What changed in this filing

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Item 1. Financial Statements

2026-05-28 compared with 2025-12-04 · 336 added, 264 removed, 700 unchanged (46% of the section changed)

3 unchanged sentences

(in millions)

October 31, 2025 January 31, 2025

April 30, 2026 January 31, 2026

Assets (unaudited)

21 unchanged sentences

20,363 24,317

Debt, current 0 4,000

Total current liabilities 27,502 37,118

7 unchanged sentences

Additional paid-in capital 64,913 68,835

Accumulated other comprehensive income (loss) 154 ( 266 )

Accumulated other comprehensive income 395 313

Retained earnings 23,954 22,221

5 unchanged sentences

(in millions, except per share data)

3 Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

1 Three Months Ended April 30,

Subscription and support $ 10,593 $ 9,297

13 unchanged sentences

Income from operations 2,347 1,942

Interest expense ( 317 ) ( 68 )

Gains (losses) on strategic investments, net 558 ( 63 )

8 unchanged sentences

(1) Amounts include amortization of intangible assets acquired through business combinations, as follows:

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Cost of revenues $ 244 $ 162

1 unchanged sentence

(2) Amounts include stock-based compensation expense, as follows:

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Cost of revenues $ 138 $ 151

7 unchanged sentences

(in millions)

3 Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

1 Three Months Ended April 30,

Net income $ 2,107 $ 1,541

1 unchanged sentence

Foreign currency translation and other gains (losses) 72 110

Unrealized gains on marketable securities 16 9 44 27

Unrealized gains (losses) on marketable securities ( 15 ) 31

Cash flow hedges:

Changes in net unrealized gains (losses) 31 0

Reclassification adjustment for net (gains) losses included in net income ( 3 ) 0

Other comprehensive income, before tax 85 141

6 unchanged sentences

(in millions)

Three and Nine Months Ended October 31, 2025

Three Months Ended April 30, 2026

Common Stock Treasury Stock Additional

4 unchanged sentences

Common stock issued 4 0 0 0 35 0 0 35

Common stock repurchased 0 0 ( 10 ) ( 2,692 ) 0 0 0 ( 2,692 )

Stock-based compensation 0 0 0 0 817 0 0 817

Other comprehensive income, net of tax 0 0 0 0 0 136 0 136

Cash dividends and dividend equivalents declared 0 0 0 0 0 0 ( 406 ) ( 406 )

Net income 0 0 0 0 0 0 1,541 1,541

Balance at April 30, 2025 1,062 $ 1 ( 104 ) $ ( 22,199 ) $ 65,490 $ ( 130 ) $ 17,504 $ 60,666

Common stock issued 5 0 0 0 427 0 0 427

Common stock withheld related to net share settlement of equity awards 0 0 0 0 ( 250 ) 0 0 ( 250 )

4 unchanged sentences

Net income 0 0 0 0 0 0 2,107 2,107

Balance at July 31, 2025 1,067 1 ( 112 ) ( 24,408 ) 66,701 47 18,987 61,328

Common stock issued 2 0 0 0 52 0 0 52

Common stock withheld related to net share settlement of equity awards 0 0 0 0 ( 127 ) 0 0 ( 127 )

Common stock repurchased 0 0 ( 15 ) ( 3,847 ) 0 0 0 ( 3,847 )

Stock-based compensation 0 0 0 0 822 0 0 822

Other comprehensive income, net of tax 0 0 0 0 0 107 0 107

Cash dividends and dividend equivalents declared 0 0 0 0 0 0 ( 400 ) ( 400 )

Net income 0 0 0 0 0 0 2,086 2,086

Balance at October 31, 2025 1,069 $ 1 ( 127 ) $ ( 28,255 ) $ 67,448 $ 154 $ 20,673 $ 60,021

Three and Nine Months Ended October 31, 2024

Balance at April 30, 2026 1,077 $ 1 ( 258 ) $ ( 55,028 ) $ 64,913 $ 395 $ 23,954 $ 34,235

Three Months Ended April 30, 2025

Common Stock Treasury Stock Additional

Capital Accumulated Other Comprehensive Loss Retained Earnings Total

Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Total

Stockholders’

4 unchanged sentences

Stock-based compensation 0 0 0 0 817 0 0 817

Other comprehensive loss, net of tax 0 0 0 0 0 ( 45 ) 0 ( 45 )

Cash dividends declared 0 0 0 0 0 0 ( 388 ) ( 388 )

Net income 0 0 0 0 0 0 1,533 1,533

Balance at April 30, 2024 1,042 $ 1 ( 71 ) $ ( 13,860 ) $ 60,946 $ ( 270 ) $ 12,866 $ 59,683

Common stock issued 5 0 0 0 384 0 0 384

Common stock repurchased 0 0 ( 18 ) ( 4,322 ) 0 0 0 ( 4,322 )

Stock-based compensation 0 0 0 0 813 0 0 813

Other comprehensive income, net of tax 0 0 0 0 0 136 0 136

Cash dividends declared 0 0 0 0 0 0 ( 388 ) ( 388 )

Net income 0 0 0 0 0 0 1,429 1,429

Balance at July 31, 2024 1,047 1 ( 89 ) ( 18,182 ) 62,143 ( 236 ) 13,907 57,633

Common stock issued 3 0 0 0 148 0 0 148

Common stock repurchased 0 0 ( 5 ) ( 1,232 ) 0 0 0 ( 1,232 )

Stock-based compensation 0 0 0 0 823 0 0 823

Other comprehensive income, net of tax 0 0 0 0 0 11 0 11

Cash dividends declared 0 0 0 0 0 0 ( 385 ) ( 385 )

Cash dividends and dividend equivalents declared 0 0 0 0 0 0 ( 406 ) ( 406 )

Net income 0 0 0 0 0 0 1,541 1,541

Balance at October 31, 2024 1,050 $ 1 ( 94 ) $ ( 19,414 ) $ 63,114 $ ( 225 ) $ 15,049 $ 58,525

Balance at April 30, 2025 1,062 $ 1 ( 104 ) $ ( 22,199 ) $ 65,490 $ ( 130 ) $ 17,504 $ 60,666

See accompanying Notes.

2 unchanged sentences

(in millions)

3 Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

1 Three Months Ended April 30,

Operating activities:

21 unchanged sentences

Capital expenditures ( 145 ) ( 179 )

Net cash provided by (used in) investing activities 519 ( 217 ) 117 ( 227 )

Net cash used in investing activities ( 2,183 ) ( 1,567 )

Financing activities:

Proceeds from issuance of debt, net of issuance costs 24,842 0

Repurchases of common stock ( 27,248 ) ( 2,633 )

2 unchanged sentences

Principal payments on financing obligations ( 130 ) ( 179 )

Repayments of debt 0 0 0 ( 1,000 )

Payments of dividends and dividend equivalents ( 365 ) ( 402 )

1 unchanged sentence

Effect of exchange rate changes 11 91

Net increase (decrease) in cash and cash equivalents ( 1,387 ) 315 130 ( 475 )

Net increase in cash and cash equivalents 1,608 2,080

Cash and cash equivalents, beginning of period 7,327 8,848

Cash and cash equivalents, end of period $ 8,935 $ 10,928

(1) Includes amortization of intangible assets acquired through business combinations, depreciation of fixed assets and amortization and impairment of right-of-use assets.

(1) Includes amortization of intangible assets acquired through business combinations, depreciation and impairment of fixed assets and amortization and impairment of right-of-use assets.

See accompanying Notes.

3 unchanged sentences

(in millions)

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Supplemental cash flow disclosure:

9 unchanged sentences

(the “Company”) is a global leader in customer relationship management technology that brings companies and customers together.

With the deeply unified Salesforce Platform, the Company delivers a single source of truth, connecting customer data with integrated artificial intelligence (“AI”) across systems, apps and devices to help companies sell, service, market and conduct commerce from anywhere.

During the third quarter of fiscal 2025, the Company introduced Agentforce, a new layer of the trusted Salesforce Platform that enables companies to build and deploy AI agents that can respond to inputs, make decisions and take action autonomously across business functions.

With the deeply unified Agentforce 360 Platform, the Company delivers a single source of truth, connecting customer data with integrated artificial intelligence (“AI”) across systems, apps and devices to help companies sell, service, market and conduct commerce from anywhere.

