Financial Data and Key Metrics Changes - The company reported Q2 revenue of $10,250,000,000, representing a 10% year-over-year increase and a 9% increase in constant currency [8][46] - Non-GAAP operating margin was strong at 34.3%, with an increase of 60 basis points year-over-year [9][47] - Current Remaining Performance Obligation (CRPO) ended at $29,400,000,000, up 11% year-over-year [9][47] - Operating cash flow is expected to reach nearly $15,000,000,000, marking a significant increase from the previous quarter [9] Business Line Data and Key Metrics Changes - The AI and data product line saw a remarkable growth of 120% year-over-year [9] - Net new bookings from deals over $1,000,000 grew by 26% year-over-year, indicating strong sales momentum [8] - Subscription and support revenue grew slightly above 9% in constant currency, driven by strong execution [46] Market Data and Key Metrics Changes - Strong new business growth was observed in the U.S. and certain areas of EMEA, particularly the Netherlands and Switzerland, while the UK and Japan faced constraints [48] - Technology and communications sectors performed well, while retail, consumer goods, and public sector showed measured performance [48] Company Strategy and Development Direction - The company is focusing on the concept of the "agentic enterprise," which emphasizes the integration of AI and data capabilities into all products [10][12] - There is a strategic emphasis on expanding the Data Cloud, which is seen as critical for the success of AI agents [26][27] - The company is also expanding its presence in the public sector and launching new products like the AgenTic IT service platform [30][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a record year, with strong momentum and disciplined execution [45] - The company is optimistic about the future of AI and its integration into enterprise software, viewing it as a transformative opportunity [71][92] - Management highlighted the importance of customer success and operational excellence as key drivers for future growth [45][52] Other Important Information - The company has returned $2,600,000,000 to shareholders through buybacks and dividends in Q2, with a total of nearly $27,000,000,000 returned since the program began [54] - The company raised its fiscal year '26 revenue guidance to a range of $41,100,000,000 to $41,300,000, reflecting an expected growth of approximately 8.5% to 9% year-over-year [55][56] Q&A Session Summary Question: How defensible is SaaS against disruption from AI-native apps? - Management acknowledged the transformation in the software industry driven by AI, emphasizing that Salesforce has been integrating AI for over a decade and is well-positioned to extend its SaaS capabilities [63][70] Question: When will Data Cloud and Agent Force inflect the top line? - Management indicated that they are starting to harvest the benefits of investments in products and are confident in their strategy to monetize AI [72] Question: What caused the 60% increase in pilot to production conversions? - Management explained that close collaboration with customers and enhancements in product features have facilitated faster transitions from pilot to production [78][81]

Financial Data and Key Metrics Changes - Revenue for Q2 2026 was $10,250,000,000, representing a 10% increase year over year and a 9% increase in constant currency [7][44] - Non-GAAP operating margin was strong at 34.3%, with CRPO at $29,400,000,000, up 11% year over year [7][45] - Operating cash flow is expected to reach nearly $15,000,000,000, with a guidance increase for fiscal year 2026 revenue to $41,100,000,000 to $41,300,000, reflecting growth of approximately 8.5% to 9% year over year [7][53] Business Line Data and Key Metrics Changes - AI and data product line saw a remarkable 120% year-over-year growth [7] - Net new bookings from deals over $1,000,000 grew 26% year over year, indicating strong sales momentum [7] - Subscription and support revenue grew slightly above 9% in constant currency, driven by strong execution [44][45] Market Data and Key Metrics Changes - Strong new business growth was observed in the U.S. and pockets of EMEA, particularly in The Netherlands and Switzerland, while The UK and Japan faced constraints [46] - Technology and communications sectors performed well, while retail, consumer goods, and public sector remained measured [46] Company Strategy and Development Direction - The company is focusing on the concept of the "agentic enterprise," which emphasizes the integration of AI and human collaboration to transform business operations [8][12] - Strategic priorities include delivering customer success, accelerating data and AI adoption, and maintaining a responsible capital allocation