Salesforce, Inc. (CRM) Earnings
Salesforce, Inc. is expected to report next earnings on December 2, 2026 (in NaN days), with a consensus EPS estimate of $3.46. CRM has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +35.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 26, 2026 | $3.28 | $5.90 | +79.7% | $11.3B | +0.1% |
| May 27, 2026 | $3.13 | $3.88 | +23.9% | $11.1B | +0.9% |
| Feb 25, 2026 | $3.06 | $3.81 | +24.7% | $11.2B | +0.2% |
| Dec 3, 2025 | $2.86 | $3.25 | +13.7% | $10.3B | -0.1% |
| Sep 3, 2025 | $2.78 | $2.91 | +4.6% | $10.2B | +1.0% |
| May 28, 2025 | $2.56 | $2.58 | +0.8% | $9.8B | +0.7% |
| Feb 26, 2025 | $2.62 | $2.78 | +6.3% | $10.0B | -0.5% |
| Dec 3, 2024 | $2.45 | $2.41 | -1.6% | $9.4B | +0.7% |
| Aug 28, 2024 | $2.37 | $2.56 | +8.2% | $9.3B | +1.0% |
| May 29, 2024 | $2.38 | $2.44 | +2.7% | $9.1B | -0.2% |
| Feb 28, 2024 | $2.28 | $2.29 | +0.3% | $9.3B | +0.6% |
| Nov 29, 2023 | $2.06 | $2.11 | +2.2% | $8.7B | -0.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2027 · August 26, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- **Strategic Partnership with Anthropic**: Launched 'Claude Force,' a product combining Salesforce’s CRM with Anthropic’s Claude AI. This partnership aims to deliver agentic workflows directly within enterprise software, moving beyond simple chat interfaces to autonomous action. - **Rejection of 'SaaSpocalypse' Narrative**: Management emphasized that AI is not killing enterprise software but rather amplifying its value. Customers are increasing spend on core platforms like Salesforce and Slack to leverage AI capabilities, with AI companies’ spending up 435% YoY. - **AI Force and Headless Platform**: Introduction of 'AI Force,' a new interface harness that allows agents to reason across data, apps, and semantics. The 'Headless' approach enables Salesforce data to be embedded into customer-owned UIs (e.g., Replit, custom dashboards), unlocking trapped value without forcing users into the traditional Salesforce interface. - **Customer Success Stories**: Highlighted implementations at Xero (100% rollout of AI support agent with 62% deflection rate), Legora (fastest SaaS company to reach $100M ARR using Salesforce as a system of record), and Uber for Business (using AgentForce to convert leads 60% faster). - **Slack as the Agentic Hub**: Slackbot has reached 1 million active users in five months. Slack is positioned as the primary point of entry for workers and builders, with 'Slack Code' enabling teams to build AI applications directly within the platform. - **Operational Discipline**: Achieved record revenue and EPS with strong margin performance. Non-GAAP operating margin was 34.1%. The company continues aggressive share repurchases, having bought back shares at an average price of $176.
Guidance
- **FY27 Revenue Guidance Raised**: Increased by approximately $300 million in constant currency, primarily due to a $100 million organic raise driven by momentum in AgentForce, Data360, and Slack, plus a $200 million contribution expected from the upcoming acquisitions of Contentful and Informatica. - **Updated FY27 Financial Outlook**: New revenue guidance is set between $46.1 billion and $46.4 billion, representing slightly above 12% YoY growth in nominal terms and slightly under 12% in constant currency. A $100 million FX headwind is now incorporated into this guidance. - **Margin Guidance**: Non-GAAP operating margin guidance remains steady at approximately 34.3%. GAAP operating margin guidance is updated to approximately 20.1%. - **Q3 FY27 Guidance**: Expected revenue of $11.42 billion to $11.5 billion, reflecting ~11-12% YoY growth in constant currency. CRPO growth is expected to be ~14% YoY in constant currency. Note: Q3 guidance excludes incremental contributions from Contentful and Informatica pending deal closure.
Segment performance
Total revenue was $11.35 billion, up 11% year-over-year (YoY). Subscription and support revenue reached $10.82 billion, up 12% YoY. CRPO (Current Run Rate Plus Orders) accelerated to $33.5 billion, up 14% in constant currency. The company generated $1.1 billion in free cash flow, an 81% increase YoY. AgentForce ARR hit $1.5 billion, with total AI and data ARR approaching $4 billion. Slack Net New AOV showed the fastest quarterly growth since acquisition.
Risks & headwinds
- **License Revenue Volatility**: While subscription and support revenue grew strongly, there are continued headwinds and volatility in overall license revenue, partially offsetting growth in other areas. - **Integration and Analytics Performance**: Integration and analytics segments faced some volatility, though Informatica business is accelerating. - **Execution Risk on Acquisitions**: The raised guidance relies on the anticipated closing of Contentful and Informatica; delays or issues with these deals could impact financial results. - **Market Misinformation**: Management noted a rise in misinformation regarding open-weight vs. frontier models, which may create noise but does not fundamentally alter customer preference for packaged software solutions.
Analyst Q&A
Q: How will Salesforce and Anthropic collaborate to deploy Claude Force? /
A: Marc Benioff stated they will work hand-in-hand with Anthropic sales teams. Miguel Milano added that every Salesforce seller will demo Claude Force at Dreamforce, launching in September. It integrates with Slack, Co-Work, and Cloud Force, requiring customers to upgrade to premium editions. European leaders have already used it to automate account reviews and deal closures, demonstrating immediate productivity gains.
Q: Will customers adopt open-source models or consume AI through package software? /
A: Benioff argued customers want to consume AI through package software (like Salesforce, SAP, Microsoft) rather than maintaining their own models. He likened model choice to choosing chips or cables—abstracted away by the application layer. He believes the highest value is at the application layer, where AI is delivered via tools like Slack, Co-Work, and Claude Force, rather than customers building and training their own models.
Q: What is the composition of AgentForce bookings and timeline to production? /
A: Miguel Milano reported that AgentForce bookings doubled YoY, with 50% coming from existing customers refilling flex credits. They added 2,000 paying customers to production (up 70% QoQ). Pricing is flexible, including per-user, consumption-based, and outcome-based models. An example given was a $40M merchant platform using an 'activation agent' that grew usage 14x, leading to negotiations for outcome-based pricing.
Q: How does Salesforce plan to monetize headless and agent-first configurations? /
A: Robin Washington and Miguel Milano explained that monetization relies on flexibility and premium upgrades. Agents driving digital labor are monetized via IELAs and flex credits. Crucially, accessing advanced agentic capabilities requires upgrading to premium editions, which currently have low adoption (only 5% of knowledge workers). This creates a significant upsell opportunity, as customers starting the agentic journey see 2x-4x AOV increases.
Q: Is the H2 revenue reacceleration sustainable? /
A: John DeFucci asked about sustainability given low attrition and strong net new AOV. Miguel Milano confirmed commitment to H2 acceleration, citing record pipeline levels, hiring capacity (15,000 AEs, adding 1,200 more by year-end), and best-in-class innovation. He emphasized that durable growth in seats for Sales and Service proves the platform's amplification effect, ensuring supply (capacity) meets demand.