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

- Any breaches in our security measures or those of our third-party data center [removed: hosting facilities,] [added: providers,] cloud computing platform [removed: providers] [added: providers, customers, partners,] or [added: other] third-party [removed: service partners,] [added: vendors,] or the underlying [removed: infrastructure of the] Internet [added: infrastructure] that cause unauthorized access [removed: to a customer’s] [added: to, disclosure, alteration, corruption, destruction or loss of customer] data, our data or our IT systems, or [removed: the blockage or disablement] [added: disruption] of authorized access [removed: to our services.][added: thereto.]

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

- A more time-consuming and expensive sales cycle, pricing pressure and implementation and configuration challenges [removed: as we target more of our] [added: for] sales efforts [removed: at] [added: to] larger enterprise customers.

- Any discontinuance by third-party developers and [removed: providers] [added: vendors] in embracing our technology delivery model and enterprise cloud computing services, or customers asking us for warranties for third-party applications, integrations, data and content.

- [removed: Social] [added: Social, ethical,] and [removed: ethical] [added: regulatory] issues, including the [added: development, deployment,] use or capabilities of AI in our offerings.

- The evolving landscape related to [removed: ESG] [added: environmental, social and governance] matters.

- Privacy concerns and laws as well as evolving regulation of cloud computing, [added: AI services,] increased restriction of cross-border data transfers and other regulatory developments.

- Volatility in [removed: the market price of] our [removed: common] stock [added: price] and associated litigation.

- Provisions in our [removed: certificate of incorporation and bylaws] [added: governing documents] and Delaware law that might discourage, delay or prevent a change of control of the Company or changes in our management.

- The occurrence of natural disasters and other [added: catastrophic] events beyond our control.

If our security [removed: measures] [added: measures,] or those of our third-party data center [removed: hosting facilities,] [added: providers,] cloud computing platform [removed: providers or third-party service] [added: providers, customers,] partners, [added: other third-party vendors] or the underlying [removed: infrastructure of the] Internet [added: infrastructure,] are [removed: breached, and] [added: breached or otherwise compromised, resulting in the] unauthorized access [removed: is obtained to a customer’s] [added: to, disclosure, alteration, corruption, destruction or loss of customer] data, our data or our IT systems, or [added: disruption of] authorized access [removed: is blocked or disabled,] [added: thereto,] our services may be perceived as [removed: not being secure,] [added: insecure,] customers may [removed: curtail] [added: reduce] or [removed: stop using] [added: terminate their use of] our services, and we may incur significant reputational harm, legal [removed: exposure and liabilities,] [added: liability, regulatory scrutiny] or a negative financial impact.

Our services and underlying infrastructure [added: have in the past and] may in the future be [removed: materially] breached or [removed: compromised] [added: compromised, including, for example,] as a result of the following:

- [removed: third-party] attempts to fraudulently induce our employees, [removed: partners] [added: customers, partners,] or [removed: customers] [added: third-party vendors] to disclose sensitive information to gain [added: unauthorized] access to our [removed: customers’ data] or [removed: IT systems, or] our [added: customers’] data or [removed: our] IT systems;

- efforts by [removed: hackers or sophisticated groups, such as] [added: threat actors, including] criminal organizations, state-sponsored [removed: organizations or] [added: actors and] nation-states, to launch coordinated cyberattacks [added: or supply chain attacks] on [removed: internally built] [added: our] infrastructure or [removed: on] [added: that of our] third-party [removed: cloud-computing platform providers,] [added: vendors,] including [added: through] ransomware, destructive [removed: malware and] [added: malware,] distributed denial-of-service [removed: attacks;][added: attacks or exploitation of previously unknown “zero-day” vulnerabilities;]

- [removed: third-party] attempts to [removed: abuse] [added: misuse] our marketing, advertising, messaging or social products and functionalities to impersonate persons or organizations and disseminate information that is false, misleading or malicious;

- vulnerabilities in [removed: the] products or components [removed: across] [added: within] the broad ecosystem [removed: that] [added: in which] our services operate [removed: in conjunction with] and [removed: are dependent on;][added: upon which they depend;]

- attacks on, or vulnerabilities in, the [removed: many different] underlying networks and services that power the Internet [removed: that] [added: on which] our products [removed: depend on,] [added: depend,] most of which are not under our control or the control of our [added: third-party] vendors, partners or customers; and

- employee or contractor [removed: errors] [added: errors, omissions] or intentional acts that compromise our security systems.

[removed: We] [added: Although we devote significant resources to protecting our data and IT systems, we] can provide no assurances that our security measures, including [removed: implemented] systems and processes designed to protect [added: the confidentiality, integrity and availability of] our customers’ and our customers’ customers’ proprietary and [removed: other] sensitive data, will [removed: provide absolute security or otherwise] be effective or that a material [removed: breach] [added: cybersecurity incident] will not occur.

[removed: For example, our] [added: Our] ability to mitigate these risks may be impacted by the following:

- the increasing complexity of our internal IT systems as we [removed: incorporate and secure IT environments from] [added: integrate] acquired [removed: companies] [added: businesses] and [removed: early adoption of] [added: adopt] new technologies and [removed: new ways of sharing data;] [added: data-sharing models;] and

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

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

[removed: Although,] [added: Although] to [removed: date, such] [added: date we have not] identified [added: any] security [removed: events] [added: incidents involving our systems that] have [removed: not] had a material financial [removed: impact,] [added: impact on us,] there can be no assurance that future [removed: cyberattacks] [added: incidents] will not be material or significant.

A [removed: security breach or] [added: cybersecurity] incident could result in unauthorized [removed: parties obtaining] access to, or the [added: loss or] denial of authorized access to, our IT systems or data, or [added: those of] our [removed: customers’ systems or data,] [added: customers,] including intellectual property and [added: other] proprietary, sensitive or [removed: other] confidential information.

We [removed: have contractual] [added: are subject to contractual, regulatory] and other legal obligations to notify relevant stakeholders of [added: certain] security [removed: breaches.][added: incidents.]

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 [removed: any] such incident.

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

Further, there can be no assurance that our insurance coverage will be sufficient [added: in type or amount] to cover the [removed: financial, legal, business, or reputational] losses [removed: that may result] [added: arising] from a cybersecurity [removed: incident or breach of our IT systems.][added: incident.]

[removed: Finally, the] [added: In addition, prevention,] detection, [removed: prevention] [added: investigation] and remediation of [removed: known] [added: actual] or [removed: potential security vulnerabilities,] [added: suspected vulnerabilities or incidents,] including determining whether [removed: a cybersecurity incident is notifiable] [added: notification] or [removed: reportable,] [added: disclosure is required,] may not be [removed: straightforward and] [added: straightforward,] may result in [removed: additional financial burdens due to additional] [added: significant] direct and indirect [removed: costs to respond to or alleviate problems caused by the actual or perceived security breach, such as additional] [added: costs, including increased] infrastructure [removed: capacity] [added: and security] spending [removed: to mitigate any system degradation] and the [removed: reallocation] [added: diversion] of resources from development activities.

We have in the past and may in the future [removed: find] [added: identify] defects in or experience disruptions to our services.

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

We have experienced and may in the future experience defects in [added: our,] our [added: customers’, or third-party vendors’] products [removed: that] [added: and components, which may] create vulnerabilities that inadvertently permit [added: unauthorized] access to protected customer data.

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

Vulnerabilities in [removed: open source or any] [added: open-source,] proprietary or third-party [removed: product] [added: products and components] can persist even after security patches have been issued if [removed: customers have] [added: updates are] not [removed: installed the most recent updates,] [added: timely implemented] or if [removed: the attackers exploited the] [added: threat actors exploit] vulnerabilities before [removed: patching was] [added: remediation is] complete.

Since our customers [removed: use] [added: rely on] our [added: products and] services for important aspects of their [removed: business,] [added: operations,] errors, defects, [removed: disruptions in] service [added: disruptions] or other performance [removed: problems] [added: issues] have in the past adversely impacted our [removed: customers’ businesses] [added: customers] and could do so in the future.

As a result, customers could elect to not renew [removed: our services or] [added: their services,] delay or withhold payment [removed: to] [added: or make warranty or other claims against] us.

Any interruptions or delays in services from third parties, including data center hosting facilities, cloud computing platform providers and other hardware and software vendors, as well as [removed: internet availability,] [added: Internet infrastructure,] 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 [removed: currently] rely on third-party data center hosting facilities and cloud computing platform providers located in the United States and other countries, as well as the many different underlying networks and services that power the Internet, to deliver our [removed: products, services] [added: products] and [removed: business operations] [added: services] and [removed: to] operate critical business systems.

We also rely on [removed: computer] hardware purchased or leased from, software licensed from, and cloud computing platforms provided [removed: by,] [added: by] third parties in order to offer our [added: products and] services, including database software, hardware and data from [removed: a variety of] [added: multiple] vendors.

- vulnerabilities arising from new technologies and infrastructures, including those from acquisitions, enhancements and updates to our existing products, and the adoption and deployment of AI technologies within our products, services, internal systems, which may introduce novel security, data governance, or operational risks;

- evolving and increasingly sophisticated techniques used to breach or disrupt IT systems and infrastructure, including the use or exploitation of AI technologies by threat actors to accelerate, scale or personalize cyberattacks, which may increase speed and effectiveness and limit our ability to anticipate, detect or mitigate such threats;

As our market presence grows, we may face increased risks of cyberattacks and other security threats.

Additionally, as AI technologies, including generative and agentic AI, continue to evolve, threat actors are using and exploiting these technologies to enhance the sophistication, scale, speed and effectiveness of security threats that may be more difficult to detect and defend against.

Any delay in detecting, containing, or remediating a cybersecurity incident may result in additional harm, and in certain cases the full scope and impact of any such incident may not be immediately apparent.

Assessing whether an incident is material or reportable may require complex judgment and investigation, and disclosure of an incident may itself adversely affect our reputation, customer relationships and exposure to legal or regulatory proceedings.

Additionally, it may take considerable time for us to investigate and evaluate the full impact of cybersecurity attacks, particularly for sophisticated attacks, which may inhibit our ability to provide prompt, full and reliable information about the incident to our customers, regulators and the public.

Such outcomes could reduce future sales, increase in our allowance for doubtful accounts, increase collection cycles and expose us to litigation and related expenses.

Despite precautions taken at these facilities, such as disaster recovery and business continuity arrangements, unanticipated events, problems, operational failures

or other disruptions could result in prolonged service interruptions, and there can be no assurance that such interruptions would be remediated without significant cost, in a timely manner or at all.

There can be no assurance that such replacement technology would be available or implemented in a timely manner or at all.

Additionally, increased energy consumption, including as a result of AI adoption, climate-related events, energy market volatility, and power grid disruptions may increase the operational costs related to inputs across our value chain, including for data centers.

- in the case of foreign acquisitions, challenges with integrating operations across different cultures and languages and addressing the particular economic, currency, political, cybersecurity, regulatory and market risks associated with certain countries;

For example, in connection with our acquisition of Informatica, we entered into the Informatica Credit Agreements on an unsecured basis.

In November 2025, the Company borrowed the full $6.0 billion available under the Informatica Credit Agreements to finance a portion of the cash consideration for the acquisition, repay existing indebtedness of Informatica and its subsidiaries, and pay related fees, costs, and expenses.

For more information, see Note 9 “Debt” to the consolidated financial statements in Item 8 of Part 2.

