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Live: Will Salesforce (CRM) Breakout After Earnings?

Quick Read

Salesforce (CRM) beat Q3 non-GAAP EPS by 13.6% and raised full-year revenue guidance to $41.49B.
Salesforce Agentforce ARR reached $540M, up 330% year-over-year with 18,500 deals closed in Q3.
Stock trades near three-year lows despite strong fundamentals and $15B in annual operating cash flow.
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LIVE UPDATES IN PROGRESS — Stay on This Page

Pinned Feb 25, 2026 at 3:30 PM EST

We are updating this story in real time as new information breaks. Stay on this page for the latest developments, key quotes, numbers, and market reaction as they happen.

Earnings Scorecard: Overall Grade B+

Feb 25, 2026 at 4:45 PM EST

Earnings Scorecard: Overall Grade B+

Salesforce delivered a strong quarter headlined by a massive EPS beat and surging cash flow. Revenue growth, while solid, remains dependent on Informatica to hit the top end of FY27 targets, and organic reacceleration is a second-half promise. Agentforce is scaling faster than expected, margins are expanding, and the $50B buyback signals management conviction. FY27 guidance implies roughly the same growth rate as FY26, requiring patience. Analysts hold a consensus target of $306.29, implying nearly 60% upside.

Category	Grade	Notes
Revenue Performance	B	Q4 revenue of $11.201B beat estimates by 0.31%, with +12.1% YoY growth solid but not accelerating organically.
Earnings Beat/Miss	A+	Non-GAAP EPS of $3.81 surpassed the $3.05 consensus by 24.92%, one of the largest beats in recent history.
Guidance Quality	B	FY27 revenue guide of $45.8B-$46.2B leans on Informatica for roughly 3 points of growth, with organic reacceleration deferred to H2.
Margin Trends	A-	Non-GAAP operating margin expanded to 34.2% from 33.1%, with FY27 guidance at 34.3%.
Cash Flow	A	Q4 free cash flow surged 39.49% YoY to $5.323B; FY26 FCF reached $14.402B.
Management Confidence	A	A $50B buyback, raised FY30 target of $63B, and Benioff’s 95% bullish sentiment score signal strong conviction.

Does the stock market reaction make sense?

Feb 25, 2026 at 4:35 PM EST

With results now in hand, the initial 2.3% decline reflects a market that came in with elevated expectations. The stock was already down 27% year-to-date heading into this print, so the selloff isn’t a collapse in confidence so much as a reset on near-term growth expectations.

The EPS beat of 24.9% is genuinely exceptional. But the market is a forward-looking machine, and FY27 guidance of $45.8B–$46.2B implies roughly 10–11% growth, with organic reacceleration not expected until H2 FY27. That’s a “show me” setup.

The reaction looks roughly fair. The fundamentals are strong, but the stock needs Agentforce to visibly move the organic growth needle before a sustained re-rating is justified. Watch cRPO growth guided at ~14% in Q1 as the cleanest leading indicator.

Thought on the quarter

Feb 25, 2026 at 4:30 PM EST

KPI	Result	Why It Matters
Total RPO	$72.4B (+14% Y/Y)	Long-term visibility
cRPO	$35.1B (+16% Y/Y)	Near-term pipeline strength
Subscription & Support Rev	$10.7B (+13% Y/Y)	Core recurring engine
Agentforce ARR	$800M (+169%)	AI monetization traction
Operating Cash Flow (FY26)	$15.0B (+15%)	Capital return capacity

Agentforce scaled faster than expected.
cRPO growth stepped up to 16%.
Capital return expanded with new $50B buyback authorization.
FY30 revenue target raised to $63B including Informatica.

CRM’s fundamentals are strong: double-digit EPS beat, solid forward visibility, durable margins, and massive cash generation. The stock weakness likely reflects investor impatience around growth acceleration rather than execution concerns.

If Agentforce momentum continues and organic growth reaccelerates into the second half of FY27 as guided, the gap between valuation and fundamentals becomes increasingly difficult to justify.

Guidance Update for CRM

Feb 25, 2026 at 4:19 PM EST

FY27

Revenue: $45.8B–$46.2B (10%–11% Y/Y, includes ~3 pts from Informatica)
Non-GAAP Operating Margin: 34.3%
Non-GAAP EPS: $13.11–$13.19
Operating Cash Flow Growth: 9%–10%

Q1 FY27

Revenue: $11.03B–$11.08B
Non-GAAP EPS: $3.11–$3.13
cRPO growth: ~14%

Margins are holding and cash generation remains strong. Growth is steady, not accelerating sharply.

