Salesforce Announces Third Quarter Fiscal 2025 Results

December 03, 2024

SAN FRANCISCO--(BUSINESS WIRE)-- Salesforce (NYSE: CRM), the #1 AI CRM, today announced results for its third quarter fiscal 2025 ended October 31, 2024.

Third Quarter Highlights

Third Quarter Revenue of $9.44 Billion, up 8% both Year-Over-Year ("Y/Y") & in Constant Currency ("CC"), inclusive of Subscription & Support Revenue of $8.88 Billion, up 9% both Y/Y & in CC
Third Quarter GAAP Diluted Net Income Per Share was $1.58 and non-GAAP Diluted Net Income Per Share was $2.41. GAAP and non-GAAP Diluted Net Income Per Share were Impacted by Losses on Strategic Investments of $(0.17) and $(0.18), Respectively
Third Quarter GAAP Operating Margin of 20.0% and non-GAAP Operating Margin of 33.1%
Current Remaining Performance Obligation of $26.4 Billion, up 10% both Y/Y & in CC
Third Quarter Operating Cash Flow of $1.98 Billion, up 29% Y/Y, and Free Cash Flow of $1.78 Billion, up 30% Y/Y
Returned $1.2 Billion in the Form of Share Repurchases and $0.4 Billion in Dividend Payments to Stockholders, Third Quarter Total Cash Returned to Stockholders of $1.6 Billion

FY25 Guidance Highlights

Initiates Fourth Quarter FY25 Revenue Guidance of $9.90 Billion - $10.10 Billion, up 7% - 9% Y/Y
Raises Low End of Full Year FY25 Revenue Guidance to $37.8 Billion to $38.0 Billion, up 8% - 9% Y/Y and Maintains Full Year FY25 Subscription & Support Revenue Growth Guidance of Slightly Below 10% Y/Y & Approximately 10% in CC
Raises Full Year FY25 GAAP Operating Margin Guidance to 19.8% and Raises non-GAAP Operating Margin Guidance to 32.9%
Raises Full Year FY25 Operating Cash Flow Growth Guidance to 24% to 26% Y/Y

"We delivered another quarter of exceptional financial performance across revenue, margin, cash flow, and cRPO,” said Marc Benioff, Chair and CEO, Salesforce. “Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a groundbreaking transformation. The rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale. With Agentforce, we’re not just witnessing the future—we’re leading it, unleashing a new era of digital labor for every business and every industry."

“We continue to drive disciplined profitable growth with third quarter GAAP operating margin of 20.0%, up 280 basis points year-over-year, and non-GAAP operating margin of 33.1%, up 190 basis points year-over-year,” said Amy Weaver, President and CFO of Salesforce. “To date, our total capital returns have surpassed $20 billion and we remain focused on driving shareholder value.”

Third Quarter Notes

Net Income Per Share: Third quarter GAAP diluted net income per share was $1.58 and non-GAAP diluted net income per share was $2.41. During the three months ended October 31, 2024, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) on a U.S. tax rate of 24.5% and non-GAAP diluted net income per share by $(0.18) on a non-GAAP tax rate of 22.0%.

Guidance

Our guidance includes GAAP and non-GAAP financial measures.

	Q4 FY25 Guidance ⁵	Full Year FY25 Guidance ⁵
Total Revenue	$9.90 - $10.10 Billion	$37.8 - $38.0 Billion
Y/Y Growth	7 - 9%	8 - 9%
FX Impact ⁽¹⁾	($25M) Y/Y FX	($100M) Y/Y FX
Subscription & Support Revenue Growth (Y/Y) ⁽²⁾⁽³⁾	N/A	Slightly below 10%, Approx 10% CC
GAAP Operating Margin	N/A	19.8%
Non-GAAP Operating Margin ⁽³⁾	N/A	32.9%
GAAP Diluted Net Income per Share ⁽³⁾	$1.55 - $1.60	$6.15 - $6.20
Non-GAAP Diluted Net Income per Share ⁽³⁾	$2.57 - $2.62	$9.98 - $10.03
Operating Cash Flow Growth (Y/Y)	N/A	24% to 26%
Current Remaining Performance Obligation Growth (Y/Y)	Approximately 9%	N/A
FX Impact ⁽⁴⁾	($100M) Y/Y FX	N/A

⁽¹⁾ Revenue FX impact is calculated by taking the current period rates compared to the prior period average rates.

