Aslan Research · AI software
Salesforce, Inc. (CRM)
Data as of 2026-08-21 · 28 quarters · filed in USD
Committed obligations of $41.9 billion are close to reported debt of $39.3 billion, while Salesforce generated $42.4 billion of trailing-year revenue. Revenue grew 15% per year against 9% annual expense growth, and the backlog reached 1.6x one year of revenue.
Earned, collected early, and merely signed
Reports $39B of debt; has promised $42B
Leases add $2.6 billion to the $39.3 billion of reported debt, bringing total committed obligations to $41.9 billion. The filings also describe material leases not yet commenced and infrastructure service commitments outside reported debt balances.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years include $37.2 billion of commitments against $67.9 billion of future revenue promised for that period. That places due commitments at 0.5x the revenue promised over the same five years.
The rates that matter
Expenses as filed vs after cited reconciliation
6 patterns worth a second look
The filings changed the scope of contractual commitments from mainly leases to broader enforceable agreements, including infrastructure service providers. They also report Informatica acquisition consideration of approximately $9.6 billion and $6.0 billion drawn under associated credit facilities, while Informatica later contributed $388 million of subscription and support revenue after acquisition financing.
circular financing · 1
The FY2026 filing reports Informatica revenue after the company financed part of the Informatica acquisition through associated credit facilities.
off balance sheet · 1
The filings repeatedly report material leases not yet commenced and substantial commitments under infrastructure service agreements outside reported debt balances.
one time dressing · 1
The FY2023 filing separately identifies $828 million of restructuring charges and $4.0 billion of share repurchases alongside operating commitments and performance metrics.
redefinition · 1
The filings change the reported scope of contractual commitments from primarily lease commitments to broader enforceable agreements including infrastructure service providers.
related party exposure · 1
The filings report recurring or substantial transactions and commitments involving Salesforce Foundation and insider equity arrangements.
subsequent event · 1
The FY2025 filing is followed by the Informatica acquisition, including approximately $9.6 billion of consideration and $6.0 billion drawn under associated credit facilities.