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Salesforce Announces Strong Second Quarter Fiscal 2023 Results

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SAN FRANCISCO, Calif. – August 24, 2022 – Salesforce (NYSE: CRM), the global leader in CRM, today announced results for its second quarter fiscal 2023 ended July 31, 2022.

  • Revenue of $7.72 Billion, up 22% Y/Y, 26% Constant Currency (“CC”)
  • GAAP Earnings per Share (“EPS”) of $0.07 and Non-GAAP EPS of $1.19
  • Current Remaining Performance Obligation of $21.5 Billion, up 15% Y/Y, 19% CC
  • Third Quarter FY23 Revenue Guidance of $7.82 Billion to $7.83 Billion, up ~14% Y/Y, 18% CC
  • Full Year FY23 Revenue Guidance of $30.9 Billion to $31.0 Billion, up ~17% Y/Y, 20% in CC
  • Full Year FY23 GAAP Operating Margin Guidance of ~3.6% and Non-GAAP Operating Margin Guidance of ~20.4%
  • Full Year FY23 Operating Cash Flow Guidance of ~16-17% Y/Y
  • Announces share repurchase program authorized by Board of Directors to repurchase up to $10.0 Billion

“We had another strong quarter, with revenue of $7.7B growing 22% year-over-year and 26% in constant currency, showing yet again the durability of our business model,” said Marc Benioff, Salesforce Chair and Co-CEO. “And, we’re thrilled to initiate our first-ever share repurchase program to continue to deliver incredible value to our shareholders on our path to $50 billion in revenue in FY26.”

“Our results demonstrate the strength and diversity of our product portfolio across regions, industries and segments,” said Bret Taylor, Co-CEO, Salesforce. “In this more measured buying environment, our Customer 360 portfolio is even more strategic and relevant as our customers focus on productivity, efficiency and time to value.”

“We continue to deliver disciplined, profitable growth at scale, and have a capital allocation strategy that will make us an even better positioned company for the long term,” said Amy Weaver, President and CFO, Salesforce.

Salesforce delivered the following results for its fiscal second quarter:

Revenue: Total second quarter revenue was $7.72 billion, an increase of 22% Y/Y, and 26% CC. Subscription and support revenues were $7.14 billion, an increase of 21% Y/Y. Professional services and other revenues were $0.58 billion, an increase of 35% Y/Y.

Operating Margin: Second quarter GAAP operating margin was 2.5%. Second quarter non-GAAP operating margin was 19.9%.

Earnings per Share: Second quarter GAAP diluted EPS was $0.07, and non-GAAP diluted EPS was $1.19. Mark-to-market accounting of the company’s strategic investments benefited GAAP diluted EPS by $0.03 based on a U.S. tax rate of 25% and non-GAAP diluted EPS by $0.04 based on a non-GAAP tax rate of 22%.

Cash Flow: Operating cash flow for the second quarter was $0.33 billion, a decrease of (13)% Y/Y. Free cash flow was $0.13 billion, a decrease of (24)% Y/Y.

Remaining Performance Obligation: Remaining performance obligation ended the second quarter at $41.6 billion, an increase of 15% Y/Y. Current remaining performance obligation ended at $21.5 billion, an increase of 15% Y/Y, 19% CC.

Forward Looking Guidance

As of August 24, 2022, the company is initiating its third quarter GAAP and non-GAAP EPS guidance, current remaining performance obligation growth guidance, and revenue guidance. The company is updating its full year FY23 revenue guidance, GAAP and non-GAAP EPS guidance, GAAP and non-GAAP operating margin guidance, and operating cash flow guidance.

Our guidance assumes no change to the value of the company’s strategic investment portfolio as it is not possible to forecast future gains and losses. In addition, the guidance below is based on estimated GAAP tax rates that reflect the company’s currently available information, and excludes forecasted discrete tax items such as excess tax benefits from stock-based compensation. The GAAP tax rates may fluctuate due to future acquisitions or other transactions.

For additional information regarding non-GAAP financial measures see the reconciliation of results and related explanations below.

Management will provide further commentary around these guidance assumptions on its earnings call.

