Salesforce, Inc.

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Operating Activities	Jul '25	Jan '25	Jul '24	Jan '24	Jul '23	Jan '23
Net Income	3,428	3,235	2,962	2,670	1,466	112
Net Income
Depreciation & Amortization	2,749	2,743	2,829	2,794	3,090	2,839
Depreciation and Amortization
Amortization of Deferred Commissions
Amortization of Costs Capitalized to Obtain Revenue Contracts, Net
Share-Based Compensation Expense	1,607	1,623	1,560	1,367	1,420	1,652
Stock-Based Compensation Expense
Other Adjustments	57	121	—	107	170	291
Amortization of Debt Discount and Issuance Costs
Gain on Sales of Land and Building Improvements
Gains from Acquisitions of Strategic Investments
50 Fremont Lease Termination
Abandonment of Leasehold Improvement
Loss on Settlement of Salesforce.org Reseller Agreement
Losses on Strategic Investments, Net
Gains on Strategic Investments, Net
Tax Benefit from Intra-Entity Transfer of Intangible Property
Changes in Trade Receivables	6,349	-6,516	6,026	-6,014	5,355	-6,010
Accounts Receivable, Net
Changes in Accounts Payable	-1,224	1,624	-535	1,301	-1,779	1,424
Change in Accounts Payable
Accounts Payable and Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	-4,188	5,378	-3,794	4,762	-3,139	4,551
Unearned Revenue
Changes in Other Operating Activities	-1,562	-2,255	-1,909	-2,052	-1,284	-1,758
Deferred Commissions
Costs Capitalized to Obtain Revenue Contracts, Net
Prepaid Expenses and Other Current Assets and Other Assets
Operating Lease Liabilities
Cash from Operating Activities	7,216	5,953	7,139	4,935	5,299	3,101
Net Cash Provided by Operating Activities

Investing Activities	Jul '25	Jan '25	Jul '24	Jan '24	Jul '23	Jan '23
Capital Expenditure	-314	-358	-300	-313	-423	-416
Purchase of 50 Fremont Land and Building
Deposit for Purchase of 50 Fremont Land and Building
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Land and Building Improvements Held for Sale
Non-Refundable Amounts Received for Sale of Land Available for Sale
Purchases of Investments	-3,527	-3,309	-4,109	-1,804	-2,453	-1,172
Purchases of Strategic Investments
Purchases of Marketable Securities
Proceeds from Sale of Investments	3,493	2,910	4,737	1,677	2,071	2,433
Sales of Strategic Investments
Sales of Marketable Securities
Maturities of Marketable Securities
Payments for Business Acquisitions	-54	-2,396	-338	-82	—	—
Business Combinations, Net of Cash Acquired
Other Investing Activities	—	—	—	—	—	—
Strategic Investments, Net
Cash from Investing Activities	-402	-3,153	-10	-522	-805	845
Net Cash Provided by Investing Activities

Financing Activities	Jul '25	Jan '25	Jul '24	Jan '24	Jul '23	Jan '23
Issuance of Long-Term Debt	—	—	—	—	—	—
Proceeds from Term Loan, Net
Proceeds from Issuance of Debt, Net of Issuance Costs
Repayments of Long-Term Debt	-278	-198	-1,405	-237	-1,574	-305
Repayments of Slack Convertible Notes, Net of Capped Call Proceeds
Principal Payments on Financing Obligations
Repayments of Debt
Net Issuance / (Repayments) of Long-Term Debt	-278	-198	-1,405	-237	-1,574	-305
Issuance of Common Shares	526	805	735	1,143	811	406
Proceeds from Employee Stock Plans
Repurchases of Common Shares	-4,858	-1,361	-6,468	-3,617	-4,003	-4,000
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-4,332	-556	-5,733	-2,474	-3,192	-3,594
Common Share Dividends Paid	-801	-765	-772	—	—	—
Payments of Dividends and Dividend Equivalents
Other Financing Activities	-12	—	—	—	—	—
Payments for Taxes Related to Net Share Settlement of Equity Awards
Cash from Financing Activities	-5,423	-1,519	-7,910	-2,711	-4,766	-3,899
Net Cash Provided by Financing Activities

Free Cash Flow	Jul '25	Jan '25	Jul '24	Jan '24	Jul '23	Jan '23
Free Cash Flow	6,902	5,595	6,839	4,622	4,876	2,685
NOPAT	3,345	3,216.8	2,792.5	2,662.3	1,522.4	180.1
Levered Free Cash Flow	-1,389	10,169	-2,152	8,925	-3,643	6,447
Unlevered Free Cash Flow	-1,194	10,348.8	-916.5	9,154.3	-2,012.6	6,820.1
Net Change in Cash	1,391	1,281	-781	1,702	-272	47