Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Salesforce Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Oct 31, 2025	Jul 31, 2025	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
Net income (loss)	2,086)	1,887)	1,541)	1,708)	1,527)	1,429)	1,533)	1,446)	1,224)	1,267)	199)	(98)	210)	68)	28)	(28)	468)	535)	469)	267)	1,081)	2,625)	99)	(248)	(109)	91)	392)
Depreciation and amortization	851)	817)	843)	877)	814)	907)	879)	953)	862)	890)	1,254)	1,032)	941)	907)	906)	931)	963)	719)	685)	869)	670)	649)	658)	633)	608)	457)	437)
Amortization of costs capitalized to obtain revenue contracts, net	548)	544)	545)	527)	525)	526)	517)	497)	482)	476)	470)	443)	423)	408)	394)	356)	344)	334)	314)	290)	271)	250)	247)	229)	221)	217)	209)
Stock-based compensation expense	819)	793)	814)	803)	820)	810)	750)	674)	693)	724)	696)	809)	843)	851)	776)	763)	812)	640)	564)	542)	566)	578)	504)	511)	543)	388)	343)
Loss on settlement of Salesforce.org reseller agreement	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	166)	—)
(Gains) losses on strategic investments, net	(263)	(6)	63)	(96)	217)	37)	(37)	35)	72)	29)	141)	314)	(23)	(45)	(7)	(34)	(363)	(526)	(288)	(260)	(1,036)	(682)	(192)	(31)	(6)	(109)	(281)
Tax benefit from intra-entity transfer of intangible property	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2,003)	—)	—)	—)	—)	—)
Accounts receivable, net	123)	(1,242)	7,591)	(7,171)	655)	(1,136)	7,162)	(6,564)	550)	(768)	6,123)	(6,481)	471)	(790)	5,805)	(5,719)	91)	(812)	4,616)	(4,429)	128)	(349)	3,094)	(3,599)	(29)	(146)	2,774)
Costs capitalized to obtain revenue contracts, net	(548)	(406)	(365)	(1,016)	(430)	(427)	(248)	(966)	(300)	(331)	(275)	(1,066)	(375)	(505)	(399)	(1,060)	(405)	(463)	(355)	(672)	(493)	(455)	(25)	(587)	(246)	(173)	(124)
Prepaid expenses and other current assets and other assets	396)	(32)	(481)	(232)	(272)	(477)	(514)	(93)	(407)	(52)	(291)	57)	(63)	113)	(409)	115)	189)	(173)	(17)	1)	80)	(203)	(11)	133)	(183)	28)	(97)
Accounts payable and accrued expenses and other liabilities	—)	(217)	(1,007)	1,592)	32)	220)	(755)	1,129)	172)	(376)	(1,403)	1,733)	(309)	326)	(1,222)	1,343)	(548)	805)	(1,093)	1,096)	68)	693)	(757)	969)	265)	293)	(545)
Operating lease liabilities	(137)	(154)	(124)	(161)	(144)	(158)	(85)	(147)	(139)	(167)	(168)	(138)	(173)	(186)	(202)	(194)	(191)	(200)	(216)	(214)	(204)	(209)	(203)	(182)	(200)	(182)	(164)
Unearned revenue	(1,559)	(1,244)	(2,944)	7,139)	(1,761)	(839)	(2,955)	6,439)	(1,677)	(884)	(2,255)	6,183)	(1,632)	(813)	(1,994)	5,509)	(956)	(473)	(1,451)	4,684)	(792)	(465)	(1,555)	3,804)	(566)	(594)	(979)
Changes in assets and liabilities, net of business combinations	(1,725)	(3,295)	2,670)	151)	(1,920)	(2,817)	2,605)	(202)	(1,801)	(2,578)	1,731)	288)	(2,081)	(1,855)	1,579)	(6)	(1,820)	(1,316)	1,484)	466)	(1,213)	(988)	543)	538)	(959)	(774)	865)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	230)	(1,147)	4,935)	2,262)	456)	(537)	4,714)	1,957)	308)	(459)	4,292)	2,886)	103)	266)	3,648)	2,010)	(64)	(149)	2,759)	1,907)	(742)	(2,196)	1,760)	1,880)	407)	345)	1,573)
Net cash provided by operating activities	2,316)	740)	6,476)	3,970)	1,983)	892)	6,247)	3,403)	1,532)	808)	4,491)	2,788)	313)	334)	3,676)	1,982)	404)	386)	3,228)	2,174)	339)	429)	1,859)	1,632)	298)	436)	1,965)
Business combinations, net of cash acquired	(978)	(54)	—)	(2,217)	(179)	—)	(338)	—)	(82)	—)	—)	—)	—)	(25)	(414)	(60)	(35)	(14,356)	(425)	—)	(24)	(1,154)	(103)	(30)	94)	(423)	(10)
