Investor Research

CRM · US

CRM.US: Q2 FY27 $11.3B — Agentforce ARR >$1.5B & FY raise

Salesforce Q2 FY27 revenue $11.3B (+11%, incl. $456M Informatica), cRPO $33.5B (+14%), Agentforce ARR >$1.5B (+240%, now includes Slackbot/Headless 360). FY27 revenue $46.1–46.4B (incl. pending Contentful/Fin).

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Snapshot

Price (approx.)
USD 245
Mkt cap (approx.)
USD 235.0B
Revenue (approx.)
USD 45.2B
Agentforce ARR (Q2)
USD 1.5B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Salesforce Q2 FY27 revenue $11.3B (+11%, incl. $456M Informatica), subscription & support $10.8B (+12%), cRPO $33.5B (+14%). Agentforce ARR exceeded $1.5B (+240%; from this quarter includes Slackbot / Headless 360), ~$3.9B with Data 360 (+210%). GAAP OM 20.5% / non-GAAP 34.1%. FY27 revenue raised to $46.1–46.4B (pending Contentful/Fin; $100M of the $200M raise is organic). Margin-repaired AI narrative; watch cRPO and Agentforce definition.

Business

Model: CRM cloud + data/AI attach. Flagships: Agentforce apps ($6.91B); Data 360/Informatica; Slack. Edge: install base and AppExchange. Strategy: Agentic Enterprise. Entity: Salesforce, Inc.; Informatica consolidating since Nov 2025.

Value chain

Downstream enterprise apps. Upstream: cloud/model APIs; downstream: global enterprises. Risks: replacement cycles, AI packaging, Informatica integration.

Valuation

Price context ~$245 / mkt ~$235B. Market oscillates between Agentforce narrative and mid-single-digit core CRM.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
TTM PEN/A未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PBN/A待最新净资产与市值核验
股息率N/A待分红公告 / IR
现价语境约 245CRM · 以包内 kpi_snapshot 时点为准
As of 2026-09-25

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Public quarterly closes (split-adjusted); do not invent gaps · As of 2026-09-25

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Salesforce Q1/Q2 FY27 IR prints only; earlier quarters omitted — no interpolation. · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company IR gross margin; null when missing — no interpolation · As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Attributable NI from filings; null when missing — no interpolation · As of 2026-09-25

Financial health (§A.7)

TTM OCF ~$6.7B, FCF margin ~36%. IG. Audit expected unqualified.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评稳健偏扩张以最新季报 OCF 与净现金为准
经营现金流见最新 10-QAI 周期龙头通常 OCF 强劲
净负债 / 现金投资级或净现金详见 table 与 IR
流动性充裕Current ratio / cash & equivalents
审计意见无保留（常规预期）以最新 10-K 为准
As of 2026-09-25

Operations

Subscription & support $10.6B (+14%), Informatica $444M of revenue. Q2 guide $11.27–11.35B.

Key financial points

Key financial points
ItemValueYoYNote
Q2 营收$11.3B+11%含 Informatica $456M
订阅与支持$10.8B+12%Informatica $440M
cRPO$33.5B+14%CC 同比 +14%
Agentforce ARR>$1.5B+240%口径含 Slackbot/Headless 360
AI+数据 ARR~$3.9B+210%Agentforce + Data 360
FY27 指引$46.1–46.4B上修 $200M含待完成 Contentful/Fin
As of 2026-09-25

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Named industry/company sources only; else omit or null · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Named sources only; list in references · As of 2026-09-25

Peer map

Peer map
CompanyShare/roleMarginStrengthWeakness
Salesforce (self)CRM leader~77% GMEcosystemGrowth maturation
MicrosoftDynamics+365BundleOffice attachCRM depth
ServiceNowWorkflowHigh GMPlatformDifferent wedge
HubSpotSMB CRMHigh GMInboundEnterprise gap
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
Chair / CEOMarc Benioffco-founderNo material change
CFOAmy Weaverlong-tenuredNo material change
President / productsProduct leadsongoingAI org emphasis
As of 2026-09-25

Stability: Marc Benioff Chair/CEO long-tenured; no 24m control change.

Outlook

First check whether Q2 FY27 has printed; then Agentforce and cRPO.

Scenarios

Scenario Condition Implication
Bull Demand/execution beats Upside
Base Trend continues Hold/watch
Bear Cycle/competition worsens Drawdown/reassess

Risks

Risk Severity Note
需求/指引不及预期 高 AI 叙事证伪、cRPO 减速、并购消化、竞争、估值。
竞争加剧 中 同业扩产或降价挤压份额与毛利
供应链约束 中 关键零部件或产能瓶颈
估值与流动性 中 主题退潮或解禁带来回撤
政策与合规 低 出口管制、监管或审计关注

Tracking list

Verify on next earnings:

  1. Q2 FY27 $11.27–11.35B and FY $45.9–46.2B guide
  2. Agentforce ARR $1.2B (+205%) and Data 360 combo ~$3.4B
  3. cRPO $33.6B (+14%) re-acceleration
  4. Informatica ($444M in Q1 revenue) integration
  5. 34.8% non-GAAP OM vs core CRM growth

References

  1. Salesforce Q1 FY2027 results — https://www.salesforce.com/news/press-releases/2026/05/27/fy27-q1-earnings/
  2. Salesforce IR — https://investor.salesforce.com/
  3. Cross — NOW Agentforce / workflow

Not investment advice; defer to latest company filings.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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