CRM 10-Q report for 2025-07-31

CRM is the equity ticker for Salesforce, Inc., a Technology sector company in the Software - Application industry.

CRM 10-Q report for 2025-07-31 crm-20250731 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended July 31, 2025 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission File Number: 001-32224 Salesforce, Inc. (Exact name of Registrant as specified in its charter) Delaware 94-3320693 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) Salesforce Tower 415 Mission Street, 3rd Fl San Francisco , California 94105 (Address of principal executive offices) Telephone Number: ( 415 )  901-7000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share CRM New York Stock Exchange Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes x    No   ¨ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).     Yes x    No   ¨ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      ¨ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐   No   x As of August 28, 2025, there were approximately 952 million shares of the Registrant’s Common Stock outstanding. 1 Table of Contents INDEX Page No. PART I. FINANCIAL INFORMATION Item 1. Financial Statements: Condensed Consolidated Balance Sheets as of July 31, 2025 and January 31, 2025 3 Condensed Consolidated Statements of Operations for the three and six months ended July 31, 2025 and 2024 4 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 31, 2025 and 2024 5 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended July 31, 2025 and 2024 6 Condensed Consolidated Statements of Cash Flows for the three and six months ended July 31, 2025 and 2024 7 Notes to Condensed Consolidated Financial Statements 9 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3. Quantitative and Qualitative Disclosures About Market Risk 42 Item 4. Controls and Procedures 45 PART II. OTHER INFORMATION Item 1. Legal Proceedings 46 Item 1A. Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 68 Signatures 70 2 Table of Contents PART I. ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Salesforce, Inc. Condensed Consolidated Balance Sheets (in millions) July 31, 2025 January 31, 2025 Assets (unaudited) Current assets: Cash and cash equivalents $ 10,365 $ 8,848 Marketable securities 5,007 5,184 Accounts receivable, net 5,596 11,945 Costs capitalized to obtain revenue contracts, net 1,862 1,971 Prepaid expenses and other current assets 2,501 1,779 Total current assets 25,331 29,727 Property and equipment, net 3,154 3,236 Operating lease right-of-use assets, net 2,028 2,157 Noncurrent costs capitalized to obtain revenue contracts, net 2,266 2,475 Strategic investments 5,085 4,852 Goodwill 51,438 51,283 Intangible assets acquired through business combinations, net 3,669 4,428 Deferred tax assets and other assets, net 4,602 4,770 Total assets $ 97,573 $ 102,928 Liabilities and stockholders’ equity Current liabilities: Accounts payable, accrued expenses and other liabilities $ 5,397 $ 6,658 Operating lease liabilities, current 580 579 Unearned revenue 16,5 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3. Quantitative and Qualitative Disclosures About Market Risk 42 Item 4. Controls and Procedures 45 PART II. OTHER INFORMATION Item 1. Legal Proceedings 46 Item 1A. Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 68 Signatures 70 2 Table of Contents PART I. ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Salesforce, Inc. Condensed Consolidated Balance Sheets (in millions) July 31, 2025 January 31, 2025 Assets (unaudited) Current assets: Cash and cash equivalents $ 10,365 $ 8,848 Marketable securities 5,007 5,184 Accounts receivable, net 5,596 11,945 Costs capitalized to obtain revenue contracts, net 1,862 1,971 Prepaid expenses and other current assets 2,501 1,779 Total current assets 25,331 29,727 Property and equipment, net 3,154 3,236 Operating lease right-of-use assets, net 2,028 2,157 Noncurrent costs capitalized to obtain revenue contracts, net 2,266 2,475 Strategic investments 5,085 4,852 Goodwill 51,438 51,283 Intangible assets acquired through business combinations, net 3,669 4,428 Deferred tax assets and other assets, net 4,602 4,770 Total assets $ 97,573 $ 102,928 Liabilities and stockholders’ equity Current liabilities: Accounts payable, accrued expenses and other liabilities $ 5,397 $ 6,658 Operating lease liabilities, current 580 579 Unearned revenue 16,555 20,743 Total current liabilities 22,532 27,980 Noncurrent debt 8,436 8,433 Noncurrent operating lease liabilities 2,221 2,380 Other noncurrent liabilities 3,056 2,962 Total liabilities 36,245 41,755 Stockholders’ equity: Common stock 1 1 Treasury stock, at cost ( 24,408 ) ( 19,507 ) Additional paid-in capital 66,701 64,576 Accumulated other comprehensive income (loss) 47 ( 266 ) Retained earnings 18,987 16,369 Total stockholders’ equity 61,328 61,173 Total liabilities and stockholders’ equity $ 97,573 $ 102,928 See accompanying Notes. 3 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Operations (in millions, except per share data) (unaudited) 2 Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Revenues: Subscription and support $ 9,690 $ 8,764 $ 18,987 $ 17,349 Professional services and other 546 561 1,078 1,109 Total revenues 10,236 9,325 20,065 18,458 Cost of revenues (1)(2): Subscription and support 1,645 1,556 3,256 3,116 Professional services and other 597 603 1,251 1,205 Total cost of revenues 2,242 2,159 4,507 4,321 Gross profit 7,994 7,166 15,558 14,137 Operating expenses (1)(2): Research and development 1,481 1,349 2,941 2,717 Sales and marketing 3,443 3,224 6,872 6,463 General and administrative 734 711 1,431 1,358 Restructuring 4 99 40 107 Total operating expenses 5,662 5,383 11,284 10,645 Income from operations 2,332 1,783 4,274 3,492 Gains (losses) on strategic investments, net 6 ( 37 ) ( 57 ) 0 Other income 68 91 163 212 Income before provision for income taxes 2,406 1,837 4,380 3,704 Provision for income taxes ( 519 ) ( 408 ) ( 952 ) ( 742 ) Net income $ 1,887 $ 1,429 $ 3,428 $ 2,962 Basic net income per share $ 1.97 $ 1.48 $ 3.58 $ 3.06 Diluted net income per share $ 1.96 $ 1.47 $ 3.55 $ 3.03 Shares used in computing basic net income per share 956 964 958 967 Shares used in computing diluted net income per share 962 973 966 979 (1) Amounts include amortization of intangible assets acquired through business combinations, as follows: Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Cost of revenues $ 150 $ 231 $ 312 $ 469 Sales and marketing 230 223 463 446 (2) Amounts include stock-based compensation expense, as follows: Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Cost of revenues $ 126 $ 132 $ 277 $ 251 Research and development 280 276 555 536 Sales and marketing 293 309 578 599 General and administrative 94 91 182 172 Restructuring 0 2 15 2 See accompanying Notes. 4 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Comprehensive Income (in millions) (unaudited) 2 Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Net income $ 1,887 $ 1,429 $ 3,428 $ 2,962 Other comprehensive income (loss), net of reclassification adjustments: Foreign currency translation and other gains (losses) 180 ( 4 ) 290 ( 27 ) Unrealized gains (losses) on marketable securities ( 3 ) 48 28 18 Other comprehensive income (loss), before tax 177 44 318 ( 9 ) Tax effect 0 ( 10 ) ( 5 ) ( 2 ) Other comprehensive income (loss), net 177 34 313 ( 11 ) Comprehensive income $ 2,064 $ 1,463 $ 3,741 $ 2,951 See accompanying Notes. 