Salesforce, Inc. Q3 FY2026 earnings call

Key Points

• Marc Benioff highlighted strong Q3 results across key metrics, with strong bookings. AgentForce exceeded expectations with 3.2 trillion tokens delivered, 1.2 billion large language model calls, and over 18,500 deals closed in a year. Data 360 ingested 32 trillion records in Q3, up 119% year over year. The acquisition of Informatica was three months ahead of schedule. Notable customer wins included CVS Health, TD Bank, IRS, and Costco. Slackbot was mentioned as an example of the employee agent strategy.
• Robin Washington discussed customer success, emphasizing accelerating AgentForce and Data 360 adoption. Operational excellence was noted with SDR agent generating incremental pipeline and help.salesforce.com passing 2 million conversations. Responsible capital allocation was highlighted, with Informatica enhancing the data foundation and over $4 billion returned to shareholders in Q3. Subscription and support growth guidance, revenue guidance, margin guidance, and CRPO growth were provided.

Revenue for the third quarter was $10.26 billion, up 9% year over year (8% constant currency). Current remaining performance obligation (CRPO) ended Q3 at $29.4 billion, up approximately 11% year over year in nominal and constant currency. Remaining performance obligation (RPO) was nearly $60 billion, growing 12% year over year. Agent Force and Data reached nearly $1.4 billion in annual recurring revenue (ARR) in the quarter, up 114% year over year, including Agent Force ARR of about $540 million, up 330% year over year. Subscription and support revenue grew 10% year over year in nominal and 9% in constant currency.

Fiscal 2026 Guidance

• Reiterated organic subscription and support growth guidance of approximately 9% year over year in constant currency. Total revenue guidance narrowed to $41.15 billion to $41.25 billion organic, with Informatica contributing approximately 80 basis points of additional growth, resulting in total revenue of $41.545 billion to $41.55 billion, or approximately 9-10% in nominal and 9% in constant currency. Non-GAAP operating margin guidance maintained at 34.1%, with GAAP operating margin adjusted to 20.3%. Operating cash flow growth expected to be approximately 13%-14% growth. Q4 organic CRPO growth expected to be approximately 11% year over year in nominal and 9% in constant currency; inclusive of Informatica, CRPO growth expected to be approximately 15% year over year in nominal.

Q: Keith Weiss asked about customer appetite for building own apps vs. using Salesforce A: Miguel Milano responded that there is a new secular demand for the agentic enterprise, and customers are moving from experimentation to wanting to go to scale. LLMs alone can't do it; companies need context, data, and deterministic workflows, which only Salesforce can provide.

Q: Raimo Lenschow asked about sales rep ramp and productivity A: Miguel Milano said they invested in capacity, with 20% more capacity in place, and expect to finish the year with 15% more enabled capacity. Pipeline generation was very healthy in Q3, with double-digit growth in pipeline above expectations.

Q: Brad Zelnick asked about Salesforce's competitive advantage in infrastructure A: Marc Benioff discussed the data foundation composed of Informatica, Data 360, and MuleSoft, which will do about $10 billion in business next year. This infrastructure is critical for delivering accurate AI with context, integrated deeply with all Salesforce apps.

Q: Brent Thill asked about Halo effect of AgentForce on other clouds A: Marc Benioff and Srini Talabhrigada talked about AgentForce being an accelerator on the core, needing context, jobs to be done, tools, and APIs from MuleSoft. Enterprises realizing DIY is hard are moving to the platform, and Salesforce's framework allows leveraging existing infrastructure for faster deployment.

Q: Kirk Materne asked about AgentForce pricing and monetization in stable/declining headcount A: Miguel Milano discussed pricing flexibility with options like enterprise license agreements (AELAs), seed-based SKUs, and flex pricing. Customers can move investment between areas, and AgentForce augments humans working together.

Q: Brad Sills asked about lead generation focus A: Marc Benioff talked about a 23% capacity increase in the distribution organization, training and enabling sellers, strong growth in multiple segments, aligning compensation plans, and measuring seller participation across segments to drive pipeline growth