Salesforce (CRM) 10-K risk factor changes: FY2025 vs FY2024

[removed: *The] [added: The] risks and uncertainties described below are not the only ones [removed: facing us.][added: we face.]

Other [removed: events] [added: events, factors or uncertainties] that we do not currently anticipate or that we currently deem immaterial also may affect our business, financial condition, results of operations, cash flows, other key metrics and the trading price of our common [removed: stock.*][added: stock.]

- Any interruptions or delays in services from third parties, including data center hosting facilities, cloud computing platform providers and other hardware and software vendors, [added: as well as internet availability,] or from our inability to adequately plan for and manage service interruptions or infrastructure capacity requirements.

- Evolving [removed: or unfavorable] industry-specific regulations, requirements, interpretive positions or standards.

- third-party attempts to fraudulently induce our employees, partners or customers to disclose sensitive information [removed: such as user names, passwords or other information] to gain access to our customers’ data or IT systems, or our data or our IT systems;

- efforts by [removed: individuals or groups of] hackers [removed: and] [added: or] sophisticated [removed: organizations,] [added: groups,] such as [added: criminal organizations,] state-sponsored organizations or nation-states, to launch coordinated [removed: attacks,] [added: cyberattacks on internally built infrastructure or on third-party cloud-computing platform providers,] including ransomware, destructive malware and distributed denial-of-service attacks;

- vulnerabilities [added: existing within new technologies and infrastructures, including those from acquired companies, or] resulting from enhancements and updates to our existing service offerings;

These risks are mitigated, to the extent possible, by our ability to maintain and improve business and data governance [removed: policies, enhanced] [added: policies and enhance] processes and internal security controls, including our ability to escalate and respond to known and potential risks.

We can provide no assurances that our security measures, including implemented systems and processes designed to protect our customers’ and our customers’ customers’ proprietary and other sensitive data, will provide absolute security or otherwise be [added: effective or that a material breach will not occur.]

- [removed: frequent changes to, and growth in complexity of, the] [added: evolving] techniques used to [removed: breach, obtain unauthorized access to,] [added: breach] or sabotage IT systems and infrastructure, including as a result of the increased use of AI technologies by bad actors, which are generally not recognized until launched against a target, and could result in our being unable to anticipate or implement adequate measures to prevent such techniques;

- the [removed: continued evolution] [added: increasing complexity] of our internal IT systems as we [added: incorporate and secure IT environments from acquired companies and] early [removed: adopt] [added: adoption of] new technologies and new ways of sharing [removed: data and communicating internally and with partners] [added: data;] and [removed: customers, which increases the complexity of our IT systems;]

- our limited control over our customers or third-party technology [removed: providers,] [added: providers (including those authorized by customers to access their data),] or the processing of data by third-party technology providers, which may not allow us to maintain the integrity or security of such transmissions or processing.

In the normal course of business, we are and have been the target of malicious [removed: cyberattack attempts] [added: cyberattacks] and have experienced other security incidents.

Although, to date, such identified security events have not [removed: been material or significant to us, including to our reputation or business operations, or] had a material financial impact, there can be no assurance that future cyberattacks will not be material or significant.

Additionally, as our market presence grows, we may face increased risks of [removed: cyberattack attempts] [added: cyberattacks] or security threats, and as AI technologies, including generative AI models, develop rapidly, threat actors [removed: may use] [added: are using] these technologies to create new sophisticated attack methods that are increasingly automated, targeted and coordinated and more difficult to defend against.

A security breach [added: or resulting mandatory disclosure] could [removed: also] result in a loss of confidence in the security of our services, damage our reputation, negatively impact our future sales, disrupt our business and lead to increases in insurance premiums and legal, regulatory and financial exposure and liability.

Finally, the detection, prevention and remediation of known or potential security vulnerabilities, including [removed: those arising from third-party hardware] [added: determining whether a cybersecurity incident is notifiable] or [removed: software,] [added: reportable,] may [added: not be straightforward and may] result in additional financial burdens due to additional direct and indirect [removed: costs,] [added: costs to respond to or alleviate problems caused by the actual or perceived security breach,] such as additional infrastructure capacity spending to mitigate any system degradation and the reallocation of resources from development activities.

We may also encounter difficulties integrating acquired or licensed technologies into our services and in augmenting the technologies [added: we use] to meet [removed: the] quality standards that are consistent with our brand and [removed: reputation.][added: reputation, which may result in our services containing errors or defects.]

We have from time to time [removed: found defects in, and] experienced [removed: disruptions to, our services] [added: service interruptions] and [removed: new defects or disruptions] [added: such interruptions] may occur in the future.

We have experienced and may in the future experience defects in our products that [removed: created] [added: create] vulnerabilities that inadvertently [removed: permitted] [added: permit] access to protected customer data.

We can provide no assurance that such product defects or other vulnerabilities will not occur in the [removed: future that] [added: future,] have a material adverse effect on our business or subject us to substantial liability.

Since our customers use our services for important aspects of their business, [removed: any] errors, defects, disruptions in service or other performance problems [removed: could hurt our reputation and may damage] [added: have in the past adversely impacted] our customers’ [removed: businesses.][added: businesses and could do so in the future.]

Any interruptions or delays in services from third parties, including data center hosting facilities, cloud computing platform providers and other hardware and software vendors, [added: as well as internet availability,] or from our inability to adequately plan for and manage service interruptions or infrastructure capacity requirements, could impair the delivery of our services and harm our business.

We currently [removed: serve our customers from] [added: rely on] third-party data center hosting facilities and cloud computing platform providers located in the United States and other [removed: countries.][added: countries, as well as the many different underlying networks and services that power the Internet, to deliver our products, services and business operations and to operate critical business systems.]

Any disruption or damage to, or failure of our systems generally, including the systems of [removed: our] third-party [removed: platform providers,] [added: providers we rely on,] could result in [added: service] interruptions [removed: in our services] and harm our business.

[removed: Interruptions in our services] [added: Service interruptions] or other performance or quality issues may cause us to issue credits or pay penalties, cause customers to make warranty or other claims against us or to terminate their subscriptions, and adversely affect our attrition rates and our ability to attract new customers, all of which would reduce our revenue.

They may also be subject to break-ins, sabotage, intentional acts of destruction or vandalism or similar misconduct, as well as local administrative [removed: actions (including shelter-in-place or similar orders),] [added: actions,] changes to legal or permitting requirements and litigation to stop, limit or delay operation.

In addition, supply chain disruptions due to geopolitical developments in Europe may [removed: also] lead to power disruptions in regions where our facilities are located.

Despite precautions taken at these facilities, such as disaster recovery and business continuity arrangements, the occurrence of any of the foregoing events or risks, or a natural disaster or public health emergency, an act of terrorism, a decision to close the facilities without adequate notice or other unanticipated problems or operational failures at these facilities could result in lengthy [removed: interruptions in our services,] [added: service interruptions,] and no assurance can be provided that any such interruptions would be remediated without significant cost or in a timely manner or at all.

- potential identified or unknown security vulnerabilities in acquired products that expose us to additional security risks or delay our ability to integrate the product into our service [removed: offerings;][added: offerings, as well as difficulties in increasing or maintaining the security standards for acquired technology;]

- challenges converting the acquired company’s revenue recognition policies and forecasting the related revenues, including [added: both consumption- and] subscription-based revenues and [added: term] software license revenue, as well as appropriate allocation of the customer consideration to the individual deliverables;

- [added: operational and financial] difficulties and [removed: strain] [added: strains] on resources in integrating acquired operations, technologies, services, platforms and personnel;

- failure to fully assimilate, integrate or retrain acquired employees, which may lead to retention risk with respect to both key acquired employees and our existing key employees or disruption to existing [removed: teams;][added: teams or our workplace culture;]

- challenges with [added: maintaining] the acquired company’s [added: customers, partners and] third-party service [removed: providers, including those that are required for ongoing access to third-party data;][added: providers;]

- ineffective or inadequate controls, procedures and policies at the acquired company; [added: and]

- the tax effects [removed: of any such acquisitions including] related [added: to] integration and business operation changes, [removed: and assessment of the impact on the] realizability of our [removed: future] [added: deferred] tax [removed: assets or] [added: assets, and uncertain tax] liabilities.

[added: For example, if we finance acquisitions by issuing equity or convertible or other debt securities or loans, our existing] stockholders may be diluted, or we could face constraints related to the terms of, and repayment obligation related to, the incurrence of indebtedness that could affect the market price of our common stock.

For example, several countries, including the United States and countries in Europe and the Asia-Pacific region, are considering or have adopted restrictions of varying kinds [removed: of] [added: on] transactions involving foreign investments and acquisitions.

We continue to experience significant growth in our customer base, including through acquisitions, which has placed a strain on and in the future may [removed: stress the capabilities of] [added: strain] our management, administrative, operational and financial infrastructure.

We anticipate that significant additional investments, including in human capital software, [added: as well as leveraging agentic AI and other technologies,] will be required to scale our operations and increase productivity, to address the needs of our customers, to further develop and enhance our services, to expand into new geographic areas and to scale with our overall growth.

*In evaluating our business, you should carefully consider the following discussion of material risks, events and uncertainties that make an investment in us speculative or risky in addition to the other information included in this Annual Report.

A manifestation of any of the following risks and uncertainties could, in circumstances we may or may not be able to accurately predict, materially and adversely affect our business and operations, growth, reputation, prospects, operating and financial results, financial condition, cash flows, liquidity and stock price.

Some of the factors, events and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events or contingencies have occurred in the past and instead reflect our beliefs and opinions as to the factors, events or contingencies that could materially and adversely affect us in the future.

Therefore, you should not consider the following risks to be a complete statement of all the potential risks or uncertainties that we face.*

- The evolving landscape related to ESG matters.

We have contractual and other legal obligations to notify relevant stakeholders of security breaches.

For example, SEC rules require disclosure on Form 8-K of the nature, scope and timing of any material cybersecurity incident and the reasonably likely impact of any such incident.

We have in the past and may in the future find defects in or experience disruptions to our services.

Such issues may arise in a variety of circumstances, including due to our customers using our services in unanticipated ways that may cause a disruption in services for other customers attempting to access their data; as a result of employee, contractor or other third-party action or inaction; or due to the complexity of our services, which incorporate a variety of hardware, proprietary software and third-party and open-source software.

short term.

If customer usage of certain consumption-based offerings is below expected levels, our revenue could decline.

For example, we offer certain products, including Agentforce and Data Cloud, through a consumption-based business model and may increase the number of products through which we do so.

We have limited experience with determining optimal pricing for our consumption-based contracts.

Additionally, due to customer flexibility in the timing of their consumption, we could have lower levels of customer consumption of our products than we expect which may result in suboptimal pricing for consumption-based contracts.

We offer certain products, such as Agentforce and Data Cloud, through a consumption-based pricing model, and we have limited experience with determining the optimal pricing for our consumption-based contracts.

Due to customer flexibility in the timing of their consumption, we could have lower levels of customer consumption of our products than we expect may result in suboptimal

pricing for consumption-based contracts.

Additionally, throughout fiscal 2025 we initiated further targeted workforce and office space reductions.

Additionally, as we continue to increase building AI into many of our offerings, we face more competition as AI technologies are increasingly integrated into the markets in which we compete.

New AI offerings may disrupt workforce needs and negatively impact demand for our offerings, or our competitors may be able to incorporate AI into their offerings more efficiently or successfully than we are able to and achieve greater and faster adoption.

In addition, the markets and monetization strategies for certain offerings, including Agentforce and Data Cloud, remain relatively new and uncertain and as a result our expansion into such offerings, and related investments, may present additional risks and challenges.

For example, we offer certain products, including Agentforce and Data Cloud, through a consumption-based business model and may increase the number of products through which we do so.

We have limited experience with determining optimal pricing for our consumption-based contracts.

Additionally, due to customer flexibility in the timing of their consumption, we could have lower levels of customer consumption of our products than we expect which may result in suboptimal pricing for consumption-based contracts.

In addition, because our services are designed to operate over various network technologies and on a

Our investments may face challenges from regulatory authorities, including antitrust authorities, potentially resulting in unexpected costs, delays, or unfavorable conditions imposed on transactions involving our investment portfolio.

The measurement of our non-marketable equity and debt securities at fair value is inherently subjective and requires management judgment and estimation.

Despite contract provisions to protect us, customers may look to us to

Our decisions about whether to conduct business with potential customers, or whether to continue or expand business with existing customers, may also impact our ability to attract or retain employees and customers, and could result in negative publicity or reputational harm.

Inadequate or ineffective AI development, deployment, content labeling or governance by us or others that result in controversy could also impair the acceptance of AI solutions or result in unintended performance of the services.

Equality and sustainability are core values of the Company.

In furtherance of these values, we have in the past and may in the future establish and disclose quantitative and qualitative statements related to ESG matters, which are aspirational and subject to numerous risks and dependencies.

The proliferation of regulations addressing climate, human capital and other ESG topics at the regional, state, national and international levels has required and may continue to require significant effort and resources, and our practices, processes and controls may not ensure compliance with evolving standards.

Further, various regulations may conflict with each other, making universal compliance challenging as a multinational company, and our status as a government contractor in various jurisdictions, including but not limited to the U.S. where we are headquartered, may also result in greater exposure or differentiated obligations or requirements with which we would seek to comply.

The standards and frameworks for tracking and reporting on ESG matters continue to evolve, and our use, interpretation or application of such frameworks and standards may change from time to time or differ from those of other companies, which may result in a lack of consistent or meaningful comparative data from period to period or between Salesforce and other companies.

In addition, our ESG practices and disclosures may not satisfy, appropriately respond to the concerns of or be supported by all investors, customers, partners, regulators, enforcement authorities or other stakeholders (including those in support of and those in

opposition to various ESG practices), whose expectations and requirements are evolving and varied.

Any violation of, non-compliance with or failure to meet such expectations or requirements, or negative publicity related to our ESG practices or disclosures, could result in harm to our reputation, our ability to attract or retain employees, and our attractiveness as an investment, business partner, acquiror or service provider, could expose us to increased scrutiny or criticism or to regulatory or enforcement actions or litigation, and could cause us to incur increased costs to address or defend against such actions.

We have appealed that appellate decision to the Dutch Supreme Court.

advantages, or may be successfully challenged by third parties.

- Dependency of our services on the development and maintenance of the infrastructure of the Internet by third parties.

- Risks related to our aspirations and disclosures related to ESG matters.

- Accounting pronouncements and changes in other financial and non-financial reporting standards.

- cyberattacks on our internally built infrastructure on which many of our service offerings operate, or on third-party cloud-computing platform providers;

- vulnerabilities existing within new technologies and infrastructures, including those from acquired companies;

Our Board of Directors (“Board”), Cybersecurity and Privacy Committee and executive management are regularly briefed on our cybersecurity policies and practices and ongoing efforts to improve security, as well as updates on cybersecurity events.

effective or that a material breach will not occur.

- the acquisition of new companies, requiring us to incorporate and secure different or more complex IT environments;

- authorization by our customers to third-party technology providers to access their customer data, which may lead to our customers’ inability to protect their data that is stored on our servers; and

For example, in April 2022, we learned a threat actor had obtained unauthorized access to several databases on Heroku, a Salesforce platform-as-a-service.

The threat actor downloaded stored customer security credentials and passwords for logging into GitHub, a third-party code hosting service used by both Heroku and Heroku customers.

The threat actor was also able to download passwords for a subset of customer user accounts and access the encryption key.

While we do not believe this incident materially affected our business or financial results, there is no assurance that such circumstances or other similar incidents in the future could not result in a material adverse effect on our business.

Because our services are complex and incorporate a variety of hardware, proprietary software, third-party and open-source software, our services may have errors or defects that could result in unanticipated downtime for our subscribers and harm to our reputation and our business.

Our customers may also use our services in unanticipated ways that may cause a disruption in services for other customers attempting to access their data.

As a result, our services may contain errors or defects resulting from the complexities of integrating new technologies.

