Salesforce
ConvictionModerate
Subscription + support (~93% of revenue), seat + consumption (Agentforce Flex Credits) hybrid; multi-product land-and-expand
Revenue
$41.5B FY26yr ended Jan 31, 2026, +10% Y/Y); $11.1B Q1 FY27 (+13% Y/Y incl. InformaticaRev growth
+10% FY26+13% Q1 FY27 (~10% organic ex-InformaticaGross margin
~78%FY26 GAAPOp margin
GAAP 21.1% / non-GAAP 34.8%Q1 FY27Capex intensity
low~1-2% of revenue (asset-light SaaSMarket cap
~$128BJun 26, 2026Across the boards
The thesis on this name
subject
State of AI Compute
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-03-02. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$21.3B
FY’22
$26.5B+25%
FY’23
$31.4B+18%
FY’24
$34.9B+11%
FY’25
$41.5B+19%
Margins & balance sheet — FY’25
Gross margin77.7%
Operating margin20.1%
Net margin18.0%
Net debt$30.3B
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.