Salesforce, Inc. stock research
FY2025 Q4
Salesforce (CRM) Gross Margin — Quarter Ended Jan 31, 2026
Revenue and gross profit both increased compared to the immediately preceding quarter and the same quarter one year earlier. Gross margin weakened slightly from the prior quarter but improved relative to the year-ago period.
Gross margin takeaway
Quarter ended Jan 31, 2026 · FY2025 Q4
Revenue and gross profit both increased compared to the immediately preceding quarter and the same quarter one year earlier. Gross margin weakened slightly from the prior quarter but improved relative to the year-ago period.
- Gross profit grew faster than cost of revenue on a trailing twelve-month basis, supporting margin expansion over the year-ago quarter. The sequential decline in gross margin was accompanied by a proportionally larger increase in cost of revenue relative to revenue.
- Compared to the prior quarter, revenue was higher but gross margin was slightly lower, reflecting a mixed relationship between cost growth and revenue growth. Versus the same quarter last year, both revenue and gross margin were higher, indicating an improved profitability structure.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
77.6%
Gross profit
$8.7B
Revenue
$11.2B
Cost of revenue
$2.5B
Quarter-over-quarter change
-0.4 pts
Year-over-year change
+0.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Apr 30, 2025 | $9.8B | $7.6B | $2.3B | 77.0% |
| Jul 31, 2025 | $10.2B | $8.0B | $2.2B | 78.1% |
| Oct 31, 2025 | $10.3B | $8.0B | $2.3B | 78.0% |
| Jan 31, 2026 | $11.2B | $8.7B | $2.5B | 77.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Oct 31, 2025
-0.4 pts
Year-over-year change
Jan 31, 2024
+0.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross profit grew faster than cost of revenue on a trailing twelve-month basis, supporting margin expansion over the year-ago quarter. The sequential decline in gross margin was accompanied by a proportionally larger increase in cost of revenue relative to revenue.
Compared to the prior quarter, revenue was higher but gross margin was slightly lower, reflecting a mixed relationship between cost growth and revenue growth. Versus the same quarter last year, both revenue and gross margin were higher, indicating an improved profitability structure.
Monitor the cost of revenue growth rate relative to revenue growth rate, as its trajectory directly influences future gross margin stability.