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Salesforce cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$1.1B in Q2 FY27 · $15.2B over twelve months

Operating cash flow$1.3B
Capital spending−$171M
Free cash flow+$1.1B
Cash / net income0.4×

Analysis

In Q2 FY27, Salesforce generated $1.3B of operating cash flow and spent $171M on capital projects, leaving free cash flow of $1.1B. That is $493M more than in Q2 FY26 ($605M).

Over the twelve months to Jul 31, 2026, operating cash flow was $15.8B; the largest uses were buybacks ($35.1B), acquisitions ($10.7B), dividends ($1.5B); besides operations, cash came from other financing ($30.8B), shares issued ($822M); the cash balance fell by $2.1B.

Operating cash flow was $1.3B against net income of $3.5B — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: gains on investments −$2.6B, deferred revenue −$1.6B, receivables −$1.4B.

Free cash flow

Salesforce: free cash flow by quarterSalesforce: free cash flow by quarter$1.8BQ3 FY25$3.8BQ4 FY25$6.3BQ1 FY26$605MQ2 FY26$2.2BQ3 FY26$5.3BQ4 FY26$6.6BQ1 FY27$1.1BQ2 FY27
Operating cash flow less capital spending.
Salesforce: operating cash flow against capital spendingSalesforce: operating cash flow against capital spendingOperating cash flowCapital spending$2.0B$204MQ3 FY25$4.0B$154MQ4 FY25$6.5B$179MQ1 FY26$740M$135MQ2 FY26$2.3B$139MQ3 FY26$5.5B$141MQ4 FY26$6.7B$145MQ1 FY27$1.3B$171MQ2 FY27
Latest (Q2 FY27): Operating cash flow $1.3B, Capital spending $171M.

Capital allocation, year by year

Salesforce: where the cash came from (up) and went (down), by fiscal yearSalesforce: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $6.0BFY22: Net borrowing −$160MFY22: Shares issued $1.3BFY22: Capital spending −$717MFY22: Acquisitions −$14.9B$7.3BFY22FY23: Operating cash flow $7.1BFY23: Net borrowing −$423MFY23: Shares issued $861MFY23: Capital spending −$798MFY23: Acquisitions −$439MFY23: Buybacks −$4.0B$8.0BFY23FY24: Operating cash flow $10.2BFY24: Net borrowing −$1.8BFY24: Shares issued $2.0BFY24: Capital spending −$736MFY24: Acquisitions −$82.0MFY24: Buybacks −$7.6B$12.2BFY24FY25: Operating cash flow $13.1BFY25: Net borrowing −$1.6BFY25: Shares issued $1.5BFY25: Capital spending −$658MFY25: Acquisitions −$2.7BFY25: Buybacks −$7.8BFY25: Dividends −$1.5B$14.6BFY25FY26: Operating cash flow $15.0BFY26: Net borrowing −$584MFY26: Shares issued $1.0BFY26: Capital spending −$594MFY26: Acquisitions −$9.3BFY26: Buybacks −$12.6BFY26: Dividends −$1.6B$16.0BFY26
Over these 5 years operating cash flow totalled $51.4B; the largest uses were buybacks ($32.0B) and acquisitions ($27.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$11.4B
Debt$39.3B
Net debt$27.9B
Due within a year$4.0B

Salesforce funds itself: free cash flow was $15.2B over the last twelve months, and $11.4B of cash and investments stands against $39.3B of debt ($4.0B due within a year, 2.9× covered by cash).

Salesforce: debt maturities by year (FY26)Salesforce: debt maturities by year (FY26)$4.0BYear 1$4.5BYear 3$6.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $11.4B of cash and investments now.

Where the cash came from and went

Salesforce: sources (+) and uses (−) of cash, Q2 FY27Salesforce: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$1.3BOther investing−$974MCash drawn (+) / kept (−)$625MDividends−$364MNet borrowing (+) / repaid (−)−$176MCapital spending−$171MBuybacks−$84.0MShares issued$79.0MTaxes on employees’ shares−$77.0MExchange rates−$75.0MAcquisitions−$52.0M
Salesforce: sources (+) and uses (−) of cash, TTM to Q2 FY27Salesforce: sources (+) and uses (−) of cash, 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 profit to cash

Salesforce: net income to operating cash flow, Q2 FY27Salesforce: net income to operating cash flow, Q2 FY27Net income$3.5BDepreciation & amortization$966MStock-based pay$906MGains on investments−$2.6BReceivables−$1.4BPayables$891MDeferred revenue−$1.6BPrepaid and other assets$672MOperating cash flow$1.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$1.3B−$171M−$52.0M−$84.0M−$364M−$176M$79.0M$625M$1.1B
Q1 FY27$6.7B−$145M−$1.5B−$27.2B−$365M−$130M$230M−$1.6B$6.6B
Q4 FY26$5.5B−$141M−$8.2B−$3.9B−$391M−$146M$274M$1.7B$5.3B
Q3 FY26$2.3B−$139M−$978M−$3.8B−$395M−$160M$239M$1.4B$2.2B
Q2 FY26$740M−$135M−$54.0M−$2.2B−$399M−$99.0M$232M$563M$605M
Q1 FY26$6.5B−$179M—−$2.6B−$402M−$179M$294M−$2.1B$6.3B
Q4 FY25$4.0B−$154M−$2.2B−$76.0M−$383M−$98.0M$484M−$851M$3.8B
Q3 FY25$2.0B−$204M−$179M−$1.3B−$382M−$100M$321M−$315M$1.8B

Salesforce: income statement and cash flow

Salesforce, Q2 FY27: revenue $11.3B (+11% year over year), operating margin 20.5%. The chart follows the revenue to costs, profit and cash.

Salesforce: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.