Salesforce, Inc. · 2026 Q3 call

This is really the best of both worlds. This is the number one AI in the world, Anthropic, and the number one CRM, Salesforce, coming together for the first time in an incredibly powerful way to build a new product called Claudeforce. It's really a first in the industry, Jim. We've never seen anything like it.

We've already worked with Salesforce in a number of ways. We're big users of Salesforce. Salesforce is big users of Claude Code, of Cowork, of other tools. We've put products like Claude Tag in Slack already, which is a part of Salesforce. Now this combination is a way to gain something that's 1 + 1 = 3 , something that's bigger than the sum of its parts.

I think you can see from the results, net new AOV growth, it is the strongest in four years. Skeptics really said that seats would decline, and also that Agentforce sales and service and Slack all seats grew year-over-year. Skeptics said customers would leave, but attrition was near its lowest level ever. Skeptics said pricing power would erode, and A1E and A4X bookings more than doubled quarter-over-quarter.

By the way, did you know that Salesforce has higher free cash flow, higher free cash flow than Costco, Coca-Cola, The Home Depot, Ford, Disney, Pepsi? We also have higher revenue growth rates than Costco, Coca-Cola, The Home Depot, Ford, Disney, Pepsi.

CRPO accelerated quarter-over-quarter with $33.5 billion, up 14% in constant currency. That is one point ahead of our guide, driven by strength in Slack, Agentforce, and Data 360.

Q2 non-GAAP operating margin was 34.1%, and GAAP operating margin was 20.5%.

Salesforce's help agent has surpassed 5 million customer conversations with 64% resolved autonomously. Slackbot is driving 8.1 million hours of annualized productivity gains for our employees. That's more than double quarter-over-quarter.

Execution of our $25 billion accelerated share repurchase continues. We expect to repurchase at least 14% of shares outstanding through this program, thus far at an average price of $176 per share.

We are raising our FY 2027 revenue guide for organic performance by $100 million. […] Alongside this organic growth, our raise incorporates a $200 million expected contribution from the anticipated closings of Contentful and Fin in the coming weeks. Of note, our FY 2027 revenue now incorporates a $100 million FX headwind compared to our prior guidance.

you think that these customers then are going to all of a sudden set up and maintain and build the human expertise to be able to build and maintain and train models? No. I believe what they are going to do is consume AI through packaged software.

When you look just at bookings, not just the cumulative ARR, our bookings, Elizabeth, grew triple digit, so we doubled year on year. That was pretty fantastic. 50% of the bookings came from customers refilling the tank. […] We added 2,000 paying customers into production. That is 70% more quarter on quarter.

We're still trapped in some ways in old per user pricing models. But the opportunity to build much more aggressive pricing, to really represent the value that we're offering our customers, I think is enormous.

Only 5% of the knowledge workers that use sales and service have upgraded to the higher-end editions. We get a 60% to 80% premium. Imagine.

We want to be able to say, "No, we improved revenue by this much, so give us $2 because we made you $20, or we made you $40." I think that that is like the next generation of enterprise software that is more than outcome-based pricing.

Take the value of Slack. Obviously, I get a call every day from somebody who wants to buy Slack. Hey, take the value of Slack. Then take the value of our Anthropic stock. That has been like half our value. Forget our cash flow or our customer base. That is why I said, "Robin, go try to buy as much back, as much Salesforce stock as you can." I think we got a lot of stock at a good price.

We have already committed to the revenue acceleration organically in Q3. The momentum is there. We feel very strong. The demand environment is very good, very strong. Our pipeline are at record levels.

We still have to hire 1,200 more AEs before the end of the year. We are now hitting 15,000 AEs.

Definitely, we are committed to the H2 revenue re-acceleration. That's already math. Q3 is math. Q4 is nearly math.