⁽²⁾ Subscription & Support revenue excludes professional services revenue.

⁽³⁾ Non-GAAP CC revenue growth, non-GAAP operating margin and non-GAAP Diluted net income per share are non-GAAP financial measures. See below for an explanation of non-GAAP financial measures. The Company's shares used in computing GAAP Diluted net income per share guidance and non-GAAP Diluted net income per share guidance excludes any impact to share count from potential Q4 FY25 repurchase activity under our share repurchase program.

⁽⁴⁾ Current Remaining Performance Obligation FX impact is calculated by taking the current period rates compared to the prior period ending rates.

⁽⁵⁾ Guidance assumes contributions from acquisitions of Zoomin Software Ltd. and Own Data Company Ltd., which closed in November 2024.

The following is a reconciliation of GAAP operating margin guidance to non-GAAP operating margin guidance for the full year:

		Full Year FY25 Guidance
GAAP operating margin ⁽¹⁾		19.8%
Plus
Amortization of purchased intangibles ⁽²⁾		4.3%
Stock-based compensation expense ⁽²⁾⁽³⁾		8.4%
Restructuring ⁽²⁾⁽³⁾		0.4%
Non-GAAP operating margin ⁽¹⁾		32.9%

⁽¹⁾ GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue.

⁽²⁾ The percentages shown above have been calculated based on the midpoint of the low and high ends of the revenue guidance for full year FY25.

⁽³⁾ The percentages shown in the restructuring line have been calculated based on charges associated with the Company's restructuring initiatives. Stock-based compensation expense excludes stock-based compensation expense related to the Company's restructuring initiatives, which is included in the restructuring line.

The following is a per share reconciliation of GAAP diluted net income per share to non-GAAP diluted net income per share guidance for the next quarter and the full year:

	Fiscal 2025
	Q4			FY25
GAAP diluted net income per share range ⁽¹⁾⁽²⁾	$1.55 - $1.60			$6.15 - $6.20
Plus
Amortization of purchased intangibles	$	0.36		$	1.66
Stock-based compensation expense	$	0.83		$	3.27
Restructuring ⁽³⁾	$	0.01		$	0.17
Less
Income tax effects and adjustments ⁽⁴⁾	$	(0.18	)	$	(1.27	)
Non-GAAP diluted net income per share ⁽²⁾	$2.57 - $2.62			$9.98 - $10.03
Shares used in computing basic net income per share (millions) ⁽⁵⁾		960			962
Shares used in computing diluted net income per share (millions) ⁽⁵⁾		978			975

⁽¹⁾ The Company's GAAP tax provision is expected to be approximately 26.0% for the three months ended January 31, 2025 and approximately 20.0% for the year ended January 31, 2025. The GAAP tax rates may fluctuate due to discrete tax items and related effects in conjunction with certain provisions in the Tax Cuts and Jobs Act, future acquisitions or other transactions.

⁽²⁾ The Company's projected GAAP and non-GAAP diluted net income per share assumes no change to the value of our strategic investment portfolio as it is not possible to forecast future gains and losses. The impact of future gains or losses from the Company’s strategic investment portfolio could be material.

⁽³⁾ The estimated impact to GAAP diluted net income per share is in connection with the Company's restructuring initiatives.

⁽⁴⁾ The Company’s non-GAAP tax provision uses a long-term projected tax rate of 22.0%, which reflects currently available information and could be subject to change.

⁽⁵⁾ The Company's shares used in computing GAAP net income per share guidance and non-GAAP net income per share guidance excludes any impact to share count from potential Q4 FY25 repurchase activity under our share repurchase program.

For additional information regarding non-GAAP financial measures see the reconciliation of results and related explanations below.

Management will provide further commentary around these guidance assumptions on its earnings call.

Product Releases and Enhancements

Three times a year Salesforce delivers new product releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments made over multiple years, designed to help customers drive cost savings, boost efficiency, and build trust.

To view our major product releases and other highlights as part of the Winter 2025 Product Release, visit: www.salesforce.com/products/innovation/winter-25-release.

Environmental, Social, and Governance (ESG) Strategy

To learn more about our latest initiatives and priorities, review our Stakeholder Impact Report: https://salesforce.com/stakeholder-impact-report.

