CRM

세일즈포스
Salesforce, Inc. · CIK 1108524
CRM 리스크 변화 알림 받기
이번 보고서
2026.07 분기보고서
10-Q · 기간 말 2026. 7. 31. · 제출 2026. 8. 27.
비교 기준
2026.04 분기보고서
10-Q · 기간 말 2026. 4. 30.
SEC 원문 ↗
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새 리스크 항목
1
신규 문단
10
수정 문단
3
삭제
+1%
분량 변화
AI 한국어 요약

한 줄 요약

Salesforce는 데이터센터 확장 제약(전력·부지·용수, 지역 반대), 다양해지는 AI 규제, AI 등 특정 분야에 몰린 전략적 투자 포트폴리오를 새로 부각했고, 진행 중인 소송과 내부자에 의한 민감정보 노출 위험도 더 구체적으로 적었습니다.

주목할 변화

  • 강화데이터센터 확장 제약전력·부지·용수 부족 때문에 일부 지역에서 데이터센터를 늘리기 어려워지고, 비용이 오르거나 인프라 계획을 바꿔야 할 수 있다는 내용이 새로 들어갔습니다. 용량 부족 원인에는 데이터센터에 대한 주민·정부의 반대와 적합 부지 부족이 추가됐습니다. 원문: "constraints on data center power, land, and water availability", "public or governmental opposition to data centers".
  • 강화AI 규제 범위 확대와 관할권 간 충돌열거한 AI 법률에 텍사스 Responsible AI Governance Act와 콜로라도의 자동화 의사결정 기술 법(SB 26-189)이 새로 들어갔습니다. 이런 법이 회사뿐 아니라 회사가 의존하는 제3자 공급업체에도 의무를 지울 수 있고, 지역마다 요구사항이 다르거나 서로 충돌할 수 있다는 점도 추가됐습니다. 원문: "requirements may vary or conflict across jurisdictions".
  • 강화전략적 투자의 AI·신기술 쏠림투자 포트폴리오가 신기술·AI 같은 특정 업종이나 특정 기업에 몰려 있으면 업종 전체나 개별 기업의 부진에 더 크게 흔들릴 수 있다는 문장이 신설됐습니다. 투자 손익이 중대할 "수 있다"는 표현도 실제로 중대했던 적이 있다는 쪽으로 바뀌었습니다. 원문: "Concentrations of portfolio value in specific industry sectors, such as emerging technology and AI", "have been and could be material".
  • 강화제품의 제3자 사용 관련 소송이 진행 중제3자가 회사 제품을 사용한 데 대해 회사가 책임져야 한다는 주장을 "받은 적이 있다"에서 "받고 있다"로 고쳐, 현재 진행 중인 사안임을 드러냈습니다. 결과와 상관없이 방어 비용이 클 수 있다는 점도 덧붙였습니다. 원문: "we are subject to allegations", "be costly to defend".
  • 강화내부자에 의한 민감정보 노출직원·계약자 위험이 '보안 시스템 훼손'에서 넓어져, 민감 데이터의 무단 사용·입력과 의도치 않은 정보 노출·유출까지 포함하게 됐습니다. 원문: "unauthorized use or input of sensitive data", "inadvertent exposure or loss of sensitive information".
  • 강화국가 간 긴장지정학적 위기의 예로 회사가 사업하는 시장의 정부들 사이의 긴장이 명시됐습니다. 원문: "tensions between governments of markets where we operate".
  • 강화정부 계약 관련 컴플라이언스 확대정부 계약에 따른 의무를 조달 규정에 한정하지 않고, 회사 전반의 활동에 대한 더 넓은 컴플라이언스 의무로 확장해 기술했습니다. 원문: "broader compliance obligations regarding our corporate activities".
  • 신규AI 도입이 ESG 보고에 미치는 영향제품과 운영에 AI를 쓰면서 생기는 복잡성 때문에 ESG 관련 사항을 정확히 추적·비교·보고하기 어려워질 수 있다는 문장이 추가됐습니다. 원문: "may impact our ability to accurately track, benchmark, or report on these matters".