Management Commentary

Feb 25, 2026 at 4:17 PM EST

CEO Marc Benioff leaned heavily into the AI narrative:

Agentforce ARR: $800M (+169% Y/Y)
29,000 Agentforce deals (+50% Q/Q)
2.4B Agentic Work Units delivered
19 trillion tokens processed to date

CFO Robin Washington emphasized improving forward indicators and reiterated confidence in organic reacceleration in the second half of FY27.

Translation: AI monetization is scaling, but the Street wants to see it translate into faster organic growth.

Salesforce down slightly after earnings

Feb 25, 2026 at 4:04 PM EST

Salesforce delivered a clean “beat and raise” style quarter on the fundamentals, but the stock is slipping in the initial reaction likely because FY27 growth is still framed as ~10%–11% and the market is demanding clearer evidence of re-acceleration (and AI monetization translating into faster organic growth) right now.

The stock is immediately down 2.3%

Metric	Actual	Est.	Beat/Miss
Revenue	$11.20B	$11.19B	✅ Beat (tiny)
Non-GAAP EPS	$3.81	$3.05	✅ Beat
FY26 Revenue	$41.53B	$41.49B	✅ Beat

The EPS upside is the headline. Revenue is essentially in-line, so the stock is probably trading on FY27 guide shape and how quickly “Agentic Enterprise” translates into organic growth acceleration.

Salesforce (NYSE: CRM) reports its Q4 FY26 results after the bell, and the setup is significant. Last quarter delivered a strong fundamental print. The question now is whether that momentum is accelerating or beginning to moderate.

A Strong Quarter, Now a Bigger Test

In Q3 FY26, Salesforce reported $10.26 billion in revenue, essentially in line with expectations. The standout was earnings: non-GAAP EPS of $3.25 versus a $2.86 consensus estimate, a 13.6% upside surprise.

Management followed that performance by raising full-year guidance.

As Robin Washington stated on the Q3 call:

“We are raising fiscal year 2026 revenue guidance to $41.45 billion to $41.55 billion, and Q3 cRPO was exceptional, up 11% year-over-year at $29.4 billion, signaling a powerful pipeline of future revenue.”

The raise reinforced management’s confidence in forward visibility.

Consensus Estimates: Q4 FY26

Metric	Q4 FY26 Estimate
Non-GAAP EPS	$3.05
Revenue	$11.19B
Full-Year Revenue (FY26)	$41.49B

That implies high single-digit to low double-digit growth, with the Street largely aligned with company guidance.

Agentforce Is Now Central to the Story

The most closely watched metric in this report may not be revenue. It will be Agentforce momentum.

Last quarter, Salesforce closed 18,500 Agentforce deals, including 9,500 paid transactions, up 50% quarter-over-quarter. Agentforce ARR reached $540 million, up 330% year-over-year. Agentforce + Data ARR grew 114% year-over-year.

Those figures signaled meaningful adoption velocity. The key question tonight is durability. Is deal activity accelerating, or normalizing?

This Quarter Has to Quiet the Skeptics

Salesforce enters today’s print with its stock trading near three-year lows despite raising guidance, beating EPS by a wide margin last quarter, and generating nearly $15 billion in annual operating cash flow. The market has decided the AI disruption narrative outweighs the fundamentals. Tonight’s report is the company’s best chance to change that conversation. If Agentforce deal counts keep climbing and cRPO confirms a healthy forward pipeline, the gap between where this stock trades and where analysts think it belongs becomes very hard to ignore.

cRPO: The Forward Indicator

cRPO remains Salesforce’s clearest forward-looking signal.

Q3 cRPO came in at $29.4 billion, up 11% year-over-year. Management guided for approximately 15% year-over-year cRPO growth in Q4, including Informatica.

If that growth materializes or exceeds expectations, it would suggest strengthening pipeline health. Any deceleration would likely draw scrutiny.

Informatica and Margin Discipline

The Informatica acquisition adds an additional layer to this quarter’s narrative.

The deal was completed ahead of schedule and is expected to be accretive within 12 months. Investors will be watching for:

Integration commentary
Margin impact
Progress within the broader data platform strategy

Non-GAAP operating margin came in at 35.5% last quarter, above full-year guidance of 34.1%. Sustaining margin discipline while investing in AI and integration will be an important balancing act.