Transcripts
Salesforce, Inc.'s management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q4 & Full Year FY2026 Earnings Call — Q4 FY2026
Where the agentic bet lands: a $41.5B year, a raised FY30 target, a $50B buyback into a 'not rational' market, and the first sizing of Agentforce. · Open the full transcript →
The pushback: if Agentforce is booming, why did CRPO growth slip to 9%?
Keith Weiss (Analyst, Morgan Stanley); Robin Washington (CFO): Congratulations on a solid end to FY '26, especially with the numbers associated with Agentforce. However, CRPO growth was somewhat disappointing, growing at 9%. Can you talk about the ability of Salesforce to grow the Agentforce business while also bringing along the entire portfolio of products? […] We're monetizing AI in multiple ways and are seeing great growth in our premium SKUs. Our seats are continuing to grow. We're excited about the incremental value that Agentforce brings, which was illuminated through our customer successes shared today.
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How agent usage monetizes — and why management expects gross margin neutral near term.
Gabriela Borges (Analyst, Goldman Sachs); Robin Washington (CFO): Can you explain the $2.4 billion in AWUs? How do you monetize this, and what impact does i have on gross margin? […] In the short run, we anticipate being neutral on gross margins. We're building efficiencies into our product development to control costs and drive margins higher over time.
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Q3 FY2026 Earnings Call — Q3 FY2026
The clearest walk-through of how AI revenue is priced, how the data 'foundation' becomes a ~$10B business, and how guidance is framed around reacceleration. · Open the full transcript →
The AI revenue base, quantified: Agentforce ARR up 330%, and the consumption flywheel.
Robin Washington (Chief Operating and Finance Officer): More than 70% of our top 100 wins included five or more clouds. In pricing and packaging, new bookings for agent force one edition and a for x, or as we call it, agent force for apps, our most premium SKU, doubled quarter over quarter. Our consumption flywheel is spinning. Agent force accounts and production increased 70%. Quarter over quarter. And more than 50% of agent force bookings came from customers refilling the tanks. Agent force and data 360 ARR was up 100% year over year. This is inclusive of agent force ARR, which is up 330% year over year.
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Guidance philosophy: organic first, layer the acquisition, and a stated reacceleration window.
Robin Washington (Chief Operating and Finance Officer): Turning to guidance. I want to frame our outlook inclusive of Informatica. To help you model this clearly where relevant, I'll give our organic performance, layer in the acquisition impact, and then provide the consolidated figures for Q4 and fiscal year 2026. […] Consistent with our Investor Day outlook, we remain on track to reaccelerate revenue. In twelve to eighteen months.
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Q2 FY2026 Earnings Call — Q2 FY2026
The fullest statement of the whole thesis — what the 'agentic enterprise' is, why Data Cloud underpins it, the SaaS-is-dead debate answered head-on, and the capital-allocation framework. · Open the full transcript →
The organizing idea, defined: not an upgrade but a reinvention around humans-plus-agents.
Marc Benioff (Chair and CEO): But this isn't just an upgrade. This isn't simply just some automating some existing business process. These agentic enterprises, well, for Salesforce, it's certainly true. It's a complete transformation. And for our customers, the agentic enterprise is a complete reinvention. In many cases, of who they are and what their potential is. It's a shift from traditional hierarchies to reshaping the entire company from busy work to orchestrating workflows, from siloed teams to seamless collaboration, from clicking and routing to natural conversations, and hours are shrinking to seconds, employees and customers are being augmented. But, ultimately, it's about this: it's about humans and agents working together with every decision grounded in trusted data.
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Why the data layer is the real moat — a $7B business and the source of agent accuracy.
Marc Benioff (Chair and CEO): And none of this is possible without Data Cloud. Data Cloud is the heart and soul of the success of these agents because it is providing the data and the metadata that you need and the context to get the accuracy. […] I think the data business is probably the most strategic and most important business for Salesforce going forward. And already, it's a $7 billion business, and data cloud is having a great year. […] over half of the Fortune 500 are already on Data Cloud, but it's really just the very, very beginning.
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On the MIT 'AI projects fail' study: management says it predicted the DIY failure rate.