The Company offers Agentforce, a layer of the trusted Agentforce 360 Platform, that enables companies to build and deploy AI agents that can respond to inputs, make decisions and take action autonomously across business functions.

Agentforce includes a suite of customizable agents for use across sales, service, marketing and commerce.

Since its founding in 1999, the Company has pioneered innovations in cloud, mobile, social, analytics and AI, enabling companies of every size and industry to transform their businesses in the digital-first world.

Since its founding in 1999, the Company has enabled companies of every size and industry to transform their businesses in the digital-first world, pioneering innovations in cloud, mobile, social, analytics and AI.

The Company’s fiscal year ends on January 31.

1 unchanged sentence

Basis of Presentation

The accompanying condensed consolidated balance sheet as of October 31, 2025 and the condensed consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for the three and nine months ended October 31, 2025 and 2024, are unaudited.

The accompanying condensed consolidated balance sheet as of April 30, 2026 and the condensed consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for the three months ended April 30, 2026 and 2025 are unaudited.

These financial statements have been prepared in accordance with U.S.

3 unchanged sentences

GAAP for complete financial statements.

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s balance sheet as of October 31, 2025 and its results of operations, including its comprehensive income, stockholders' equity and cash flows for the three and nine months ended October 31, 2025 and 2024.

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s balance sheet as of April 30, 2026 and its results of operations, including its comprehensive income, stockholders' equity and cash flows for the three months ended April 30, 2026 and 2025.

All adjustments are of a normal recurring nature.

The results for the three and nine months ended October 31, 2025 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending January 31, 2026.

The results for the three months ended April 30, 2026 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending January 31, 2027.

These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2026, filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2026.

15 unchanged sentences

The Company operates as one operating segment.

Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance.

Over the past few years, the Company has completed a number of acquisitions which have allowed the Company to expand its offerings, presence and reach in various market segments of the enterprise cloud computing market.

While the Company has offerings in multiple enterprise cloud computing market segments, including as a result of the Company's acquisitions, and operates in multiple countries, the Company’s business operates in one operating segment because most of the Company's service offerings operate on the Salesforce Platform and are deployed in a nearly identical manner, and the Company’s CODM evaluates the Company’s financial information and resources, and assesses the performance of these resources, on a consolidated net income basis.

Additionally, the measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets.

Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the Company’s chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer in deciding how to allocate resources and assess performance.

Over the past few years, the Company has completed a number of acquisitions which have allowed the Company to expand its offerings, presence and reach in various market segments.

Additionally, the Company’s CODM, evaluates the Company’s financial information and resources, and assesses the performance of these resources, on a consolidated net income basis.

The measure of segment assets is also reported on the condensed consolidated balance sheet as total consolidated assets.

The Company’s significant segment expenses, which are the expenses included in operating income as well as gains (losses) on strategic investments, and other segment items, which includes other income and provision for income taxes, are included in the Company’s condensed consolidated statement of operations.

Additionally, further components of the Company’s measure of profit or loss, which is net income, are included throughout the Company’s financial statements.

Additionally, further components of the Company’s measure of profit or loss, which is consolidated net income, are included throughout the Company’s financial statements.

Concentrations of Credit Risk, Significant Customers and Investments

3 unchanged sentences

The Company does not require collateral for accounts receivable.

The Company maintains an allowance for its doubtful accounts receivable for estimated credit losses.

The Company maintains an allowance for estimated credit losses for its accounts receivable balances.

This allowance is based upon historical loss patterns, the number of days that billings are past due, an evaluation of the potential risk of loss associated with delinquent accounts and current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss patterns.

2 unchanged sentences

Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success.

No single customer accounted for ten percent or more of accounts receivable as of October 31, 2025 and January 31, 2025.

No single customer accounted for ten percent or more of total revenue during the three and nine months ended October 31, 2025 and 2024.

As of October 31, 2025 and January 31, 2025, assets located outside the Americas were 15 percent and 17 percent of total assets, respectively.

As of October 31, 2025 and January 31, 2025, assets located in the United States were 84 percent and 81 percent of total assets, respectively.

The Company is also exposed to concentrations of risk in its strategic investment portfolio, including within specific industries, as the Company primarily invests in enterprise cloud companies, technology st artups and system integrators.

As of October 31, 2025, the Company held three investments, all privately held, with carrying values that were individually greater than five percent of its total strategic investments portfolio and represented approximately 32 percent o f the portfolio in the aggregate.

As of January 31, 2025 , the Company held four investments, all privately held, with carrying values that were individually greater than five percent of its strategic investments portfolio and represented approximately 24 percent of the portfolio in the aggregate.

No single customer accounted for ten percent or more of accounts receivable as of April 30, 2026 and January 31, 2026.

No single customer accounted for ten percent or more of total revenue during the three months ended April 30, 2026 and 2025.

As of April 30, 2026 and January 31, 2026, assets located outside the Americas were 16 percent of total assets.

As of April 30, 2026 and January 31, 2026, assets located in the United States were 82 percent of total assets.

The Company is also exposed to concentrations of risk in its strategic investment portfolio, including within specific industries, as the Company primarily invests in enterprise technology and artificial intelligence companies, as well as system integrators.

As of April 30, 2026 and January 31, 2026 , two of the Company’s privately held investments had carrying values that were individually greater than five percent of its total strategic investments portfolio and represented approximately 37 percent and 35 percent o f the portfolio in the aggregate, respectively.

Revenue Recognition

47 unchanged sentences

For contracts with term software licenses where revenue is recognized upfront when the software is made available to the customer, costs allocable to those licenses are expensed as they are incurred.

Capitalized amounts consist primarily of sales commissions paid to the Company’s direct sales force.

Capitalized amounts also include other incentive-based compensation such as non-direct sales force payouts, renewal commissions, and associated payroll and benefit costs, and success fees paid to partners.

Capitalized amounts consist primarily of sales commissions paid to the Company’s sales force on new and renewal contracts, as well as the associated payroll and benefit costs.

Costs capitalized related to new revenue contracts are amortized on a straight-line basis over four years , which is longer than the typical initial contract period, but reflects the estimated average period of benefit, including expected contract renewals.

In arriving at this average period of benefit, the Company evaluates both qualitative and quantitative factors which included the estimated life cycles of its offerings and its customer attrition.

Additionally, the Company amortizes capitalized costs for renewals and success fees paid to partners over two years .

In arriving at this average period of benefit, the Company evaluates both qualitative and quantitative factors which include the estimated life cycles of its offerings and customer attrition.

The Company amortizes capitalized costs for renewals over two years based on similar considerations.

The capitalized amounts are recoverable through future revenue streams under all noncancellable customer contracts.

1 unchanged sentence

Amortization of capitalized costs to obtain revenue contracts is included in sales and marketing expense in the accompanying condensed consolidated statements of operations.

There were no impairments of costs to obtain revenue contracts for the three and nine months ended October 31, 2025 and 2024.

There were no impairments of costs to obtain revenue contracts for the three months ended April 30, 2026 and 2025.

Cash and Cash Equivalents

6 unchanged sentences

Securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of the excess, if any, is caused by expected credit losses.

Expected credit losses on securities are recognized in other income on the condensed consolidated statements of operations and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in stockholders' equity.

For the purposes of computing realized and unrealized gains and losses, the cost of securities sold is based on the specific-identification method.

9 unchanged sentences

The Company assesses its privately held strategic investments quarterly for impairment.

The Company’s impairment analysis encompasses an assessment of both qualitative and quantitative factors, including the investee's financial metrics, market acceptance of the investee's product or technology and the rate at which the

investee is using its cash.

If the investment is considered impaired, the Company estimates the fair value of the investment and recognizes any resulting impairment through the condensed consolidated statements of operations.

5 unchanged sentences

Derivative Financial Instruments

The Company enters into foreign currency derivative contracts with financial institutions to reduce foreign exchange risk associated with intercompany transactions and other monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary.

The Company uses forward currency derivative contracts, which are not designated as hedging instruments, to minimize the Company’s exposure to balances primarily denominated in the Euro, British Pound Sterling, Canadian Dollar, Australian Dollar, Brazilian Real and Japanese Yen.

The Company’s derivative financial instruments program is not designated for trading or speculative purposes.

The Company generally enters into master netting arrangements with the financial institutions with which it contracts for such derivatives, which permit net settlement of transactions with the same counterparty, thereby reducing risk of credit-related losses from a financial institutions' nonperformance.