strategy [47][51] - The company is expanding its offerings in the public sector and launching a new IT service platform, AgenTeq, to enhance operational efficiency [28][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformative potential of AI and the agentic enterprise, stating that this is a pivotal moment in the industry [10][37] - The company anticipates a record year and is raising guidance based on strong performance and customer demand [7][53] - Management highlighted the importance of Data Cloud as a strategic asset for future growth, with significant customer adoption [25][24] Other Important Information - The company returned $2,600,000,000 to shareholders through buybacks and dividends in Q2, with a total of nearly $27,000,000,000 returned since the program began [52] - The company is actively pursuing acquisitions to enhance its capabilities, including recent deals with Convergence.ai and Bluebirds [51] Q&A Session Summary Question: How defensible is SaaS against disruption from AI-native apps? - Management acknowledged the transformation in the software industry driven by AI, emphasizing that Salesforce has been integrating AI for over a decade and is well-positioned to extend its SaaS offerings [60][66] Question: What caused the 60% increase in pilot to production conversions? - Management indicated that close collaboration with customers and enhancements in product features have facilitated faster transitions from pilot to production [74][76] Question: What does a production deal look like around AgentForce? - Management highlighted that successful production deals involve leveraging Data Cloud and integrating various systems to enhance customer interactions and operational efficiency [82][85]

（文章来源：每日经济新闻） 每经AI快讯，9月4日，赛富时盘后跌超3%，此前公司发布2026财年二季度财报。 ...

Financial Performance - Q2 FY26 - Revenue reached $10.2 billion, a 10% year-over-year increase, or 9% in constant currency[13] - Subscription & Support Revenue totaled $9.7 billion, up 11% year-over-year, or 9% in constant currency[13] - Current Remaining Performance Obligation (cRPO) was $29.4 billion, reflecting an 11% year-over-year increase, or 10% in constant currency[13] - GAAP Operating Margin was 22.8%, while Non-GAAP Operating Margin was 34.3%[13] - Operating Cash Flow was $740 million and Free Cash Flow was $605 million[13] Capital Allocation - $2.6 billion was returned to shareholders in Q2 FY26, including $2.2 billion in share repurchases and $399 million in dividends[13, 19] - The company has repurchased $24.3 billion of shares since the inception of the repurchase program, out of a total authorized $50 billion[19] - A $20 billion increase to the share repurchase program brings the total authorized amount to $50 billion[20] FY26 Guidance - Revenue guidance is maintained at $41.1 billion - $41.3 billion, representing 8.5% - 9% year-over-year growth[21] - Non-GAAP Operating Margin guidance is increased to 34.1%[21, 45] - Non-GAAP Diluted EPS guidance is raised to $11.33 - $11.37[21] Q3 FY26 Guidance - Revenue is projected to be $10.24 billion - $10.29 billion, an 8% - 9% year-over-year increase[23]

All right, let's get another check on Salesforce. Those shares are falling post earnings off the lows but still down about three and a half% despite reporting a beat on earnings and revenue for the second quarter. Joining us now is Gil Lauria from DA Davidson.Gil, is this a case of whiplash where uh Salesforce was getting criticized for being inefficient, but now the market's attention has turned to growth. And despite what Beni off said about this being a year of AI, the growth numbers aren't quite measuri ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 尽管盈利超出预期，软件巨头Salesforce仍发布疲软的收入预期指引，股价盘后跌超4%。 ...

And right now we are 2 minutes away from the end of the trading day. Romaine Bostick alongside Katie Greipel taking you through to that closing bell with a global simulcast. We're joined right now by Carol Massar and tim Stenovec in the radio booth.Welcome to our audiences across all of our Bloomberg platforms here on a Wednesday afternoon with financial markets, equity markets trying to claw back some of the losses from yesterday Carol. Yeah, what an interesting trade. It feels like it's been under pressur ...

Marc Benioff, co-founder and CEO of Salesforce, sits for an interview in San Francisco on April 25, 2025.Salesforce issued disappointing guidance on Wednesday, even as earnings and revenue topped estimates for the fiscal second quarter. The stock dropped 4% in extended trading.Here's how the company did in comparison with LSEG consensus:Earnings per share: $2.91 adjusted vs. $2.78 expectedRevenue: $10.24 billion vs. $10.14 billion expectedRevenue increased 10% from $9.33 billion a year earlier, according to ...

