Salesforce, Inc. Q1 FY2026 earnings call

• Acquisition of Informatica: $8 billion deal to unite Salesforce's AI CRM with Informatica's AI MDM and ETL, expected to close early fiscal 2027, accretive to non-GAAP operating margin, EPS, and free cash flow by year two post-close.
• Q1 Financials: Revenue $9.83B (+8% y/y), subscription and support up 9% in constant currency. Operating margin 32.3%, operating cash flow $6.5B. RPO $60.9B (+13% y/y), CRPO +11% in constant currency.
• AgentForce and Data Cloud: AgentForce has over 4,000 paid deals, over $1B in ARR. Data Cloud surpassed 22 trillion records (+175% y/y). 50% of Data Cloud's Q1 new bookings from existing customers, 30% of AgentForce's from existing customers increasing consumption.
• Adam Framework: Agents, data, apps, and metadata form the framework. Tableau, Slack integration, and industry solutions like life sciences cloud are part of this.
• Customer Success: Core clouds (Sales, Service, Platform) in top deals. Partners included in 7 of top 10 deals. Industry solutions like US Air Force and University of Chicago Medicine.
• Operational Excellence: Sales agent in Slack saves 44k hours annually. Data cloud cuts lead routing time. Redeployed 500 support employees to higher impact roles, saving $50M.

Salesforce delivered $9.83 billion in Q1 revenue, up 8% year over year. Subscription and support grew 9% in constant currency. The data cloud surpassed 22 trillion records, up 175% year over year. AgentForce has over 4,000 paid deals and over $1 billion in ARR. Remaining performance obligation (RPO) was $60.9 billion, up 13% year over year, and constant currency revenue performance obligation (CRPO) grew 11% year over year. Data cloud and AI ARR grew more than 120% year over year and represent over a billion-dollar part of the business.

• Raised fiscal 2026 revenue guidance to $41B-$41.3B (+$400M), growth 8%-9% nominal, 8% constant currency.
• Subscription and support growth ~9% constant currency.
• Reiterated non-GAAP operating margin 34%, GAAP 21.6%.
• Q2 revenue expected $10.1B-$10.2B (+8%-9% nominal, 7%-8% constant currency). CRPO growth 10% nominal, 9% constant currency.

Forward-looking statements are subject to risks, uncertainties, and assumptions detailed in SEC filings, including most recent Forms 10-K, 10-Q, and other filings.

Q: Keith Weiss asked about the growth trajectory and when Salesforce's growth will accelerate.

A: Marc and Miguel discussed focus on margin, cash flow, M&A, distribution expansion, and AWS Marketplace partnership.

Q: Brent Thill inquired about macro uncertainty and pipeline.

A: Robin mentioned balanced portfolio, data and AI momentum, and AE capacity ramp.

Q: Raimo Lenschow asked about Tableau integration.

A: Marc and Srini talked about Tableau's integration with the Adam framework and distribution transformation.

Q: Brad Sills asked about leading indicators for AgentForce.

A: Marc and Srini discussed consumption, customer success feedback loop, and forward-deployed engineers.

Q: Kash Rangan asked about enterprise adoption of AgentForce and Informatica close timeline.

A: Marc talked about enterprise data control, Informatica acquisition, and two-year accretion goal for Informatica.

Q: Mark Murphy asked about AI and human touch.

A: Marc discussed AI's current limitations, division of digital labor, and repositioning employees with human oversight.