Salesforce Inc (CRM.BA) delivered a solid QQ2 2025 performance characterized by continued topline growth, a high gross margin, and healthy cash generation. Revenue reached USD 9.325 billion, up 8.39% year over year and 2.10% quarter over quarter, supported by a diversified product portfolio including Sales, Service, Marketing, Commerce, Tableau, Slipstream AI capabilities, and cross-sell opportunities across the Customer 360 platform. Gross profit was USD 7.166 billion (gross margin ~76.85%), while operating income stood at USD 1.783 billion (operating margin ~19.12%), driving a net income of USD 1.429 billion (net margin ~15.32%) and diluted EPS of USD 1.47. The company generated USD 0.892 billion of operating cash flow and USD 0.755 billion of free cash flow, underscoring strong liquidity. Salesforce repurchased USD 4.335 billion of its stock, contributing to a substantial financing activity setback (net cash used for financing of USD 5.802 billion) that more than offset positive operating cash flow and investing activities. Cash and cash equivalents ended at USD 7.682 billion, with net debt of USD -3.711 billion, reflecting a solid balance sheet buffer amid ongoing investments.
Key takeaways for investors are: (1) the topline trajectory remains favorable within a SaaS framework, (2) profitability metrics show durable operating leverage with heavy investments in R&D and go-to-market activities, (3) cash generation supports optionality for buybacks and strategic acquisitions, and (4) balance sheet strength provides resilience against macro volatility. Going forward, the company’s ability to monetize AI enhancements, sustain renewal/run-rate growth, and efficiently scale operating expenses will be critical to upholding margin expansion and long-term FCF growth.