Salesforce (CRM) has taken on far more debt while running a $25 billion accelerated share repurchase, which management said in August was still under way. Debt made up 38.1% of assets in fiscal Q2 2027, versus about 14.8% in the fourteen years before the past year, with total debt of $41.7 billion against $11.4 billion in cash and short-term investments. Buybacks of $35.1 billion over the last twelve months exceeded free cash flow of $15.2 billion, and management expects to buy back at least 14% of shares outstanding through the program. Diluted shares fell to 821 million from 962 million a year earlier, and shares bought so far averaged $176, below the $229.13 price where the stock now trades. Meanwhile, operating margin was 22% over the last twelve months and fiscal Q2 2027 revenue grew 11% in constant currency, while net debt after cash is about 1.8 times annual EBITDA.
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