Such defects could be the result of employee, contractor or other third-party acts or inaction, and could negatively affect our brand and reputation.

We have from time to time experienced interruptions in our services and such interruptions may occur in the future.

- difficulties in increasing or maintaining the security standards for acquired technology consistent with our other services, and related costs;

- augmenting the acquired technologies and platforms to the levels that are consistent with our brand and reputation;

- division of financial and managerial resources from existing operations;

- differences between our values and those of our acquired companies, as well as disruptions to our workplace culture;

- inability to generate sufficient revenue to offset acquisition costs;

- challenges with the acquired company’s customers and partners, including the inability to maintain such relationships and changes to perception of the acquired business as a result of the acquisition;

- potential for acquired products to impact the profitability of existing products;

- unanticipated expenses related to acquired technology and its integration into our existing technology;

- the loss of acquired unearned revenue and unbilled unearned revenue;

- delays in customer purchases due to uncertainty related to any acquisition;

- in the case of foreign acquisitions, challenges caused by integrating operations over distance, and across different languages, cultures and political environments; and

For example, if we finance acquisitions by issuing equity or convertible or other debt securities or loans, our existing

For example, our efforts to further automate our processes for customer contracts may be complicated by unanticipated operating difficulties.

Further, reductions in our real estate portfolio resulting from our Restructuring Plan may impede our ability to adequately accommodate employees returning to the office or future headcount growth.

Additionally, due to our largely subscription-based business model, the long-term impact of the COVID-19 pandemic and recent economic uncertainty may not be fully reflected in our results of operations until future periods.

If customers do not renew their subscriptions, do not purchase additional features or enhanced subscriptions or if attrition rates increase, we may not meet our revenue targets and our business could be harmed, which may adversely affect the market price of our common stock.

For example, the Restructuring Plan involved such changes to our sales organization, which could negatively impact our productivity, growth rate and operating results, which may adversely affect the market price of our common stock.

Our ability to deliver our services is dependent on the development and maintenance of the infrastructure of the Internet by third parties.

The Internet’s infrastructure comprises many different networks and services that are highly fragmented and distributed by design.

This infrastructure is run by a series of independent third-party organizations that work together to provide the infrastructure and supporting services of the Internet under the governance of the Internet Corporation for Assigned Numbers and Names (“ICANN”) and the Internet Assigned Numbers Authority, now under the stewardship of ICANN.

The Internet has experienced a variety of outages and other delays as a result of damages to portions of its infrastructure, denial-of-service attacks or related cyber incidents, and it could face outages and delays in the future, potentially reducing the availability of the Internet to us or our customers for delivery of our services.

Any resulting interruptions in our services or the ability of our customers to access our services could result in a loss of potential or existing customers and harm our business.

The following section generally discusses fiscal [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items and year-to-year comparisons between fiscal [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] as well as certain fiscal [removed: 2022] [added: 2023] items.

Discussions of fiscal [removed: 2022] [added: 2023] items and year-to-year comparisons between fiscal [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended January 31, [removed: 2023.][added: 2024.]

Salesforce is a global leader in customer relationship management (“CRM”) [removed: technology that brings] [added: technology, enabling] companies [added: of every size] and [added: industry to connect with their] customers [removed: together in] [added: through] the [removed: digital age.][added: power of data, artificial intelligence (“AI”), CRM and trust.]

Our [removed: Customer 360] platform unites sales, service, marketing, commerce and IT teams by connecting customer data across systems, apps and devices to create a complete view of customers.

With this single source of customer [removed: truth,] [added: truth and integrated AI,] teams can be more responsive, productive and efficient, deliver intelligent, personalized experiences across every channel and increase productivity.

We continue to invest for growth, including investing in generative [added: and agentic] AI across all products, which we believe will change how our customers help their customers, and continuously look to expand our leadership role in the cloud computing industry.

For example, in January 2023, we announced a restructuring plan [removed: (the “Restructuring Plan”)] intended to reduce operating costs, improve operating margins and continue advancing our ongoing commitment to profitable [removed: growth.][added: growth which included a reduction of our workforce by approximately ten percent and office space reductions within certain markets.]

Over the long term, we expect to see additional operating expense improvements, which could include various restructuring initiatives [added: or measured hiring initiatives] to drive operational efficiencies.

Highlights from Fiscal [removed: 2024][added: 2025]

- Revenue: For fiscal [removed: 2024,] [added: 2025,] revenue was [removed: $34.9] [added: $37.9] billion, an increase of [removed: 11] [added: nine] percent year-over-year.

- Income from Operations: For fiscal [removed: 2024,] [added: 2025,] income from operations was [removed: $5.0] [added: $7.2] billion as compared to [removed: $1.0] [added: $5.0] billion from a year ago.

Operating margin, which represents income from operations as a percentage of total revenue, increased to approximately [removed: 14] [added: 19] percent for [removed: the] fiscal [removed: year ended January 31, 2024] [added: 2025] compared to approximately [removed: three] [added: 14] percent [removed: for the same period] in the prior year.

- [removed: Earnings] [added: Net Income] per Share: For fiscal [removed: 2024,] [added: 2025,] diluted [removed: earnings] [added: net income] per share was [removed: $4.20] [added: $6.36] as compared to diluted [removed: earnings] [added: net income] per share of [removed: $0.21] [added: $4.20] from a year ago.

- Cash: Cash provided by operations for fiscal [removed: 2024] [added: 2025] was [removed: $10.2] [added: $13.1] billion, an increase of [removed: 44] [added: 28] percent year-over-year.

Total cash, cash equivalents and marketable securities as of January 31, [removed: 2024] [added: 2025] was [removed: $14.2] [added: $14.0] billion.

- Remaining Performance Obligation: Total remaining performance obligation, which represents all future revenue under contract yet to be recognized, as of January 31, [removed: 2024] [added: 2025] was approximately [removed: $56.9] [added: $63.4] billion, an increase of [removed: 17] [added: 11] percent year-over-year.

Current remaining performance obligation as of January 31, [removed: 2024] [added: 2025] was approximately [removed: $27.6] [added: $30.2] billion, an increase of [removed: 12] [added: nine] percent year-over-year.

- Share Repurchase Program: During the fiscal year ended January 31, [removed: 2024,] [added: 2025,] we repurchased approximately [removed: 36] [added: 30] million shares of our common stock for approximately [removed: $7.7] [added: $7.8] billion.

[removed: Slower] [added: A reemergence of slower] growth in new and renewal [removed: business, particularly if sustained, impacts] [added: business could impact] our remaining performance obligation, revenues and our ability to meet financial guidance and long-term targets.

[removed: Foreign currency fluctuations minimally impacted revenues in the fiscal year ended January 31, 2024 and our] [added: Our] current remaining performance obligation [removed: was negatively impacted by one percent] [added: growth] as of January 31, [added: 2025 compared to January 31,] 2024 [added: was negatively impacted by two percent] compared to what [removed: we] would have [added: been] reported [removed: as of January 31, 2023] using constant currency rates.

References to fiscal [removed: 2024,] [added: 2025,] for example, refer to the fiscal year ending January 31, [removed: 2024.][added: 2025.]

Subscription and support revenues accounted for approximately [removed: 93] [added: 94] percent of our total revenues for fiscal [removed: 2024.][added: 2025.]

Subscription and support revenues include subscription fees from customers accessing our enterprise cloud computing services (collectively, “Cloud Services”), software license revenues from the sales of term [removed: and perpetual] [added: software] licenses, and support revenues from the sale of support and updates beyond the basic subscription fees or related to the sales of software licenses.

Revenues from [added: term] software licenses are generally recognized at the point in time when the software is made available to the customer.

Changes in contract duration for multi-year [added: term software] licenses can impact the amount of revenues recognized upfront.

Revenues from [added: term] software licenses represent less than ten percent of total subscription and support revenue for fiscal [removed: 2024.][added: 2025.]

As of January 31, [removed: 2024,] [added: 2025,] our attrition rate, excluding [removed: Slack,] [added: Slack self-service,] was approximately eight percent.

Cost of subscription and support revenues primarily consists of expenses related to [added: our employee-related costs, which includes salaries, benefits and stock-based compensation expense,] delivering our service and providing support, including the costs of data center capacity, certain fees paid to various third parties for the use of their technology, services and data, [removed: employee-related costs such as salaries] and [removed: benefits, and] allocated overhead.

Also included in the cost of subscription and support revenues are expenses incurred supporting the free user base of Slack, including third-party hosting costs and employee-related [removed: costs, including stock-based compensation expense,] [added: costs] specific to customer experience and technical operations.

Cost of professional services and other revenues consists primarily of employee-related costs associated with these services, [removed: including stock-based compensation expense,] the cost of subcontractors, certain third-party fees and allocated overhead.

Research and development expenses consist primarily of [removed: salaries and related expenses, including stock-based compensation expense] [added: employee-related costs] for our engineering staff associated with product development, as well as allocated overhead.

[removed: Marketing] [added: Sales] and [removed: Sales][added: Marketing]

[removed: Marketing] [added: Sales] and [removed: sales] [added: marketing] expenses make up the majority of our operating expenses and consist primarily of [removed: salaries and related expenses, including stock-based compensation expense] [added: employee-related costs] and [removed: commissions,] [added: commissions] for our sales and marketing staff, as well as payments to partners, marketing programs and allocated overhead.

Our [removed: marketing and] sales [added: and marketing] expenses include amortization of certain acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s trade names, customer lists and customer relationships.

General and administrative expenses consist primarily of [removed: salaries and related expenses, including stock-based compensation expense,] [added: employee-related costs] for finance and accounting, legal, internal audit, human resources and management information systems personnel, [added: as well as] professional services fees and allocated overhead.

We allocate overhead such as information technology infrastructure, [removed: rent and] [added: rent,] occupancy charges [added: and certain employee benefits] based on headcount.

[removed: Restructuring, primarily related to the] Restructuring [removed: Plan,] consists of charges related to employee transition, severance payments, employee benefits and stock-based compensation as well as exit charges associated with office space reductions.

The [added: employee] actions [removed: associated with] [added: were substantially completed in fiscal 2024 and] the real estate [removed: restructuring under the Restructuring Plan] [added: actions] are expected to be fully complete in fiscal 2026.

[added: If SSP] is not directly observable, for example when pricing is highly variable, we use a range of SSP.

If the investment is considered to be impaired, we record the investment at fair value by recognizing an impairment through the consolidated [removed: statement] [added: statements] of operations and establishing a new carrying value for the investment.

Founded in 1999, we bring humans together with AI agents to drive customer success on one deeply unified platform.

During the third quarter of fiscal 2025, we introduced Agentforce, a new layer of our trusted platform that enables companies to build and deploy AI agents that can respond to inputs, make decisions and take action autonomously across business functions.

Agentforce includes a suite of customizable agents for use across sales, service, marketing and commerce.

In addition, we continued to evaluate and operationalize future programs to drive further operational efficiencies, optimize our management structure and increase cost optimization efforts to realize long-term sustainable growth, including targeted workforce and office space reductions that were initiated in fiscal 2025 and are expected to be substantially complete in fiscal 2026.

- Dividend Program: During the fiscal year ended January 31, 2025, we paid approximately $1.5 billion in dividends.

In the second half of fiscal 2025, we continued seeing increasing momentum for Agentforce and other AI service offerings.

Outside of the demand for AI, the buying environment trends seen over the past two fiscal years have stabilized.

In general, we exclude service offerings from acquisitions from our attrition calculation until they are fully

integrated into our customer success organization.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | % of Total Revenues | | | | | | 2024 | | | | | | % of Total Revenues | | | | | | 2023 | | | | | | % of Total Revenues | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | % of Total Revenues | | | | | | 2024 | | | | | | % of Total Revenues | | | | | | 2023 | | | | | | % of Total Revenues | | |

Foreign currency did not contribute materially to the year over year fluctuations in revenue.

For fiscal 2025, the increase in cost of revenues in absolute dollars was primarily due to an increase in employee-related costs, including stock-based compensation expense, partially offset by a decrease in amortization of purchased intangibles and a decrease in service delivery expenses.

Our cost of revenues headcount increased by seven percent during fiscal 2025, primarily in lower cost regions.

Cost of revenues as a percentage of total revenues during fiscal 2025 decreased by two percent from the same period a year ago primarily due to our total revenues growth outpacing our cost of revenues growth.

| (in millions) | | | 2025 | | | | | | As a % of Total Revenues | | | | | | 2024 | | | | | | As a % of Total Revenues | | | | | | | | |

| Restructuring | | | 461 | | | | | | 1 | | | | | | 988 | | | | | | 3 | | | | | | (527) | | |

Research and development expenses as a percentage of total revenues during fiscal 2025 increased by one percent from the same period a year ago primarily due to an increase in relative employee-related costs, including stock-based compensation expense.

Our research and development headcount increased by 13 percent during fiscal 2025, primarily in lower cost regions.

Our sales and marketing headcount increased by one percent during fiscal 2025, primarily in lower cost regions.

General and administrative expenses as a percentage of total revenues during fiscal 2025 was consistent with the same period a year ago.

Our general and administrative headcount increased by three percent during fiscal 2025.

In fiscal 2025, approximately $461 million of costs were incurred related to our restructuring initiatives, which was primarily related to employee transitions, severance payments and employee benefits.

| Other income | | | 354 | | | | | | 216 | | | | | | 138 | | |

| (in millions) | | | 2025 | | | | | | 2024 | | | | | | | | |

Several countries have enacted legislation to implement the Organization for Economic Cooperation and Development’s 15% global minimum tax regime effective January 1, 2024.

There was no material impact to our income tax provision for fiscal 2025.

We continue to evaluate the impacts of legislation in the jurisdictions in which we operate.

Our effective tax rate and cash tax payment could increase in future years.

Net cash provided by operating activities can be significantly impacted by factors such as growth in new business, timing of cash receipts from customers, vendor payment terms and timing of payments to vendors.

In October 2024, we entered into a Credit Agreement with the lenders and issuing lenders party thereto, and Bank of America, N.A., as administrative agent (the “Revolving Loan Credit Agreement”).

The Revolving Loan Credit Agreement replaced the Credit Agreement, dated December 23, 2020 (as amended, the “Prior Credit Agreement”), among us, the lenders and the issuing lenders party thereto, and Citibank, N.A., as administrative agent, which provided for a $3.0 billion unsecured revolving credit facility that was scheduled to mature on December 23, 2025.

There were no outstanding borrowings under the Prior Credit Agreement.

We repurchased the following under the Share Repurchase Program (in millions, except average price per share):

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 2025 | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | | | | | | | | | | 2023 | | | | | | | | | | | | | | |

| | | | Shares | | | | | | Average price per share | | | | | | Amount | | | | | | Shares | | | | | | Average price per share | | | | | | Amount | | | | | | Shares | | | | | | Average price per share | | | | | | Amount | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Founded in 1999, we enable companies of every size and industry to take advantage of powerful technologies to connect to their customers in a whole new way and help them transform their businesses around the customer in this digital-first world.

With Slack, we provide a digital headquarters where companies, employees, governments and stakeholders can create success from anywhere.

The Restructuring Plan included a reduction of our workforce by approximately ten percent and office space reductions within certain markets, both of which were substantially complete as of the first quarter of fiscal 2024.

In addition to the Restructuring Plan, we continue to focus on evaluating and operationalizing future programs to further our transformational efforts, including an additional focused workforce reduction that was initiated and substantially completed in the fourth quarter of fiscal 2024.

- Restructuring: For fiscal 2024, we incurred approximately $988 million in costs related to our restructuring activities, primarily related to the Restructuring Plan.

We continue to see the impact of macroeconomic factors and the more measured buying behavior of our customers on our business and our customers’ businesses in ways that are difficult to isolate and quantify.

Throughout fiscal 2024, we continued to experience elongated sales cycles, additional deal approval layers and deal compression.

During fiscal 2023, the United States Dollar strengthened significantly against certain foreign currencies in the markets in which we operate, particularly against the Euro, British Pound Sterling and Japanese Yen.

