Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Salesforce Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Accounts payable	—)	—)	—)	—)	—)	—)
Finance lease liabilities, current	275)	337)	372)	257)	114)	35)
Accrued expenses and other liabilities	7,978)	6,321)	5,739)	6,486)	5,356)	4,316)
Operating lease liabilities, current	548)	579)	518)	590)	686)	766)
Unearned revenue	24,317)	20,743)	19,003)	17,376)	15,628)	12,607)
Debt, current	4,000)	—)	999)	1,182)	4)	4)
Current liabilities	37,118)	27,980)	26,631)	25,891)	21,788)	17,728)
Noncurrent debt, excluding current portion	10,439)	8,433)	8,427)	9,419)	10,592)	2,673)
Noncurrent operating lease liabilities	2,189)	2,380)	2,644)	2,897)	2,703)	2,842)
Noncurrent finance lease liabilities	260)	341)	602)	534)	271)	93)
Other noncurrent liabilities	3,157)	2,621)	1,873)	1,749)	1,724)	1,472)
Noncurrent liabilities	16,045)	13,775)	13,546)	14,599)	15,290)	7,080)
Total liabilities	53,163)	41,755)	40,177)	40,490)	37,078)	24,808)
Preferred stock, $0.001 par value; none issued and outstanding	—)	—)	—)	—)	—)	—)
Common stock, $0.001 par value	1)	1)	1)	1)	1)	1)
Treasury stock, at cost	(32,228)	(19,507)	(11,692)	(4,000)	—)	—)
Additional paid-in capital	68,835)	64,576)	59,841)	55,047)	50,919)	35,601)
Accumulated other comprehensive income (loss)	313)	(266)	(225)	(274)	(166)	(42)
Retained earnings	22,221)	16,369)	11,721)	7,585)	7,377)	5,933)
Stockholders’ equity	59,142)	61,173)	59,646)	58,359)	58,131)	41,493)
Total liabilities and stockholders’ equity	112,305)	102,928)	99,823)	98,849)	95,209)	66,301)

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).

Overall, the company’s liabilities demonstrate a significant increase over the observed period, while stockholders’ equity exhibits a more moderate growth pattern, followed by a slight decrease in the latest year. A substantial rise in both current and noncurrent liabilities contributes to a growing obligation profile. Simultaneously, changes within stockholders’ equity, particularly concerning treasury stock, warrant attention.

Current Liabilities: Current liabilities increased substantially from US$17.728 billion in 2021 to US$37.118 billion in 2026. This growth is primarily driven by increases in unearned revenue and, notably, a significant jump in debt due in 2026. Accrued expenses and other liabilities also contribute to this increase, showing consistent growth throughout the period. Operating lease liabilities remain relatively stable, with a slight decrease observed in later years.
Noncurrent Liabilities: Noncurrent liabilities experienced a considerable surge between 2021 and 2022, rising from US$7.080 billion to US$15.290 billion. While fluctuating in subsequent years, they remain elevated, reaching US$16.045 billion in 2026. The primary drivers are increases in noncurrent debt and other noncurrent liabilities. Noncurrent operating and finance lease liabilities show a gradual decline over the period.
Total Liabilities: Total liabilities mirrored the trends in current and noncurrent liabilities, increasing from US$24.808 billion in 2021 to US$53.163 billion in 2026. This represents a more than doubling of the company’s total obligations over the five-year period. The increase is consistent, though the rate of growth appears to accelerate towards the end of the period.
Stockholders’ Equity – Treasury Stock: Treasury stock shows a significant and consistent decrease, starting from zero in 2021 and reaching -US$32.228 billion in 2026. This indicates substantial share repurchase activity, reducing the number of outstanding shares. The magnitude of the treasury stock reduction is noteworthy and impacts the overall equity structure.
Stockholders’ Equity – Additional Paid-in Capital & Retained Earnings: Additional paid-in capital demonstrates consistent growth, increasing from US$35.601 billion in 2021 to US$68.835 billion in 2026. Retained earnings also show a positive trend, rising from US$5.933 billion to US$22.221 billion. These increases partially offset the impact of the treasury stock reduction.
Stockholders’ Equity – Overall: Stockholders’ equity increased from US$41.493 billion in 2021 to US$61.173 billion in 2025, but experienced a slight decrease to US$59.142 billion in 2026. This suggests that while equity was growing, the substantial share repurchases and other factors limited overall equity growth in the final year.
Total Liabilities and Stockholders’ Equity: The combined total of liabilities and stockholders’ equity increased from US$66.301 billion in 2021 to US$112.305 billion in 2026, reflecting the overall growth of the company, albeit with a greater reliance on liabilities to fund that growth. The increasing proportion of liabilities relative to equity suggests a potential shift in the company’s capital structure.

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Salesforce Inc. (NYSE:CRM)

Balance Sheet: Liabilities and Stockholders’ Equity