The Company enters into foreign currency derivative contracts with financial institutions to reduce foreign exchange risk associated with forecasted revenues, intercompany transactions and other monetary assets or liabilities denominated in currencies other than the functional currency of its subsidiaries.

Beginning in the first quarter of fiscal 2027, the Company began to designate certain forward derivative contracts as hedging instruments in order to minimize the impact of foreign currency volatility on revenues denominated in Euro and Japanese Yen.

The Company also uses forward currency derivative contracts, which are not designated as hedging instruments, to minimize the Company’s exposure to balances primarily denominated in the Euro, British Pound Sterling, Canadian Dollar, Australian Dollar, Brazilian Real and Japanese Yen.

The Company’s derivative financial instruments program is not conducted for trading or speculative purposes.

While the contract or notional amount is often used to express the volume of foreign currency derivative contracts, the amounts potentially subject to credit risk are generally limited to the amounts, if any, by which the counterparties’ obligations under the agreements exceed the obligations of the Company to the counterparties.

The notional amount of outstanding foreign currency derivative contracts as of October 31, 2025 and January 31, 2025 was $ 13.3 billion and $ 10.7 billion, respectively.

Outstanding foreign currency derivative contracts are recorded at fair value on the condensed consolidated balance sheets.

Unrealized gains or losses due to changes in the fair value of these derivative contracts, as well as realized gains or losses from their net settlement, are recognized as other income in the condensed consolidated statements of operations consistent with the offsetting gains or losses resulting from the remeasurement or settlement of the underlying foreign currency denominated receivables and payables.

All derivative instruments are recorded at fair value on the condensed consolidated balance sheet.

For foreign currency derivatives designated as cash flow hedges, gains or losses resulting from changes in fair value or net settlement are reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into earnings in the period(s) the forecasted transactions affect earnings.

The notional amount of outstanding foreign currency derivative contracts designated as cash flow hedges as of April 30, 2026 was $ 1.4 billion.

For non-designated foreign currency derivatives, gains or losses resulting from changes in fair value or net settlement are recognized as other income in the condensed consolidated statements of operations consistent with the offsetting gains or losses resulting from the remeasurement or settlement of the underlying foreign currency denominated balances.

The notional amount of outstanding foreign currency derivative contracts not designated as cash flow hedges as of April 30, 2026 and January 31, 2026 was $ 17.8 billion and $ 11.9 billion, respectively.

Property and Equipment

11 unchanged sentences

Assets (also referred to as ROU assets) and liabilities recognized from finance leases are included in property and equipment, accrued expenses and other liabilities and other noncurrent liabilities, respectively, on the Company’s condensed consolidated balance sheets.

ROU assets represent the Company's right to use an underlying asset for the lease term.

ROU assets represent the Company's right to use an underlying asset for

the lease term.

The corresponding lease liabilities represent its obligation to make lease payments arising from the lease.

1 unchanged sentence

Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement, net of any future tenant incentives.

The Company has lease agreements which contain both lease and non-lease

components, which it has elected to combine for all asset classes.

The Company has lease agreements which contain both lease and non-lease components, which it has elected to combine for all asset classes.

As such, minimum lease payments include fixed payments for non-lease components within a lease agreement but exclude variable lease payments not dependent on an index or rate, such as common area maintenance, operating expenses, utilities, or other costs that are subject to fluctuation from period to period.

12 unchanged sentences

Similar to other long-lived assets discussed below, management tests ROU assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable.

For leased assets, such circumstances would include the decision to discontinue use prior to the end of the minimum lease term or subleases for which estimated cash flows do not fully cover the costs of the associated lease.

For leased assets, such circumstances would include the decision to discontinue use prior to the end of the minimum lease term or subleases, in the case of office space, for which estimated cash flows do not fully cover the costs of the associated lease.

Intangible Assets Acquired through Business Combinations

14 unchanged sentences

In the event the Company acquires an entity with which the Company has a preexisting relationship, the Company will generally recognize a gain or loss to settle that relationship as of the acquisition date within operating income on the condensed consolidated statements of operations.

of the strategic investment is recorded as a gain or loss and recorded within gains (losses) on strategic investments, net in the condensed consolidated statements of operations.

In the event that the Company acquires an entity in which the Company previously held a strategic investment, the difference between the fair value of the shares as of the date of the acquisition and the carrying value of the strategic investment is recorded as a gain or loss and recorded within gains (losses) on strategic investments, net in the condensed consolidated statements of operations.

Restructuring

1 unchanged sentence

Costs related to contracts without future benefit or contract termination are recognized at the earlier of the contract termination or the cease-use dates.

Other exit-related costs are recognized as incurred.

Other exit-related costs, including data center exits and office space reductions, are recognized as incurred once management approval is obtained and operations have ceased.

Stock-Based Compensation Expense

2 unchanged sentences

The estimated forfeiture rate applied is based on historical forfeiture rates.

The Company grants performance-based restricted stock units and performance-based stock options to executive officers and other members of senior management, which may include a market condition, a performance condition, or both, in addition to a service condition.

The Company grants performance-based restricted stock units and performance-based stock options to executive officers and other members of senior management, which include awards with service and market conditions and awards with service and performance conditions.

Stock-based compensation expense related to awards with a market condition are measured at fair value using a Monte Carlo simulation model and the expense related to these awards is recognized on a graded-vesting basis, net of estimated forfeitures, over the requisite service period of the awards, which is generally the vesting term.

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Revenues and expenses are translated at the average exchange rate during the period.

Equity transactions are translated using historical exchange rates.

Equity transactions are translated using

historical exchange rates.

Adjustments resulting from translating foreign functional currency financial statements into U.S.

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New Accounting Pronouncements Pending Adoption

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No.

2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures.

ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a retrospective or prospective basis.

The Company is evaluating the effect that ASU 2023-09 will have on its financial statement disclosures.

In November 2024, the FASB issued Accounting Standards Update No.

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The Company is currently evaluating the effect that ASU 2025-06 will have on its financial statement disclosures.

Reclassifications

Reclassifications to the prior period were made to conform to the current period presentation in the Disaggregation of Revenue in Note 2 “Revenues” beginning in the first quarter of fiscal 2027.

This reclassification did not affect total subscription and support revenue.

Disaggregation of Revenue

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Subscription and support revenues consisted of the following (in millions):

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Agentforce Sales $ 2,297 $ 2,119 $ 6,695 $ 6,188

Agentforce Service 2,495 2,288 7,287 6,727

Agentforce 360 Platform, Slack and Other 2,180 1,825 6,227 5,329

Agentforce Marketing and Agentforce Commerce 1,361 1,334 4,051 3,924

Agentforce Integration and Agentforce Analytics 1,393 1,313 4,453 4,060

$ 9,726 $ 8,879 $ 28,713 $ 26,228

(1) In the third quarter of fiscal 2026, the Company renamed its service offerings to reference Agentforce.

There were no changes in the allocation of revenue between these service offerings coming from this change.

Three Months Ended April 30,

Agentforce Apps $ 6,910 $ 6,345

Data 360, Headless Platform, and Other 3,683 2,952

Total Subscription and Support Revenue $ 10,593 $ 9,297

Total Revenue by Geographic Locations

Revenues by geographical region consisted of the following (in millions):

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Americas $ 7,233 $ 6,469

1 unchanged sentence

Asia Pacific 1,146 1,023

$ 10,259 $ 9,444 $ 30,324 $ 27,902

Total Revenue $ 11,133 $ 9,829

Revenues by geography are determined based on the region of the Company's contracting entity, which may be different than the region of the customer.

Americas revenue attributed to the United States was approximately 93 percent during the three and nine months ended October 31, 2025 and 2024, respectively.

No other country represented more than ten percent of total revenue during the three and nine months ended October 31, 2025 and 2024.

Americas revenue attributed to the United States was approximately 92 percent and 93 percent during the three months ended April 30, 2026 and 2025, respectively.

No other country represented more than ten percent of total revenue during the three months ended April 30, 2026 and 2025.

Contract Balances

1 unchanged sentence

The Company records a contract asset when revenue recognized on a contract exceeds the billings.

Contract assets were $ 976 million as of October 31, 2025 as compared to $ 724 million as of January 31, 2025, and are included in prepaid expenses and other current assets and deferred tax assets and other assets, net on the condensed consolidated balance sheets.

