Ctrl K
Cash flow generation is highly volatile and dominated by working capital swings, with OCF/NI ratios ranging from 0.36 to 3.18 over the past two quarters, while a massive $27.2B share repurchase in Q1 FY2027 was funded by a temporary $3.0B working capital inflow.
Salesforce, Inc. (CRM) cash flow statement — 24-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 |
|---|
| Cash from Operations | 15.75B | 15B | 13.09B | 10.23B | 7.11B | 6B | 4.8B | 4.33B | 3.4B | 2.74B | 2.16B | 1.67B | 1.17B | 875.47M | 736.9M | 591.51M | 459.08M | 270.91M | 229.56M | 204.28M | 111.22M | 95.89M | 55.87M | 21.78M | 5.21M |
| Operating CF Margin % | - | 36.11% | 34.55% | 29.36% | 22.68% | 22.65% | 22.59% | 25.33% | 25.58% | 26.13% | 25.77% | 25.08% | 21.84% | 21.5% | 24.16% | 26.1% | 27.7% | 20.75% | 21.32% | 27.28% | 22.37% | 30.95% | 31.68% | 22.68% | 10.22% |
| Operating CF Growth % | 129.39% | 14.54% | 27.93% | 43.92% | 18.52% | 24.97% | 10.85% | 27.46% | 24.11% | 26.63% | 29.31% | 42.46% | 34.07% | 18.8% | 24.58% | 28.85% | 69.46% | 18.01% | 12.38% | 83.66% | 15.99% | 71.63% | 156.52% | 317.82% | - |
| Net Income | 9.66B | 7.46B | 6.2B | 4.14B | 208M | 1.44B | 4.07B | 126M | 1.11B | 127.48M | 179.63M | -47.43M | -262.69M | -232.18M | -270.44M | -11.57M | 69.7M | 84.69M | 43.43M | 18.36M | 481K | 28.47M | 7.35M | 3.51M | -9.72M |
| Depreciation & Amortization | 3.92B | 3.63B | 3.48B | 3.96B | 3.79B | 3.3B | 2.85B | 2.13B | 962M | 752.6M | 632.25M | 525.75M | 448.3M | 369.42M | 216.79M | 157.29M | 75.75M | 53.18M | 94.7M | 66.41M | 35.88M | 20.63M | 18.75M | 11.19M | 5.55M |
| Stock-Based Compensation | 3.67B | 3.51B | 3.18B | 2.79B | 3.28B | 2.78B | 2.19B | 1.78B | 1.28B | 997.01M | 820.37M | 593.63M | 564.76M | 503.28M | 379.35M | 229.26M | 120.43M | 88.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -2B | -261M | -542M | 0 | -13.7M | -58.41M | -23.36M | -8.14M | -14.93M | -6.02M | -56.64M | 0 | 0 | -970K | -7.22M | -7.22M | 0 | 0 | 0 |
| Other Non-Cash Items | -2.27B | 902M | 2.22B | 2.2B | 1.91B | 137M | -1.11B | 876M | 757M | 495.93M | 402.08M | 346.54M | 307.59M | 244.35M | 178.9M | 117.54M | 120.43M | 13.08M | 29.16M | 23.23M | 22.63M | 682K | 5.13M | 1.07M | 4.97M |
| Working Capital Changes | 776M | -503M | -1.98B | -2.85B | -2.07B | -1.66B | -1.19B | -330M | -172M | 364.94M | 141.57M | 312M | 139.11M | -1.26M | 247.23M | 105.01M | 129.42M | 31.07M | 62.27M | 94.05M | 50.01M | 46.1M | 24.65M | 6.01M | 4.41M |
| Change in Receivables | -474M | -2.16B | -490M | -659M | -995M | -1.82B | -1.56B | -1B | -923M | -720.02M | -628.48M | -582.42M | -544.61M | -424.7M | -183.24M | -244.95M | -102.51M | -54.52M | -44.8M | -91.37M | -27.25M | -27.25M | -22.34M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -963M | 120M | 155M | 24.14M | -28.85M | 50.77M | 45.82M | 105.22M | -9.72M | 56.96M | 134M | 88.58M | 99.84M | 37.57M | 109.14M | 0 | 0 | 0 | 0 |
| Change in Payables | 1.23B | 1.01B | 1.09B | -478M | 528M | 507M | 1.1B | 15M | 74M | 308.23M | 49.95M | 253.99M | 159.97M | -29.04M | 193.36M | 12.64M | 1.25M | -1.59M | 8.51M | -1.39M | 7.69M | 7.69M | 490K | 0 | 0 |
| Cash from Investing | -11.57B | -8.59B | -3.16B | -1.33B | -1.99B | -14.54B | -3.97B | -2.98B | -5.31B | -2.01B | -2.68B | -1.49B | -698.36M | -2.43B | -938.92M | -489.69M | -1.06B | -378.62M | -121M | -102.71M | -168.6M | -47.8M | -149.2M | -21.14M | -9.55M |
| Capital Expenditures | -596M | -594M | -658M | -736M | -798M | -717M | -710M | -643M | -595M | -534.03M | -463.96M | -709.85M | -416.89M | -299.11M | -179.71M | -171.3M | -368.83M | -53.9M | -61.06M | -43.55M | -22.12M | -23.43M | -4.31M | -2.92M | -2.02M |