Beginning in the first quarter of fiscal 2024, we included Mulesoft and Tableau in our attrition calculation.

Employee benefit costs and taxes are allocated based upon a percentage of total compensation expense.

The actions associated with the employee restructuring under the Restructuring Plan, as well as the workforce reduction initiated in the fourth quarter of fiscal 2024, are substantially complete.

If SSP

The particular privately held debt and equity securities we hold, and their rights and preferences relative to those of other securities within the capital structure, may impact the magnitude by which our investment value moves in relation to movement of the total enterprise value of the company.

As a result, our investment value in a specific company may move by more or less than any change in the value of that overall company.

An immediate decrease of ten percent in the enterprise values of our

largest privately held equity securities, representing 37 percent of our total strategic investments as of January 31, 2024, could result in a $107 million reduction in the value of our investment portfolio.

(1) In the fourth quarter of fiscal year 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau.

For fiscal 2024, the increase in cost of revenues in absolute dollars was primarily due to an increase in enterprise cloud computing services and data center capacity, which was partially offset by a reduction of third-party expenses.

Our cost of revenues headcount decreased by two percent during fiscal 2024 driven by the Restructuring Plan.

| Restructuring | | | 988 | | | | | | 3 | | | | | | 828 | | | | | | 3 | | | | | | 160 | | |

However, at the end of fiscal 2024, we began to invest in incremental AI resources to accelerate further growth and as a result our research and development headcount increased by five percent during fiscal 2024.

Our marketing and sales headcount decreased by 14 percent during fiscal 2024 driven by our restructuring initiatives and our hiring pause that was in effect during fiscal year 2024.

Our general and administrative headcount decreased by 20 percent during fiscal 2024 driven by the Restructuring Plan and our hiring pause that was in effect during fiscal year 2024.

In fiscal 2024, approximately $988 million of costs were incurred related to our restructuring initiatives, of which approximately $541 million relates to employee transition, severance payments, employee benefits and stock-based compensation expense and $447 million relates to exit charges associated with office space reductions.

| Other income (expense) | | | 216 | | | | | | (131) | | | | | | 347 | | |

Our effective tax rate decreased from a year ago primarily due to discrete benefits from foreign tax credits attributable to recent IRS notices.

In fiscal 2023, we recognized a tax provision of $452 million on a pretax income of $660 million.

The majority of the tax provision was related to taxes from profitable jurisdictions outside of the United States which includes withholding taxes.

The provision from the Tax Cuts and Jobs Act of 2017 that requires capitalization and amortization of research and development costs became effective in fiscal 2023.

This requirement continues to unfavorably impact our tax provision and cash taxes.

Cash provided by operating activities was impacted by the provision from the Tax Cuts and Jobs Act of 2017 which became effective in fiscal 2023 and requires the capitalization and amortization of research and development costs.

The change increased our cash taxes paid in fiscal 2023.

In April 2022 and May 2023, we amended the Revolving Loan Credit Agreement to reflect certain immaterial administrative changes.

During the fiscal years ended January 31, 2024 and 2023, we repurchased approximately 36 million and 28 million shares of our common stock for approximately $7.7 billion and $4.0 billion at an average cost of $210.30 and $144.94 per share, respectively.

The Inflation Reduction Act introduced a new one percent excise tax imposed on certain stock repurchases made after December 31, 2022.

The excise tax is assessed on an annual fiscal year basis, reported and paid in the subsequent year.

It was applicable to stock repurchases made in fiscal 2024 and impacted in fiscal 2025 by factors such as the Company’s share price.

Any excise tax for fiscal 2024 will impact financing cash flows.

Cash Dividend

On February 28, 2024, we announced a quarterly dividend policy and the declaration of our first-ever cash dividend.

Total revenue during [removed: the] fiscal [removed: year ended January 31, 2024,] [added: 2025] was minimally impacted by fluctuations in foreign currencies compared to [removed: the] fiscal [removed: year ended January 31,] 2024.

In addition, fluctuations in [removed: USD against international] [added: foreign] currencies negatively impacted our current remaining performance obligation [removed: by approximately one percent] [added: growth rate] as of January 31, [removed: 2024] [added: 2025 by approximately two percent] compared to what we would have reported as of January 31, [removed: 2023] [added: 2024] using constant currency rates.

[removed: We] [added: At January 31, 2024, we] had cash, cash equivalents and marketable securities totaling $14.2 [removed: billion as of January 31, 2024.][added: billion.]

However, because we classify our debt securities as “available for sale,” no gains or losses are recognized in our consolidated [removed: statement] [added: statements] of operations due to changes in interest rates.

Gains or losses recognized in our consolidated [removed: statement] [added: statements] of operations are limited to those related to either the sale of securities prior to maturity or expected credit losses.

An immediate increase or decrease in interest rates of 100 basis points at January 31, [removed: 2024] [added: 2025] could result in a [removed: $63] [added: $61] million market value reduction or increase of the same amount.

[added: Fluctuations] in the value of our investment securities caused by a change in interest rates (gains or losses on the carrying value) are recorded in other comprehensive income, net, and are realized only if we sell the underlying securities.

[removed: At] [added: As of] January 31, [removed: 2023,] [added: 2025,] we had cash, cash equivalents and marketable securities totaling [removed: $12.5] [added: $14.0] billion.

Changes in interest rates of 100 basis points would have resulted in market value changes of [removed: $56] [added: $63] million.

| Instrument | | | | | | Maturity Date | | | | | | Principal Outstanding as of January 31, [removed: 2024] [added: 2025] | | | | | | Interest Terms | | | | | | Contractual Interest Rate | | |

| Credit Facility | | | | | | [removed: December 2025] [added: October 2029] | | | | | | 0 | | | | | | Floating | | | | | | N/A | | |

[removed: The] [added: Any] borrowings under our Credit Facility bear interest, at our option, at a base rate plus a spread of 0.00% [removed: to 0.125%] or an adjusted benchmark rate plus a spread of 0.50% to [removed: 1.125%,] [added: 0.85%,] in each case with such spread being determined based on our credit rating.

As of January 31, [removed: 2024,] [added: 2025,] there was no outstanding borrowing amount under the Credit Facility.

As of January 31, [removed: 2024,] [added: 2025,] our strategic investment portfolio consisted of investments in over 400 companies with a combined carrying value of [removed: $4.8] [added: $4.9] billion, including [removed: two] [added: four] privately held investments with carrying values that were individually greater than five percent of the total strategic investments portfolio and represented [removed: 16] [added: 24] percent of the portfolio in aggregate.

The following table sets forth additional information regarding active equity investments within our strategic investment portfolio as of January 31, [removed: 2024] [added: 2025] and excludes exited investments (in millions):

| Investment Type | | | | | | Capital Invested | | | | | | Unrealized Gains (Cumulative) | | | | | | Unrealized Losses (Cumulative) | | | | | | Carrying Value as of January 31, [removed: 2024] [added: 2025] | | |

| Publicly held equity securities | | | | | | $ | [removed: 27] [added: 34] | | | | | $ | [removed: 53] [added: 42] | | | | | $ | [removed: 0] [added: (7)] | | | | | $ | [removed: 80] [added: 69] | |

[removed: Our] [added: These] investments [removed: in privately held equity securities] are in various classes of equity with varying rights and preferences.

The particular securities we hold, and their rights and preferences relative to other securities within the capital [removed: structure,] [added: structure of a company,] may [added: impact the magnitude by which our investment value moves in relation to changes in the total fair value of that company.]

[removed: Our] [added: For example, our five] largest privately held equity securities represent [removed: 37 percent of our] [added: $1.3 billion in] total strategic investments as of January 31, [removed: 2024.][added: 2025.]

If the enterprise value of the companies in which we hold those securities decreased by ten percent, the carrying value of our investment portfolio would [removed: have declined] [added: decline] by approximately [removed: $107] [added: $84] million.

| Privately held equity securities | | | | | | 4,342 | | | | | | 1,148 | | | | | | (748) | | | | | | 4,742 | | |

| Total equity securities | | | | | | $ | 4,376 | | | | | $ | 1,190 | | | | | $ | (755) | | | | | $ | 4,811 | |

Fluctuations

| 2024 Senior Notes | | | | | | July 2024 | | | | | | $ | 1,000 | | | | | Fixed | | | | | | 0.625% | | |

| Privately held equity securities | | | | | | 4,020 | | | | | | 1,216 | | | | | | (549) | | | | | | 4,687 | | |

| Total equity securities | | | | | | $ | 4,047 | | | | | $ | 1,269 | | | | | $ | (549) | | | | | $ | 4,767 | |

We anticipate additional volatility in our consolidated statement of operations due to these events, as well as changes in the market prices of our publicly held equity securities.

impact the magnitude by which our investment value moves in relation to movement in the total enterprise value of the company.

As a result, the value of our investment in a specific company may move by more or less than a change in that company’s overall value.

Salesforce, Inc. (“Salesforce,” the “Company,” “we” or “our”) is a global leader in customer relationship management (“CRM”) [removed: technology that brings] [added: technology, enabling] companies [added: of every size] and [added: industry to connect with] their customers [removed: together.][added: through the power of data, artificial intelligence (“AI”), CRM and trust.]

Our AI-powered [removed: Customer 360 platform] [added: Salesforce Platform] unites [added: our offerings — spanning] sales, service, marketing, [removed: commerce] [added: commerce, collaboration, integration, AI, analytics, automation, industries] and [removed: IT teams] [added: more —] by connecting customer data across systems, [removed: apps] [added: applications] and devices to create a complete view of customers.

Our [removed: Customer 360] service offerings are designed to be flexible, scalable and easy to use.

[removed: We also] [added: In addition, we] enable third parties to use our platform and developer tools to create additional functionality and new applications that run on our platform, which are sold separately from, or in conjunction with, our service offerings.

Salesforce is committed to a core set of values: trust, customer success, innovation, equality and [removed: sustainability.][added: sustainability – all of which are grounded in legal and regulatory frameworks that guide and inform our business.]

Our customers [added: expect to] trust [added: and rely on] our technology to [removed: deliver] [added: meet] the [removed: highest levels] [added: high enterprise-grade standards] of security, privacy, performance, [added: legal] compliance and availability at scale.

Customer success is at the core of our [removed: business] [added: business,] and we align the entire company around our customers’ [removed: needs to promote] [added: needs, promoting] their [removed: success and show] [added: success, showing] our [removed: value.][added: value and upholding applicable laws, contractual obligations and industry regulations and standards.]

We believe that our [removed: values] [added: values, grounded in legal and regulatory frameworks,] create value, and the business of business is to make the world a better place for all of our stakeholders, including stockholders, customers, employees, partners, the planet and the communities in which we work and live.

Salesforce is committed to giving back to our communities, [removed: closing the inequality gap and] helping businesses grow while protecting the environment for future [removed: generations.][added: generations, and transparent environmental, social and governance disclosures.]

We believe that every business, in every industry, has to optimize for [removed: a digital-first] [added: an AI-first] experience for their customers, employees and partners, leveraging [removed: data and] trusted [removed: AI] [added: AI, data] and CRM technology to increase efficiency, boost productivity and drive growth.

[removed: Customer 360] [added: Our] service offerings are designed to work together and include:

Sales. Our Sales offering [removed: leverages data and] [added: is an integrated platform that brings together the power of humans with] AI [added: agents] to help sales teams sell faster and smarter, and to efficiently manage and automate entire sales processes.

[removed: Our Service offering] [added: It] also helps our customers maximize productivity, resolve cases faster and improve customer satisfaction by automating routine tasks.

[removed: With our] [added: Our] AI [removed: technology,] [added: technology enables] service teams [removed: can] [added: to] automatically route cases to the best service agent for the job, respond to customers with personalized, relevant answers grounded in company data and perform tasks like auto-summarizing support cases and field work orders.

[added: Our service offering also provides a field service solution that enables] companies to connect [added: service] agents, dispatchers and mobile employees through one centralized platform, on which they can intelligently schedule and dispatch work as well as track and manage jobs.

With [removed: our] [added: trusted] AI [removed: technology, brands] [added: and AI agents, businesses] can [removed: provide product recommendations based on customers’ purchasing history;] generate product descriptions and web pages; and deliver personalized shopping assistance using natural language.

[removed: Our] [added: Additionally, our] Commerce offering [removed: also] delivers click-to-code tools, which provide customers with the ability to quickly build and deploy our solutions around their customers as markets, [removed: industries] [added: industries,] and customers [removed: change.][added: evolve.]

*Integration.* Our unified Integration, Automation and API Management offerings, powered by MuleSoft, provide the essential building blocks to deliver [added: AI-powered,] end-to-end, connected [removed: experiences.][added: experiences and innovate faster.]

Our [removed: Analytics offering,] [added: analytics offerings,] including Tableau, [removed: provides customers with an] [added: provide] advanced, end-to-end [removed: analytics solution serving] [added: solutions for] a [removed: broad] [added: wide] range of [removed: enterprise] [added: business] use cases, powered by [removed: trusted] [added: agentic] AI.

With [removed: Data Cloud, analytics] [added: Tableau,] customers can [removed: quickly] visualize, [removed: automate, explore] [added: analyze,] and act on [added: business] data from any source.

In addition to our solution specific service offerings, we have specialized solutions that work across [removed: all] [added: our] offerings to support [removed: the capabilities] our customers’ business needs.

[removed: Using an open and extensible architecture that is core to the Einstein 1 Platform,] Data Cloud leverages the power of Salesforce metadata to enable companies to ingest and federate data to power [removed: automation] [added: automation, analytics,] and [removed: analytics] [added: AI agents] across [removed: multiple service offerings.][added: Salesforce applications.]

*Industries.* Our industry vertical [removed: service] offerings [removed: are suited to] meet the [added: specific] needs of our customers across [removed: specific] [added: different] industries, such as financial services, healthcare and life sciences, manufacturing, automotive and government.

*Salesforce Starter.* We offer [removed: Salesforce Starter,] [added: Starter Suite,] an all-in-one, easy-to-use solution for [removed: small-] [added: small] and medium-size businesses [removed: built on our Customer 360 platform] that brings [removed: marketing, sales and service together to help small and growing businesses manage customer relationships, centralize key data, and grow more efficiently.][added: sales.]

- an industry-leading, AI-powered [removed: integrated CRM] [added: deeply unified] platform for business-to-business, business-to-consumer and business-to-employee for the all-digital, work-from-anywhere world;

- a single source of truth that connects customer data across systems, [removed: apps] [added: applications] and devices to help companies sell, service, market and conduct commerce from anywhere;

- the ability to infuse trusted AI in the flow of work and create AI [removed: assistants] [added: agents] that help make the customer experience more intelligent, automated and personalized, and employees more productive;

- an enterprise application marketplace and a community of [removed: over 21 million] [added: tens of millions of] Trailblazers: passionate developers, admins and experts who use Salesforce to innovate and extend the platform with thousands of partner [removed: apps.][added: applications.]

Leverage our partner ecosystem. The [removed: Customer 360] [added: Salesforce] Platform enables customers, independent software vendors (“ISVs”) and third-party developers to create, test and deliver cloud-based [removed: apps.][added: applications.]

These [removed: apps] [added: applications] can be marketed and sold on the AppExchange, our enterprise cloud marketplace, or sold directly by software vendors.

We evaluate opportunities to acquire or invest in complementary businesses, services, technologies and intellectual property to complement our organic innovation and advance the development of our [removed: Customer 360] [added: Salesforce] Platform.

Our evaluation seeks to [removed: ensure] [added: confirm] that any potential acquisition accelerates our [removed: Customer 360] strategy, represents an attractive customer opportunity, provides a pathway to effectively monetize the acquired products and drive significant operational efficiencies and presents a clear timeline for value accretion.

We [removed: have historically provided, and continue to provide,] [added: provide] our services [removed: to our customers from] [added: through cloud computing platform partners who offer Infrastructure-as-a-Service, including servers, storage, databases and networking, as well as through] infrastructure designed and operated by us but secured within third-party data center facilities.

