
$41.5B+10% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $41.5B in 2025, compounding +10% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $43.9B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
$7.5B+20% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $7.5B in 2025, compounding +230% a year over three years. Earnings per share moved +45% over the last twelve months. Trailing twelve-month profit stands at $9.7B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
+9.6%revenue growth, FY 2025
Off the axis: 2018 earnings +208.3% · 2020 earnings +3131.7% · 2023 earnings +1888.5% - rebounds off a collapsed prior year.
→Revenue grew +10% in 2025 against a five-year average of +14%. Earnings grew faster (+20%), so each new dollar of sales is arriving more profitably. 2018's +208% earnings rebound off a collapsed base and 2020's +3132% earnings rebound off a collapsed base and 2023's +1888% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
$14.4B+16% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $14.4B in 2025, compounding +32% a year since 2022. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $15.2B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→Of $41.5B in 2025 sales, $7.5B reaches net profit - 18 cents on the dollar. The largest single deduction is running the company ($23.9B).
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→35 cents of every sales dollar became free cash in 2025, up 15 points since 2022 - the best conversion in its filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
◌ 2026 = trailing twelve months to the latest filed quarter (2026-07-31), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 14% of revenue (stock compensation 8%, capital spending 1%).
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→Operating profit outgrew revenue in 4 of the last 5 years, most recently +16% against +10%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
◌ 2026 = trailing twelve months to the latest filed quarter (2026-07-31), not a full fiscal year
→Operating margin widened 17 points to 20% since 2022. After everything, 18 cents of each sales dollar reaches net profit.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
◌ 2026 = trailing twelve months to the latest filed quarter (2026-07-31), not a full fiscal year
→ROE of 25% sits well above ROCE of 11%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
25.6xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 25.6x earnings, the market is paying 84% less than CRM's own 10-year median of 159.4x. Pessimism is priced in - the question is whether it is deserved. Today's multiple is the lowest in the charted history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
7.1%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 7.1% of annual free cash flow, more than its 11-year median of 3.3% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
◌ 2026 = the latest balance sheet (2026-07-31), not a fiscal year-end
→Debt of $39.3B sits against $8.3B of cash, or 1.0x shareholders' equity. Earnings cover the interest bill 9 times over, so the debt is comfortably serviced.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→The company's own capital shrank from $59.6B in 2023 to $38.4B (-36%). Buybacks or losses are drawing the buffer down - the distinction matters.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→Shareholders received $12.6B in buybacks and $1.6B in dividends in 2025. Stock compensation issued $3.5B of new shares in the same year, offsetting 25% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→The share count shrank 1.8% in 2025, averaging 1.4% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→CRM earns 11.1% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 1.4% in 2022, so the trend is up, and the pace is picking up. That is the highest in CRM's filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→CRM issued +77% more shares from 2011 to 2025, but revenue per share still rose +937%. The dilution bought more growth than it cost existing holders.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→Insiders sold $1M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 58 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31