Did Salesforce beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Salesforce next quarter?

What were the key takeaways from Salesforce’s earnings call?

What were the key takeaways from Salesforce's earnings call?

What does Salesforce do and what are its main business segments?

What factors drove the changes in Salesforce's revenue and profit?

What is the revenue and EPS growth rate for Salesforce year over year?

What is Salesforce's gross profit margin?

- **Revenue Growth**: $10.26B Q3 revenue (+9% YoY), Agentforce ARR up 330% to $540M.
- **Data Scale**: 32T records processed in Q3, 15T via 0-copy integration.
- **Token Usage**: 3.2T tokens delivered, 540B in October (+25% MoM).
- **Public Sector Impact**: IRS automates 98% of manual tasks, U.K. police reduce non-emergency calls by 20%.
- **Financial Health**: 35.5% operating margin, $2.2B free cash flow, FY26 guidance $41.45B-$41.55B.
- **Sales Momentum**: 23% rep capacity expansion, 70% QoQ increase in Agentforce production.
- **Strategic Investment**: $10B+ data business by FY27, Informatica 80bps growth contribution.

**【CEO Summary Section】**
- Q3 revenue reached $10.26 billion, up 9% year-over-year, driven by Agentforce and Data 360 growth.
- Agentforce ARR grew 330% YoY to $540 million, with 18,500 deals closed, 9,500 paid transactions.
- Data 360 ARR increased 114% YoY, processing 32 trillion records, 15 trillion via 0-copy data integration.
- Agentforce token usage hit 3.2 trillion, with 540 billion tokens in October alone.
- ITSM expansion: PenFed projects 30% opex savings using Agentforce ITSM.
- Public sector wins include IRS, U.S. Army, and U.K.'s first AI police officer (Bobby).

**【CFO Financial Commentary】**
- Non-GAAP operating margin 35.5%, up 240bps YoY.
- Q3 operating cash flow $2.3B, free cash flow $2.2B, up 17% and 22% YoY.
- FY26 revenue guidance $41.45B-$41.55B, 9%-10% growth, with Informatica adding 80bps.
- FY26 operating cash flow growth 13%-14%, free cash flow same range.
- Q4 cRPO growth 15% YoY, $60B ARR pipeline.

**【Q&A Highlights】**
- **Customer Adoption**: 70% QoQ increase in Agentforce production, 50% bookings from existing customers.
- **Sales Capacity**: 23% YoY rep capacity expansion, 11% AOV growth vs 8% AOV.
- **Pricing Flexibility**: AELAs (agentic enterprise license agreements) for large deals, seat-based SKUs doubling YoY.
- **Competitive Edge**: Data foundation (Informatica, Data 360, MuleSoft) enables deterministic AI workflows, 90% of top AI companies use Salesforce.
- **Slack Growth**: 96,000 GM employees on Slack in 9 months, 1M+ companies using Slackbot.


Salesforce, Inc. (CRM) Q3 2026 Earnings Call Transcript

- **Revenue Growth & AI Dominance**: Q2 revenue up 10% YoY to $10.25B, with AI/data cloud products growing 120% YoY. Agentforce bookings from existing customers rose 40%.
- **Agentic Enterprise Vision**: Humans + AI agents reduce support times by 85%, with 1.5M agent-driven customer interactions. Salesforce's robotic sales agent handles millions of leads.
- **Margin Expansion & Cash Flow**: Operating margin 34.3%, up 60bps YoY. FY26 operating cash flow growth 12-13%, driven by tax savings and buyback expansion.
- **Mid-Market Surge**: SMB bookings +26% YoY, with 20% AE capacity expansion and 18% H2 pipeline growth. Agentforce in 60% of top deals.
- **Support Efficiency**: 40% reduction in support FTEs via agents, 60% QoQ increase in customers scaling agent use cases.