Quarterly Conference Call

Salesforce plans to host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at www.salesforce.com/investor.

About Salesforce

Salesforce helps organizations of any size reimagine their business for the world of AI. With Agentforce, Salesforce's trusted platform, organizations can bring humans together with agents to drive customer success—powered by AI, data, and action. Visit www.salesforce.com for more information.

"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements about the Company's financial and operating results and guidance, which include, but are not limited to, expected GAAP and non-GAAP financial and other operating and non-operating results, including revenue, net income, net income per share, operating cash flow growth, operating margin, expected revenue growth, expected foreign currency exchange rate impact, expected current remaining performance obligation growth, expected tax rates or provisions, stock-based compensation expenses, amortization of purchased intangibles, shares outstanding, market growth, strategic investments, expected restructuring expense or charges and expected timing of product releases and enhancements. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company’s results or outcomes could differ materially and adversely from those expressed or implied by our forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements.

The risks and uncertainties referred to above include -- but are not limited to -- risks associated with:

our ability to maintain sufficient security levels and service performance, avoid downtime and prevent, detect and remediate performance degradation and security breaches;
our ability to secure sufficient data center capacity;
our reliance on third-party infrastructure providers, including hardware, software and platform providers and the organizations responsible for the development and maintenance of the infrastructure of the Internet;
uncertainties regarding AI technologies and their integration into our product offerings;
our ability to achieve our aspirations, goals and projections related to our environmental, social and governance (“ESG”) initiatives;
the effect of evolving government regulations, including those related to our industry and providing services on or accessing the Internet, and those addressing ESG matters, data privacy, cybersecurity, cross-border data transfers, government contracting and procurement, and import and export controls;
current and potential litigation and regulatory investigations involving us or our industry;
our ability to successfully expand or introduce new services and product features, including related to AI and Agentforce;
our ability to successfully complete, integrate and realize the benefits from acquisitions or other strategic transactions;
uncertainties regarding the pace of change and innovation and our ability to compete in the markets in which we participate;
our ability to successfully execute our business strategy and our business plans, including efforts to expand internationally and related risks;
our ability to predict and meet expectations regarding our operating results and cash flows, including revenue and remaining performance obligation, including as a result of the seasonal nature of our sales cycle and the variability in our results arising from the accounting for term license revenue products and some complex transactions;
our ability to predict and limit customer attrition and costs related to those efforts;
the demands on our personnel and infrastructure resulting from significant growth in our customer base and operations, including as a result of acquisitions;
our real estate and office facilities strategy and related costs and uncertainties;
the performance of our strategic investment portfolio, including fluctuations in the fair value of our investments;
our ability to protect our intellectual property rights;
our ability to maintain and enhance our brands;
uncertainties regarding the valuation and potential availability of certain tax assets;
the impact of new accounting pronouncements and tax laws;
uncertainties affecting our ability to estimate our tax rate, including our tax obligations in connection with potential jurisdictional transfer of intellectual property;
uncertainties regarding the effect of geopolitical events, inflationary pressures, market and macroeconomic volatility, financial institution instability, changes in monetary policy, foreign currency exchange rate and interest rate fluctuations, a potential shutdown of the U.S. federal government and climate change, natural disasters and actual or threatened public health emergencies on our workforce, business, and operating results;
uncertainties regarding the impact of expensing stock options and other equity awards;
the sufficiency of our capital resources, including our ability to execute our share repurchase program and declare future cash dividends;
our ability to comply with our debt covenants and lease obligations; and
uncertainties regarding impacts to our workforce and workplace culture, such as those arising from our current and future office environments or remote work policies or our ability to realize the expected benefits of the restructuring plan.

Further information on these and other factors that could affect the Company’s actual results or outcomes is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings it makes with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Financials section of the Company’s website at http://investor.salesforce.com/financials/.

Salesforce, Inc. assumes no obligation and does not intend to revise or update publicly any forward-looking statements for any reason, except as required by law.