For example, in the second quarter of fiscal 2026, we implemented a new enterprise resource planning system (“ERP”).

Among other things, our ERP is essential to our financial planning, reporting, and compliance programs, and any unforeseen problems with our new ERP or in migrating away from previous systems and processes could harm our ability to manage our business.

Furthermore, new AI offerings and technologies, which are integrated into our operations, may disrupt workforce needs and could adversely affect our operations if not managed properly.

Similarly, the rate at which our customers purchase new or enhanced services depends on a

In addition, the markets and monetization strategies for certain offerings, including Agentforce and Data 360, remain relatively new and uncertain and may present additional risks and challenges.

- compliance with complex and evolving governmental laws and regulations, such as those governing AI;

- uncertainty regarding changes in trade policies, including trade wars, the threat or imposition of tariffs or other trade restrictions, as well as any retaliatory actions;

- perceptions of U.S.-based companies in the regions where we operate or plan to operate;

Any failure or perceived

- AI-native companies and emerging startups that leverage generative AI and large language models as the core foundation of their architecture, offering highly specialized, autonomous, or automated solutions that may bypass traditional business process workflows or displace established user interfaces;

result in suboptimal pricing.

These perceptions have in the past, and may in the future, impact our ability to attract or retain employees and customers and may result in negative publicity or reputational harm.

Regulatory frameworks such as the EU Digital Services Act (“DSA”), the EU AI Act and other rapidly evolving and sometimes conflicting global laws and regulations related to AI, privacy and consumer protection could increase compliance costs, restrict features or data flows, delay launches and expose us to penalties or litigation.

As we develop and deploy AI applications in our products and services, including in customer-facing contexts, the speed, scale and complexity of related data processing may increase.

AI applications may be targeted or misused, or may perform in ways that are inaccurate, biased, unreliable or otherwise harmful, or that implicate personal or proprietary data in ways that may be difficult to anticipate, detect or control.

Such issues could result in regulatory scrutiny, litigation, contractual disputes, loss of customer trust or reputational harm.

Inadequate or ineffective AI development, testing, deployment, content labeling, governance, monitoring or oversight, whether by us or others, could result in our AI applications not operating as intended or with reduced functionality, reduced acceptance of our products and services or diminished confidence in the decisions, predictions, analysis or other content that our AI applications produce.

Such risks may be heightened as AI applications are integrated into a broader range of our products and services.

This could subject us to regulatory scrutiny, competitive harm, legal liability and reputational damage.

We may rely in part on third-party models, datasets, cloud infrastructure or other technologies in developing or offering certain AI applications.

Our reliance on such third parties exposes us to risks relating to performance, availability, security vulnerabilities, intellectual property claims, licensing restrictions, cost increases or changes in terms of service.

If a third-party provider modifies, suspends or terminates access to its models, data or infrastructure, or if such technologies fail to perform as expected, our ability to offer, scale or support certain AI applications may be adversely affected, and we may incur additional costs to mitigate such impacts.

The rapid evolution of AI technologies and related regulatory requirements will require the allocation of significant resources to develop, test, monitor and maintain our products and services in order to comply with applicable laws and regulations and to address concerns relating to accuracy, bias, transparency, explainability, security and data provenance.

Moreover,

- vulnerabilities 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 policies and enhance processes and internal security controls, including our ability to escalate and respond to known and potential risks.

- evolving techniques used to 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;

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

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

We could also lose future sales or customers may make warranty or other claims against us, which could result in an increase in our allowance for doubtful accounts, an increase in collection cycles for accounts receivable or the expense and risk of litigation.

They may also be subject to break-ins, sabotage, intentional acts of destruction or vandalism or similar misconduct, as well as local administrative 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 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 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.

We continue to evaluate such opportunities and expect to make such acquisitions in the future.

- challenges entering into new markets in which we have little or no experience or where competitors may have stronger market positions;

- currency and regulatory risks associated with foreign countries and potential additional cybersecurity and compliance risks resulting from entry into new markets;

- 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 teams or our workplace culture;

- difficulties in and financial costs of addressing acquired compensation structures inconsistent with our compensation structure;

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 on transactions involving foreign investments and acquisitions.

Antitrust authorities in a number of countries have also reviewed acquisitions in the technology industry with increased scrutiny.

short term.

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 intend to seek to continue to expand our international sales efforts.

- compliance with complex and evolving governmental laws and regulations, including employment, tax, anti-corruption, import/export, customs, anti-boycott, sanctions and embargoes, antitrust, cybersecurity, sustainability and industry-specific laws and regulations, including rules related to compliance by our third-party resellers;

- uncertainty regarding the imposition of and changes in trade policies, including trade wars, tariffs or other trade restrictions or the threat of such actions, or other geopolitical events, including the evolving relations between the United States and China, the United States and Russia, and ongoing conflicts, such as the war in Ukraine and the regional conflict in the Middle East;

- regional data privacy laws and other regulatory requirements that apply to outsourced service providers and to the transmission of our customers’ data across international borders;

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.

If we do not develop adequate succession planning for our key personnel, the loss of one or more of our key employees or groups of employees could seriously harm our business.

The workforce reduction was substantially completed by the end of fiscal 2024, and real estate actions are expected to be completed by the end of fiscal 2026.

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

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

In addition, we have secured the naming rights to facilities controlled by third parties, such as office towers and a transit center, and any negative events or publicity arising in connection with these facilities could adversely impact our brand.

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

For example, we have been subject to allegations in legal proceedings that we should be liable for the use of certain of our products by third parties.

Although we believe that we have a strong defense against these allegations, legal proceedings can be lengthy, expensive and disruptive to our operations and the outcome of any claims or litigation, regardless of the merits, is inherently uncertain.

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.

This in turn could undermine confidence in the decisions, predictions, analysis or other content that our AI applications produce, subjecting us to competitive harm, legal liability and brand or reputational harm.

The rapid evolution of AI will require the application of resources to develop, test and maintain our products and services to help ensure that AI is implemented ethically in order to minimize unintended, harmful impact.

Known risks of generative AI currently include risks related to accuracy, bias, toxicity, privacy and security and data provenance.

For example, AI technologies, including generative AI, may create content that appears correct but is factually inaccurate or flawed, or contains copyrighted or other protected material, and if our customers or others use this flawed or protected content to their detriment, or the owners of such copyrighted material seek to enforce their rights, we may be exposed to brand or reputational harm, competitive harm and/or legal liability.

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

These laws continue to evolve, including, for example, India’s Digital Personal Data Protection Act 2023, and as various jurisdictions introduce similar proposals, which often include subsequent rules and regulation, we and our customers become subject to additional regulatory burdens.

The following section generally discusses fiscal [removed: 2025] [added: 2026] and [removed: 2024] [added: 2025] items and year-to-year comparisons between fiscal [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] as well as certain fiscal [removed: 2023] [added: 2024] items.

Discussions of fiscal [removed: 2023] [added: 2024] items and year-to-year comparisons between fiscal [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] 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: 2024.][added: 2025.]

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

[removed: In addition to our focus on top line growth levers, we] [added: We] are also focused on reducing our operating expenses to improve our operating margin.

[removed: For example, in January 2023, we announced a] [added: We have undertaken various] restructuring [removed: plan intended] [added: initiatives] to [removed: reduce operating costs,] improve operating margins and continue advancing our ongoing commitment to profitable [removed: growth] [added: growth,] which [added: has] included a reduction of our [removed: workforce by approximately ten percent and] [added: workforce,] office space [removed: reductions] [added: and data centers] within certain markets.

[removed: In addition, we continued] [added: We continue] 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 [removed: growth, including targeted workforce and office space reductions that were initiated in fiscal 2025 and are expected to be substantially complete in fiscal 2026.][added: growth.]

[removed: Over the long term, we] [added: We] expect to [removed: see additional] [added: continue to experience improvements in our] operating [removed: expense improvements,] [added: expenses as a percentage of revenue,] which could include various restructuring initiatives or measured hiring initiatives to drive operational efficiencies.

Highlights from Fiscal [removed: 2025][added: 2026]

- Revenue: For fiscal [removed: 2025,] [added: 2026,] revenue was [removed: $37.9] [added: $41.5] billion, an increase of [removed: nine] [added: ten] percent year-over-year.

- Income from Operations: For fiscal [removed: 2025,] [added: 2026,] income from operations was [removed: $7.2] [added: $8.3] billion as compared to [removed: $5.0] [added: $7.2] billion from a year ago.

Operating margin, which represents income from operations as a percentage of total revenue, increased to approximately [removed: 19] [added: 20] percent for fiscal [removed: 2025] [added: 2026] compared to approximately [removed: 14] [added: 19] percent in the prior [removed: year.][added: year period.]

- Net Income per Share: For fiscal [removed: 2025,] [added: 2026,] diluted net income per share was [removed: $6.36] [added: $7.80] as compared to diluted net income per share of [removed: $4.20] [added: $6.36] from a year ago.

- Cash: Cash provided by operations for fiscal [removed: 2025] [added: 2026] was [removed: $13.1] [added: $15.0] billion, an increase of [removed: 28] [added: 15] percent year-over-year.

Total cash, cash equivalents and marketable securities as of January 31, [removed: 2025] [added: 2026] was [removed: $14.0] [added: $9.6] billion.

- Remaining Performance Obligation: Total remaining performance obligation, which represents all future revenue under contract yet to be recognized, as of January 31, [removed: 2025] [added: 2026] was approximately [removed: $63.4] [added: $72.4] billion, an increase of [removed: 11] [added: 14] percent year-over-year.

Current remaining performance obligation as of January 31, [removed: 2025] [added: 2026] was approximately [removed: $30.2] [added: $35.1] billion, an increase of [removed: nine] [added: 16] percent year-over-year.

- Share Repurchase Program: [removed: During the] [added: For] fiscal [removed: year ended January 31, 2025,] [added: 2026,] we repurchased approximately [removed: 30] [added: 50] million shares of our common stock for approximately [added: $12.7 billion as compared to 30 million shares for approximately] $7.8 [removed: billion.][added: billion from a year ago.]

Total revenues in the fiscal year ended January 31, [removed: 2025 were minimally] [added: 2026 was positively] impacted by [added: approximately one percent in] foreign currency fluctuations compared to the fiscal year ended January 31, [removed: 2024.][added: 2025.]

Our current remaining performance obligation growth as of January 31, [removed: 2025] [added: 2026] compared to January 31, [removed: 2024] [added: 2025] was [removed: negatively] [added: positively] impacted by [removed: two] [added: three] percent compared to what would have been reported using constant currency rates.

References to fiscal [removed: 2025,] [added: 2026,] for example, refer to the fiscal year ending January 31, [removed: 2025.][added: 2026.]

Subscription and support revenues accounted for approximately [removed: 94] [added: 95] percent of our total revenues for fiscal [removed: 2025.][added: 2026.]

Subscription and support revenues [added: primarily] include subscription fees from customers accessing our enterprise cloud computing services (collectively, “Cloud Services”), software license revenues from the sales of term 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 term software licenses represent less than ten percent of total subscription and support revenue for fiscal [removed: 2025.][added: 2026.]

Additionally, we manage the total balanced product portfolio to deliver solutions to our customers and, as a result, the revenue result for each offering is not necessarily indicative of the results to be expected for any [removed: subsequent quarter.]

