Earnings Call Intelligence Subscribe
Home › Call Sheets › CRM › Q1'26
Call sheet · Q1'26

Salesforce (CRM)

Q1'26 earnings call · held May 28, 2025 · compared with the Q4'25 call · management-credibility review
10/12
Disclosure score
3 medium, 3 low flags
Financial quality
Bottom line
The Informatica acquisition is the sleeper story - this $8B bet addresses the data harmonization bottleneck that's limiting enterprise AI adoption at scale. While everyone focuses on AgentForce's 4,000 customers, the real signal is 30% of bookings coming from expansion, showing the consumption flywheel is working. The binding constraint now shifts from product-market fit to distribution capacity, hence the aggressive 22% AE hiring spree after 3 years of restraint. Marc's quote captures it: 'We're gonna grow our margin, grow our cash flow, but we are gonna grow our revenue.' My view changes if AgentForce expansion rates plateau below 25% or if Informatica integration extends beyond the 2-year accretion timeline.

The 30-second version

  • Informatica acquisition ($8B) is the real story, not just AgentForce momentum
  • AgentForce hitting consumption inflection with 30% expansion customers
  • Distribution capacity expansion (22% growth) signals confidence in TAM expansion

What changed this quarter

MetricQ4'25Q1'26Change
Revenue$10.0B (+8% YoY)$9.83B (+8% YoY)In-line with guidance, maintained constant currency growth
Subscription & Support+9% constant currency+9% constant currencyStable core growth despite 1pt leap year headwind
Non-GAAP Operating Margin33.1%32.3%80bp decline but tracking to 34% FY target
Operating Cash Flow$4B (+17% YoY)$6.5B (+4% YoY)Q1 seasonality normalized, $13.1B annual pace
RPO$63.4B (+11% YoY)$60.9B (+13% YoY)200bp acceleration in backlog growth
CRPO$30.2B (+9% YoY nominal)$29.6B (+12% nominal, +11% constant)Better than expected driven by renewals
Data Cloud & AI ARR$900M (+120% YoY)>$1B (+120% YoY)Crossed $1B threshold, maintained triple-digit growth
Data Cloud Records50 trillion (doubling YoY)22 trillion (+175% YoY)Massive acceleration in data ingestion
AgentForce Customers3,000 paid deals4,000 paid (8,000 total)33% growth in paid customers in one quarter
Revenue AttritionSlightly above 8%Slightly above 8%Stable churn rate maintained

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full CRM Q1'26 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.