Salesforce, Inc. (CRM) Cash Flow Statement
Where CRM’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $15.00B +14.5% vs FY2025
- Capital expenditures
- $594.0M 1.4% of revenue
- Free cash flow
- $14.40B 34.7% margin
- Returned to shareholders
- $14.18B 98% of free cash flow
- Change in cash
- −$1.52B cash at year-end $7.33B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CRM operating cash flow, capex and free cash flow
CRM cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.16BFY2017 | $15.00BFY2026 | +24.0%/yr | |
| Capital expenditures | $464.0MFY2017 | $594.0MFY2026 | +2.8%/yr | |
| Free cash flow | $1.70BFY2017 | $14.40BFY2026 | +26.8%/yr | |
| Free cash flow margin | 20.2%FY2017 | 34.7%FY2026 | +14.4 pts | |
| Operating cash flow / net income | 12.04FY2017 | 2.01FY2026 | −10.03 | |
| Stock-based compensation | $820.4MFY2017 | $3.51BFY2026 | +17.5%/yr | |
| Dividends paid | $0FY2017 | $1.59BFY2026 | — | |
| Share buybacks (net) | $0FY2017 | $12.60BFY2026 | — | |
| Capex / revenue | 5.5%FY2017 | 1.4%FY2026 | −4.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CRM cash flow by activity
CRM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CRM cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.46B | $6.20B | $4.14B | $208.0M | $1.44B | $4.07B | $126.0M | $1.11B | $127.5M | $179.6M |
| Depreciation & amortization | $3.63B | $3.48B | $3.96B | $3.79B | $3.30B | $2.85B | $2.13B | $982.0M | $784.0M | $632.0M |
| Stock-based compensation | $3.51B | $3.18B | $2.79B | $3.28B | $2.78B | $2.19B | $1.78B | $1.28B | $997.0M | $820.4M |
| Change in working capital | −$503.0M | −$1.98B | −$2.85B | −$2.07B | −$1.66B | −$1.19B | −$330.0M | −$172.0M | $364.9M | $141.6M |
| Other non-cash items | $902.0M | $2.22B | $2.20B | $1.91B | $137.0M | −$3.12B | $615.0M | $195.0M | $464.5M | $388.6M |
| Cash from operating activities | $15.00B | $13.09B | $10.23B | $7.11B | $6.00B | $4.80B | $4.33B | $3.40B | $2.74B | $2.16B |
| Investing activities | ||||||||||
| Capital expenditures | −$594.0M | −$658.0M | −$736.0M | −$798.0M | −$717.0M | −$710.0M | −$643.0M | −$595.0M | −$534.0M | −$464.0M |
| Investments (net) | $1.27B | −$3.16B | −$1.33B | −$1.99B | $1.06B | −$1.98B | −$1.97B | $402.0M | −$2.01B | −$2.68B |
| Acquisitions & other investing | −$9.27B | $658.0M | $736.0M | $798.0M | −$14.88B | −$1.28B | −$369.0M | −$5.12B | $534.0M | $464.0M |
| Cash from investing activities | −$8.59B | −$3.16B | −$1.33B | −$1.99B | −$14.54B | −$3.97B | −$2.98B | −$5.31B | −$2.01B | −$2.68B |
| Financing activities | ||||||||||
| Dividends paid | −$1.59B | −$1.54B | −$772.0M | −$861.0M | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$12.60B | −$7.83B | −$7.62B | −$4.00B | $1.29B | $1.32B | $840.0M | $704.0M | $650.3M | $401.5M |
| Net borrowing (repayment) | $5.42B | −$1.60B | −$1.81B | −$4.0M | $6.55B | −$127.0M | −$676.0M | $1.31B | −$429.0M | $597.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $688.0M | $1.54B | $2.73B | $1.30B | $0 | $0 | $0 | $0 | −$300,000 | −$783,000 |
| Cash from financing activities | −$8.08B | −$9.43B | −$7.48B | −$3.56B | $7.84B | $1.19B | $164.0M | $2.01B | $221.0M | $997.7M |
| Summary | ||||||||||
| Net change in cash | −$1.52B | $376.0M | $1.46B | $1.55B | −$731.0M | $2.05B | $1.48B | $126.0M | $936.9M | $448.2M |
| Cash at end of period | $7.33B | $8.85B | $8.47B | $7.02B | $5.46B | $6.20B | $4.14B | $2.67B | $2.54B | $1.61B |
| Free cash flow | $14.40B | $12.43B | $9.50B | $6.31B | $5.28B | $4.09B | $3.69B | $2.80B | $2.20B | $1.70B |
| Free cash flow margin | 34.7% | 32.8% | 27.2% | 20.1% | 19.9% | 19.2% | 21.6% | 21.1% | 21.0% | 20.2% |
| Capex / revenue | 1.4% | 1.7% | 2.1% | 2.5% | 2.7% | 3.3% | 3.8% | 4.5% | 5.1% | 5.5% |
| Operating cash flow / net income | 2.01 | 2.11 | 2.47 | 34.19 | 4.16 | 1.18 | 34.37 | 3.06 | 21.48 | 12.04 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.53B | $2.11B | $1.94B | $2.09B | $1.89B | $1.54B | $1.71B | $1.53B | $1.43B | $1.53B | $1.45B | $1.22B |
| Depreciation & amortization | $966.0M | $985.0M | $1.12B | $851.0M | $817.0M | $843.0M | $877.0M | $814.0M | $907.0M | $879.0M | $953.0M | $862.0M |
| Stock-based compensation | $906.0M | $857.0M | $1.08B | $819.0M | $793.0M | $814.0M | $803.0M | $820.0M | $810.0M | $750.0M | $674.0M | $693.0M |
| Change in working capital | −$2.10B | $3.04B | $1.57B | −$1.73B | −$3.02B | $2.67B | $151.0M | −$1.92B | −$2.82B | $2.60B | −$202.0M | −$1.80B |
| Other non-cash items | −$2.02B | −$285.0M | −$251.0M | $285.0M | $260.0M | $608.0M | $431.0M | $742.0M | $563.0M | $480.0M | $532.0M | $554.0M |
| Cash from operating activities | $1.27B | $6.70B | $5.46B | $2.32B | $740.0M | $6.48B | $3.97B | $1.98B | $892.0M | $6.25B | $3.40B | $1.53B |
| Investing activities | ||||||||||||
| Capital expenditures | −$171.0M | −$145.0M | −$141.0M | −$139.0M | −$135.0M | −$179.0M | −$154.0M | −$204.0M | −$137.0M | −$163.0M | −$147.0M | −$166.0M |
| Investments (net) | −$974.0M | −$586.0M | −$330.0M | $1.64B | $1.17B | −$1.57B | −$2.94B | −$217.0M | $2.64B | −$2.65B | −$468.0M | −$54.0M |
| Acquisitions & other investing | −$52.0M | −$1.45B | −$8.24B | −$978.0M | $135.0M | $179.0M | $154.0M | $204.0M | $137.0M | $163.0M | $147.0M | $166.0M |
| Cash from investing activities | −$1.20B | −$2.18B | −$8.71B | $519.0M | $1.17B | −$1.57B | −$2.94B | −$217.0M | $2.64B | −$2.65B | −$468.0M | −$54.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$364.0M | −$365.0M | −$391.0M | −$395.0M | −$399.0M | −$402.0M | −$383.0M | −$382.0M | −$384.0M | −$388.0M | −$869.0M | −$274.0M |
| Share repurchases & issuance (net) | −$84.0M | −$27.25B | −$3.94B | −$3.80B | −$2.23B | −$2.63B | −$76.0M | −$1.28B | −$4.33B | −$2.13B | −$1.69B | −$1.93B |
| Net borrowing (repayment) | −$176.0M | $24.71B | $5.85B | −$160.0M | −$99.0M | −$179.0M | −$98.0M | −$100.0M | −$1.28B | — | — | −$114.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.0M | −$20.0M | $62.0M | $112.0M | $220.0M | $294.0M | $484.0M | $321.0M | $202.0M | $413.0M | $1.61B | $548.0M |
| Cash from financing activities | −$622.0M | −$2.92B | $1.59B | −$4.24B | −$2.50B | −$2.92B | −$73.0M | −$1.45B | −$5.80B | −$2.11B | −$946.0M | −$1.76B |
| Summary | ||||||||||||
| Net change in cash | −$625.0M | $1.61B | −$1.26B | −$1.39B | $1.03B | $2.08B | $851.0M | $315.0M | −$2.28B | $1.49B | $2.02B | −$319.0M |
| Cash at end of period | $8.31B | $8.94B | $5.93B | $8.98B | $10.37B | $10.93B | $8.85B | $8.00B | $7.68B | $9.96B | $8.47B | $6.45B |
| Free cash flow | $1.10B | $6.56B | $5.32B | $2.18B | $605.0M | $6.30B | $3.82B | $1.78B | $755.0M | $6.08B | $3.26B | $1.37B |
| Free cash flow margin | 9.7% | 58.9% | 47.5% | 21.2% | 5.9% | 64.1% | 38.2% | 18.8% | 8.1% | 66.6% | 35.1% | 15.7% |
| Capex / revenue | 1.5% | 1.3% | 1.3% | 1.4% | 1.3% | 1.8% | 1.5% | 2.2% | 1.5% | 1.8% | 1.6% | 1.9% |
| Operating cash flow / net income | 0.36 | 3.18 | 2.81 | 1.11 | 0.39 | 4.20 | 2.32 | 1.30 | 0.62 | 4.08 | 2.35 | 1.25 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CRM cash generation
In fiscal 2026 (ended January 31, 2026), Salesforce generated $15.0 billion of cash from operations (up 14.5%) and spent $594.0 million on capital expenditures, leaving free cash flow of $14.4 billion, 34.7% of revenue. It returned $14.2 billion to shareholders through dividends ($1.6 billion) and net share buybacks ($12.6 billion). Cash and equivalents fell by $1.5 billion over the year.
Related: CRM income statement, CRM balance sheet, CRM dividend history. See the CRM stock overview for the latest quote and news.
CRM cash flow FAQ
What is Salesforce's free cash flow?
Salesforce's free cash flow was $14.4 billion in fiscal 2026: $15.0 billion of operating cash flow minus $594.0 million of capital expenditures It was $12.4 billion a year earlier..
How much cash does Salesforce generate from operations?
Salesforce generated $15.0 billion of cash from operating activities in fiscal 2026, 2.01 times its net income of $7.5 billion.
How much does Salesforce spend on capital expenditures?
Salesforce spent $594.0 million on capital expenditures in fiscal 2026, 1.4% of revenue, compared with $658.0 million the year before.
How much stock does Salesforce buy back?
Salesforce spent $12.6 billion on net share repurchases in fiscal 2026.
How much does Salesforce pay in dividends?
Salesforce paid $1.6 billion in dividends in fiscal 2026, 11.0% of free cash flow.