읽는 법

이번 변화의 중심에는 AI가 있습니다. AI를 키우는 데 필요한 물리적 인프라(전력·부지·용수), AI 규제, AI 쪽에 몰린 투자 자산이 모두 리스크로 더 구체화됐습니다. 특히 데이터센터 확장 제약과 지역 반대는 이번에 처음 언급된 항목이라, 앞으로 인프라 투자 계획이나 비용 관련 공시에서 같은 주제가 다시 나오는지 지켜볼 만합니다. 제3자 사용 관련 소송이 '진행 중'으로 바뀐 만큼, 법적 절차(Legal Proceedings) 섹션에서 해당 사안의 진행 상황을 함께 확인하는 것이 좋습니다.

원문 비교
  1. 신규Operational and Execution Risks
    •employee or contractor errors, omissions, unauthorized use or input of sensitive data, or intentional acts that compromise our security systems or lead to inadvertent exposure or loss of sensitive information.
  2. 수정Any interruptions or delays in services from third parties, including data center hosting facilities, cloud computing platform providers and other hardware and software vendors, as well as Internet infrastructure, or from our inability to adequately plan for and manage service interruptions or infrastructure capacity requirements, could impair the delivery of our services and harm our business.
    As we scale our operations, the volume and nature of data processed by our offerings continue to evolve, including as a result of the deployment of AI technologies, and our infrastructure capacity requirements, including network capacity, computing power and energy requirements, may increase as a result. Additionally, increased energy consumption, including as a result of AI adoption, climate-related events, energy market volatility, and power grid disruptions may increase the operational costs related to inputs across our value chain, including for data centers. Increasing constraints on data center power, land, and water availability could limit our ability to expand data center capacity in affected regions, increase operational costs, or require us to modify our infrastructure plans in ways that could impair the delivery of our services. If we experience significant strains on our data center capacity, whether due to insufficient infrastructure capacity capacity, public or governmental opposition to data centers or the unavailability of or limitations on suitable sites, or for other reasons outside of our control, our ability to migrate or scale operations could be constrained and our customers could experience performance degradation or service outages that may subject us to financial liabilities, result in customer losses, subject us to litigation and harm our reputation and business. As we add data centers and capacity and continue to move to cloud computing platform providers, we move or transfer our data and our customers’ data from time to time. Despite precautions taken during this process, any unsuccessful data transfers may impair the delivery of our services, which may damage our business.
  3. 수정As we acquire companies or technologies, we may not realize the expected business or financial benefits and the acquisitions could prove difficult to integrate, disrupt our operations, dilute stockholder value and adversely affect our operating results and the market value of our common stock.
    Any of these risks could harm our business or negatively impact our results of operations. In addition, to facilitate acquisitions, we may seek additional equity or debt financing, which may not be available on terms favorable to us or at all, which may affect our ability to complete subsequent acquisitions, and which may affect the risks of owning our common stock. If we finance acquisitions by issuing equity or convertible or other debt securities or taking out loans, our existing stockholders may be diluted, or we could face constraints related to the terms of, and repayment obligation related to, the incurrence of indebtedness that could affect our stock price. For example, in connection with our acquisition of Informatica, we entered into the Informatica Credit Agreements on an unsecured basis. In November 2025, the Company borrowed the full $6.0 billion available under the Informatica Credit Agreements to finance a portion of the cash consideration for the acquisition, repay existing indebtedness of Informatica and its subsidiaries, and pay related fees, costs, and expenses. For more information, see Note 8 “Debt” to the consolidated financial statements in Item 8 1 of Part 2. I.
  4. 수정Sales to larger enterprise customers may involve more time-consuming and expensive sales cycles, pricing pressure and implementation and configuration challenges, and, for some complex transactions, delayed revenue recognition, all of which could harm our business and operating results.
    In addition, larger enterprise customers and governmental entities often demand significant pricing and packaging flexibility, as well as complex configuration and integration services and features. These opportunities often require us to devote greater sales support and professional services resources to individual customers, driving up costs and time required to complete sales and diverting our own sales and professional services resources to a smaller number of larger transactions, while potentially requiring us to delay revenue recognition on some of these transactions until the technical or implementation requirements have been met. Additionally, the pricing and packaging strategies for enterprise and other customers for our offerings, including Agentforce and Data360, Data 360, may not be widely accepted. Our adoption of or failure to adopt changes to our pricing and packaging models, or failure to otherwise execute our go-to-market strategies for large, complex transactions, may harm our business.
  5. 수정We are subject to risks associated with our strategic investments, including partial or complete loss of invested capital. Significant changes in the fair value of this portfolio could negatively impact our financial results.
