Salesforce, Inc.

The Altman Z-Score variant reported here is 2.64, which the label places in the safe zone (2.60 or above). That is a statistical screen of balance-sheet structure, not a forecast, and it applies here because Salesforce is not a bank. Operating cash flow divided by net income is 2.11: fiscal 2025 operating cash flow was $13.09 billion against net income of $6.2 billion. A ratio this high is common when depreciation, amortization, and stock-based compensation are large, and Salesforce's cash flow statement shows all three, so readers may want to look at those adjustments and at how much of operating cash came from collecting receivables. Accounts receivable fell from $11.945 billion to $5.474 billion between January and October 2025, while unearned revenue fell from $20.743 billion to $14.996 billion, which reflects the seasonal billing cycle rather than a change in demand. Treasury stock rose from $19.507 billion to $28.255 billion, and total equity fell from $61.173 billion to $60.021 billion. Senior notes principal totals $8.5 billion, and the revolving credit facility was undrawn. A 100 basis point rate move would change the value of the fixed-income portfolio by about $34 million. The Beneish M-Score, Piotroski F-Score, and Fog Index are not on file for this filing, so no values are given for them.

Catalyst.Revenue is growing steadily. Fiscal 2025 revenue of $37.9 billion was 8.7% above fiscal 2024's $34.86 billion. For the nine months ended October 31, 2025, total revenues reached $30.324 billion versus $27.902 billion a year earlier, and income from operations rose to $6.462 billion from $5.385 billion. Management points to continued investment in enterprise cloud capacity and to the November 2025 acquisition of Informatica, an AI-powered data management platform, for approximately $9.6 billion. Foreign currency added roughly one percent to third-quarter revenue.

Hidden risk.Cash is being deployed faster than it is building. Cash, cash equivalents and marketable securities were $11.3 billion at October 31, 2025, down from $14.0 billion at January 31, 2025. The Informatica deal was funded with $6.0 billion of Informatica Credit Agreements plus cash, and it closed after the balance sheet date, so the October figures do not yet reflect it. Nine-month share repurchases of $8.659 billion plus dividends of $1.196 billion exceeded operating cash flow of $9.532 billion. Restructuring charges rose to $260 million in the third quarter from $56 million a year earlier, with $160 million to $180 million of further payments expected.