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That wraps up our initial coverage of Salesforce’s Q2 results. Thank you for stopping by!
Salesforce just reported earnings, with shares ripping 13% following the report. Here are the key numbers:
Guidance:
Quick Read:
Salesforce completed a $27.5 billion share repurchase covering 114 million shares, equal to roughly 10% of its fully diluted share count.
That aggressive capital return could help establish a valuation floor as the company heads into tonight’s earnings report.
The stock trades at nearly 4x revenue and 14x earnings, which are both modest by Salesforce’s historical standards. The company’s enormous buyback, improving technical setup, and relatively low expectations could create a path for the stock to retrace toward $230-$240 from its current price of $206 if management delivers a beat-and-raise quarter.
Salesforce reports fiscal Q2 results tonight with guidance calling for revenue of $11.27 billion to $11.35 billion and earnings of $3.25 to $3.27 per share.
Shares have soared 25.68% over the past month, meaning investors will expect Agentforce growth and rising current remaining performance obligations to justify the rebound.
Salesforce trades at 24x earnings, below its historical premium, because Wall Street remains uncertain that AI can restore double-digit organic growth.
Strong Agentforce annual recurring revenue would strengthen the company’s path toward its $63 billion fiscal 2030 revenue target.
A soft report could quickly unwind the recent rally and raise fresh doubts about Salesforce’s pricing power in the agentic AI era.
Live coverage has ended. The full story is below.
Salesforce (NYSE:CRM | CRM Price Prediction) is expected to report Q2 FY27 earnings today at 4:00 PM ET after the market closes. With shares at $205.06 and down 21.95% year to date, the report will shed light on whether Agentforce can drive the promised second-half reacceleration.
Last quarter, Salesforce delivered $11.13 billion in revenue, up 13.27% year over year, and EPS of $3.88, a 24.08% beat. Non-GAAP operating margin reached 34.8%, up 250 basis points, and cRPO climbed to $33.6 billion.
The stock fell 16.31% over the past year and has traded flat today. CFO Robin Washington told investors first-half net new AOV growth would outpace AOV growth and drive organic revenue reacceleration in the second half of FY27.
| Metric | Q2 FY27 Guide | YoY Change | FY27 Guide | FY30 Target |
|---|---|---|---|---|
| Revenue | $11.27B-$11.35B | +10%-11% | $45.9B-$46.2B | $63B |
| EPS (Non-GAAP) | $3.25-$3.27 | Flat to slight | $14.06-$14.12 | n/a |
Growth includes slightly above 4 points from Informatica, meaning organic growth remains mid-single digits. Non-GAAP operating margin is guided at 34.3%, a discipline metric investors will scrutinize alongside AI spend.
Tonight, I’ll be watching Agentforce ARR closely. It hit $1.2 billion, up 205% year over year, with combined AI and data ARR at $3.4 billion. Sustaining triple-digit growth here validates Marc Benioff’s claim that “Agentic AI is the biggest growth opportunity for our customers, and for Salesforce.”
Analysts will also be watching cRPO. Management guided for Q2 growth of approximately 13% in constant currency, the cleanest leading indicator of the second-half reacceleration story. I’ll also track Informatica’s contribution after its $444 million Q1 haul, and whether weakness in marketing, commerce, and Tableau deepens.
Tonight, free cash flow matters more than usual. The $25 billion accelerated share repurchase lifted noncurrent debt to $39.3 billion from $10.4 billion, pressuring interest expense. Management guided FCF growth of just 4-5%. Any slippage narrows the payoff from the buyback. Polymarket traders assign a 94.5% probability of an EPS beat, so the setup favors bulls but leaves little room for a subscription miss.
| Quarter | EPS Surprise | Day-of Move | 1-Day Move | 1-Week Move |
|---|---|---|---|---|
| Q1 FY27 | +24.08% | -0.75% | +8.47% | +7.14% |
| Q4 FY26 | +24.91% | +4.03% | -2.35% | +0.96% |
| Q3 FY26 | +13.57% | +3.66% | +5.30% | +6.02% |
| Q2 FY26 | +4.71% | -4.85% | +2.77% | +0.93% |
On average, shares moved 1.23% seven days after earnings over the past year.
Contact [email protected] for any questions or corrections.
Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 500 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.
Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.
Outside of work, Thomas enjoys weight lifting and soccer.
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