Analysis of Debt
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
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Total Debt (Carrying Amount)
Salesforce Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
Total debt and finance lease liabilities exhibited a significant increase between January 31, 2021, and January 31, 2023, followed by a period of fluctuation and a substantial increase in the most recent projected period. A detailed examination of the components reveals the drivers of these changes.
- Overall Debt Trend
- The carrying amount of total debt and finance lease liabilities rose from US$2,805 million in 2021 to US$11,392 million in 2023, representing a growth of approximately 305%. A decrease to US$10,400 million was observed in 2024, followed by a further decrease to US$9,111 million in 2025. However, a considerable increase to US$14,974 million is projected for 2026.
- Current Debt
- Current debt remained relatively stable at US$4 million in both 2021 and 2022. A substantial increase to US$1,182 million occurred in 2023, decreasing to US$999 million in 2024. The projection for 2026 indicates a significant rise to US$4,000 million, suggesting a potential shift in debt maturity profile.
- Noncurrent Debt
- Noncurrent debt, excluding the current portion, demonstrated a marked increase from US$2,673 million in 2021 to US$10,592 million in 2022. This was followed by a decline to US$9,419 million in 2023 and US$8,427 million in 2024. A slight increase to US$8,433 million is projected for 2025, with a more substantial increase to US$10,439 million in 2026.
- Finance Lease Liabilities
- Both current and noncurrent finance lease liabilities increased consistently from 2021 to 2023. Current finance lease liabilities rose from US$35 million to US$257 million, while noncurrent liabilities increased from US$93 million to US$534 million. Both components decreased in 2025, with current liabilities falling to US$337 million and noncurrent liabilities to US$341 million. Further decreases are projected for 2026, to US$275 million and US$260 million respectively.
The most significant driver of the overall debt increase between 2021 and 2023 appears to be the substantial growth in noncurrent debt. While overall debt decreased slightly in 2024 and 2025, the projected increase in 2026, largely attributable to both current and noncurrent debt, warrants further investigation to understand the underlying financing activities and their potential impact.
Total Debt (Fair Value)
| Jan 31, 2026 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Informatica 364-day Credit Agreement | |
| Informatica Three-year Credit Agreement | |
| Senior Notes | |
| Loan assumed on 50 Fremont | |
| Finance lease liabilities | |
| Total debt and finance lease liabilities (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2026-01-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt and finance lease liabilities:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2026-01-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =