Aslan Research · AI software
Salesforce, Inc. (CRM)
Data as of 2026-09-03 · 29 quarters · filed in USD
Committed obligations are $45.9 billion, or 1.2x reported debt of $39.3 billion. That extra commitment includes leases and purchases, while trailing-year revenue was $43.9 billion and revenue grew 15% per year against expense growth of 18%.
Earned, collected early, and merely signed
Reports $39B of debt; has promised $46B
Reported debt is $39.3 billion, while total committed obligations reach $45.9 billion. The difference reflects $2.5 billion of leases and $4.2 billion of purchases beyond debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $12.1 billion of obligations due against $66.3 billion of future revenue promised, a 0.2x relationship. Backlog is $66.3 billion, or 1.5x one year of revenue, giving the promised revenue a much larger scale than the near-term payment wall.
The rates that matter
Expenses as filed vs after cited reconciliation
9 patterns worth a second look
The filings repeatedly report substantial lease commitments not yet commenced and not reflected on the balance sheet. They also show changes to customer-concentration and attrition definitions, material related-party transactions involving Salesforce.org and the Salesforce Foundation, and quarters changed by reconciliation in 13 of 29 periods.
off balance sheet · 1
The filings repeatedly report substantial lease commitments not yet commenced and not reflected on the balance sheet.
one time dressing · 1
One-time restructuring and COVID-19 items were presented alongside operating results.
redefinition · 2
The customer-concentration threshold changed from five percent to ten percent in later filings.
Attrition reporting narrowed its scope by excluding specified offerings, entities, Slack, or Slack self-service.
regulator challenge · 2
A reply to SEC staff was filed on 2021-01-26, answering a staff comment letter dated 2020-12-30; it quotes 1 staff comment.
A reply to SEC staff was filed on 2022-09-12, answering a staff comment letter dated 2022-09-02; it quotes 0 staff comments.
related party exposure · 1
The filings report material related-party transactions and continuing commitments involving Salesforce.org and the Salesforce Foundation.
subsequent event · 1
Subsequent acquisitions and financing materially changed the obligations associated with the periods they followed.
value revision · 1
The reported customer-concentration threshold revision is substantive rather than clerical.