Common-Size Income Statement
Quarterly Data
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- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Salesforce Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
- Revenue Composition
- The revenue structure predominantly consists of subscription and support services, consistently contributing approximately 92.3% to 94.8% of total revenues over the observed periods. Professional services and other revenue streams make up the remaining 5.2% to around 7.7%, showing a modest fluctuation but generally a decreasing trend towards the later periods.
- Cost of Revenues and Gross Profit
- The cost of revenues as a percentage of total revenues fluctuated between roughly 21.9% and 27.6%, with a general decline observed in the more recent quarters, indicating improved cost efficiency or favorable pricing. Correspondingly, gross profit margins improved gradually from a low near 72.4% up to above 78% in the latest periods, reflecting enhanced profitability at the gross level.
- Operating Expenses
- Operating expenses as a percentage of revenues showed a notable contraction over time. Early periods saw operating expense ratios as high as around 77%, which decreased to a range between approximately 55% and 60% in more recent quarters. This decline is primarily attributed to reductions in sales and marketing expenses, which dropped from peaks near 49% to around 33-37%, and improvements in general and administrative costs. Research and development expenses remained relatively stable with minor fluctuations between 13.7% and 17.8%.
- Restructuring Costs
- Restructuring expenses appeared sporadically in the dataset, with notable charges commencing in early 2023. These costs varied in magnitude but generally remained under 3% of revenues, indicating intermittent strategic reorganizations or cost optimization efforts happening in recent years.
- Operating Income
- Operating income as a proportion of revenues exhibited volatility in earlier periods, even dipping to negative levels around early 2020 and late 2021. However, the trend reveals a strong recovery and growth, reaching upward of 22% in the most recent timeframes. This suggests increased operational efficiency and effective control over costs relative to revenues.
- Other Income and Expenses
- Gains and losses on strategic investments showed high variability, with significant positive contributions observed mid-periods such as in mid-2020 and late 2020. However, from 2021 onward, these gains diminished and even turned negative at times, exhibiting less predictable returns from such investments. Other income and expenses remained relatively minor but positive in recent periods, contributing marginally to overall income.
- Income Taxes
- The tax provision as a percent of revenues showed fluctuating patterns, occasionally yielding a benefit (negative tax provision) and at times a modest expense. The variability appears less correlated with net income levels, suggesting the influence of tax credits, deferred taxes, or other tax strategies.
- Net Income
- Net income margins were initially low, showing losses particularly in late 2019 and early 2020. Thereafter, a clear upward trajectory is observable, with net income reaching levels above 20% of revenues toward the latest reporting periods. This positive trend aligns with improvements in gross profit margins, reduced operating expenses, and stabilized other income and investment returns, collectively enhancing overall profitability.
- Summary of Trends
- The financial data reveals a company that has achieved increasing gross and net profitability through sustained high-margin revenue streams, effective cost management, and improved operational efficiencies. The gradual reduction in sales and marketing expenses combined with steady research and development suggests a balanced approach to growth and innovation. While profitability from strategic investments has become less predictable recently, core operations have shown robust improvement, driving favorable operating and net income margins over the longer term.