5 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Stockholders’ Equity (in millions) (unaudited) Three and Six Months Ended July 31, 2025 Common Stock Treasury Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Total Stockholders’ Equity Shares Amount Shares Amount Balance at January 31, 2025 1,056 $ 1 ( 94 ) $ ( 19,507 ) $ 64,576 $ ( 266 ) $ 16,369 $ 61,173 Common stock issued 6 0  0  0  97 0  0  97 Common stock repurchased 0  0  ( 10 ) ( 2,692 ) 0  0  0  ( 2,692 ) Stock-based compensation 0  0  0  0  817 0  0  817 Other comprehensive income, net of tax 0  0  0  0  0  136 0  136 Cash dividends and dividend equivalents declared 0  0  0  0  0  0  ( 406 ) ( 406 ) Net income 0  0  0  0  0  0  1,541 1,541 Balance at April 30, 2025 1,062 $ 1 ( 104 ) $ ( 22,199 ) $ 65,490 $ ( 130 ) $ 17,504 $ 60,666 Common stock issued 5 0  0  0  427 0  0  427 Common stock withheld related to net share settlement of equity awards 0  0  0  0  ( 12 ) 0  0  ( 12 ) Common stock repurchased 0  0  ( 8 ) ( 2,209 ) 0  0  0  ( 2,209 ) Stock-based compensation 0  0  0  0  796 0  0  796 Other comprehensive income, net of tax 0  0  0  0  0  177 0  177 Cash dividends and dividend equivalents declared 0  0  0  0  0  0  ( 404 ) ( 404 ) Net income 0  0  0  0  0  0  1,887 1,887 Balance at July 31, 2025 1,067 1 ( 112 ) ( 24,408 ) 66,701 47 18,987 61,328 Three and Six Months Ended July 31, 2024 Common Stock Treasury Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders’ Equity Shares Amount Shares Amount Balance at January 31, 2024 1,035 $ 1 ( 64 ) $ ( 11,692 ) $ 59,841 $ ( 225 ) $ 11,721 $ 59,646 Common stock issued 7 0  0  0  352 0  0  352 Common stock repurchased 0  0  ( 7 ) ( 2,168 ) 0  0  0  ( 2,168 ) Stock-based compensation 0  0  0  0  753 0  0  753 Other comprehensive loss, net of tax 0  0  0  0  0  ( 45 ) 0  ( 45 ) Cash dividends declared 0  0  0  0  0  0  ( 388 ) ( 388 ) Net income 0  0  0  0  0  0  1,533 1,533 Balance at April 30, 2024 1,042 $ 1 ( 71 ) $ ( 13,860 ) $ 60,946 $ ( 270 ) $ 12,866 $ 59,683 Common stock issued 5 0  0  0  384 0  0  384 Common stock repurchased 0  0  ( 18 ) ( 4,322 ) 0  0  0  ( 4,322 ) Stock-based compensation 0  0  0  0  813 0  0  813 Other comprehensive income, net of tax 0  0  0  0  0  34 0  34 Cash dividends declared 0  0  0  0  0  0  ( 388 ) ( 388 ) Net income 0  0  0  0  0  0  1,429 1,429 Balance at July 31, 2024 1,047 1 ( 89 ) ( 18,182 ) 62,143 ( 236 ) 13,907 57,633 See accompanying Notes. 6 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) 2 Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Operating activities: Net income $ 1,887 $ 1,429 $ 3,428 $ 2,962 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization (1) 817 907 1,660 1,786 Amortization of costs capitalized to obtain revenue contracts, net 544 526 1,089 1,043 Stock-based compensation expense 793 810 1,607 1,560 (Gains) losses on strategic investments, net ( 6 ) 37 57 0 Changes in assets and liabilities, net of business combinations: Accounts receivable, net ( 1,242 ) ( 1,136 ) 6,349 6,026 Costs capitalized to obtain revenue contracts, net ( 406 ) ( 427 ) ( 771 ) ( 675 ) Prepaid expenses and other current assets and other assets ( 32 ) ( 477 ) ( 513 ) ( 991 ) Accounts payable and accrued expenses and other liabilities ( 217 ) 220 ( 1,224 ) ( 535 ) Operating lease liabilities ( 154 ) ( 158 ) ( 278 ) ( 243 ) Unearned revenue ( 1,244 ) ( 839 ) ( 4,188 ) ( 3,794 ) Net cash provided by operating activities 740 892 7,216 7,139 Investing activities: Business combinations, net of cash acquired ( 54 ) 0 ( 54 ) ( 338 ) Purchases of strategic investments ( 174 ) ( 104 ) ( 323 ) ( 307 ) Sales of strategic investments 38 52 44 105 Purchases of marketable securities ( 1,118 ) ( 550 ) ( 3,204 ) ( 3,802 ) Sales of marketable securities 1,179 2,482 1,584 3,098 Maturities of marketable securities 1,429 898 1,865 1,534 Capital expenditures ( 135 ) ( 137 ) ( 314 ) ( 300 ) Net cash provided by (used in) investing activities 1,165 2,641 ( 402 ) ( 10 ) Financing activities: Repurchases of common stock ( 2,225 ) ( 4,335 ) ( 4,858 ) ( 6,468 ) Payments for taxes related to net share settlement of equity awards ( 12 ) 0 ( 12 ) 0 Proceeds from employee stock plans 232 202 526 