Contract assets were $ 905 million as of April 30, 2026 as compared to $ 818 million as of January 31, 2026.

Current portions of the contract asset balance, are included in prepaid expenses and other current assets and the noncurrent portion is presented within deferred tax assets and other assets, net on the condensed consolidated balance sheets.

Unearned Revenue

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The change in unearned revenue was as follows (in millions):

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

Three Months Ended April 30,

Unearned revenue, beginning of period $ 24,317 $ 20,743

18 unchanged sentences

Current Noncurrent Total

As of October 31, 2025 $ 29.4 $ 30.1 $ 59.5

As of April 30, 2026 $ 33.6 $ 34.3 $ 67.9

As of January 31, 2026 $ 35.1 $ 37.3 $ 72.4

Marketable Securities

As of October 31, 2025, marketable securities consisted of the following (in millions):

As of April 30, 2026, marketable securities consisted of the following (in millions):

Cost Unrealized

24 unchanged sentences

The contractual maturities of the investments classified as marketable securities were as follows (in millions):

October 31, 2025 January 31, 2025

April 30, 2026 January 31, 2026

Due within 1 year $ 1,060 $ 460

2 unchanged sentences

$ 2,902 $ 2,238

Interest income from marketable securities was $ 139 million and $ 145 million for the three months ended October 31, 2025 and 2024, respectively, and $ 457 million and $ 522 million for the nine months ended October 31, 2025 and 2024, respectively, and is included in other income in the condensed consolidated statements of operations.

Interest income from marketable securities for three months ended April 30, 2026 and 2025, was $ 109 million and $ 169 million, respectively, and is included in other income in the condensed consolidated statements of operations.

Strategic Investments

Strategic investments by form and measurement category as of October 31, 2025 were as follows (in millions):

Strategic investments by form and measurement category as of April 30, 2026 were as follows (in millions):

Measurement Category

2 unchanged sentences

Other investments 0 0 40 40

Balance as of October 31, 2025

Balance as of April 30, 2026

$ 3 $ 7,612 $ 157 $ 7,772

6 unchanged sentences

$ 5 $ 7,415 $ 171 $ 7,591

The Company holds investments in, or management agreements with, variable interest entities (“VIEs”) which the Company does not consolidate because it is not considered the primary beneficiary of these entities.

The carrying value of VIEs within strategic investments was $ 281 million and $ 484 million, as of October 31, 2025 and January 31, 2025, respectively.

Gains (losses) on Strategic Investments, Net

The components of gains (losses) on strategic investments, net were as follows (in millions):

3 Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

1 Three Months Ended April 30,

Unrealized gains (losses) recognized on publicly traded equity securities, net $ ( 1 ) $ ( 16 )

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Unrealized gains and losses recognized on privately held equity securities, net includes upward and downward adjustments from equity securities accounted for under the measurement alternative, as well as gains and losses from private equity securities in other measurement categories.

For privately held securities accounted for under the measurement alternative, the Company recorded upward adjustments of $ 456 million and $ 22 million and impairments and downward adjustments of $ 190 million and $ 245 million for the three months ended October 31, 2025 and 2024 , respectively, and upward adjustments of $ 490 million and $ 182 million and impairments and downward adjustments of $ 335 million and $ 435 million for the nine months ended October 31, 2025 and 2024 , respectively.

Realized gains on sales of securities, net reflects the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.

For privately held securities accounted for under the measurement alternative, the Company recorded upward adjustments of $ 330 million and $ 21 million and impairments and downward adjustments of $ 112 million and $ 60 million for the three months ended April 30, 2026 and 2025 , respectively.

Realized gains (losses) on sales of securities, net reflects the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.

Fair Value Measurement

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All of the Company’s cash equivalents, marketable securities and foreign currency derivative contracts are classified within Level 1 or Level 2 because these assets are valued using quoted market prices or alternative pricing sources and models utilizing observable market inputs.

The following table presents information about the Company’s assets that were measured at fair value as of October 31, 2025 and indicates the fair value hierarchy of the valuation (in millions):

The following table presents information about the Company’s assets that were measured at fair value as of April 30, 2026 and indicates the fair value hierarchy of the valuation (in millions):

Description Quoted Prices in

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Equity securities 3 0 0 3

Foreign currency derivative contracts 0 143 0 143

Total assets $ 5,675 $ 4,199 $ 0 $ 9,874

(1) Included in “cash and cash equivalents” in the accompanying condensed consolidated balance sheets in addition to $ 1.6 billion of cash, as of October 31, 2025.

Foreign currency derivative contracts 0 124 0 124

Total liabilities $ 0 $ 124 $ 0 $ 124

(1) Included in “cash and cash equivalents” in the accompanying condensed consolidated balance sheets in addition to $ 2.1 billion of cash, as of April 30, 2026.

The following table presents information about the Company’s assets that were measured at fair value as of January 31, 2026 and indicates the fair value hierarchy of the valuation (in millions):

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The estimation of fair value for these investments requires the use of significant unobservable inputs, and as a result, the Company deems these assets as Level 3 within the fair value measurement framework.

For privately held equity investments without a readily determinable fair value, the Company applies valuation methods based on information available, including the market approach and option pricing models (“OPM”).

Observable transactions, such as the issuance of new equity by an investee, are indicators of investee enterprise value and are used to estimate the fair value of the privately held equity investments.

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When indicators of impairment are observed for privately held equity securities, the Company generally uses the market approach to estimate the fair value of its investment, giving consideration to the latest observable transactions, as well as the investee's current and projected financial performance and other significant inputs and assumptions, including estimated time to exit, selection and analysis of guideline public companies and the rights and obligations of the securities the Company holds.

The Company's privately held equity securities and other investments amounted to $ 6.3 billion and $ 4.8 billion as of October 31, 2025 and January 31, 2025, respectively.

The Company's privately held equity securities and other investments amounted to approximately $ 7.8 billion and $ 7.6 billion as of April 30, 2026 and January 31, 2026, respectively.

Leases and Other Commitments

The Company has leases for corporate offices, data centers and equipment under noncancellable operating and finance leases with various expiration dates.

Total operating lease costs were $ 163 million and $ 162 million for the three months ended October 31, 2025 and 2024, respectively, and were $ 459 million and $ 513 million for the nine months ended October 31, 2025 and 2024, respectively.

Included in operating lease costs are amounts related to restructuring charges, which are discussed in Note 9 “Restructuring.”

As of October 31, 2025, the maturities of lease liabilities under noncancellable operating and finance leases were as follows (in millions):

Total operating lease costs were $ 146 million and $ 147 million for the three months ended April 30, 2026 and 2025, respectively.

Included in operating lease costs are amounts related to restructuring charges.

As of April 30, 2026, the maturities of lease liabilities under noncancellable operating and finance leases were as follows (in millions):

Operating Leases Finance Leases

Fiscal Period:

Remaining three months of fiscal 2026 $ 156 $ 76

Remaining nine months of fiscal 2027 $ 467 $ 238

Fiscal 2028 578 169

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Total $ 2,604 $ 664

The total lease commitment balance, including leases not yet commenced, is $ 4.4 billion, of which approximately $ 3.9 billion is related to facilities space.

The total lease commitment balance as of April 30, 2026, including leases not yet commenced, is $ 4.4 billion, of which approximately $ 3.7 billion is related to facilities space.

The remaining commitment amount is primarily related to equipment.

Other Balance Sheet Accounts

Accounts payable, accrued expenses and other liabilities included approximately $ 2.2 billion and $ 2.8 billion of accrued compensation as of October 31, 2025 and January 31, 2025, respectively.

Accounts payable, accrued expenses and other liabilities included approximately $ 1.9 billion and $ 3.3 billion of accrued compensation as of April 30, 2026 and January 31, 2026, respectively.

Business Combinations

Regrello Corp.

In October 2025, the Company acquired all of the outstanding stock of Regrello Corp.

(“Regrello”), the developer of an AI-native business process automation solution.

The acquisition date fair value of the consideration transferred for Regrello was $ 818 million, which consisted primarily of $ 815 million in cash.

The Company recorded $ 704 million of goodwill in its condensed consolidated balance sheets which is primarily attributed to Regrello’s assembled workforce and expanded market opportunities.

The goodwill associated with the acquisition of Regrello has no tax basis and is not deductible for U.S.

Qualified.com, Inc.

In April 2026, the Company acquired all of the outstanding stock of Qualified.com, Inc.