In general, we exclude service offerings from acquisitions from our attrition calculation until they are fully [added: integrated into our customer success organization.]

As of January 31, [removed: 2025,] [added: 2026,] our attrition rate, excluding Slack [removed: self-service,] [added: self-service and current year acquisitions,] was approximately eight percent.

Generally, our [added: second or] third quarter has historically been our smallest operating cash flow quarter.

Our cost of subscription and support revenues also includes amortization of certain acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s [removed: research and development efforts.][added: developed technology.]

Restructuring consists of charges related to employee transition, severance payments, employee benefits and stock-based [removed: compensation] [added: compensation,] as well as [removed: exit] [added: data center exits, office space reductions and impairment] charges associated with [removed: office space reductions.][added: long-lived assets.]

[removed: Significant pricing practices taken into consideration include our discounting practices, the size and] volume of our transactions, the customer demographic, the geographic area where services are sold, price lists, our go-to-market strategy and historical and current sales and contract prices.

*Business Combinations.* Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date with respect to tangible and intangible assets [removed: acquired and] [added: acquired, as well as] liabilities assumed and pre-acquisition contingencies.

In determining the estimated fair value for these investments, we utilize the most recent data available and apply valuation methods, including the market [removed: approach] [added: approach, the common stock equivalent (“CSE”) method,] and option pricing models (“OPM”), adjusted to reflect the specific rights and preferences of the classes of securities we hold.

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

| | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 2025] [added: 2026] | | | | | | % of Total Revenues | | | | | | [removed: 2024] [added: 2025] | | | | | | % of Total Revenues | | | | | | [removed: 2023] [added: 2024] | | | | | | % of Total Revenues | | |

| Subscription and support | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | [removed: 35,679] [added: 39,388] | | | | | [removed: 94] [added: 95] | | % | | | | $ | [removed: 32,537] [added: 35,679] | | | | | [removed: 93] [added: 94] | | % | | | | $ | [removed: 29,021] [added: 32,537] | | | | | 93 | | % |

| Professional services and other | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 2,216] [added: 2,137] | | | | | | [removed: 6] [added: 5] | | | | | | [removed: 2,320] [added: 2,216] | | | | | | [removed: 7] [added: 6] | | | | | | [removed: 2,331] [added: 2,320] | | | | | | 7 | | |

| Total revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 37,895] [added: 41,525] | | | | | | 100 | | | | | | [removed: 34,857] [added: 37,895] | | | | | | 100 | | | | | | [removed: 31,352] [added: 34,857] | | | | | | 100 | | |

| Subscription and support | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 6,198] [added: 6,796] | | | | | | 16 | | | | | | [removed: 6,177] [added: 6,198] | | | | | | [removed: 18] [added: 16] | | | | | | [removed: 5,821] [added: 6,177] | | | | | | [removed: 19] [added: 18] | | |

| Professional services and other | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 2,445] [added: 2,474] | | | | | | [removed: 7] [added: 6] | | | | | | [removed: 2,364] [added: 2,445] | | | | | | 7 | | | | | | [removed: 2,539] [added: 2,364] | | | | | | [removed: 8] [added: 7] | | |

| Total cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 8,643] [added: 9,270] | | | | | | [removed: 23] [added: 22] | | | | | | [removed: 8,541] [added: 8,643] | | | | | | [removed: 25] [added: 23] | | | | | | [removed: 8,360] [added: 8,541] | | | | | | [removed: 27] [added: 25] | | |

Salesforce is a global leader in customer relationship management (“CRM”) technology, helping organizations of any size become agentic enterprises.

Founded in 1999, we bring humans, agents, apps, and data together on a trusted, unified platform to unlock growth and innovation.

In addition to these growth levers, our mergers and acquisitions framework has included several acquisitions that have accelerated our agentic roadmap, including our October 2025 acquisition of Regrello Corp. (“Regrello”) and our November 2025 acquisition of Informatica, Inc. (“Informatica”).

These acquisitions bring in key talent and technology to accelerate innovation.

- Dividend Program: For fiscal 2026, we paid approximately $1.6 billion in dividends and dividend equivalents as compared to $1.5 billion from a year ago.

- Informatica Acquisition: In November 2025, we completed our acquisition of Informatica, an AI-powered enterprise cloud data management platform, for approximately $9.6 billion.

Informatica contributed approximately $0.4 billion of revenue in fiscal 2026.

During fiscal 2026, we experienced strong momentum in Agentforce, Slack and Data 360, bolstered by the acquisition of Informatica.

As we have a diversified portfolio of AI-enabled products and a customer base spanning geographies, segments, and industries, demand for our offerings has remained relatively resilient.

subsequent quarter.

Significant pricing practices taken into consideration include our discounting practices, the size and

If the investment is considered to be impaired, we record the investment at fair

| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | | | | | % of Total Revenues | | | | | | 2025 | | | | | | % of Total Revenues | | | | | | 2024 | | | | | | % of Total Revenues | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | | | | | % of Total Revenues | | | | | | 2025 | | | | | | % of Total Revenues | | | | | | 2024 | | | | | | % of Total Revenues | | |

The acquisition of Informatica in November 2025 contributed approximately $399 million of revenue in fiscal 2026.

(1) In the third quarter of fiscal 2026, we renamed our service offerings to reference Agentforce.

There were no changes in the allocation of revenue between these service offerings as a result of this change.

(2) Agentforce 360 Platform, Slack and Other revenue for the year ended January 31, 2026 includes $388 million in subscription and support revenue from Informatica, Inc. (“Informatica”), which we acquired in November 2025.

Foreign currency positively impacted the year over year fluctuations in revenue by approximately one percent.

| (in millions) | | | 2026 | | | | | | As a % of Total Revenues | | | | | | 2025 | | | | | | As a % of Total Revenues | | | | | | | | |

| Restructuring | | | 586 | | | | | | 1 | | | | | | 461 | | | | | | 1 | | | | | | 125 | | |

Research and development expenses as a percentage of total revenues during fiscal 2026 was consistent with the same period a year ago.

Sales and marketing expenses as a percentage of total revenues during fiscal 2026 was consistent with the same period a year ago.

For fiscal 2026, the gain on our strategic investment portfolio was primarily driven by unrealized gains on privately held equity investments of $1.5 billion partially offset by impairments on privately held investments of $496 million.

Our mark-to-market unrealized gains in fiscal 2026 were driven largely by $1.2 billion in gains from one privately held equity investment.

We expect that interest expense may increase due to the outstanding balance related to the Informatica Credit Agreements.

| (in millions) | | | 2026 | | | | | | 2025 | | | | | | | | |

Our effective tax rate increased from a year ago primarily due to lower tax benefits from foreign-derived intangible income deduction and stock-based compensation.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law.

The OBBBA includes significant

changes to US corporate tax provisions of the Tax Cuts and Jobs Act.

Notably, it allows an immediate deduction for domestic

research and development expenditures, reinstates 100% bonus depreciation, and modifies the international tax framework.

The

legislation has multiple effective dates, with certain provisions effective in fiscal 2026 and others in the subsequent years.

The

changes had an immaterial impact to the Company’s tax provision in fiscal 2026.

For example, we entered into certain credit agreements in connection with our acquisition of Informatica.

See discussion in “Debt” below.

Our cash tax profile was impacted by OBBBA primarily due to the immediate deduction of the domestic research and development expenditures.

Salesforce is a global leader in customer relationship management (“CRM”) technology, enabling companies of every size and industry to connect with their customers through the power of data, artificial intelligence (“AI”), CRM and trust.

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

The employee actions were substantially completed in fiscal 2024 and the real estate actions are expected to be fully complete in fiscal 2026.

We have started to see improvements in our operating expenses across all operating categories, with the most opportunity in sales and marketing expense and general and administrative expenses.

- 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.

A reemergence of slower growth in new and renewal business could impact our remaining performance obligation, revenues and our ability to meet financial guidance and long-term targets.

integrated into our customer success organization.

These trends may continue in the near term.

Our industry vertical service offerings revenue is included in one of the above service offerings depending on the primary service purchased.

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

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

| 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.

Sales and marketing expenses as a percentage of total revenues during fiscal 2025 decreased by two percent from the same period a year ago due to a decrease in relative employee-related costs, including stock-based compensation expense and advertising expense.

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

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

In fiscal 2025 these factors resulted in impairments on privately-held equity and debt securities of $582 million, partially offset by $358 million in unrealized gains on privately held equity securities.

Our tax provision increased from a year ago primarily due to higher pretax income.

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.

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

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

This exposure is the result of selling in multiple currencies, operating in countries where the functional currency is the local currency and growth in our international investments, including [removed: data center] [added: infrastructure] expansion, costs associated with third-party infrastructure providers and additional headcount in foreign countries.

Total revenue during fiscal [removed: 2025] [added: 2026] was [removed: minimally] [added: positively] impacted by [added: approximately one percent due to] fluctuations in foreign currencies compared to fiscal [removed: 2024.][added: 2025.]

In addition, fluctuations in foreign currencies [removed: negatively] [added: positively] impacted our current remaining performance obligation growth rate as of January 31, [removed: 2025] [added: 2026] by approximately [removed: two] [added: three] percent compared to what we would have reported as of January 31, [removed: 2024] [added: 2025] using constant currency rates.

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

An immediate increase or decrease in interest rates of 100 basis points at January 31, [removed: 2025] [added: 2026] could result in a [removed: $61] [added: $31] million market value reduction or increase of the same amount.

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 [removed: other] comprehensive income, net, and are realized only if we sell the underlying securities.

[removed: At] [added: As of] January 31, [removed: 2024,] [added: 2026,] we had cash, cash equivalents and marketable securities totaling [removed: $14.2] [added: $9.6] billion.

Changes in interest rates of 100 basis points would have resulted in market value changes of [removed: $63] [added: $61] million.

| Instrument | | | | | | Maturity Date | | | | | | Principal Outstanding as of January 31, [removed: 2025] [added: 2026] | | | | | | Interest Terms | | | | | | Contractual Interest Rate | | |

| [added: Revolving Loan] Credit [removed: Facility] [added: Agreement] | | | | | | October 2029 | | | | | | 0 | | | | | | Floating | | | | | | N/A | | |

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

As of January 31, [removed: 2025,] [added: 2026,] there was no outstanding borrowing amount under the Credit Facility.

As of January 31, [removed: 2025,] [added: 2026,] our strategic investment portfolio consisted of investments in over [removed: 400] [added: 450] companies with a combined carrying value of [removed: $4.9] [added: $7.6] billion, including [removed: four] [added: two] privately held investments with carrying values that were individually greater than five percent of the total strategic investments portfolio and represented [removed: 24] [added: 35] 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: 2025] [added: 2026] and excludes exited investments (in millions):

| Investment Type | | | | | | Capital Invested | | | | | | Unrealized Gains (Cumulative) | | | | | | Unrealized Losses (Cumulative) | | | | | | Carrying Value as of January 31, [removed: 2025] [added: 2026] | | |

| Publicly held equity securities | | | | | | $ | [removed: 34] [added: 3] | | | | | $ | [removed: 42] [added: 3] | | | | | $ | [removed: (7)] [added: (1)] | | | | | $ | [removed: 69] [added: 5] | |

For example, our five largest privately held equity securities represent [removed: $1.3] [added: $3.5] billion in total strategic investments as of January 31, [removed: 2025.][added: 2026.]

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 decline by approximately [removed: $84] [added: $292] million.

