CRM · News · 20261104N
Liquidity and Debt Position
Salesforce, Inc. · 2026-11-04 · Importance 64 · Surprise 42 · In source text
Salesforce’s debt rose to $41.7 billion, nearly equal to its annual revenue, with the increase attributed largely to recent share buybacks and acquisitions. S&P Global Ratings cut Salesforce to ‘A’ from ‘A+’, citing debt-funded shareholder returns and large-scale acquisitions. S&P said the $25 billion debt-financed share repurchase program pushed pro forma net debt-to-EBITDA above its prior 2x downgrade threshold. S&P expects Salesforce to prioritize growth investments and buybacks over cash accumulation as it pursues revenue growth from approximately $44 billion to more than $63 billion by 2030.
Key facts
- Salesforce's debt increased to $41.7 billion, nearly its annual revenue, largely due to recent share buybacks. source
- Salesforce's $41.7 billion of debt would take about two years of free cash flow to repay. source
- S&P Global Ratings downgraded Salesforce to 'A' from 'A+'. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | — | Salesforce's debt increased to $41.7 billion, nearly its annual revenue, largely due to recent share buybacks. |