Salesforce (CRM) Q3 FY2026 earnings: revenue $10.3 billion, up 8.6% on the year

Salesforce, Inc. (CRM) reported revenue of $10.3 billion for Q3 FY2026, the quarter ended 31 October 2025, up 8.6% on the same quarter a year earlier. Net income was $2.1 billion, up 36.6% on the year, and diluted earnings per share $2.19. The figures are the company's own, from the 10-Q it filed with the SEC on 4 December 2025.

Revenue

$10.3 billion

+8.6% on the year · +0.2% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

21.3%

20.0% a year earlier

Q4 FY2024Q3 FY2026

Net income

$2.1 billion

+36.6% on the year · +10.5% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$2.19

+38.6% on the year · +11.7% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 7 raised, 3 lowered, 3 new, 1 kept.

Revenue grew 9% year-over-year: Revenue was $10.3 billion, up 9% year-over-year and 8% in constant currency. Subscription and support revenue grew faster than professional services and other revenue, which declined.
Agentforce and Data 360 named as drivers: Management named Agentforce and Data 360 as the momentum drivers of the quarter, citing their annual recurring revenue growth and adoption.
Agentforce ARR passed half a billion: Agentforce ARR was above half a billion in the quarter, up 330% year-over-year, within the combined Agentforce and Data 360 figure.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	10,259	10,236	9,444	+0.2%	+8.6%
Cost of revenue	2,255	2,242	2,105	+0.6%	+7.1%
Gross profit	8,004	7,994	7,339	+0.1%	+9.1%
Gross margin	78.0%	78.1%	77.7%
Research and development	1,433	1,481	1,356	-3.2%	+5.7%
Operating income	2,188	2,332	1,893	-6.2%	+15.6%
Operating margin	21.3%	22.8%	20.0%
Interest expense	67.0	67.0	67.0	0.0%	0.0%
Pre-tax income	2,512	2,406	1,746	+4.4%	+43.9%
Income tax	426	519	219	-17.9%	+94.5%
Effective tax rate	17.0%	21.6%	12.5%
Net income	2,086	1,887	1,527	+10.5%	+36.6%
Net margin	20.3%	18.4%	16.2%
Diluted EPS	$2.19	$1.96	$1.58	+11.7%	+38.6%

$ million except per share.

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

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	2,316	740	1,983	+213.0%	+16.8%
Capital expenditure	139	135	204	+3.0%	-31.9%
Free cash flow	2,177	605	1,779	+259.8%	+22.4%
Free cash flow margin	21.2%	5.9%	18.8%
Cash from investing	519	1,165	-217	-55.5%
Cash from financing	-4,244	-2,503	-1,446
Depreciation and amortisation	851	817	814	+4.2%	+4.5%
Share-based compensation	819	793	820	+3.3%	-0.1%
Buybacks	3,801	2,225	1,285	+70.8%	+195.8%
Dividends paid	395	399	382	-1.0%	+3.4%
Dividend per share	$0.42	$0.42	$0.40	0.0%	+4.0%
Diluted shares, weighted	952m	962m	965m	-1.0%	-1.3%
Shares outstanding at period end	937m	952m	957m	-1.6%	-2.1%

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

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	60,021	61,328	58,525	-2.1%	+2.6%
Debt	8,438	8,436	8,432	+0.0%	+0.1%
Operating lease liabilities	2,137	2,221	2,420	-3.8%	-11.7%
Other liabilities	24,548	25,588	22,018	-4.1%	+11.5%
Total liabilities and equity	95,144	97,573	91,395	-2.5%	+4.1%
Goodwill	52,457	51,438	49,093	+2.0%	+6.9%
Intangible assets	3,491	3,669	4,119	-4.9%	-15.2%
Investments	2,345	5,007	4,760	-53.2%	-50.7%
Cash and equivalents	8,978	10,365	7,997	-13.4%	+12.3%
Receivables	5,474	5,596	4,741	-2.2%	+15.5%
Other assets	22,399	21,498	20,685	+4.2%	+8.3%
Total assets	95,144	97,573	91,395	-2.5%	+4.1%

Questions

What was Salesforce's revenue in Q3 FY2026?

Salesforce (CRM) reported revenue of $10.3 billion for Q3 FY2026, the quarter ended 31 October 2025, up 8.6% on the same quarter a year earlier.

How much did Salesforce earn in Q3 FY2026?

Net income for Q3 FY2026 was $2.1 billion, up 36.6% on the year, and diluted earnings per share $2.19.

When did Salesforce report Q3 FY2026 results?

Salesforce filed its 10-Q for the quarter ended 31 October 2025 with the SEC on 4 December 2025.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	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	6,863	7,326	7,411	7,720	7,837	8,384	8,247	8,603	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	1,844	2,014	2,045	2,127	2,088	2,100	2,125	2,113	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	5,019	5,312	5,366	5,593	5,749	6,284	6,122	6,490	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	73%	73%	72%	72%	73%	75%	74%	75%	75%	77%	76%	77%	78%	78%	77%	78%	78%	78%	77%	77%
R&D	1,203	1,291	1,318	1,329	1,280	1,128	1,207	1,220	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	38.0	-176	20.0	193	460	357	412	1,476	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	1%	-2%	0%	2%	6%	4%	5%	17%	17%	17%	19%	19%	20%	18%	20%	23%	21%	17%	21%	21%
Interest expense	72.0	71.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	69.0	68.0	67.0	68.0	68.0	67.0	67.0	122	317	473
Pre-tax income	299	-197	-29.0	181	475	33.0	326	1,492	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	-57%	n/a	n/a	62%	56%	397%	39%	15%	18%	12%	18%	22%	13%	14%	22%	22%	17%	26%	23%	23%
Net income	468	-28.0	28.0	68.0	210	-98.0	199	1,267	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	7%	-0%	0%	1%	3%	-1%	2%	15%	14%	16%	17%	15%	16%	17%	16%	18%	20%	17%	19%	31%
Diluted EPS	$0.47	-$0.05	$0.03	$0.07	$0.21	-$0.10	$0.20	$1.28	$1.25	$1.47	$1.56	$1.47	$1.58	$1.75	$1.59	$1.96	$2.19	$2.07	$2.42	$4.29
Operating cash flow	404	1,982	3,676	334	313	2,788	4,491	808	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	167	179	203	198	218	243	180	166	147	163	137	204	154	179	135	139	141	145	171
Free cash flow	238	1,815	3,497	131	115	2,570	4,248	628	1,366	3,256	6,084	755	1,779	3,816	6,297	605	2,177	5,323	6,556	1,098
Buybacks	0.0	n/a	0.0	0.0	1,677	2,323	2,054	1,949	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	n/a	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	388	384	382	383	402	399	395	391	365	364
Shares outstanding	985m	989m	995m	1,000m	1,000m	1,009m	974m	973m	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	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-Q for the period ended 31 October 2025, filed 4 December 2025: the filing.