Billion

FY2019 marks our 20th anniversary, and we'd like to open this report with a big THANK YOU to the entire Ohana. It's been a wild ride, and we'd never have made it this far without you.

When we started this company, we had a tiny office (that's it at the bottom of the page) and a huge vision: to work for more than just the bottom line, and to drive change in the world around us. Together, we've worked hard to turn that vision into a reality, and, even more importantly, we've encouraged others to do the same.

As you read this over, we hope you'll take some time to reflect on the incredible company we've built together, and the difference we've made for our customers and our communities.

Mahalo.

FY19 HIGHLIGHTS

$13.3 billion

FY19 Revenue, up 26% year over year

$25.7 billion

Remaining Performance Obligation,1 up 25% year over year

$3.4 billion

Full Year Operating Cash Flow, up 24% year over year

1 "Remaining Performance Obligation" represents future revenues that are under contract but have not yet been recognized.

36,000

Employees

95%

of the Fortune 100 run at least one app from AppExchange

3.8 million+

Hours contributed to the community since inception

Salesforce Headquarters

1999

Salesforce Headquarters

2019

Fellow shareholders,

As we celebrate the 20th anniversary of Salesforce, we couldn't be more excited about the future. In everything we do, we remain committed to our core values -- trust, customer success, innovation, and equality. Around the world, companies continue to make incredible investments in their customer experience -- becoming more customer-centric, more efficient, and more automated. And when they invest in their digital transformation, they look to Salesforce, the global CRM leader and one of the world's most admired companies.

By upholding the trust of our customers and by focusing relentlessly on their success, Salesforce delivered another record fiscal year in 2019, surpassing $13 billion in annual revenue and reaching this milestone faster than any enterprise software company in history. With this strong growth, we're now on track to organically double our revenue in the next four years, with a new revenue target of $26 to $28 billion in FY23.

This year, we continued to deepen our strategic relationships with companies of every size and across every industry around the world. In fact, our $20 million-plus relationships grew 48% over last year. We also strengthened our partnerships with Google and AWS and formed a brand-new partnership with Apple to deliver even more value to our customers. With our integrated and intelligent Salesforce Customer Success Platform, no other CRM company gives businesses a unified view of their customers across every touchpoint -- sales, service, marketing, commerce, communities, integration, and more.

At Dreamforce 2018 -- our largest Dreamforce yet -- we showcased how our amazing innovations like Einstein Voice, Customer 360, and Essentials will continue to transform the CRM experience for companies around the world. And with Trailhead, our free online learning platform for everyone, more than 1.2 million people have now learned the skills they need to thrive in our digital economy.

We also continue to uphold the trust of the communities where we work and live. Over the past 20 years, together with the Salesforce Foundation and , we've given $260 million in grants, nearly 4 million employee volunteer hours, and 40,000 nonprofits and education institutions use our software for free or at a discount. We're partnering with other companies to decarbonize the tech sector, and at Salesforce we're already more than halfway toward our goal of reaching 100% renewable energy by 2022.

Once again, our success has been recognized. Fortune has now named Salesforce one of the "World's Best Companies to Work For" for 11 years in a row, one of the "World's Most Admired Companies" for five years in a row, and one of the "Change the World Companies" for three years in a row.

As always, our incredible results are only possible because of the trust and partnership with all of our stakeholders, including you. Thank you for your continued support. We are deeply grateful to each of you, and as we look ahead to our third decade, we've never been more optimistic about our future together.

Thank you, Marc Benioff & Keith Block

Innovation may drive our profits, but it's our Trailblazers that have been making this place so special for the last 20 years. As always, these awards belong to you.

#2 on the "100 Best Companies to Work For" List Fortune Magazine, 2019 #9 on the "100 Best Workplaces for Women" List Fortune Magazine, 2019 14th Most Admired Company in the World Fortune Magazine, 2019 #11 on the "Most Sustainable Companies" List Barron's, 2019

Thank you.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

? Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended January 31, 2019

OR

` Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 001-32224

, inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

Salesforce Tower 415 Mission Street, 3rd Fl San Francisco, California 94105

(Address of principal executive offices)

94-3320693

(IRS Employer Identification No.)

Telephone Number (415) 901-7000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Name of each exchange on which registered

Common Stock, par value $0.001 per share

New York Stock Exchange, Inc.

Securities registered pursuant to section 12(g) of the Act:

Not applicable

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ? No `

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of Act. Yes ` No ?

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ? No `

Indicate by check mark whether the Registrant has submitted electronically, every Interactive Data File required to be submitted

pursuant to Rule 405 of Regulation S-T (?232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ? No `

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (?229.405 of this chapter) is not

contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ?

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller

reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the

Exchange Act.

Large accelerated filer ?

Accelerated filer

`

Non-accelerated filer `

Smaller reporting company ` Emerging growth company `

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. `

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ` No ?

Based on the closing price of the Registrant's Common Stock on the last business day of the Registrant's most recently completed second fiscal quarter, which was July 31, 2018, the aggregate market value of its shares (based on a closing price of $137.15 per share) held by non-affiliates was approximately $80.0 billion. Shares of the Registrant's Common Stock held by each executive officer and director and by each entity or person that owned 5 percent or more of the Registrant's outstanding Common Stock were excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

As of February 28, 2019, there were approximately 771 million shares of the Registrant's Common Stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant's definitive proxy statement for its 2019 Annual Meeting of Stockholders (the "Proxy Statement"), to be filed within 120 days of the Registrant's fiscal year ended January 31, 2019, are incorporated by reference in Parts II and III of this Report on Form 10-K. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K.

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