This report does not constitute a rating action. We expect Salesforce will continue to increase its subscription revenue and earnings based on its remaining performance obligations (RPO), which were up 12% year over year in the third quarter, as well as management?s expectation for a 15% (13% constant currency) improvement in its current RPO in the fourth quarter. The company also maintains a strong balance sheet and generates strong annual free cash flow, which we estimate will reach about $14 billion (up 12% year over year) in fiscal year 2026 (ending Jan. 31, 2026). This financial flexibility provides Salesforce with a material cushion to pursue its capital allocation objectives at the current rating. Incorporating the $9.6 billion Informatica acquisition (closed