735 Principal payments on financing obligations ( 99 ) ( 285 ) ( 278 ) ( 405 ) Repayments of debt 0 ( 1,000 ) 0 ( 1,000 ) Payments of dividends and dividend equivalents ( 399 ) ( 384 ) ( 801 ) ( 772 ) Net cash used in financing activities ( 2,503 ) ( 5,802 ) ( 5,423 ) ( 7,910 ) Effect of exchange rate changes 35 ( 7 ) 126 ( 9 ) Net increase (decrease) in cash and cash equivalents ( 563 ) ( 2,276 ) 1,517 ( 790 ) Cash and cash equivalents, beginning of period 10,928 9,958 8,848 8,472 Cash and cash equivalents, end of period $ 10,365 $ 7,682 $ 10,365 $ 7,682 (1) Includes amortization of intangible assets acquired through business combinations, depreciation of fixed assets and amortization and impairment of right-of-use assets. See accompanying Notes. 7 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Cash Flows Supplemental Cash Flow Disclosure (in millions) (unaudited) Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Supplemental cash flow disclosure: Cash paid during the period for: Interest $ 87 $ 90 $ 115 $ 118 Income taxes, net of tax refunds $ 891 $ 823 $ 990 $ 917 See accompanying Notes. 8 Table of Contents Salesforce, Inc. Notes to Condensed Consolidated Financial Statements 1. Summary of Business and Significant Accounting Policies Description of Business Salesforce, Inc. (the “Company”) is a global leader in customer relationship management technology that brings companies and customers together. With the deeply unified Salesforce Platform, the Company delivers a single source of truth, connecting customer data with integrated artificial intelligence (“AI”) across systems, apps and devices to help companies sell, service, market and conduct commerce from anywhere. During the third quarter of fiscal 2025, the Company introduced Agentforce, a new layer of the trusted Salesforce Platform that enables companies to build and deploy AI agents that can respond to inputs, make decisions and take action autonomously across business functions. Agentforce includes a suite of customizable agents for use across sales, service, marketing and commerce. Since its founding in 1999, the Company has pioneered innovations in cloud, mobile, social, analytics and AI, enabling companies of every size and industry to transform their businesses in the digital-first world. Fiscal Year The Company’s fiscal year ends on January 31. References to fiscal 2026, for example, refer to the fiscal year ending January 31, 2026. Basis of Presentation The accompanying condensed consolidated balance sheet as of July 31, 2025 and the condensed consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for the three and six months ended July 31, 2025 and 2024, are unaudited. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s balance sheet as of July 31, 2025 and its results of operations, including its comprehensive income, stockholders' equity and cash flows for the three and six months ended July 31, 2025 and 2024. All adjustments are of a normal recurring nature. The results for the three and six months ended July 31, 2025 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending January 31, 2026. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2025. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the Company’s condensed consolidated financial statements and notes thereto. Significant estimates and assumptions made by management include the determination of: • the standalone selling price (“SSP”) of performance obligations for revenue contracts with Item 1A. Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 68 Signatures 70 2 Table of Contents PART I. ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Salesforce, Inc. Condensed Consolidated Balance Sheets (in millions) July 31, 2025 January 31, 2025 Assets (unaudited) Current assets: Cash and cash equivalents $ 10,365 $ 8,848 Marketable securities 5,007 5,184 Accounts receivable, net 5,596 11,945 Costs capitalized to obtain revenue contracts, net 1,862 1,971 Prepaid expenses and other current assets 2,501 1,779 Total current assets 25,331 29,727 Property and equipment, net 3,154 3,236 Operating lease right-of-use assets, net 2,028 2,157 Noncurrent costs capitalized to obtain revenue contracts, net 2,266 2,475 Strategic investments 5,085 4,852 Goodwill 51,438 51,283 Intangible assets acquired through business combinations, net 3,669 4,428 Deferred tax assets and other assets, net 4,602 4,770 Total assets $ 97,573 $ 102,928 Liabilities and stockholders’ equity Current liabilities: Accounts payable, accrued expenses and other liabilities $ 5,397 $ 6,658 Operating lease liabilities, current 580 579 Unearned revenue 16,555 20,743 Total current liabilities 22,532 27,980 Noncurrent debt 8,436 8,433 Noncurrent operating lease liabilities 2,221 2,380 Other noncurrent liabilities 3,056 2,962 Total liabilities 36,245 41,755 Stockholders’ equity: Common stock 1 1 Treasury stock, at cost ( 24,408 ) ( 19,507 ) Additional paid-in capital 66,701 64,576 Accumulated other comprehensive income (loss) 47 ( 266 ) Retained earnings 18,987 16,369 Total stockholders’ equity 61,328 61,173 Total liabilities and stockholders’ equity $ 97,573 $ 102,928 See accompanying Notes. 3 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Operations (in millions, except per share data) (unaudited) 2 Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Revenues: Subscription and support $ 9,690 $ 8,764 $ 18,987 $ 17,349 Professional services and other 546 561 1,078 1,109 Total revenues 10,236 9,325 20,065 18,458 Cost of revenues (1)(2): Subscription and support 1,645 1,556 3,256 3,116 Professional services and other 597 603 1,251 1,205 Total cost of revenues 2,242 2,159 4,507 4,321 Gross profit 7,994 7,166 15,558 14,137 Operating expenses (1)(2): Research and development 1,481 1,349 2,941 2,717 Sales and marketing 3,443 3,224 6,872 6,463 General and administrative 734 711 1,431 1,358 Restructuring 4 99 40 107 Total operating expenses 5,662 5,383 11,284 10,645 Income from operations 2,332 1,783 4,274 3,492 Gains (losses) on strategic investments, net 6 ( 37 ) ( 57 ) 0 Other income 68 91 163 212 Income before provision for income taxes 2,406 1,837 4,380 3,704 Provision for income taxes ( 519 ) ( 408 ) ( 952 ) ( 742 ) Net income $ 1,887 $ 1,429 $ 3,428 $ 2,962 Basic net income per share $ 1.97 $ 1.48 $ 3.58 $ 3.06 Diluted net income per share $ 1.96 $ 1.47 $ 3.55 $ 3.03 Shares used in computing basic net income per share 956 964 958 967 Shares used in computing diluted net income per share 962 973 966 979 (1) Amounts include amortization of intangible assets acquired through business combinations, as follows: Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Cost of revenues $ 150 $ 231 $ 312 $ 469 Sales and marketing 230 223 463 446 (2) Amounts include stock-based compensation expense, as follows: Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Cost of revenues $ 126 $ 132 $ 277 $ 251 Research and development 280 276 555 536 Sales and marketing 293 309 578 599 General and administrative 94 91 182 172 Restructuring 0 2 15 2 See accompanying Notes. 4 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Comprehensive Income (in millions) (unaudited) 2 Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Net income $ 1,887 $ 1,429 $ 3,428 $ 2,962 Other comprehensive income (loss), net of reclassification adjustments: Foreign currency translation and other gains (losses) 180 ( 4 ) 290 ( 27 ) Unrealized gains (losses) on marketable securities ( 3 ) 48 28 18 Other comprehensive income (loss), before tax 177 44 318 ( 9 ) Tax effect 0 ( 10 ) ( 5 ) ( 2 ) Other comprehensive income (loss), net 177 34 313 ( 11 ) Comprehensive income $ 2,064 $ 1,463 $ 3,741 $ 2,951 See accompanying Notes. 