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Sentiment · FY2027 Q2
On August 5, 2026, Salesforce, Inc. announced that Srini Tallapragada has decided to step down as President and Chief Engineering and Customer Success Officer, effective August 6, 2026, and will serve as Special Advisor to the Chief Executive Officer through August 6, 2027. Under a Transition Agreement, cash compensation stays at his current salary and bonus through January 31, 2027, then moves to a $75,000 annual rate, with previously granted equity continuing to vest.
Salesforce delivered record Q1 revenue of $11.13 billion, up 13% year over year, with non-GAAP operating margins expanding 250 basis points to 34.8% as AI coding tools doubled engineering output on flat headcount. Agentforce ARR surpassed $1 billion as token processing hit 28.6 trillion (up 152% quarter over quarter), with a record 98 deals exceeding $1 million in new ACV. Management raised the FY2027 revenue guidance midpoint modestly to $46.05 billion, citing momentum in Agentforce, Data 360, and Slack, though Tableau and commerce cloud remained areas of softness. The newly launched Headless 360 strategy and Slack's 350% quarter-over-quarter AWU growth signal expansion into previously unmonetized surfaces.
Cloud & AI | Demand | Competitive Dynamics | Revenue Growth | Innovation & R&D | Labor Market | Pricing | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2025Q3 | 4 | 1 | 3 | 1 | 1 | 1 | ||
| 2025Q4 | 4 | 3 | 3 | 1 | 1 | 1 | 1 | |
| 2026Q1 | 6 | 5 | 1 | 2 | 2 | 1 | 1 | |
| 2026Q2 | 3 | 3 | 3 | 3 | 1 | 2 | 1 | |
| 2026Q3 | 4 | 4 | 3 | 4 | 1 | 1 | 1 | |
| 2026Q4 | 4 | 2 | 2 | 1 | 1 | 1 | ||
| 2027Q1 | 4 | 3 | 1 | 2 | 2 |
| '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | '27Q1 | |
|---|---|---|---|---|---|---|---|
| Cloud & AI | 4 | 4 | 6 | 3 | 4 | 4 | 4 |
| Demand | 1 | 3 | 5 | 3 | 4 | 2 | 3 |
| Competitive Dynamics | 3 | 3 | 1 | 3 | 3 | 2 | 1 |
| Revenue Growth | 1 | 1 | 2 | 3 | 4 | 1 | 2 |
| Innovation & R&D | 1 | 1 | 2 | 1 | 1 | 2 | |
| Labor Market | 1 | 1 | 2 | 1 | |||
| Pricing | 1 | 1 | 1 | 1 | |||
| M&A | 1 | 1 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Kirk Materne | Evercore ISI | 7 (14%) |
| Brent Thill | Jefferies | 7 (14%) |
| Keith Weiss | Morgan Stanley | 7 (29%) |
| Raimo Lenschow | Barclays | 6 (0%) |
| Brad Zelnick | Deutsche Bank | 4 (0%) |
| Gabriela Borges | Goldman Sachs | 3 (0%) |
| Mark Murphy | JPMorgan | 3 (0%) |
| Kash Rangan | Goldman Sachs | 3 (67%) |
| Brad Sills | Bank of America | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 2 | 8 (25%) |
| Evercore ISI | 1 | 7 (14%) |
| Jefferies | 1 | 7 (14%) |
| Goldman Sachs | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q3 | $9.44B | +8.3% | $1.58 | +26.4% | 77.7% | 20.0% | 16.2% | $1.78B |
| FY2025 Q4 | $9.99B | +7.6% | $1.75 | +19.0% | 77.8% | 18.2% | 17.1% | $3.82B |
| FY2026 Q1 | $9.83B | +7.6% | $1.59 | +1.9% | 77.0% | 19.8% | 15.7% | $6.30B |
| FY2026 Q2 | $10.24B | +9.8% | $1.96 | +33.3% | 78.1% | 22.8% | 18.4% | $605M |
| FY2026 Q3 | $10.26B | +8.6% | $2.18 | +38.0% | 78.0% | 21.3% | 20.3% | $2.18B |
| FY2026 Q4 | $11.20B | +12.1% | $2.07 | +18.3% | 77.6% | 21.9% | 17.3% | $5.32B |
| FY2027 Q1 | $11.13B | +13.3% | $2.42 | +52.2% | 76.9% | 21.1% | 18.9% | $6.56B |
| FY2027 Q2 | $11.35B | +10.8% | $4.29 | +118.9% | 76.7% | 20.5% | 31.1% | $1.10B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| 6 (33%) |
| Barclays | 1 | 6 (0%) |
| Deutsche Bank | 1 | 4 (0%) |
| JPMorgan | 1 | 3 (0%) |
| Bank of America | 1 | 2 (0%) |
What CRM and other companies said about each other on FY2027 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“The remaining 4, there's 10 wins for Veeva so far, 6 for Salesforce.”
