Earnings CRM MAY 29, 2026

Salesforce posts record $11.1B Q1, Agentforce ARR hits $1.2B — CRM still down 33% YTD

Revenue beat consensus by $80M and EPS came in at $3.88 vs. $3.12 expected; a $25B accelerated buyback lands as shares stay flat after-hours.

BY HENLEY MARRAST · MARKETS DESK

Salesforce posted Q1 FY27 revenue of $11.13 billion, up 13% year-over-year, beating the LSEG consensus of $11.05 billion by roughly $80 million. Non-GAAP EPS of $3.88 cleared the $3.12 estimate by a wide margin and grew 50% year-over-year. Shares, down 33% YTD against the S&P 500’s roughly 10% gain over the same span, sat flat after-hours.

The print’s real story is the agent layer. Agentforce ARR hit $1.2 billion, up 205% year-over-year, and combined with Data 360 reached roughly $3.4 billion in ARR growing over 200%. Informatica Cloud, folded in after Salesforce’s $9.6 billion acquisition, contributed $1.1 billion of that combined figure and $444 million to quarterly revenue. The platform processed 28.6 trillion tokens to date, up 152% quarter-over-quarter, and delivered 3.8 billion Agentic Work Units across Agentforce and Slack, up 111% Q/Q. More than half of Agentforce and Data 360 bookings came from existing customers.

That last number is the one investors will chew on. AI line items growing 200% off existing accounts is, depending on your priors, either the cleanest land-and-expand motion in enterprise software or a sign that net-new logo demand for agent products hasn’t shown up yet.

CFO Robin Washington paired the beat with capital returns designed to be unmissable. Salesforce returned $27.5 billion to shareholders in the quarter, including $27.1 billion of repurchases and $365 million in dividends, and signed a new $25 billion accelerated share repurchase agreement with 103 million shares delivered upfront, representing roughly 80% of anticipated volume.

Guidance went up. Q2 revenue is now guided to $11.27–$11.35 billion (10–11% growth); full-year FY27 to $45.9–$46.2 billion at 11% growth, with the 34.3% non-GAAP operating margin target held. Operating cash flow of $6.7 billion grew 3%, free cash flow of $6.6 billion grew 4%, and cRPO of $33.6 billion grew 14%. Bank of America’s price target stands at $160.

The buyback’s scale recalls the late-2010s pattern of mature software franchises (IBM, Oracle) using balance sheets to defend multiples while reinventing the product. Salesforce is now doing both at once, and the market is still pricing the reinvention at a discount.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.