Executive Summary
Salesforce reported QQ3 2025 revenue of $9.444 billion, marking 8.3% year-over-year growth and 1.28% quarter-over-quarter growth. The quarter delivered a robust gross margin of 77.71% on a $7.339 billion gross profit, supported by a subscription-led business model. Operating income was $1.893 billion with an operating margin of 20.04%, leading to net income of $1.527 billion and earnings per share of $1.60 (diluted $1.58). EBITDA stood at $2.763 billion, implying an EBITDA margin of roughly 29.3%. Management continued to scale investments in AI-enabled platforms and cross-sell opportunities across the Customer 360 suite (Sales, Service, Marketing, Commerce) and data analytics layers (Tableau, MuleSoft) to accelerate longer-term ARR growth and wallet share.
Key Performance Indicators
Key Insights
Revenue: $9.444B; YoY +8.30%, QoQ +1.28%
Gross Profit: $7.339B; Gross Margin 77.71%; YoY +11.79%, QoQ +2.41%
Operating Income: $1.893B; Operating Margin 20.04%; YoY +26.12%, QoQ +6.17%
Net Income: $1.527B; Net Margin 16.17%; YoY +24.75%, QoQ +6.86%
EPS: $1.60 (Diluted $1.58); YoY +26.98%, QoQ +8.11%
Free Cash Flow: $1.779B; Operating Cash Flow: $1.983B; Capex: $(0.204)B
Liquidity & Balance Sheet: Cash & equivalents $7.998B; Total cash & short-term investments $12.757B; Total assets $...
Financial Highlights
Revenue: $9.444B; YoY +8.30%, QoQ +1.28%
Gross Profit: $7.339B; Gross Margin 77.71%; YoY +11.79%, QoQ +2.41%
Operating Income: $1.893B; Operating Margin 20.04%; YoY +26.12%, QoQ +6.17%
Net Income: $1.527B; Net Margin 16.17%; YoY +24.75%, QoQ +6.86%
EPS: $1.60 (Diluted $1.58); YoY +26.98%, QoQ +8.11%
Free Cash Flow: $1.779B; Operating Cash Flow: $1.983B; Capex: $(0.204)B
Liquidity & Balance Sheet: Cash & equivalents $7.998B; Total cash & short-term investments $12.757B; Total assets $91.395B; Total liabilities $32.87B; Stockholders’ equity $58.525B
Capital Allocation: Share repurchases $1.285B; Dividends paid $0.382B; Net cash used by financing $(1.446)B; Net change in cash $0.315B
Income Statement
Metric |
Value |
YoY Change |
QoQ Change |
Revenue |
9.44B |
8.30% |
1.28% |
Gross Profit |
7.34B |
11.79% |
2.41% |
Operating Income |
1.89B |
26.12% |
6.17% |
Net Income |
1.53B |
24.75% |
6.86% |
EPS |
1.60 |
26.98% |
8.11% |
Key Financial Ratios
operatingProfitMargin
20%
operatingCashFlowPerShare
$2.07
freeCashFlowPerShare
$1.86
Management Commentary
No earnings transcript provided in the data. As a result, no management quotes or thematic highlights from an earnings call are available for inclusion. If a transcript is provided, a thematically organized summary covering strategy, operations, and market conditions would be added here.
No transcript quotes available.
— N/A
No transcript quotes available.
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Forward Guidance
Explicit forward-looking guidance for QQ4/2025 or full-year 2025 is not included in the provided data. Based on the composition of Salesforce’s results and management’s emphasis on AI-enabled CRM capabilities (Einstein), cross-sell via the Customer 360 family, and platform expansion (Tableau, MuleSoft, Slack), the qualitative outlook supports ongoing ARR expansion and steady FCF generation. Investors should monitor: (1) ARR growth and retention/expansion rates across core clouds (Sales, Service, Marketing, Commerce), (2) contribution from AI-enabled features to add-on revenue, (3) operating leverage as the company scales, and (4) continued capital allocation discipline (rate of buybacks vs. dividend growth) and any shifts in working capital that could impact free cash flow.