Salesforce

Salesforce sells cloud software for customer relationship management (CRM). Its products help companies with sales, service, marketing and commerce, and they include Slack, Tableau, MuleSoft and Data 360. Agentforce is its platform for AI agents that do work for employees and customers. Salesforce bought Informatica, a data management company, in November 2025.

It bought Contentful, a content platform, on September 1, 2026, and Fin, formerly Intercom, a company that makes AI agents for customer service, on September 10, 2026. Revenue was $41.5 billion in fiscal 2026 and $22.5 billion in the first half of fiscal 2027, and most of it is subscription and support revenue. Its fiscal year ends on January 31, and it is based in San Francisco.

The market doubts that Salesforce can grow faster when AI agents can do work that paid user seats do now. Without Informatica, revenue grew about 6% in Q2 fiscal 2027 (a calculation from the release figures), much slower than in the past. Salesforce also uses more debt and more purchases. In March 2026, it sold $25.0 billion of notes to pay for a $25 billion accelerated share repurchase, and debt rose to $39.5 billion at July 31, 2026.

After Informatica, it bought Contentful and Fin in September 2026, and on October 20, 2026 it agreed to buy Braze for about $5.66 billion. Investors fear that purchases hide slow organic growth. For the gap to close, three things must be true. Organic revenue growth must accelerate in the second half of fiscal 2027, as management expects, with current remaining performance obligation growth near the 14% of Q2.

Agentforce and Data 360 ARR, nearly $3.9 billion at July 31, 2026, must keep growing and add revenue instead of replacing seats. Free cash flow must grow 4% to 5% in fiscal 2027, as guided, and keep growing, so that debt can fall while Salesforce moves toward its fiscal 2030 revenue target of more than $63 billion. The Q3 fiscal 2027 report, expected in early December 2026, is the first test, and the Q4 report with the fiscal 2028 guidance, expected in late February 2027, is the next. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is AI agents from other companies, which can lower the number of paid seats that customers buy.

1. Dec 2, 2026 · est.Pending

   Q3 fiscal 2027 results: organic growthRevenue at or above the guided $11.42 billion to $11.5 billion, current remaining performance obligation growth near 14% and signs of faster organic growth pass; slower growth or lower fiscal 2027 guidance fail.
2. Feb 2027 · est.Pending

   Fiscal 2027 results and fiscal 2028 guidanceFree cash flow growth of about 4% to 5% in fiscal 2027 and fiscal 2028 guidance that keeps the path to the fiscal 2030 target pass; lower free cash flow or weak fiscal 2028 guidance fail.

Every passed and failed checkpoint across all picks

• October 20, 2026Salesforce agreed to buy Braze, a customer engagement platform, for about $5.66 billion in enterprise value. Braze shareholders receive $47.50 in cash per share. Salesforce expects the deal to close in fiscal 2028, after approval by Braze shareholders and regulators. It did not change its fiscal 2027 guidance.
• September 16, 2026Salesforce held its Investor Day. Its presentation (8-K) kept the fiscal 2030 revenue target of more than $63 billion, which includes Informatica. It said that it expects to return 190% of fiscal 2027 free cash flow to shareholders. It also said that it expects an average price of $182 for the shares of the $25 billion accelerated share repurchase and a share count reduction of 14% or more from it.
• September 10, 2026Salesforce completed the purchase of Fin, formerly Intercom, a company that makes AI agents for customer service. The agreement of June 2026 gave a price of about $3.6 billion in cash.

Last earnings

August 26, 2026 (8-K on sec.gov)

Next earnings

Expected about December 2, 2026. The company has not confirmed the date.

• 8-KInvestor disclosureFiled October 20, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled September 17, 2026 · crm-20260916
• 8-KChange of directors or officersFiled September 4, 2026 · crm-20260902
• 10-QQuarterly report for the period ended Jul 31, 2026Filed August 27, 2026 · crm-20260731
• 8-KEarnings releaseFiled August 26, 2026 · crm-20260826
• 8-KChange of directors or officersFiled August 5, 2026 · crm-20260805
• 8-KChange of directors or officersFiled June 2, 2026 · crm-20260527
• 8-KChange of directors or officersFiled June 1, 2026 · crm-20260528
• 10-QQuarterly report for the period ended Apr 30, 2026Filed May 28, 2026 · crm-20260430
• 8-KEarnings releaseFiled May 27, 2026 · crm-20260527

Every filing on SEC EDGAR (CIK 1108524)

• Salesforce sells most of its software by user seat. AI agents can do work that people do now, so customers can need fewer seats. Agentforce must add more revenue than the seats it replaces, and AI agents from model makers and other software companies compete for the same work.
• Debt rose to $39.5 billion at July 31, 2026, from $14.4 billion at January 31, 2026, mainly to pay for the accelerated share repurchase. Interest expense was $790 million in the first half of fiscal 2027, up from $135 million a year earlier. Higher debt leaves less room for purchases or a downturn.
• Salesforce bought Informatica, Contentful and Fin and agreed to buy Braze within one year. Purchases make organic growth hard to see, and a purchase that does not perform can cause goodwill impairments. Goodwill was $59.3 billion at July 31, 2026.
• Results include gains and losses on strategic investments. Gains added $2.43 to GAAP EPS in Q2 fiscal 2027, so EPS can fall when these gains do not repeat.

Salesforce funds itself with senior notes and a term loan. Debt principal was $39.5 billion at July 31, 2026, up from $14.4 billion at January 31, 2026. Read more

Dividend yield

0.8% (last 12 months, at today’s price of $214.94)

Paid per share

$1.736 in the last 12 months (4 payments)

Current annual rate

$1.76 ($0.44 × 4 a year)

Payout ratio

21% of the last fiscal year’s earnings (the year that ended January 31, 2026)

Latest ex-dividend date

September 17, 2026, $0.44 per share

Dividends per share by year

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.