**【CEO Summary Section】**
- Q2 revenue reached $10.25 billion, up 10% YoY, driven by strong AI and data cloud growth (120% YoY). Agentforce bookings from existing customers rose 40%, with 6,000+ paid deals and 12,500+ total deployments.
- Marc emphasized the 'agentic enterprise' vision, where humans and AI agents collaborate. Examples include Salesforce's robotic sales agent handling millions of leads and agents reducing customer support resolution times by 85%.
- Fiscal 2026 guidance raised to $41.1-41.3 billion, with operating cash flow growth of 12-13% and operating margin expansion to 34.1%.

**【COO Financial Commentary】**
- Non-GAAP operating margin improved to 34.3%, up 60 basis points YoY. CRPO reached $29.4 billion, +11% YoY, with Data Cloud and Agentforce bookings accounting for 40% of new business.
- Capital allocation strategy includes $20 billion buyback expansion, strategic M&A (e.g., Regrello, Convergence AI), and disciplined investment in AI/agent innovation.
- FY26 operating cash flow expected to grow 12-13%, driven by tax savings and margin improvements.

**【Q&A Highlights】**
- **SaaS & AI Disruption**: Marc refuted claims SaaS is declining, citing Salesforce's ability to extend SaaS with AI via agents. Agentforce agents now handle 1.5M customer interactions, with 77% resolution rate.
- **Mid-Market Growth**: Miguel highlighted 20% AE capacity expansion and 18% pipeline growth in H2. SMB bookings grew 26% YoY, with Agentforce adoption accelerating.
- **Support Efficiency**: Marc revealed 40% reduction in support FTEs via agents, with 60% QoQ increase in customers scaling agent use cases.
- **AI Revenue Inflection**: Robin noted Data Cloud ARR at $7B, with 140% YoY customer growth. Agentforce now in 60% of top deals, driving subscription growth.


Salesforce, Inc. (CRM) Q2 2026 Earnings Call Transcript

- **Record Q1 Growth**: $9.83B revenue (+8% YoY), raising FY26 guidance to $41.3B high end.
- **Game-Changing Acquisition**: $8B Informatica deal to accelerate data unification for enterprise AI.
- **Agentforce Breakthrough**: $100M+ ARR in 2 quarters, 4,000 paid customers, 800+ in production.
- **Data Cloud Dominance**: 22T records (+175% YoY), 60% of top deals combine Data Cloud & AI.
- **Margin Expansion**: 32.3% non-GAAP margin, $6.5B operating cash flow, 10-11% cash flow growth guidance.
- **Hiring Surge**: +22% AE capacity YoY, 1,000-2,000+ new hires to fuel data/AI growth.
- **Informatica Accretion**: Expected FY27 accretion with no share dilution.


**【CEO Summary Section】**
- Salesforce Q1 2026 revenue reached $9.83 billion, up 8% YoY, with subscription and support growing 9% in constant currency.
- Acquired Informatica for $8 billion, positioning as #1 AI CRM combined with #1 AI MDM/ETL, targeting data unification for enterprise AI.
- Agentforce achieved $100M+ ARR in 2 quarters, with 4,000 paid customers and 800+ in production, including ENGIE, Falabella, and OpenTable.
- Data Cloud surpassed 22 trillion records (175% YoY growth), with 60% of top 100 deals combining Data Cloud and AI.
- Raised FY26 revenue guidance to $41.3B high end, +$400M, driven by FX tailwinds and data/AI momentum.

**【CFO Financial Commentary】**
- Q1 non-GAAP operating margin 32.3%, up 100bp YoY, with $6.5B operating cash flow.
- Informatica acquisition expected to be accretive to non-GAAP operating margin, EPS, and FCF by FY27, with no share dilution.
- FY26 guidance: $41-41.3B revenue (8-9% YoY), 34% non-GAAP margin, 10-11% operating cash flow growth.
- Q2 revenue expected $10.1-10.2B (8-9% YoY), CRPO +10% YoY with $300M FX tailwind.

**【Q&A Key Themes】**
- **Growth Drivers**: Small/mid-market (double-digit new bookings), APAC/South Asia, Data Cloud (+120% YoY ARR), Agentforce expansion (30% of bookings from existing customers).
- **Distribution Expansion**: Hiring 1,000-2,000+ AEs by FY26 end, +22% AE capacity YoY, focused on low-end market and data/AI products.
- **Informatica Integration**: Expected close Q1 2027, targeting 2-year accretion with disciplined M&A framework.
- **AI Adoption**: Agentforce handles 750K+ cases Q1, reducing support volume 7% YoY, with 500+ employees redeployed to data/AI roles.
- **Competitive Position**: #1 agent platform with 8,000+ deals, Tableau Next embedding agents, and 13,000+ AEs trained to sell data/AI solutions.


Salesforce, Inc. (CRM) Q1 2026 Earnings Call Transcript

- **Record Growth**: Q4 $10B revenue (+8% YoY), FY25 $37.9B (+9% YoY). Agentforce ARR jumps 120% to $900M.
- **Agentforce Impact**: 3,000+ deals, 84% service request resolution, 380K+ handled cases. Customers automate 30-60% of workflows.
- **Cash Flow Dominance**: FY25 $13.1B cash flow (+28% YoY), FY26 guidance: $14.5B cash flow.
- **Margin Expansion**: 33% FY25 non-GAAP margin → 34% FY26, driven by AI efficiency gains.
- **Digital Labor Vision**: Salesforce aims to be #1 digital labor provider, with FY26 focus on Agentforce scale and ecosystem enablement.

**【CEO Marc Benioff Summary】**
- Salesforce achieved record Q4 revenue of $10 billion, up 8% YoY, with FY25 total revenue of $37.9 billion (+9% YoY). Agentforce drove 3,000+ paid deals in Q4, with ARR growing 120% YoY to $900 million.
- Agentforce is seamlessly integrated into Salesforce's unified platform (Customer 360 apps + Data Cloud), achieving 84% resolution rate on 380,000 service requests. Customers like Lennar, Pandora, and Pfizer are seeing 30-60% case automation.
- FY26 guidance: $40.5-40.9 billion revenue (+7-8% YoY), 34% non-GAAP margin, and $14.5 billion cash flow. Agentforce will contribute modestly in FY26 but scale in FY27.

**【CFO Amy Weaver Financial Highlights】**
- Q4 operating cash flow: $4.0 billion (+17% YoY); FY25 total cash flow: $13.1 billion (+28% YoY), highest in company history.
- RPO milestone: $63.4 billion (+11% YoY), with cRPO at $30.2 billion (+11% YoY in constant currency).
- Margins: 33% non-GAAP operating margin in FY25, expanding to 34% in FY26. GAAP EPS guidance: $6.95-7.03; Non-GAAP EPS: $11.09-11.17.

**【Brian Millham: Agentforce Adoption & Impact】**
- Agentforce handles 73% of queries for OpenTable, 50% faster than legacy tools. Goodyear sees 75% quoting cycle reduction. 70% of Q4 Agentforce activations involved partners.
- Data Cloud records 50 trillion data points (+100% YoY), with 25% from external sources via zero-copy network. Tableau Next integrates AI agents for conversational analytics.
- Industry Cloud ARR: $5.7 billion (+20% YoY), with 170+ pre-built industry skills for healthcare, finance, etc.

**【Q&A Key Takeaways】**
- **Pricing Model**: Agentforce is consumption-based, often bundled with core SaaS apps. A $20M deal included $7M for Agentforce + $13M for human-based apps. Universal Credits will offer flexibility.
- **Digital Labor Impact**: Salesforce reduced engineering hiring by 30% via AI tools. Customers like Equinox see 30% workforce efficiency gains. Federal gov agencies could deploy 100K+ agents.
- **Competition Response**: Salesforce's unified platform (apps + data + agents) provides 16x faster AI deployment vs. DIY. Competitors lack end-to-end agent proof points.

**【Management Transition】**
- Brian Millham and Amy Weaver retire after 25+ years. Robin Washington joins as COFO, with Miguel Milano leading sales and Srini Rao overseeing services. FY26 focus: Agentforce scale, margin expansion, ecosystem enablement.

CRM

CRM fundamentals

Earnings Call

You can ask Aime