Earnings preview

Salesforce Salesforce · Q2 FY2027

ReportsAug 26, 2026
SlotAfter Market Close
Beats vs our estimate4 of 4

What the Street expects

EPS · NON-GAAP
$3.28
consensus · not yet reported
QoQ—
YoY+12.4%
Revenue
$11.33B
consensus · not yet reported
QoQ—
YoY+10.4%

QoQ and YoY are what the consensus implies against the prior quarter and the prior year.

Also on the card
Company guidance $11.27–$11.35B revenue, $3.25–$3.27 non-GAAP EPS
GAAP EPS guidance $1.74–$1.76 — the consensus above is non-GAAP
Quarter ended July 31, 2026
Track record basis Graded quarters use one estimate provider's matched pairs; older actuals are the reported figures this site stores

Q2 FY2027 reported results

What to watch

  1. Current remaining performance obligation against approximately 14%, or about $33.5 billion. This is the single most valuable number in the release and it is not the revenue line.
  2. Non-GAAP net income, not non-GAAP EPS. Divide it by the year-ago $2,795 million. If it grows less than the earnings-per-share line — and on the guide it grows roughly zero — the difference is the buyback, and it will not repeat at this size once the progr…
  3. Whether full-year free-cash-flow growth stays at approximately 4–5%. February said 9–10%; May said 4–5% and blamed the bonds. A third number on Wednesday would be the clearest read available on what the $25 billion actually costs.
  4. Any Agentforce figure denominated in dollars of revenue rather than ARR, bookings, work units or tokens. There has never been one. If one appears, it is the most important disclosure of the quarter regardless of its size.
  5. The organic growth rate, excluding Informatica. Salesforce publishes the acquisition's contribution in dollars each quarter. Subtract it.

Read the full preview: Salesforce Spent $27.1 Billion on Its Own Shares in One Quarter, Funded by $25 Billion of Debt. The 12% Earnings Growth It Guided for Wednesday Is That Share Count, Not More Profit. →

Estimate against reported

$3.27$1.64$0.00Q3 FY2025 reported $1.58Q3 FY2025Q4 FY2025 reported $1.75Q4 FY2025Q1 FY2026 reported $1.59Q1 FY2026Q2 FY2026 estimate $2.12Q2 FY2026 reported $2.27Q2 FY2026Q3 FY2026 estimate $2.15Q3 FY2026 reported $2.66Q3 FY2026Q4 FY2026 estimate $2.14Q4 FY2026 reported $2.85Q4 FY2026Q1 FY2027 estimate $2.30Q1 FY2027 reported $3.05Q1 FY2027Q2 FY2027 estimate $2.35Q2 FY2027
Our published estimate Reported EPS Average surprise +24% over 4 graded quarters
QuarterEstimateReportedSurprise
Q3 FY2025 — $1.58 —
Q4 FY2025 — $1.75 —
Q1 FY2026 — $1.59 —
Q2 FY2026 $2.12 $2.27 +7%
Q3 FY2026 $2.15 $2.66 +24%
Q4 FY2026 $2.14 $2.85 +33%
Q1 FY2027 $2.30 $3.05 +33%
Q2 FY2027 $2.35 not yet reported —

Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only.

Every quarter

2026 Q32026 Q22025 Q42025 Q32025 Q22025 Q12024 Q42024 Q3

Read the full preview → Q2 FY2027 release page View CRM stock page