[removed: In certain cases, our ability to] sell these investments may be impacted by contractual obligations to hold the securities for a set period of time after a public offering.

| 364-day Informatica Credit Agreement (1) | | | | | | November 2026 | | | | | | $ | 4,000 | | | | | Floating | | | | | | 4.42% | | |

| Three-year Informatica Credit Agreement (1) | | | | | | November 2028 | | | | | | 2,000 | | | | | | Floating | | | | | | 4.42 | | |

(1) The 364-day and Three-year Informatica Credit Agreements were drawn in November 2025 upon the acquisition of Informatica.

The contractual interest rate represents the weighted-average for the period outstanding.

The borrowings under the Informatica Credit Agreements bear interest at a fluctuating rate per annum equal to, at our option, an alternate base rate or term Secured Overnight Financing Rate (“SOFR”), in each case, plus an applicable margin calculated based on our credit ratings.

As of January 31, 2026, the entire amount available was outstanding under the Informatica Credit Agreements.

| Privately held equity securities | | | | | | 6,151 | | | | | | 2,481 | | | | | | (1,090) | | | | | | 7,542 | | |

| Total equity securities | | | | | | $ | 6,154 | | | | | $ | 2,484 | | | | | $ | (1,091) | | | | | $ | 7,547 | |

In certain cases, our ability to

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

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

With this single source of customer [removed: truth,] [added: truth powering agents,] teams can be more responsive, productive and efficient and deliver [removed: intelligent,] [added: AI-powered,] personalized and automated experiences across every channel.

With Agentforce, the agentic layer of the [removed: Salesforce] [added: Agentforce 360] Platform, our customers can build and [removed: augment their teams with an] [added: deploy] always-on digital labor [removed: force, deploying] [added: for employees and customers, leveraging] autonomous AI agents across business functions that aim to increase productivity, lower costs and drive operational efficiencies.

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

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

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

[added: With our Sales offering, businesses can create] lifelong customers by connecting their entire organization and unifying all data sources on a single integrated platform.

[removed: Service.] [added: Agentforce Service.] Our [added: Agentforce] Service offering enables companies in every industry to bring all of their [removed: customer service] [added: customer, employee, IT] and field service needs onto one integrated, AI-powered platform to deliver trusted, highly personalized customer support at scale.

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

[removed: Platform] [added: Agentforce 360 Platform, Slack] and Other. The [removed: Salesforce] [added: Agentforce 360] Platform enables companies of all industries, sizes, and locations to build business workflows, applications and AI agents on a single, comprehensive platform to help [added: automate processes,] boost efficiency, [removed: increases] [added: increase] productivity and [removed: automation and save on] [added: reduce] information technology costs.

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

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

The [removed: Salesforce] [added: Agentforce 360] Platform is built on Hyperforce, our infrastructure that helps customers manage data governance and compliance at a local level, all over the world.

[removed: 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,] [added: With our open, extensible Agentforce 360 Platform,] customers can integrate and build with any data or partner application they choose to make the [removed: platform] [added: Agentforce 360 Platform] work for their business.

[removed: It] [added: Slack] 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.

[removed: Marketing] [added: Agentforce Marketing] and [added: Agentforce] Commerce.

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

With [removed: Agentforce,] [added: Agentforce for Marketing,] marketers can save time on every step of the campaign process by [removed: using prompts to generate] [added: generating] briefs, content, and journeys, as well as [removed: optimize] [added: optimizing] performance and spend with actionable insights and predictive AI.

With [removed: operational] [added: unified, 360-degree] customer profiles, marketers and AI agents can easily [removed: take action on structured and unstructured data to] build segments, calculate insights, analyze performance, and power AI recommendations, [removed: decisioning,] [added: decisioning] and automations.

With trusted AI and AI agents, businesses can generate product descriptions and web [removed: pages;] [added: pages,] and deliver personalized shopping assistance using natural language.

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

[removed: Integration] [added: Agentforce Integration] and [added: Agentforce] Analytics.

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

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

Our analytics offerings, including Tableau, provide advanced, end-to-end solutions [added: that turn data into insight and action] for a wide range of business use cases, powered by agentic AI.

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

Each of our distinct industry offerings provide out-of-the-box, [removed: AI-powered] [added: Agentforce-powered] capabilities that [removed: make it easy for] [added: enable] industry customers to leverage the full [removed: Salesforce] [added: Agentforce 360] Platform with purpose-built tools that address industry-specific needs and [removed: enable] [added: provide] the speed and flexibility to keep up with changing times and customer demands.

Salesforce’s industry [removed: offering] [added: offerings] also includes Industries AI – a suite of [added: capabilities for] more than [removed: 100] [added: 200] industries [removed: capabilities] and a library with resources on how to get started for every industry offering.

Industries AI [removed: capabilities serve] [added: serves] as the foundation for creating industry-specific AI agents with Agentforce that can be set up in minutes, work around the clock, and autonomously perform industry-specific business tasks and actions.

*Salesforce Starter.* We offer Starter Suite, an all-in-one, easy-to-use solution for small and medium-size businesses that brings [removed: sales.][added: sales, service, marketing and commerce together.]

Starter Suite helps businesses [removed: get set up with] [added: launch] Salesforce quickly and easily, so they can save time, boost productivity, and manage relationships with all of their customer operations in [removed: one,] [added: one] centralized location.

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

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

- modern low-code and no-code tools powered by leading edge AI, which empowers developers and business users to create digital [removed: experiences] [added: experiences, build agents] and configure and automate business processes to fit the needs of any business, accelerating time to value;

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

We continue to focus on several key growth levers, including driving multiple service offering adoption, increasing our penetration with enterprise and international customers and [added: increasing] our industry-specific reach with more vertical software solutions.

For example, we continue to focus on driving [added: adoption of] multiple service [removed: offering adoption,] [added: offerings,] which provides our customers with a one-stop-shop for their front-office business technology needs.

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

Our customer success programs, including success management resources, advisory services, technical architects and business strategists, help enable and accelerate our customers’ digital [removed: transformations.]

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: Salesforce] [added: Agentforce 360] Platform.

We also manage a portfolio of strategic investments in both privately held and publicly traded companies focused primarily on enterprise cloud companies, technology startups and [removed: SIs.][added: system integrators.]

Salesforce, Inc. (“Salesforce,” the “Company,” “we” or “our”) is a global leader in customer relationship management (“CRM”) technology, helping organizations of any size become agentic enterprises.

Founded in 1999, we bring humans, agents, applications, and data together on a trusted, unified platform to unlock growth and innovation.

Our artificial intelligence (“AI”) powered Agentforce 360 Platform unites our offerings — spanning sales, service, marketing, commerce, collaboration, data management, integration, analytics, IT service, industry verticals and more — on a single, intelligent platform for trusted enterprise execution.

We unify and harmonize across systems, applications and devices to create a complete view of customers.

With Agentforce, AI is embedded in the flow of work — in the applications that our customers already use every day.

Every Agentforce-embedded application now reasons, learns, and takes action alongside users.

We view Salesforce to be uniquely positioned to lead customers through this transformation.

By integrating data, metadata, applications and agents, we have created a deeply unified platform for the Agentic Enterprise, with humans at the center.

Central to this ecosystem is Slack, which serves as the primary conversational interface, allowing users to interact with Agentforce-embedded applications and autonomous agents within their natural flow of work.

These Agentforce-embedded applications are infused with agentic capabilities that turn workflows into personalized, intelligent, autonomous experiences—so customers and employees can move faster, make better decisions, and achieve more value.

Our technology partners help customers to add the applications and agents they need and utilize the data lakes and other infrastructure they have already invested in.

*Data 360*.

Data 360 is Salesforce’s hyperscale, trusted data engine that gives AI agents their context and serves as the foundation for how customers unify our service offerings making their data actionable for both humans and agents.

It connects enterprise data from across clouds, systems, and channels utilizing zero-copy technology to access external data sources without the need for duplication.

This architecture unifies, cleans, and harmonizes the data into a single, governed source of truth that agents can reliably understand and act on.

Through real-time ingestion, transformation, indexing, and retrieval-augmented generation, Data 360 turns both structured records and unstructured content—emails, documents, conversations, and events—into usable, searchable intelligence.

This gives AI agents the customer and business context they need to reason accurately, personalize interactions, and make better decisions in the moment.

By leveraging Data 360’s metadata and trust framework, Data 360 is designed to make every data point permissioned, governed, and compliant, so agents see only what they are allowed to see and act only within approved boundaries.

*Informatica*.

The acquisition of Informatica closed in the fourth quarter of fiscal 2026, significantly expanding our trusted data foundations.

Informatica is an enterprise-grade, AI-powered data management platform that enables customers to discover, integrate, govern, and deliver trusted data at scale across hybrid and multi-cloud environments.

It provides comprehensive capabilities for data integration, quality, governance, master data and metadata management, and catalog services that connect and harmonize data from any source—whether on-premises, cloud-based, or within legacy systems.

By leveraging Informatica's agentic and metadata-driven architecture, customers can break down data silos with confidence in data quality and compliance, and establish a unified foundation for enterprise AI.

Informatica extends our data connectivity beyond native integrations, enabling customers to bring enterprise data from complex, distributed systems into Salesforce and Data 360 while autonomously maintaining governance, lineage, and security controls across the entire data lifecycle.

*Slack.* Our Slack offering is the conversational interface for the Agentic Enterprise where people and agents work together, connecting knowledge, actions, and data in real time.

Slack is also deeply integrated with every Salesforce offering, including Agentforce.

We recently introduced Slackbot, a trusted, out-of-the-box personalized employee agent in Slack that can find answers, organize work, create content, schedule meetings, and take action.

*Agentforce*.

Agentforce enables customers to build, deploy, and manage enterprise-grade, autonomous AI agents at scale, enabling humans and agents to work together.

Agentforce connects AI models directly to execution, handling workflows.

Agents built on Agentforce can access live business data through Data 360, follow company policies defined in Salesforce metadata, and take action through Salesforce applications and MuleSoft Application Programming Interfaces (“APIs”).

All of our customers’ deterministic business logic, workflows, and policies are instantly accessible to agents, without requiring

customers to remove and rebuild existing processes.

Agents know the jobs to be done, and the steps needed to complete them, which greatly reduces complexity and speeds time to value.

By pairing Large Language Model (“LLM”) reasoning with deterministic logic, Agentforce delivers more accurate, reliable outcomes within our trust layer.

Agentforce is infused across every Salesforce application, so intelligence is embedded directly into the workflows where work actually happens.

Instead of switching between tools, people can collaborate with agents inside and across the systems they already use every day, using natural language, across the majority of communication channels, including voice, chat and Slack.

Every agent operates within defined permissions with full observability, governance, and auditability.

Organizations can see what agents are doing, measure their performance, understand why decisions were made and intervene when needed.

Teams can manage the complete agent development lifecycle with a set of tools to build, test, deploy, manage and orchestrate AI agents at scale.

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

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

Our AI-powered Salesforce Platform unites our offerings — spanning sales, service, marketing, commerce, collaboration, integration, AI, analytics, automation, industries and more — by connecting customer data across systems, applications and devices to create a complete view of customers.

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.

With our Sales offering, businesses can create

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

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.

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.

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

With Tableau, customers can visualize, analyze, and act on business data from any source.

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.

*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.