5 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Stockholders’ Equity (in millions) (unaudited) Three and Six Months Ended July 31, 2025 Common Stock Treasury Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Total Stockholders’ Equity Shares Amount Shares Amount Balance at January 31, 2025 1,056 $ 1 ( 94 ) $ ( 19,507 ) $ 64,576 $ ( 266 ) $ 16,369 $ 61,173 Common stock issued 6 0  0  0  97 0  0  97 Common stock repurchased 0  0  ( 10 ) ( 2,692 ) 0  0  0  ( 2,692 ) Stock-based compensation 0  0  0  0  817 0  0  817 Other comprehensive income, net of tax 0  0  0  0  0  136 0  136 Cash dividends and dividend equivalents declared 0  0  0  0  0  0  ( 406 ) ( 406 ) Net income 0  0  0  0  0  0  1,541 1,541 Balance at April 30, 2025 1,062 $ 1 ( 104 ) $ ( 22,199 ) $ 65,490 $ ( 130 ) $ 17,504 $ 60,666 Common stock issued 5 0  0  0  427 0  0  427 Common stock withheld related to net share settlement of equity awards 0  0  0  0  ( 12 ) 0  0  ( 12 ) Common stock repurchased 0  0  ( 8 ) ( 2,209 ) 0  0  0  ( 2,209 ) Stock-based compensation 0  0  0  0  796 0  0  796 Other comprehensive income, net of tax 0  0  0  0  0  177 0  177 Cash dividends and dividend equivalents declared 0  0  0  0  0  0  ( 404 ) ( 404 ) Net income 0  0  0  0  0  0  1,887 1,887 Balance at July 31, 2025 1,067 1 ( 112 ) ( 24,408 ) 66,701 47 18,987 61,328 Three and Six Months Ended July 31, 2024 Common Stock Treasury Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders’ Equity Shares Amount Shares Amount Balance at January 31, 2024 1,035 $ 1 ( 64 ) $ ( 11,692 ) $ 59,841 $ ( 225 ) $ 11,721 $ 59,646 Common stock issued 7 0  0  0  352 0  0  352 Common stock repurchased 0  0  ( 7 ) ( 2,168 ) 0  0  0  ( 2,168 ) Stock-based compensation 0  0  0  0  753 0  0  753 Other comprehensive loss, net of tax 0  0  0  0  0  ( 45 ) 0  ( 45 ) Cash dividends declared 0  0  0  0  0  0  ( 388 ) ( 388 ) Net income 0  0  0  0  0  0  1,533 1,533 Balance at April 30, 2024 1,042 $ 1 ( 71 ) $ ( 13,860 ) $ 60,946 $ ( 270 ) $ 12,866 $ 59,683 Common stock issued 5 0  0  0  384 0  0  384 Common stock repurchased 0  0  ( 18 ) ( 4,322 ) 0  0  0  ( 4,322 ) Stock-based compensation 0  0  0  0  813 0  0  813 Other comprehensive income, net of tax 0  0  0  0  0  34 0  34 Cash dividends declared 0  0  0  0  0  0  ( 388 ) ( 388 ) Net income 0  0  0  0  0  0  1,429 1,429 Balance at July 31, 2024 1,047 1 ( 89 ) ( 18,182 ) 62,143 ( 236 ) 13,907 57,633 See accompanying Notes. 6 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) 2 Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Operating activities: Net income $ 1,887 $ 1,429 $ 3,428 $ 2,962 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization (1) 817 907 1,660 1,786 Amortization of costs capitalized to obtain revenue contracts, net 544 526 1,089 1,043 Stock-based compensation expense 793 810 1,607 1,560 (Gains) losses on strategic investments, net ( 6 ) 37 57 0 Changes in assets and liabilities, net of busines Results of Operations 29 Item 3. Quantitative and Qualitative Disclosures About Market Risk 42 Item 4. Controls and Procedures 45 PART II. OTHER INFORMATION Item 1. Legal Proceedings 46 Item 1A. Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 68 Signatures 70 2 Table of Contents PART I. ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Salesforce, Inc. Condensed Consolidated Balance Sheets (in millions) July 31, 2025 January 31, 2025 Assets (unaudited) Current assets: Cash and cash equivalents $ 10,365 $ 8,848 Marketable securities 5,007 5,184 Accounts receivable, net 5,596 11,945 Costs capitalized to obtain revenue contracts, net 1,862 1,971 Prepaid expenses and other current assets 2,501 1,779 Total current assets 25,331 29,727 Property and equipment, net 3,154 3,236 Operating lease right-of-use assets, net 2,028 2,157 Noncurrent costs capitalized to obtain revenue contracts, net 2,266 2,475 Strategic investments 5,085 4,852 Goodwill 51,438 51,283 Intangible assets acquired through business combinations, net 