Salesforce Delivers Record First Quarter Fiscal 2027 Results (Form 8-K)

Salesforce Delivers Record First Quarter Fiscal 2027 Results

GAAP EPS $2.42, up 52% Y/Y, Non-GAAP EPS $3.88, up 50% Y/Y

SAN FRANCISCO, Calif. - May 27, 2026 - Salesforce (NYSE: CRM), the world's #1 AI CRM, today announced results for its first quarter fiscal 2027 ended April 30, 2026.

First Quarter Financial Highlights

•Current remaining performance obligation of $33.6 billion, up 14% year-over-year ("Y/Y") and 13% in constant currency ("CC")

•Remaining performance obligation of $67.9 billion, up 11% Y/Y

•First quarter subscription & support revenue of $10.6 billion, up 14% Y/Y and 12% in CC, including $428 million Informatica contribution

•First quarter revenue of $11.1 billion, up 13% Y/Y and 12% in CC, including $444 million Informatica contribution

•First quarter GAAP operating margin of 21.1% and non-GAAP operating margin of 34.8%

•First quarter GAAP diluted net income per share of $2.42, up 52% Y/Y and non-GAAP diluted net income per share of $3.88, up 50% Y/Y

•First quarter operating cash flow of $6.7 billion, up 3% Y/Y, and free cash flow of $6.6 billion, up 4% Y/Y

•Returned $27.5 billion to shareholders, including $27.1 billion in share repurchases and $365 million in dividends

•Entered into $25 billion accelerated share repurchase ("ASR"), with upfront share delivery of 103 million shares representing approximately 80% of total shares expected to be repurchased, with final settlement expected in Q3 FY27

"This was an outstanding quarter for Salesforce - record revenue, record deals, and cash flow," said Marc Benioff, Chair and CEO, Salesforce. "Agentic AI is the biggest growth opportunity for our customers, and for Salesforce. We're the #1 Agentic CRM, with Agentforce now powering every Customer 360 application and helping tens of thousands of businesses across every industry transform into Agentic Enterprises. With more than $1 billion in Agentforce ARR, $3.4 billion in combined AI and data ARR, and 3.8 billion Agentic Work Units delivered for our customers, Salesforce has never been more essential."

"We remain confident in delivering organic revenue acceleration in the second half of FY27, driven by growth in Sales, Service, Slack, Agentforce, and Data 360," said Robin Washington, President and Chief Financial and Operating Officer, Salesforce. "We are executing against our profitable growth framework and remain on track to deliver on our FY30 targets while maximizing shareholder value."

Salesforce Company Highlights

•Agentforce and Data 360 annual recurring revenue ("ARR") reaches nearly $3.4 billion, up over 200% Y/Y, including $1.1 billion Informatica Cloud ARR and $1.2 billion Agentforce ARR, up 205% Y/Y

•3.8 billion Agentic Work Units ("AWUs") delivered to date across Agentforce and Slack, growing 111% quarter-over-quarter ("Q/Q")

•Bookings from Agentforce One Edition and Agentforce for Apps, premium SKUs anchored in Sales and Service including the value from Agentic capabilities, grew nearly 60% Y/Y

•Processed more than 28.6 trillion tokens to date, up 152% Q/Q

•More than 50% of Agentforce and Data 360 bookings came from existing customers in Q1

•In Q1, Data 360 ingested 52 trillion records, up 136% Y/Y, including 35 trillion via Zero Copy, up 277% Y/Y, and processed 12 terabytes of unstructured data

•Processed nearly 1 trillion API calls across Core products in Q1

•Slack Model Context Protocol ("MCP") surpassed 1 million active users within six weeks of launch

•Public Sector Industry Cloud ARR surpasses $2 billion, up 23% Y/Y in Q1, with Public Sector AWUs up nearly 400% Q/Q

Guidance

•Initiates second quarter FY27 revenue guidance of $11.27 billion to $11.35 billion, up 10% - 11% Y/Y and 10% in CC, including slightly above 4pts Informatica contribution

•Raises midpoint of full year FY27 revenue guidance, now expects full year FY27 revenue of $45.9 billion to $46.2 billion, up 11% Y/Y and 10% - 11% in CC, including approximately 3pts Informatica contribution

