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
Based on: 10-Q (reporting date: 2026-07-31), 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 indicates a transition from an acquisition-heavy growth strategy toward a mature phase characterized by strong operational cash generation and aggressive shareholder returns. While operating activities provide a consistent and growing foundation of liquidity, the investing and financing sections exhibit high volatility due to large-scale strategic acquisitions and significant capital restructuring.
- Operating Cash Flow Analysis
- Net cash provided by operating activities shows a general upward trajectory, with significant peaks exceeding $6 billion in early 2024 and 2025. This growth is supported by an increase in net income, which transitioned from volatility and occasional losses in 2022 to consistently exceeding $1.5 billion per quarter in the later periods. The operational cash flow is further bolstered by steady non-cash charges, specifically depreciation, amortization, and stock-based compensation. Unearned revenue displays a distinct cyclical pattern, with substantial inflows typically occurring in the January quarters, suggesting a seasonal billing cycle.
- Investing Activities and Capital Expenditures
- Investing cash flows are dominated by periodic, large-scale outflows related to business combinations, most notably in July 2021 and October 2025. Outside of these strategic acquisitions, capital expenditures remain relatively low and stable, typically ranging between $130 million and $250 million per quarter, confirming a capital-light business model. The company utilizes marketable securities as a primary liquidity management tool, with frequent and large-scale purchases and sales used to balance cash reserves.
- Financing and Shareholder Returns
- A strategic pivot in capital allocation is observed starting in late 2022, marked by the initiation of substantial common stock repurchases. This trend reached a peak in April 2026 with a $27.2 billion buyback, which was largely funded by a concurrent $24.8 billion issuance of debt. Furthermore, the introduction of quarterly dividend payments beginning in April 2024, which have remained steady between $360 million and $400 million, indicates a shift toward a consistent dividend policy. Financing activities have evolved from supporting growth to actively managing the capital structure and returning value to shareholders.
- Liquidity and Net Cash Position
- The net increase or decrease in cash and cash equivalents fluctuates significantly due to the scale of investing and financing events. Despite these swings, the strong operational cash flow serves as the primary engine for funding both the strategic acquisitions and the expanded shareholder return program, reducing reliance on external financing except during periods of extreme capital redistribution.