3,669 4,428 Deferred tax assets and other assets, net 4,602 4,770 Total assets $ 97,573 $ 102,928 Liabilities and stockholders’ equity Current liabilities: Accounts payable, accrued expenses and other liabilities $ 5,397 $ 6,658 Operating lease liabilities, current 580 579 Unearned revenue 16,555 20,743 Total current liabilities 22,532 27,980 Noncurrent debt 8,436 8,433 Noncurrent operating lease liabilities 2,221 2,380 Other noncurrent liabilities 3,056 2,962 Total liabilities 36,245 41,755 Stockholders’ equity: Common stock 1 1 Treasury stock, at cost ( 24,408 ) ( 19,507 ) Additional paid-in capital 66,701 64,576 Accumulated other comprehensive income (loss) 47 ( 266 ) Retained earnings 18,987 16,369 Total stockholders’ equity 61,328 61,173 Total liabilities and stockholders’ equity $ 97,573 $ 102,928 See accompanying Notes. 3 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Operations (in millions, except per share data) (unaudited) 2 Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Revenues: Subscription and support $ 9,690 $ 8,764 $ 18,987 $ 17,349 Professional services and other 546 561 1,078 1,109 Total revenues 10,236 9,325 20,065 18,458 Cost of revenues (1)(2): Subscription and support 1,645 1,556 3,256 3,116 Professional services and other 597 603 1,251 1,205 Total cost of revenues 2,242 2,159 4,507 4,321 Gross profit 7,994 7,166 15,558 14,137 Operating expenses (1)(2): Research and development 1,481 1,349 2,941 2,717 Sales and marketing 3,443 3,224 6,872 6,463 General and administrative 734 711 1,431 1,358 Restructuring 4 99 40 107 Total operating expenses 5,662 5,383 11,284 10,645 Income from operations 2,332 1,783 4,274 3,492 Gains (losses) on strategic investments, net 6 ( 37 ) ( 57 ) 0 Other income 68 91 163 212 Income before provision for income taxes 2,406 1,837 4,380 3,704 Provision for income taxes ( 519 ) ( 408 ) ( 952 ) ( 742 ) Net income $ 1,887 $ 1,429 $ 3,428 $ 2,962 Basic net income per share $ 1.97 $ 1.48 $ 3.58 $ 3.06 Diluted net income per share $ 1.96 $ 1.47 $ 3.55 $ 3.03 Shares used in computing basic net income per share 956 964 958 967 Shares used in computing diluted net income per share 962 973 966 979 (1) Amounts include amortization of intangible assets acquired through business combinations, as follows: Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Cost of revenues $ 150 $ 231 $ 312 $ 469 Sales and marketing 230 223 463 446 (2) Amounts include stock-based compensation expense, as follows: Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Cost of revenues $ 126 $ 132 $ 277 $ 251 Research and development 280 276 555 536 Sales and marketing 293 309 578 599 General and administrative 94 91 182 172 Restructuring 0 2 15 2 See accompanying Notes. 4 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Comprehensive Income (in millions) (unaudited) 2 Three Months Ended July 31, Six Months Ended July 31, 2025 2024 2025 2024 Net income $ 1,887 $ 1,429 $ 3,428 $ 2,962 Other comprehensive income (loss), net of reclassification adjustments: Foreign currency translation and other gains (losses) 180 ( 4 ) 290 ( 27 ) Unrealized gains (losses) on marketable securities ( 3 ) 48 28 18 Other comprehensive income (loss), before tax 177 44 318 ( 9 ) Tax effect 0 ( 10 ) ( 5 ) ( 2 ) Other comprehensive income (loss), net 177 34 313 ( 11 ) Comprehensive income $ 2,064 $ 1,463 $ 3,741 $ 2,951 See accompanying Notes. 5 Table of Contents Salesforce, Inc. Condensed Consolidated Statements of Stockholders’ Equ

The provided excerpt is only the Form 10‑Q cover page for GE Vernova Inc. (GEV) for quarter ended 2026‑06‑30, with no financial statements, MD&A, segment results, guidance, backlog, risks, or other performance details included. As-is, it contains almost no trade-relevant incremental information beyond confirming the filing/period and listing details.

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.