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- AI Model Unpredictability and Agentic AI Risks (new) — Company now discloses that AI models are probabilistic and agentic AI may produce unanticipated outcomes that disrupt systems — outcomes the company cannot fully control or reverse.
- Frontier AI Model Access Suspension Risk (new) — Access to frontier AI models could be suddenly suspended by providers or governments due to safety concerns or regulatory mandates, disrupting AI-powered services.
- Data Center Capacity Constraints (power, Land, Water) (new) — Power, land, and water constraints could limit data center expansion in certain regions, increasing operational costs or impairing service delivery.
- Asr Settlement Volatility Risk (new) — Under the $25B accelerated share repurchase agreements, stock price volatility may obligate the company to deliver additional shares or make a cash payment to the counterparty upon final settlement.
Salesforce Q2 FY27: EPS +119% to $4.29 on $3.2B investment gains; ops flat, ASR underway
Filed August 27, 2026 · Period ending July 31, 2026 · Compared to 10-Q Sep 4, 2025 · ~2 min read
Key Changes
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Issued $25B in senior notes (2028–2066 maturities) to fund a $25B accelerated share repurchase; received initial delivery of 103M shares at $198.34. ASR settles Q3 FY27. Separately drew $6B term loan to refinance Informatica acquisition bridge debt. Total debt outstanding rose from $8.5B to $39.5B; interest expense increased $655M year-over-year.
MD&A: Capital structure / Debt issuance verify on EDGAR → -
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Completed acquisitions of Informatica ($8B, Nov 2025), Regrello ($900M, Oct 2025), and Qualified ($456M contributed in Q2 FY27, Apr 2026). Announced pending acquisitions of Contentful ($1.5B) and Intercom/Fin ($3.6B), both expected to close Q3 FY27. Total pending acquisition commitments now $5.1B.
MD&A: Acquisitions verify on EDGAR → -
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Strategic investment portfolio carrying value more than doubled from $5.1B to $11.3B, driven by Anthropic investment now valued at $5.1B (45% of portfolio). Portfolio concentration increased significantly — Anthropic is the only investment >10% of total.
MD&A: Strategic investments verify on EDGAR →
1 more material change behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 28, 2026 · How we verify