Salesforce, Inc. Condensed Consolidated Statements of Operations (in millions, except per share data) (Unaudited)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2024			2023			2024			2023
Revenues:
Subscription and support	$	8,879		$	8,141		$	26,228		$	23,789
Professional services and other		565			579			1,674			1,781
Total revenues		9,444			8,720			27,902			25,570
Cost of revenues (1)(2):
Subscription and support		1,501			1,571			4,617			4,596
Professional services and other		604			584			1,809			1,797
Total cost of revenues		2,105			2,155			6,426			6,393
Gross profit		7,339			6,565			21,476			19,177
Operating expenses (1)(2):
Research and development		1,356			1,204			4,073			3,631
Sales and marketing		3,323			3,173			9,786			9,440
General and administrative		711			632			2,069			1,902
Restructuring		56			55			163			815
Total operating expenses		5,446			5,064			16,091			15,788
Income from operations		1,893			1,501			5,385			3,389
Losses on strategic investments, net		(217	)		(72	)		(217	)		(242	)
Other income		70			58			282			158
Income before provision for income taxes		1,746			1,487			5,450			3,305
Provision for income taxes		(219	)		(263	)		(961	)		(615	)
Net income	$	1,527		$	1,224		$	4,489		$	2,690
Basic net income per share	$	1.60		$	1.26		$	4.66		$	2.76
Diluted net income per share (3)	$	1.58		$	1.25		$	4.60		$	2.73
Shares used in computing basic net income per share		956			972			963			976
Shares used in computing diluted net income per share		965			981			975			985
(1) Amounts include amortization of intangible assets acquired through business combinations, as follows:
	Three Months Ended October 31,						Nine Months Ended October 31,
	2024			2023			2024			2023
Cost of revenues	$	131		$	245		$	600		$	743
Sales and marketing		223			223			669			668
(2) Amounts include stock-based compensation expense, as follows:
	Three Months Ended October 31,						Nine Months Ended October 31,
	2024			2023			2024			2023
Cost of revenues	$	135		$	109		$	386		$	324
Research and development		278			238			814			735
Sales and marketing		312			275			911			815
General and administrative		95			71			267			223
Restructuring		0			0			2			16
(3) During the three months ended October 31, 2024 and 2023, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) and $(0.06) based on a U.S. tax rate of 24.5%, and non-GAAP diluted net income per share by $(0.18) and $(0.06) based on a non-GAAP tax rate of 22.0% and 23.5%, respectively. During the nine months ended October 31, 2024 and 2023, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) and $(0.19) based on a U.S. tax rate of 24.5%, and non-GAAP diluted net income per share by $(0.17) and $(0.19) based on a non-GAAP tax rate of 22.0% and 23.5%, respectively.

Salesforce, Inc. Condensed Consolidated Statements of Operations (As a percentage of total revenues) (Unaudited)

	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Revenues:
Subscription and support	94	%	93	%	94	%	93	%
Professional services and other	6		7		6		7
Total revenues	100		100		100		100
Cost of revenues (1)(2):
Subscription and support	16		18		17		18
Professional services and other	6		7		6		7
Total cost of revenues	22		25		23		25
Gross profit	78		75		77		75
Operating expenses (1)(2):
Research and development	14		14		15		14
Sales and marketing	35		36		35		37
General and administrative	8		7		7		8
Restructuring	1		1		1		3
Total operating expenses	58		58		58		62
Income from operations	20		17		19		13
Losses on strategic investments, net	(3	)	(1	)	0		(1	)
Other income	1		1		1		1
Income before provision for income taxes	18		17		20		13
Provision for income taxes	(2	)	(3	)	(4	)	(2	)
Net income	16	%	14	%	16	%	11	%

(1) Amounts include amortization of intangible assets acquired through business combinations as a percentage of total revenues, as follows:
	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Cost of revenues	2	%	3	%	2	%	3	%
Sales and marketing	2		2		3		3

(2) Amounts include stock-based compensation expense as a percentage of total revenues, as follows:
	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Cost of revenues	2	%	1	%	2	%	1	%
Research and development	3		3		3		3
Sales and marketing	3		3		3		3
General and administrative	1		1		1		1
Restructuring	0		0		0		0

Salesforce, Inc. Condensed Consolidated Balance Sheets (in millions)

