A prior briefing from 11 September 2026 noted that the macro environment surrounding Salesforce's most recent reporting period was shaped in part by geopolitical developments in the Strait of Hormuz, where US military forces conducted airstrikes on Iranian military targets and downed four Iranian drones [Brief - 2026-09-11]. That briefing covered the same Q2 2026 period and established the external backdrop against which the company's financial data was reported.
As of the quarter ending 31 July 2026, Salesforce recorded trailing twelve-month revenue of $43.94 billion, representing year-over-year growth of 10.83% [SEC 10-Q - CRM - 2026-07-31]. Gross margin stood at 77.28%, with an operating margin of 19.88% and a net margin of 21.99% [SEC 10-Q - CRM - 2026-07-31]. Net income on a TTM basis reached $9.66 billion, and EPS grew 118.88% year-over-year [SEC 10-Q - CRM - 2026-07-31]. The company held $8.31 billion in cash against total debt of $39.29 billion, with a market capitalisation of approximately $221.03 billion and a P/E ratio of 21.71 [SEC 10-Q - CRM - 2026-07-31].
Insider activity in September 2026 showed 19 transactions with a net direction of selling, totalling a net disposal value of approximately $1.17 million [SEC Form 4 - CRM - 2026-09]. On the institutional side, Millennium Management added approximately 90% to its CRM position and Citadel added approximately 9.2%, while AQR Capital reduced its position by approximately 69% [SEC 13F - Millennium - Q2 2026; SEC 13F - Citadel - Q2 2026; SEC 13F - AQR Capital - Q2 2026]. These divergent moves among major institutional filers are the primary trigger for this report.
The prevailing macro backdrop includes a 10-year US Treasury yield of 4.94% and a 2-year yield of 4.67%, producing a normal yield curve shape with a spread of approximately 27 basis points [FRED DGS10; FRED DGS2]. This rate environment represents context within which enterprise software valuations and corporate borrowing costs are assessed across the sector.