- vendors of packaged business software, as well as companies offering enterprise [removed: apps] [added: applications] delivered through on-premises offerings from enterprise software application vendors and cloud computing application service providers, either individually or with others;

- vendors who offer software tailored to specific services, industries or market segments, as opposed to our full suite of service offerings including suppliers of traditional business intelligence and data preparation products, integration software vendors, marketing [removed: vendors or] [added: vendors,] e-commerce solutions [added: vendors, or AI software and service] vendors;

- traditional platform development environment companies and cloud computing development platform companies who may develop toolsets and products that allow customers to build new [removed: apps] [added: applications, including AI augmented applications,] that run on the customers’ current infrastructure or as hosted services, as well as would-be customers who may develop enterprise applications for internal use.

None of our customers accounted for more than [removed: five] [added: ten] percent of our revenues in fiscal years [removed: 2024, 2023] [added: 2025, 2024] or [removed: 2022.][added: 2023.]

This includes implementation services for [removed: multi-cloud] [added: multi-offering] and complex deployments.

In addition, we offer a premier priority support add-on that includes proactive monitoring, rapid incident response and instruction from a dedicated support team knowledgeable about the customer's specific [removed: enterprise architecture.]

We sell our services primarily through our direct sales force, which comprises [removed: telephone] sales personnel based in regional hubs, field sales personnel based in territories close to their customers and self-service offerings.

Founded in 1999, we bring humans together with AI agents to drive customer success on one deeply unified platform.

With Agentforce, the agentic layer of the Salesforce Platform, our customers can build and augment their teams with an always-on digital labor force, deploying autonomous AI agents across business functions that aim to increase productivity, lower costs and drive operational efficiencies.

Foremost among these is trust, which is paramount and the foundation for everything we do, and is also firmly rooted in compliance with applicable laws governing security, privacy, data protection and operational integrity.

Innovation is fundamental to our mission, empowering and enabling our customers to stay ahead in their industries and driving technological advancements in line with evolving laws, standards and guidelines.

Equality is a legal and ethical mandate and a core tenet that informs how we operate.

Our commitment to equal opportunity is anchored in applicable laws, statutes, regulations and principles.

We value the equality of every individual at our company and in our communities and are dedicated to fostering a workplace that complies with these protections, creating an inclusive culture where every individual feels seen, heard and valued.

Finally, we are committed to creating a more sustainable and nature-positive future for all.

Our products and services help our customers meet their own sustainability and compliance priorities, guided by applicable environmental and sustainability-related laws, corporate social responsibility frameworks and legal requirements.

By grounding our values in legal and regulatory principles, we reinforce our opportunity and responsibility to uphold high integrity and robust ethical standards, ensuring that trust, fairness, and compliance remain central to everything we seek to do.

Through Agentforce, our suite of customizable AI agents and tools, Salesforce brings autonomous AI, unified data and applications together on one deeply unified platform that enables companies of any industry or size to deliver AI-powered, personalized engagement across every customer touchpoint with the ability to hyperscale data and automation.

It provides sales capabilities and tools built for an entire sales organization – across prospecting, sales engagement, team collaboration, sales analytics and AI, sales programs, sales performance, partner management, and revenue and orders.

With our Sales offering, businesses can create

lifelong customers by connecting their entire organization and unifying all data sources on a single integrated platform.

Further, with Agentforce for Sales, customers can build a sales team augmented by a digital labor force and empower every seller with their own AI agent to help accelerate productivity and drive growth.

With Agentforce for Service, customers can tap the power of digital labor to handle low-touch interactions and help their teams with high-touch tasks, unlocking new levels of efficiency.

Platform and Other. The Salesforce Platform enables companies of all industries, sizes, and locations to build business workflows, applications and AI agents on a single, comprehensive platform to help boost efficiency, increases productivity and automation and save on information technology costs.

It facilitates development with no-code and low-code tools that are easy to use and free to learn, empowering anyone to build trusted applications, AI agents, models, code, prompts, automations, and much more.

Our Trust Layer is built into the Salesforce Platform to help customers safely use their data and set guardrails on what AI agents do with that data.

The Salesforce Platform is built on Hyperforce, our infrastructure that helps customers manage data governance and compliance at a local level, all over the world.

Our technology partners help customers to easily add the applications they need and utilize the data lakes and systems they have already invested in, and because the platform is open source, customers can integrate and build with any data or partner application they choose to make the platform work for their business.

*Slack.* Our Slack offering is a workplace communication and productivity platform where work happens for millions of people every day.

It centralizes conversations and collaboration, automates business processes, makes search and knowledge sharing seamless, and delivers trusted generative and agentic AI that augments employees so they can work smarter, make decisions faster, and drive real outcomes.

Slack is also deeply integrated with every Salesforce offering, including Agentforce, bringing a digital labor force into the messages and channels where work is happening.

With Agentforce in Slack, employees across every department can collaborate with specialized AI agents and accelerate high-impact work directly in the flow of work.

*Marketing.* Our Marketing offering is a complete marketing platform designed to help customers personalize engagement across the customer lifecycle.

By connecting departments through actionable data, trusted AI, and autonomous AI agents, we empower teams to work together to build lasting customer relationships.

With Agentforce, marketers can save time on every step of the campaign process by using prompts to generate briefs, content, and journeys, as well as optimize performance and spend with actionable insights and predictive AI.

With operational customer profiles, marketers and AI agents can easily take action on structured and unstructured data to build segments, calculate insights, analyze performance, and power AI recommendations, decisioning, and automations.

Our Marketing offering is built on the Salesforce Platform, so that marketing teams are able to seamlessly provide sales next-best-offer recommendations, help service retain customers with proactive promotions, and re-engage inactive shoppers.

*Commerce.* Our Commerce offering helps connect every aspect of commerce—from marketing and sales to service and fulfillment—on a single, connected, AI-powered platform, enabling brands to deliver personalized, seamless shopping experiences across every customer touchpoint.

With Agentforce for Commerce, brands can autonomously manage a range of tasks with AI agents, such as product recommendations and order lookup, helping to boost capacity and productivity across marketing, commerce, merchandising, and store operations.

Native integrations between our Commerce, Sales, Service, and Marketing offerings enable brands to tackle complex challenges and build cohesive digital experiences.

Customers use MuleSoft to connect data across any system, take action on their data using no-code or low-code to automate tasks across any system, and scale API governance to help secure and monitor all of their data in transit.

With MuleSoft, customers can extend Agentforce to any system to take action outside of Salesforce.

Tableau helps users work more efficiently, spot trends, predict outcomes, receive timely recommendations, and take action with autonomous AI agents.

Additionally, Tableau enriches Agentforce with best-in-class data visualizations and business context, lowering the barriers of data access for everyone.

Other Salesforce Offerings

*Agentforce.* Agentforce is the agentic layer of the Salesforce Platform for deploying autonomous AI agents that can understand and respond to customer inquiries without human intervention across business functions.

Agentforce includes a set of tools to create and customize AI agents, as well as a library of ready-to-use skills for most any use cases across sales, service, marketing and commerce, Tableau, Slack, partners and more.

Founded in 1999, we enable companies of every size and industry to connect with their customers through the power of data, AI, CRM and trust.

Foremost among these is trust, which is the foundation for everything we do.

We believe in continuous innovation, enabling our customers to access the latest technology advances so they can innovate and stay ahead in their industries.

Equality is a core tenet of how we run our business.

We value the equality of every individual at our company and in our communities.

We believe that creating a diverse workplace that reflects the communities we serve and fostering an inclusive culture where everyone feels seen, heard and valued makes us a better company.

Finally, we believe the world is in a climate crisis and that sustainability, including bold climate action, is the only way forward.

We are committed to ambitious climate leadership solutions, and we're bringing the full power of Salesforce to help organizations achieve net zero emissions.

We are committed to transparent environmental, social and governance disclosures and maintaining programs that support the success of these initiatives.

Our industry-leading Customer 360 CRM platform spans sales, service, marketing, commerce, collaboration, integration, AI, analytics, automation, industries and more.

Our customers can select from our integrated Customer 360 solutions for any team, in any industry and for companies of any size to deliver AI-powered, personalized engagement across every customer touchpoint with hyperscale data and automation.

Our customers use our Sales offering to store data; monitor leads and progress; forecast opportunities; gain insights through AI and analytics; and deliver quotes, contracts and invoices.

With our AI technology, sales teams can identify the best sales leads, automatically summarize highlights from meeting notes, auto-generate emails, surface customer sentiment and receive recommended next steps.

Our Sales offering enables teams to work from anywhere in the office, on the go or at home and supports the changing expectations of customers in a digital-first world.

Organizations use our Service offering to connect their service agents with customers anytime and across multiple channels — from the phone and email to self-service portals and social media — allowing customers to engage with companies in the ways that best suit them.

Our Service offering provides a field service solution that enables

Platform and Other.

*Platform.* Our Platform offering is an agile and trusted way for enterprises to innovate and deliver digital transformation at scale, enabling companies of all sizes, locations and industries to build business workflows and apps that bring them closer to their customers.

It unifies data, AI, CRM, development, security and compliance in a single, comprehensive platform, facilitating fast development of trusted, AI-powered apps and automation that boost efficiency, increase productivity and save on IT costs.

Einstein, our AI productivity and development platform, brings AI into Salesforce apps and workflows and offers the ability to deploy conversational, generative AI assistants that empower teams to get work done without compromising data security and privacy.

The Salesforce platform and applications can be delivered rapidly and reliably to locations worldwide, giving customers more choice and control over data residency.

Platform also includes AppExchange, a marketplace for Salesforce partner apps and experts, and Trailhead, our free online learning platform that allows anyone to learn in-demand Salesforce skills.

*Slack.* Our Slack offering is an intelligent productivity platform that digitally connects people, technology and business processes together in one place.

Slack improves performance by empowering users with no-code workflow automation, making search and knowledge sharing seamless and keeping teams connected and engaged as they move work forward together.

With our AI technology built into Slack, organizations can easily summarize and search their customer data and essential employee knowledge so they can work smarter and make smarter decisions faster.

Slack is deeply integrated into the Customer 360, supercharging productivity across sales, service and marketing teams.

With Slack Sales Elevate, for example, sales teams can improve productivity and accelerate deals to close by bringing together the right people, processes and customer data from Sales Cloud within Slack.

*Marketing.* Our Marketing offering enables companies to plan, personalize, automate and optimize one-to-one customer marketing journeys, connecting interactions across email, mobile, social, web and connected products to increase conversion and customer lifetime value.

With our AI technology infused across the entire campaign lifecycle, companies can create precise audience segments and content using natural language prompts; identify top prospects and leads; and deliver personalized marketing journeys based on customer behavior.

With our Marketing offering and Data Cloud, companies can unify and connect their customer data and engagement with our Sales, Commerce and Service offerings to give companies a single source of truth for the customer relationship.

*Commerce.* Our Commerce offering enables brands to simplify everything from setting up a digital storefront to generating product descriptions.

Our Commerce offering helps brands streamline purchases by unifying the shopping experience across every customer touchpoint, including mobile, web, social and store, and drive increased engagement, conversion, loyalty and revenue from their customers.

With MuleSoft, customers connect any data, or AI model securely and automate tasks and processes, using discoverable and reusable APIs and integrations, to transform businesses and drive faster time to value.

It offers customers intelligent analytics capabilities to better see, understand and act on business data from any source, using AI models and natural language to enable them to work more efficiently, spot trends, predict outcomes, create summaries, get timely recommendations and take action from any device within the flow or work.

Other Customer 360 Service Offerings

It brings a company’s disconnected, enterprise data into Salesforce to deliver an actionable, comprehensive, 360-degree view of a customer.

With Data Cloud, teams across an organization are empowered with access to comprehensive data and insights about customers, including customer interactions with a company’s products and services, enabling organizations to deliver personalized customer experiences.

By bringing together structured and unstructured data, Data Cloud offers fast and secure entry into AI for outcomes that are accurate, relevant and grounded with a company’s data.

They include out-of-the-box capabilities that leverage the full power of Salesforce and provide the speed and flexibility to keep up with changing times and customer demands, accelerating time to value.

With ease of purchase through self-serve and customized out-of-the-box features, Salesforce Starter helps customers increase productivity, save time and cut costs.

For more information regarding legal proceedings see Note 14 “Legal Proceedings and Claims” to the consolidated financial statements in Item 8 of Part [removed: I.][added: II.]

For the fiscal year ended January 31, [removed: 2024][added: 2025]

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 [removed: days: Yes ☒ No ¨][added: days.]

Based on the closing price of the Registrant’s Common Stock on the last business day of the Registrant’s most recently completed second fiscal quarter, which was July 31, [removed: 2023,] [added: 2024,] the aggregate market value of its shares (based on a closing price of [removed: $225.01] [added: $258.80] per share) held by non-affiliates was approximately [removed: $194.1] [added: $206.5] billion.

Shares of the Registrant’s Common Stock held by each executive officer and director and by each entity or person that owned 5 percent or more of the Registrant’s outstanding Common Stock were excluded [removed: in that] [added: as] such persons may be deemed to be affiliates.

As of February [removed: 29, 2024,] [added: 28, 2025,] there were approximately [removed: 970] [added: 961] million shares of the Registrant’s Common Stock outstanding.

Portions of the Registrant’s definitive proxy statement for its [removed: 2024] [added: 2025] Annual Meeting of Stockholders (the “Proxy Statement”), to be filed within 120 days of the Registrant’s fiscal year ended January 31, [removed: 2024,] [added: 2025,] are incorporated by reference in Part III of this [added: Annual] Report on Form 10-K.

| Item 1A. | | | [Risk [removed: Factors](#ib8b12f1c0e904d5cb827a8a1d436f705_397)] [added: Factors](#i018294b7ed784701b6525d041dc8b576_400)] | | | [removed: [11](#ib8b12f1c0e904d5cb827a8a1d436f705_397)] [added: [11](#i018294b7ed784701b6525d041dc8b576_400)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#ib8b12f1c0e904d5cb827a8a1d436f705_382)] [added: Comments](#i018294b7ed784701b6525d041dc8b576_208)] | | | [removed: [35](#ib8b12f1c0e904d5cb827a8a1d436f705_382)] [added: [32](#i018294b7ed784701b6525d041dc8b576_208)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#ib8b12f1c0e904d5cb827a8a1d436f705_5497558142011)] [added: [Cybersecurity](#i018294b7ed784701b6525d041dc8b576_211)] | | | [removed: [35](#ib8b12f1c0e904d5cb827a8a1d436f705_5497558142011)] [added: [32](#i018294b7ed784701b6525d041dc8b576_211)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#ib8b12f1c0e904d5cb827a8a1d436f705_394)] [added: Proceedings](#i018294b7ed784701b6525d041dc8b576_397)] | | | [removed: [37](#ib8b12f1c0e904d5cb827a8a1d436f705_394)] [added: [34](#i018294b7ed784701b6525d041dc8b576_397)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#ib8b12f1c0e904d5cb827a8a1d436f705_406)] [added: Disclosures](#i018294b7ed784701b6525d041dc8b576_409)] | | | [removed: [37](#ib8b12f1c0e904d5cb827a8a1d436f705_406)] [added: [34](#i018294b7ed784701b6525d041dc8b576_409)] | | |

| Item 4A. | | | [Information About Our Executive [removed: Officers](#ib8b12f1c0e904d5cb827a8a1d436f705_388)] [added: Officers](#i018294b7ed784701b6525d041dc8b576_217)] | | | [removed: [37](#ib8b12f1c0e904d5cb827a8a1d436f705_388)] [added: [34](#i018294b7ed784701b6525d041dc8b576_217)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ib8b12f1c0e904d5cb827a8a1d436f705_427)] [added: Securities](#i018294b7ed784701b6525d041dc8b576_439)] | | | [removed: [39](#ib8b12f1c0e904d5cb827a8a1d436f705_427)] [added: [37](#i018294b7ed784701b6525d041dc8b576_439)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operation](#ib8b12f1c0e904d5cb827a8a1d436f705_202)s] [added: Operation](#i018294b7ed784701b6525d041dc8b576_220)s] | | | [removed: [42](#ib8b12f1c0e904d5cb827a8a1d436f705_202)] [added: [40](#i018294b7ed784701b6525d041dc8b576_220)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#ib8b12f1c0e904d5cb827a8a1d436f705_361)] [added: Risk](#i018294b7ed784701b6525d041dc8b576_379)] | | | [removed: [54](#ib8b12f1c0e904d5cb827a8a1d436f705_361)] [added: [52](#i018294b7ed784701b6525d041dc8b576_379)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ib8b12f1c0e904d5cb827a8a1d436f705_436)] [added: Disclosure](#i018294b7ed784701b6525d041dc8b576_448)] | | | [removed: [92](#ib8b12f1c0e904d5cb827a8a1d436f705_436)] [added: [92](#i018294b7ed784701b6525d041dc8b576_448)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#ib8b12f1c0e904d5cb827a8a1d436f705_367)] [added: Procedures](#i018294b7ed784701b6525d041dc8b576_385)] | | | [removed: [92](#ib8b12f1c0e904d5cb827a8a1d436f705_367)] [added: [92](#i018294b7ed784701b6525d041dc8b576_385)] | | |

| Item 9B. | | | [Other [removed: Information](#ib8b12f1c0e904d5cb827a8a1d436f705_409)] [added: Information](#i018294b7ed784701b6525d041dc8b576_412)] | | | [removed: [93](#ib8b12f1c0e904d5cb827a8a1d436f705_409)] [added: [93](#i018294b7ed784701b6525d041dc8b576_412)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ib8b12f1c0e904d5cb827a8a1d436f705_439)] [added: Inspections](#i018294b7ed784701b6525d041dc8b576_451)] | | | [removed: [93](#ib8b12f1c0e904d5cb827a8a1d436f705_439)] [added: [93](#i018294b7ed784701b6525d041dc8b576_451)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#ib8b12f1c0e904d5cb827a8a1d436f705_454)] [added: Governance](#i018294b7ed784701b6525d041dc8b576_466)] | | | [removed: [94](#ib8b12f1c0e904d5cb827a8a1d436f705_454)] [added: [94](#i018294b7ed784701b6525d041dc8b576_466)] | | |

| Item 11. | | | [Executive [removed: Compensation](#ib8b12f1c0e904d5cb827a8a1d436f705_457)] [added: Compensation](#i018294b7ed784701b6525d041dc8b576_469)] | | | [removed: [94](#ib8b12f1c0e904d5cb827a8a1d436f705_457)] [added: [94](#i018294b7ed784701b6525d041dc8b576_469)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ib8b12f1c0e904d5cb827a8a1d436f705_460)] [added: Matters](#i018294b7ed784701b6525d041dc8b576_472)] | | | [removed: [94](#ib8b12f1c0e904d5cb827a8a1d436f705_463)] [added: [94](#i018294b7ed784701b6525d041dc8b576_475)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#ib8b12f1c0e904d5cb827a8a1d436f705_463)] [added: Independence](#i018294b7ed784701b6525d041dc8b576_475)] | | | [removed: [94](#ib8b12f1c0e904d5cb827a8a1d436f705_463)] [added: [94](#i018294b7ed784701b6525d041dc8b576_475)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#ib8b12f1c0e904d5cb827a8a1d436f705_466)] [added: Services](#i018294b7ed784701b6525d041dc8b576_478)] | | | [removed: [94](#ib8b12f1c0e904d5cb827a8a1d436f705_466)] [added: [94](#i018294b7ed784701b6525d041dc8b576_478)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#ib8b12f1c0e904d5cb827a8a1d436f705_472)] [added: Schedules](#i018294b7ed784701b6525d041dc8b576_424)] | | | [removed: [95](#ib8b12f1c0e904d5cb827a8a1d436f705_472)] [added: [95](#i018294b7ed784701b6525d041dc8b576_424)] | | |

*This Annual Report on Form 10-K contains forward-looking statements within the meaning of [removed: Section 27A of] the [removed: Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the] [added: Private] Securities [removed: Exchange] [added: Litigation Reform] Act of [removed: 1934, as amended (“Exchange Act”).][added: 1995.]

[removed: These] [added: *In light of these] and other risks and [removed: uncertainties] [added: uncertainties, the future events and trends discussed in this Annual Report on Form 10-K] may [removed: cause] [added: not occur as we expect or at all, and] our actual results [removed: to] [added: or outcomes may] differ materially and adversely from [removed: those*][added: those expressed or implied in our forward-looking statements.]

Yes ☒ No ¨

| Item 1. | | | [Business](#i018294b7ed784701b6525d041dc8b576_202) | | | [4](#i018294b7ed784701b6525d041dc8b576_202) | | |

| Item 2. | | | [Properties](#i018294b7ed784701b6525d041dc8b576_214) | | | [34](#i018294b7ed784701b6525d041dc8b576_214) | | |

| Item 6. | | | [Reserved](#i018294b7ed784701b6525d041dc8b576_445) | | | [39](#i018294b7ed784701b6525d041dc8b576_445) | | |

| Item 8. | | | [Financial Statements](#i018294b7ed784701b6525d041dc8b576_28) and Supplementary Data | | | [55](#i018294b7ed784701b6525d041dc8b576_28) | | |

| Item 16. | | | [Form 10-K Summary](#i018294b7ed784701b6525d041dc8b576_484) | | | [95](#i018294b7ed784701b6525d041dc8b576_484) | | |

| | | | [Index to Exhibits](#i018294b7ed784701b6525d041dc8b576_430) | | | [95](#i018294b7ed784701b6525d041dc8b576_430) | | |

| | | | [Signatures](#i018294b7ed784701b6525d041dc8b576_436) | | | [98](#i018294b7ed784701b6525d041dc8b576_436) | | |

All statements other than statements of historical fact, which may consist of, among other things, trend analyses and statements regarding future events, future financial performance, anticipated growth, and industry prospects, are forward-looking.

Words such as “aims,” “anticipates,” “assumes,” “believes,” “commitments,” “could,” “estimates,” “expects,” “forecasts,” “foresees,” “goals,” “intends,” “may,” “plans,” “predicts,” “projects,” “seeks,” “should,” “targets” and “would,” and variations of such words and similar expressions are intended to identify such forward-looking statements.

These forward-looking statements are inherently uncertain and based on management’s current expectations and assumptions, which are subject to risks and uncertainties that are difficult to predict, including those described in Part I, Item 1A, “Risk Factors,” Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” and elsewhere in this Annual Report on Form 10-K.

Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time.

It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements.*

Readers are cautioned not to place undue reliance on such forward-looking statements.

| Item 1. | | | [Business](#ib8b12f1c0e904d5cb827a8a1d436f705_376) | | | [5](#ib8b12f1c0e904d5cb827a8a1d436f705_376) | | |

| Item 2. | | | [Properties](#ib8b12f1c0e904d5cb827a8a1d436f705_385) | | | [37](#ib8b12f1c0e904d5cb827a8a1d436f705_385) | | |

| Item 6. | | | [Reserved](#ib8b12f1c0e904d5cb827a8a1d436f705_433) | | | [41](#ib8b12f1c0e904d5cb827a8a1d436f705_433) | | |

| Item 8. | | | [Financial Statements](#ib8b12f1c0e904d5cb827a8a1d436f705_28) | | | [57](#ib8b12f1c0e904d5cb827a8a1d436f705_28) | | |

| Item 16. | | | [10-K Summary](#ib8b12f1c0e904d5cb827a8a1d436f705_478) | | | [95](#ib8b12f1c0e904d5cb827a8a1d436f705_478) | | |

| | | | [Index to Exhibits](#ib8b12f1c0e904d5cb827a8a1d436f705_418) | | | [95](#ib8b12f1c0e904d5cb827a8a1d436f705_418) | | |

| | | | [Signatures](#ib8b12f1c0e904d5cb827a8a1d436f705_424) | | | [98](#ib8b12f1c0e904d5cb827a8a1d436f705_424) | | |

Words such as “expects,” “anticipates,” “aims,” “projects,” “intends,” “plans,” “believes,” “estimates,” “seeks,” “assumes,” “may,” “should,” “could,” “would,” “foresees,” “forecasts,” “predicts,” “targets” and “commitments” and variations of such words and similar expressions are intended to identify such forward-looking statements, which may consist of, among other things, trend analyses and statements regarding future events, future financial performance, anticipated growth, industry prospects, our business plans and growth strategy, our strategies, expectations or plans regarding our investments, including strategic investments or future acquisitions, our beliefs or expectations regarding our competition, our intentions regarding use of future earnings, our expectations regarding attrition rates, our expectations regarding restructuring initiatives, including with respect to timing or costs, our expectations regarding investing in human capital and technology or our beliefs or expectations regarding working capital, capital expenditures, debt maintenance or commitments.

These forward-looking statements are based on current expectations, estimates and forecasts, as well as the beliefs and assumptions of our management, and are subject to risks and uncertainties that are difficult to predict, including: our ability to maintain security levels and service performance that meet the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; the expenses associated with our data centers and third-party infrastructure providers; our ability to secure additional data center capacity; our reliance on third-party hardware, software and platform providers; uncertainties regarding artificial intelligence (“AI”) technology and its integration into our product offerings; the effect of evolving domestic and foreign government regulations, including those related to the provision of services on the Internet, those related to accessing the Internet, and those addressing data privacy, cybersecurity, cross-border data transfers and import and export controls; current and potential litigation involving us or our industry, including litigation involving acquired entities and the resolution or settlement thereof; regulatory developments and regulatory investigations involving us or affecting our industry; our ability to successfully introduce new services and product features, including any efforts to expand our services; the success of our strategy of acquiring or making investments in complementary businesses, joint ventures, services, technologies and intellectual property rights; our ability to complete, on a timely basis or at all, announced transactions; our ability to realize the benefits from acquisitions, strategic partnerships, joint ventures and investments, and successfully integrate acquired businesses and technologies; our ability to compete in the markets in which we participate; the success of our business strategy and our plan to build our business, including our strategy to be a leading provider of enterprise cloud computing applications and platforms; our ability to execute our business plans; our ability to continue to grow unearned revenue and remaining performance obligation; the pace of change and innovation in enterprise cloud computing services; the seasonal nature of our sales cycles; our ability to limit customer attrition and costs related to those efforts; the success of our international expansion strategy; the demands on our personnel and infrastructure resulting from significant growth in our customer base and operations, including as a result of acquisitions; our ability to preserve our workplace culture, including as a result of our decisions regarding our current and future office environments or remote work policies; our real estate and office facilities strategy and related costs and uncertainties; our dependency on the development and maintenance of the infrastructure of the Internet; fluctuations in, and our ability to predict, our operating results and cash flows; the variability in our results arising from the accounting for term license revenue products; the performance and fluctuations in the fair value of our investments in complementary businesses through our strategic investment portfolio; the impact of future gains or losses from our strategic investment portfolio, including gains or losses from overall market conditions that may affect the publicly traded companies within our strategic investment portfolio; our ability to protect our intellectual property rights; our ability to maintain and enhance our brands; the impact of foreign currency exchange rate and interest rate fluctuations on our results; the valuation of our deferred tax assets and the release of related valuation allowances; the potential availability of additional tax assets in the future; the impact of new accounting pronouncements and tax laws; uncertainties affecting our ability to estimate our tax rate; uncertainties regarding our tax obligations in connection with potential jurisdictional transfers of intellectual property, including the tax rate, the timing of transfers and the value of such transferred intellectual property; uncertainties regarding the effect of general economic, business and market conditions, including inflationary pressures, general economic downturn or recession, market volatility, increasing interest rates, changes in monetary policy and the prospect of a shutdown of the U.S. federal government; the potential impact of financial institution instability; the impact of geopolitical events, including* *the war in Ukraine and the Israel-Hamas war; uncertainties regarding the impact of expensing stock options and other equity awards; the sufficiency of our capital resources; our ability to execute our share repurchase program; our ability to declare future cash dividends; our ability to comply with our debt covenants and lease obligations; the impact of climate change, natural disasters and actual or threatened public health emergencies; the expected benefits of and timing of completion, as well as the expected costs and charges, of our restructuring initiatives, including, among other things, the risk that the restructuring costs and charges may be greater than we anticipate, our restructuring efforts may adversely affect our internal programs and our ability to recruit and retain skilled and motivated personnel, our restructuring efforts may be distracting to employees and management, our restructuring efforts may negatively impact our business operations and reputation with or ability to serve customers, and restructuring efforts may not generate their intended benefits to the extent or as quickly as anticipated; and our ability to achieve our aspirations, goals and projections related to our environmental, social and governance (“ESG”) initiatives, including our ability to comply with evolving legal standards and federal and state regulations concerning ESG matters.

*expressed in our forward-looking statements.

Readers are directed to risks and uncertainties identified below under “Risk Factors” and elsewhere in this report for additional detail regarding factors that may cause actual results or outcomes to be different than those expressed in our forward-looking statements.

With trust as our foremost value and the foundation of everything we do, we recognize the importance of maintaining the safety and security of our systems and [removed: data, as our customers trust our technology to deliver the highest levels of security, privacy, performance, compliance and availability at scale.][added: data.]

Additional information on the cybersecurity risks we face is discussed in Part I, [removed: Item 1A,] [added: Items 1A-C,] “Risk Factors.”

When a company purchases our service offerings, they gain a trusted digital advisor who will work together with them in [added: their] efforts to protect [removed: customer] [added: their] data.

We aim to provide [removed: the most] [added: a] secure and compliant enterprise cloud platform [removed: on the market] and we work to build trust and in-depth defense into all of our systems.

Among other things, we employ [removed: a diverse,] [added: an] experienced team of cybersecurity professionals, engage in community events and offer free online cybersecurity incident prevention training to [added: help] enable our customers to focus on their business, knowing their data is safe and accessible as needed.

The Company further adjusts its cybersecurity policies, standards, processes and practices based on these [removed: results.][added: results and evolving industry practices.]

[removed: cybersecurity risk] (including [removed: any incident)] [added: cybersecurity incidents)] that [removed: meets] [added: meet] pre-established reporting thresholds, as well as ongoing updates regarding any such [removed: risk.][added: risks.]

The CTrO, reporting to the Company’s Chief Engineering [added: & Customer Success] Officer (“C/E”), is responsible for designing and implementing a security program and strategy based on the mandate provided by the Board and senior management.

The CTrO has extensive experience in the management of cybersecurity risk [removed: management] programs, having served in various leadership roles in information technology and information security for over 15 years, including serving as the Chief Security Officer of two other large public technology companies.

The CTrO, in coordination with other members of senior management, works collaboratively across the Company to implement a program designed to [added: help] protect the Company’s information systems from cybersecurity threats and to promptly respond to cybersecurity incidents in accordance with the Company’s incident response and recovery plans.

Through ongoing communications with these teams, the CTrO and senior management are [added: able to be] informed promptly about, and monitor the prevention, detection, investigation, mitigation and remediation of, cybersecurity threats.

These teams are expected to operate pursuant to documented plans and playbooks that include processes for escalation of incidents to leadership and to the Committee and Board, as appropriate, based on the severity level of [removed: an] [added: a cybersecurity] incident.

The Company’s program includes controls and procedures designed to properly identify, classify, and escalate cybersecurity risks [added: and incidents] to provide management with visibility and prioritization of risk mitigation efforts and to publicly report material cybersecurity incidents when appropriate.

The Company has established and maintains [removed: robust] incident response, business continuity and disaster recovery plans designed to address the Company’s response to a cybersecurity incident, including the public disclosure and reporting of material incidents in a timely manner.

The Company maintains a [removed: robust,] risk-based approach to identifying and overseeing cybersecurity threats presented by certain third parties, including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a significant cybersecurity incident affecting those third-party systems.

The Company regularly provides employee training on security-related duties and responsibilities, including knowledge about how to recognize [removed: security] [added: cybersecurity] incidents and how to proceed if an actual or suspected incident should occur.

