TLDR
- Salesforce has initiated a $25 billion accelerated share repurchase (ASR) program, marking its largest buyback transaction to date
- The repurchase commenced on March 11, 2026, with approximately 103 million shares delivered upfront
- These 103M shares account for about 80% of the anticipated total buyback under this agreement
- This $25B ASR represents half of the company’s $50 billion share repurchase authorization approved by directors in February 2026
- CRM shares climbed approximately 2.5% during premarket hours on Monday; completion is anticipated in Q3 or Q4 of fiscal 2027
Salesforce (CRM) launched its historic $25 billion accelerated share repurchase initiative on Monday, representing its biggest ASR transaction ever and driving shares higher by roughly 2.5% in early trading.
The cloud computing leader announced the prepayment and upfront receipt of approximately 103 million shares through ASR agreements executed on March 11, 2026, involving several leading financial institutions.
The participating banks include Banco Santander, Bank of America, Citibank, JPMorgan Chase Bank, and Morgan Stanley, with J. Wood Capital Advisors acting as the transaction advisor.
The upfront delivery of 103 million shares constitutes approximately 80% of the anticipated total share count for this buyback phase. Final share quantities will be calculated based on CRM’s volume-weighted average trading price throughout the transaction period, adjusted for a discount and other variables.
CEO Marc Benioff made the company’s position crystal clear: “We are aggressively repurchasing shares because we are so confident in the future of Salesforce,” he stated.
Robin Washington, Salesforce’s president and chief operating and financial officer, characterized the ASR as evidence of the firm’s “increased conviction in the durability of its growth and cash flow trajectory.”
This $25 billion deployment represents the immediate execution of precisely half the $50 billion aggregate share repurchase plan that Salesforce’s board of directors greenlit in February 2026.
The $50 billion total authorization ranks among the most substantial buyback programs ever announced in the enterprise software sector.
The Numbers Behind the Deal
The upfront transfer of 103 million shares was calculated using CRM’s market close price on March 11, 2026—the execution date of the ASR contracts.
Final settlement for this $25 billion portion is projected to occur during either the third or fourth quarter of Salesforce’s fiscal year 2027.
With shares climbing roughly 2.5% in premarket trading Monday, investors responded favorably to the news, though the reaction appeared relatively modest given the program’s magnitude.
Salesforce has faced mounting pressure from shareholders throughout the past year to deploy its substantial cash reserves more aggressively, and the $50 billion authorization represents a clear response to those demands.
What Comes Next
The additional $25 billion portion of the comprehensive $50 billion authorization remains unexecuted.
This second installment may be implemented through additional ASR contracts or conventional open market share purchases, though the company hasn’t disclosed specific timing.
The current ASR transaction’s involvement of five prominent Wall Street institutions suggests a carefully orchestrated and methodically managed implementation rather than simple market purchases.
The definitive share count repurchased under this initial tranche won’t be determined until settlement concludes, which isn’t projected until later in fiscal 2027.