	October 31, 2024			January 31, 2024
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	7,997		$	8,472
Marketable securities		4,760			5,722
Accounts receivable, net		4,741			11,414
Costs capitalized to obtain revenue contracts, net		1,836			1,905
Prepaid expenses and other current assets		2,091			1,561
Total current assets		21,425			29,074
Property and equipment, net		3,416			3,689
Operating lease right-of-use assets, net		2,167			2,366
Noncurrent costs capitalized to obtain revenue contracts, net		2,121			2,515
Strategic investments		4,845			4,848
Goodwill		49,093			48,620
Intangible assets acquired through business combinations, net		4,119			5,278
Deferred tax assets and other assets, net		4,209			3,433
Total assets	$	91,395		$	99,823
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable, accrued expenses and other liabilities	$	5,331		$	6,111
Operating lease liabilities, current		572			518
Unearned revenue		13,472			19,003
Debt, current		0			999
Total current liabilities		19,375			26,631
Noncurrent debt		8,432			8,427
Noncurrent operating lease liabilities		2,420			2,644
Other noncurrent liabilities		2,643			2,475
Total liabilities		32,870			40,177
Stockholders’ equity:
Common stock		1			1
Treasury stock, at cost		(19,414	)		(11,692	)
Additional paid-in capital		63,114			59,841
Accumulated other comprehensive loss		(225	)		(225	)
Retained earnings		15,049			11,721
Total stockholders’ equity		58,525			59,646
Total liabilities and stockholders’ equity	$	91,395		$	99,823

Salesforce, Inc. Condensed Consolidated Statements of Cash Flows (in millions) (Unaudited)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2024			2023			2024			2023
Operating activities:
Net income	$	1,527		$	1,224		$	4,489		$	2,690
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (1)		814			862			2,600			3,006
Amortization of costs capitalized to obtain revenue contracts, net		525			482			1,568			1,428
Stock-based compensation expense		820			693			2,380			2,113
Losses on strategic investments, net		217			72			217			242
Changes in assets and liabilities, net of business combinations:
Accounts receivable, net		655			550			6,681			5,905
Costs capitalized to obtain revenue contracts, net		(430	)		(300	)		(1,105	)		(906	)
Prepaid expenses and other current assets and other assets		(272	)		(407	)		(1,263	)		(750	)
Accounts payable and accrued expenses and other liabilities		32			172			(503	)		(1,607	)
Operating lease liabilities		(144	)		(139	)		(387	)		(474	)
Unearned revenue		(1,761	)		(1,677	)		(5,555	)		(4,816	)
Net cash provided by operating activities		1,983			1,532			9,122			6,831
Investing activities:
Business combinations, net of cash acquired		(179	)		(82	)		(517	)		(82	)
Purchases of strategic investments		(67	)		(103	)		(374	)		(390	)
Sales of strategic investments		13			80			118			102
Purchases of marketable securities		(1,239	)		(661	)		(5,041	)		(2,827	)
Sales of marketable securities		554			315			3,652			1,117
Maturities of marketable securities		905			563			2,439			1,810
Capital expenditures		(204	)		(166	)		(504	)		(589	)
Net cash used in investing activities		(217	)		(54	)		(227	)		(859	)
Financing activities:
Repurchases of common stock		(1,285	)		(1,925	)		(7,753	)		(5,928	)
Proceeds from employee stock plans		321			274			1,056			1,085
Principal payments on financing obligations		(100	)		(114	)		(505	)		(506	)
Repayments of debt		0			0			(1,000	)		(1,182	)
Payments of dividends		(382	)		0			(1,154	)		0
Net cash used in financing activities		(1,446	)		(1,765	)		(9,356	)		(6,531	)
Effect of exchange rate changes		(5	)		(32	)		(14	)		(4	)
Net increase (decrease) in cash and cash equivalents		315			(319	)		(475	)		(563	)
Cash and cash equivalents, beginning of period		7,682			6,772			8,472			7,016
Cash and cash equivalents, end of period	$	7,997		$	6,453		$	7,997		$	6,453
(1) Includes amortization of intangible assets acquired through business combinations, depreciation of fixed assets and amortization and impairment of right-of-use assets.

Salesforce, Inc.
Additional Metrics
(Unaudited)

Supplemental Revenue Analysis

Remaining Performance Obligation

Remaining performance obligation ("RPO") represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be recognized as revenue in future periods. RPO is influenced by several factors, including seasonality, the timing of renewals, the timing of term license deliveries, average contract terms and foreign currency exchange rates. Remaining performance obligation is also impacted by acquisitions. Unbilled portions of RPO denominated in foreign currencies are revalued each period based on the period end exchange rates. The portion of RPO that is unbilled is not recorded on the condensed consolidated balance sheets.

