**Bullish Points:**
1. **Net Profit**: Net income for the three months ended October 31, 2025, was $2,086 million, an increase from $1,527 million in the same period in 2024. For the nine months ended October 31, 2025, net income was $5,514 million, up from $4,489 million in 2024.
2. **Revenue**: Total revenue for the three months ended October 31, 2025, was $10,259 million, an increase from $9,444 million in the same period in 2024. For the nine months ended October 31, 2025, total revenue was $30,324 million, up from $27,902 million in 2024.
3. **Management Analysis**: Management highlighted strong momentum in Data Cloud, Agentforce, and broader AI service offerings, with a focus on reducing operating expenses to improve operating margin.
4. **Business Focus**: Continued investment in generative and agentic AI across all products, expansion into new markets, and strategic acquisitions such as Regrello Corp. and Informatica Inc.
5. **Earnings Indicators**: Diluted net income per share for the nine months ended October 31, 2025, was $5.73, up from $4.60 in 2024.
6. **Cash Flow**: Cash provided by operations for the nine months ended October 31, 2025, was $9.5 billion, an increase of 4% year-over-year.
7. **Remaining Performance Obligation**: Total remaining performance obligation as of October 31, 2025, was approximately $59.5 billion, an increase of 12% year-over-year.
8. **Share Repurchase Program**: During the nine months ended October 31, 2025, repurchased approximately 33 million shares of common stock for approximately $8.7 billion.
9. **Dividend Program**: Paid approximately $1.2 billion in dividends and dividend equivalents during the nine months ended October 31, 2025.
10. **Informatica Acquisition**: Completed acquisition of Informatica Inc. for approximately $9.6 billion in November 2025.
**Bearish Points:**
1. **Operating Costs**: Total operating expenses for the three months ended October 31, 2025, were $5,816 million, up from $5,446 million in the same period in 2024. For the nine months ended October 31, 2025, total operating expenses were $17,100 million, up from $16,091 million in 2024.
2. **Debt Changes**: Noncurrent debt remained stable at $8,438 million as of October 31, 2025, compared to $8,433 million as of January 31, 2025.
3. **Operating Costs**: Cost of revenues for the three months ended October 31, 2025, was $2,255 million, up from $2,105 million in the same period in 2024. For the nine months ended October 31, 2025, cost of revenues was $6,762 million, up from $6,426 million in 2024.
**Summary:**
Salesforce.com (CRM) has shown strong financial performance with significant increases in net profit, revenue, and cash flow. The company has also made strategic investments in AI and completed notable acquisitions, which could drive future growth. However, the increase in operating costs and stable debt levels are points of concern. Overall, the financial report indicates a positive outlook with some areas to monitor.
For more information, you can read the original text of Salesforce.com's financial report.
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