What move does the options market price into Salesforce's report?

Implied ±6.2%, either direction.

How often does Salesforce move more than the options market prices?

2 of the last 8 reports moved at least as far as the implied move.

CRMNYSEServices-Prepackaged Software

Salesforce, Inc. (CRM) earnings date, market-implied expected move, and options open interest by expiry

221.91

pre 227.35 +2.32%

Pre-market07:06 ETdelayed

Open223.31Volume6.6MMkt cap$186.1BP/E20.67EPS11.00Div yield0.77%

Day223.31 – 228.7574%52-wk146.06 – 267.8067%

CRM

Salesforce, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±6.2%implied · report alone

8Q avg ±6.8%·×0.91·fair

208.45235.95

straddle ±10.5%

spot 222.20exp Dec 4ATM strike 220ATM straddle 27.55IV 54%

Nov 3 closereport share · term structure

Expected move

Inputs

Next report

Dec 2

after close · in 28 days

est.Q3 FY26

Calendar

Next report

Last report

+22.58%

vs ±6.1% implied · ×3.68

shaded = implied · ▲▼ = realized

Aug 26 '26 · confirmed

Implied vs realized

Linked news

15hULS · customerUL Solutions posts third-quarter net income $117 million, revenue $823 million
15hCALX · customerCalix hit by securities class action alleging misleading statements on memory supply
15hTRNS · customerTranscat discloses material weaknesses in internal control over financial reporting

News

Largest filed tie

13F top-10 QoQ

−8.05%

shares held · 10 largest managers

13F · Jun 30 '26127d lag

2,508 managers

Top fund weight

2.08%

CRM weight · DIA

N-PORTJul 31 '26

10 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Salesforce (CRM) is expected to report on Dec 2 after close (estimated date).

Implied vs realized

8 reports

2 of 8≥ implied

avg implied: ±6.7%
avg realized: ±6.8%

Dec 3 '24Dec 3 '24confirmed±6.3%▲+10.99%×1.74

Feb 26 '25Feb 26 '25confirmed±7.4%▼−4.04%×0.54

May 28 '25May 28 '25confirmed±6.2%▼−3.30%×0.53

Sep 3 '25Sep 3 '25confirmed±6.8%▼−4.85%×0.72

Q3 FY26Dec 3 '25confirmed±6.5%▲+3.66%×0.56

Feb 25 '26Feb 25 '26confirmed±7.1%▲+4.03%×0.57

Q1 FY27May 27 '26confirmed±7.4%▼−0.75%×0.10

Q2 FY27Aug 26 '26confirmed±6.1%▲+22.58%×3.68

quarterimplied−25%0+25%realized×

Q2 FY27±6.1%▲+22.58%×3.68

Q1 FY27±7.4%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 10 expiries · Nov 3 close

0.88OI · 10 expiries · Nov 3 closeP/C open interest · Dec 4 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

2 nearer expiries

10,014+41%Nov 62d1.069,470+25%1.06

4,202+25%Nov 139d1.073,939+13%1.07

44,001+2%Nov 2016d0.9347,303+2%0.93

2,154+7%Nov 2723d1.072,008+29%1.07

report · Dec 2 · after close · est.

3 later expiries

83,0620%Jan 1572d0.9884,8730%0.98

5,262+4%Feb 19107d0.96

ExpiryPutsCallsP/C

2 nearer expiries

Nov 62d10,014+41%9,470+25%1.06

Nov 139d4,202+25%3,939+13%1.07

Nov 2016d44,001+2%47,303

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±10.5%

Funds 4

DIA±0.2%

XLK±0.1%

VTV±0.0%

FB±0.0%

Customers 2

VIA±6.6%×0.62

VEEV±5.8%×0.55

Dashed = straddle · × = co-movement · max 499dMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY27

31.08%as filednet margin · revenue +1.90% QoQ · +10.83% YoY

Revenue

$11.3B+1.90% QoQ

Gross profit

$8.7B+1.55% QoQ

76.65% margin

Operating income

$2.3B−0.68% QoQ

20.55% margin

Pre-tax income

$4.6B+67.29% QoQ

Net income

$3.5B+67.35% QoQ

31.08% margin

Cost of revenue

$2.6B+3.07% QoQ

Operating expenses

$6.4B+2.40% QoQ

Marketing $3.9B

R&D $1.7B

SG&A $725M

Other operating $94M

Tax

$1.0B+67.10% QoQ

Other income

$2.2B+493.85% QoQ

Revenue$11.3B+1.90%

Gross profit

$8.7B+1.55%

76.65% margin

Operating income

$2.3B−0.68%

20.55% margin

Pre-tax income

$4.6B+67.29%

Net income

$3.5B+67.35%

31.08% margin

Cost of revenue

$2.6B+3.07%

Operating expenses

$6.4B+2.40%

Marketing $3.9B

R&D $1.7B

SG&A $725M

Other income$2.2B+493.85%

Tax$1.0B+67.10%

flow · deduction · inflow · signed % = QoQSource: SEC filings · standardized · QE Jul 31 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 3 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 07:00 ET

Intraday

Event sensitivity

CPI ×1.45· ±2.4% vs ±1.7% · 11 releases

eventrelease day|move|up · n×base

CPIconsumer prices±2.4%3 of 11×1.45

GDPgross domestic product±2.0%5 of 20×1.21

PCEpersonal income & outlays±1.9%8 of 20×1.14

PPIproducer prices±1.8%2 of 11×1.11

NFPjobs report±1.7%4 of 10×1.02

CPROFcorporate profits±1.7%4 of 12×1.00

FOMCrate decision±1.4%10 of 24×0.84

Bar = avg |move| to ±3% · tick = ±1.7% avg day · ×base = |move| ÷ ±1.7% · min 6 releases

Earnings history

EPS 4.29 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY27	Aug 26 '26 · confirmed	4.29	—
Q1 FY27	May 27 '26 · confirmed	2.42	—
Q3 FY26	Dec 3 '25 · confirmed	2.19	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod