(As of December 12, 2025 | Post Q3 FY2026 earnings and recent insider transactions)
Current market capitalization: ≈ $250 billion (based on ~$262.35/share and 952 million shares outstanding)
Introduction
Salesforce, Inc. (NYSE: CRM), founded in 1999 by Marc Benioff and Parker Harris in San Francisco, California, is the world's leading provider of cloud-based CRM software, powering sales, service, marketing, and analytics for enterprises via platforms like Sales Cloud, Service Cloud, and Einstein AI. As a public company since 2004, it features a single-class share structure (one vote per share), with no super-voting rights. Ownership is institutionally concentrated (~81%), insiders ~3% (led by founder Benioff), and retail ~16%. The table below details the top 10 economic shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes $944K in insider sales by Benioff (Oct 31, 2025) and a $25B buyback program (50% complete).
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($250B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.4% | $23.5 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~89.6M shares. Passive with ~$9.3T AUM; added ~0.8% in Q3 2025; core S&P 500 weighting (~6%). No direct control; focuses on subscription growth. |
| 2 | BlackRock Inc. | 8.5% | $21.3 billion | Holds ~81.1M shares through iShares ETFs (e.g., IVV); passive/active mix. Trimmed ~0.6% in Q3 2025; board observer on governance/ESG. Key in software funds; CRM ~0.3% of portfolio. |
| 3 | State Street Corporation | 5.2% | $13.0 billion | Owns ~49.4M shares via SPDRs (e.g., SPY); fully passive. Added ~0.3% in Q3; votes proxies on exec comp and AI ethics. ~4% of tech holdings; supports $25B buyback. |
| 4 | Capital Research Global Investors | 2.1% | $5.3 billion | ~20.1M shares in growth strategies; active manager. Added ~27.6% in Q3; focuses on Einstein AI (up 114% YoY ARR). |
| 5 | JPMorgan Chase & Co. | 2.8% | $7.0 billion | ~26.1M shares in asset management; index/active blend. Stable QoQ; provides banking for CRM's $11.3B cash reserves. |
| 6 | Geode Capital Management, LLC | 2.2% | $5.5 billion | Fidelity affiliate with ~21.0M shares in index trackers; passive. Added ~0.6% in Q3; tracks Nasdaq 100; minimal voting power. |
| 7 | Morgan Stanley | 1.5% | $3.8 billion | ~14.3M shares via wealth/ETFs; active in advisory. Increased ~0.5% QoQ; engages on shareholder proposals re: antitrust. |
| 8 | FMR LLC (Fidelity) | 1.7% | $4.3 billion | ~16.1M shares across funds (e.g., Contrafund); active with minor Q3 additions. Bullish on Data Cloud (up 20% YoY). |
| 9 | Marc R. Benioff (Co-Founder, Chair & CEO) | 2.3% | $5.8 billion | ~22.0M shares; largest individual insider. Recent sales: 9K shares (~$944K on Oct 31, 2025) under 10b5-1 plan; retains board control; net worth ~$6B tied to performance. |
| 10 | Norges Bank (Norway Sovereign Wealth Fund) | 0.3% | $0.8 billion | ~2.8M shares as of Jun 2025; ethical investing focus. Added ~5.2% in Q3; no operational control. |
Total Top 10 = ~45.8% | Remaining: Other Institutions (~35%), Other Insiders (~0.7%, e.g., Parker Harris CTO at ~0.1%), Retail (~16%) | Grand Total = 100%
Conclusion
As of December 2025, Salesforce's ownership is institutionally led (~81% total) by passive titans like Vanguard and BlackRock, ensuring stability for its $10.3B Q3 FY2026 revenue (up 9% YoY, ~94% from subscriptions) and $2.1B net income (up 36% YoY, adj. EPS $3.25), with cRPO at $29.4B (up 11% YoY) on Agentforce AI momentum. Insiders (~3% combined) like Benioff reflect routine 10b5-1 sales (~$51K in Nov 2025) amid expansions (e.g., Informatica integration), while retail's ~16% stake highlights CRM demand. With $250B market cap (down 23% YoY) and $25B buybacks (50% complete), expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and FY2026 revenue of $41.5B (up 9%). This structure supports AI/cloud dominance, though macro headwinds persist. For filings, visit SEC EDGAR or Salesforce's investor relations.