Salesforce (NYSE:CRM) executives used the company’s fiscal 2026 fourth-quarter and full-year earnings call to emphasize revenue growth, margin expansion, and accelerating adoption of its Agentforce and Data 360 offerings, while also outlining an expanded shareholder return program and updated long-term targets following a “fast start” with Informatica.
Fiscal 2026 results and backlog metrics
Chair and CEO Marc Benioff said the company delivered “phenomenal performance across revenue, across margin expansion, across cash flow, and CRPO and RPO.” For the full year, Salesforce reported $41.5 billion in revenue, up 10% year over year (9% in constant currency). Fourth-quarter revenue was $11.2 billion, up 12% year over year (10% in constant currency).
Chief Operating and Finance Officer Robin Washington added that subscription and support revenue grew “slightly above 10%” year over year in both nominal and constant currency. She said Informatica’s Q4 results outperformed expectations, but that the strength was “partially offset by continued weakness in marketing and commerce, weaker-than-expected Tableau performance, and the on-prem revenue timing in Tableau and MuleSoft” referenced previously. Washington said Q4 revenue attrition ended the year at approximately 8%, in line with recent trends.
Agentforce, Data 360, and a new “agentic” activity metric
Benioff described Agentforce as a rapidly scaling product line, saying it “just became an $800 million business.” Washington provided more detail, stating that Agentforce and Data 360 annual recurring revenue (ARR), inclusive of Informatica Cloud ARR, reached $2.9 billion, up over 200% year over year. That total included Informatica Cloud ARR of $1.1 billion and Agentforce ARR of approximately $800 million, which she said was up 169% year over year.
Washington also said new bookings for Agentforce 1 Edition and Agentforce for Apps (A4X), which she described as the company’s most premium SKUs, “nearly tripled quarter-over-quarter.” She added that more than 60% of Agentforce and Data 360 bookings in the quarter came from existing customers expanding commitments. In Salesforce’s largest deals, she said every one of the top 10 wins included “Agentforce, data, sales, service, platform, and analytics,” and Informatica appeared in six of those top 10 wins.
To provide more visibility into AI usage beyond token counts, Benioff introduced a new metric: Agentic Work Units (AWUs). He said AI agents on Salesforce’s platform have delivered 2.4 billion AWUs to date, including about 771 million in Q4. Chief Marketing Officer Patrick Stokes explained AWUs are intended to measure “work coming out” of the system—such as a record update, workflow trigger, decision made, or an MCP call—rather than simply token consumption from model providers.
On pricing and margins, Washington said Salesforce expects gross margin impact to be “pretty neutral” in the short run, noting the company expects model-token costs to decline over time and that engineering work is aimed at improving efficiency.
Customer examples: retail, hospitality, and SMB
Salesforce highlighted customer deployments across different industries and company sizes. At SharkNinja, an executive said the company stood up a guided shopping agent in eight weeks ahead of the holiday season and that agents participated in “a quarter of a million consumer engagements” shortly after launch, helping consumer response times while freeing human agents to focus on harder issues.
Wyndham described a large rollout, stating it had more than 5,000 Agentforce deployments across more than 8,300 hotels. The company said it used MuleSoft and Data 360 to unify reservation, loyalty, and CRM data into what it called “Wyndham Guest360.” Wyndham cited faster response times, “0 hold times,” a 200-basis-point increase in direct bookings from AI voice agents, and guest satisfaction scores up 400 basis points, while also describing “millions of dollars” of labor cost savings and ancillary revenue improvements for franchisees.
Jason Lemkin of SaaStr described using Agentforce in a small-organization setting, saying the company went “from 15 humans to 2.5 and 20 agents” and had closed $2.7 million via Agentforce with $3.5 million more in pipeline.
Capital returns: dividend increase and expanded buyback authorization
Management also addressed shareholder returns. Benioff said Salesforce returned more than $14 billion, or 99% of free cash flow, to shareholders in fiscal 2026. Washington said the board approved a 5.8% increase in the quarterly dividend to $0.44 per share.
In addition, Salesforce increased its share repurchase authorization to $50 billion. Benioff characterized the move as taking advantage of “low prices,” and in Q&A he said the company is also evaluating multiple uses of cash, including dividends, buybacks, acquisitions, and debt, noting Salesforce is “very under-leveraged” on its balance sheet.
Guidance and updated FY30 framework
For fiscal 2027, Washington initiated revenue guidance of $45.8 billion to $46.2 billion, representing approximately 10% to 11% growth in nominal and constant currency. She guided to subscription and support growth of “slightly under 12%” year over year (approximately 11% in constant currency), with strength in Agentforce and Data 360 partially offset by weakness in marketing, commerce, and Tableau.
Salesforce guided to non-GAAP operating margin of 34.3% (up 20 basis points) and GAAP operating margin of 20.9% (up 80 basis points), with Washington describing fiscal 2027 as a year of “further investments” to support long-term growth and Agentforce customer success.
For Q1, Washington guided to revenue of $11.03 billion to $11.08 billion, and CRPO growth of approximately 14% year over year (13% in constant currency).
Salesforce also updated its fiscal 2030 revenue target to $63 billion, which Washington said implies an 11% CAGR from FY26 to FY30. She said the company remains on track to a “Rule of 50” target by FY30. Washington added Salesforce plans to reevaluate its revenue-by-cloud disclosures in FY27 to better reflect its agentic enterprise strategy.
About Salesforce (NYSE:CRM)
Salesforce, founded in 1999 and headquartered in San Francisco, is a global provider of cloud-based software focused on customer relationship management (CRM) and enterprise applications. The company popularized the software-as-a-service (SaaS) model for CRM and has built a broad portfolio of products designed to help organizations manage sales, service, marketing, commerce and analytics through a unified, cloud-first platform.
Core offerings include Sales Cloud for sales automation, Service Cloud for customer support, Marketing Cloud for digital marketing and engagement, and Commerce Cloud for e-commerce.