Quarterly Conference Call

Salesforce plans to host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at


“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:  This press release contains forward-looking statements about the company’s financial and operating results, which may include expected GAAP and non-GAAP financial and other operating and non-operating results, including revenue, net income, earnings per share, operating cash flow growth, operating margin, expected revenue growth, expected foreign currency exchange rate impact, expected current remaining performance obligation growth, expected tax rates, stock-based compensation expenses, amortization of purchased intangibles, shares outstanding, market growth, environmental, social and governance goals, expected capital allocation, including mergers and acquisitions, capital expenditures and other investments, and expected contributions from acquired companies. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions.  If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the company’s results could differ materially from the results expressed or implied by the forward-looking statements it makes.

The risks and uncertainties referred to above include — but are not limited to — risks associated with the impact of, and actions we may take in response to, the COVID-19 pandemic, related public health measures and resulting economic downturn and market volatility; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; the expenses associated with our data centers and third-party infrastructure providers; our ability to secure additional data center capacity; our reliance on third-party hardware, software and platform providers; the effect of evolving domestic and foreign government regulations, including those related to the provision of services on the Internet, those related to accessing the Internet, and those addressing data privacy, cross-border data transfers and import and export controls; current and potential litigation involving us or our industry, including litigation involving acquired entities such as Tableau Software, Inc. and Slack Technologies, Inc., and the resolution or settlement thereof; regulatory developments and regulatory investigations involving us or affecting our industry; our ability to successfully introduce new services and product features, including any efforts to expand our services; the success of our strategy of acquiring or making investments in complementary businesses, joint ventures, services, technologies and intellectual property rights; our ability to complete, on a timely basis or at all, announced transactions; our ability to realize the benefits from acquisitions, strategic partnerships, joint ventures and investments, including our July 2021 acquisition of Slack Technologies, Inc., and successfully integrate acquired businesses and technologies; our ability to compete in the markets in which we participate; the success of our business strategy and our plan to build our business, including our strategy to be a leading provider of enterprise cloud computing applications and platforms; our ability to execute our business plans; our ability to continue to grow unearned revenue and remaining performance obligation; the pace of change and innovation in enterprise cloud computing services; the seasonal nature of our sales cycles; our ability to limit customer attrition and costs related to those efforts; the success of our international expansion strategy; the demands on our personnel and infrastructure resulting from significant growth in our customer base and operations, including as a result of acquisitions; our ability to preserve our workplace culture, including as a result of our decisions regarding our current and future office environments or work-from-home policies; our dependency on the development and maintenance of the infrastructure of the Internet; our real estate and office facilities strategy and related costs and uncertainties; fluctuations in, and our ability to predict, our operating results and cash flows; the variability in our results arising from the accounting for term license revenue products; the performance and fair value of our investments in complementary businesses through our strategic investment portfolio; the impact of future gains or losses from our strategic investment portfolio, including gains or losses from overall market conditions that may affect the publicly traded companies within our strategic investment portfolio; our ability to protect our intellectual property rights; our ability to develop our brands; the impact of foreign currency exchange rate and interest rate fluctuations on our results; the valuation of our deferred tax assets and the release of related valuation allowances; the potential availability of additional tax assets in the future; the impact of new accounting pronouncements and tax laws; uncertainties affecting our ability to estimate our tax rate; uncertainties regarding our tax obligations in connection with potential jurisdictional transfers of intellectual property, including the tax rate, the timing of the transfer and the value of such transferred intellectual property; uncertainties regarding the effect of general economic and market conditions; the impact of geopolitical events; uncertainties regarding the impact of expensing stock options and other equity awards; the sufficiency of our capital resources; the ability to execute our Share Repurchase Program; our ability to comply with our debt covenants and lease obligations; the impact of climate change, natural disasters and actual or threatened public health emergencies; and our ability to achieve our aspirations, goals and projections related to our environmental, social and governance initiatives.

Further information on these and other factors that could affect the company’s financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings it makes with the Securities and Exchange Commission from time to time.  These documents are available on the SEC Filings section of the Financials section of the company’s website at

Salesforce, Inc. assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

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About Salesforce

Salesforce, the global CRM leader, empowers companies of every size and industry to digitally transform and create a 360° view of their customers. For more information about Salesforce (NYSE: CRM), visit:

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