But it's not just service now. Microsoft has also been discounting we've seen Slack because they have to pass a Salesforce and indeed some of the providers of cloud. Is this something you build into the models at the moment that for the time being they're going to have to offer more for less.Sure. Well, I think, yes, it's part and parcel of actually doing business in the current era with the government. But the government has such antiquated systems.They have so much to do with respect to digitizing their e ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Q2 FY26 Performance Highlights](index=1&type=section&id=Q2%20FY26%20Performance%20Highlights) Salesforce reported record second-quarter fiscal 2026 results, exceeding guidance across all metrics, with strong performance in revenue, margin, cash flow, and cRPO, positioning the company for a record fiscal 2026 with nearly $15 billion in operating cash flow - Salesforce delivered an outstanding quarter with strong performance across revenue, margin, cash flow, and cRPO, remaining on track for a record fiscal 2026 with nearly **$15 billion in operating cash flow**[2](index=2&type=chunk) - The company exceeded all financial targets and achieved its tenth consecutive quarter of operating margin expansion[2](index=2&type=chunk) Q2 FY26 Financial Performance | Metric | Value | Y/Y Change | CC Change | | :-------------------------------- | :---------------- | :--------- | :-------- | | Revenue | $10.2 billion | 10% | 9% | | Subscription & Support Revenue | $9.7 billion | 11% | 9% | | Current Remaining Performance Obligation (cRPO) | $29.4 billion | 11% | 10% | | GAAP Operating Margin | 22.8% | - | - | | Non-GAAP Operating Margin | 34.3% | - | - | | Returned to Shareholders | $2.6 billion | - | - | | Share Repurchases | $2.2 billion | - | - | | Dividends | $399 million | - | - | - Salesforce announced a **$20 billion increase** to its existing share repurchase program, bringing the total authorized to **$50 billion**[4](index=4&type=chunk) [Strategic and Operational Highlights](index=1&type=section&id=Strategic%20and%20Operational%20Highlights) Data Cloud and AI annual recurring revenue (ARR) surpassed $1.2 billion, growing 120% Y/Y, while Agentforce closed over 12,500 deals and handled over 1.4 million requests, with over 40% of Q2 Data Cloud and Agentforce bookings from existing customer expansion and Service and Platform products included in all Q2 Top 10 Deals - Data Cloud and AI annual recurring revenue (ARR) exceeded **$1.2 billion**, representing a **120% year-over-year increase**[5](index=5&type=chunk) - Agentforce closed over **12,500 deals**, with more than **6,000 being paid**, and handled over **1.4 million requests** on help.salesforce.com[5](index=5&type=chunk) - Over **40% of Data Cloud and Agentforce Q2 bookings** originated from existing customer expansion[5](index=5&type=chunk) - Service and Platform products were included in all Q2 Top 10 Deals[5](index=5&type=chunk) [Financial Guidance](index=1&type=section&id=Financial%20Guidance) [Q3 FY26 Guidance](index=1&type=section&id=Q3%20FY26%20Guidance) Salesforce initiated third-quarter fiscal 2026 revenue guidance of $10.24 billion to $10.29 billion, representing 8%-9% Y/Y growth (8% in CC), with diluted net income per share projected between $1.60-$1.62 (GAAP) and $2.84-$2.86 (non-GAAP), and current remaining performance obligation growth slightly above 10% (9% CC) Q3 FY26 Guidance | Metric | GAAP | Non-GAAP | | :-------------------------------- | :---------------------- | :---------------------- | | Revenue | $10.24 - $10.29 billion | - | | Revenue Growth | 8% - 9% Y/Y | 8% CC | | Diluted Net Income Per Share | $1.60 - $1.62 | $2.84 - $2.86 | | Current Remaining Performance Obligation Growth | Slightly above 10% | Slightly above 9% CC | [Full Year FY26 Guidance](index=1&type=section&id=Full%20Year%20FY26%20Guidance) The company raised the low end of its full-year fiscal 2026 revenue guidance to $41.1 billion to $41.3 billion, updated GAAP operating margin guidance to 21.2%, and raised non-GAAP operating margin guidance to 34.1%, with full-year operating and free cash flow growth projected at approximately 12% to 13% Y/Y Full Year FY26 Guidance | Metric | GAAP | Non-GAAP | | :-------------------------------- | :---------------------- | :---------------------- | | Revenue | $41.1 - $41.3 billion | - | | Revenue Growth | 8.5% - 9% Y/Y | Approximately 8% CC | | Subscription & Support Revenue Growth | Approximately 9.5% | Approximately 9% CC | | Operating Margin | 21.2% | 34.1% | | Diluted Net Income Per Share | $6.99 - $7.03 | $11.33 - $11.37 | | Operating Cash Flow Growth | Approximately 12% - 13% | - | | Free Cash Flow Growth | - | Approximately 12% - 13% | [Non-GAAP Guidance Reconciliation](index=2&type=section&id=Non-GAAP%20Guidance%20Reconciliation) The company provided a reconciliation of GAAP to non-GAAP operating margin and diluted net income per share for Q3 and full-year FY26, with key adjustments including amortization of purchased intangibles, stock-based compensation expense, and restructuring charges, and a projected non-GAAP tax rate of 22.0% for fiscal 2026 Full Year FY26 Operating Margin Reconciliation | Item | Percentage | | :-------------------------------- | :--------- | | GAAP Operating Margin | 21.2% | | Plus: Amortization of purchased intangibles | 3.7% | | Plus: Stock-based compensation expense | 8.4% | | Plus: Restructuring | 0.8% | | **Non-GAAP Operating Margin** | **34.1%** | Q3 FY26 Diluted Net Income Per Share Reconciliation | Item | Amount | | :-------------------------------- | :----- | | GAAP Diluted Net Income Per Share Range | $1.60 - $1.62 | | Plus: Amortization of purchased intangibles | $0.40 | | Plus: Stock-based compensation expense | $0.88 | | Plus: Restructuring | $0.30 | | Less: Income tax effects and adjustments | $(0.34) | | **Non-GAAP Diluted Net Income Per Share** | **$2.84 - $2.86** | FY26 Diluted Net Income Per Share Reconciliation | Item | Amount | | :-------------------------------- | :----- | | GAAP Diluted Net Income Per Share Range | $6.99 - $7.03 | | Plus: Amortization of purchased intangibles | $1.60 | | Plus: Stock-based compensation expense | $3.57 | | Plus: Restructuring | $0.34 | | Less: Income tax effects and adjustments | $(1.17) | | **Non-GAAP Diluted Net Income Per Share** | **$11.33 - $11.37** | - The projected GAAP tax provision for Q3 FY26 is approximately **23.0%** and for full-year FY26 is **22.5%**[7](index=7&type=chunk) - The non-GAAP tax provision uses a long-term projected tax rate of **22.0%**[7](index=7&type=chunk) [Business Updates](index=3&type=section&id=Business%20Updates) [Product Releases and Enhancements](index=3&type=section&id=Product%20Releases%20and%20Enhancements) Salesforce delivers three major updates annually for its core platform and apps, with additional regular updates across its portfolio, all resulting from multi-year R&D investments aimed at improving customer cost savings, efficiency, and trust, including the latest Summer 2025 Product Release - Salesforce releases major updates for its core platform and apps three times a year, with additional regular updates[9](index=9&type=chunk) - These releases are a result of significant research and development investments, designed to help customers drive cost savings, boost efficiency, and build trust[9](index=9&type=chunk) - The latest major release is the Summer 2025 Product Release[11](index=11&type=chunk) [Environmental, Social, and Governance (ESG) Strategy](index=3&type=section&id=Environmental%2C%20Social%2C%20and%20Governance%20(ESG)%20Strategy) Salesforce maintains an active ESG strategy, with details on its latest initiatives and priorities available in its Stakeholder Impact Report - Information on Salesforce's latest ESG initiatives and priorities is available in its Stakeholder Impact Report[12](index=12&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) [Quarterly Conference Call](index=3&type=section&id=Quarterly%20Conference%20Call) Salesforce will host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community, with webcast and replay details available on its Investor Relations website - A conference call to discuss financial results is scheduled for **2:00 p.m. (PT) / 5:00 p.m. (ET)**[13](index=13&type=chunk) - Live webcast and replay details will be available on the Salesforce Investor Relations website[13](index=13&type=chunk) [About Salesforce](index=4&type=section&id=About%20Salesforce) Salesforce is the world's 1 AI CRM, assisting organizations of