Agentforce is a complete AI system for building a digital labor force, integrating data, AI, automation, and humans to deploy trusted AI agents for concrete business outcomes.

It works by giving teams tools, services, and AI agents that can tap into the power of a large language model (“LLM”) and their connected business data to autonomously identify what work needs to be done, build a plan to complete the work, and then execute the plan.

*Data Cloud.* Data Cloud is our hyperscale, trusted data engine native to Salesforce.

It brings a company’s enterprise data into Salesforce to deliver an actionable, comprehensive and robust view of a customer by connecting enterprise data from disparate sources and harmonizing it into a single, trusted model that is easy to access and understand.

By leveraging Data Cloud’s robust framework for data ingestion, transformation and indexing, integrations with retrieval-augmented generation improve customer experiences by transforming unstructured text and data into searchable insights, empowering companies to respond to customer queries with more context, relevance, knowledge, and advanced reasoning.

Data Cloud leverages the power of Salesforce metadata to enable companies to ingest and federate data to power automation, analytics, and AI agents across Salesforce applications.

service, marketing and commerce together.

In the third quarter of fiscal 2025, we introduced Agentforce, the agentic layer of the Salesforce Platform for deploying autonomous AI agents across any business function.

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

enterprise architecture.

Our focus on our workplace environment and a strong company culture has led to recognition across the globe, as evidenced by the following awards: Ethisphere’s World’s Most Ethical Companies (2024 and for the 15th time), One of America's Most JUST Companies from JUST Capital (2025 and for the eighth year in a row), Fortune World's Most Admired Companies (2025 for the 11th year in a row), Fortune 100 Best Companies to Work For (2024 and for the 16th year in a row), Fortune World’s Most Innovative Companies (2024, for the second year in a row), a Top 100 Employer of Choice on the American Opportunity Index (2024 and for the third year in a row), A Glassdoor Best Places to Work 2025, a 2024 Great Place to Work Best Workplace in: Japan, UK, South Korea, Argentina, France, Spain, Denmark, Canada, United States, Switzerland, Mexico, Ireland, The Netherlands, India, Portugal,

Brazil, Singapore, Australia and a Built In’s 2025 Best Places to Work winner in: Dallas, Colorado, Austin, Seattle, Atlanta, Boston, San Francisco and a 100 Best U.S. Large Companies to Work For in 2025 overall.

Our approach to equality is firmly rooted in compliance with federal law (as a U.S. company) and other applicable laws and regulations in the regions in which we operate, including statutes, regulations and principles governing equal pay, equal opportunity and anti-discrimination protections.

By adhering to these laws, we uphold a fair and inclusive environment where our employees can do the best work and teaming of their careers, reinforcing principles of equality, dignity and respect for all.

We offer our employees various talent development programs to create a culture of continuous learning and new ways to grow their careers.

We provide learning and development opportunities through Career Connect, our internal talent marketplace, and Trailhead, our learning platform available for all employees.

We encourage our employees to seek personal and professional development opportunities with external organizations and offer yearly education reimbursement to employees who wish to continue job-related education from accredited institutions or organizations.

file electronically with the SEC at www.sec.gov.

For the fiscal year ended January 31, [removed: 2025][added: 2026]

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: 2024,] [added: 2025,] the aggregate market value of its shares (based on a closing price of [removed: $258.80] [added: $258.33] per share) held by non-affiliates was approximately [removed: $206.5] [added: $191.8] billion.

As of February [removed: 28, 2025,] [added: 25, 2026,] there were approximately [removed: 961] [added: 923] million shares of the Registrant’s Common Stock outstanding.

Portions of the Registrant’s definitive proxy statement for its [removed: 2025] [added: 2026] Annual Meeting of Stockholders (the “Proxy Statement”), to be filed within 120 days of the Registrant’s fiscal year ended January 31, [removed: 2025,] [added: 2026,] are incorporated by reference in Part III of this Annual Report on Form 10-K.

| Item 1A. | | | [Risk [removed: Factors](#i018294b7ed784701b6525d041dc8b576_400)] [added: Factors](#ia522ff8fc3ac4e64af03fcadbb6c1795_412)] | | | [removed: [11](#i018294b7ed784701b6525d041dc8b576_400)] [added: [11](#ia522ff8fc3ac4e64af03fcadbb6c1795_412)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i018294b7ed784701b6525d041dc8b576_208)] [added: Comments](#ia522ff8fc3ac4e64af03fcadbb6c1795_214)] | | | [removed: [32](#i018294b7ed784701b6525d041dc8b576_208)] [added: [31](#ia522ff8fc3ac4e64af03fcadbb6c1795_214)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i018294b7ed784701b6525d041dc8b576_211)] [added: [Cybersecurity](#ia522ff8fc3ac4e64af03fcadbb6c1795_217)] | | | [removed: [32](#i018294b7ed784701b6525d041dc8b576_211)] [added: [31](#ia522ff8fc3ac4e64af03fcadbb6c1795_217)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i018294b7ed784701b6525d041dc8b576_397)] [added: Proceedings](#ia522ff8fc3ac4e64af03fcadbb6c1795_409)] | | | [removed: [34](#i018294b7ed784701b6525d041dc8b576_397)] [added: [33](#ia522ff8fc3ac4e64af03fcadbb6c1795_409)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i018294b7ed784701b6525d041dc8b576_409)] [added: Disclosures](#ia522ff8fc3ac4e64af03fcadbb6c1795_427)] | | | [removed: [34](#i018294b7ed784701b6525d041dc8b576_409)] [added: [33](#ia522ff8fc3ac4e64af03fcadbb6c1795_427)] | | |

| Item 4A. | | | [Information About Our Executive [removed: Officers](#i018294b7ed784701b6525d041dc8b576_217)] [added: Officers](#ia522ff8fc3ac4e64af03fcadbb6c1795_223)] | | | [removed: [34](#i018294b7ed784701b6525d041dc8b576_217)] [added: [33](#ia522ff8fc3ac4e64af03fcadbb6c1795_223)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i018294b7ed784701b6525d041dc8b576_439)] [added: Securities](#ia522ff8fc3ac4e64af03fcadbb6c1795_436)] | | | [removed: [37](#i018294b7ed784701b6525d041dc8b576_439)] [added: [35](#ia522ff8fc3ac4e64af03fcadbb6c1795_436)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operation](#i018294b7ed784701b6525d041dc8b576_220)s] [added: Operation](#ia522ff8fc3ac4e64af03fcadbb6c1795_226)s] | | | [removed: [40](#i018294b7ed784701b6525d041dc8b576_220)] [added: [37](#ia522ff8fc3ac4e64af03fcadbb6c1795_226)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i018294b7ed784701b6525d041dc8b576_379)] [added: Risk](#ia522ff8fc3ac4e64af03fcadbb6c1795_391)] | | | [removed: [52](#i018294b7ed784701b6525d041dc8b576_379)] [added: [49](#ia522ff8fc3ac4e64af03fcadbb6c1795_391)] | | |

| Item 8. | | | [Financial [removed: Statements](#i018294b7ed784701b6525d041dc8b576_28)] [added: Statements](#ia522ff8fc3ac4e64af03fcadbb6c1795_28)] and Supplementary Data | | | [removed: [55](#i018294b7ed784701b6525d041dc8b576_28)] [added: [53](#ia522ff8fc3ac4e64af03fcadbb6c1795_28)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i018294b7ed784701b6525d041dc8b576_448)] [added: Disclosure](#ia522ff8fc3ac4e64af03fcadbb6c1795_445)] | | | [removed: [92](#i018294b7ed784701b6525d041dc8b576_448)] [added: [93](#ia522ff8fc3ac4e64af03fcadbb6c1795_445)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i018294b7ed784701b6525d041dc8b576_385)] [added: Procedures](#ia522ff8fc3ac4e64af03fcadbb6c1795_394)] | | | [removed: [92](#i018294b7ed784701b6525d041dc8b576_385)] [added: [93](#ia522ff8fc3ac4e64af03fcadbb6c1795_394)] | | |

| Item 9B. | | | [Other [removed: Information](#i018294b7ed784701b6525d041dc8b576_412)] [added: Information](#ia522ff8fc3ac4e64af03fcadbb6c1795_430)] | | | [removed: [93](#i018294b7ed784701b6525d041dc8b576_412)] [added: [94](#ia522ff8fc3ac4e64af03fcadbb6c1795_430)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i018294b7ed784701b6525d041dc8b576_451)] [added: Inspections](#ia522ff8fc3ac4e64af03fcadbb6c1795_451)] | | | [removed: [93](#i018294b7ed784701b6525d041dc8b576_451)] [added: [94](#ia522ff8fc3ac4e64af03fcadbb6c1795_451)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i018294b7ed784701b6525d041dc8b576_466)] [added: Governance](#ia522ff8fc3ac4e64af03fcadbb6c1795_478)] | | | [removed: [94](#i018294b7ed784701b6525d041dc8b576_466)] [added: [95](#ia522ff8fc3ac4e64af03fcadbb6c1795_478)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i018294b7ed784701b6525d041dc8b576_469)] [added: Compensation](#ia522ff8fc3ac4e64af03fcadbb6c1795_481)] | | | [removed: [94](#i018294b7ed784701b6525d041dc8b576_469)] [added: [95](#ia522ff8fc3ac4e64af03fcadbb6c1795_481)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i018294b7ed784701b6525d041dc8b576_472)] [added: Matters](#ia522ff8fc3ac4e64af03fcadbb6c1795_484)] | | | [removed: [94](#i018294b7ed784701b6525d041dc8b576_475)] [added: [95](#ia522ff8fc3ac4e64af03fcadbb6c1795_487)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i018294b7ed784701b6525d041dc8b576_475)] [added: Independence](#ia522ff8fc3ac4e64af03fcadbb6c1795_487)] | | | [removed: [94](#i018294b7ed784701b6525d041dc8b576_475)] [added: [95](#ia522ff8fc3ac4e64af03fcadbb6c1795_487)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i018294b7ed784701b6525d041dc8b576_478)] [added: Services](#ia522ff8fc3ac4e64af03fcadbb6c1795_490)] | | | [removed: [94](#i018294b7ed784701b6525d041dc8b576_478)] [added: [95](#ia522ff8fc3ac4e64af03fcadbb6c1795_490)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i018294b7ed784701b6525d041dc8b576_424)] [added: Schedules](#ia522ff8fc3ac4e64af03fcadbb6c1795_496)] | | | [removed: [95](#i018294b7ed784701b6525d041dc8b576_424)] [added: [96](#ia522ff8fc3ac4e64af03fcadbb6c1795_496)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i018294b7ed784701b6525d041dc8b576_484)] [added: Summary](#ia522ff8fc3ac4e64af03fcadbb6c1795_499)] | | | [removed: [95](#i018294b7ed784701b6525d041dc8b576_484)] [added: [96](#ia522ff8fc3ac4e64af03fcadbb6c1795_499)] | | |

| Item 1. | | | [Business](#ia522ff8fc3ac4e64af03fcadbb6c1795_208) | | | [4](#ia522ff8fc3ac4e64af03fcadbb6c1795_208) | | |

| Item 2. | | | [Properties](#ia522ff8fc3ac4e64af03fcadbb6c1795_220) | | | [33](#ia522ff8fc3ac4e64af03fcadbb6c1795_220) | | |

| Item 6. | | | [Reserved](#ia522ff8fc3ac4e64af03fcadbb6c1795_442) | | | [37](#ia522ff8fc3ac4e64af03fcadbb6c1795_442) | | |

| | | | [Index to Exhibits](#ia522ff8fc3ac4e64af03fcadbb6c1795_457) | | | [96](#ia522ff8fc3ac4e64af03fcadbb6c1795_457) | | |

| | | | [Signatures](#ia522ff8fc3ac4e64af03fcadbb6c1795_463) | | | [99](#ia522ff8fc3ac4e64af03fcadbb6c1795_463) | | |

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

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

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

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

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

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

The Committee receives regular presentations, reports and updates from the Company’s Chief [added: Infrastructure and] Trust Officer [removed: (“CTrO”)] [added: (“CITO”), Chief Information Security Officer (“CISO”),] and other members of management on developments regarding the Company’s cybersecurity program, broader cybersecurity trends, evolving industry standards, the threat environment and other topics.