•Maintains full year FY27 subscription & support revenue growth guidance of slightly under 12% Y/Y and approximately 11% in CC, including approximately 3pts Informatica contribution

•Updates full year FY27 GAAP operating margin guidance of 20.6%, and maintains non-GAAP operating margin guidance of 34.3%

•Updates full year FY27 operating cash flow growth guidance and free cash flow growth guidance to approximately 4% - 5% Y/Y to reflect the impact of the $25 billion debt issuance for the ASR

Salesforce's guidance includes GAAP and non-GAAP financial measures. The following tables summarize Salesforce's guidance for the second quarter fiscal 2027 and full-year fiscal 2027:

			Q2 FY27 Guidance
			GAAP						Non-GAAP(1)
Revenue			$11.27 - $11.35 billion						N/A
Revenue growth(2)			10% - 11%						10% CC, $50M Y/Y FX
			Includes slightly above 4pts Informatica contribution
Diluted net income per share			$1.74 - $1.76						$3.25 - $3.27
Current remaining performance obligation growth(3)			Approximately 14%						Approximately 13% CC, $200M Y/Y FX

			Full Year FY27 Guidance
			GAAP						Non-GAAP(1)
Revenue			$45.9 - $46.2 billion						N/A
Revenue growth(2)			11%						Approximately 10% - 11% CC, $300M Y/Y FX
			Includes approximately 3pts Informatica contribution
Subscription & support revenue growth(4)			Slightly Under 12%						Approximately 11% CC
			Includes approximately 3pts Informatica contribution
Operating margin			20.6%						34.3%
Diluted net income per share			$7.93 - $7.99						$14.06 - $14.12
Operating cash flow growth			Approximately 4% - 5%						N/A
Free cash flow growth			N/A						Approximately 4% - 5%
Capital expenditures			N/A						Approximately 1.5% of revenue

(1) Non-GAAP CC revenue growth, non-GAAP CC remaining performance obligation growth, non-GAAP CC subscription & support revenue growth, non-GAAP operating margin, non-GAAP diluted net income per share, and free cash flow growth are non-GAAP financial measures. See below for an explanation of non-GAAP financial measures. The Company's shares used in computing GAAP diluted net income per share guidance and non-GAAP diluted net income per share guidance reflect the reduction to share count from the 103 million shares initially delivered under the ASR, but excludes any impact to share count from the final ASR settlement or potential Q2 - Q4 FY27 open-market repurchase activity under our share repurchase program.

(2) Revenue FX impact is calculated by taking the current period rates compared to the prior period average rates.

(3) Current remaining performance obligation FX impact is calculated by taking the current period rates compared to the prior period ending rates.

(4) Subscription & support revenue excludes professional services revenue.

The following is a reconciliation of GAAP operating margin guidance to non-GAAP operating margin guidance for the full year:

						Full Year FY27 Guidance
GAAP operating margin(1)						20.6%
Plus
Amortization of purchased intangibles(2)						4.2%
Stock-based compensation expense(2)(3)						9.0%
Restructuring and acquisition-related costs(2)(3)						0.5%
Non-GAAP operating margin(1)						34.3%

(1) GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue.

(2) The percentages shown above have been calculated based on the midpoint of the low and high ends of the revenue guidance for full year FY27.

(3) The percentages shown in the restructuring and acquisition-related costs line have been calculated based on charges associated with the Company's restructuring initiatives and acquisition-related costs. Stock-based compensation expense excludes stock-based compensation expense related to the Company's restructuring initiatives, which is included in the restructuring and acquisition-related costs line.

The following is a per share reconciliation of GAAP diluted net income per share to non-GAAP diluted net income per share guidance for the next quarter and the full year:

			Fiscal 2027
			Q2						FY27
GAAP diluted net income per share range(1)(2)			$1.74 - $1.76						$7.93 - $7.99
Plus
Amortization of purchased intangibles			$	0.63					$	2.28
Stock-based compensation expense			$	1.16					$	4.94
Restructuring and acquisition-related costs(3)			$	0.08					$	0.30
Less
Income tax effects and adjustments(4)			$	(0.36)					$	(1.39)
Non-GAAP diluted net income per share(2)			$3.25 - $3.27						$14.06 - $14.12
Shares used in computing basic net income per share (millions)(5)			820						835
Shares used in computing diluted net income per share (millions)(5)			823						839

(1) The Company's GAAP tax provision is expected to be approximately 21.5% for the three months ended July 31, 2026 and 22.0% for the year ended January 31, 2027. The GAAP tax rates may fluctuate due to discrete tax items, changes in valuation allowance assessment, future acquisitions, or other transactions.

(2) The Company's projected GAAP and non-GAAP diluted net income per share assumes no change to the value of our strategic investment portfolio as it is not possible to forecast future gains and losses. The impact of future gains or losses from the Company's strategic investment portfolio could be material.

(3) The estimated impact to GAAP diluted net income per share is in connection with the Company's restructuring initiatives and acquisition-related costs.

(4) The Company's non-GAAP tax provision uses a long-term projected tax rate of 20.5%, which reflects currently available information and could be subject to change.

(5) The Company's shares used in computing GAAP net income per share guidance and non-GAAP net income per share guidance include the 103 million shares initially delivered under the ASR, but excludes any impact to share count from the final ASR settlement or potential Q2 - Q4 FY27 open-market repurchase activity under our share repurchase program.

For additional information regarding non-GAAP financial measures see the reconciliation of results and related explanations below.

Management will provide further commentary around these guidance assumptions on its earnings call.

Product Releases and Enhancements

Salesforce releases major updates for our core platform and apps three times a year, with additional updates happening regularly across our portfolio. These releases are a result of significant research and development investments made over multiple years, and are designed to help customers drive cost savings, boost efficiency, and build trust.

Salesforce leaders will participate in a Q1 FY27 Product & Innovation - Headless 360 + Slack webinar on Friday, May 29, 2026, at 11:00 AM PT / 2:00 PM ET. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at www.salesforce.com/investor.

To learn more about our newest innovations and product release highlights, including our latest Spring 2026 Product Release, see FY27 Q1 Product Releases and Announcements at https://www.salesforce.com/news/stories/fy27-q1-highlights/ and see our latest major release at www.salesforce.com/releases.

Environmental, Social, and Governance (ESG) Strategy

To learn more about our latest initiatives and priorities, review our Stakeholder Impact Report at https://salesforce.com/stakeholder-impact-report.

Quarterly Earnings Webcast

Salesforce plans to host a live earnings webcast broadcast at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at www.salesforce.com/investor.

About Salesforce

Salesforce helps organizations of any size become agentic enterprises - integrating humans, agents, apps, and data on a trusted, unified platform to unlock unprecedented growth and innovation. Visit www.salesforce.com for more information.

Valmik Desai

Salesforce

Investor Relations

[email protected]

Salesforce

Public Relations

[email protected]

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"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements about the Company's financial and operating results and guidance, which include, but are not limited to, expected GAAP and non-GAAP financial and other operating and non-operating results, including revenue, net income, net income per share, operating cash flow growth, operating margin, expected revenue growth, expected foreign currency exchange rate impact, expected current remaining performance obligation growth, expected tax rates or provisions, stock-based compensation expenses, amortization of purchased intangibles, shares outstanding, market growth, strategic investments, expected restructuring expense or charges, expectations regarding our total addressable market and expected timing of product releases and enhancements. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company's results or outcomes could differ materially and adversely from those expressed or implied by our forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements.

The risks and uncertainties referred to above include -- but are not limited to -- risks associated with:

•the effect of the acquisition of Informatica on our operating results, the market price of our common stock, our ability to retain and hire key personnel and our ability to maintain relationships with customers, suppliers and others with whom we or Informatica do business;

•our ability to maintain sufficient security levels and service performance, avoid downtime and prevent, detect and remediate performance degradation and security breaches;

•our ability to secure sufficient data center capacity;

•our reliance on third-party infrastructure providers, including hardware, software, energy and platform providers and the organizations responsible for the development and maintenance of Internet infrastructure;

•uncertainties regarding AI technologies and their integration into our product offerings;

•the evolving landscape related to environmental, social and governance ("ESG") matters;

•the effect of evolving government regulations, including those related to our industry and providing services on or accessing the Internet, and those addressing ESG matters, data privacy, cybersecurity, cross-border data transfers, government contracting and procurement, and import and export controls;

•current and potential litigation and regulatory investigations involving us or our industry;

•our ability to successfully expand or introduce new services and product features, including related to AI and Agentforce;