    We are exposed to volatility in our operating results due to changes in market prices, observable price changes and impairments of our strategic investments. Concentrations of portfolio value in specific industry sectors, such as emerging technology and AI, or in one or more specific companies, could increase our exposure to such volatility in the event of industry-wide or company-specific downturns. The measurement of our non-marketable equity securities at fair value is inherently subjective and requires management judgment and estimation. The resulting gains or losses have been and could be material depending on market conditions and events, particularly in periods with economic uncertainty, inflation, geopolitical conflict, volatile public equity markets or unsettled global market conditions.
  6. 수정The evolving landscape related to environmental, social and governance matters may expose us to risks that could adversely affect our reputation and performance.
    Equality and sustainability are core values of the Company. In furtherance of these values, we have in the past and may in the future establish and disclose quantitative and qualitative statements related to equality and sustainability matters, which are subject to numerous risks and dependencies. The proliferation of regulations and guidance addressing climate, human capital and other topics at the regional, state and national levels has required and may continue to require significant effort and resources, and our practices, processes and controls may not ensure compliance with evolving standards. Further, various regulations or guidance may conflict with each other, making universal compliance challenging as a multinational company, and our status as a government contractor in various jurisdictions, including but not limited to the U.S. where we are headquartered, may also result in greater exposure or differentiated obligations or requirements with which we would seek to comply. The standards and frameworks for tracking and reporting on these matters continue to evolve, and our use, interpretation or application of such frameworks and standards may change from time to time or differ from those of other companies, which may result in a lack of consistent or meaningful comparative data from period to period or between Salesforce and other companies. Furthermore, the integration and use of AI in our products and operations introduces operational risks and complexities, which may impact our ability to accurately track, benchmark, or report on these matters. In addition, our practices and disclosures may not satisfy, appropriately respond to the concerns of or be supported by all investors, customers, partners, regulators, enforcement authorities or other stakeholders, whose expectations and requirements are evolving, varied, and oftentimes conflicting. Any violation of, non-compliance with or failure to meet such expectations or requirements, or negative publicity related to our practices or disclosures, could result in harm to our reputation, our ability to attract or retain employees, and our attractiveness as an investment, business partner, acquiror or service provider, could expose us to increased scrutiny or to regulatory or enforcement actions or litigation, and could cause us to incur increased costs to address or defend against such actions.
  7. 수정Industry-specific regulations and other requirements and standards are evolving and industry-specific laws, regulations, interpretive positions or standards could harm our business.
    Further, jurisdictions are increasingly applying existing data privacy, consumer protection and other laws to AI, including emerging AI technologies such as generative AI. Additionally, AI-specific legal frameworks, such as the EU AI Act, the Utah Artificial Intelligence Policy Act, Colorado'’s law governing the use of automated decision-making technology (SB 26-189), the Texas Responsible Artificial Intelligence Governance Act, regulations issued under the CCPA governing automated decision-making technology, and similar laws and regulations that have passed, gone into effect or are being considered in other jurisdictions, can impose obligations on us or third-party providers on which we rely. As these laws and regulations are implemented, interpreted and enforced, they may impose new or additional compliance obligations or restrictions on our products, services or business practices. practices, and requirements may vary or conflict across jurisdictions. Any failure, or perceived failure, by us to comply with applicable AI-related legal requirements could have an adverse impact on our business. Data privacy and other related regulations may also seek to impose additional direct security and enforcement obligations on us as a service provider or potentially require us to mandate specific security configurations for our customers. These requirements may impact the flexibility of our service offerings, increase our operational oversight costs, and potentially subject us to administrative sanctions.
  8. 수정We have been and may in the future be sued by third parties for various claims, including alleged infringement of proprietary rights.
    In addition, we have in the past been, and may in the future be, sued by third parties who seek to target us for actions taken by our customers, including through the use or misuse of our products. For example, we have been are subject to allegations in legal proceedings that we should be liable for the use of certain of our products by third parties. Although we believe we have a strong defense for these claims, such claims could result in liability and, regardless of outcome, could cause reputational harm to our brand or result in liability. be costly to defend.
  9. 수정We may be subject to risks related to government contracts and related procurement regulations.
    Our business depends, in part, on sales to government organizations, and significant changes in the contracting or fiscal policies of such government organizations could adversely affect our business and operating results. Contracting with federal, state, local and foreign governments or state-owned entities subjects us to various procurement regulations and other requirements relating to these contracts’ formation, administration and performance, as well as broader compliance obligations regarding our corporate activities and how we engage with government officials. Government contracts may also at times be modified or terminated for convenience. We are from time to time subject to audits, inquiries and investigations relating to our government contracts, which may result in adverse perceptions of our business, reductions in utilization of our services or termination of our contracts without cause and at any time. Additionally, any violations could result in various civil and criminal penalties and administrative sanctions, including termination of contracts, refunding or suspending of payments, forfeiture of profits, payment of fines and suspension or debarment from future government business, as well as reputational harm. Additionally, our relationships with certain government entities may result in negative publicity or reputational harm. Furthermore, pressures on and uncertainty regarding the U.S. federal government’s budget and potential changes in budgetary priorities could adversely affect the funding for and purchases of our services by government organizations. The occurrence of any of the foregoing could adversely impact our future sales, costs of doing business and operating results.
  10. 수정Our debt service obligations, lease commitments and other contractual obligations may adversely affect our financial condition, results of operations and cash flows.
    As of April 30, July 31, 2026, we had a substantial level of outstanding debt, including our Senior Notes. We are also party to the Revolving Loan Credit Agreement, which provides for our $5.0 billion Credit Facility, as well as the 2026 Term Loan Credit Agreement. Although there were no outstanding borrowings under the Credit Facility as of April 30, July 31, 2026, we may use the proceeds of future borrowings under the Credit Facility for general corporate purposes. In March 2026, we borrowed $6.0 billion under the 2026 Term Loan Credit Agreement to repay in full the outstanding principal under the Informatica Credit Agreements and to pay related fees and expenses. In March 2026, we also issued the March 2026 Notes with an aggregate principal amount of $25.0 billion, with maturities ranging from 2028 to 2066. We used the net proceeds from the March 2026 Notes to fund an accelerated share repurchase program of our common stock.
  11. 수정Geopolitical crises, natural disasters and other catastrophic events beyond our control have in the past and may in the future materially adversely affect us.
    Geopolitical crises, natural disasters or other catastrophic events have in the past and may in the future cause damage or disruption to our people, operations, international commerce and the global economy, and thus could have a strong negative effect on us. Our business operations, as well as the business operations of our customers and third-party providers or suppliers that we rely on, are subject to interruption or disruption by geopolitical crises, crises (including tensions between governments of markets where we operate), natural disasters, fire, power or water shutoffs or shortages, telecommunications failures, terrorist attacks, acts of violence, political and/or civil unrest, acts of war or other military actions, actual or threatened public health emergencies and other events beyond our control. For example, the occurrence of regional conflicts, epidemics or a global pandemic have in the past and may in the future materially affect how we and our customers operate our businesses, as well as our operating results and cash flows. Although we maintain crisis management and disaster response plans, if such catastrophic events occur it could make it difficult or impossible for us to deliver our services to our customers or negatively impact demand for our services, which could materially and adversely affect our financial condition and operating results.
  12. 삭제Operational and Execution Risks
    •employee or contractor errors, omissions or intentional acts that compromise our security systems.
  13. 문장 삭제Industry-specific regulations and other requirements and standards are evolving and industry-specific laws, regulations, interpretive positions or standards could harm our business.
    Further, jurisdictions are increasingly applying existing data privacy, consumer protection and other laws to AI, including emerging AI technologies such as generative AI, and are also enacting, or considering enacting, AI-specific legal frameworks, such as the EU AI Act, and the Utah Artificial Intelligence Policy Act, the Colorado Artificial Intelligence Act and the draft CCPA regulations on automated decision-making technology.
  14. 문장 삭제We have been and may in the future be sued by third parties for various claims, including alleged infringement of proprietary rights.
    Regardless of outcome, these types of claims could cause reputational harm to our brand or result in liability.