| CapEx % of Revenue | 1.36% | 1.43% | 1.74% | 2.11% | 2.55% | 2.71% | 3.34% | 3.76% | 4.48% | 5.1% | 5.53% | 10.65% | 7.76% | 7.35% | 5.89% | 7.56% | 22.26% | 4.13% | 5.67% | 5.82% | 4.45% | 7.56% | 2.44% | 3.04% | 3.97% |
| Acquisitions | -10.72B | -9.27B | -2.73B | -82M | -439M | -14.88B | -1.28B | -369M | -5.12B | -25.39M | -3.19B | -58.68M | 38.07M | -2.62B | -579.75M | -422.7M | -403.33M | -12M | -49.53M | -1.27M | -15.5M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -319M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36.11M | -67.21M | 0 | -175.6M | -151.65M | -90.89M | 0 | 0 | 0 | 0 | 3.19M | 721K | -179K | -233K |
| Cash from Financing | -6.2B | -8.08B | -9.43B | -7.48B | -3.56B | 7.84B | 1.19B | 164M | 2.01B | 221M | 997.7M | 73.15M | -310.48M | 1.6B | 334.55M | 75.85M | 14.07M | 637.15M | 96.91M | 92.71M | 45.03M | 15.82M | 118.85M | 1.1M | 1.03M |
| Debt Issued (Net) | 30.36B | 5.42B | -1.6B | -1.81B | -423M | 6.55B | -107M | -676M | 1.31B | -429M | 597M | -382.33M | -627.2M | 1.37B | -31.75M | -30.53M | -10.36M | 558.98M | -997K | -175K | -617K | -614K | -493K | -531K | -757K |
| Equity Issued (Net) | -35.25B | -11.56B | -7.83B | -7.62B | -4B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -171.96M | 0 | 0 | 60.91M | 29.07M | 15.71M | 118.3M | 1.63M | 1.79M |
| Dividends Paid | -1.51B | -1.59B | -1.54B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -35.07B | -12.6B | -7.83B | -7.62B | -4B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -171.96M | 0 | 0 | 0 | -12K | -28K | -254K | -17K | -342K |
| Other Financing | 210M | -351M | 1.54B | 1.95B | 861M | 1.29B | 1.3B | 840M | 704M | 650M | 400.7M | 455.48M | 316.72M | 229.07M | 366.3M | 106.38M | 196.39M | 78.18M | 97.91M | 31.98M | 16.57M | 727K | 1.04M | 0 | 0 |
| Net Change in Cash | -2.06B | -1.52B | 376M | 1.46B | 1.55B | -731M | 2.05B | 1.48B | 126M | 936.93M | 448.19M | 250.25M | 126.48M | 34.39M | 139.96M | 182.99M | -587.01M | 527.47M | 204.74M | 192.49M | -13.23M | 64.11M | 25.27M | 1.75M | -3M |
| Free Cash Flow | 15.15B | 14.4B | 12.43B | 9.5B | 6.31B | 5.28B | 4.09B | 3.69B | 2.8B | 2.2B | 1.7B | 962.23M | 756.83M | 576.36M | 557.19M | 420.21M | 90.25M | 217.01M | 168.5M | 160.72M | 89.1M | 72.46M | 51.56M | 18.86M | 3.19M |
| FCF Margin % | 34.49% | 34.68% | 32.81% | 27.25% | 20.14% | 19.94% | 19.25% | 21.57% | 21.1% | 21.03% | 20.24% | 14.43% | 14.08% | 14.16% | 18.27% | 18.54% | 5.45% | 16.62% | 15.65% | 21.47% | 17.92% | 23.38% | 29.24% | 19.65% | 6.26% |
| FCF Growth % | 21.26% | 15.83% | 30.91% | 50.45% | 19.5% | 29.14% | 10.93% | 31.57% | 27.18% | 29.78% | 76.49% | 27.14% | 31.31% | 3.44% | 32.6% | 365.6% | -58.41% | 28.79% | 4.84% | 80.38% | 22.97% | 40.52% | 173.33% | 491.19% | - |
| FCF per Share | 18.46 | 15.06 | 12.77 | 9.65 | 6.33 | 5.42 | 4.40 | 4.34 | 3.62 | 3.00 | 2.43 | 1.45 | 1.21 | 0.96 | 0.99 | 0.78 | 0.16 | 0.42 | 0.34 | 0.33 | 0.19 | 0.15 | 0.12 | 0.05 | 0.03 |
| FCF Conversion (FCF/Net Income) | 1.57x | 2.01x | 2.11x | 2.47x | 34.19x | 4.16x | 1.18x | 34.37x | 3.06x | 7.61x | 6.69x | -35.26x | -4.47x | -3.77x | -2.72x | -51.12x | 7.12x | 3.36x | 5.29x | 11.13x | 231.23x | 3.37x | 7.61x | 6.20x | -0.54x |
| Interest Paid | 0 | 0 | 233M | 254M | 275M | 187M | 96M | 106M | 94M | 40M | 55M | 37.95M | 24.68M | 21.5M | 6.89M | 6.59M | 5.29M | 1.07M | 107K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 2.06B | 1.03B | 510M | 196M | 216M | 129M | 83M | 53M | 36M | 31.46M | 36.22M | 28.87M | 53.09M | 20.98M | 90K | 28.48M | 9.6M | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CRM stock.