Purchases of strategic investments	(1,123)	(174)	(149)	(165)	(67)	(104)	(203)	(106)	(103)	(182)	(105)	(75)	(44)	(208)	(223)	(785)	(147)	(509)	(277)	(127)	(368)	(232)	(342)	(201)	(346)	(62)	(159)
Sales of strategic investments	68)	38)	6)	8)	13)	52)	53)	6)	80)	13)	9)	174)	98)	38)	45)	37)	695)	913)	556)	366)	33)	51)	601)	31)	138)	71)	194)
Purchases of marketable securities	(366)	(1,118)	(2,086)	(1,838)	(1,239)	(550)	(3,252)	(934)	(661)	(1,798)	(368)	(645)	(408)	(1,152)	(2,572)	(1,165)	(2,193)	(507)	(1,809)	(865)	(1,453)	(1,681)	(834)	(1,913)	(438)	(772)	(734)
Sales of marketable securities	2,605)	1,179)	405)	491)	554)	2,482)	616)	394)	315)	533)	269)	379)	500)	451)	441)	414)	720)	2,464)	581)	630)	662)	207)	337)	556)	427)	375)	86)
Maturities of marketable securities	452)	1,429)	436)	939)	905)	898)	636)	319)	563)	462)	785)	697)	585)	722)	445)	267)	150)	1,154)	498)	239)	239)	330)	227)	228)	358)	137)	56)
Capital expenditures	(139)	(135)	(179)	(154)	(204)	(137)	(163)	(147)	(166)	(180)	(243)	(218)	(198)	(203)	(179)	(167)	(166)	(213)	(171)	(149)	(124)	(114)	(323)	(136)	(170)	(178)	(159)
Net cash (used in) provided by investing activities	519)	1,165)	(1,567)	(2,936)	(217)	2,641)	(2,651)	(468)	(54)	(1,152)	347)	312)	533)	(377)	(2,457)	(1,459)	(976)	(11,054)	(1,047)	94)	(1,035)	(2,593)	(437)	(1,465)	63)	(852)	(726)
Proceeds from issuance of debt, net of issuance costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(6)	7,922)	(10)	(20)	—)	—)	—)	—)	—)	—)	—)
Repayments of Slack Convertible Notes, net of capped call proceeds	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(17)	(1,348)	168)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repurchases of common stock	(3,801)	(2,225)	(2,633)	(76)	(1,285)	(4,335)	(2,133)	(1,692)	(1,925)	(1,949)	(2,054)	(2,323)	(1,677)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payments for taxes related to net share settlement of equity awards	(127)	(12)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from employee stock plans	239)	232)	294)	484)	321)	202)	533)	869)	274)	362)	449)	173)	233)	181)	274)	259)	430)	375)	225)	216)	381)	466)	258)	290)	179)	152)	219)
Principal payments on financing obligations	(160)	(99)	(179)	(98)	(100)	(285)	(120)	(123)	(114)	(282)	(110)	(70)	(233)	(44)	(72)	(38)	(45)	(24)	(49)	(19)	(12)	(24)	(48)	(14)	(14)	(134)	(11)
Repayments of debt	—)	—)	—)	—)	—)	(1,000)	—)	—)	—)	(181)	(1,001)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(151)	(150)	(201)	(1)
Payments of dividends and dividend equivalents	(395)	(399)	(402)	(383)	(382)	(384)	(388)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	(4,244)	(2,503)	(2,920)	(73)	(1,446)	(5,802)	(2,108)	(946)	(1,765)	(2,050)	(2,716)	(2,221)	(1,678)	136)	201)	203)	(970)	8,440)	165)	176)	368)	441)	209)	125)	15)	(183)	207)
Effect of exchange rate changes	22)	35)	91)	(110)	(5)	(7)	(2)	30)	(32)	11)	17)	61)	(23)	(21)	(25)	(15)	(4)	(17)	3)	27)	—)	3)	(4)	(15)	(18)	(1)	(5)
Net increase (decrease) in cash and cash equivalents	(1,387)	(563)	2,080)	851)	315)	(2,276)	1,486)	2,019)	(319)	(2,383)	2,139)	940)	(855)	72)	1,395)	711)	(1,546)	(2,245)	2,349)	2,471)	(328)	(1,720)	1,627)	277)	358)	(600)	1,441)

Net Income (Loss): The net income figures exhibit considerable volatility across the quarters. From modest positive results in early periods, the company experienced several quarters with substantial losses, followed by remarkable recovery peaks, particularly in mid-2020 and late 2023 to early 2024. Despite fluctuations, a general upward trend in profitability is visible toward the most recent quarters, indicating improving operational performance.