RPO consisted of the following (in billions):

	Current		Noncurrent		Total
As of October 31, 2024	$	26.4	$	26.7	$	53.1
As of July 31, 2024		26.5		27.0		53.5
As of April 30, 2024		26.4		27.5		53.9
As of January 31, 2024		27.6		29.3		56.9
As of October 31, 2023		23.9		24.4		48.3

Unearned Revenue

Unearned revenue represents amounts that have been invoiced in advance of revenue recognition and is recognized as revenue when transfer of control to customers has occurred or services have been provided. The change in unearned revenue was as follows (in millions):

	Three Months Ended October 31,						Nine Months Ended October 31,
	2024			2023			2024			2023
Unearned revenue, beginning of period	$	15,222		$	14,237		$	19,003		$	17,376
Billings and other (1)		7,620			6,876			22,158			20,536
Contribution from contract asset		63			167			189			218
Revenue recognized over time		(9,023	)		(8,249	)		(26,446	)		(24,264	)
Revenue recognized at a point in time		(421	)		(471	)		(1,456	)		(1,306	)
Unearned revenue from business combinations		11			4			24			4
Unearned revenue, end of period	$	13,472		$	12,564		$	13,472		$	12,564
(1) Other includes, for example, the impact of foreign currency translation.

Disaggregation of Revenue

Subscription and Support Revenue by the Company's service offerings

Subscription and support revenues consisted of the following (in millions):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Sales	$	2,119	$	1,906	$	6,188	$	5,611
Service		2,288		2,074		6,727		6,087
Platform and Other		1,825		1,686		5,329		4,891
Marketing and Commerce		1,334		1,230		3,924		3,638
Integration and Analytics (1)		1,313		1,245		4,060		3,562
	$	8,879	$	8,141	$	26,228	$	23,789
(1) In the fourth quarter of fiscal 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau.

Total Revenue by Geographic Locations

Revenues by geographical region consisted of the following (in millions):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Americas	$	6,220	$	5,862	$	18,483	$	17,113
Europe		2,228		1,998		6,557		5,923
Asia Pacific		996		860		2,862		2,534
	$	9,444	$	8,720	$	27,902	$	25,570

Constant Currency Growth Rates

Subscription and support revenues constant currency growth rates by the Company's service offerings were as follows:

	Three Months Ended O ctober 31, 2024 C ompared to Three Months E nded October 31, 2023	Three Months Ended J uly 31, 2024 C ompared to Three Months E nded July 31, 2023	Three Months Ended O ctober 31, 2023 C ompared to Three Months E nded October 31, 2022
Sales	11%	10%	10%
Service	10%	11%	11%
Platform and Other	8%	10%	11%
Marketing and Commerce	8%	7%	8%
Integration and Analytics (1)	5%	14%	22%
Total growth	9%	10%	12%
(1) In the fourth quarter of fiscal 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau.

Revenue constant currency growth rates by geographical region were as follows:

	Three Months Ended O ctober 31, 2024 C ompared to Three Months E nded October 31, 2023	Three Months Ended J uly 31, 2024 C ompared to Three Months E nded July 31, 2023	Three Months Ended O ctober 31, 2023 C ompared to Three Months E nded October 31, 2022
Americas	6%	8%	9%
Europe	9%	11%	10%
Asia Pacific	14%	16%	21%
Total growth	8%	9%	10%

Current remaining performance obligation constant currency growth rates were as follows:

October 31, 2024

C ompared to

O ctober 31, 2023

July 31, 2024

C ompared to

J uly 31, 2023

October 31, 2023

C ompared to

O ctober 31, 2022

Total growth

10%

11%

13%

Salesforce, Inc. GAAP Results Reconciled to Non-GAAP Results The following tables reflect selected GAAP results reconciled to Non-GAAP results. (in millions, except per share data) (Unaudited)

	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Non-GAAP income from operations
GAAP income from operations	$	1,893	$	1,501	$	5,385	$	3,389
Plus:
Amortization of purchased intangibles (1)

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