Filed Pursuant to Rule 433
Registration Statement No. 333-275814
Issuer Free Writing Prospectus dated March 11, 2026
Relating to Preliminary Prospectus Supplement dated March 11, 2026
SALESFORCE, INC.
PRICING TERM SHEET
March 11, 2026
$3,500,000,000 4.500% Senior Notes due 2028
$4,250,000,000 4.650% Senior Notes due 2029
$3,750,000,000 4.900% Senior Notes due 2031
$2,750,000,000 5.200% Senior Notes due 2033
$4,500,000,000 5.550% Senior Notes due 2036
$1,500,000,000 6.400% Senior Notes due 2046
$3,750,000,000 6.550% Senior Notes due 2056
$1,000,000,000 6.700% Senior Notes due 2066
| Issuer: | Salesforce, Inc. (the “Company”) | |
| Trade Date: | March 11, 2026 | |
| Expected Settlement Date**: | March 13, 2026 (T+2) | |
| Denominations: | $2,000 and integral multiples of $1,000 in excess thereof | |
| Ratings (Moody’s / S&P)*: | A2 (stable outlook) / A+ (negative outlook) | |
| Joint Book-Running Managers: | J.P. Morgan Securities LLC BofA Securities,
Inc. Wells Fargo Securities, LLC | |
| Bookrunners: | Deutsche Bank Securities Inc. RBC Capital Markets, LLC Santander US Capital Markets LLC Morgan Stanley & Co. LLC | |
| Senior Co-Managers: | BNP Paribas Securities Corp. TD Securities (USA) LLC U.S. Bancorp Investments, Inc. | |
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| Co-Managers: | Goldman Sachs & Co. LLC MUFG Securities Americas Inc. PNC Capital Markets LLC Academy Securities, Inc. Siebert Williams Shank & Co., LLC | |
| Title: | 4.500% Senior Notes due 2028 (the “2028 Notes”)
4.650% Senior Notes due 2029 (the “2029 Notes”)
4.900% Senior Notes due 2031 (the “2031 Notes”)
5.200% Senior Notes due 2033 (the “2033 Notes”)
5.550% Senior Notes due 2036 (the “2036 Notes”)
6.400% Senior Notes due 2046 (the “2046 Notes”)
6.550% Senior Notes due 2056 (the “2056 Notes”)
6.700% Senior Notes due 2066 (the “2066 Notes” and, together with the 2028 Notes, the 2029 Notes, the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2046 Notes and the 2056 Notes, the “Notes”) | |
| Principal Amount: | 2028 Notes: $3,500,000,000
2029 Notes: $4,250,000,000
2031 Notes: $3,750,000,000
2033 Notes: $2,750,000,000
2036 Notes: $4,500,000,000
2046 Notes: $1,500,000,000
2056 Notes: $3,750,000,000
2066 Notes: $1,000,000,000 | |
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| Maturity Date: | 2028 Notes: March 15, 2028
2029 Notes: March 15, 2029
2031 Notes: September 15, 2031
2033 Notes: March 15, 2033
2036 Notes: March 15, 2036
2046 Notes: March 15, 2046
2056 Notes: March 15, 2056
2066 Notes: March 15, 2066 | |
| Coupon (Interest Rate): | 2028 Notes: 4.500%
2029 Notes: 4.650%
2031 Notes: 4.900%
2033 Notes: 5.200%
2036 Notes: 5.550%
2046 Notes: 6.400%
2056 Notes: 6.550%
2066 Notes: 6.700% | |
| Yield to Maturity: | 2028 Notes: 4.542%
2029 Notes: 4.658%
2031 Notes: 4.940%
2033 Notes: 5.238%
2036 Notes: 5.554%
2046 Notes: 6.416%
2056 Notes: 6.556%
2066 Notes: 6.706% | |
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| Spread to Benchmark Treasury: | 2028 Notes: 90 basis points
2029 Notes: 100 basis points
2031 Notes: 115 basis points
2033 Notes: 125 basis points
2036 Notes: 135 basis points
2046 Notes: 160 basis points
2056 Notes: 170 basis points
2066 Notes: 185 basis points | |
| Benchmark Treasury: | 2028 Notes: 3.375% due February 29, 2028
2029 Notes: 3.500% due February 15, 2029
2031 Notes: 3.500% due February 28, 2031
2033 Notes: 3.750% due February 28, 2033
2036 Notes: 4.125% due February 15, 2036
2046 Notes: 4.625% due February 15, 2046
2056 Notes: 4.625% due November 15, 2055
2066 Notes: 4.625% due November 15, 2055 | |
| Benchmark Treasury Price and Yield: | 2028 Notes: 99-15 7/8 / 3.642%
2029 Notes: 99-18 / 3.658%
2031 Notes: 98-22 1/4 / 3.790%
2033 Notes: 98-18 / 3.988%
2036 Notes: 99-11+ / 4.204%
2046 Notes: 97-18 / 4.816%
2056 Notes: 96-12 / 4.856%
2066 Notes: 96-12 / 4.856% | |
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| Interest Payment Dates: | Semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2026 | |
| Day Count Convention: | 30/360 | |
| Record Dates: | March 1 and September 1 | |
| Price to Public: | 2028 Notes: 99.920% of the principal amount
2029 Notes: 99.978% of the principal amount
2031 Notes: 99.809% of the principal amount
2033 Notes: 99.779% of the principal amount
2036 Notes: 99.969% of the principal amount
2046 Notes: 99.821% of the principal amount
2056 Notes: 99.921% of the principal amount
2066 Notes: 99.916% of the principal amount | |
| Optional Redemption: | Prior to the applicable Par Call Date (described below), make-whole call at Treasury rate plus 15 basis points, in the case of the 2028 Notes, 15 basis points, in the case of the 2029 Notes, 20 basis points, in the case of the 2031 Notes, 20 basis points, in the case of the 2033 Notes, 25 basis points, in the case of the 2036 Notes, 25 basis points, in the case of the 2046 Notes, 30 basis points, in the case of the 2056 Notes, and 30 basis points, in the case of the 2066 Notes.
Par call at any time on or after the applicable Par Call Date. | |
| Par Call Date: | 2028 Notes: February 15, 2028 (one month prior to the maturity date of the 2028 Notes)
2029 Notes: February 15, 2029 (one month prior to the maturity date of the 2029 Notes)
2031 Notes: August 15, 2031 (one month prior to the maturity date of the 2031 Notes) | |
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| 2033 Notes: January 15, 2033 (two months prior to the maturity date of the 2033 Notes)
2036 Notes: December 15, 2035 (three months prior to the maturity date of the 2036 Notes)
2046 Notes: September 15, 2045 (six months prior to the maturity date of the 2046 Notes)
2056 Notes: September 15, 2055 (six months prior to the maturity date of the 2056 Notes)
2066 Notes: September 15, 2065 (six months prior to the maturity date of the 2066 Notes) | ||
| CUSIP / ISIN: | 2028 Notes: 79466LAQ7 / US79466LAQ77
2029 Notes: 79466LAR5 / US79466LAR50
2031 Notes: 79466LAS3 / US79466LAS34
2033 Notes: 79466LAT1 / US79466LAT17
2036 Notes: 79466LAU8 / US79466LAU89
2046 Notes: 79466LAV6 / US79466LAV62
2056 Notes: 79466LAW4 / US79466LAW46
2066 Notes: 79466LAX2 / US79466LAX29 | |
| * | Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each rating should be evaluated independently of any other rating. |
| ** | Note: We expect that delivery of the notes will be made to investors on or about March 13, 2026, which will be the second business day following the date of the pricing of the notes (such settlement being referred to as “T+2”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade such notes prior to the first business day before the scheduled settlement date will be required, by virtue of the fact that the notes will initially settle in T+2, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to their date of delivery hereunder should consult their advisors. |
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The issuer has filed a registration statement (including a prospectus supplement and accompanying prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus supplement and accompanying prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer will arrange to send you the prospectus supplement and accompanying prospectus if you request it by contacting J.P. Morgan Securities LLC at 1-212-834-4533 (collect); BofA Securities, Inc. toll-free at 1-800-294-1322; Barclays Capital Inc. toll-free at 1-888-603-5847; Citigroup Global Markets Inc. toll-free at 1-800-831-9146; or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.
Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.
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