all sizes in transforming their businesses with AI, and its Agentforce solution integrates with Customer 360 applications, Data Cloud, and Einstein AI to create a unified, trusted platform where humans and AI agents collaborate for customer success - Salesforce is the world's **1 AI CRM**, helping organizations reimagine their business with AI[14](index=14&type=chunk) - Agentforce, the first digital labor solution for enterprises, integrates with Customer 360 applications, Data Cloud, and Einstein AI to create a limitless workforce[14](index=14&type=chunk) [Forward-Looking Statements and Risk Factors](index=4&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The press release contains forward-looking statements regarding financial and operating results, guidance, and product releases, which are subject to various risks, uncertainties, and assumptions, including the pending acquisition of Informatica, security and service performance, data center capacity, reliance on third-party providers, uncertainties in AI technologies, evolving ESG matters and government regulations, litigation, ability to expand new services (including AI and Agentforce), and successful integration of acquisitions - The press release contains forward-looking statements about the Company's financial and operating results and guidance, including expected GAAP and non-GAAP financial results, revenue growth, operating margin, and timing of product releases[15](index=15&type=chunk) - Key risks and uncertainties include the ability to consummate the pending acquisition of Informatica, maintaining security levels and service performance, securing sufficient data center capacity, reliance on third-party infrastructure providers, uncertainties regarding AI technologies and their integration, evolving ESG matters and government regulations, and the ability to successfully expand or introduce new services and product features, including related to AI and Agentforce[16](index=16&type=chunk) - Further information on these and other factors that could affect the Company's actual results is included in reports on Forms 10-K, 10-Q, and 8-K filed with the SEC[17](index=17&type=chunk) [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statements of operations show Salesforce's revenues, costs, and net income for the three and six months ended July 31, 2025, and 2024, with total revenues for Q2 FY26 at $10,236 million, up from $9,325 million in Q2 FY25, resulting in a net income of $1,887 million, up from $1,429 million in the prior year Three Months Ended July 31 (in millions) | Metric | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Total Revenues | $10,236 | $9,325 | | Gross Profit | $7,994 | $7,166 | | Income from Operations | $2,332 | $1,783 | | Net Income | $1,887 | $1,429 | | Diluted Net Income Per Share | $1.96 | $1.47 | Six Months Ended July 31 (in millions) | Metric | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Total Revenues | $20,065 | $18,458 | | Gross Profit | $15,558 | $14,137 | | Income from Operations | $4,274 | $3,492 | | Net Income | $3,428 | $2,962 | | Diluted Net Income Per Share | $3.55 | $3.03 | [As Absolute Values](index=6&type=section&id=As%20Absolute%20Values) The detailed absolute values of revenues, costs, and net income for the three and six months ended July 31, 2025 and 2024, are presented, showing growth in total revenues and net income year-over-year Condensed Consolidated Statements of Operations (in millions) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Subscription and support revenues | $9,690 | $8,764 | $18,987 | $17,349 | | Professional services and other revenues | $546 | $561 | $1,078 | $1,109 | | Total revenues | $10,236 | $9,325 | $20,065 | $18,458 | | Total cost of revenues | $2,242 | $2,159 | $4,507 | $4,321 | | Gross profit | $7,994 | $7,166 | $15,558 | $14,137 | | Total operating expenses | $5,662 | $5,383 | $11,284 | $10,645 | | Income from operations | $2,332 | $1,783 | $4,274 | $3,492 | | Net income | $1,887 | $1,429 | $3,428 | $2,962 | | Diluted net income per share | $1.96 | $1.47 | $3.55 | $3.03 | [As Percentage of Total Revenues](index=7&type=section&id=As%20Percentage%20of%20Total%20Revenues) In Q2 FY26, subscription and support revenue constituted 95% of total revenues, consistent