Salesforce Inc., adjustment to net income

US$ in millions

12 months ended:	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Net income (as reported)	6,197)	4,136)	208)	1,444)	4,072)	126)
Add: Unrealized gains (losses) on marketable securities and privately held debt securities	31)	83)	(94)	(83)	15)	26)
Net income (adjusted)	6,228)	4,219)	114)	1,361)	4,087)	152)

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Salesforce Inc., adjusted profitability ratios

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Net Profit Margin
Reported net profit margin	16.35%	11.87%	0.66%	5.45%	19.16%	0.74%
Adjusted net profit margin	16.43%	12.10%	0.36%	5.14%	19.23%	0.89%
Return on Equity (ROE)
Reported ROE	10.13%	6.93%	0.36%	2.48%	9.81%	0.37%
Adjusted ROE	10.18%	7.07%	0.20%	2.34%	9.85%	0.45%
Return on Assets (ROA)
Reported ROA	6.02%	4.14%	0.21%	1.52%	6.14%	0.23%
Adjusted ROA	6.05%	4.23%	0.12%	1.43%	6.16%	0.28%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Salesforce Inc. adjusted net profit margin ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Salesforce Inc. adjusted ROE improved from 2023 to 2024 and from 2024 to 2025.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Salesforce Inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

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	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income	6,197)	4,136)	208)	1,444)	4,072)	126)
Revenues	37,895)	34,857)	31,352)	26,492)	21,252)	17,098)
Profitability Ratio
Net profit margin¹	16.35%	11.87%	0.66%	5.45%	19.16%	0.74%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	6,228)	4,219)	114)	1,361)	4,087)	152)
Revenues	37,895)	34,857)	31,352)	26,492)	21,252)	17,098)
Profitability Ratio
Adjusted net profit margin²	16.43%	12.10%	0.36%	5.14%	19.23%	0.89%

2025 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenues
= 100 × 6,197 ÷ 37,895 = 16.35%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 6,228 ÷ 37,895 = 16.43%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Salesforce Inc. adjusted net profit margin ratio improved from 2023 to 2024 and from 2024 to 2025.

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income	6,197)	4,136)	208)	1,444)	4,072)	126)
Stockholders’ equity	61,173)	59,646)	58,359)	58,131)	41,493)	33,885)
Profitability Ratio
ROE¹	10.13%	6.93%	0.36%	2.48%	9.81%	0.37%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	6,228)	4,219)	114)	1,361)	4,087)	152)
Stockholders’ equity	61,173)	59,646)	58,359)	58,131)	41,493)	33,885)
Profitability Ratio
Adjusted ROE²	10.18%	7.07%	0.20%	2.34%	9.85%	0.45%

2025 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 6,197 ÷ 61,173 = 10.13%

² Adjusted ROE = 100 × Adjusted net income ÷ Stockholders’ equity
= 100 × 6,228 ÷ 61,173 = 10.18%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Salesforce Inc. adjusted ROE improved from 2023 to 2024 and from 2024 to 2025.

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income	6,197)	4,136)	208)	1,444)	4,072)	126)
Total assets	102,928)	99,823)	98,849)	95,209)	66,301)	55,126)
Profitability Ratio
ROA¹	6.02%	4.14%	0.21%	1.52%	6.14%	0.23%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	6,228)	4,219)	114)	1,361)	4,087)	152)
Total assets	102,928)	99,823)	98,849)	95,209)	66,301)	55,126)
Profitability Ratio
Adjusted ROA²	6.05%	4.23%	0.12%	1.43%	6.16%	0.28%

2025 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 6,197 ÷ 102,928 = 6.02%

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 6,228 ÷ 102,928 = 6.05%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Salesforce Inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

Salesforce Inc. (NYSE:CRM)

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