Salesforce, Inc. Q4 FY2024 results: revenue $9.3 billion, up 10.8% on the year

Salesforce, Inc. (CRM) reported revenue of $9.3 billion for Q4 FY2024, the quarter ended 31 January 2024, up 10.8% on the same quarter a year earlier. Net income was $1.4 billion, and diluted earnings per share $1.47. The figures are the company's own, from the 10-K it filed with the SEC on 6 March 2024.

Revenue$9.3 billionup 10.8%

Net income$1.4 billion

Diluted EPS$1.47

QuarterQ4 FY2024ended 31 January 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Revenue	9,287	8,720	n/a	n/a
Cost of revenue	2,148	2,155	n/a	n/a
Gross profit	7,139	6,565	n/a	n/a
Gross margin	76.9%	75.3%	n/a
Research and development	1,275	1,204	n/a	n/a
Operating income	1,622	1,501	n/a	n/a
Operating margin	17.5%	17.2%	n/a
Pre-tax income	1,645	1,487	n/a	n/a
Income tax	199	263	n/a	n/a
Effective tax rate	12.1%	17.7%	n/a
Net income	1,446	1,224	n/a	n/a
Net margin	15.6%	14.0%	n/a
Diluted EPS	$1.47	$1.25	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Operating cash flow	3,403	1,532	n/a	n/a
Capital expenditure	147	166	n/a	n/a
Free cash flow	3,256	1,366	n/a	n/a
Free cash flow margin	35.1%	15.7%	n/a
Depreciation and amortisation	953	862	n/a	n/a
Share-based compensation	674	693	n/a	n/a
Buybacks	1,692	1,925	n/a	n/a
Dividends paid	0.0	0.0	n/a	n/a
Diluted shares, weighted	984m	981m	n/a	n/a
Shares outstanding at period end	971m	968m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Total assets	99,823	91,022	n/a	n/a
Cash and equivalents	8,472	6,453	n/a	n/a
Receivables	11,414	4,850	n/a	n/a
Goodwill	48,620	48,614	n/a	n/a
Long-term debt	9,426	9,425	n/a	n/a
Borrowings, as the company tags them	9,500	9,500	n/a	n/a
Operating lease liabilities	2,644	2,764	n/a	n/a
Finance lease liabilities	602	n/a	n/a	n/a
Shareholders' equity	59,646	58,090	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	8,720	9,287	9,133	9,325	9,444	9,993	9,829	10,236	10,259	11,201	11,133	11,345
Cost of revenue	2,155	2,148	2,162	2,159	2,105	2,217	2,265	2,242	2,255	2,508	2,570	2,649
Gross profit	6,565	7,139	6,971	7,166	7,339	7,776	7,564	7,994	8,004	8,693	8,563	8,696
Gross margin	75%	77%	76%	77%	78%	78%	77%	78%	78%	78%	77%	77%
R&D	1,204	1,275	1,368	1,349	1,356	1,420	1,460	1,481	1,433	1,619	1,627	1,687
Operating income	1,501	1,622	1,709	1,783	1,893	1,820	1,942	2,332	2,188	1,869	2,347	2,331
Operating margin	17%	17%	19%	19%	20%	18%	20%	23%	21%	17%	21%	21%
Interest expense	n/a	n/a	69.0	68.0	67.0	68.0	68.0	67.0	67.0	122	317	473
Pre-tax income	1,487	1,645	1,867	1,837	1,746	1,988	1,974	2,406	2,512	2,628	2,721	4,552
Tax rate	18%	12%	18%	22%	13%	14%	22%	22%	17%	26%	23%	23%
Net income	1,224	1,446	1,533	1,429	1,527	1,708	1,541	1,887	2,086	1,943	2,107	3,526
Net margin	14%	16%	17%	15%	16%	17%	16%	18%	20%	17%	19%	31%
Diluted EPS	$1.25	$1.47	$1.56	$1.47	$1.58	$1.75	$1.59	$1.96	$2.19	$2.06	$2.42	$4.29
Operating cash flow	1,532	3,403	6,247	892	1,983	3,970	6,476	740	2,316	5,464	6,701	1,269
Capital expenditure	166	147	163	137	204	154	179	135	139	141	145	171
Free cash flow	1,366	3,256	6,084	755	1,779	3,816	6,297	605	2,177	5,323	6,556	1,098
Buybacks	1,925	1,692	2,133	4,335	1,285	76.0	2,633	2,225	3,801	3,937	27,248	84.0
Dividends paid	0.0	0.0	388	384	382	383	402	399	395	391	365	364
Shares outstanding	968m	971m	969m	956m	957m	962m	956m	952m	937m	929m	819m	823m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 January 2024, filed 6 March 2024, accession 0001108524-24-000005: the filing on EDGAR. All of Salesforce, Inc.'s filings: EDGAR company page.

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