with the six-month period, while gross profit margin was 78%, operating income margin improved to 23%, and net income margin rose to 18% Three Months Ended July 31 (as % of total revenues) | Metric | 2025 | 2024 | | :-------------------------------- | :--- | :--- | | Subscription and support | 95 % | 94 % | | Professional services and other | 5 | 6 | | Total revenues | 100 | 100 | | Total cost of revenues | 22 | 23 | | Gross profit | 78 | 77 | | Total operating expenses | 55 | 58 | | Income from operations | 23 | 19 | | Net income | 18 % | 15 % | Six Months Ended July 31 (as % of total revenues) | Metric | 2025 | 2024 | | :-------------------------------- | :--- | :--- | | Subscription and support | 95 % | 94 % | | Professional services and other | 5 | 6 | | Total revenues | 100 | 100 | | Total cost of revenues | 22 | 23 | | Gross profit | 78 | 77 | | Total operating expenses | 56 | 58 | | Income from operations | 22 | 19 | | Net income | 17 % | 16 % | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of July 31, 2025, Salesforce reported total assets of $97,573 million, a decrease from $102,928 million at January 31, 2025, with total liabilities also decreasing to $36,245 million from $41,755 million, while total stockholders' equity slightly increased to $61,328 million from $61,173 million Condensed Consolidated Balance Sheets (in millions) | Metric | July 31, 2025 | January 31, 2025 | | :-------------------------------- | :-------------- | :--------------- | | Cash and cash equivalents | $10,365 | $8,848 | | Total current assets | $25,331 | $29,727 | | Total assets | $97,573 | $102,928 | | Total current liabilities | $22,532 | $27,980 | | Total liabilities | $36,245 | $41,755 | | Total stockholders' equity | $61,328 | $61,173 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended July 31, 2025, net cash provided by operating activities was $7,216 million, a slight increase from $7,139 million in the prior year, while net cash used in investing activities was $(402) million, and net cash used in financing activities decreased to $(5,423) million due to reduced common stock repurchases Six Months Ended July 31 (in millions) | Metric | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Net income | $3,428 | $2,962 | | Net cash provided by operating activities | $7,216 | $7,139 | | Net cash provided by (used in) investing activities | $(402) | $(10) | | Net cash used in financing activities | $(5,423) | $(7,910) | | Cash and cash equivalents, end of period | $10,365 | $7,682 | - Repurchases of common stock decreased from **$6,468 million** in the six months ended July 31, 2024, to **$4,858 million** in the same period of 2025[24](index=24&type=chunk) [Additional Financial Metrics](index=10&type=section&id=Additional%20Financial%20Metrics) [Remaining Performance Obligation (RPO)](index=10&type=section&id=Remaining%20Performance%20Obligation%20(RPO)) As of July 31, 2025, Salesforce's total remaining performance obligation (RPO) was $59.9 billion, comprising $29.4 billion in current RPO and $30.5 billion in noncurrent RPO, representing a decrease from $63.4 billion at January 31, 2025, but an increase from $53.5 billion at July 31, 2024 Remaining Performance Obligation (in billions) | As of | Current | Noncurrent | Total | | :---------------- | :------ | :--------- | :---- | | July 31, 2025 | $29.4 | $30.5 | $59.9 | | April 30, 2025 | $29.6 | $31.3 | $60.9 | | January 31, 2025 | $30.2 | $33.2 | $63.4 | | July 31, 2024 | $26.5 | $27.0 | $53.5 | - Current remaining performance obligation (cRPO) was **$29.4 billion**, up **11% Y/Y** and **10% in constant currency**[4](index=4&type=chunk) [Unearned Revenue](index=10&type=section&id=Unearned%20Revenue) Unearned revenue at July 31, 2025, was $16,555 million, a decrease from $20,743 million at the beginning of the six-month period, with billings and other for the six months ended July 31, 2025, at $15,877 million, leading to $18,895 million in revenue recognized over time Unearned Revenue (in millions) | Metric | July 31, 2025 | July 31, 2024 | | :-------------------------------- | :------------ | :------------ | | Unearned revenue, end of period | $16,555 | $15,222 | Six Months Ended July 31 (in millions) | Metric | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Billings