In between meetings, the Board and the Committee receive information regarding relevant cybersecurity risks

The Company’s policy is for the Board and the Committee to receive prompt and timely information regarding any

As of January 31, [removed: 2024,] [added: 2025,] our executive and principal offices for sales, marketing, professional services, development and administration consisted of approximately 0.9 million square feet of leased and owned property in San Francisco.

Excluded from this amount is approximately [removed: 2.0] [added: 2.1] million square feet of leased and owned property in San Francisco that is currently leased to others, or available for [removed: lease, as we continued office space reductions in fiscal 2024.][added: lease.]

The following sets forth certain information regarding our current executive officers as of February [removed: 29, 2024] [added: 28, 2025] (in alphabetical order):

| Marc Benioff | | | | | | [removed: 59] [added: 60] | | | | | | Chair of the Board, CEO and co-Founder | | |

| Parker Harris | | | | | | [removed: 57] [added: 58] | | | | | | Director, Chief Technology Officer, Slack and co-Founder | | |

| Miguel Milano | | | | | | [removed: 55] [added: 56] | | | | | | President and Chief Revenue Officer | | |

| Brian Millham | | | | | | [removed: 54] [added: 55] | | | | | | President and Chief Operating Officer | | |

| Sabastian Niles | | | | | | [removed: 44] [added: 45] | | | | | | President and Chief Legal Officer | | |

| Sundeep Reddy | | | | | | [removed: 51] [added: 52] | | | | | | Executive Vice President and Chief Accounting Officer | | |

| Srinivas Tallapragada | | | | | | [removed: 54] [added: 55] | | | | | | President and Chief Engineering Officer [added: and Customer Success Officer] | | |

| Amy Weaver | | | | | | [removed: 56] [added: 57] | | | | | | President and Chief Financial Officer | | |

He [added: also serves as Salesforce’s Corporate Secretary and] oversees Salesforce’s global legal and corporate affairs organization, including government affairs and the office of [removed: ethical] [added: global governance, integrity, ethics] and [removed: humane use of technology.][added: compliance.]

*Srinivas Tallapragada* has served as our President and Chief Engineering [added: & Customer Success] Officer since [removed: December 2019.][added: February 2025.]

Prior to this, he served as our [added: President and Chief Engineering Officer from December 2019 to February 2025,] President, Technology from June 2018 to December 2019, Executive Vice President, Engineering from March 2014 to June 2018 and Senior Vice President, Engineering from May 2012 to February 2014.

Mr. Tallapragada currently serves on the Board of Directors of GoDaddy Inc. Mr. Tallapragada received his [removed: masters] [added: master’s] degree from the School of Human Resources at XLRI, Jamshedpur and B.T. in Computer Science from the National Institute of Technology, Warangal.

Prior to this, she served as our President and Chief Legal Officer from January 2020 to January 2021, President, Legal & Corporate Affairs and General [removed: Counsel from February 2017 to January 2020, Executive Vice President and General Counsel from July 2015 to February 2017 and Senior Vice President and General Counsel from October 2013 to July 2015.]

PART [removed: II.][added: II.]

| David Schmaier | | | | | | 61 | | | | | | President and Chief Product and Impact Officer | | |

Mr. Millham will transition from these roles to serve as an advisor to the Company effective March 21, 2025.

*David Schmaier* has served as our President and Chief Product & Impact Officer since February 2025.

Prior to this, he served as our President and Chief Product Officer from February 2021 to 2025 and as Chief Executive Officer of Salesforce Industries from June 2020 to February 2021.

Mr. Schmaier joined Salesforce through the acquisition of Vlocity, Inc., an industry-specific cloud software company, where he was co-founder and served as Chief Executive Officer from March 2014 to June 2020.

Previously, Mr. Schmaier served in various leadership roles, including as Chief Operating Officer and Strategic Advisory Board Member at C3.ai from 2009 to 2014, and as Executive Vice President and Founding Team Executive at Siebel Systems from 1994 to 2006.

Mr. Schmaier received his B.S. in Mechanical Engineering from the Rensselaer Institute and M.B.A. from Harvard Business School.

Ms. Weaver will transition from these roles to serve as Special Advisor to the Chief Executive Officer effective March 21, 2025.

Counsel from February 2017 to January 2020, Executive Vice President and General Counsel from July 2015 to February 2017 and Senior Vice President and General Counsel from October 2013 to July 2015.

OTHER INFORMATION

Prior to [removed: February 2024,] [added: the fiscal year ended January 31, 2025,] we had never declared or paid any cash dividends on our common stock.

As of January 31, [removed: 2024,] [added: 2025,] there were [removed: 387] [added: 369] registered stockholders of record of our common stock, including The Depository Trust Company, which holds shares of Salesforce common stock on behalf of an indeterminate number of beneficial owners.

The graph below compares the cumulative total stockholder return on our common stock with the cumulative total return on the Standard & Poor’s 500 Index ("S&P 500 Index"), Nasdaq Computer & Data Processing Index ("Nasdaq Computer"), the Nasdaq 100 Index and the Dow Jones Industrial Average for each of the last five fiscal years ended January 31, [removed: 2024,] [added: 2025,] assuming an initial investment of $100.

[removed: ][added: ]

| | | | [removed: 1/31/2019] [added: 1/31/2020] | | | | | | [removed: 1/31/2020] [added: 1/31/2021] | | | | | | [removed: 1/31/2021] [added: 1/31/2022] | | | | | | [removed: 1/31/2022] [added: 1/31/2023] | | | | | | [removed: 1/31/2023] [added: 1/31/2024] | | | | | | [removed: 1/31/2024] [added: 1/31/2025] | | |

Share repurchases of the Company’s common stock for the three months ended January 31, [removed: 2024] [added: 2025] were as follows (in millions, except for average price paid per share):

| Total [added: (2)] | | | [removed: 7] [added: 0] | | | | | | [removed: 7] [added: 0] | | | | | |

[removed: In February] 2024, the Board of Directors authorized an additional $10.0 billion in repurchases under the Share Repurchase Program, for an aggregate total authorized of $30.0 billion.

The timing, manner, price and amount of any repurchases are determined by the Company in its discretion and depend on a variety [added: of factors, including legal requirements, price and economic and market conditions.]

For the fiscal year ended January 31, 2025 we announced the following dividends (in millions, except dividend per share):

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Record Date | | | | | | Payment Date | | | | | | Dividend per Share | | | | | | Amount | | |

| March 14, 2024 | | | | | | April 11, 2024 | | | | | | $ | 0.40 | | | | | $ | 388 | |

| July 9, 2024 | | | | | | July 25, 2024 | | | | | | $ | 0.40 | | | | | $ | 388 | |

| September 18, 2024 | | | | | | October 8, 2024 | | | | | | $ | 0.40 | | | | | $ | 385 | |

| December 18, 2024 | | | | | | January 9, 2025 | | | | | | $ | 0.40 | | | | | $ | 388 | |

| Salesforce | | | $ | 100 | | | | | $ | 124 | | | | | $ | 128 | | | | | $ | 92 | | | | | $ | 154 | | | | | $ | 187 | |

| S&P 500 Index | | | 100 | | | | | | 115 | | | | | | 140 | | | | | | 126 | | | | | | 150 | | | | | | 187 | | |

| Nasdaq Computer | | | 100 | | | | | | 146 | | | | | | 183 | | | | | | 142 | | | | | | 220 | | | | | | 289 | | |

| Nasdaq 100 Index | | | 100 | | | | | | 144 | | | | | | 166 | | | | | | 135 | | | | | | 191 | | | | | | 239 | | |

| Dow Jones Industrial Average | | | 100 | | | | | | 106 | | | | | | 124 | | | | | | 121 | | | | | | 135 | | | | | | 158 | | |

In connection with the Company’s acquisition of Zoomin Software Ltd, on November 1, 2024, the Company issued 116,132 shares of its common stock to certain former stockholders of Zoomin Software Ltd. that will vest over time.

In connection with the Company’s acquisition of Own Company Ltd., on November 18, 2024, the Company issued 43,682 shares of its common stock to certain former stockholders of Own Company Ltd. that will vest over time.

These issuances were made in reliance on one or more of the following exemptions or exclusions from the registration requirements of the Securities Act: Section 4(a)(2) of the Securities Act, Regulation D promulgated under the Securities Act and Regulation S promulgated under the Securities Act.

| November 2024 | | | 0 | | | $312.80 | | | 0 | | | $10,611 | | |

| December 2024 | | | 0 | | | $347.12 | | | 0 | | | $10,590 | | |

| January 2025 | | | 0 | | | $332.25 | | | 0 | | | $10,569 | | |

In February

(2) The Company repurchased less than 1 million shares under the Share Repurchase Agreement in the fourth quarter of fiscal 2025 for approximately $73 million.

On February 28, 2024, we announced a quarterly dividend policy and the declaration of our first-ever cash dividend.

This cash dividend of $0.40 per share of the Company’s outstanding common stock will be paid on April 11, 2024 to stockholders of record as of the close of business on March 14, 2024.

| Salesforce | | | $ | 100 | | | | | $ | 120 | | | | | $ | 148 | | | | | $ | 153 | | | | | $ | 111 | | | | | $ | 185 | |

| S&P 500 Index | | | 100 | | | | | | 119 | | | | | | 137 | | | | | | 167 | | | | | | 151 | | | | | | 179 | | |

| Nasdaq Computer | | | 100 | | | | | | 144 | | | | | | 210 | | | | | | 264 | | | | | | 204 | | | | | | 317 | | |

| Nasdaq 100 Index | | | 100 | | | | | | 130 | | | | | | 187 | | | | | | 216 | | | | | | 175 | | | | | | 248 | | |

| Dow Jones Industrial Average | | | 100 | | | | | | 113 | | | | | | 120 | | | | | | 141 | | | | | | 136 | | | | | | 153 | | |

None.

| November 2023 | | | 3 | | | $217.99 | | | 3 | | | $9,432 | | |

| December 2023 | | | 2 | | | $258.80 | | | 2 | | | $8,899 | | |

| January 2024 | | | 2 | | | $269.84 | | | 2 | | | $8,326 | | |

of factors, including legal requirements, price and economic and market conditions.

| [Reports of Independent Registered Public Accounting [removed: Firm](#ib8b12f1c0e904d5cb827a8a1d436f705_34)] [added: Firm](#i018294b7ed784701b6525d041dc8b576_34)] (PCAOB ID: 42) | | | [removed: [58](#ib8b12f1c0e904d5cb827a8a1d436f705_34)] [added: [56](#i018294b7ed784701b6525d041dc8b576_34)] | | |

| [Consolidated Balance [removed: Sheets](#ib8b12f1c0e904d5cb827a8a1d436f705_37)] [added: Sheets](#i018294b7ed784701b6525d041dc8b576_37)] | | | [removed: [60](#ib8b12f1c0e904d5cb827a8a1d436f705_37)] [added: [59](#i018294b7ed784701b6525d041dc8b576_37)] | | |

| [Consolidated Statements of [removed: Operations](#ib8b12f1c0e904d5cb827a8a1d436f705_40)] [added: Operations](#i018294b7ed784701b6525d041dc8b576_40)] | | | [removed: [62](#ib8b12f1c0e904d5cb827a8a1d436f705_40)] [added: [60](#i018294b7ed784701b6525d041dc8b576_40)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ib8b12f1c0e904d5cb827a8a1d436f705_46)] [added: Income](#i018294b7ed784701b6525d041dc8b576_46)] | | | [removed: [63](#ib8b12f1c0e904d5cb827a8a1d436f705_46)] [added: [61](#i018294b7ed784701b6525d041dc8b576_46)] | | |

| [Consolidated Statements of Stockholders’ [removed: Equity](#ib8b12f1c0e904d5cb827a8a1d436f705_49)] [added: Equity](#i018294b7ed784701b6525d041dc8b576_49)] | | | [removed: [64](#ib8b12f1c0e904d5cb827a8a1d436f705_49)] [added: [62](#i018294b7ed784701b6525d041dc8b576_49)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ib8b12f1c0e904d5cb827a8a1d436f705_58)] [added: Flows](#i018294b7ed784701b6525d041dc8b576_55)] | | | [removed: [65](#ib8b12f1c0e904d5cb827a8a1d436f705_58)] [added: [63](#i018294b7ed784701b6525d041dc8b576_55)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ib8b12f1c0e904d5cb827a8a1d436f705_61)] [added: Statements](#i018294b7ed784701b6525d041dc8b576_61)] | | | [removed: [67](#ib8b12f1c0e904d5cb827a8a1d436f705_61)] [added: [65](#i018294b7ed784701b6525d041dc8b576_61)] | | |

We have audited the accompanying consolidated balance sheets of Salesforce, Inc. (the Company) as of January 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive [removed: income,] [added: income,] stockholders' equity and cash flows for each of the three years in the period ended January 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at January 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended January 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of January 31, [removed: 2024,] [added: 2025,] based on criteria established in [removed: Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 6, 2024 expressed an unqualified opinion thereon.]

| *Description of the Matter* | | | | | | As described in [removed: Note] [added: Notes] 1 [added: and 2] to the consolidated financial statements, the Company recognizes revenue primarily from subscription and support services and professional services contracts in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts with its customers that may include promises to transfer multiple cloud services, software licenses, premium support and professional services. Significant judgment may be required by the Company in determining revenue recognition for these customer agreements, including the determination of whether products and services are considered distinct performance obligations and the determination of standalone selling prices, particularly for products and services that are not sold separately. Auditing the Company’s accounting for revenue contracts with customers required significant judgment to assess management’s determination of performance obligations and standalone selling prices. | | |

| *Description of the Matter* | | | | | | As described in [removed: Note] [added: Notes] 1 [added: and 3] to the consolidated financial statements, the Company holds investments in privately held equity securities, which are assessed for impairment at least quarterly. The Company’s impairment analysis encompasses an assessment of both qualitative and quantitative factors, including the investee's financial metrics, market acceptance of the investee's product or technology and the rate at which the investee is using its cash. Significant judgment may be required by the Company in determining if an investment is impaired based on the information available about the investee. Auditing the Company’s accounting for impairment of privately held equity securities required significant judgment to evaluate management’s assessment of impairment indicators to evaluate whether investments are impaired considering the current economic environment. | | |

[added: | | | | | | |] March [removed: 6,] [added: 14,] 2024 [added: | | | | | | April 11, 2024 | | | | | | $ | 0.40 | | | | | $ | 388 | | | | | | | | | | | | | | | | | | | |]

We have audited Salesforce, Inc.’s internal control over financial reporting as of January 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Salesforce, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of January 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of January 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended January 31, [removed: 2024,] [added: 2025,] and the related notes and our report dated March [removed: 6, 2024] [added: 5, 2025] expressed an unqualified opinion thereon.

| | | | January 31, [removed: 2024] [added: 2025] | | | | | | January 31, [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | $ | [removed: 8,472] [added: 8,848] | | | | | $ | [removed: 7,016] [added: 8,472] | |

| Marketable securities | | | [removed: 5,722] [added: 5,184] | | | | | | [removed: 5,492] [added: 5,722] | | |

| Accounts receivable, net | | | [removed: 11,414] [added: 11,945] | | | | | | [removed: 10,755] [added: 11,414] | | |

| Costs capitalized to obtain revenue contracts, net | | | [removed: 1,905] [added: 1,971] | | | | | | [removed: 1,776] [added: 1,905] | | |

| Prepaid expenses and other current assets | | | [removed: 1,561] [added: 1,779] | | | | | | [removed: 1,356] [added: 1,561] | | |

| Total current assets | | | [removed: 29,074] [added: 29,727] | | | | | | [removed: 26,395] [added: 29,074] | | |

| Property and equipment, net | | | [removed: 3,689] [added: 3,236] | | | | | | [removed: 3,702] [added: 3,689] | | |

| Operating lease right-of-use assets, net | | | [removed: 2,366] [added: 2,157] | | | | | | [removed: 2,890] [added: 2,366] | | |

| Noncurrent costs capitalized to obtain revenue contracts, net | | | [removed: 2,515] [added: 2,475] | | | | | | [removed: 2,697] [added: 2,515] | | |

| Strategic investments | | | [removed: 4,848] [added: 4,852] | | | | | | [removed: 4,672] [added: 4,848] | | |

| Goodwill | | | [removed: 48,620] [added: 51,283] | | | | | | [removed: 48,568] [added: 48,620] | | |

| Intangible assets acquired through business combinations, net | | | [removed: 5,278] [added: 4,428] | | | | | | [removed: 7,125] [added: 5,278] | | |

| Deferred tax assets and other assets, net | | | [removed: 3,433] [added: 4,770] | | | | | | [removed: 2,800] [added: 3,433] | | |

| Total assets | | | $ | [removed: 99,823] [added: 102,928] | | | | | $ | [removed: 98,849] [added: 99,823] | |

| Accounts payable, accrued expenses and other liabilities | | | $ | [removed: 6,111] [added: 6,658] | | | | | $ | [removed: 6,743] [added: 6,111] | |

| Operating lease liabilities, current | | | [removed: 518] [added: 579] | | | | | | [removed: 590] [added: 518] | | |

| Unearned [removed: revenue] [added: revenue, beginning of period] | | | [added: | | | | | | | | | | | | $ |] 19,003 | | | | | [added: $] | 17,376 | | [removed: |]

| Debt, current | | | [removed: 999] [added: 0] | | | | | | [removed: 1,182] [added: 999] | | |

| Total current liabilities | | | [removed: 26,631] [added: 27,980] | | | | | | [removed: 25,891] [added: 26,631] | | |

| Noncurrent debt | | | [removed: 8,427] [added: 8,433] | | | | | | [removed: 9,419] [added: 8,427] | | |

| Noncurrent operating lease liabilities | | | [removed: 2,644] [added: 2,380] | | | | | | [removed: 2,897] [added: 2,644] | | |

| Other noncurrent liabilities | | | [removed: 2,475] [added: 2,962] | | | | | | [removed: 2,283] [added: 2,475] | | |

| Total liabilities | | | [removed: 40,177] [added: 41,755] | | | | | | [removed: 40,490] [added: 40,177] | | |

Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 5, 2025 expressed an unqualified opinion thereon.

