A prior briefing dated 19 September 2026 referenced an earlier report from 11 September 2026, which 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 - 2026-09-19] [Brief - 2026-09-11]. These developments formed part of the broader external backdrop during the period under review.
As of 31 July 2026, Salesforce recorded trailing twelve-month revenue of $43.94 billion, representing year-over-year growth of 10.83%. Net income on a TTM basis stood at $9.66 billion, with a net margin of 21.99% and a gross margin of 77.28%. Operating margin was reported at 19.88%. EPS grew 118.88% year-over-year. The company held $8.31 billion in cash against total debt of $39.29 billion. The P/E ratio stood at 21.35, with market capitalisation of approximately $217.40 billion [SEC 10-Q - CRM - 2026-07-31].
Insider activity across September 2026 comprised 20 transactions with a net direction characterised as mixed, and a net value of approximately -$173,295, indicating a modest net disposal across the period [SEC Form 4 - CRM - 2026-09]. On the institutional side, Millennium Management added approximately 90% to its CRM position, while Citadel added approximately 9.2% to its holding. AQR Capital reduced its position by approximately 69% [SEC 13F - Millennium - Q2 2026] [SEC 13F - Citadel - Q2 2026] [SEC 13F - AQR Capital - Q2 2026].
The prevailing macro context showed the 10-year US Treasury yield at 5.18% and the 2-year yield at 4.87%, producing a normal yield curve configuration [FRED DGS10] [FRED DGS2]. This report was generated in response to material institutional position changes observed across major 13F filers during the most recent reporting cycle.