CRM Q4 2025 Earnings

Call Details

• Call Title: Salesforce, Inc. Q4 2025 Earnings Call
• Date: February 26, 2025 at 10:00 PM UTC
• Management Team:
  • Marc Benioff (Chair and CEO)
  • Amy Weaver (President and Chief Financial Officer)
  • Brian Millham (President and Chief Operating Officer)
  • Mike Spencer (Executive Vice President of Finance and Strategy and Investor Relations)
  • Robin Washington (Chief Operating and Finance Officer)
  • Sebastian Niles (Chief Legal Officer)

Call Summary

Financial Performance

• Full fiscal year revenue was $37.9B, up 9% year over year in both nominal and constant currency.
• Q4 revenue was $10B, up 8% year over year in nominal and 9% in constant currency after approximately $75M of incremental FX headwinds since prior guidance.
• Full year operating cash flow was $13.1B, up 28% year over year, and full year free cash flow was $12.4B, up 31% year over year.
• Q4 operating cash flow was nearly $4B, up 17% year over year, and Q4 free cash flow was $3.8B, up 17% year over year.
• Q4 non-GAAP operating margin was 33.1%, up 170 basis points year over year, and full year non-GAAP operating margin was 33%, up 250 basis points year over year.
• Q4 GAAP operating margin was 18.2%, up 70 basis points year over year, and full year GAAP operating margin was 19%, up 460 basis points year over year inclusive of incremental restructuring charges.
• Remaining performance obligation finished at $63.4B, up 11% year over year, and current RPO (CRPO) ended at $30.2B, up 9% year over year in nominal currency.
• Subscription and support ARR for Data Cloud and AI was $900M and grew approximately 120% year over year.

Guidance

• Full fiscal year 26 revenue guidance is $40.5B to $40.9B, representing approximately 7% to 8% year over year growth in nominal and constant currency.
• Fiscal 26 subscription and support revenue is expected to grow approximately 9% year over year in constant currency.
• Fiscal 26 non-GAAP operating margin is expected to be 34%, representing 100 basis points of expansion year over year, with margin ramp expected through the year.
• Fiscal 26 GAAP diluted EPS guidance is $6.95 to $7.03, and fiscal 26 non-GAAP diluted EPS guidance is $11.09 to $11.17.
• Fiscal 26 operating cash flow is expected to grow approximately 10% to 11%, with free cash flow growth expected to be approximately 9% to 10% and CapEx of approximately 2% of revenue.
• Q1 revenue guidance is $9.71B to $9.76B, up 6% to 7% year over year in nominal and 7% in constant currency, and Q1 non-GAAP EPS is $2.53 to $2.55.
• Guidance incorporates FX headwinds including an incremental approximately $200M headwind to fiscal 26 revenue and a roughly half-point year-over-year FX revenue headwind.