Briefings published through late 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. These events formed part of the broader geopolitical backdrop against which Salesforce's Q1 2026 results were reported [Brief - 2026-07-27] [Brief - 2026-07-19] [Brief - 2026-07-11].
As of 30 April 2026, Salesforce reported trailing twelve-month revenue of $42.83 billion, representing year-over-year growth of 13.3%. Net income on the same basis was $8.02 billion, with a net margin of 18.7% and gross margin of 77.6%. Operating margin stood 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. Market capitalisation was approximately $172.7 billion, with a price-to-earnings ratio of 21.55 [SEC 10-Q - CRM - 2026-04-30].
Insider activity in August 2026 recorded four transactions with a mixed net direction and a net value of zero, indicating no material net change in insider-held positions during the period [SEC Form 4 - CRM - 2026-08]. Among institutional holders, Citadel added approximately 49% to its CRM position and AQR Capital added approximately 84%, while Soros Fund Management reduced its position by 30% and ARK Invest reduced its position by 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 context as of the report generation date shows the US 10-year Treasury yield at 4.75% and the 2-year Treasury yield at 4.28%, producing a normal yield curve with a spread of 47 basis points [FRED DGS10] [FRED DGS2]. This report was generated in response to material institutional position changes identified across multiple 13F filings for the most recent reporting period.