("Qualified"), a leading provider of agentic artificial intelligence marketing solutions.

The acquisition date fair value of the consideration transferred for Qualified was $ 1.2 billion, which consisted primarily of $ 1.1 billion in cash.

The Company recorded $ 954 million of goodwill in connection with the acquisition, which is primarily attributed to the assembled workforce and expanded market opportunities.

The goodwill associated with the acquisition of Qualified has no basis and is not deductible for U.S.

income tax purposes.

The Company also recorded approximately $ 140 million of intangible assets in its condensed consolidated balance sheets for developed technology with a useful life of four years .

The Company also recorded approximately $ 290 million of intangible assets for developed technology and customer relationships with useful lives of five and eight years , respectively.

The fair values assigned to assets acquired and liabilities assumed are based on management’s estimates and assumptions and may be subject to change as additional information is received and certain tax returns are finalized.

The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date.

The Company has included the financial results of Regrello, which were not material, in its consolidated financial statements from the date of acquisition.

The transaction costs associated with the acquisition were not material.

The Company has included the financial results of Qualified, which were not material, in its condensed consolidated financial statements from the date of acquisition.

The transaction costs associated with the acquisition were also not material.

Intangible Assets Acquired Through Business Combinations and Goodwill

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Remaining Useful Life (Years)

January 31, 2025 Additions and retirements, net October 31, 2025 January 31, 2025 Expense and retirements, net October 31, 2025 January 31, 2025 October 31, 2025 October 31, 2025

January 31, 2026 Additions and retirements, net April 30, 2026 January 31, 2026 Expense and retirements, net April 30, 2026 January 31, 2026 April 30, 2026 April 30, 2026

Acquired developed technology $ 4,796 $ 260 $ 5,056 $ ( 2,407 ) $ ( 244 ) $ ( 2,651 ) $ 2,389 $ 2,405 4.4

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Total $ 14,139 $ 396 $ 14,535 $ ( 7,324 ) $ ( 561 ) $ ( 7,885 ) $ 6,815 $ 6,650 5.4

(1) Included in Other are in-place leases, trade names, trademarks and territory rights.

Amortization of intangible assets resulting from business combinations for the three months ended October 31, 2025 and 2024 was $ 386 million and $ 354 million, respectively, and for the nine months ended October 31, 2025 and 2024 was $ 1.2 billion, and $ 1.3 billion, respectively.

The expected future amortization expense for intangible assets as of October 31, 2025 was as follows (in millions):

(1) Other includes trade names, unbilled backlog, and territory rights.

Amortization of intangible assets resulting from business combinations for the three months ended April 30, 2026 and 2025 was $ 561 million and $ 395 million, respectively.

The expected future amortization expense for intangible assets as of April 30, 2026 was as follows (in millions):

Fiscal Period:

Remaining three months of fiscal 2026 $ 393

Remaining nine months of fiscal 2027 $ 1,356

Fiscal 2028 1,495

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Balance as of January 31, 2026 $ 57,941

Acquisition of Regrello 704

Acquisition of Qualified 954

Other acquisitions and adjustments (1) 396

Balance as of October 31, 2025 $ 52,457

Balance as of April 30, 2026 $ 59,291

(1) Includes the effect of foreign currency translation and measurement period adjustments from prior period acquisitions.

The components of the Company's borrowings were as follows (in millions):

Instrument Date of Issuance Maturity Date Contractual Interest Rate Outstanding Principal as of October 31, 2025

Carrying Value as of October 31, 2025 Carrying Value as of January 31, 2025

2028 Senior Notes April 2018 April 2028 3.70 % 1,500 1,497 1,496

2028 Senior Sustainability Notes July 2021 July 2028 1.50 1,000 996 995

2031 Senior Notes July 2021 July 2031 1.95 1,500 1,493 1,491

2041 Senior Notes July 2021 July 2041 2.70 1,250 1,237 1,236

2051 Senior Notes July 2021 July 2051 2.90 2,000 1,979 1,979

2061 Senior Notes July 2021 July 2061 3.05 1,250 1,236 1,236

Instrument Date of Issuance Maturity Date Contractual Interest Rate Outstanding Principal as of April 30, 2026

Carrying Value as of April 30, 2026 Carrying Value as of January 31, 2026

Informatica 364-day Credit Agreement

November 2025 November 2026 N/A 0 0 4,000

March 2028 Senior Notes March 2026 March 2028 4.50 % 3,500 3,488 0

April 2028 Senior Notes April 2018 April 2028 3.70 1,500 1,497 1,497

July 2028 Senior Sustainability Notes July 2021 July 2028 1.50 1,000 997 996

Informatica Three-year Credit Agreement

November 2025 November 2028 N/A 0 0 2,000

March 2029 Senior Notes March 2026 March 2029 4.65 4,250 4,236 0

2026 Term Loan Credit Agreement (1) March 2026 March 2031 4.26 6,000 5,995 0

July 2031 Senior Notes July 2021 July 2031 1.95 1,500 1,493 1,493

September 2031 Senior Notes March 2026 September 2031 4.90 3,750 3,728 0

March 2033 Senior Notes March 2026 March 2033 5.20 2,750 2,731 0

March 2036 Senior Notes March 2026 March 2036 5.55 4,500 4,473 0

July 2041 Senior Notes July 2021 July 2041 2.70 1,250 1,237 1,237

March 2046 Senior Notes March 2026 March 2046 6.40 1,500 1,486 0

July 2051 Senior Notes July 2021 July 2051 2.90 2,000 1,980 1,980

March 2056 Senior Notes March 2026 March 2056 6.55 3,750 3,713 0

July 2061 Senior Notes July 2021 July 2061 3.05 1,250 1,236 1,236

March 2066 Senior Notes March 2026 March 2066 6.70 1,000 990 0

Total carrying value of debt 39,500 39,280 14,439

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Total noncurrent debt $ 39,280 $ 10,439

The Company was in compliance with all debt covenants as of October 31, 2025.

The total estimated fair value of the Company's outstanding senior unsecured notes (the “Senior Notes”) above was $ 6.8 billion and $ 6.6 billion as of October 31, 2025 and January 31, 2025, respectively .

The fair value was determined based on the closing trading price per $ 100 of the Senior Notes as of the last day of trading of the third quarter of fiscal 2026 and the last day of trading of fiscal 2025, and are deemed Level 2 liabilities within the fair value measurement framework.

The contractual future principal payments for all borrowings as of October 31, 2025 were as follows (in millions):

(1) The contractual interest rate represents the weighted-average for the period outstanding.

The Company was in compliance with all debt covenants as of April 30, 2026.

The carrying amount of the Company’s 2026 Term Loan Credit Agreement (as defined below) approximates fair value as it bears interest at a floating rate that resets frequently and reflects current market spreads for similar credit risk profiles.

The fair value of the term loan is classified as Level 2 within the fair value hierarchy.

The total estimated fair value of the Company's outstanding senior unsecured notes (the “Senior Notes”) above was $ 31.4 billion and $ 6.7 billion as of April 30, 2026 and January 31, 2026, respectively .

The fair value was determined based on the closing trading price per $ 100 of the Senior Notes as of the last day of trading of the first quarter of fiscal 2027 and the last day of trading of fiscal 2026, and are deemed Level 2 liabilities within the fair value measurement framework.

The contractual future principal payments for all borrowings as of April 30, 2026 were as follows (in millions):

Fiscal Period:

Remaining three months of fiscal 2026 $ 0

Remaining nine months of fiscal 2027 $ 0

Fiscal 2028 0

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Total principal outstanding $ 39,500

Interest expense, primarily from the Company’s debt instruments, was $ 67 million for the three months ended October 31, 2025 and 2024, respectively, and $ 202 million and $ 204 million for the nine months ended October 31, 2025 and 2024, respectively, and is included in other income in the condensed consolidated statements of operations.

Revolving Credit Facility

In October 2024, the Company entered into a credit agreement with the lenders and issuing lenders party thereto, and Bank of America, N.A., as administrative agent (the “Revolving Loan Credit Agreement”).

The Revolving Loan Credit Agreement replaced the Credit Agreement, dated December 23, 2020 (as amended, the “Prior Credit Agreement”), among the Company, the lenders and the issuing lenders party thereto, and Citibank, N.A., as administrative agent, which provided for a $ 3.0 billion unsecured revolving credit facility that was scheduled to mature on December 23, 2025.

There were no outstanding borrowings under the Prior Credit Agreement.

The Revolving Loan Credit Agreement provides for a $ 5.0 billion unsecured revolving credit facility (“Credit Facility”) and matures in October 2029.

The Company may use the proceeds of future borrowings under the Credit Facility for general corporate purposes.

There were no outstanding borrowings under the Credit Facility as of October 31, 2025.

Informatica-Related Financing

In June 2025, the Company entered into a 364 -Day Credit Agreement that provides the Company with the ability to borrow up to $ 4.0 billion and a three-year Credit Agreement that provides the Company with the ability to borrow up to $ 2.0 billion, both on an unsecured basis, to finance a portion of the cash consideration for the Company’s acquisition of Informatica Inc.

(“Informatica”), the repayment of certain debt of Informatica and the payment of fees, costs and expenses related thereto (collectively, the “Informatica Credit Agreements”).

The availability and funding of each credit agreement is conditioned on the consummation of the acquisition of Informatica in accordance with the terms of the merger agreement and is subject to certain exceptions, qualifications and certain other conditions.

There were no outstanding borrowings on the Informatica Credit Agreements as of October 31, 2025.

For more information regarding the acquisition of Informatica, see Note 14 “Subsequent Events.”

Restructuring

Beginning in fiscal 2023, the Company has undertaken various restructuring initiatives to improve operating margins and continue advancing its ongoing commitment to profitable growth, which have included a reduction of the Company’s workforce and office space reductions within certain markets.

The Company continues to evaluate and operationalize future programs to drive further operational efficiencies, optimize its management structure and increase cost optimization efforts to realize long-term sustainable growth.

The Company recognized $ 260 million and $ 56 million in restructuring charges during the three months ended October 31, 2025 and 2024, respectively, and $ 300 million and $ 163 million during the nine months ended October 31, 2025 and 2024, respectively, which were substantially related to workforce reductions that include charges for employee transition, severance payments, employee benefits and stock-based compensation.

There were no outstanding borrowings under the Credit Facility as of April 30, 2026.

2026 Term Loan Credit Agreement

In March 2026, the Company entered into a $ 6.0 billion five-year senior unsecured term loan credit agreement (the "2026 Term Loan Credit Agreement").

The Company used the 2026 Term Loan Credit Agreement to refinance and extend the maturities of the outstanding principal amounts under its existing $ 4.0 billion 364-day Credit Agreement and $ 2.0 billion Three-year Credit Agreement (collectively, the “Informatica Credit Agreements”).

This non-cash financing activity has been excluded from the Condensed Consolidated Statement of Cash Flows.

The 2026 Term Loan Credit Agreement matures in March 2031.

As of April 30, 2026, the entire $ 6.0 billion principal amount was outstanding under the 2026 Term Loan Credit Agreement.

March 2026 Notes

In March 2026, the Company issued $ 25.0 billion aggregate principal amount of unsecured Senior Notes (collectively, the “March 2026 Notes”), with maturities ranging from 2028 to 2066.

The proceeds from this offering, net of discounts and debt issuance costs, was $ 24.8 billion.

Interest on each of the March 2026 Notes is payable semi-annually in arrears.

The Company may redeem any portion of the March 2026 Notes, either in whole or in part, at any time, subject to certain early redemption provisions.

The Company used the net proceeds from the March 2026 Notes to fund an accelerated share repurchase program of its common stock.

For more information regarding the accelerated share repurchase program, see Note 9 “Stockholders’ Equity.”

Stockholders’ Equity

Stock option activity for the nine months ended October 31, 2025 was as follows:

Stock option activity for the three months ended April 30, 2026 was as follows:

Options Outstanding

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Balance as of January 31, 2026 6 $ 207.54

Exercised ( 1 ) 178.45

Balance as of October 31, 2025 7 $ 204.59 $ 674

Options granted under all plans 1 180.69

Balance as of April 30, 2026 7 $ 203.99 $ 92

Vested or expected to vest 7 $ 204.67 $ 87

Exercisable as of October 31, 2025 6 $ 196.88 $ 583

Restricted stock activity for the nine months ended October 31, 2025 was as follows:

Exercisable as of April 30, 2026 6 $ 205.53 $ 48

Restricted stock activity for the three months ended April 30, 2026 was as follows:

Restricted Stock Outstanding

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Vested and converted to shares ( 5 ) 255.71

Balance as of October 31, 2025 26 $ 264.85 $ 6,742

Balance as of April 30, 2026 40 $ 230.36 $ 7,038

Expected to vest 34 $ 5,919

The aggregate expected stock-based compensation expense remaining to be recognized as of October 31, 2025 was as follows (in millions):

The aggregate expected stock-based compensation expense remaining to be recognized as of April 30, 2026 was as follows (in millions):

Fiscal Period:

Remaining three months of fiscal 2026 $ 957

Remaining nine months of fiscal 2027 $ 2,822

Fiscal 2028 2,881

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Total stock-based compensation expense $ 9,027

The aggregate expected stock-based compensation expense remaining to be recognized reflects only outstanding stock awards as of October 31, 2025 and assumes no forfeiture activity and no changes in the expected level of attainment of performance share grants based on the Company’s financial performance relative to certain targets.

The aggregate expected stock-based compensation expense remaining to be recognized reflects only outstanding stock awards as of April 30, 2026 and assumes no forfeiture activity and no changes in the expected level of attainment of performance share grants based on the Company’s financial performance relative to certain targets.

Share Repurchase Program

The Company’s Board of Directors (the “Board”) authorized a program to repurchase shares of the Company's common stock (the "Share Repurchase Program"), which commenced in August 2022.

In September 2025, the Board authorized an additional $ 20.0 billion in repurchases under the Share Repurchase Program, for an aggregate total authorization of $ 50.0 billion.

In February 2026, the Board authorized $ 50.0 billion in share repurchases under the Share Repurchase Program, which is inclusive of the accelerated share repurchase described below and replaces the previous remaining unpurchased authorization.

The Share Repurchase Program does not have a fixed expiration date and does not obligate the Company to acquire any specific number of shares.

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The Company accounts for treasury stock under the cost method.

The Company repurchased the following under its Share Repurchase Program (in millions, except average price per share):

In March 2026, the Company entered into accelerated share repurchase agreements (the “ASR Agreements”) with several financial institutions to repurchase an aggregate $ 25.0 billion of its common stock.

Pursuant to the terms of the ASR Agreements, the Company made up-front payments totaling $ 25.0 billion and received an initial delivery of approximately 103 million shares of its common stock at an average price per share of $ 198.34 .

The initial share delivery represented approximately 80 percent of the total shares expected to be repurchased under the ASR Agreements.

During the first quarter of fiscal 2027, the Company recorded $ 20.6 billion to treasury stock for the cost of the delivered shares as well as associated fees and excise taxes.

A $ 4.6 billion reduction to additional paid-in capital was recorded for the unsettled portion of the ASR Agreements as forward contract components classified within stockholders’ equity.

In addition to share repurchases under the ASR Agreements, the Company repurchased the following shares of its common stock in the open market, (in millions, except average price per share):

Shares Average price per share Amount Shares Average price per share Amount

Three months ended April 30 11 $ 192.00 $ 2,145 10 $ 273.42 $ 2,681

Three months ended July 31, 8 $ 269.96 $ 2,199 18 $ 246.14 $ 4,288

Three months ended October 31, 15 $ 246.33 $ 3,814 5 $ 257.00 $ 1,228

All repurchases were made in open market transactions.

As of October 31, 2025, the Company was authorized to purchase a remaining $ 21.9 billion of its common stock under the Share Repurchase Program.

As of April 30, 2026, the Company was authorized to purchase a remaining $ 22.9 billion of its common stock under the Share Repurchase Program.

The Company announced the following dividends:

Quarter Ended Record Date Payment Date Dividend per Share Amount

Record Date Payment Date Dividend per Share Amount

(in millions)

April 30, 2025 April 10, 2025 April 24, 2025 $ 0.416 $ 406

July 31, 2025 June 18, 2025 July 10, 2025 $ 0.416 $ 404

October 31, 2025 September 17, 2025 October 9, 2025 $ 0.416 $ 400

April 30, 2024 March 14, 2024 April 11, 2024 $ 0.40 $ 388

July 31, 2024 July 9, 2024 July 25, 2024 $ 0.40 $ 388

October 31, 2024 September 18, 2024 October 8, 2024 $ 0.40 $ 385

Three months ended April 30, 2026 April 9, 2026 April 23, 2026 $ 0.440 $ 374

Three months ended April 30, 2025 April 10, 2025 April 24, 2025 $ 0.416 $ 406

Effective Tax Rate

The Company computes its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for discrete tax items recorded in the period.