In the contested top-20 CRM migration decisions, Veeva reports 10 wins versus 6 for Salesforce, a negative read-through for Salesforce's life-sciences CRM position.
“Partners including Accenture, AWS, Anthropic, Deloitte, NVIDIA, OpenAI, and Salesforce are building specialized security agents that operate natively on Falcon data.”
Salesforce is named among AgentWorks ecosystem partners building specialized security agents on CrowdStrike's Falcon platform.
“In Q1, we completed the acquisition of Qualified.”
Salesforce completed its acquisition of Qualified and integrated its Piper SDR agent, now used by 700+ customers.
“Informatica has an amazing acquisition. It performed incredibly well this quarter.”
Salesforce's Informatica acquisition performed strongly and reaccelerated bookings/revenue after joining Data 360.
“cybersecurity leader Fortinet using agent for sales to power predictive lead scoring”
Fortinet cited as an Agentforce Sales customer using it for predictive lead scoring.
“I actually have press release here about CVS Health is gonna you know, launching something tomorrow, with us.”
Salesforce flagged CVS Health as a customer launching a new deployment with Salesforce.
“Anthropic is 1 of our biggest users of CRM of Sales Cloud.”
Anthropic is one of Salesforce's biggest Sales Cloud users with fivefold usage growth in Q1, driven by headless access; Salesforce also uses Anthropic's models/coding tool.
“it is not that we are not spending a lot with OpenAI. We are. We are using, you know, their platform. We are using Codex, you know, their coding tool.”
Salesforce is a significant customer of OpenAI's platform and Codex coding tool internally, while OpenAI is also a Salesforce customer.
“OpenAI and Anthropic, Google, companies building the future of AI all of them Salesforce customers, all of them Slack customers, building these incredible new capabilities with BrentForce.”
Salesforce named Google (with OpenAI and Anthropic) as leading AI companies that are both Salesforce and Slack customers.
“The management team was really not clear how they were competing against Microsoft.”
Benioff framed Slack (pre-acquisition) as having struggled to compete with Microsoft, positioning Slack as now winning against Microsoft in the agentic era.
“McAfee has selected our new agentforce ITSM product or what we call agentforce IT service to replace ServiceNow.”
Salesforce cited a competitive displacement of ServiceNow, with McAfee replacing ServiceNow ITSM with Salesforce's Agentforce IT service.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CRM Salesforce, Inc. | 9 | +13.3% | |
| ADSK Autodesk | 10 | +18.4% | |
| AI C3.ai, Inc. | 3 | -52.5% | |
| APP Applovin Corp | 8 | +52.8% | |
| CDNS Cadence Design Systems | 9 | +24.2% | |
| CHYM Chime Financial, Inc. Class A Common Stock | 9 | +26.8% | |
| DDOG Datadog | 10 | +35.6% | |
| FICO Fair Isaac | 9 | +25.7% | |
| FIG Figma, Inc. | 9 | +48.3% | |
| INTU Intuit | 9 | +10.4% | |
| MSTR MicroStrategy Inc. | 6 | +6.9% | |
| NOW ServiceNow | 8 | +24.0% | |
| PTC PTC Inc. | 4 | -6.8% | |
| SHOP Shopify | 9 | +33.7% | |
| SNOW Snowflake Inc. | 10 | +33.5% | |
| SOUN SoundHound AI, Inc. | 9 | +45.0% | |
| TEAM Atlassian | 10 | +27.6% | |
| TTD The Trade Desk, Inc. | 4 | +3.0% | |
| TYL Tyler Technologies | 5 | +8.2% | |
| U Unity Software Inc. | 9 | +23.9% | |
| UBER Uber | 8 | +12.2% | |
| WDAY Workday, Inc. | 9 | +13.5% |