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

The [removed: CTrO has] [added: CITO and CISO each have] extensive experience in the management of cybersecurity risk programs, having served in various leadership roles in information technology and information security for over [added: 20 years and] 15 years, [removed: including serving as the Chief Security Officer of two other large public technology companies.][added: respectively.]

[removed: He] [added: The CITO] also holds an undergraduate [removed: and master’s] degree in computer science.

The [removed: CTrO,] [added: CITO,] in coordination with [added: the CISO and] other members of senior management, works collaboratively across the Company to implement a program designed to 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 [removed: CTrO] [added: CITO, CISO,] and senior management are able to be informed promptly about, and monitor the prevention, detection, investigation, mitigation and remediation of, cybersecurity threats.

As of January 31, [removed: 2025,] [added: 2026,] our executive and principal offices for sales, marketing, professional services, development and administration consisted of approximately [removed: 0.9] [added: 1.0] million square feet of leased and owned property in [added: the] San [removed: Francisco.][added: Francisco Bay Area.]

Excluded from this amount is approximately [removed: 2.1] [added: 2.2] million square feet of leased and owned property in [added: the] San Francisco [added: Bay Area] that is currently leased to others, or available for lease.

We also lease office space for our operations in various locations throughout the United [removed: States] [added: States,] as well as office space in a number of countries in Europe, North America, Asia, South America, Africa and Australia.

The following sets forth certain information regarding our current executive officers as of February 28, [removed: 2025] [added: 2026] (in alphabetical order):

| Marc Benioff | | | | | | [removed: 60] [added: 61] | | | | | | Chair of the Board, CEO and co-Founder | | |

| Parker Harris | | | | | | [removed: 58] [added: 59] | | | | | | Director, Chief Technology Officer, Slack and co-Founder | | |

| Miguel Milano | | | | | | [removed: 56] [added: 57] | | | | | | President and Chief Revenue Officer | | |

| [removed: Brian Millham] [added: Robin Washington] | | | | | | [removed: 55] [added: 63] | | | | | | [added: Director,] President and Chief Operating [added: and Financial] Officer | | |

| Sabastian Niles | | | | | | [removed: 45] [added: 46] | | | | | | President and Chief Legal Officer | | |

| Sundeep Reddy | | | | | | [removed: 52] [added: 53] | | | | | | Executive Vice President and Chief Accounting Officer | | |

| Srinivas Tallapragada | | | | | | [removed: 55] [added: 56] | | | | | | President and Chief Engineering Officer and Customer Success Officer | | |

[added: Mr. Benioff] received his B.S. in Business Administration from the University of Southern California, where he also serves on the Board of Trustees.

*Sabastian Niles* has served as our President and Chief Legal Officer since July [removed: 2023.][added: 2023 and Corporate Secretary since December 2024.]

As the leader of Salesforce’s global legal and corporate affairs organization, he oversees how the Company navigates evolving opportunities, risks and regulations in alignments with its commitment to robust corporate governance and ethical practices.

*Robin Washington* has served as a Director since September 2013, including as Lead Independent Director from 2022 to 2025, and as President and Chief Operating and Financial Officer since March 2025.

Ms. Washington previously served as Executive Vice President and Chief Financial Officer of Gilead Sciences, Inc. from May 2008 to November 2019 and as Chief Financial Officer of Hyperion Solutions Corporation from January 2006 to June 2007.

Prior to that, she served in a number of executive finance positions at PeopleSoft.

Ms. Washington also currently serves on the board of directors of Alphabet Corporation.

Ms. Washington is a Certified Public Accountant and received her B.B.A from the University of Michigan and M.B.A. from Pepperdine University.

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

| Amy Weaver | | | | | | 57 | | | | | | President and Chief Financial Officer | | |

Mr. Benioff

*Brian Millham* has served as our President and Chief Operating Officer since August 2022.

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

Mr. Millham has been with Salesforce since its inception in 1999, most recently serving as Chief Customer Success Officer and Chief Operating Officer, Global Distribution from February 2022 to August 2022.

From February 2021 to February 2022, he served as President, Customer Success Group and Chief Operating Officer, Worldwide Distribution.

From August 2018 to February 2021, Mr. Millham served as President, Customer Success Group.

From June 2017 to August 2018, Mr. Millham served as Executive Vice President, Americas Commercial, and B-to-C Sales, Global Strategy.

Previously, Mr. Millham served in various leadership roles in business development, account management and sales.

Mr. Millham received his B.A. from the University of California, Berkeley.

He also serves as Salesforce’s Corporate Secretary and oversees Salesforce’s global legal and corporate affairs organization, including government affairs and the office of global governance, integrity, ethics and compliance.

*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.

*Amy Weaver* has served as our President and Chief Financial Officer since February 2021.

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

Prior to this, she served as our President and Chief Legal Officer from January 2020 to January 2021, President, Legal & Corporate Affairs and General

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.

Prior to Salesforce, Ms. Weaver served as Executive Vice President and General Counsel at Univar Inc., a global chemical distributor, from December 2010 to June 2013 and Senior Vice President and Deputy General Counsel at Expedia, Inc., an online travel services provider, from July 2005 to December 2010.

Previously, Ms. Weaver practiced law at Cravath, Swaine & Moore LLP and Perkins Coie LLP.

She also served as a clerk on the U.S. Court of Appeals, Ninth Circuit and as a legislative assistant to a member of the Hong Kong Legislative Council.

Ms. Weaver currently serves on the Board of Directors of McDonald’s Corporation and Habitat for Humanity International.

Ms. Weaver received her B.A. in Political Science from Wellesley College and J.D. from Harvard Law School.

For the fiscal year ended January 31, 2025 [added: and 2026] we announced the following dividends (in millions, except dividend per share):

| [added: Quarter Ended | | | | | |] Record Date | | | | | | Payment Date | | | | | | Dividend [removed: per] [added: Per] Share | | | | | | [removed: Amount] [added: Amount (in millions)] | | |

| [added: April 30, 2024 | | | | | |] March 14, 2024 | | | | | | April 11, 2024 | | | | | | $ | 0.40 | | | | | $ | 388 | |

| July [added: 31, 2024 | | | | | | July] 9, 2024 | | | | | | July 25, 2024 | | | | | | $ | 0.40 | | | | | $ | 388 | |

| [added: October 31, 2024 | | | | | |] September 18, 2024 | | | | | | October 8, 2024 | | | | | | $ | 0.40 | | | | | $ | 385 | |

| [added: January 31, 2025 | | | | | |] December 18, 2024 | | | | | | January 9, 2025 | | | | | | $ | 0.40 | | | | | $ | 388 | |

As of January 31, [removed: 2025,] [added: 2026,] there were [removed: 369] [added: 366] 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: 2025,] [added: 2026,] assuming an initial investment of $100.

[removed: ][added: ]

| | | | [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] | | | | | | [removed: 1/31/2025] [added: 1/31/2026] | | |

Share repurchases of the Company’s common stock for the three months ended January 31, [removed: 2025] [added: 2026] were as follows (in millions, except for average price paid per share):

| Total [removed: (2)] | | | [removed: 0] [added: 16] | | | | | | [removed: 0] [added: 16] | | | | | |

In [removed: February 2023,] [added: September 2025,] the Board [removed: of Directors] authorized an additional [removed: $10.0] [added: $20.0] billion in repurchases under the Share Repurchase Program, for an aggregate total authorized of [removed: $20.0] [added: $50.0] billion.

[removed: Under the Share Repurchase] Program, shares of common stock may be repurchased using a variety of methods, including privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act, as part of accelerated share repurchases and other methods.

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

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

| Fiscal 2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| April 30, 2025 | | | | | | April 10, 2025 | | | | | | April 24, 2025 | | | | | | $ | 0.416 | | | | | $ | 406 | |

| July 31, 2025 | | | | | | June 18, 2025 | | | | | | July 10, 2025 | | | | | | $ | 0.416 | | | | | $ | 404 | |

| October 31, 2025 | | | | | | September 17, 2025 | | | | | | October 9, 2025 | | | | | | $ | 0.416 | | | | | $ | 400 | |

| January 31, 2026 | | | | | | December 18, 2025 | | | | | | January 8, 2026 | | | | | | $ | 0.416 | | | | | $ | 395 | |

| Fiscal 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |

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

In February 2026, the Board declared a $0.44 dividend per share that is payable on April 23, 2026 to stockholders of record as of the close of business on April 9, 2026.

| Salesforce | | | $ | 100 | | | | | $ | 103 | | | | | $ | 74 | | | | | $ | 125 | | | | | $ | 151 | | | | | $ | 94 | |

| S&P 500 Index | | | 100 | | | | | | 122 | | | | | | 110 | | | | | | 130 | | | | | | 163 | | | | | | 187 | | |

| Nasdaq Computer | | | 100 | | | | | | 125 | | | | | | 97 | | | | | | 151 | | | | | | 198 | | | | | | 257 | | |

| Nasdaq 100 Index | | | 100 | | | | | | 116 | | | | | | 94 | | | | | | 133 | | | | | | 166 | | | | | | 198 | | |

| Dow Jones Industrial Average | | | 100 | | | | | | 117 | | | | | | 114 | | | | | | 127 | | | | | | 149 | | | | | | 163 | | |

In connection with acquisitions made during the three months ended January 31, 2026, the Company issued: 19,633 shares of its common stock on November 3, 2025; 20,231 shares of its common stock on November 21, 2025; and 32,960 shares of its common stock on December 1, 2025.

| November 2025 | | | 5 | | | $237.71 | | | 5 | | | $20,703 | | |

| December 2025 | | | 5 | | | $256.60 | | | 5 | | | $19,416 | | |

| January 2026 | | | 6 | | | $234.94 | | | 6 | | | $17,892 | | |

(1) The Board authorized the Share Repurchase Program, which commenced in fiscal 2023.

In February 2026, the Board authorized $50.0 billion in share repurchases under the Share Repurchase Program that replaced the previous remaining unpurchased authorization.

Under the Share Repurchase

Prior to the fiscal year ended January 31, 2025, we had never declared or paid any cash dividends on our common stock.

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

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

| 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.

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

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

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

(1) In August 2022, the Board of Directors authorized a program to repurchase up to $10.0 billion of the Company’s common stock (the “Share Repurchase Program”).

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.

