Salesforce (CRM) shares trade 38.5% below their December 4, 2024 high, while free cash flow over the last twelve months equals 8.2% of market value, versus 4.2% for the median S&P 500 company. Free cash flow has risen each year for three years, reaching $15.2 billion in the twelve months to July 31, 2026, up from $7.56 billion three years earlier, on revenue of $43.9 billion, up 11.2%. The share price reflects investor concern that AI could reduce corporate demand for Salesforce subscriptions, and Agentforce Marketing and Agentforce Commerce revenue growth slowed to 2.8% in fiscal 2026 from 7.5% a year earlier, while management said attrition is near its lowest level ever and Agentforce annual recurring revenue reached $1.5 billion. Management expects free cash flow to grow 4% to 5% in fiscal 2027, while total debt rose to $41.7 billion from $11.2 billion, partly to fund a $25 billion accelerated share repurchase. Net debt of $30.3 billion equals roughly two years of free cash flow at the latest twelve-month pace, and the metrics to watch are twelve-month free cash flow and net debt in the fiscal third-quarter report expected in December 2026.
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