...July 16, 2024 Salesforce Inc.'s good profit growth and strong free cash flow generation provide flexibility for shareholder returns and business acquisitions. Despite slowing revenue growth, we forecast Salesforce to generate more than $11 billion of annual free operating cash flow (FOCF) in fiscal 2025 and 2026. While Salesforce has deployed most of its annual discretionary cash flow toward repurchases, we expect FOCF growth will continue to support sustainable shareholder returns including increased repurchases and cash dividends, while preserving a strong balance sheet. Its buybacks totaled $7.7 billion in fiscal 2024, which represented nearly 80% of annual FOCF and almost double the previous year's total of $4 billion. The company has completed $11.7 billion of buybacks under its existing $30 billion authorization. In addition to the share repurchases, Salesforce instituted its first ever dividend in the first quarter of fiscal 2025 with a $0.40 per share dividend totaling to a $388...