Marc Benioff (Chair and CEO): Over the weekend, I read that MIT study that's becoming very popular which really goes to show, you know, that a lot of companies have thought they were on the right path with generative AI, building their own models, doing it themselves, hooking it all up, and now they're claiming about 94% of those projects have failed. But we've been saying that was gonna happen for the last several years, as you know. But that's not what our customers are saying. Our customers are saying that they're getting phenomenal results and that they have humans and agents working together to create a new level of customer success, or we say it at Salesforce is an agentic enterprise.
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A concrete unit-economics story: Falabella's two-month deploy, then a tripled contract.
Miguel Milano (President and Chief Revenue Officer): It's Falabella. It's the largest retailer in Latin America. Their main use case, they have several, but the main use case is where's my order? […] The pilot took two months from idea to production. […] The NPS has increased by 10%, from 70 to 80%. All the digital interactions, most of them, 70% of them have shifted to WhatsApp, and the call volume has dropped by 25%. But the very cool piece of the story here is they started being a decent multi-100,000 customer. Then in May, they came back to refill the tank and they nearly tripled the business on Agent Force and now we are discussing again to double.
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Q3 FY2025 Earnings Call — Q3 FY2025
The launch quarter: where 'digital labor' and Agentforce were first laid out, the initial 200 deals were dissected, and consumption pricing at $2 a conversation was introduced. · Open the full transcript →
What the first 200 Agentforce deals actually were: Service Cloud add-ons, 'tip of the iceberg.'
Keith Weiss (Analyst, Morgan Stanley); Brian Millham (President and Chief Operating Officer): When it comes to those 200 deals that you've already signed for Agentforce, maybe you could give us some color on what those deals look like? Do they tend to be upsells? […] We are seeing incredible traction with our customers as add-ons to many of our Service Cloud offerings. Obviously, you know Service Cloud is our largest cloud and our initial Agentforce opportunity is with our Service Cloud customers right now […] those 200 deals, sort of, tip of the iceberg when we think about the opportunity that's ahead of us for Agentforce.
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Q1 FY2024 Earnings Call — Q1 FY2024
The origin of the profitability transformation under activist pressure — the 1,000 bps margin jump and buybacks — alongside the first AI 'trust layer' pitch that predates Agentforce. · Open the full transcript →
The honest macro caveat: deal compression and elongated cycles in transactional segments.
Brian Millham (President and Chief Operating Officer): But we're still operating in an uncertain macro environment. Customers continue to scrutinize every deal, and we see elongated deal cycles and deal compression, particularly in our more transactional revenue streams like SMB, create, and close, and self-serve.
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More calls
Q1 FY2026 Earnings Call — Q1 FY2026 · 4 pages · Robin Washington's first quarter as CFO and the early-FY26 setup — go here for the initial read on Agentforce adoption and the year's guidance frame before it scaled. · Open →
Q4 & Full Year FY2025 Earnings Call — Q4 FY2025 · 14 pages · The FY25 wrap and CFO handoff (Amy Weaver out, Robin Washington in), where management first framed the path back to double-digit growth by the second half of FY27 and teased Agentforce 2.0. · Open →
Q2 FY2025 Earnings Call — Q2 FY2025 · 4 pages · The last call before Agentforce launched at Dreamforce — useful for the Data Cloud momentum and margin narrative that set the table for the agent story. · Open →
Q1 FY2025 Earnings Call — Q1 FY2025 · 11 pages · A rare stumble quarter (a revenue miss) that tested the transformation story — go here for how management handled decelerating bookings and defended margins. · Open →
Q4 & Full Year FY2024 Earnings Call — Q4 FY2024 · 11 pages · The full-year FY24 proof of the turnaround — completed restructuring, the approach to 30% margins, and the first dividend, for readers tracing the profitability arc. · Open →
Q3 FY2024 Earnings Call — Q3 FY2024 · 11 pages · Mid-transformation execution and the introduction of Einstein Copilot — the bridge between the margin story and the later agent story. · Open →
Q2 FY2024 Earnings Call — Q2 FY2024 · 5 pages · Early AI monetization framing around AI Day and Data Cloud — where the 'AI + Data + CRM' pitch and its pricing first took shape. · Open →