and other | $15,877 | $14,677 | | Revenue recognized over time | $(18,895) | $(17,423) | [Disaggregation of Revenue](index=10&type=section&id=Disaggregation%20of%20Revenue) This section breaks down Salesforce's revenue by its service offerings and geographic regions, providing insight into the performance of different product categories and market segments [Subscription and Support Revenue by Service Offerings](index=10&type=section&id=Subscription%20and%20Support%20Revenue%20by%20Service%20Offerings) For the three months ended July 31, 2025, Service revenue was the largest component at $2,458 million, followed by Sales at $2,267 million, and Platform and Other at $2,084 million, with Integration and Analytics revenue showing strong growth, reaching $1,516 million Subscription and Support Revenue by Service Offerings (Three Months Ended July 31, in millions) | Service Offering | 2025 | 2024 | | :----------------------- | :----- | :----- | | Sales | $2,267 | $2,071 | | Service | $2,458 | $2,257 | | Platform and Other | $2,084 | $1,786 | | Marketing and Commerce | $1,365 | $1,308 | | Integration and Analytics | $1,516 | $1,342 | | **Total** | **$9,690** | **$8,764** | [Total Revenue by Geographic Locations](index=11&type=section&id=Total%20Revenue%20by%20Geographic%20Locations) The Americas region continued to be the largest revenue contributor, generating $6,736 million for the three months ended July 31, 2025, with Europe contributing $2,429 million and Asia Pacific contributing $1,071 million, demonstrating broad geographic revenue generation Total Revenue by Geographic Locations (Three Months Ended July 31, in millions) | Region | 2025 | 2024 | | :------------- | :----- | :----- | | Americas | $6,736 | $6,201 | | Europe | $2,429 | $2,184 | | Asia Pacific | $1,071 | $940 | | **Total** | **$10,236** | **$9,325** | [Constant Currency Growth Rates](index=11&type=section&id=Constant%20Currency%20Growth%20Rates) For the three months ended July 31, 2025, total subscription and support revenue grew 9% in constant currency, with Platform and Other showing the highest growth at 16%, while total revenue by geographical region also grew 9% in constant currency, led by Asia Pacific at 11%, and current remaining performance obligation grew 10% in constant currency Subscription and Support Revenue Constant Currency Growth Rates (Three Months Ended July 31, 2025 vs. 2024) | Service Offering | Growth Rate | | :----------------------- | :---------- | | Sales | 8% | | Service | 8% | | Platform and Other | 16% | | Marketing and Commerce | 3% | | Integration and Analytics | 12% | | **Total Growth** | **9%** | Revenue Constant Currency Growth Rates by Geographical Region (Three Months Ended July 31, 2025 vs. 2024) | Region | Growth Rate | | :------------- | :---------- | | Americas | 9% | | Europe | 7% | | Asia Pacific | 11% | | **Total Growth** | **9%** | - Current remaining performance obligation constant currency growth rate was **10%** as of July 31, 2025, compared to July 31, 2024[30](index=30&type=chunk) [Non-GAAP Financial Measures Reconciliation](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) [Non-GAAP Income from Operations and Operating Margin](index=12&type=section&id=Non-GAAP%20Income%20from%20Operations%20and%20Operating%20Margin) For the three months ended July 31, 2025, non-GAAP income from operations was $3,509 million, resulting in a non-GAAP operating margin of 34.3%, an increase from 33.7% in the prior year, compared to a GAAP operating margin of 22.8% for the same period Three Months Ended July 31 (in millions, except %) | Metric | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | GAAP Income from Operations | $2,332 | $1,783 | | Non-GAAP Income from Operations | $3,509 | $3,144 | | GAAP Operating Margin | 22.8 % | 19.1 % | | Non-GAAP Operating Margin | 34.3 % | 33.7 % | Six Months Ended July 31 (in millions, except %) | Metric | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | GAAP Income from Operations | $4,274 | $3,492 | | Non-GAAP Income from Operations | $6,681 | $6,072 | | GAAP Operating Margin | 21.3 % | 18.9 % | | Non-GAAP Operating Margin | 33.3 % | 32.9 % | [Non-GAAP Net Income and Diluted Net Income Per Share](index=12&type=section&id=Non-GAAP%20Net%20Income%20and%20Diluted%20Net%20Income%20Per%20Share) For