(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.

| [Reports of Independent Registered Public Accounting [removed: Firm](#i018294b7ed784701b6525d041dc8b576_34)] [added: Firm](#ia522ff8fc3ac4e64af03fcadbb6c1795_37)] (PCAOB ID: 42) | | | [removed: [56](#i018294b7ed784701b6525d041dc8b576_34)] [added: [54](#ia522ff8fc3ac4e64af03fcadbb6c1795_37)] | | |

| [Consolidated Balance [removed: Sheets](#i018294b7ed784701b6525d041dc8b576_37)] [added: Sheets](#ia522ff8fc3ac4e64af03fcadbb6c1795_40)] | | | [removed: [59](#i018294b7ed784701b6525d041dc8b576_37)] [added: [57](#ia522ff8fc3ac4e64af03fcadbb6c1795_40)] | | |

| [Consolidated Statements of [removed: Operations](#i018294b7ed784701b6525d041dc8b576_40)] [added: Operations](#ia522ff8fc3ac4e64af03fcadbb6c1795_43)] | | | [removed: [60](#i018294b7ed784701b6525d041dc8b576_40)] [added: [58](#ia522ff8fc3ac4e64af03fcadbb6c1795_43)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i018294b7ed784701b6525d041dc8b576_46)] [added: Income](#ia522ff8fc3ac4e64af03fcadbb6c1795_46)] | | | [removed: [61](#i018294b7ed784701b6525d041dc8b576_46)] [added: [59](#ia522ff8fc3ac4e64af03fcadbb6c1795_46)] | | |

| [Consolidated Statements of Stockholders’ [removed: Equity](#i018294b7ed784701b6525d041dc8b576_49)] [added: Equity](#ia522ff8fc3ac4e64af03fcadbb6c1795_49)] | | | [removed: [62](#i018294b7ed784701b6525d041dc8b576_49)] [added: [60](#ia522ff8fc3ac4e64af03fcadbb6c1795_49)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i018294b7ed784701b6525d041dc8b576_55)] [added: Flows](#ia522ff8fc3ac4e64af03fcadbb6c1795_55)] | | | [removed: [63](#i018294b7ed784701b6525d041dc8b576_55)] [added: [61](#ia522ff8fc3ac4e64af03fcadbb6c1795_55)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i018294b7ed784701b6525d041dc8b576_61)] [added: Statements](#ia522ff8fc3ac4e64af03fcadbb6c1795_61)] | | | [removed: [65](#i018294b7ed784701b6525d041dc8b576_61)] [added: [63](#ia522ff8fc3ac4e64af03fcadbb6c1795_61)] | | |

We have audited the accompanying consolidated balance sheets of Salesforce, Inc. (the Company) as of January 31, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] 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: 2025,] [added: 2026,] 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: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] and the results of its operations and its cash flows for each of the three years in the period ended January 31, [removed: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] based on criteria established in [added: Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 2, 2026 expressed an unqualified opinion thereon.]

| [added: Strategic investments] | | | [added: 7,591] | | | [removed: Impairment of Strategic Investments] | | | [added: 4,852 | | |]

We have audited Salesforce, Inc.’s internal control over financial reporting as of January 31, [removed: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] 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: 2025,] [added: 2026,] and the related notes and our report dated March [removed: 5, 2025] [added: 2, 2026] expressed an unqualified opinion thereon.

| | | | January 31, [removed: 2025] [added: 2026] | | | | | | January 31, [removed: 2024] [added: 2025] | | |

| Cash and cash equivalents | | | $ | [removed: 8,848] [added: 7,327] | | | | | $ | [removed: 8,472] [added: 8,848] | |

| Marketable securities | | | [removed: 5,184] [added: 2,238] | | | | | | [removed: 5,722] [added: 5,184] | | |

| Accounts receivable, net | | | [removed: 11,945] [added: 14,339] | | | | | | [removed: 11,414] [added: 11,945] | | |

| Costs capitalized to obtain revenue contracts, net | | | [removed: 1,971] [added: 2,075] | | | | | | [removed: 1,905] [added: 1,971] | | |

| Prepaid expenses and other current assets | | | [removed: 1,779] [added: 2,243] | | | | | | [removed: 1,561] [added: 1,779] | | |

| Total current assets | | | [removed: 29,727] [added: 28,222] | | | | | | [removed: 29,074] [added: 29,727] | | |

| Property and equipment, net | | | [removed: 3,236] [added: 3,120] | | | | | | [removed: 3,689] [added: 3,236] | | |

| Operating lease right-of-use assets, net | | | [removed: 2,157] [added: 2,003] | | | | | | [removed: 2,366] [added: 2,157] | | |

| Noncurrent costs capitalized to obtain revenue contracts, net | | | [removed: 2,475] [added: 2,985] | | | | | | [removed: 2,515] [added: 2,475] | | |

| Goodwill | | | [removed: 51,283] [added: 57,941] | | | | | | [removed: 48,620] [added: 51,283] | | |

| Intangible assets acquired through business combinations, net | | | [removed: 4,428] [added: 6,815] | | | | | | [removed: 5,278] [added: 4,428] | | |

| Deferred tax assets and other assets, net | | | [removed: 4,770] [added: 3,628] | | | | | | [removed: 3,433] [added: 4,770] | | |

| Total assets | | | $ | [removed: 102,928] [added: 112,305] | | | | | $ | [removed: 99,823] [added: 102,928] | |

| Accounts payable, accrued expenses and other liabilities | | | $ | [removed: 6,658] [added: 8,253] | | | | | $ | [removed: 6,111] [added: 6,658] | |

| Operating lease liabilities, current | | | [removed: 579] [added: 548] | | | | | | [removed: 518] [added: 579] | | |

| Unearned [removed: revenue] [added: revenue, beginning of period] | | | [added: | | | | | | | | | | | | $ |] 20,743 | | | | | [added: $] | 19,003 | | [removed: |]

| Debt, current | | | [removed: 0] [added: 4,000] | | | | | | [removed: 999] [added: 0] | | |

| Total current liabilities | | | [removed: 27,980] [added: 37,118] | | | | | | [removed: 26,631] [added: 27,980] | | |

| Noncurrent debt | | | [removed: 8,433] [added: 10,439] | | | | | | [removed: 8,427] [added: 8,433] | | |

| Noncurrent operating lease liabilities | | | [removed: 2,380] [added: 2,189] | | | | | | [removed: 2,644] [added: 2,380] | | |

| Other noncurrent liabilities | | | [removed: 2,962] [added: 3,417] | | | | | | [removed: 2,475] [added: 2,962] | | |

| Total liabilities | | | [removed: 41,755] [added: 53,163] | | | | | | [removed: 40,177] [added: 41,755] | | |

| Common stock, $0.001 par value; 1,600 shares authorized, [removed: 1,056] [added: 1,073] and [removed: 1,035] [added: 1,056] shares issued as of January 31, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] respectively, and [removed: 962] [added: 929] and [removed: 971] [added: 962] shares outstanding as of January 31, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] respectively | | | 1 | | | | | | 1 | | |

| Treasury stock, at cost | | | [removed: (19,507)] [added: (32,228)] | | | | | | [removed: (11,692)] [added: (19,507)] | | |

| Additional paid-in capital | | | [removed: 64,576] [added: 68,835] | | | | | | [removed: 59,841] [added: 64,576] | | |

| | | | | | | Business Combinations – Valuation of intangible assets | | |

| *Description of the Matter* | | | | | | As described in Note 7 to the consolidated financial statements, the Company completed the acquisition of Informatica, Inc. during fiscal year 2026 for total net consideration of $9.6 billion. In connection with this acquisition, management recognized customer relationship and developed technology intangible assets of $3.5 billion. The valuation of the customer relationship and developed technology intangible assets is complex and judgmental due to the use of subjective assumptions in the valuation models used by management when determining their estimated fair value. In particular, the fair value estimates for the acquired assets are sensitive to changes in assumptions for revenue growth and operating expenses. Auditing management’s valuation of customer relationship and developed technology intangibles is complex due to the auditor judgement required to evaluate management’s assumptions used in determining the fair value of these assets. | | |

| *How We Addressed the Matter in Our Audit* | | | | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the determination of the fair value of customer relationship and developed technology intangible assets. This included controls over management’s development of the assumptions described above. To test the estimated fair value of the customer relationship and developed technology intangible assets, we performed audit procedures that included, among others, evaluating the significant assumptions used by the Company to develop the forecasted revenue growth rates and projected operating expenses, including validating the completeness and accuracy of the underlying data supporting the assumptions and estimates. We performed sensitivity analyses to evaluate the changes in the fair value of the assets that would result from changes in the assumptions and compared the more sensitive significant assumptions used by management to current industry and competitor data, the Company’s own historical results and to the historical results of the acquired business. In addition, we involved a valuation specialist to assist in our evaluation of the methodology used by the Company and the significant assumptions underlying the fair value estimates. | | |

March 2, 2026

As indicated in the accompanying Management’s Report on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Informatica, Inc. (Informatica) and Regrello Corp. (Regrello), which are included in the 2026 consolidated financial statements of the Company and constituted approximately one percent of consolidated total assets and net assets, as of January 31, 2026, and less than one percent of consolidated total revenues and total operating expenses, for the year then ended.

Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Informatica and Regrello.

March 2, 2026

| Unearned revenue | | | 24,317 | | | | | | 20,743 | | |

| Net income | | | | | | | | | | | | | | | $ | 7,457 | | | | | $ | 6,197 | | | | | $ | 4,136 | |

| Common stock withheld related to net share settlement of equity awards | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | (325) | | | | | | 0 | | | | | | 0 | | | | | | (325) | | |

| Cash dividends and dividend equivalents declared | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | 0 | | | | | | 0 | | | | | | (1,605) | | | | | | (1,605) | | |

| Balance at January 31, 2026 | | | 1,073 | | | | | | 1 | | | | | | (144) | | | | | | (32,228) | | | 68,835 | | | | | | 313 | | | | | | 22,221 | | | | | | 59,142 | | |

| Net income | | | | | | | | | | | | | | | $ | 7,457 | | | | | $ | 6,197 | | | | | $ | 4,136 | |

| Proceeds from issuance of debt, net of issuance costs | | | | | | | | | | | | | | | 6,000 | | | | | | 0 | | | | | | 0 | | |

| Payments for taxes related to net share settlement of equity awards | | | | | | | | | | | | | | | (351) | | | | | | 0 | | | | | | 0 | | |

or other events which would indicate that its amortization period should be changed or if there are potential indicators of impairment.

The Company uses forward currency derivative contracts, which are not designated as

The Company has entered into operating and finance leases for corporate offices, data centers, and equipment.

Amortization expense of finance lease ROU assets is recognized on a straight-line basis over the lease

is generally the vesting term of four years for restricted stock units, restricted stock awards, and stock options, and the 12-month offering period for shares issued pursuant to the ESPP.

The Company may also be

In September 2025, the FASB issued Accounting Standards Update 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which provides targeted improvements to the accounting for internal-use software costs by replacing the existing project-stage model with a principles-based approach to determine when capitalization of costs should begin.

ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027 on a prospective basis, with early adoption permitted.

(1) In the third quarter of fiscal 2026, the Company renamed its service offerings to reference Agentforce.

There were no changes in the allocation of revenue between these service offerings as a result of this change.

(2) Agentforce 360 Platform, Slack and Other revenue for the year ended January 31, 2026 includes $388 million in subscription and support revenue from Informatica, Inc. (“Informatica”), which the Company acquired in November 2025.

| | | | | | | | | | | | | | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

| | | | | | | | | | | | | | | | 2026 | | | | | | 2025 | | |

(1) Other includes, for example, the impact of foreign currency translation as well as contributions from contract assets and business combinations, including $651 million from Informatica as of the acquisition date.

| As of January 31, 2026 (1) | | | $ | 35.1 | | | | | $ | 37.3 | | | | | $ | 72.4 | |

(1) Includes approximately $2.2 billion of remaining performance obligation related to Informatica.

| | | | January 31, 2026 | | | | | | January 31, 2025 | | |

| | | | $ | 2,238 | | | | | $ | 5,184 | |

| Balance as of January 31, 2026 | | | $ | 5 | | | | | $ | 7,415 | | | | | $ | 171 | | | | | $ | 7,591 | |

| | | | | | | | | | | | | | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

Upward adjustments to measurement alternative investments in fiscal 2026 included $1.2 billion in gains from one privately held equity investment.

| Total assets | | | $ | 3,209 | | | | | $ | 4,198 | | | | | $ | 0 | | | | | $ | 7,407 | |

| | | | 2026 | | | | | | 2025 | | |

| | | | | | | | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

| | | | | | | | | | 2026 | | | | | | 2025 | | | | | | 2024 | | |

| | | | | | |

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.

| *Description of the Matter* | | | | | | As described in Notes 1 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. | | |

| *How We Addressed the Matter in Our Audit* | | | | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to identify impaired privately held equity securities, including controls over assessing impairment indicators. To test the Company’s judgments and conclusions related to impairment of privately held equity securities, our audit procedures included, among others, obtaining an understanding of the nature of the privately held equity securities and evaluating the Company’s assessment of both qualitative and quantitative factors. We read the Company’s analysis of a sample of investments and available information including financial metrics and cash usage. We evaluated the information available to determine the appropriateness of the Company’s conclusions of whether the investments are impaired. | | |

March 5, 2025

| Strategic investments | | | 4,852 | | | | | | 4,848 | | |

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

| Balance at January 31, 2022 | | | 989 | | | | | | 1 | | | | | | 0 | | | | | | 0 | | | 50,919 | | | | | | (166) | | | | | | 7,377 | | | | | | 58,131 | | |

Capitalized amounts also include (1) amounts paid to employees other than the direct sales force who earn incentive payouts under annual compensation plans that are tied to the value of contracts acquired, (2) commissions paid to employees upon renewals of subscription and support contracts, (3) the associated payroll taxes and fringe benefit costs associated with the payments to the Company’s employees and (4) to a lesser extent, success fees paid to partners in emerging markets where the Company has a limited presence.

Privately held debt securities are recorded at fair value with changes in fair value recorded through accumulated other comprehensive loss on the consolidated balance sheets.

options on a straight-line basis, net of estimated forfeitures, over the requisite service period of the awards, which is generally the vesting term of four years.

Stock-based compensation expense related to the Company’s Amended and Restated 2004 Employee Stock Purchase Plan (“ESPP” or “2004 Employee Stock Purchase Plan”) is measured based on grant date at fair value using the Black-Scholes option pricing model.

The Company recognizes stock-based compensation expense related to shares issued pursuant to the 2004 Employee Stock Purchase Plan on a straight-line basis over the offering period, which is 12 months.

The ESPP allows employees to purchase shares of the Company's common stock at a 15 percent discount from the lower of the Company’s stock price on (i) the first day of the offering period or on (ii) the last day of the purchase period.

The ESPP also allows employees to reduce their percentage election once during a six-month purchase period (December 15 and June 15 of each fiscal year), but not to increase that election until the next one-year offering period.

The ESPP includes a reset provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date.

The Company, at times, grants unvested restricted shares to employee stockholders of certain acquired companies in lieu of cash consideration.

These awards are generally subject to continued post-acquisition employment.

Therefore, the Company accounts for them as post-acquisition stock-based compensation expense.

The Company recognizes stock-based compensation expense equal to the grant date fair value of the restricted stock awards, based on the closing stock price on grant date, on a straight-line basis over the requisite service period of the awards, which is generally four years.

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

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires additional operating segment disclosures in annual and interim consolidated financial statements.

ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a retrospective or prospective basis.

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

| Unearned revenue, beginning of period | | | | | | | | | | | | | | | $ | 19,003 | | | | | $ | 17,376 | |

| Contribution from contract asset | | | | | | | | | | | | | | | (34) | | | | | | 110 | | |

| Unearned revenue from business combinations | | | | | | | | | | | | | | | 156 | | | | | | 4 | | |

(1) Other includes, for example, the impact of foreign currency translation.

| As of January 31, 2024 | | | $ | 27.6 | | | | | $ | 29.3 | | | | | $ | 56.9 | |

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

| Total assets | | | $ | 4,527 | | | | | $ | 7,552 | | | | | $ | 0 | | | | | $ | 12,079 | |

| Thereafter | | | 820 | | | | | | 0 | | |

The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date.

The Company has included the financial results of Own, which were not material, in the consolidated financial statements from the date of acquisition.

| Goodwill | | | 1,812 | | |

Traction Sales and Marketing Inc.

In April 2022, the Company acquired all outstanding stock of Traction Sales and Marketing Inc. (“Traction on Demand”), a professional services firm that provides innovative and critical solutions to clients using the Company’s service offerings and other advanced cloud technologies.

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

| Acquired developed technology | | | $ | 4,624 | | | | | $ | (1,666) | | | | | $ | 2,958 | | | | | $ | (3,208) | | | | | $ | 1,455 | | | | | $ | (1,753) | | | | | $ | 1,416 | | | | | $ | 1,205 | | | | | 0.9 | | |

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 (“SEC”) rules and forms, and that such information is accumulated and communicated to our management, including our [removed: chief] [added: principal] executive officer and [removed: chief] [added: principal] 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: 2025] [added: 2026] 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: 2025.][added: 2026.]

The effectiveness of our internal control over financial reporting as of January 31, [removed: 2025] [added: 2026] 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: 2025] [added: 2026] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate [added: because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate.]

In accordance with guidance issued by the Securities and Exchange Commission, companies are permitted to exclude acquisitions from their final assessment of internal control over financial reporting for the first fiscal year in which the acquisition occurred.

Our management’s evaluation of internal control over financial reporting excluded the internal control activities of Regrello and Informatica, which we acquired in October 2025 and November 2025, respectively, as discussed in Note 7 "Business Combinations," to the consolidated financial statements.

We have included the financial results of these acquired companies in the consolidated financial statements from the date of acquisition.

Total revenues and total operating expenses subject to Regrello’s and Informatica’s internal control over financial reporting represented less than one percent of our consolidated total revenues and total operating expenses, for the fiscal year ended January 31, 2026.

Total assets and net assets subject to Regrello’s and Informatica’s internal control over financial reporting represented approximately one percent of our consolidated total assets and net assets, excluding acquisition method fair value adjustments, as of January 31, 2026.

because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate.

During the three months ended January 31, [removed: 2025,] [added: 2026,] 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 December [removed: 17, 2024,] [added: 18, 2025,] Parker Harris, Co-Founder [removed: and] [added: &] Chief Technology Officer, Slack, [added: individually, and as co-trustee of the HJ Family Trust,] adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale [added: and donation] of up to [removed: 150,662] [added: 154,725] shares of the Company’s common stock, subject to certain conditions, through December [removed: 15, 2025] [added: 18, 2026] (or the date all shares are sold [added: and donated] under the arrangement, if earlier).

On January [removed: 9, 2025, Marc Benioff, Chair] [added: 12, 2026, Srinivas Tallapragada, President] and Chief [removed: Executive] [added: Engineering and Customer Success] 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: 353,684] [added: 22,904] shares of the Company’s common stock, subject to certain conditions, through [removed: March 20, 2026] [added: January 12, 2027] (or the date all shares are sold under the arrangement, if earlier).

We have adopted a code of ethics, our Code of Conduct, which applies to all employees, including our chief executive officer, Marc Benioff, principal financial officer, [removed: Amy Weaver,] [added: Robin Washington,] principal accounting officer, Sundeep Reddy and all other executive officers.

We intend to satisfy the disclosure requirement under [removed: Item 5.05 of Form 8-K] [added: SEC and NYSE rules] regarding [removed: amendment] [added: certain amendments] to, or [removed: waiver] [added: waivers] from, a provision of our Code of Conduct by posting such information on the website address and location specified above.

The information required by this Item is incorporated herein by reference to information contained in the Proxy Statement, including “Compensation Discussion and Analysis,” “Summary Compensation Table,” “Grants of Plan-Based Awards Table,” “Outstanding Equity Awards at Fiscal [removed: 2025] [added: 2026] Year-End Table,” “Options Exercised and Stock Vested Table,” “Committee Reports,” “Directors and Corporate Governance” and “Employment Contracts and Certain Transactions.”

| Exhibit [removed: Description] [added: No.] | | | | | | [removed: Form] [added: Exhibit Description] | | | | | | [removed: SEC File No.] [added: Provided Herewith] | | | | | | [removed: Exhibit] [added: Form] | | | | | | [removed: Filing Date] [added: SEC File No.] | | | | | | [added: Exhibit] | | | | | | [added: Filing Date] | | |

| 3.2 | | | | | | [Amended and Restated Bylaws of Salesforce, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1108524/000110852422000063/ex31-arbylawseffective1215.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1108524/000110852424000036/exhibit31.htm)] | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 3.1 | | | | | | 12/10/2024 | | |

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

| 10.1* | | | | | | [Salesforce, Inc. Amended and Restated 2013 Equity Incentive [removed: Plan](https://www.sec.gov/ix?doc=/Archives/edgar/data/1108524/000110852424000014/crm-20240627.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000033/ex101-fy262013eipamendedpl.htm)] | | | | | | | | | | | | 8-K | | | | | | 001-32224 | | | | | | 10.1 | | | | | | [removed: 7/1/2024] [added: 6/9/2025] | | |

| 10.4* | | | | | | [removed: [MetaMind,] [added: [Salesforce,] Inc. 2014 [removed: Stock] [added: Inducement Equity] Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852416000067/ex41s-8.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852425000093/ex43-fy262014inducementplan.htm)] | | | | | | | | | | | | S-8 | | | | | | [removed: 333-211510] [added: 333-290051] | | | | | | [removed: 4.1] [added: 4.3] | | | | | | [removed: 5/20/2016] [added: 9/5/2025] | | |

| [removed: 10.5*] [added: 10.9*] | | | | | | [removed: [Salesforce, Inc. Amended] [added: [Amended] and Restated [removed: 2014 Inducement Equity Incentive] [added: Annual Performance Bonus] Plan](https://www.sec.gov/ix?doc=/Archives/edgar/data/1108524/000110852424000009/crm-20240430.htm) | | | | | | | | | | | | 10-Q | | | | | | 001-32224 | | | | | | [removed: 10.3] [added: 10.1] | | | | | | 5/30/2024 | | |

| [removed: 10.6*] [added: 10.5*] | | | | | | [removed: [Related forms] [added: [Forms] of equity [added: award] agreements under the Amended and Restated 2013 Equity Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852422000022/ex104-2013eipforms.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1108524/000110852426000060/ex105-formsofequityawardag.htm)] | | | | | | [added: X] | | | | | | [removed: 10-Q] | | | | | | [removed: 001-32224] | | | | | | [removed: 10.4] | | | | | | [removed: 6/1/2022] | | |