Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Salesforce Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30).
The income statement reveals a period of fluctuating performance over the analyzed timeframe, spanning from April 2020 to July 2025. Revenues demonstrate a generally positive trajectory, although with periods of deceleration and minor contraction. Profitability exhibits significant volatility, influenced by substantial swings in operating expenses and strategic investment gains/losses.
- Revenue Growth
- Revenues increased from US$4.865 billion in April 2020 to US$9.993 billion in January 2025, representing substantial growth overall. However, the rate of growth was not consistent. Strong growth was observed between April 2020 and October 2021. Growth slowed considerably between January 2022 and April 2023, with a slight contraction in April 2023. Revenue growth then resumed, peaking in January 2025.
- Subscription and Support Revenue
- Subscription and support revenue consistently constitutes the largest portion of total revenue, exhibiting a steady upward trend from US$4.575 billion in April 2020 to US$10.675 billion in January 2026. This indicates a strong and reliable recurring revenue stream. The rate of increase in subscription revenue generally aligns with overall revenue trends.
- Professional Services and Other Revenue
- Professional services and other revenue remains a smaller, but consistent, contributor to total revenue, fluctuating between US$290 million and US$604 million. While showing some growth initially, this segment appears relatively stable, with a slight decline observed in the later periods.
- Cost of Revenues
- Cost of revenues increased steadily over the period, rising from US$1.254 billion in April 2020 to US$2.508 billion in January 2026. The increase in cost of revenues generally tracks with revenue growth, suggesting a relatively consistent cost structure. However, the rate of increase in cost of revenues accelerated in later periods.
- Gross Profit
- Gross profit mirrored the revenue trend, increasing from US$3.611 billion in April 2020 to US$8.693 billion in January 2026. The gross profit margin, while not explicitly calculated, appears to have experienced some compression in later periods due to the faster growth of cost of revenues.
- Operating Expenses
- Operating expenses, encompassing research and development, sales and marketing, and general and administrative expenses, represent a significant portion of revenue. These expenses increased substantially over the analyzed period, from US$3.751 billion in April 2020 to US$6.824 billion in January 2026. Sales and marketing consistently represent the largest component of operating expenses. A notable increase in general and administrative expenses is observed in the final period, potentially due to restructuring costs.
- Profitability
- Income from operations experienced significant fluctuations. A loss was recorded in April 2020, followed by periods of profitability. A substantial loss was recorded in January 2022. Profitability improved significantly in the latter half of the period, peaking in January 2025. Net income mirrored this volatility, with a loss in January 2022 and substantial gains in later periods. Gains (losses) on strategic investments and other income (expense) contributed significantly to these fluctuations.
- Tax Impact
- The provision for (benefit from) income taxes demonstrates considerable variability. A large benefit was recorded in July 2020, while significant provisions were recorded in other periods. This suggests the impact of tax planning strategies or changes in tax regulations.
In summary, the company experienced substantial revenue growth, driven primarily by subscription and support services. However, profitability was subject to considerable volatility due to fluctuations in operating expenses and strategic investment gains/losses. The increasing cost of revenues and operating expenses warrant continued monitoring to ensure sustainable profitability.