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AI核心结论
Salesforce delivered a strong fiscal year 2026, with revenue growing 9.6% to $41.5B, net income surging 20.3% to $7.5B, and operating cash flow reaching a record $15.0B, while the company aggressively returned capital through $12.6B in share buybacks.
营业收入
$41.52B
同比 ++9.58%
每股收益（基本）
$7.85
同比 ++21.89%
毛利率
77.7%
同比 ++0.48%
营业利润
$8.33B
同比 ++15.63%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Salesforce (CRM) FY2025 营收 $41.52B，同比增长 9.6%。 净利润 $7.46B，同比增长 20.3%，稀释每股收益 $7.80。 毛利率 77.7%。
Total revenue grew 9.6% year-over-year to $41.5B in FY2026, up from $37.9B in FY2025, reflecting continued demand for Salesforce's cloud-based CRM and platform solutions. Gross profit expanded 10.3% to $32.3B, slightly outpacing revenue growth and indicating improving revenue quality.
来源: Source: 10-K Income Statement
Operating income grew 15.6% to $8.3B, with operating margin expanding approximately 100 basis points to 20.1% from 19.0% in the prior year. Net margin also improved to 18.0%, up from approximately 16.4%, demonstrating meaningful operating leverage as revenue scaled faster than costs.
来源: Source: 10-K Income Statement
Operating cash flow reached $15.0B, up 14.5% year-over-year, underscoring the company's strong cash generation capability. Salesforce returned $12.6B to shareholders via share buybacks (up 60.9% YoY) and paid $1.6B in dividends, signaling management's confidence in the business.
来源: Source: 10-K Cash Flow Statement
Long-term debt rose 71.2% to $14.4B from $8.4B in the prior year, contributing to total liabilities increasing 27.3% to $53.2B. Stockholders' equity declined 3.3% to $59.1B, partly reflecting the scale of share repurchases exceeding net income additions to equity.
来源: Source: 10-K Balance Sheet
R&D expense grew 9.1% to $6.0B in FY2026, representing approximately 14.4% of revenue, consistent with the prior year. This sustained investment reflects Salesforce's commitment to product innovation, including AI-driven features and platform enhancements.
来源: Source: 10-K Income Statement
Salesforce's current ratio stands at 0.76, meaning current liabilities of $37.1B exceed current assets of $28.2B. This represents a meaningful deterioration from the prior year and could indicate near-term liquidity constraints if operating cash flows were to slow unexpectedly. The 32.7% surge in current liabilities warrants close monitoring.
来源: Source: 10-K Balance Sheet
Long-term debt increased 71.2% year-over-year to $14.4B, a significant jump that raises the company's financial leverage. The debt-to-equity ratio now stands at approximately 0.90, up sharply from prior levels. Sustained high interest rates could increase debt servicing costs and pressure future free cash flow.
来源: Source: 10-K Balance Sheet
Salesforce repurchased $12.6B in shares during FY2026, a 60.9% increase over the prior year's $7.8B. While accretive to EPS, this pace of buybacks—funded partly by new debt—has contributed to a 3.3% decline in stockholders' equity. Continued aggressive buybacks at this scale could further erode the balance sheet buffer.
来源: Source: 10-K Cash Flow Statement
With $6.0B in R&D expense (approximately 14.4% of revenue), Salesforce must continuously invest to stay ahead in a rapidly evolving AI and cloud CRM landscape. Failure to translate this spending into competitive product differentiation could pressure margins without delivering commensurate revenue growth.
来源: Source: 10-K Income Statement
Cash and equivalents fell 17.2% to $7.3B, while investing cash outflows surged to -$8.6B (from -$3.2B in FY2025), a 171.6% increase likely reflecting acquisitions or capital investments. This combination of lower cash and higher investment spending reduces financial flexibility.
来源: Source: 10-K Cash Flow Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $41.52B | $37.9B | +9.58% |
营业成本 | $9.27B | $8.64B | +7.25% |
毛利润 | $32.26B | $29.25B | +10.27% |
营业利润 | $8.33B | $7.21B | +15.63% |
净利润 | $7.46B | $6.2B | +20.33% |
每股收益（基本） | $7.85 | $6.44 | +21.89% |
每股收益（稀释） | $7.80 | $6.36 | +22.64% |
研发费用 | $5.99B | $5.49B | +9.10% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $112.31B | $102.93B | +9.11% |
流动资产 | $28.22B | $29.73B | -5.06% |
总负债 | $53.16B | $41.76B | +27.32% |
流动负债 | $37.12B | $27.98B | +32.66% |
股东权益 | $59.14B | $61.17B | -3.32% |
现金及等价物 | $7.33B | $8.85B | -17.19% |
长期债务 | $14.44B | $8.43B | +71.22% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $15B | $13.09B | +14.54% |
投资活动现金流 | $-8.59B | $-3.16B | -171.58% |
筹资活动现金流 | $-8.08B | $-9.43B | +14.32% |
股息支出 | $1.59B | $1.54B | +3.25% |
股票回购 | $12.6B | $7.83B | +60.89% |
折旧及摊销 | $1.2B | $1B | +20.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 77.7% | 77.2% | +0.48% |
营业利润率 | 20.1% | 19.0% | +1.05% |
净利率 | 18.0% | — | — |
净资产收益率 | 12.6% | — | — |
总资产收益率 | 6.6% | — | — |
流动比率 | $0.76 | — | — |
资产负债率 | $0.899 | — | — |
Salesforce delivered strong Q2 FY2026 results with revenue of $11.1B (+13.3% YoY), net income surging 36.7% to $2.1B, and diluted EPS jumping 52.2% to $2.42, though the balance sheet was significantly reshaped by $27.2B in share buybacks that drove long-term debt up 365.7% and cut stockholders' equity nearly in half.
Salesforce delivered a strong fiscal year 2025, with revenue growing 8.7% to $37.9B while operating income surged 43.8% to $7.2B and net income jumped 49.8% to $6.2B, reflecting significant margin expansion and disciplined cost management.
Application Software 行业其他公司
Salesforce had a strong FY2026, with revenue growing 9.6% to $41.5B and net income surging 20.3% to $7.5B. Diluted EPS rose 22.6% to $7.80, boosted by an aggressive $12.6B share buyback program, and operating cash flow reached a record $15.0B.
The key takeaways are: (1) strong revenue and profit growth with operating margin expanding to 20.1%; (2) record operating cash flow of $15.0B; and (3) a significant increase in debt (long-term debt up 71.2% to $14.4B) to fund capital returns, which pushed the current ratio below 1.0 to 0.76.
Yes—Salesforce dramatically increased share buybacks by 60.9% to $12.6B in FY2026, compared to $7.8B in FY2025. The company also paid $1.6B in dividends, a modest 3.3% increase, making buybacks the dominant form of capital return.
Based on the financial data, key risks include a current ratio below 1.0 (0.76), indicating short-term liabilities exceed short-term assets; a 71.2% surge in long-term debt to $14.4B; and declining cash reserves (down 17.2% to $7.3B). These balance sheet pressures could limit financial flexibility if business conditions deteriorate.
Salesforce is highly profitable, with a net margin of 18.0% and net income of $7.5B in FY2026. However, its balance sheet shows some strain: the current ratio is 0.76 (below the healthy threshold of 1.0), long-term debt jumped 71% to $14.4B, and stockholders' equity declined 3.3%—largely due to the scale of share repurchases.