Depreciation and Amortization: Depreciation and amortization expenses show a consistent upward trajectory over time, reflecting steady increases in capital assets or intangible assets being amortized. Peaks occur around early 2023, suggesting recent investments or acquisitions contributing to higher expense recognition.
Amortization of Costs Capitalized to Obtain Revenue Contracts: This expense category steadily grows, mirroring expanding sales and contract-related capitalizations. The gradual increase suggests a growing customer base with more revenue contracts capitalized over the periods.
Stock-based Compensation Expense: Stock-based compensation escalates over the timeline with some variability but remains generally on an upward path. This indicates ongoing or increasing use of equity incentives which may impact overall compensation costs and shareholder dilution.
Gains and Losses on Strategic Investments: Reported gains and losses on strategic investments fluctuate widely, with substantial gains in 2019 and 2020 lending positively at those times, followed by periods of losses and minor gains more recently. Variability here implies an active investment strategy with inherent volatility in returns.
Accounts Receivable, Net: The accounts receivable net balances are characterized by large swings, often moving between significant positive and negative values quarter-to-quarter. This oscillation may suggest timing differences in revenue recognition and collections, or changes in credit policies and customer payment behavior influencing working capital.
Costs Capitalized to Obtain Revenue Contracts, Net: These costs display notable fluctuations with some quarters showing large negative capitalizations, indicating substantial investment in contract acquisition costs, followed by periods of reduction. Such variability likely corresponds to changes in sales commission practices or contract acquisition intensity.
Unearned Revenue: Unearned revenue balances exhibit sharp fluctuations, including periods of substantial increases and decreases. The recurring pattern of increases suggests strong customer prepayments or deferred revenue generation, consistent with subscription-based or long-term contracts.
Changes in Assets and Liabilities, Net of Business Combinations: This line shows considerable volatility with both large positive and negative values, indicating dynamic changes in working capital components that influence overall cash flow and operational liquidity.
Net Cash Provided by Operating Activities: Operating cash flows demonstrate significant variability, with periods of strong cash generation interspersed with weaker quarters. Despite some declines, the overall trajectory in recent years points to improved cash flow health, aligning with rising net income and operational performance.
Business Combinations, Net of Cash Acquired: Investments in business combinations are sporadic with some substantial cash outflows, notably around Q3 2021. These outlays reflect acquisition activity that may impact future earnings and asset base.
Purchases and Sales of Strategic Investments: Purchases of strategic investments generally show negative outflows with irregular spikes, while sales generate inflows with episodic high values. This indicates an active management of investment portfolio on a tactical basis.
Purchases and Sales of Marketable Securities: Marketable securities activities show significant purchases at numerous points, often followed by strong sales and maturities that provide liquidity. These transactions reveal active treasury and cash management aimed at balancing investment returns with cash needs.
Capital Expenditures: Capital expenditures display moderate fluctuations without a clear upward or downward trend, suggesting consistent investment in property, plant, and equipment along the periods analyzed.
Net Cash Used in Investing Activities: Investing cash flows are generally negative, driven by acquisitions, purchases of investments, and capital expenditures. Occasional positive quarters indicate proceeds from asset disposals or maturity of securities, reflecting cyclical investment activities.
Repurchases of Common Stock: Share repurchases are significant in the later periods analyzed, with very large outflows notably from mid-2022 onward. This suggests a strategic focus on returning capital to shareholders and managing share count.
Net Cash Provided by (Used in) Financing Activities: Financing cash flows vary widely, with large positive spikes correlating with debt issuance and equity raises, as well as considerable negative flows due to stock repurchases, debt repayments, and dividend payments. The financing pattern reflects active capital structure management and shareholder return policies.
Effect of Exchange Rate Changes: FX effects remain relatively minor but fluctuate in line with global currency movements impacting cash balances.
Net Increase (Decrease) in Cash and Cash Equivalents: The overall change in cash balances shows periods of both sharp increases and decreases. Despite fluctuations, recent quarters display positive cash inflows, indicative of net cash generation from operations and financing activities exceeding investing outflows.

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Salesforce Inc. (NYSE:CRM)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data