the three months ended July 31, 2025, non-GAAP net income was $2,795 million, leading to a non-GAAP diluted net income per share of $2.91, compared to GAAP net income of $1,887 million and GAAP diluted net income per share of $1.96 Three Months Ended July 31 (in millions, except per share) | Metric | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | GAAP Net Income | $1,887 | $1,429 | | Non-GAAP Net Income | $2,795 | $2,495 | | GAAP Diluted Net Income Per Share | $1.96 | $1.47 | | Non-GAAP Diluted Net Income Per Share | $2.91 | $2.56 | Six Months Ended July 31 (in millions, except per share) | Metric | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | GAAP Net Income | $3,428 | $2,962 | | Non-GAAP Net Income | $5,294 | $4,902 | | GAAP Diluted Net Income Per Share | $3.55 | $3.03 | | Non-GAAP Diluted Net Income Per Share | $5.48 | $5.01 | [Computation of Basic and Diluted GAAP and Non-GAAP Net Income Per Share](index=14&type=section&id=Computation%20of%20Basic%20and%20Diluted%20GAAP%20and%20Non-GAAP%20Net%20Income%20Per%20Share) This section details the calculation of both basic and diluted net income per share under GAAP and non-GAAP measures, showing the shares used in computation for the three and six months ended July 31, 2025 and 2024 Three Months Ended July 31 (per share data) | Metric | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | GAAP Basic Net Income Per Share | $1.97 | $1.48 | | Non-GAAP Basic Net Income Per Share | $2.92 | $2.59 | | GAAP Diluted Net Income Per Share | $1.96 | $1.47 | | Non-GAAP Diluted Net Income Per Share | $2.91 | $2.56 | - Shares used in computing diluted net income per share for Q2 FY26 were **962 million** (GAAP and Non-GAAP)[34](index=34&type=chunk) [Free Cash Flow](index=14&type=section&id=Free%20Cash%20Flow) For the six months ended July 31, 2025, free cash flow, a non-GAAP measure, was $6,902 million, a slight increase from $6,839 million in the prior year, derived from GAAP net cash provided by operating activities of $7,216 million, less capital expenditures of $314 million Free Cash Flow (in millions) | Metric | Three Months Ended July 31, 2025 | Six Months Ended July 31, 2025 | | :-------------------------------- | :------------------------------- | :----------------------------- | | GAAP Net Cash Provided by Operating Activities | $740 | $7,216 | | Capital Expenditures | $(135) | $(314) | | **Free Cash Flow** | **$605** | **$6,902** | [Explanation of Non-GAAP Financial Measures](index=15&type=section&id=Explanation%20of%20Non-GAAP%20Financial%20Measures) This section clarifies the company's use of non-GAAP financial measures, explaining that they are supplemental to GAAP and provide a more complete view of operational performance by excluding certain items like stock-based compensation, amortization of purchased intangibles, restructuring charges, and strategic investment gains/losses, which are not considered reflective of core ongoing operations - Non-GAAP financial measures are used to provide supplemental information to investors and enable evaluation of the Company's results in the same way management does, offering a more complete view of operational performance[36](index=36&type=chunk)[37](index=37&type=chunk) - Non-GAAP operating margin excludes stock-based compensation expense, amortization of acquisition-related intangibles, and charges associated with restructuring activities[38](index=38&type=chunk) - Non-GAAP net income per share excludes stock-based compensation expense, amortization of purchased intangibles, restructuring charges, and income tax adjustments[38](index=38&type=chunk) - The company uses a fixed long-term projected non-GAAP tax rate of **22.0%** for fiscal 2026[40](index=40&type=chunk) - Constant currency information is presented to assess underlying business performance excluding the effect of foreign currency rate fluctuations[41](index=41&type=chunk) - Data Cloud and AI annual recurring revenue (ARR) is defined as the annualized recurring value of active Data Cloud and certain generative Artificial Intelligence (AI) subscription agreements[42](index=42&type=chunk) - Free cash flow is defined as GAAP net cash provided by operating activities, less capital expenditures[42](index=42&type=chunk)