Recent briefings through early July 2026 noted that macro conditions during the reporting period were shaped by geopolitical developments centred on the Strait of Hormuz. US military forces conducted airstrikes on Iranian military targets near the strait and downed four Iranian drones that had been targeting a commercial vessel in the area. These events contributed to broader market uncertainty during the period covered by this report [Brief - 2026-07-03] [Brief - 2026-06-25] [Brief - 2026-06-17].
Salesforce reported trailing twelve-month revenue of $42.83 billion as of 30 April 2026, reflecting year-over-year revenue growth of 13.3%. Net income on a TTM basis stood at $8.02 billion, with a net margin of 18.7% and a gross margin of 77.6%. Operating margin was recorded at 20.4%. EPS grew 52.2% year-over-year. The company held $8.94 billion in cash against total debt of $39.28 billion. The P/E ratio was 18.92, with a market capitalisation of approximately $151.7 billion [SEC 10-Q - CRM - 2026-04-30].
Insider activity across July 2026 recorded 18 transactions with a mixed net direction and a net value of zero, indicating no dominant disposition or acquisition bias among insiders during the period [SEC Form 4 - CRM - 2026-07]. On the institutional side, Citadel added approximately 49% to its CRM position and AQR Capital increased its holdings by approximately 84%. Conversely, Soros Fund Management reduced its position by approximately 30% and ARK Invest reduced its position by approximately 88% [SEC 13F - Citadel - Q2 2026] [SEC 13F - AQR Capital - Q2 2026] [SEC 13F - Soros Fund Mgmt - Q2 2026] [SEC 13F - ARK Invest - Q2 2026].
The prevailing macro environment as of the report generation date showed the 10-year US Treasury yield at 4.54% and the 2-year yield at 4.16%, producing a normal yield curve with a spread of approximately 38 basis points [FRED DGS10] [FRED DGS2]. This report was initiated in response to material institutional position changes recorded in the most recent 13F filings for CRM.