Stock Analysis on Net
Stock Analysis on Net

Salesforce Inc. (NYSE:CRM)

$24.99

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.

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

US$ in millions

Microsoft Excel
3 months ended: Apr 30, 2026 Jan 31, 2026 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
Net income
Depreciation and amortization
Amortization of costs capitalized to obtain revenue contracts, net
Stock-based compensation expense
(Gains) losses on strategic investments, net
Tax benefit from intra-entity transfer of intangible property
Accounts receivable, net
Costs capitalized to obtain revenue contracts, net
Prepaid expenses and other current assets and other assets
Accounts payable and accrued expenses and other liabilities
Operating lease liabilities
Unearned revenue
Changes in assets and liabilities, net of business combinations
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Business combinations, net of cash acquired
Purchases of strategic investments
Sales of strategic investments
Purchases of marketable securities
Sales of marketable securities
Maturities of marketable securities
Capital expenditures
Net cash (used in) provided by investing activities
Proceeds from issuance of debt, net of issuance costs
Repayments of Slack Convertible Notes, net of capped call proceeds
Repurchases of common stock
Payments for taxes related to net share settlement of equity awards
Proceeds from employee stock plans
Principal payments on financing obligations
Repayments of debt
Payments of dividends and dividend equivalents
Net cash provided by (used in) financing activities
Effect of exchange rate changes
Net increase (decrease) in cash and cash equivalents

Based on: 10-Q (reporting date: 2026-04-30), 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 cash flow profile exhibits a strategic transition from aggressive investment and inorganic growth toward a phase of significant capital return to shareholders and enhanced operational efficiency. Net cash provided by operating activities has demonstrated a strong upward trajectory, reaching a peak of 6.7 billion USD in April 2026, reflecting a substantial increase in the company's ability to generate cash from its core business operations.

Operating Cash Flow Trends
Net income has shown marked improvement and stability, evolving from volatile levels in 2020-2022 to a consistent range between 1.4 billion USD and 2.1 billion USD starting in 2023. This growth is complemented by steady non-cash adjustments, specifically depreciation, amortization, and stock-based compensation, the latter of which reached a peak of 1.08 billion USD in January 2026. A recurring seasonal pattern is evident in unearned revenue, with significant inflows typically occurring in the January quarters, which provides a predictable boost to liquidity.
Investing Activity and Capital Allocation
Investing activities are characterized by periodic, large-scale expenditures on business combinations, most notably a 14.3 billion USD outflow in July 2021 and an 8.2 billion USD outflow in October 2025, indicating a continued commitment to inorganic expansion. In contrast, capital expenditures have remained remarkably stable and low, generally fluctuating between 135 million USD and 323 million USD, suggesting a capital-light operational model. The management of marketable securities shows active liquidity maneuvering through consistent purchases and sales.
Financing Strategy and Shareholder Returns
A definitive shift in financing strategy is observed with the initiation of quarterly dividend payments of approximately 365 million USD to 402 million USD starting in April 2024. Share repurchases have accelerated aggressively, culminating in a massive 27.2 billion USD buyback in April 2026. This surge in shareholder returns was supported by a significant issuance of debt totaling 24.8 billion USD in the same period, indicating a strategic use of leverage to fund capital distributions.
Liquidity and Net Cash Position
The net increase or decrease in cash and cash equivalents remains highly volatile due to the timing of large acquisitions and massive stock repurchase programs. Despite these fluctuations, the substantial growth in operating cash flow provides a robust foundation that supports both the ongoing investment in strategic acquisitions and the expanded capital return program.