•our ability to successfully complete, integrate and realize the benefits from acquisitions or other strategic transactions;

•uncertainties regarding the pace of change and innovation and our ability to compete in the markets in which we participate;

•our ability to successfully execute our business strategy and our business plans, including efforts to expand internationally and related risks;

•our ability to meet our long-term revenue target and profitable growth framework;

•our ability to predict and meet expectations regarding our operating results and cash flows, including revenue and remaining performance obligation, including as a result of the seasonal nature of our sales cycle and the variability in our results arising from the accounting for term license revenue products and some complex transactions;

•our ability to predict and limit customer attrition and costs related to those efforts;

•the demands on our personnel and infrastructure resulting from significant growth in our customer base and operations, including as a result of acquisitions;

•our real estate and office facilities strategy and related costs and uncertainties;

•the performance of our strategic investment portfolio, including fluctuations in the fair value of our investments;

•our ability to protect our intellectual property rights;

•our ability to maintain and enhance our brands;

•uncertainties regarding the realizability, valuation and potential availability of certain tax assets;

•the impact of new accounting pronouncements and tax rules;

•uncertainties affecting our ability to estimate our tax rate;

•uncertainties regarding the effect of geopolitical events, inflationary pressures, market and macroeconomic volatility, financial institution instability, changes in monetary policy, foreign currency exchange rate and interest rate fluctuations, uncertainty regarding changes in trade policies, including trade wars, the threat or imposition of tariffs or other trade restrictions as well as any retaliatory actions, and climate change, natural disasters and actual or threatened public health emergencies on our workforce, business, and operating results;

•uncertainties regarding the impact of expensing stock options and other equity awards;

•the sufficiency of our capital resources, including our ability to execute our share repurchase program and declare future cash dividends;

•our ability to comply with our debt covenants and lease obligations; and

•uncertainties regarding impacts to our workforce and workplace culture, such as those arising from our current and future office environments or remote work policies or our ability to realize the expected benefits of the Company's restructuring initiatives.

Further information on these and other factors that could affect the Company's actual results or outcomes is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings it makes with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Financials section of the Company's website at investor.salesforce.com/financials/.

Salesforce, Inc. assumes no obligation and does not intend to revise or update publicly any forward-looking statements for any reason, except as required by law.

© 2026 Salesforce, Inc. All rights reserved. Salesforce and other marks are trademarks of Salesforce, Inc. Other brands featured herein may be trademarks of their respective owners.

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Salesforce, Inc.

Condensed Consolidated Statements of Operations

(in millions, except per share data)

(Unaudited)

1			Three Months Ended April 30,
			2026						2025
Revenues:
Subscription and support			$	10,593					$	9,297
Professional services and other			540						532
Total revenues			11,133						9,829
Cost of revenues (1)(2):
Subscription and support			1,953						1,611
Professional services and other			617						654
Total cost of revenues			2,570						2,265
Gross profit			8,563						7,564
Operating expenses (1)(2):
Research and development			1,627						1,460
Sales and marketing			3,769						3,429
General and administrative			740						697
Restructuring			80						36
Total operating expenses			6,216						5,622
Income from operations			2,347						1,942
Interest expense			(317)						(68)
Gains (losses) on strategic investments, net			558						(63)
Other income			133						163
Income before provision for income taxes			2,721						1,974
Provision for income taxes			(614)						(433)
Net income			$	2,107					$	1,541
Basic net income per share			$	2.43					$	1.61
Diluted net income per share (3)			$	2.42					$	1.59
Shares used in computing basic net income per share			868						960
Shares used in computing diluted net income per share			871						970

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

			Three Months Ended April 30,
			2026						2025
Cost of revenues			$	244					$	162
Sales and marketing			317						233

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

			Three Months Ended April 30,
			2026						2025
Cost of revenues			$	138					$	151
Research and development			310						275
Sales and marketing			320						285
General and administrative			102						88
Restructuring			10						15

(3)During the three months ended April 30, 2026 and 2025, gains (losses) on strategic investments impacted GAAP diluted net income per share by $0.49 and $(0.05) based on a U.S. tax rate of 23.5%, and non-GAAP diluted net income per share by $0.51 and $(0.05) based on a non-GAAP tax rate of 20.5% and 22.0%, respectively.

Salesforce, Inc.

Condensed Consolidated Statements of Operations

(As a percentage of total revenues)

(Unaudited)

			Three Months Ended April 30,
			2026						2025
Revenues:
Subscription and support			95		%				95		%
Professional services and other			5						5
Total revenues			100						100
Cost of revenues (1)(2):
Subscription and support			18						16
Professional services and other			5						7
Total cost of revenues			23						23
Gross profit			77						77
Operating expenses (1)(2):
Research and development			14						15
Sales and marketing			34						35
General and administrative			7						7
Restructuring			1						0
Total operating expenses			56						57
Income from operations			21						20
Interest expense			(3)						0
Gains (losses) on strategic investments, net			5						(1)
Other income			1						1
Income before provision for income taxes			24						20
Provision for income taxes			(5)						(4)
Net income			19		%				16		%

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

			Three Months Ended April 30,
			2026						2025
Cost of revenues			2		%				2		%
Sales and marketing			3						2

(2)Amounts include stock-based compensation expense as a percentage of total revenues, as follows:

			Three Months Ended April 30,
			2026						2025
Cost of revenues			1		%				1		%
Research and development			3						3
Sales and marketing			3						3
General and administrative			1						1
Restructuring			0						0

Salesforce, Inc.

Condensed Consolidated Balance Sheets

(in millions)

			April 30, 2026						January 31, 2026
Assets			(unaudited)
Current assets:
Cash and cash equivalents			$	8,935					$	7,327
Marketable securities			2,902						2,238
Accounts receivable, net			5,080						14,339
Costs capitalized to obtain revenue contracts, net			2,065						2,075
Prepaid expenses and other current assets			2,631						2,243
Total current assets			21,613						28,222
Property and equipment, net			3,150						3,120
Operating lease right-of-use assets, net			1,889						2,003
Noncurrent costs capitalized to obtain revenue contracts, net			2,920						2,985
Strategic investments			7,772						7,591
Goodwill			59,291						57,941
Intangible assets acquired through business combinations, net			6,650						6,815
Deferred tax assets and other assets, net			3,395						3,628
Total assets			$	106,680					$	112,305
Liabilities and stockholders' equity
Current liabilities:
Accounts payable, accrued expenses and other liabilities			$	6,582					$	8,253
Operating lease liabilities, current			557						548
Unearned revenue			20,363						24,317
Debt, current			0						4,000
Total current liabilities			27,502						37,118
Noncurrent debt			39,280						10,439
Noncurrent operating lease liabilities			2,047						2,189
Other noncurrent liabilities			3,616						3,417
Total liabilities			72,445						53,163
Stockholders' equity:
Common stock			1						1
Treasury stock, at cost			(55,028)						(32,228)
Additional paid-in capital			64,913						68,835
Accumulated other comprehensive income			395						313
Retained earnings			23,954						22,221
Total stockholders' equity			34,235						59,142
Total liabilities and stockholders' equity			$	106,680					$	112,305

Salesforce, Inc.

Condensed Consolidated Statements of Cash Flows

(in millions)

(Unaudited)

1			Three Months Ended April 30,
			2026						2025
Operating activities:
Net income			$	2,107					$	1,541
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (1)			985						843
Amortization of costs capitalized to obtain revenue contracts, net			584						545
Stock-based compensation expense			857						814
(Gains) losses on strategic investments, net			(558)						63
Changes in assets and liabilities, net of business combinations:
Accounts receivable, net			9,431						7,591
Costs capitalized to obtain revenue contracts, net			(509)						(365)
Prepaid expenses and other current assets and other assets			(162)						(481)
Accounts payable and accrued expenses and other liabilities			(1,897)						(1,007)
Operating lease liabilities			(138)						(124)
Unearned revenue			(3,999)						(2,944)
Net cash provided by operating activities			6,701						6,476
Investing activities:
Business combinations, net of cash acquired			(1,452)						0
Purchases of strategic investments			(325)						(149)
Sales of strategic investments			415						6
Purchases of marketable securities			(1,089)						(2,086)
Sales of marketable securities			352						405
Maturities of marketable securities			61						436
Capital expenditures			(145)						(179)
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)
Payments for taxes related to net share settlement of equity awards			(250)						0
Proceeds from employee stock plans			230						294
Principal payments on financing obligations			(130)						(179)
Payments of dividends and dividend equivalents			(365)						(402)
Net cash used in financing activities			(2,921)						(2,920)
Effect of exchange rate changes			11						91
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.

Salesforce, Inc.

Additional Metrics

(Unaudited)

Supplemental Revenue Analysis

Remaining Performance Obligation

Remaining performance obligation ("RPO") represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be recognized as revenue in future periods. RPO is influenced by several factors, including seasonality, the timing of renewals, the timing of term license deliveries, average contract terms and foreign currency exchange rates. Remaining performance obligation is also impacted by acquisitions. Unbilled portions of RPO denominated in foreign currencies are revalued each period based on the period end exchange rates. The portion of RPO that is unbilled is not recorded on the condensed consolidated balance sheets.

RPO consisted of the following (in billions):

			Current						Noncurrent						Total
As of April 30, 2026			$	33.6					$	34.3					$	67.9
As of January 31, 2026			35.1						37.3						72.4
As of October 31, 2025			29.4						30.1						59.5
As of July 31, 2025			29.4						30.5						59.9
As of April 30, 2025			29.6						31.3						60.9

Unearned Revenue

Unearned revenue represents amounts that have been invoiced in advance of revenue recognition and is recognized as revenue when transfer of control to customers has occurred or services have been provided. The change in unearned revenue was as follows (in millions):

			Three Months Ended April 30,
			2026						2025
Unearned revenue, beginning of period			$	24,317					$	20,743
Billings and other (1)			7,179						6,885
Revenue recognized over time			(10,486)						(9,211)
Revenue recognized at a point in time			(647)						(618)
Unearned revenue, end of period			$	20,363					$	17,799

(1) Other includes, for example, the impact of foreign currency translation as well as contributions from contract assets and business combinations.

Disaggregation of Revenue

Subscription and Support Revenue by the Company's service offerings (1)

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

			Three Months Ended April 30,
			2026						2025
Agentforce Apps			$	6,910					$	6,345
Data 360, Headless Platform, & Other			3,683						2,952
Total Subscription and Support Revenue			$	10,593					$	9,297

(1) To reflect the evolution of its product architecture to deliver the Agentic Enterprise, and consistent with how management evaluates the performance of the business, the Company revised the presentation of its disaggregated revenue disclosures in the first quarter of 2027 into two primary categories: Agentforce Apps, and Data 360, Headless Platform, & Other. Agentforce Apps is comprised of Agentforce Sales, Agentforce Service, Agentforce Marketing, Agentforce Commerce, Agentforce Apps Flex Credits and Slack. Data 360, Headless Platform, & Other is comprised of Data 360, Data 360 and Platform Flex Credits, Headless Platform, Informatica, Agentforce Mulesoft, Agentforce Tableau and Other. Reclassifications to the prior period were made to conform to the current period presentation and did not affect total subscription and support revenue.

Total Revenue by Geographic Locations

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

			Three Months Ended April 30,
			2026						2025
Americas			$	7,233					$	6,469
Europe			2,754						2,337
Asia Pacific			1,146						1,023
Total Revenue			$	11,133					$	9,829

Constant Currency Growth Rates

Subscription and support revenues constant currency growth rates by the Company's service offerings were as follows:

			Three Months Ended April 30, 2026 Compared to Three Months Ended April 30, 2025						Three Months Ended January 31, 2026 Compared to Three Months Ended January 31, 2025						Three Months Ended April 30, 2025 Compared to Three Months Ended April 30, 2024
Agentforce Apps			7%						6%						7%
Data 360, Headless Platform, & Other			23%						21%						13%
Total growth			12%						11%						9%

Revenue constant currency growth rates by geographical region were as follows:

			Three Months Ended April 30, 2026 Compared to Three Months Ended April 30, 2025						Three Months Ended January 31, 2026 Compared to Three Months Ended January 31, 2025						Three Months Ended April 30, 2025 Compared to Three Months Ended April 30, 2024
Americas			11%						9%						7%
Europe			12%						13%						9%
Asia Pacific			12%						13%						11%
Total growth			12%						10%						8%

Current remaining performance obligation constant currency growth rates were as follows:

			April 30, 2026 Compared to April 30, 2025						January 31, 2026 Compared to January 31, 2025						April 30, 2025 Compared to April 30, 2024
Total growth			13%						13%						11%

Salesforce, Inc.

GAAP Results Reconciled to Non-GAAP Results

The following tables reflect selected GAAP results reconciled to Non-GAAP results.

(in millions, except per share data)

(Unaudited)

			Three Months Ended April 30,
			2026						2025
Non-GAAP income from operations
GAAP income from operations			$	2,347					$	1,942
Plus:
Amortization of purchased intangibles (1)			561						395
Stock-based compensation expense (2)(3)			870						799
Restructuring and acquisition-related costs			96						36
Non-GAAP income from operations			$	3,874					$	3,172
Non-GAAP operating margin as a percentage of revenues
Total revenues			$	11,133					$	9,829
GAAP operating margin (4)			21.1		%				19.8		%
Non-GAAP operating margin (4)			34.8		%				32.3		%
Non-GAAP net income
GAAP net income			$	2,107					$	1,541
Plus:
Amortization of purchased intangibles (1)			561						395
Stock-based compensation expense (2)(3)			870						799
Restructuring and acquisition-related costs			96						36
Income tax effects and adjustments			(257)						(272)
Non-GAAP net income			$	3,377					$	2,499

			Three Months Ended April 30,
			2026						2025
Non-GAAP diluted net income per share
GAAP diluted net income per share			$	2.42					$	1.59
Plus:
Amortization of purchased intangibles (1)			0.64						0.41
Stock-based compensation expense (2)(3)			1.00						0.82
Restructuring and acquisition-related costs			0.11						0.04
Income tax effects and adjustments			(0.29)						(0.28)
Non-GAAP diluted net income per share			$	3.88					$	2.58
Shares used in computing non-GAAP diluted net income per share			871						970

(1)Amortization of purchased intangibles was as follows:

			Three Months Ended April 30,
			2026						2025
Cost of revenues			$	244					$	162
Sales and marketing			317						233
			$	561					$	395

(2)Stock-based compensation expense, excluding stock-based compensation expense related to restructuring, was as follows:

			Three Months Ended April 30,
			2026						2025
Cost of revenues			$	138					$	151
Research and development			310						275
Sales and marketing			320						285
General and administrative			102						88
			$	870					$	799

(3) Stock-based compensation expense included in the GAAP to non-GAAP reconciliation tables above excludes stock-based compensation expense related to restructuring initiatives for each of the three months ended April 30, 2026 and 2025 of $10 million and $15 million, respectively, which are included in the restructuring and acquisition-related costs line.

(4) GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue. Non-GAAP income from operations excludes the impact of the amortization of purchased intangibles, stock-based compensation expense, charges associated with the Company's restructuring initiatives and acquisition-related costs.

Salesforce, Inc.

Computation of Basic and Diluted GAAP and Non-GAAP Net Income Per Share

(in millions, except per share data)

(Unaudited)

			Three Months Ended April 30,
			2026						2025
GAAP Basic Net Income Per Share
Net income			$	2,107					$	1,541
Basic net income per share			$	2.43					$	1.61
Shares used in computing basic net income per share			868						960
			Three Months Ended April 30,
			2026						2025
Non-GAAP Basic Net Income Per Share
Non-GAAP net income			$	3,377					$	2,499
Non-GAAP basic net income per share			$	3.89					$	2.60
Shares used in computing non-GAAP basic net income per share			868						960
			Three Months Ended April 30,
			2026						2025
GAAP Diluted Net Income Per Share
Net income			$	2,107					$	1,541
Diluted net income per share			$	2.42					$	1.59
Shares used in computing diluted net income per share			871						970
			Three Months Ended April 30,
			2026						2025
Non-GAAP Diluted Net Income Per Share
Non-GAAP net income			$	3,377					$	2,499
Non-GAAP diluted net income per share			$	3.88					$	2.58
Shares used in computing non-GAAP diluted net income per share			871						970

Supplemental Cash Flow Information

Computation of Free Cash Flow, a Non-GAAP Measure

(in millions)

(Unaudited)

			Three Months Ended April 30,
			2026						2025
GAAP net cash provided by operating activities			$	6,701					$	6,476
Capital expenditures			(145)						(179)
Free cash flow			$	6,556					$	6,297

Non-GAAP Financial Measures: