Salesforce Completes $25 Billion Share Buyback Amid Rising Debt
In March 2026, Salesforce (CRM) completed a historic $25 billion accelerated share repurchase program. The move reduced its diluted share count by about 15%, from 962 million to 821 million over the year ended July 2026. However, this came at the cost of significantly increasing total debt from $11.81 billion in July 2025 to $42.38 billion a year later. The buyback has impacted Salesforce’s financial outlook; it cut its fiscal 2027 free cash flow growth forecast by about half, now expecting between 4% and 5%. CEO Marc Benioff suggested the company may sell its stake in Anthropic to repay part of this debt. However, Salesforce's long-term investments stand at $11.32 billion—far short of what is needed to cover total borrowings. The repurchase has shifted investor focus from share count reduction toward balance sheet strength and liquidity risks.