Stock Analysis on Net

Salesforce Inc. (NYSE:CRM)

$24.99

Income Statement
Quarterly Data

Salesforce Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019
Subscription and support
Professional services and other
Revenues
Subscription and support
Professional services and other
Cost of revenues
Gross profit
Research and development
Sales and marketing
General and administrative
Restructuring
Loss on settlement of Salesforce.org reseller agreement
Operating expenses
Income (loss) from operations
Gains (losses) on strategic investments, net
Other income (expense)
Income (loss) before (provision for) benefit from income taxes
(Provision for) benefit from income taxes
Net income (loss)

Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).

Revenue Trends
Revenue has shown a consistent upward trend from April 2019 to April 2025, with values rising from approximately 3,737 million US dollars to a peak near 9,993 million US dollars in January 2025, followed by a slight decline. Subscription and support revenues dominate total revenues and exhibit steady growth over the observed period, increasing from about 3,496 million to roughly 9,451 million US dollars. Professional services and other revenues also rise, though more moderately, peaking around early 2023 before demonstrating minor fluctuations.
Cost of Revenues and Gross Profit
Cost of revenues consistently increases over the years, from around 914 million US dollars in April 2019 to approximately 2,265 million US dollars in April 2025, reflecting the expansion in business scale. Gross profit follows an increasing trajectory aligned with growing revenues, improving from 2,823 million to roughly 7,776 million US dollars, indicating maintained profitability despite rising costs, although some short-term fluctuations are present.
Operating Expenses
Operating expenses rise significantly over the period. Research and development costs increase steadily but show a noticeable decrease after January 2023, suggesting potential efficiency improvements or strategic cost management. Sales and marketing expenses generally trend upward, peaking around early 2024 before slight declines. General and administrative expenses show a moderate increase over time, reflecting expanding operational activities. A significant restructuring expense is observed around early 2023, with a peak loss of 828 million US dollars, which impacts total operating expenses substantially in that period.
Profitability Metrics
Income from operations fluctuates somewhat but generally trends positively, with occasional dips into negative territory early in the period and subsequent recovery to peak levels around early 2024. Gains and losses on strategic investments are volatile, with large gains in mid-2020 and mid-2021, but more variable and negative impacts in later periods. Other income and expenses remain relatively minor and stable. Net income shows substantial volatility, including notable spikes such as in July 2020, likely related to extraordinary gains, followed by fluctuations but generally positive growth across the timeline.
Taxation Effects
There is considerable variability in the provision for income taxes, with some quarters reflecting tax benefits and others showing significant tax expenses. Particularly notable are periods with unusually high taxes or benefits, which correspond with fluctuations in net income, possibly due to tax adjustments or extraordinary items affecting taxable income.
Summary Insights
The overall financial data indicate robust revenue growth driven by core subscription services, with controlled cost increases resulting in expanding gross profits. Operating expenses, while growing, reveal some efforts in cost optimization, especially in research and development. Profitability shows resilience despite periodic volatility from strategic investments and restructuring activities. Tax provisions play a significant role in net income fluctuations. The company demonstrates an overall positive growth trajectory with occasional challenges related to restructuring and investment outcomes.