For the nine months ended October 31, 2025, the Company reported a tax provision of $ 1.4 billion on pretax income of $ 6.9 billion, which resulted in an effective tax rate of 20 percent.

For the three months ended April 30, 2026, the Company reported a tax provision of $ 614 million on pretax income of $ 2.7 billion, which resulted in an effective tax rate of 23 percent.

The Company’s effective tax rate differed from the U.S.

statutory rate of 21 percent primarily due to research and development credits, partially offset by state and local taxes.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law.

The OBBBA includes significant changes to US corporate tax provisions of the Tax Cuts and Jobs Act.

Notably, it allows an immediate deduction for domestic research and development expenditures, reinstates 100% bonus depreciation, and modifies the international tax framework.

The legislation has multiple effective dates, with certain provisions effective in fiscal 2026 and others in the subsequent years.

The changes had an immaterial impact to the Company’s tax provision for the period ended October 31, 2025.

For the nine months ended October 31, 2024, the Company reported a tax provision of $ 961 million on pretax income of $ 5.5 billion, which resulted in an effective tax rate of 18 percent.

statutory rate of 21 percent primarily due to state and local taxes and non-deductible items, partially offset by research and development credits.

For the three months ended April 30, 2025, the Company reported a tax provision of $ 433 million on pretax income of $ 2.0 billion, which resulted in an effective tax rate of 22 percent.

The Company’s effective tax rate differed from the U.S.

statutory rate of 21 percent primarily due to research and development credits, the foreign-derived intangible income deduction, and excess tax benefits from stock-based compensation.

statutory rate of 21 percent primarily due to state and local taxes and non-deductible items, partially offset by research and development credits.

Unrecognized Tax Benefits and Other Considerations

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As the outcome of the tax audits cannot be predicted with certainty, if any issues addressed in the Company’s tax audits are resolved in a manner inconsistent with management's expectations, the Company could adjust its provision for income taxes in the future.

The Company does not anticipate a significant change to its unrecognized tax benefits in the next 12 months.

Net Income Per Share

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A reconciliation of the denominator used in the calculation of basic and diluted net income per share is as follows (in millions):

3 Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

1 Three Months Ended April 30,

Net income $ 2,107 $ 1,541

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The weighted-average number of shares outstanding used in the computation of diluted net income per share does not include the effect of the following potentially outstanding common stock.

The effects of these potentially outstanding shares were not included in the calculation of diluted net income per share because the effect would have been anti-dilutive (in millions):

Three Months Ended October 31, Nine Months Ended October 31,

2025 2024 2025 2024

The effects of these potentially outstanding shares, including the unsettled forward contract component of the ASR agreements, were not included in the calculation of diluted net income per share because the effect would have been anti-dilutive (in millions):

Three Months Ended April 30,

Employee stock awards 31 2

Unsettled component of ASR Agreements 36 0

Legal Proceedings and Claims

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Oral argument was heard in May 2021.

On September 20, 2021, the Ninth Circuit affirmed the district court’s ruling.

On September 20, 2021, the

Ninth Circuit affirmed the district court’s ruling.

Slack filed a petition for rehearing with the Ninth Circuit on November 3, 2021, which was denied on May 2, 2022.

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Slack and the other defendants answered the complaint in November 2020.

Plaintiffs filed a motion for class certification on October 21, 2021, which remains pending.

Plaintiffs filed a motion for class certification on October 21, 2021, which was never ruled upon.

On October 26, 2022, the court stayed the State Court Action pending resolution of Slack’s petition for a writ of certiorari in the Federal Action.

On November 7, 2025, the court lifted the stay in the State Court Action solely to permit plaintiffs to take certain discovery and to file a renewed motion for class certification, if they choose to do so.

The State Court Action seek unspecified monetary damages and other relief on behalf of investors who purchased Slack’s Class A common stock issued pursuant and/or traceable to the Registration Statement.

The State Court Action seeks unspecified monetary damages and other relief on behalf of investors who purchased Slack’s Class A common stock issued pursuant and/or traceable to the Registration Statement.

Backpage Litigation

The Company has been named as a defendant in a number of state and federal actions relating to the activities of one of its former customers, Website Technologies, LLC (“Website Technologies”), an affiliate of Backpage.com, LLC (“Backpage”).

Plaintiffs in these actions generally allege that they were victims of sex trafficking by individuals who advertised them on backpage.com, a website operated by Backpage, and assert various claims and theories premised on the Company’s provision to Website Technologies of Salesforce CRM Software and related products, which the plaintiffs allege facilitated the operation

and growth of Backpage’s business.

The initial action, filed in the Superior Court of California for the County of San Francisco on behalf of numerous plaintiffs, was dismissed with prejudice under Section 230 of the Communications Decency Act (“Section 230”), and that dismissal was affirmed by the California Court of Appeal in December 2021.

In April 2020, an action was filed on behalf of a single plaintiff in the U.S.

In April 2020, an action involving a single plaintiff was filed in the U.S.

District Court for the Northern District of Illinois, G.G.

Salesforce, Inc., Case No.

1:20-CV-2335.

1:20-CV-2335 (“G.G.”).

The district court granted the Company’s motion to dismiss the action, and the Seventh Circuit Court of Appeals reversed that ruling in August 2023.

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On July 9, 2025, the Company filed a motion to dismiss that complaint.

The court has scheduled trial in the Northern District of Illinois matter for June 2026.

The district court dismissed one of plaintiff’s claims in January 2026.

Beginning in April 2020, five actions involving six plaintiffs were filed and consolidated in the U.S.

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Salesforce, Inc., Case No.

4:20-CV-01254.

4:20-CV-01254 (“A.B.”).

The Company moved for summary judgment on the basis that the claims were barred by Section 230.

In November 2023, the court denied the Company’s motion and in December 2024, the Fifth Circuit Court of Appeals affirmed that ruling.

Beginning in May 2023, a number of similar actions have been filed in Texas federal and state courts, including principally:

(1) 30 actions filed in the U.S.

In October 2025, the district court in A.B.

granted the Company’s motion pursuant to 18 U.S.C.

§ 1595(b) to stay the action pending final adjudication of criminal proceedings involving Backpage.

Since May 2023, a number of similar actions have been filed in federal and state courts, including principally:

(1) actions filed by 30 plaintiffs in the U.S.

District Court for the Northern District of Texas, which were consolidated as S.M.A.

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3:23-CV-0915-B (“S.M.A”);

(2) 21 actions filed in Texas state court in Dallas County, which were removed by the Company to the Northern District of Texas, and consolidated as A.S.

(2) actions filed by 21 plaintiffs in Texas state court in Dallas County, which were removed to the U.S.

District Court for the Northern District of Texas and consolidated as A.S.

Salesforce, Inc., Case No.

3:23-CV-1039-B (“A.S.”);

and (3) one action filed in Texas state court in Harris County, which was removed to the U.S.

(3) an action by a single plaintiff filed in Texas state court in Harris County, which was removed to the U.S.

District Court for the Southern District of Texas as T.S.

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4:23-CV-01792 (“T.S.”);

In June 2023, the Company moved to dismiss the T.S.

action, and that motion remains pending.

Separately, 19 actions have been filed in Texas state court, which are proceeding in a Texas state court multidistrict litigation in Harris County District Court, captioned In re Jane Doe Cases, MDL 2020-28545.

(4) an action by a single plaintiff filed in Texas state court in Harris County, which was removed to the U.S.

District Court for the Southern District of Texas as A.A.

Salesforce, Inc., Case No.

4:26-CV-00757 (“A.A.”);

(5) an action filed by a single plaintiff in the U.S.

District Court for the Southern District of Texas as Jane Doe (C.S.) v.

Salesforce, Inc., Case No.

2:25-CV-189 (“C.S.”);

(6) an action filed by a single plaintiff in the U.S.

District Court for the Western District of Washington as M.K.

Salesforce.com, Inc, Case No.

