Last updated Nov 29, 2025
markets
Salesforce will continue to deploy significant capital to share repurchases, expanding its buyback activity toward a total authorized program of about $20 billion over the ensuing few years after this March 2023 earnings call.
But the company bought back $2.3 billion worth of its stock. We're going to see more of that for sure. And they're going to be increasing its share buyback program to $20 billion going forward.View on YouTube
Explanation

Salesforce did exactly what Jason described and then went even further.

  • Program increased to ~$20B: In February 2023, shortly around the time of the March 2023 earnings discussion, Salesforce’s board authorized an additional $10 billion in share repurchases on top of the existing $10 billion program, for an aggregate total authorization of $20 billion. This is disclosed in Salesforce’s 2023 Form 10‑K and related 10‑Q filings, which state that the August 2022 $10B authorization was expanded by $10B in February 2023 to reach $20B in total. (sec.gov)
  • Ongoing, large‑scale buybacks: Salesforce continued to deploy significant capital to repurchases after that point. In fiscal 2023, 2024, and 2025 it repurchased roughly $4.0B, $7.7B, and $7.76B of stock, respectively, as reported in its 10‑K/10‑Q disclosures. (streetinsider.com) The quarterly 10‑Q for the period ended July 31, 2023 also shows multiple billions repurchased and many billions still available under the program, consistent with “seeing more of that for sure.” (annual-statements.com)
  • Further expansions beyond $20B (supporting the general thrust): In February 2024, the board authorized another $10B, taking the total authorization from $20B to $30B. (streetinsider.com) Then, in September 2025, Salesforce announced a further $20B increase to its buyback authorization, bringing the total to $50B, as noted in its Form 8‑K summary and contemporary news coverage. (perivis.com)

Given that Salesforce both (a) increased its share repurchase authorization to about $20B as forecast and (b) continued to deploy substantial capital into buybacks over the subsequent years, Jason’s prediction is right.