Salesforce reported a resilient Q4 2025, with revenue of $9.993 billion, representing 7.6% year-over-year growth and 5.8% quarter-over-quarter growth. Gross margin stood at 77.8%, yielding $7.776 billion in gross profit, while operating income reached $1.82 billion (operating margin ~18.2%) and net income was $1.708 billion (net margin ~17.1%). Diluted earnings per share were $1.75, with GAAP EPS of $1.78.
The company generated robust cash flow, delivering $3.97 billion of cash flow from operations and free cash flow of $3.82 billion. At period end, Salesforce held $8.85 billion in cash and equivalents and $14.03 billion in cash and short-term investments, against total debt of $11.39 billion and a net debt figure of approximately $2.54 billion reported in the dataset. Deferred revenue remained a material $20.74 billion, highlighting the subscription-driven model and the value booked upfront from annual/multi-year contracts.
While near-term margins faced pressure from continued investment in product development and go-to-market initiatives, Salesforce maintains a strong balance sheet, sizable ARR, and meaningful multi-product cross-sell opportunities across the Customer 360 platform, Slack, Tableau, and MuleSoft. Management commentary likely emphasized AI-enabled product enhancements and broader cross-sell initiatives as key catalysts for long-term ARR acceleration and operating leverage, albeit with quarterly operating income fluctuations tied to ongoing investment activity.