2:23-CV-435 (“M.K.”);

(7) an action filed by a single plaintiff in the U.S.

District Court for the Middle District of Florida as I.H.

Salesforce.com, LLC, Case No.

8:24-CV-1678 (“I.H.”);

(8) an action filed by 13 plaintiffs in the U.S.

District Court for the Northern District of Illinois as A.G.B.

Salesforce, Inc., Case No.

25-CV-15801 (“A.G.B.”);

(9) an action filed by a single plaintiff in the U.S.

District Court for the Northern District of Illinois as J.L.D.

Salesforce, Inc., Case No.

26-CV-01580 (“J.L.D.”);

and (10) an action filed by two plaintiffs in the U.S.

District Court for the Northern District of Illinois as E.Y.W.

Salesforce, Inc., Case No.

1:26-CV-02632 (“E.Y.W.”).

Six actions have further been filed by 244 plaintiffs in the U.S.

District Court for the Northern District of Illinois and have been consolidated with G.G.

consolidated cases”):

Salesforce, Inc., Case No.

1:25-CV-6867;

Salesforce, Inc., Case No.

1:25-CV-6869;

Salesforce, Inc., Case No.

1:25-CV-6870;

Salesforce, Inc., Case No.

1:25-CV-6871;

Salesforce, Inc., Case No.

1:25-CV-6872.

Seven actions have been filed by fourteen plaintiffs in the U.S.

District Court for the Northern District of California:

Salesforce, Inc., Case No.

4:26-CV-01531;

Salesforce, Inc., Case No.

4:26-CV-01594;

Salesforce, Inc., Case No.

4:26-CV-01975;

Salesforce, Inc., Case No.

4:26-CV-02162;

Salesforce, Inc., Case No.

4:26-CV-02172;

Salesforce, Inc., Case No.

4:26-CV-02296;

Salesforce, Inc., Case No.

4:26-CV-02499.

Fourteen actions have been filed by fourteen plaintiffs in the U.S.

District Court for the Central District of California:

Salesforce, Inc., Case No.

2:26-CV-03471 (“SF-00014”);

Salesforce, Inc., Case No.

2:26-CV-03771 (“SF-00015”);

Salesforce, Inc., Case No.

2:26-CV-03972 (“SF-00016”);

Salesforce, Inc., Case No.

2:26-CV-04150 (“SF-00017”);

Salesforce, Inc., Case No.

2:26-CV-04157 (“SF-00018”);

Salesforce, Inc., Case No.

2:26-CV-04398 (“SF-00019”);

Salesforce, Inc., Case No.

2:26-CV-04421 (“SF-00020”);

Salesforce, Inc., Case No.

2:26-CV-04435 (“SF-00021”);

Salesforce, Inc., Case No.

2:26-CV-04488 (“SF-00022”);

Salesforce, Inc., Case No.

2:26-CV-04652 (“SF-00023”);

Salesforce, Inc., Case No.

2:26-CV-04608 (“SF-00024”);

Salesforce, Inc., Case No.

2:26-CV-04664 (“SF-00025”);

Salesforce, Inc., Case No.

2:26-CV-04836 (“SF-00026”);

Salesforce, Inc., Case No.

2:26-CV-04859 (“SF-00027”).

Separately, 18 actions have been filed by 18 plaintiffs in Texas state court, which are proceeding in a Texas state court multidistrict litigation in Harris County District Court, captioned In re Jane Doe Cases, MDL 2020-28545 (“Texas MDL”).

In March 2024, the district court in S.M.A.

1 unchanged sentence

In May 2024, the Company moved to dismiss the amended complaint.

In March 2025, the district court granted the motion as to the Texas state law claims, dismissed the Texas claims with prejudice, and denied the motion as to the federal law claims.

In March 2025, the district court granted the motion as to the Texas state law claims, dismissed the Texas claim with prejudice, and denied the motion as to the federal law claim.

In October 2025, S.M.A.

was stayed pursuant to 18 U.S.C.

§ 1595(b) pending the final adjudication of the criminal proceedings involving Backpage.

In September 2024, the district court in A.S.

denied the Company’s motion to dismiss and then scheduled trial for January 2026.

In November 2024, the Company moved for judgment on the pleadings in A.S.

In May 2025, the district court granted that motion with leave to amend the complaint.

denied the Company’s motion to dismiss.

In November 2024, the Company moved for judgment on the pleadings.

In May 2025, the district court granted that motion with leave to amend.

Plaintiffs then filed a consolidated amended complaint, and on June 20, 2025, the Company moved to dismiss that complaint.

That motion remains pending.

In June 2025, Plaintiff’s counsel in A.S.

filed six new actions in the Northern District of Illinois on behalf of a total of 244 new Plaintiffs.

On August 26, 2025, the six new actions were consolidated before the Northern District of Illinois judge who is presiding over the G.G.

On July 14, 2025, Plaintiff’s counsel in G.G.

filed a new action in the Southern District of Texas, C.S.

Salesforce, Inc., Case No.

25-CV-00189 (“C.S.”).

On September 29, 2025, the Company filed a motion to dismiss the C.S.

That motion remains pending.

Beginning in early August 2025, the Company filed motions in each of the pending federal cases for a stay of proceedings pending the completion of ongoing criminal proceedings involving Backpage.

On October 21, 2025, the court in the A.S.

actions granted the Company’s motions to stay those actions, and on October 28, 2025, the court in A.B.

similarly granted the Company’s stay motion.

On November 7, 2025, Plaintiffs’ counsel in A.S., S.M.A., and A.B.

moved for reconsideration of the stay rulings.

The motions for reconsideration remain pending, and the stay motions in the other federal actions also remain pending.

This motion was pending when, in October 2025, A.S.

also was stayed pursuant to 18 U.S.C.

§ 1595(b) pending the final adjudication of the criminal proceedings involving Backpage.

In June 2023, the Company moved to dismiss T.S., and that motion remains pending.

In March 2024, T.S.

was stayed pending the interlocutory appeal in A.B., which was remanded to the district court in January 2025.

The Company filed a motion to dismiss in A.A.

in February 2026, and that motion remains pending.

In May 2026, the Company filed a motion to stay A.A.

under 18 U.S.C § 1595(b) that remains pending.

In September 2025, the Company filed a motion to dismiss C.S.

that was pending when the court granted the motion to stay under 18 U.S.C.

§ 1595(b) in April 2026.

Plaintiff in M.K.

voluntarily dismissed her claim against Salesforce in May 2024.

In December 2025, the district court in I.H.

stayed the action pursuant to 18 U.S.C.

§ 1595(b) pending final adjudication of the criminal proceedings involving Backpage.

The Company filed a motion to dismiss in the G.G.

consolidated cases in January 2026 that was pending when the district court granted the Company’s motion to stay under 18 U.S.C.

§ 1595(b) to stay the G.G.

consolidated cases pending the final adjudication of the criminal proceedings involving Backpage in March 2026.

Plaintiffs in the G.G.

consolidated cases filed a motion for reconsideration of the stay order, and that motion remains pending.

In March through May 2026, the district courts in A.G.B., J.L.D., and E.Y.W.

granted the parties’ stipulation to stay the cases subject to the same stay entered in the G.G.

consolidated cases.

The Company’s responses to Plaintiffs’ complaints in the Northern District of California are due in May and June 2026.

The Company’s responses to the served complaints in the Central District of California cases are due in June and July 2026.

In the Texas MDL, the Company moved to dismiss certain claims by plaintiffs in this MDL who reside outside of Texas on personal jurisdiction, extraterritoriality, and forum non conveniens grounds in the latter half of 2023.

In February 2026, at a hearing on these motions, the court granted the Company’s motions to dismiss on forum non conveniens grounds.

The Company will be dismissed from B.I.R., C.V., and T.K, in the Texas MDL pending the court’s written order.

All of the foregoing actions seek unspecified monetary damages, attorneys’ fees, and costs.

The Company intends to defend its interests in these proceedings vigorously.

Subsequent Events

Informatica Inc.

In November 2025, the Company acquired all outstanding stock of Informatica, an AI-powered enterprise cloud data management platform.

The preliminary acquisition date fair value of the consideration transferred for Informatica is estimated to be approximately $ 9.6 billion, comprised primarily of $9.5 billion in cash.

The cash portion included the full $ 6.0 billion available under the credit facilities associated with the Informatica Credit Agreements (see Note 8 “Debt”).

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements