Salesforce, Inc. (CRM)
Salesforce pioneered cloud-based customer relationship management and now offers a broad suite of sales, service, marketing, and analytics tools. It is layering AI agents across that suite to automate customer-facing work.
CRM vs NOW: how the two businesses compare
- Bigger business: CRM, with $41.5B of yearly revenue, about 3.1× NOW's $13.3B.
- More profitable: CRM keeps 18 cents of each sales dollar as profit, against 13 cents at NOW.
- More cash from each sale: NOW turns 41 cents of each sales dollar into operating cash flow, against 36 cents at CRM.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Salesforce (CRM) is the larger business by reported revenue: $41.5B in its fiscal year ended Jan 2026, about 3.1× NOW's $13.3B (fiscal year ended Dec 2025). CRM's net margin was 18.0% and NOW's 13.2%. Both file with the SEC under the same industry code, SIC 7372 (Services-Prepackaged Software).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Prepackaged Software
- Same classification
- Different
- CRM January 31 · NOW December 31
- Mar 2, 2026
CRM vs NOW: quick comparison
| Company fact | CRM | NOW |
|---|---|---|
| Company | Salesforce, Inc. | ServiceNow, Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | San Francisco, California | Santa Clara, California |
| Founded | 1999 | 2004 |
| SEC industry | Services-Prepackaged Software | Services-Prepackaged Software |
| Fiscal year-end | January 31 | December 31 |
| Latest annual filing | 10-K · 2026-03-02 | 10-K · 2026-01-29 |
CRM vs NOW: audited financials
- Scale: CRM's $41.5B of revenue is about 3.1× NOW's $13.3B.
- Net margin: CRM kept 18.0% of revenue as net income versus 13.2% at NOW.
- Cash conversion: operating cash flow equalled CRM 36.1% of revenue, or 2.01× net income; NOW 41.0% of revenue, or 3.11× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 1 month apart (2026-01-31 for CRM, 2025-12-31 for NOW), so each figure reflects somewhat different demand and cost conditions.
| Metric | CRM | NOW |
|---|---|---|
| Revenue | $41.5B2025-02-01 to 2026-01-31 · SEC filing | $13.3B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $7.5B2025-02-01 to 2026-01-31 · SEC filing | $1.7B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $15.0B2025-02-01 to 2026-01-31 · SEC filing | $5.4B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $7.802025-02-01 to 2026-01-31 · SEC filing | $1.672025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 18.0%2025-02-01 to 2026-01-31 · SEC filing | 13.2%2025-01-01 to 2025-12-31 · SEC filing |
CRM: FY ending 2026-01-31 · NOW: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CRM and NOW overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 7372, Services-Prepackaged Software.
- Shared research theme: Artificial intelligence.
Differences
- Offset fiscal calendars: CRM's year ends January 31 and NOW's December 31, about 1 month apart.
- Scale: CRM reported about 3.1× the annual revenue of NOW.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
ServiceNow, Inc. (NOW)
ServiceNow runs a cloud workflow platform that automates IT, HR, and customer-service processes for large organizations. It has emerged as a prominent vendor of enterprise AI-driven workflow automation.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CRM
We have not yet published a company-specific driver list for CRM. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-03-02.
What moves NOW
- Subscription revenue growth and remaining performance obligations
- Adoption of Now Assist and consumption-priced AI offerings
- Expansion of large customers with annual contract value above $5 million
- Public-sector and regulated-industry sales cycles
The investment question
You now know CRM reports about 3.1× NOW's revenue, and CRM keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, including “Subscription revenue growth and remaining performance obligations” at NOW, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. CRM's fiscal year ends January 31, while NOW's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 49 matched transaction rows for CRM and 37 matched transaction rows for NOW. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CRM primary filings
NOW primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
CRM vs NOW FAQs
Are CRM and NOW direct competitors?
Salesforce and ServiceNow share the SEC industry classification “Services-Prepackaged Software.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is CRM or NOW the bigger company by revenue?
Salesforce (CRM) is the larger business by reported revenue: $41.5B in its fiscal year ended Jan 2026, about 3.1× NOW's $13.3B (fiscal year ended Dec 2025). CRM's net margin was 18.0% and NOW's 13.2%. Both file with the SEC under the same industry code, SIC 7372 (Services-Prepackaged Software). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CRM or NOW?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CRM vs NOW comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Salesforce, Inc. and ServiceNow, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-10. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-10. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CRM vs NOW compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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