March 5, 2025

March 5, 2025

| Unearned revenue | | | 20,743 | | | | | | 19,003 | | |

| Net income | | | | | | | | | | | | | | | $ | 6,197 | | | | | $ | 4,136 | | | | | $ | 208 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Common stock repurchased | | | 0 | | | | | | 0 | | | | | | (30) | | | | | | (7,815) | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | (7,815) | | |

| Cash dividends declared | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | 0 | | | | | | 0 | | | | | | (1,549) | | | | | | (1,549) | | |

| Balance at January 31, 2025 | | | 1,056 | | | | | | 1 | | | | | | (94) | | | | | | (19,507) | | | 64,576 | | | | | | (266) | | | | | | 16,369 | | | | | | 61,173 | | |

| Net income | | | | | | | | | | | | | | | $ | 6,197 | | | | | $ | 4,136 | | | | | $ | 208 | |

| Payments of dividends | | | | | | | | | | | | | | | (1,537) | | | | | | 0 | | | | | | 0 | | |

During the third quarter of fiscal 2025, the Company introduced Agentforce, a new layer of the trusted Salesforce Platform that enables companies to build and deploy AI agents that can respond to inputs, make decisions and take action autonomously across business functions.

Agentforce includes a suite of customizable agents for use across sales, service, marketing and commerce.

Additionally, the measure of segment assets is reported on the balance sheet as total consolidated assets.

The Company’s significant segment expenses, which are the expenses included in operating income as well as losses on strategic investments, and other segment items, which includes other income (expense) and benefit from (provision for) income taxes, are included in the Company’s consolidated statement of operations.

Additionally, further components of the Company’s measure of profit or loss, which is net income, are included throughout the Company’s financial statements.

As of January 31, 2025, the Company held four investments, all privately held, with carrying values that were individually greater than five percent of its total strategic investments portfolio and represented approximately 24 percent of the portfolio in the aggregate.

at the point in time when the software is made available to the customer.

Other privately held investments not classified as debt or equity securities are recorded at cost and adjusted for impairment events, with any associated gains and losses recorded through losses on strategic investments, net on the consolidated statements of operations.

The Company recognizes stock-based compensation expense related to restricted stock units, restricted stock awards, and stock

dollars are recorded as a separate component on the consolidated statements of comprehensive income.

New Accounting Pronouncements Adopted in Fiscal 2025

The Company adopted ASU 2023-07 in the fourth quarter of fiscal year 2025 on a retrospective basis.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disaggregation of certain costs in a separate note to the financial statements, such as the amounts of employee compensation, depreciation and intangible asset amortization, included in each relevant expense caption in annual and interim consolidated financial statements.

The Company is evaluating the effect that ASU 2024-03 will have on its financial statement disclosures.

| | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | |

| As of January 31, 2025 | | | $ | 30.2 | | | | | $ | 33.2 | | | | | $ | 63.4 | |

| Total marketable securities | | | $ | 5,215 | | | | | $ | 9 | | | | | $ | (40) | | | | | $ | 5,184 | |

| | | | January 31, 2025 | | | | | | January 31, 2024 | | |

| | | | $ | 5,184 | | | | | $ | 5,722 | |

Interest income from marketable securities for fiscal 2025, 2024 and 2023 was $647 million, $527 million and $199 million, respectively, and is included in other income (expense) in the consolidated statements of operations.

| Balance as of January 31, 2025 | | | $ | 69 | | | | | $ | 4,617 | | | | | $ | 166 | | | | | $ | 4,852 | |

| | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Total assets | | | $ | 4,442 | | | | | $ | 7,568 | | | | | $ | 0 | | | | | $ | 12,010 | |

| | | | 2025 | | | | | | 2024 | | |

| | | | | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Balance at January 31, 2021 | | | 919 | | | | | | $ | 1 | | | | | 0 | | | | | | $ | 0 | | $ | 35,601 | | | | | $ | (42) | | | | | $ | 5,933 | | | | | $ | 41,493 | |

| Shares issued related to business combinations | | | 46 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | 11,269 | | | | | | 0 | | | | | | 0 | | | | | | 11,269 | | |

| Proceeds from issuance of debt, net of issuance costs | | | | | | | | | | | | | | | 0 | | | | | | 0 | | | | | | 7,906 | | |

| Repayments of Slack Convertible Notes, net of capped call proceeds | | | | | | | | | | | | | | | 0 | | | | | | 0 | | | | | | (1,197) | | |

| Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Fair value of equity awards assumed | | | | | | | | | | | | | | | $ | 0 | | | | | $ | 7 | | | | | $ | 205 | |

| Fair value of common stock issued as consideration for business combinations | | | | | | | | | | | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 11,064 | |

reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss patterns.

The Company may enter into strategic investments or other investments that are considered variable interest entities (“VIEs”).

If the Company is a primary beneficiary of a VIE, it is required to consolidate the entity.

To determine if the Company is the primary beneficiary of a VIE, the Company evaluates whether it has (1) the power to direct the activities that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The assessment of whether the Company is the primary beneficiary of its VIE investments requires significant assumptions and judgments.

VIEs that are not consolidated are accounted for under the measurement alternative, equity method, amortized cost, or other appropriate methodology based on the nature of the interest held.

The Company did not consolidate any VIEs as of January 31, 2024 and January 31, 2023.

program is not designated for trading or speculative purposes.

This includes but is not limited to significant adverse changes in business climate, market conditions or other events that indicate an asset's carrying amount may not be recoverable.

The estimated forfeiture rate applied is based on historical forfeiture rates.

The ESPP also allows employees to

The Company’s enterprise cloud computing services are typically warranted to perform in a manner consistent with general industry standards that are reasonably applicable and materially in accordance with the Company’s online help documentation under normal use and circumstances.

costs as a result of such obligations and has not accrued any material liabilities related to such obligations in the accompanying consolidated financial statements.

The Company is evaluating the effect of adopting ASU 2023-09.

| Unearned revenue, beginning of period | | | | | | | | | | | | | | | $ | 17,376 | | | | | $ | 15,628 | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| As of January 31, 2023 | | | $ | 24.6 | | | | | $ | 24.0 | | | | | $ | 48.6 | |

| Total marketable securities | | | $ | 5,634 | | | | | $ | 5 | | | | | $ | (147) | | | | | $ | 5,492 | |

| | | | $ | 5,722 | | | | | $ | 5,492 | |

| Total assets | | | $ | 1,843 | | | | | $ | 8,163 | | | | | $ | 0 | | | | | $ | 10,006 | |

| Thereafter | | | 1,025 | | | | | | 0 | | |

| Total | | | $ | 3,162 | | | | | $ | 974 | |

For the goodwill balance, there is some basis for foreign income tax purposes but no basis for U.S. income tax purposes.

Slack Technologies, Inc.

On July 21, 2021, the Company acquired all outstanding stock of Slack Technologies, Inc. (“Slack”), a leading channel-based messaging platform.

The acquisition date fair value of the consideration transferred for Slack was approximately $27.1 billion, which consisted of $15.8 billion of cash paid, $11.1 billion of common stock issued, and $205 million related to the fair value of stock options, restricted stock units and restricted stock awards assumed.

The Company recorded $21.4 billion of goodwill which is primarily attributed to the assembled workforce and expanded market opportunities, including integrating the Slack product offering with existing Company service offerings in a digital-first, work anywhere world for which there is no basis for U.S. income tax purposes.

The Company assumed unvested stock options, restricted stock units and restricted stock awards with an estimated fair value of $1.7 billion.

Of the total consideration, $205 million was allocated to the purchase consideration and $1.5 billion was allocated to future services and will be expensed over the remaining service periods on a straight-line basis.

Acumen Solutions, Inc.

In February 2021, the Company acquired all outstanding stock of Acumen Solutions, Inc. (“Acumen”), a professional services firm that provides innovative and critical solutions to clients using the Company’s service offerings and other advanced cloud technologies.

| Acquired developed technology | | | $ | 4,844 | | | | | $ | (220) | | | | | $ | 4,624 | | | | | $ | (2,471) | | | | | $ | (737) | | | | | $ | (3,208) | | | | | $ | 2,373 | | | | | $ | 1,416 | | | | | 2.2 | | |

Based on management’s evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are designed to, and are effective to, provide assurance at a reasonable level, that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission [added: (“SEC”)] rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of January 31, [removed: 2024] [added: 2025] based on the guidelines established in the *Internal Control—Integrated Framework* (2013 framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Based on the results of our evaluation, our management concluded that our internal control over financial reporting was effective as of January 31, [removed: 2024.][added: 2025.]

The effectiveness of our internal control over financial reporting as of January 31, [removed: 2024] [added: 2025] has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in its report which is included in Item 8 of this Annual Report on Form 10-K.

There was no change in our internal control over financial reporting that occurred during the quarter ended January 31, [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

During the three months ended January 31, [removed: 2024,] [added: 2025,] none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K), except as follows.

On [removed: December 29, 2023,] [added: January 9, 2025,] Marc Benioff, Chair and Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to [removed: 750,000] [added: 353,684] shares of the Company’s common stock, subject to certain conditions, through [removed: June 10, 2024.][added: March 20, 2026 (or the date all shares are sold under the arrangement, if earlier).]

On December [removed: 22, 2023, Brian Millham, President] [added: 17, 2024, Parker Harris, Co-Founder] and Chief [removed: Operating] [added: Technology] Officer, [added: Slack,] adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to [removed: 532,554] [added: 150,662] shares of the Company’s common stock, subject to certain conditions, through December [removed: 31, 2024.][added: 15, 2025 (or the date all shares are sold under the arrangement, if earlier).]

On December 13, 2023, Srinivas Tallapragada, President and Chief Engineering Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 50,051 shares of the Company’s common stock, subject to certain conditions, through December 31, 2024.

The information concerning our directors, our Audit [removed: Committee] [added: Committee, our Insider Trading Policy] and any changes to the process by which stockholders may recommend nominees to the Board required by this Item are incorporated herein by reference to information contained in the Proxy Statement, including “Directors and Corporate [removed: Governance”] [added: Governance,” “Insider Trading Policy”] and, as applicable, “Delinquent Section 16(a) Reports.”

We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding amendment to, or waiver from, a provision of our Code of Conduct by posting such information on the website address and location specified above.

We plan to post on our website at the address described above future amendments and waivers of our Code of Conduct as required under applicable NYSE and SEC rules.

The information required by this Item is incorporated herein by reference to information contained in the Proxy Statement, including “Compensation Discussion and Analysis,” [added: “Summary Compensation Table,” “Grants of Plan-Based Awards Table,” “Outstanding Equity Awards at Fiscal 2025 Year-End Table,” “Options Exercised and Stock Vested Table,”] “Committee Reports,” “Directors and Corporate Governance” and [removed: “Executive Compensation] [added: “Employment Contracts] and [removed: Other Matters.”][added: Certain Transactions.”]

The information required by this Item is incorporated herein by reference to information contained in the Proxy Statement, including “Ratification of Appointment of Independent [removed: Auditors.”][added: Auditor.”]

*Financial Statements*: The information concerning our financial statements, and Report of Independent Registered Public Accounting Firm required by this Item is incorporated by reference herein to the section of this Annual Report on Form 10-K in Item 8, entitled “Financial [removed: Statements.”][added: Statements and Supplementary Data.”]

| 3.1 | | | | | | [Restated Certificate of Incorporation of Salesforce, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1108524/000119312522094496/d347891dex31.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000014/ex32-restatedcertificate.htm)] | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | [removed: 3.1] [added: 3.2] | | | | | | [removed: 4/4/2022] [added: 7/1/2024] | | |

| 3.2 | | | | | | [Amended and Restated Bylaws of Salesforce, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000063/ex31-arbylawseffective1215.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1108524/000110852422000063/ex31-arbylawseffective1215.htm)] | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 3.1 | | | | | | [removed: 12/16/2022] [added: 12/10/2024] | | |

| 4.1 | | | | | | [Specimen Common Stock [removed: Certificate](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex041-specimenstockcertifi.htm)] [added: Certificate](https://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex041-specimenstockcertifi.htm)] | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 4.1 | | | | | | 6/1/2022 | | |

| 4.2 | | | | | | [Indenture, dated April 11, 2018, between [removed: the](http://www.sec.gov/Archives/edgar/data/1108524/000119312518114339/d543436dex41.htm) [Registrant](http://www.sec.gov/Archives/edgar/data/1108524/000119312518114339/d543436dex41.htm)] [added: the](https://www.sec.gov/Archives/edgar/data/1108524/000119312518114339/d543436dex41.htm) [Registrant](https://www.sec.gov/Archives/edgar/data/1108524/000119312518114339/d543436dex41.htm)] [and U.S. Bank National Association, as [removed: trustee](http://www.sec.gov/Archives/edgar/data/1108524/000119312518114339/d543436dex41.htm)] [added: trustee](https://www.sec.gov/Archives/edgar/data/1108524/000119312518114339/d543436dex41.htm)] | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 4.1 | | | | | | 4/11/2018 | | |

| 4.3 | | | | | | [First Supplemental Indenture, dated April 11, 2018, between the Registrant and U.S. Bank National Association, as trustee (including Forms of 2023 and 2028 [removed: Notes)](http://www.sec.gov/Archives/edgar/data/1108524/000119312518114339/d543436dex42.htm)] [added: Notes)](https://www.sec.gov/Archives/edgar/data/1108524/000119312518114339/d543436dex42.htm)] | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 4.2 | | | | | | 4/11/2018 | | |

| 4.4 | | | | | | [Second Supplemental Indenture, dated July 12, 2021, between the Registrant and U.S. Bank National Association, as trustee (including Forms of the 2024, 2031, 2041, 2051, 2061 and Sustainability [removed: Notes)](http://www.sec.gov/Archives/edgar/data/1108524/000119312521213170/d203000dex42.htm)] [added: Notes)](https://www.sec.gov/Archives/edgar/data/1108524/000119312521213170/d203000dex42.htm)] | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 4.2 | | | | | | 7/12/2021 | | |

| [removed: 4.8] [added: 4.5] | | | | | | [Description of the Registrant’s Capital [removed: Stock](http://www.sec.gov/Archives/edgar/data/1108524/000110852423000011/ex0408-descriptionofcommon.htm)] [added: Stock](https://www.sec.gov/Archives/edgar/data/1108524/000110852423000011/ex0408-descriptionofcommon.htm)] | | | | | | | | | | | | 10-K | | | | | | 001-32224 | | | | | | 4.8 | | | | | | 3/8/2023 | | |

| 10.1* | | | | | | [Salesforce, Inc. Amended and Restated 2013 Equity Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000027/ex43-2013amendedandrestate.htm)] [added: Plan](https://www.sec.gov/ix?doc=/Archives/edgar/data/1108524/000110852424000014/crm-20240627.htm)] | | | | | | | | | | | | [removed: S-8] [added: 8-K] | | | | | | [removed: 333-272599] [added: 001-32224] | | | | | | [removed: 4.3] [added: 10.1] | | | | | | [removed: 6/12/2023] [added: 7/1/2024] | | |

| 10.2* | | | | | | [Salesforce, Inc. Amended and Restated 2004 Employee Stock Purchase [removed: Plan](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000027/ex44-2004amendedandrestate.htm)] [added: Plan](https://www.sec.gov/ix?doc=/Archives/edgar/data/1108524/000110852424000005/crm-20240131.htm)] | | | | | | | | | | | | S-8 | | | | | | 333-265555 | | | | | | 4.4 | | | | | | 6/13/2022 | | |

| 10.3* | | | | | | [Form of Indemnification Agreement between the Registrant and its officers and [removed: directors](http://www.sec.gov/Archives/edgar/data/1108524/000119312504065496/dex101.htm)] [added: directors](https://www.sec.gov/ix?doc=/Archives/edgar/data/1108524/000110852424000005/crm-20240131.htm)] | | | | | | | | | | | | S-1/A | | | | | | 333-111289 | | | | | | 10.1 | | | | | | 4/20/2004 | | |

| 10.4* | | | | | | [MetaMind, Inc. 2014 Stock Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/1108524/000110852416000067/ex41s-8.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852416000067/ex41s-8.htm)] | | | | | | | | | | | | S-8 | | | | | | 333-211510 | | | | | | 4.1 | | | | | | 5/20/2016 | | |

| 10.5* | | | | | | [removed: [2014] [added: [Salesforce, Inc.] Amended and Restated [added: 2014] Inducement Equity Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex103-2014inducementplan.htm)] [added: Plan](https://www.sec.gov/ix?doc=/Archives/edgar/data/1108524/000110852424000009/crm-20240430.htm)] | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.3 | | | | | | [removed: 6/1/2022] [added: 5/30/2024] | | |

| 10.6* | | | | | | [Related forms of equity agreements under the Amended and Restated 2013 Equity Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex104-2013eipforms.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex104-2013eipforms.htm)] | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.4 | | | | | | 6/1/2022 | | |

| 10.7* | | | | | | [Related forms of equity agreements under the Amended and Restated 2004 Employee Stock Purchase [removed: Plan](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex105-esppform.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex105-esppform.htm)] | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.5 | | | | | | 6/1/2022 | | |

| 10.8* | | | | | | [Related forms of equity agreements under the Amended and Restated 2014 Inducement Equity Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex106-2014amendedandrestat.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex106-2014amendedandrestat.htm)] | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.6 | | | | | | 6/1/2022 | | |

| [removed: 10.9*] [added: 10.13*] | | | | | | [Amended and Restated [removed: Gratitude] [added: Annual Performance] Bonus [removed: Plan](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex107-amendedandrestatedgr.htm)] [added: Plan](https://www.sec.gov/ix?doc=/Archives/edgar/data/1108524/000110852424000009/crm-20240430.htm)] | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | [removed: 10.7] [added: 10.1] | | | | | | [removed: 6/1/2022] [added: 5/30/2024] | | |

| [removed: 10.10*] [added: 10.14*] | | | | | | [Traction Sales and Marketing Inc. Equity Incentive [removed: Plan](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000028/ex43-tractionequityplan.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852422000028/ex43-tractionequityplan.htm)] | | | | | | | | | | | | S-8 | | | | | | 333-265557 | | | | | | 4.3 | | | | | | 6/13/2022 | | |

| [removed: 10.11*] [added: 10.16*] | | | | | | [removed: Form] [added: [Form] of Performance-Based Restricted Stock Unit [removed: Agreement] [added: Agreement](https://www.sec.gov/Archives/edgar/data/1108524/000110852423000023/ex101-fy24prsuagreementform.htm)] | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.1 | | | | | | 6/1/2023 | | |

| [removed: 10.12*] [added: 10.17*] | | | | | | [Form of Change of Control and Retention Agreement as entered into with Marc [removed: Benioff](http://www.sec.gov/Archives/edgar/data/1108524/000119312509048665/dex1013.htm)] [added: Benioff](https://www.sec.gov/Archives/edgar/data/1108524/000119312509048665/dex1013.htm)] | | | | | | | | | | | | 10-K | | | | | | 001-32224 | | | | | | 10.13 | | | | | | 3/9/2009 | | |

| [removed: 10.13*] [added: 10.18*] | | | | | | [Form of Change of Control and Retention Agreement as entered into with Parker [removed: Harris](http://www.sec.gov/Archives/edgar/data/1108524/000119312509048665/dex1014.htm)] [added: Harris](https://www.sec.gov/Archives/edgar/data/1108524/000119312509048665/dex1014.htm)] | | | | | | | | | | | | 10-K | | | | | | 001-32224 | | | | | | 10.14 | | | | | | 3/9/2009 | | |

| [removed: 10.14*] [added: 10.19*] | | | | | | [Form of Change of Control and Retention Agreement entered into with non-CEO Executive Officers after [removed: 2014](http://www.sec.gov/Archives/edgar/data/1108524/000110852420000014/ex1016-changeincontrol.htm)] [added: 2014](https://www.sec.gov/Archives/edgar/data/1108524/000110852420000014/ex1016-changeincontrol.htm)] | | | | | | | | | | | | 10-K | | | | | | 001-32224 | | | | | | 10.16 | | | | | | 3/5/2020 | | |

| [removed: 10.15*] [added: 10.20*] | | | | | | [Retention Agreement, dated February 10, 2021, between the Registrant and Brian [removed: Millham](http://www.sec.gov/Archives/edgar/data/1108524/000110852423000023/ex102-brianmillhamretentio.htm)] [added: Millham](https://www.sec.gov/Archives/edgar/data/1108524/000110852423000023/ex102-brianmillhamretentio.htm)] | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.2 | | | | | | 6/1/2023 | | |

| [removed: 10.16*] [added: 10.21*] | | | | | | [Aircraft Time Sharing Agreement, dated March 17, 2020, between the Registrant and Marc [removed: Benioff](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000008/ex1017-aircrafttimesharing.htm)] [added: Benioff](https://www.sec.gov/Archives/edgar/data/1108524/000110852422000008/ex1017-aircrafttimesharing.htm)] | | | | | | | | | | | | 10-K | | | | | | 001-32224 | | | | | | 10.17 | | | | | | 3/17/2021 | | |

| [removed: 10.17*] [added: 10.22*] | | | | | | [Non-Employee Director Compensation [removed: Program and related form of Director RSU Agreement](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000005/ex1017-nonxemployeedirecto.htm)] [added: Program](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex1022-nonxemployeedirecto.htm)] | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10.18] [added: 10.27] | | | | | | [Office Lease, dated April 10, 2014, between the Registrant and Transbay Tower [removed: LLC](http://www.sec.gov/Archives/edgar/data/1108524/000144530514002370/crm-ex102x2014430xq1.htm)] [added: LLC](https://www.sec.gov/Archives/edgar/data/1108524/000144530514002370/crm-ex102x2014430xq1.htm)] | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.2 | | | | | | 5/30/2014 | | |

| [removed: 10.19] [added: 10.28] | | | | | | [Purchase and Sale Agreement, dated November 10, 2014, between the Registrant and 50 Fremont Tower, [removed: LLC](http://www.sec.gov/Archives/edgar/data/1108524/000110852414000023/a50fremontpsafullyexecut.htm)] [added: LLC](https://www.sec.gov/Archives/edgar/data/1108524/000110852414000023/a50fremontpsafullyexecut.htm)] | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.2 | | | | | | 11/26/2014 | | |

| [removed: 10.21] [added: 10.29] | | | | | | [Credit Agreement, dated as of [removed: December 23, 2020,] [added: October 31, 2024,] by and [removed: among the Registrant, the] [added: among](https://www.sec.gov/Archives/edgar/data/1108524/000119312524251243/d854367dex101.htm) [the Re](https://www.sec.gov/Archives/edgar/data/1108524/000119312524251243/d854367dex101.htm)[gistrant,](https://www.sec.gov/Archives/edgar/data/1108524/000119312524251243/d854367dex101.htm) [the] lenders and [removed: other parties] [added: issuing lenders] party thereto, and Bank of America, N.A., as Administrative [removed: Agent.](http://www.sec.gov/Archives/edgar/data/1108524/000119312520325960/d196105dex102.htm)] [added: Agent](https://www.sec.gov/Archives/edgar/data/1108524/000119312524251243/d854367dex101.htm)] | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | [removed: 10.2] [added: 10.1] | | | | | | [removed: 12/23/2020] [added: 11/5/2024] | | |

| 21.1 | | | | | | [List of [removed: Subsidiaries](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000005/ex211listofsubsidiariesfy24.htm)] [added: Subsidiaries](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex211listofsubsidiariesfy25.htm)] | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000005/ex231eyconsentfy24.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex231eyconsentfy25.htm)] | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 24.1 | | | | | | [Power of Attorney (incorporated by reference to the signature page of this Annual Report on Form [removed: 10-K)](#ib8b12f1c0e904d5cb827a8a1d436f705_481)] [added: 10-K)](#i018294b7ed784701b6525d041dc8b576_487)] | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 31.1 | | | | | | [Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000005/ex311-ceocertq4fy24.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex311-ceocertq4fy25.htm)] | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 31.2 | | | | | | [Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000005/ex312-cfocertq4fy24.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex312-cfocertq4fy25.htm)] | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 32.1 | | | | | | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000005/ex321-soxcertsq4fy24.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex321-soxcertsq4fy25.htm)] | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 97.01] [added: 97.1] | | | | | | [Executive Officer [removed: Incentive] [added: Incent](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000005/ex9701-clawbackpolicy.htm)[ive] Compensation Recovery Policy](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000005/ex9701-clawbackpolicy.htm) | | | | | | [removed: X] | | | | | | [added: 10-K] | | | | | | [added: 001-32224] | | | | | | [added: 97.01] | | | | | | [added: 3/6/2024] | | |

| Dated: March [removed: 6, 2024] [added: 5, 2025] | | | | | | | | | | | | | | | | | | | | |

| /s/ Marc Benioff | | | | | | Chair of the Board and Chief Executive Officer (Principal Executive Officer) | | | | | | March [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Amy Weaver | | | | | | President and Chief Financial Officer (Principal Financial Officer) | | | | | | March [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Sundeep Reddy | | | | | | Executive Vice President and Chief Accounting Officer (Principal Accounting Officer) | | | | | | March [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Laura Alber | | | | | | Director | | | | | | March [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Craig Conway | | | | | | Director | | | | | | March [removed: 6, 2024] [added: 5, 2025] | | |

| 10.9* | | | | | | [Forms of equity award agreements under the Amended and Restated 2013 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000009/ex104-2013equityincentivep.htm) | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.4 | | | | | | 5/30/2024 | | |

| 10.10* | | | | | | [Form of Restricted Stock Unit Agreement under the Amended and Restated 2014 Inducement Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000009/crm-20240430.htm#ib9675423bc2142418ba2cc6939bd57dd_472) | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.5 | | | | | | 5/30/2024 | | |

| 10.11* | | | | | | [Forms of equity award agreements under the Amended and Restated 2013 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex1011-equityawardagreemen.htm) | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.12* | | | | | | [Form of stock option agreement under the Amended and Restated 2014 Inducement Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex1012-stockoptionagreemen.htm) | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.15* | | | | | | [Tenyx, Inc. 2021 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000029/ex43-tenyxplan.htm) | | | | | | | | | | | | S-8 | | | | | | 333-282514 | | | | | | 4.3 | | | | | | 10/4/2024 | | |

| 10.23* | | | | | | [Offer Letter, dated June 8, 2023, between the Registrant and Sabastian Niles](https://www.sec.gov/ix?doc=/Archives/edgar/data/1108524/000110852424000009/crm-20240430.htm) | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.6 | | | | | | 5/30/2024 | | |

| 10.24* | | | | | | [Transition Agreement, dated August 28, 2024, between the Registrant and Amy Weaver](https://www.sec.gov/ix?doc=/Archives/edgar/data/1108524/000110852424000034/crm-20241031.htm) | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.3 | | | | | | 12/4/2024 | | |

| 10.25* | | | | | | [Offer Letter, dated February 5, 2025, between the Registrant and Robin Washington](https://www.sec.gov/Archives/edgar/data/1108524/000119312525020881/d926032dex101.htm) | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 10.1 | | | | | | 2/5/2025 | | |

| 10.26* | | | | | | [Amendment to Transition Agreement, dated](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex1026-amyweavertransition.htm) [March 4](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex1026-amyweavertransition.htm)[, 2025, between the Registrant and Amy Weaver](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex1026-amyweavertransition.htm) | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 19 | | | | | | [Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex19-insidertradingpolicy.htm) | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 99.1 | | | | | | [Cash Severance Limitation Policy](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000006/ex991-cashseverancelimitat.htm) | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Dated: March 5, 2025 | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4.5 | | | | | | [Indenture, dated April 9, 2020, between Slack Technologies, Inc. and U.S. Bank National Association, as trustee](http://www.sec.gov/Archives/edgar/data/0001764925/000176492520000319/ex41indenture.htm) | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 4.1 | | | | | | 7/21/2021 | | |

| 4.6 | | | | | | [First Supplemental Indenture, dated as of February 10, 2021, between Slack Technologies, Inc. and U.S. Bank National Association, as trustee](http://www.sec.gov/Archives/edgar/data/1764925/000119312521037224/d11789dex41.htm) | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 4.2 | | | | | | 7/21/2021 | | |

| 4.7 | | | | | | [Second Supplemental Indenture, dated July 21, 2021, by and among Slack Technologies, Inc., the Registrant, Skyline Strategies II LLC and U.S. Bank National Association, as trustee](http://www.sec.gov/Archives/edgar/data/1108524/000119312521220235/d159530dex43.htm) | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 4.3 | | | | | | 7/21/2021 | | |

| 10.20 | | | | | | [Credit Agreement, dated as of December 23, 2020, by and among the Registrant, the lenders and other parties party thereto, and Citibank, N.A., as Administrative Agent, Swingline Lender and an Issuing Lender, as amended by Amendment No. 1, dated as of April 4, 2022](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex109-amendmentno1torevolv.htm)[, and Amendment No. 2, dated as of May 8, 2023.](http://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex109-amendmentno1torevolv.htm) | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | 10.3 | | | | | | 6/1/2023 | | |

| 10.22 | | | | | | [Nomination and Cooperation Agreement between Salesforce, Inc. and ValueAct Capital Management L.P., dated January 27, 2023](http://www.sec.gov/Archives/edgar/data/1108524/000119312523017661/d103146dex991.htm) | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 99.1 | | | | | | 1/27/2023 | | |

| | | | | | | | | | | | | | | |

| /s/ Susan Wojcicki | | | | | | Director | | | | | | March 6, 2024 | | |

| Susan Wojcicki | | | | | | | | | | | | | | |