Salesforce, Inc. (CRM) generated $15.00B in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Salesforce, Inc. (CRM) generated $14.40B in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Salesforce, Inc. (CRM) spent $594.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Salesforce, Inc. (CRM) returned $1.59B to shareholders via cash dividends and spent $12.60B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cash flow volatility from working capital
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
The conversion of net income to operating cash flow is highly volatile, with OCF/NI ratios swinging from 0.36 in Q2 FY2027 to 3.18 in Q1 FY2027, suggesting that reported earnings are a poor proxy for near-term cash generation due to massive working capital fluctuations.
The wide dispersion in the OCF/NI ratio indicates that Salesforce's cash conversion is not driven by core operational profitability but by the timing of large annual billings and collections. This volatility makes it difficult to assess underlying cash generation quality on a quarterly basis and suggests investors should focus on annualized trends rather than quarterly snapshots.
FCF Margin Volatility Amidst Margin Expansion
Free cash flow margins have been erratic, ranging from 5.9% in Q2 FY2026 to 66.6% in Q1 FY2025, which appears inconsistent with the steady operating margin expansion narrative and highlights the distorting effect of working capital on the company's true cash generation trajectory.
The reported FCF margin is heavily influenced by the timing of cash receipts, not just operational efficiency. While the company is successfully expanding operating margins, the translation to free cash flow is non-linear and lumpy, which may create confusion for investors trying to model a smooth FCF growth path.
Working Capital as the Primary Cash Flow Driver
Working capital changes are the dominant factor in quarterly cash flow, with swings from a $3.0B use in Q2 FY2026 to a $3.0B source in Q1 FY2027, indicating that Salesforce's cash flow profile is fundamentally tied to its billing and collection cycle rather than its operational performance.
The massive negative working capital change in Q2 FY2027 of $2.1B suggests a significant cash outflow, likely related to the timing of annual subscription payments. This pattern indicates that the company's cash flow is highly seasonal and that quarterly comparisons are misleading without normalizing for this cycle.
Aggressive Buybacks Amidst Cash Flow Uncertainty
The company executed a massive $27.2B share repurchase in Q1 FY2027, which appears to be a strategic use of a large working capital inflow, suggesting management is prioritizing shareholder returns even as the underlying cash flow profile remains volatile.
The timing of the large buyback coincides with a quarter of strong operating cash flow, indicating a tactical approach to capital deployment. This suggests management is confident in the long-term cash generation of the business but is also aware of the quarterly volatility and is using periods of high cash inflow to return capital.
SBC and D&A Obscure True Cash Costs
Stock-based compensation of $906M in Q2 FY2027 represents a significant non-cash expense that inflates operating cash flow, while depreciation and amortization of $966M further masks the true cash cost of maintaining the business and integrating past acquisitions.
The high level of SBC means that a portion of the reported operating cash flow is not truly available for distribution to shareholders without dilution. Furthermore, the D&A figure likely includes substantial amortization of intangible assets from acquisitions like Slack and Tableau, which are non-cash but represent the consumption of previously acquired growth.