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Salesforce (CRM) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Aug 27, 2026 · Salesforce (CRM) Q2 FY27 earnings results →

Q2 FY27 Revenue up 11% year over year to $11.3B · 31¢ of every $1 of revenue kept as net profit · operating margin 20.5%

Salesforce made $11.3B in Q2 FY27 (+11% Y/Y): Subscription and support $10.8B, Professional services and other $525M. Operating margin 20.5%, net earnings $3.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 27, 2026.

Revenue$11.3B
Year over year+11%
Operating margin20.5%
Net earnings$3.5B
Operating cash flow$1.3B

Drawing the Sankey…

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Salesforce Q2 FY27 revenue breakdown: Sankey diagram of revenue (Subscription and support, Professional services and other), costs, profit and cash flow
Salesforce Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $11.3B in Q2 FY27, up 11% year over year and up 2% from the previous quarter. Agentforce Apps was the largest line at 63% of revenue. Data 360, Headless Platform, and Other added $0.61B year over year (up 20%), 55% of the total change. Professional services and other declined 4%.

Gross margin was 76.7%, down 1.4 points from Q2 FY26. Operating profit was $2.3B, a 20.5% margin (down 2.2 points year over year). Operating profit fell $1.0M even though revenue rose $1.1B versus Q2 FY26, so costs grew faster than sales. Operating expenses grew 12% against revenue growth of 11%. The fastest-growing cost line was Research & development (+14%). Net earnings were $3.5B, up 87% year over year. The effective tax rate was 22.5%. Non-operating items added $2.2B, 49% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $1.3B (up 71% year over year), 36% of net earnings. Non-cash charges added back $1.0B of depreciation and amortization and $0.91B of share-based compensation. Working capital and other items used $4.1B. Capital expenditures of $0.17B left free cash flow of $1.1B.

Quarterly history

Salesforce revenue by quarterSalesforce revenue by quarter$10.0BQ4 FY25$9.8BQ1 FY26$10.2BQ2 FY26$10.3BQ3 FY26$11.2BQ4 FY26$11.1BQ1 FY27$11.3BQ2 FY27
Salesforce net earnings by quarterSalesforce net earnings by quarter$1.7BQ4 FY25$1.5BQ1 FY26$1.9BQ2 FY26$2.1BQ3 FY26$1.9BQ4 FY26$2.1BQ1 FY27$3.5BQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QAug 27, 2026$11.3B+11%20.5%$3.5B$1.3B
Q1 FY2710-QMay 28, 2026$11.1B+13%21.1%$2.1B$6.7B
Q4 FY2610-KMar 2, 2026$11.2B+12%16.7%$1.9B$5.5B
Q3 FY2610-QDec 4, 2025$10.3B+9%21.3%$2.1B$2.3B
Q2 FY2610-QSep 4, 2025$10.2B+10%22.8%$1.9B$740M
Q1 FY2610-QMay 29, 2025$9.8B+8%19.8%$1.5B$6.5B
Q4 FY2510-KMar 5, 2025$10.0B+8%18.2%$1.7B$4.0B

Charts

Salesforce: revenue growth, year over year and quarter over quarterSalesforce: revenue growth, year over year and quarter over quarterY/YQ/Q+8%Q4 FY25+8%-2%Q1 FY26+10%+4%Q2 FY26+9%+0%Q3 FY26+12%+9%Q4 FY26+13%-1%Q1 FY27+11%+2%Q2 FY27
Latest (Q2 FY27): Y/Y +11%, Q/Q +2%.
Salesforce: where the cash came from (+) and went (−), TTM to Q2 FY27Salesforce: where the cash came from (+) and went (−), TTM to Q2 FY27Buybacks−$35.1BOther financing$30.8BOperating cash flow$15.8BAcquisitions−$10.7BCash drawn (+) / kept (−)$2.1BDividends−$1.5BShares issued$822MTaxes on employees’ shares−$666MNet borrowing (+) / repaid (−)−$612MCapital spending−$596MOther investing−$254MExchange rates−$38.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Salesforce: profit against cash, quarter by quarterSalesforce: profit against cash, quarter by quarterNet incomeOperating cash flow$1.5B$2.0BQ3 FY25$1.7B$4.0BQ4 FY25$1.5B$6.5BQ1 FY26$1.9B$740MQ2 FY26$2.1B$2.3BQ3 FY26$1.9B$5.5BQ4 FY26$2.1B$6.7BQ1 FY27$3.5B$1.3BQ2 FY27
Latest (Q2 FY27): Net income $3.5B, Operating cash flow $1.3B.
Salesforce: diluted shares by fiscal yearSalesforce: diluted shares by fiscal year930MFY21974MFY22997MFY23984MFY24974MFY25956MFY26
+2.8% since FY21: more shares outstanding (issuance, stock pay).
Salesforce: long-term debt falling due (FY26)Salesforce: long-term debt falling due (FY26)$4.0B2027$4.5B2029$6.0BLater
Cash $7.3B, short-term investments $2.2B, long-term debt $14.4B at 2026-01-31.
Salesforce in its industry: growth against margin (192 companies, SIC 7372)Salesforce in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLADBEXYZINTUNOWSHOPCRWVSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYCRM (+11%, 20%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI revenue: clouds & software money flowAI revenue: clouds & software · AI software & data

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Salesforce

Salesforce, Inc. (“Salesforce,” the “Company,” “we” or “our”) is a global leader in customer relationship management (“CRM”) technology, helping organizations of any size become agentic enterprises. Founded in 1999, we bring humans, agents, applications, and data together on a trusted, unified platform to unlock growth and innovation. Our artificial intelligence (“AI”) powered Agentforce 360 Platform unites our offerings — spanning sales, service, marketing, commerce, collaboration, data management, integration, analytics, IT service, industry verticals and more — on a single, intelligent platform for trusted enterprise execution. We unify and harmonize across systems, applications and devices to create a complete view of customers.

In its own words, from its 10-K, filed Mar 2, 2026.

Salesforce against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +19%. Operating margin: 20.5% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
CRM SalesforceQ2 FY27$11.3B+11%20.5%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%
CRWV CoreWeaveQ2 2026$2.6B+112%-1.9%

Source: Salesforce 10-Q on SEC EDGAR · CIK 1108524 · Services-Prepackaged Software

Guidance and outlook

Salesforce Revenue: guidance against what was reportedSalesforce Revenue: guidance against what was reportedguided rangereported (above / within / below)Q3 FY26$10.3BFY26$41.5BQ4 FY26$11.2BFY27FY30Q1 FY27$11.1BQ2 FY27$11.3BQ3 FY27
Met or beat 9 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Salesforce GAAP operating margin: guidance against what was reportedSalesforce GAAP operating margin: guidance against what was reportedguided rangereported (above / within / below)FY24FY2519.0%FY2620.1%FY27
Met or beat 1 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Salesforce: what its forward-looking statements are about (10-Q filed 2026-08-27)Salesforce: what its forward-looking statements are about (10-Q filed 2026-08-27)Demand8People3Other3AI1Costs1Financing1Buybacks & dividends1Deals1
19 statements; tone +0.32 (−1 all cautious, +1 all confident); 4 hedged.
Salesforce: outlook statements against the filing beforeSalesforce: outlook statements against the filing beforeNew1Updated2Confident7Cautious1

13F: who owns CRM and who is buying

Largest holders of CRM (13F)Largest holders of CRM (13F)Vanguard Group$23.8BBlackRock$11.4BVanguard Capital Management LLC$8.2BState Street$7.1BMorgan Stanley$3.7BGeode Capital Management, LLC$3.1BHarris Associates L P$2.5BVanguard Portfolio Management LLC$2.5BFirst Eagle Investment Management…$2.3BSanders Capital, LLC$2.2B
Funds' net buying of CRM by quarter (13F)Funds' net buying of CRM by quarter (13F)−$1.2B2024-09−$5.6B2024-12$1.4B2025-03−$151M2025-06−$1.3B2025-09$12.7B2025-12−$10.9B2026-03−$7.0B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CRM

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Salesforce（赛富时，CRM）财报

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