Salesforce, Inc. (CRM) - Company Research

Last Updated: 26 August 2026

Salesforce sells customer relationship management software by subscription, and in FY2026 that subscription and support line was 94.9% of a $41.5bn revenue base. The company has spent the last two years rebuilding itself around Agentforce, its AI agent platform, renaming almost every product to carry the Agentforce prefix and moving from purely per-seat pricing towards consumption-based Flex Credits. In March 2026 it also did something it had never done before: it borrowed $25bn to fund a single accelerated share repurchase, retiring roughly 104 million shares in under three months. This report is a factual review of Salesforce's reported figures, drawn from its SEC filings and earnings releases. It contains no analyst ratings, price targets or forecasts. Note the timing carefully: the most recent reported quarter is Q1 FY2027, ended 30 April 2026 and released 27 May 2026. Salesforce confirmed on 5 August 2026 that Q2 FY2027 results are due after the market close on 26 August 2026, so the figures below will be superseded within hours of publication.

1. Company Snapshot

Field	Value
Legal name	Salesforce, Inc. (Delaware)
Headquarters	Salesforce Tower, 415 Mission Street, 3rd Floor, San Francisco, California 94105, USA
Founded	1999
Listing	NYSE, ticker CRM. Constituent of the Dow Jones Industrial Average since 31 August 2020.
Sector / industry	Technology — application software; customer relationship management and AI agent platforms
Fiscal year end	31 January. FY2026 ended 31 January 2026; FY2027 ends 31 January 2027.
CEO / Leadership	Marc Benioff, Chair and Chief Executive Officer, confirmed in post as at the Q1 FY2027 release of 27 May 2026. Robin Washington, President and Chief Financial and Operating Officer since March 2025. Miguel Milano promoted to Chief Operating Officer on 5 August 2026. Rohan Kumar, Chief Platform and Engineering Officer. Alexa Vignone, Chief Revenue Officer. Sabastian Niles, President and Chief Legal Officer. Parker Harris, Co-Founder and CTO of Slack.
Employees	83,334 as at 31 January 2026 per the FY2026 Form 10-K, up 9% from 76,453 a year earlier. Three separate rounds of role reductions have been reported during calendar 2026.
Revenue (FY2026, ended 31 Jan 2026)	$41,525m, up 9.6% year on year
Net income (FY2026, GAAP)	$7,457m
Diluted GAAP EPS (FY2026)	$7.80. Non-GAAP diluted EPS as reported by the company was $12.52.
Market capitalisation	Approximately $168.5bn (819,000,000 shares outstanding per the Q1 FY2027 10-Q cover page dated 21 May 2026, at a share price of $205.69 on 26 August 2026). Any figure computed from a share count above 900m predates the March 2026 buyback and is stale.
Dividend	$0.44 per quarter, an annualised rate of $1.76, raised 5.8% with the Q4 FY2026 results on 25 February 2026. The dividend was initiated in FY2025.
Remaining performance obligation	$67.9bn total RPO at 30 April 2026, up 11% year on year, of which current RPO was $33.6bn, up 14%

2. Bull and Bear Case

Bull Case

• Agentforce is scaling faster than any prior Salesforce product: Agentforce annual recurring revenue reached $1.2bn at 30 April 2026, up 205% year on year, and combined Agentforce plus Data 360 ARR was roughly $3.4bn, up over 200%. Agentic Work Units delivered stood at 3.8 billion, up 111% quarter on quarter, and 28.6 trillion tokens had been processed, up 152% quarter on quarter. More than half of Agentforce and Data 360 bookings came from existing customers.
• Cash generation is enormous and the multiple has compressed hard: FY2026 operating cash flow was $14,996m and free cash flow $14,402m, up 16%, on capital expenditure of just 1.4% of revenue. Against a market capitalisation of roughly $168.5bn that is a price-to-free-cash-flow multiple in the low teens, for a business that grew revenue 9.6% and carries $67.9bn of contracted backlog.
• The data layer is growing at more than three times the rate of the apps: under the new two-category disclosure, Data 360, Headless Platform and Other grew 23% in constant currency in Q1 FY2027 against 7% for Agentforce Apps. Data 360 ingested 52 trillion records in the quarter, up 136% year on year, of which 35 trillion came through Zero Copy, up 277%. Informatica adds $1.1bn of cloud ARR to that layer.
• Two directors bought with their own money and the CEO cancelled his selling plan: on 18 and 19 March 2026, directors David Blair Kirk and Laura Alber each purchased roughly $500,000 of stock on the open market at about $194.60. On 31 March 2026 Marc Benioff terminated the Rule 10b5-1 arrangement he had entered in October 2025, which would have sold up to 351,607 shares between April 2026 and February 2027. Not one of the 69 Form 4s filed in 2026 contains a 10b5-1 reference.

Bear Case

• The seat-based core has stalled at 7% constant-currency growth: the Agentforce Apps bucket — Sales, Service, Marketing, Commerce and Slack, the seat-licensed heart of the company — grew just 7% in constant currency in Q1 FY2027, and 6% in Q4 FY2026. Headline subscription growth of 12% constant currency is being carried by the other bucket, which contains acquired Informatica revenue. Management's promise of organic reacceleration in the second half of FY2027 is unproven.
• The balance sheet was levered to shrink the share count, not to grow the business: noncurrent debt went from $10,439m to $39,280m in a single quarter to fund the $25bn accelerated repurchase. Quarterly interest expense rose from $68m to $317m. Total equity fell from $59,142m to $34,235m. Management cut FY2027 operating and free cash flow growth guidance from roughly 9%–10% to roughly 4%–5%, explicitly citing the debt issuance.
• Salesforce is itself the proof case for the AI-kills-seats thesis: its own support organisation has shrunk from about 9,000 people to about 5,000 as Agentforce came to handle roughly half of support interactions. If that is what agentic AI does inside Salesforce, customers can reasonably be expected to do the same to their own Service Cloud seat counts. The shares hit a multi-year low of $146.32 in June 2026 on exactly this concern.
• Reported earnings quality is doing a lot of work: Q1 FY2027 non-GAAP diluted EPS of $3.88 sits 60% above the GAAP $2.42, bridged mainly by stock-based compensation of $1.00 per share and purchased-intangible amortisation of $0.64. Separately, $0.51 of that $3.88, about 13%, was a mark-to-market gain on the strategic investment portfolio — a line the company excludes from its own guidance because it cannot forecast it.
• Goodwill is 1.7 times the entire book value: goodwill stood at $59,291m against total stockholders equity of $34,235m at 30 April 2026, after the buyback halved the equity base. Salesforce has closed at least seven acquisitions in twelve months on top of the $8bn Informatica deal, spending $1,452m on business combinations in Q1 FY2027 alone. Any material impairment would be existential to reported equity.

3. Business Segments

Salesforce restructured its revenue disclosure twice in eighteen months. In Q3 FY2026 the five service offerings were renamed to reference Agentforce with no reallocation of revenue between them. Then in Q1 FY2027 the disclosure was collapsed into just two primary categories, to reflect what the company calls the evolution of its product architecture towards the Agentic Enterprise. Both bases are shown below, because the older five-category split is the only one with a full year of data behind it.

Segment / category	% of revenue	What it is
Agentforce Apps (current basis, Q1 FY2027)	62.1% ($6,910m of Q1 FY2027 revenue)	The seat-licensed core: Agentforce Sales, Agentforce Service, Agentforce Marketing, Agentforce Commerce, Agentforce Apps Flex Credits and Slack. Grew 8.9% as reported and 7% in constant currency.
Data 360, Headless Platform and Other (current basis, Q1 FY2027)	33.1% ($3,683m of Q1 FY2027 revenue)	The data and platform layer: Data 360, Data 360 and Platform Flex Credits, Headless Platform, Informatica, Agentforce MuleSoft, Agentforce Tableau and other. Grew 24.8% as reported and 23% in constant currency.
Professional services and other (current basis, Q1 FY2027)	4.9% ($540m of Q1 FY2027 revenue)	Implementation, consulting and training. Grew 1.5% year on year and continues to shrink as a share of the total.
Agentforce Service (FY2026 five-category basis)	23.6% ($9,818m of FY2026 revenue)	Case management, field service and customer support, up from $9,054m in FY2025. The largest single product line.
Agentforce Sales (FY2026 five-category basis)	21.7% ($9,028m of FY2026 revenue)	Core sales force automation, pipeline and CPQ, up from $8,322m in FY2025.
Agentforce 360 Platform, Slack and Other (FY2026 five-category basis)	21.4% ($8,882m of FY2026 revenue)	The application platform plus Slack, up from $7,247m in FY2025. Includes $388m of Informatica subscription revenue from the 18 November 2025 close.
Agentforce Integration and Agentforce Analytics (FY2026 five-category basis)	15.0% ($6,232m of FY2026 revenue)	MuleSoft integration and Tableau analytics, up from $5,775m in FY2025. Both moved into the data-layer bucket from Q1 FY2027.
Agentforce Marketing and Agentforce Commerce (FY2026 five-category basis)	13.1% ($5,428m of FY2026 revenue)	Marketing automation and commerce storefronts, up from $5,281m in FY2025 — the slowest-growing of the five at about 2.8%.

By geography, FY2026 revenue split $27,193m Americas (65.5%), $10,017m Europe (24.1%) and $4,315m Asia Pacific (10.4%). Constant-currency growth in Q1 FY2027 was 11% in the Americas and 12% in both Europe and Asia Pacific.

4. Business Model and Moat

How it makes money. Salesforce sells multi-year subscriptions, typically 12 to 36 months, invoiced in advance. Subscription and support was 94.9% of FY2026 revenue and 95.1% in Q1 FY2027. Because customers pay up front, the balance sheet carries large unearned revenue — $20,363m at 30 April 2026, down seasonally from $24,317m at the 31 January year end when the bulk of renewals land. The forward-looking measure is remaining performance obligation: $67.9bn total and $33.6bn current at 30 April 2026. The seasonal drop from the $72.4bn January peak is normal, not deterioration.

The pricing model is changing under the covers. Three models now coexist. Per-conversation pricing launched at $2 per conversation in 2024. Flex Credits, introduced in May 2025, sell at $500 per 100,000 credits, with a standard agent action consuming 20 credits, or $0.10, and a voice action 30 credits, or $0.15. And traditional per-user pricing still runs from $25 to $350 per user per month across the Sales tiers, with Agentforce editions from about $125 per user per month. That Flex Credits now appear as named revenue components in the disaggregation footnote tells you consumption revenue has become large enough to disclose separately — and it is the mechanism by which Salesforce hopes to decouple revenue growth from headcount growth at its customers.

Switching costs and the ecosystem. The moat is the accumulated configuration: custom objects, workflows, integrations and years of customer data sitting inside a system of record that finance, sales and service teams all touch. AppExchange, described in the 10-K as the enterprise cloud marketplace, hosts third-party applications built on the Agentforce 360 Platform and is supported by a large consulting-partner network. Deferred commissions of $4,985m at 30 April 2026 give a sense of the scale of the sales motion required to win and keep those accounts. Salesforce does not publish a numeric net revenue retention or attrition rate; the 10-K notes only that larger, multi-product customers have lower attrition than the company average, without giving a figure.

New metrics the company has introduced. Two disclosures appeared with the agentic pivot. Net New Annual Order Value, or NNAOV, is defined as the net change in annual order value of subscription agreements — annualised contract value from new and existing customers less reductions from cancellations, non-renewals and downgrades. Management said it accelerated in the second half of FY2026 but publishes no absolute figure. Agentic Work Units count discrete tasks executed by AI agents in production across Agentforce and Slack, and reached 3.8 billion delivered to date at Q1 FY2027. Investors should note that neither metric is auditable against a financial statement line.

Track the price on our Live Charts page and check upcoming macro releases on the Economic Calendar.

5. Financial Health

All figures are taken from Salesforce's Form 10-K and Form 10-Q filings and its quarterly earnings press releases. Salesforce's fiscal year ends 31 January, so FY2026 covers February 2025 to January 2026. Year-on-year percentages are derived; non-GAAP EPS figures are as reported by the company.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022 (ended 31 Jan 2022)	$26,492m	+24.7%	$1.48	$4.78	Nil	$10,592m
FY2023 (ended 31 Jan 2023)	$31,352m	+18.3%	$0.21	$5.24	Nil	$9,419m
FY2024 (ended 31 Jan 2024)	$34,857m	+11.2%	$4.20	$8.22	Nil	$8,427m
FY2025 (ended 31 Jan 2025)	$37,895m	+8.7%	$6.36	$10.20	$1.60	$8,433m
FY2026 (ended 31 Jan 2026)	$41,525m	+9.6%	$7.80	$12.52	$1.664	$10,439m

The Adjusted EPS column is Salesforce's own reported non-GAAP diluted EPS, which excludes stock-based compensation, amortisation of purchased intangibles, and gains or losses on strategic investments. The long-term debt column is noncurrent debt only. At 31 January 2026 there was also $4,000m of current debt — the 364-day Informatica credit agreement maturing November 2026 at 4.42% floating — so total debt at that date was $14,439m. Current debt was nil at each of the four preceding year ends. The five-year revenue compound annual growth rate from FY2022 to FY2026 is 11.9%.

The dividend was initiated in FY2025 at $0.40 per quarter, raised to $0.416 for FY2026, and raised again by 5.8% to $0.44 per quarter announced on 25 February 2026. The current annualised rate is $1.76.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q1 FY2027 (ended 30 Apr 2026)	$11,133m	$3.88	$2.42
Q4 FY2026 (ended 31 Jan 2026)	$11,201m	$3.81	$2.07
Q3 FY2026 (ended 31 Oct 2025)	$10,259m	$3.25	$2.19
Q2 FY2026 (ended 31 Jul 2025)	$10,236m	$2.91	$1.96
Q1 FY2026 (ended 30 Apr 2025)	$9,829m	$2.58	$1.59
FY2026 total (ended 31 Jan 2026)	$41,525m	$12.52	$7.80

The four FY2026 quarterly non-GAAP EPS figures sum to $12.55 against the $12.52 reported for the full year, a share-count and rounding difference; the reported full-year figure is used above. Q1 FY2027 revenue growth of 13.3% includes $444m of Informatica revenue, which closed on 18 November 2025 and so had no comparator in the prior-year quarter.

Margins improved in Q1 FY2027: GAAP operating margin of 21.1% against 19.8%, and non-GAAP operating margin of 34.8% against 32.3%. Cash generation in FY2026 was $14,996m of operating cash flow against $594m of capital expenditure, giving $14,402m of free cash flow, up 16%. Depreciation and amortisation was $3,631m and stock-based compensation $3,522m, or 8.5% of revenue, guided at 9.0% for FY2027.

For FY2027 the company guides revenue of $45.9bn to $46.2bn, up about 11%, including roughly three percentage points from Informatica; GAAP diluted EPS of $7.93 to $7.99 and non-GAAP diluted EPS of $14.06 to $14.12; a GAAP operating margin of 20.6% and non-GAAP operating margin of 34.3%; and operating and free cash flow growth of roughly 4% to 5%, cut from roughly 9% to 10% previously to reflect the interest cost of the $25bn debt issuance.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$168.5bn (819,000,000 shares outstanding per the Q1 FY2027 10-Q cover page dated 21 May 2026, at $205.69). The share count fell from 923m in February 2026 to 819m in May 2026 on the accelerated repurchase.
Enterprise value	~$195.9bn (market cap $168.5bn plus noncurrent debt $39.28bn less cash and marketable securities $11.84bn, per the 30 April 2026 balance sheet). A widely quoted alternative of about $199.2bn uses a $42.5bn total-debt figure that also includes lease and financing obligations.
Trailing P/E (GAAP)	~23.8x ($205.69 divided by trailing twelve-month diluted GAAP EPS of $8.63, derived as FY2026 $7.80 less Q1 FY2026 $1.59 plus Q1 FY2027 $2.42). On the company's own reported FY2026 non-GAAP EPS of $12.52 the equivalent multiple is about 16.4x.
P/E (forward)	~14.6x on the company's FY2027 non-GAAP diluted EPS guidance midpoint of $14.09, or ~25.8x on the FY2027 GAAP guidance midpoint of $7.96. Both are derived from Salesforce's own guidance issued 27 May 2026, not from third-party estimates.
P/S (TTM)	~3.93x (market cap $168.5bn divided by trailing twelve-month revenue of $42.83bn, derived as FY2026 $41,525m less Q1 FY2026 $9,829m plus Q1 FY2027 $11,133m)
EV/EBITDA (TTM)	~15.7x (enterprise value $195.9bn divided by trailing twelve-month EBITDA of $12.51bn; EBITDA = trailing operating income of $8,736m plus depreciation and amortisation of $3,773m, using the wider cash-flow-statement D&A figure of $3,631m for FY2026 rather than the narrower $1,200m property-and-equipment measure)
P/FCF	~11.5x (market cap $168.5bn divided by trailing free cash flow of $14.66bn; free cash flow = trailing operating cash flow $15,221m less capital expenditure $560m per the cash flow statement). On reported FY2026 free cash flow of $14,402m the multiple is ~11.7x.
Price/book	~4.9x (market cap $168.5bn divided by total stockholders equity of $34,235m at 30 April 2026). The equity base was nearly halved by the buyback, so this is inflated relative to Salesforce's own history and is not very meaningful.
52-week high	$269.11
52-week low	$146.32 (set in June 2026)
Short interest (% of float)	3.71% (29,406,370 shares short against a float of 793,594,620, settlement date 31 July 2026). Equivalent to 3.59% of shares outstanding. Some data providers still publish a figure above 9% based on an April 2026 settlement that predates the buyback; that figure is stale.
Days to cover	2.3 (short ratio, settlement date 31 July 2026)
Dividend yield	~0.86% ($1.76 annualised divided by $205.69)
Net debt	~$27.4bn (noncurrent debt $39.28bn less cash and marketable securities $11.84bn at 30 April 2026). Salesforce was in a net cash position as recently as 31 January 2026.

7. What Are They Building

Agentforce and the agentic platform. Agentforce 360 is now the umbrella platform brand, and the FY2026 10-K describes the company's "artificial intelligence powered Agentforce 360 Platform". Agentforce ARR reached $1.2bn at 30 April 2026, up 205% year on year, from $800m and 169% growth three months earlier. More than 29,000 Agentforce deals had closed since launch as at Q4 FY2026, up 50% quarter on quarter. Bookings from the premium Agentforce One Edition and Agentforce for Apps SKUs, anchored in Sales and Service, grew nearly 60% year on year.

Data 360, the layer underneath. Formerly Data Cloud, this is the unified data store that agents reason over. It ingested 112 trillion records in FY2026, up 114%, of which 53 trillion came via Zero Copy, up 310%, and processed 18TB of unstructured data. In Q1 FY2027 alone it took in 52 trillion records, up 136%, with 35 trillion via Zero Copy. A Data 360 MCP server is launching to expose roughly 200 Data 360 APIs via open standards.

Headless 360 — the major 2026 architectural bet. Announced at TrailblazerDX on 15 April 2026 and significantly expanded on 19 August 2026, Headless 360 exposes Data 360, Customer 360, Agentforce and Slack through APIs and more than 60 MCP tools rather than through the browser. Salesforce's own framing is blunt: "No Browser Required. The entire platform is now an API." This matters commercially as well as technically, because Headless Platform is now a named revenue component inside the faster-growing data bucket — and because an API-first platform is one whose revenue can grow without a proportional increase in the number of humans logging in.

Informatica and the acquisition run. Informatica was announced on 27 May 2025 and completed on 18 November 2025 at an equity value of roughly $8bn net of Salesforce's pre-existing stake, funded by drawing the full $4bn 364-day and full $2bn three-year credit agreements. It contributed $388m of subscription revenue in FY2026 and $444m of total revenue in Q1 FY2027, and carries $1.1bn of cloud ARR. Around it sit at least seven agentic tuck-ins in twelve months: Apromore (process mining, November 2025), Regrello (process automation, October 2025), Doti (enterprise search, December 2025), Qualified (pipeline generation, April 2026), Convergence.ai (agents that navigate dynamic web UIs, May 2026) and Bluebirds (prospecting intelligence, July 2026), with Waii and Spindle AI announced but with completion dates not disclosed. Deal values for most were not published; Q1 FY2027 shows $1,452m of business combinations net of cash acquired.

Model partnerships. The Anthropic partnership was expanded on 14 October 2025, making Anthropic the first large language model provider fully integrated within Salesforce's trust boundary, with Claude traffic contained inside Salesforce's virtual private cloud via Amazon Bedrock, and positioned as a preferred model for financial services, healthcare, cybersecurity and life sciences. In February 2026 the two companies brought business context and AI actions into Claude through Slack and Agentforce 360. The Google Cloud partnership was expanded on 16 October 2025 and again on 22 April 2026, with Gemini 3.5 Flash running natively in the Atlas Reasoning Engine from June 2026. An OpenAI relationship has also been expanded, though no specific commercial terms have been published.

Slack as the interface. The reimagined Slackbot reached general availability on 13 January 2026 as a personal AI agent for work, positioned as the front door to the agentic enterprise. Custom AI agents on Slack have grown 300% since January 2026, and the Slack MCP server passed one million active users within six weeks of launch.

8. Peers and Competitors

One caution before reading the table: ServiceNow executed a 5-for-1 stock split effective 18 December 2025, so its quoted share price is not comparable to pre-split history.

Peer	Market cap (August 2026)	Key 2025/2026 metric
Microsoft (NASDAQ: MSFT)	$3,651bn	FY2026, ended 30 June 2026, revenue $331.8bn, up 18%, with operating income $155.2bn, up 21%. Azure passed $100bn of annual revenue for the first time, growing 41% for the year and 43% in Q4. Dynamics 365 competes directly with Salesforce and is bundled with Copilot into seats customers already own. (Source: Microsoft FY2026 Q4 results release, 29 Jul 2026.)
Oracle (NYSE: ORCL)	$417.0bn	FY2026, ended 31 May 2026, revenue $67.4bn. Remaining performance obligation of $638bn, up 363% year on year; Q4 total cloud revenue $9.9bn, up 47%, with OCI up 93% to $5.8bn; FY2026 capital expenditure $55.7bn. (Source: Oracle Q4 FY2026 earnings release, 10 Jun 2026.)
SAP (NYSE: SAP, ADR)	$250.4bn	Q2 2026 current cloud backlog of EUR 22.9bn, up 27% year on year and 26% in constant currency; cloud revenue EUR 6.3bn, up 24% constant currency; Cloud ERP Suite EUR 5.5bn, up 27%. Operating profit outlook was cut on acquisition dilution. (Source: SAP Q2 2026 statement.)
ServiceNow (NYSE: NOW)	$131.3bn	Q2 2026 subscription revenue $3,877m, up 24.5% year on year and 23% in constant currency, on total revenue of $3,987m. Current RPO up 21.5% in constant currency. ServiceNow AI passed $1bn of annual contract value. Growing at roughly twice Salesforce's rate on about a third of the revenue base. (Source: ServiceNow Q2 2026 8-K.)
Adobe (NASDAQ: ADBE)	$108.9bn	FY2025, ended 28 November 2025, revenue $23.77bn with net income $7.13bn. Q3 FY2026 revenue guidance $6.67bn–$6.72bn, with results due 10 September 2026. Overlaps with Salesforce in marketing and commerce. (Source: Adobe SEC filings and guidance.)
Workday (NASDAQ: WDAY)	$48.0bn	FY2026, ended 31 January 2026, revenue $9.55bn, up about 13% from $8.45bn, with net income $0.69bn. Shares the same enterprise buyer and the same fiscal calendar as Salesforce. (Source: Workday FY2026 filings.)
HubSpot (NYSE: HUBS)	$12.2bn	FY2025 revenue $3.13bn, up about 19% from $2.63bn in FY2024, with net income of roughly $0.05bn — barely GAAP-profitable. The principal competitor at the small and mid-market end that Salesforce has been pushing into. (Source: HubSpot FY2025 filings.)

The relative positioning is itself part of the story. At roughly $168bn Salesforce is now smaller than both Oracle and SAP, and only about 28% larger than ServiceNow — a company with roughly a third of its revenue but more than twice its subscription growth rate. Compare notes with other members on the ChartsView Forum.

9. Insider Activity

Chair and Chief Executive Officer Marc Benioff made no discretionary open-market sales of Salesforce stock in calendar 2026. His only non-derivative transactions were an equity award on 22 March 2026 and a mandatory tax withholding on vesting on 22 April 2026. More notably, on 31 March 2026 he terminated the Rule 10b5-1 trading arrangement entered on 10 October 2025, which had provided for the sale of up to 351,607 shares between 1 April 2026 and 26 February 2027. Across all 69 Form 4 filings made under Salesforce's CIK in 2026, none carries a 10b5-1 notation, so there were no plan-based sales at all.

Name	Date	Type	Shares	Price	Value	Plan Type
Miguel Milano, President and COO	22 Aug 2026	RSU vesting and tax withholding	1,662 acquired, 678 withheld	$209.17	~$141,800 withheld	Routine vesting, no 10b5-1
Sabastian Niles, President and CLO	22 Aug 2026	RSU vesting and tax withholding	1,662 acquired, 920 withheld	$209.17	~$192,400 withheld	Routine vesting, no 10b5-1
Robin Washington, President and COFO	22 Jun 2026	RSU vesting and tax withholding	1,831 acquired, 908 withheld	$150.12	~$136,300 withheld	Routine vesting, no 10b5-1
Marc Benioff, Chair and CEO	22 Apr 2026	Tax withholding on vesting	22,560 withheld	$189.80	~$4,282,100	Mandatory withholding, not a discretionary sale
Marc Benioff, Chair and CEO	31 Mar 2026	Termination of Rule 10b5-1 plan	Up to 351,607 shares cancelled	Not applicable	No transaction	Plan adopted 10 Oct 2025, terminated before any sales
Marc Benioff, Chair and CEO	22 Mar 2026	Equity award	45,474 acquired	$0.00 grant	Not a purchase	Award, no 10b5-1
Laura Alber, Director	19 Mar 2026	Open-market purchase	2,571	$194.54 and $194.59	~$500,300	Discretionary purchase, no 10b5-1
David Blair Kirk, Director	18 Mar 2026	Open-market purchase	2,570	$194.62	~$500,200	Discretionary purchase, no 10b5-1
Neelie Kroes, Director	14 Jan 2026	Sale	3,893	$238.70	~$929,300	No 10b5-1 notation in the filing
Sundeep G. Reddy, EVP and Chief Accounting Officer	22 Jan 2026	RSU vesting and tax withholding	487 acquired, 243 withheld	$228.09	~$55,400 withheld	Routine vesting, no 10b5-1

Two directors each committed roughly $500,000 of their own money within 24 hours of each other in mid-March 2026 at about $194.60, in the same week the company launched its $25bn accelerated repurchase. Those are the only open-market purchase codes in the entire 2026 set. The single discretionary sale was director Neelie Kroes's disposal of 3,893 shares at $238.70 in January, near the top of the range. The withholding prices across the year also form a useful independent price series: $228.09 in January, $195.38 in March, $189.80 in April, $180.07 in May, $150.12 in June, $163.00 in July and $209.17 in August.

10. Key Risks

• The seat-based core has stalled: Agentforce Apps — Sales, Service, Marketing, Commerce and Slack — grew just 7% in constant currency in Q1 FY2027 and 6% in Q4 FY2026. Total subscription growth of 12% constant currency depends on the data bucket at 23%, which itself contains acquired Informatica revenue. Strip out acquisitions and the organic seat business is growing in the mid single digits. Management's promise of organic reacceleration in the second half of FY2027 is the whole case, and it is untested.
• AI disruption of seat-based software: the shares hit a multi-year low of $146.32 in June 2026 as part of a sector-wide de-rating on the thesis that AI agents reduce the number of software seats enterprises need. Salesforce is its own proof case: its support organisation has shrunk from about 9,000 people to about 5,000 as Agentforce came to handle roughly half of support interactions. Management's public response has been to call the bears "dead wrong", which is a conviction statement rather than evidence.
• Leverage taken on to buy back stock, with a near-term refinancing: noncurrent debt rose from $10,439m to $39,280m in a single quarter and quarterly interest expense from $68m to $317m. Separately, $4,000m of floating-rate Informatica bank debt at 4.42% matures in November 2026 and must be refinanced. Management cut FY2027 cash flow growth guidance roughly in half and named the debt issuance as the reason.
• Earnings quality and the non-GAAP bridge: Q1 FY2027 non-GAAP EPS of $3.88 sits 60% above GAAP EPS of $2.42, bridged by stock-based compensation of $1.00 per share, guided at 9.0% of FY2027 revenue, and purchased-intangible amortisation of $0.64. On top of that, $0.51 of the $3.88 was a mark-to-market gain on the strategic investment portfolio, which the company itself excludes from guidance because it cannot forecast it.
• Acquisition digestion and goodwill concentration: Informatica closed only in November 2025 and is listed first among the enumerated risks in Salesforce's own safe-harbour language. At least seven further tuck-ins have followed in twelve months. Goodwill stands at $59,291m against total equity of $34,235m — goodwill is 1.7 times the entire book value, so any material impairment would be existential to reported equity.
• Microsoft's distribution advantage: Microsoft ships Copilot into Dynamics 365 and Microsoft 365 seats customers already hold, and bundles AI into a premium tier, against Salesforce's modular add-on pricing. Microsoft's market capitalisation is more than twenty times Salesforce's and Azure alone generates over twice Salesforce's total revenue, which supports a level of AI capital expenditure Salesforce cannot match directly.
• Renewed activist interest: Starboard Value increased its Salesforce stake by nearly 50% during Q2 2026, to 1.3m shares as at 30 June 2026 from 849,679 at 31 March 2026. Starboard was the first activist into Salesforce in late 2022 and was subsequently joined by Third Point, ValueAct and Elliott Management in a campaign that forced margin expansion and board changes. Re-engagement into a heavily drawn-down stock would constrain management's discretion to invest.
• Executive churn at the top of the operating organisation: in eighteen months Salesforce lost its COO to retirement, created a President and Chief Financial and Operating Officer role, then on 5 August 2026 promoted Miguel Milano to Chief Operating Officer, moved its 14-year President of Engineering and Customer Success to an advisory role, installed an ex-Microsoft executive as Chief Platform and Engineering Officer, and replaced its Chief Revenue Officer. The company now has both a President and COFO and a President and COO, an ambiguous split of operating accountability, while promising a second-half reacceleration.
• Currency and enterprise IT spending: Salesforce quantifies a $300m year-on-year FX headwind on FY2027 revenue and $200m on Q2 FY2027 current RPO, and 34.5% of FY2026 revenue came from outside the Americas. The 10-K also warns that in a subscription model the effect of a significant demand downturn "may not be fully reflected in our results of operations until future periods" — the damage arrives with a lag of several quarters.

11. Recent Developments

• 13 Jan 2026 — the reimagined Slackbot reached general availability. Positioned as a personal AI agent for work and the front door to the agentic enterprise. Custom AI agents on Slack subsequently grew 300%.
• 10 Feb 2026 — first round of 2026 role reductions. Fewer than 1,000 roles cut across marketing, product management, data analytics, Agentforce and Heroku.
• 25 Feb 2026 — Q4 and FY2026 results, a new $50bn buyback authorisation and a dividend increase. FY2026 revenue $41.5bn, up 10%; RPO $72.4bn, up 14%; current RPO $35.1bn, up 16%; FY2026 operating cash flow $15.0bn. The board authorised $50bn of repurchases, replacing all previously unused authorisations, and raised the quarterly dividend 5.8% to $0.44. FY2027 guidance was initiated at $45.8bn to $46.2bn.
• 16 Mar 2026 — Salesforce announced its largest-ever share repurchase. A $25bn accelerated share repurchase entered on 11 March 2026 with Banco Santander, Bank of America, Citibank, JPMorgan Chase and Morgan Stanley, with upfront delivery of 103 million shares, about 80% of the expected total.
• 19 Mar 2026 — two directors bought stock on the open market. David Blair Kirk on 18 March and Laura Alber on 19 March each purchased roughly $500,000 of shares at about $194.60, the only open-market purchases by insiders in 2026.
• 31 Mar 2026 — Marc Benioff terminated his Rule 10b5-1 trading plan, cancelling planned sales of up to 351,607 shares scheduled between April 2026 and February 2027, as disclosed in the Q1 FY2027 10-Q.
• 15 Apr 2026 — Headless 360 launched at TrailblazerDX 2026, exposing the entire platform through APIs, more than 60 MCP tools and CLI commands under the banner "no browser required". Agentforce Vibes 2.0 was unveiled at the same event.
• 22 Apr 2026 — the Google Cloud partnership was expanded, enabling AI agents to act across both platforms with deep context and end-to-end workflows deployable in Slack and Google Workspace, with Gemini 3.5 Flash running natively in the Atlas Reasoning Engine from June 2026.
• 27 May 2026 — Q1 FY2027 results raised revenue guidance but halved cash flow guidance. Revenue $11.13bn, up 13%; GAAP EPS $2.42; non-GAAP EPS $3.88; current RPO $33.6bn, up 14%. FY2027 revenue guidance was raised at the midpoint to $45.9bn to $46.2bn, but operating and free cash flow growth guidance was cut from roughly 9% to 10% down to roughly 4% to 5% on the ASR debt.
• 28 May 2026 — the 2026 Annual Meeting of Stockholders was held virtually, and the board declared a $0.44 quarterly dividend payable 2 July 2026 to holders of record on 11 June 2026.
• 10 Jun 2026 — the shares reached a multi-year low of $146.32 during the sector-wide de-rating of seat-based software, roughly 46% below the 52-week high.
• 05 Aug 2026 — a major executive reshuffle three weeks before earnings. Miguel Milano was promoted to Chief Operating Officer while Robin Washington retained the President and COFO title; Srini Tallapragada, President of Engineering and Customer Success for 14 years, moved to a one-year advisory role; Rohan Kumar was named Chief Platform and Engineering Officer; and Alexa Vignone was named Chief Revenue Officer. The same day, Salesforce confirmed Q2 FY2027 results for 26 August 2026.
• 19 Aug 2026 — Headless 360 was significantly expanded with new MCP servers and deeper Slack integration.

12. Key Dates to Watch

• 26 Aug 2026 — Q2 FY2027 results, for the quarter ended 31 July 2026, released after the US market close with the call at 2:00 p.m. Pacific. Company guidance is revenue of $11.27bn to $11.35bn, GAAP diluted EPS of $1.74 to $1.76, non-GAAP diluted EPS of $3.25 to $3.27, and current RPO growth of approximately 14%.
• 26 Aug 2026 — the Q3 FY2027 quarterly dividend is expected to be declared alongside the Q2 results, on the current $0.44 quarterly rate.
• 15 Sep 2026 — Dreamforce 2026 opens at the Moscone Center in San Francisco, running to 17 September. Salesforce has historically used Dreamforce for its largest product announcements.
• Expected Nov 2026 — maturity of the $4.0bn 364-day Informatica credit agreement, floating at 4.42%, which must be repaid or refinanced.
• Expected Dec 2026 — Q3 FY2027 results, for the quarter ending 31 October 2026. Not yet announced; Salesforce typically confirms about three weeks ahead, and Q3 FY2026 was released on 3 December 2025.
• Expected Dec 2026 — final settlement of the $25bn accelerated share repurchase, which the Q1 FY2027 release places in Q3 FY2027, though the agreement itself allows Q3 or Q4 FY2027.
• Expected Feb 2027 — Q4 and FY2027 results, against full-year guidance of $45.9bn to $46.2bn of revenue and non-GAAP diluted EPS of $14.06 to $14.12. Q4 FY2026 was released on 25 February 2026.
• Expected Apr 2028 — maturity of the $1,500m 3.70% 2028 Senior Notes, the first of the long-dated bond maturities.

Dividend declarations have followed each quarterly results release, with record dates roughly two weeks later and payment dates roughly two weeks after that. The most recent completed cycle was declared 28 May 2026, record 11 June 2026 and paid 2 July 2026.

---

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.