118
Total Assets		17,585	21,010	30,737	55,126	66,301	95,209	98,849	99,823	102,928	112,305
Total Liabilities		10,085	11,617	15,132	21,241	24,808	37,078	40,490	40,177	41,755	53,163
Shareholders' Equity	5,003	7,500	9,388	15,605	33,885	41,493	58,131	58,359	59,646	61,173	59,142
Minority Interest
Intangibles & Goodwill		7,264	7,314	12,851	25,134	26,318	47,937	48,568	48,620	51,283	57,941
PP&E		1,788	1,947	2,051	2,375	2,459	2,815	3,702	3,689	3,236	3,120
Receivables		3,197	3,917	4,924	6,174	7,786	9,739	10,755	11,414	11,945	14,339
Payables		1,753	2,010	165	3,433	4,355	5,474	6,743	6,111	6,658	8,253
Inventory
Retained Earnings	-653	-465	-337	1,735	1,861	5,933	7,377	7,585	11,721	16,369	22,221
Cash Flow
Cash from Operations	1,672	2,162	2,738	3,398	4,331	4,801	6,000	7,111	10,234	13,092	14,996
Capital Expenditures	284	464	534	595	643	710	717	798	736	658	594
Free Cash Flow	1,388	1,698	2,204	2,803	3,688	4,091	5,283	6,313	9,498	12,434	14,402
Stock-Based Compensation	594	820	997	1,283	1,785	2,190	2,779	3,279	2,787	3,183	3,509
Dividends Paid		0	0	0		0	0	0	0	1,537	1,587
Share Repurchases		0	0	0		0	0	4,000	7,620	7,829	12,596