Salesforce Executes $25B Buyback Amid Record Debt Surge

Key Facts

1Salesforce executed a $25 billion accelerated share repurchase, reducing its share count by approximately 15%.

2The company's total debt increased significantly to over $42 billion to fund the repurchases.

3The company lowered its fiscal 2027 free cash flow growth outlook due to the increased debt burden.

In a move reflecting a strategic shift toward shareholder returns at the expense of balance sheet flexibility, Salesforce executed a massive $25 billion accelerated share repurchase program, reducing its share count by approximately 15%. According to reports, the company's total debt surged to over $42 billion to fund the buyback, a significant increase from previous levels. Consequently, Salesforce lowered its fiscal 2027 free cash flow growth outlook to 4%-5%, down from the prior 9%-10% range, citing the increased debt burden as a primary drag.

These financial maneuvers come as the company bets on its own valuation, potentially eyeing a future sale of its stake in Anthropic to offset the incurred debt. Per market data, the weighted average diluted shares dropped from 962 million in July 2025 to 821 million in July 2026, effectively retiring 141 million shares. While second-quarter free cash flow rose 81% to $1.1 billion, the cost of financing the buyback has introduced a structural headwind to long-term cash flow projections.

As of the close on September 22, 2026, CRM shares stood at $233.28, having traded between a day high of $242.42 and a low of $229.81. Investors are now focused on the company's ability to service its substantial debt amid slowing cash flow growth, while also monitoring broader macroeconomic catalysts that could impact corporate borrowing costs in the coming months.