CRM · News · 20261104N

Capital Allocation Strategy

Salesforce, Inc. · 2026-11-04 · Importance 64 · Surprise 42

S&P Global Ratings downgraded Salesforce to ‘A’ from ‘A+’, citing debt-funded shareholder returns and large-scale acquisitions. The agency said a $25 billion debt-financed share repurchase program and recent acquisitions pushed pro forma net debt-to-EBITDA above its prior 2x downgrade threshold. S&P expects Salesforce to prioritize growth investments and buybacks over balance-sheet cash accumulation as it targets revenue above $63 billion by 2030, up from approximately $44 billion today.

Key facts

• S&P said Salesforce's $25 billion debt-financed share repurchase program and recent dealmaking pushed pro forma net debt-to-EBITDA above its previous 2x downgrade threshold. source
• S&P expects Salesforce management to prioritize growth investments and buybacks over balance-sheet cash accumulation. source