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

The most recent call: a new short-format quarter where capital allocation (a $50B buyback), Agentforce's scale, and AI's margin math get pressed. · Open the full transcript →

The hard question: can Agentforce grow while CRPO — the forward-revenue signal — decelerates to 9%.

Keith Weiss (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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Unit economics of AI: whether consumption (AWUs) dilutes gross margin — management says neutral near-term.

Gabriela Borges (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 recent read on how the AI business actually works: the consumption flywheel, the DIY-versus-buy debate, and why margins are protected. · Open the full transcript →

The consumption flywheel quantified: Agentforce ARR +330%, over half of bookings from customers "refilling the tank."

Robin Washington (Chief Operating and Finance Officer): 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. […] And I'm pleased to share that for the first time since fiscal year 2022, net new AOV growth outpaced AOV growth.

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Capital-allocation stance on AI infrastructure: rent data centers, don't build them, to protect gross margin.

Brad Zelnick (Deutsche Bank); Marc Benioff (Chair and CEO): I think number one, wanna make sure everybody realizes we're not building data centers at Salesforce. We're preserving our gross margins. And our cash flow. But we will use the data centers that are being built and, we will take advantage of the lower costs that we're seeing in the market from the incredible build out of data centers. […] I think it will do about $10 billion next year in business. So this is a very significant software business.

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Q4 & Full Year FY2025 Earnings Call — Q4 FY2025

The annual wrap and leadership handoff where the market first pressed on whether Agentforce is real revenue and whether SaaS survives the agentic era. · Open the full transcript →

Guidance discipline: despite the hype, management models Agentforce as only a modest FY26 revenue contributor.

Amy Weaver (President and Chief Financial Officer): Finally, on Agentforce, we are incredibly excited about the customer momentum we are seeing. However, the adoption cycle is still early as we focus on deployment with our customers. As a result, we are assuming a modest contribution to revenue in fiscal '26. We expect the momentum to build throughout the year, driving a more meaningful contribution in fiscal '27.

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The existential bear case — does AI reduce SaaS to a database? — met with the apps-data-agents "holy trinity."

Kash Rangan (Goldman Sachs); Marc Benioff (Chair and CEO): there's been a lot of debate about the SaaS technology in the business model. Can the SaaS tech stack that you built and pioneered, how does that fit into the agentic world? Is there a risk that SaaS just becomes a project database? […] I believe there is kind of a holy trinity here of AI CRM, which is the apps, the data and the agents. And these three things have to kind of work together. […] the agentic layer is very important, but it doesn't operate by itself. It operates with data, with a Data Cloud that has to be federated through your company to all your data sources and humans, we're still here.

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Q3 FY2025 Earnings Call — Q3 FY2025

The Agentforce launch call — where the new consumption pricing model ($2 a conversation) and the digital-labor pitch were first laid out. · Open the full transcript →

A margin-history milestone paired with candor: Agentforce closed 200 deals in a week but isn't yet moving cRPO.

Amy Weaver (President and Chief Financial Officer): And I am very pleased to share that this quarter, our GAAP operating margin hit 20% for the first time in company history. […] As you heard from Marc, Agentforce's momentum in Q3 was incredible with over 200 deals closed in only one week. However, given we are early in our adoption cycle, it is not yet a material contributor to cRPO.

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What the first 200 Agentforce deals actually are — Service Cloud add-ons, and "tip of the iceberg."

Keith Weiss (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? What type of uplift do you see if you're upselling into customers? […] 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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The original Agentforce pricing — $2 a conversation — and the $100-vs-$1.50 economics that justify it.

Raimo Lenschow (Barclays); Brian Millham (COO); Marc Benioff (Chair and CEO): how is the discussion about how you kind of participate or work with the clients about pricing for Agentforce going or like how should we think about it? […] it's a usage-based structure and at $2 a conversation, we feel like the value is very high for our customers given what they're spending today in a lot of their conversations […] An agent could have handled that call, which likely cost the hospital around $100, while we could have done it for about $1.50. This highlights the message for our clients about relieving some of their staff to focus on strategic priorities, rather than on administrative tasks that higher levels could efficiently delegate elsewhere.

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Q1 FY2024 Earnings Call — Q1 FY2024

The profitability-transformation landmark after the 2023 activist campaign — a 1,000 bps margin jump — and the earliest framing of how Salesforce would charge for AI. · Open the full transcript →

Is the margin gain just timing? — management separates durable restructuring from a still-to-come second phase.

Raimo Lenschow (Barclays); Amy Weaver (President and Chief Finance Officer): The improvement in profitability or the raised guidance for profitability and cash, is that all timing? Can you talk a little bit about that? Is it just timing or are there other factors we should consider in here? […] What really drove the 27.6 was two things: the actions we took announced in January with the restructuring and executing on that, as well as having a very disciplined reinvestment strategy […] I would divide overall transformation into two stages: benefits we're getting from that initial transformation—again, that's what you’re seeing in Q1 and this year—and then the second stage, which is as we've been going through this comprehensive operating and go-to-market review, that review is going to enable the second phase of our transformation that’s going to be ongoing and long-term over the next few years.

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More calls

Q2 FY2026 Earnings Call — Q2 FY2026 · 16 pages · The Agentforce ramp between launch and scale — management reallocating resources toward data and AI, with the Informatica deal pending integration. · Open →

Q1 FY2026 Earnings Call — Q1 FY2026 · 4 pages · Where Benioff lays out the $8 billion Informatica acquisition and its rationale as the data layer under Salesforce's AI. · Open →

Q4 & Full Year FY2024 Earnings Call — Q4 FY2024 · 11 pages · The FY2024 wrap that completed the profitability turnaround and announced the first-ever dividend and the 30%-margin milestone. · Open →

Q3 FY2024 Earnings Call — Q3 FY2024 · 11 pages · The mid-transformation quarter where the Einstein 1 Platform and Data Cloud were positioned as the AI on-ramp, a year before Agentforce. · Open →

Q2 FY2025 Earnings Call — Q2 FY2025 · 4 pages · The steadier quarter after the Q1 growth scare, setting up the Agentforce reveal at Dreamforce. · Open →

Q2 FY2024 Earnings Call — Q2 FY2024 · 5 pages · Early in the turnaround, with the non-GAAP operating margin ramping toward the 30% target. · Open →