--- title: "Salesforce（纪要）：中小企业需求强劲，继续发力 Agentforce" description: "以下是$Salesforce(CRM.US) FY26 Q1 的财报电话会纪要，财报解读请移步《Salesforce：AI agent 美梦仍是 “可望而不可及”？》一、财报核心信息回顾​​​​1、FY 2026 指引​​:（1）全年营收指引上调​​4 亿美元​​至​​413 亿美元​​（区间上限），下限也上调 5 亿，反映​​8-9% 的同比增长​​（按固定汇率计算增长​​8%​​）。部分是受汇" type: "topic" locale: "en" url: "https://longbridge.com/en/topics/30145828.md" published_at: "2025-05-29T04:54:48.000Z" author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)" --- # Salesforce（纪要）：中小企业需求强劲，继续发力 Agentforce **Below is the**$Salesforce(CRM.US) **FY26 Q1 earnings call minutes. For earnings analysis, please refer to《**[**Salesforce: Is the AI Agent Dream Still 'Within Sight Yet Beyond Reach'?**](https://longportapp.cn/zh-CN/topics/30140966)**》** **1\. Key Earnings Highlights** **1\. FY 2026 Guidance:** (1) Full-year revenue guidance raised by $400 million to $41.3 billion (upper range), with the lower range also increased by $500 million, reflecting 8-9% YoY growth (8% growth at constant currency). Partly benefited from currency headwinds turning into tailwinds. (2) Subscription and Support revenue growth: ~9.5% at constant currency (driven by Data Cloud and Agentforce). (3) Operating margin: Maintained at 34% non-GAAP and 21.6% GAAP. (4) Operating cash flow growth: 10-11%; Free cash flow growth: 9-10%, unchanged. **2\. Q2 Guidance:** (1) Revenue forecast: $10.1-10.2 billion, up 8-9% YoY (7-8% at constant currency). (2) CRPO growth: 10% YoY (9% at constant currency). **3\. Capital Allocation:** Returned $3.1 billion to shareholders via stock buybacks and dividends in Q1. Cumulative returns since the capital return program launched exceeded $24 billion. **II. Detailed Earnings Call Content** **2.1 Key Executive Remarks** **1\. Informatica Acquisition Progress:** (1) Strategic significance: Positioned as a "transformative move" to accelerate AI and data business growth. (2) Financial impact: Expected to add value to non-GAAP operating margin, EPS, and free cash flow in the second year post-closing. (3) Financing: Cash + debt (no equity dilution); Dividend and buyback plans unaffected. (4) Integration: Combining Informatica's data capabilities with Salesforce's Data Cloud, Tableau, and metadata platform. **2\. AI & Data Business Momentum:** **Agentforce:** (1) Annual Recurring Revenue (ARR): Surpassed $100 million (fastest-growing product in company history). (2) Customer adoption: 4,000 paying customers, 8,000+ total transactions (covering aviation, retail, etc.). **Data Cloud:** (1) Scale: Processed 22 trillion records (up 175% YoY); ARR ~$1 billion. (2) Penetration: Included in 60% of top 100 deals; 50% of Q1 new orders from existing customer expansions. **3\. Product & Platform Innovation:** (1) ATOM framework: Integrates Agents, data, apps, and metadata to drive enterprise AI transformation. (2) Slack + Agentforce: Enables conversational AI via Slack (e.g., auto-summarizing meetings/channel content). (3) Tableau Next: Next-gen analytics platform combining Data Cloud and Agentforce. **4\. Customer Cases:** (1) Falabella: Expanded Agentforce via WhatsApp, transaction volume jumped from ~$300K to $1 million. (2) PepsiCo: Unified 11 cloud systems via Data Cloud to build an AI layer. (3) Life Sciences Cloud: Added 40+ global clients (Pfizer, Takeda, etc.), digitizing healthcare/commercial ops. **5\. Operational Efficiency:** (1) Sales teams saved 44K+ hours/year via Slack Agents; Data Cloud cut lead assignment time from 20 mins to 19 secs. (2) Agentforce handled 750K+ service cases, saving $50 million in labor costs. (3) Ecosystem: AWS Marketplace contributed 2 of top 5 deals; partners involved in 7 of top 10 deals. **6\. Regional & Industry Performance:** (1) Regions: Strong demand in UK, France, Canada, and APAC (especially Japan). (2) Industries: Communications, media, and healthcare/life sciences outperformed; retail and public sector slowed. **2.2 Q&A** **Q: How will Agentforce and Data Cloud accelerate Salesforce's overall growth?** A: **Framework:** Balance margins, cash flow, and M&A discipline. **Drivers:** (1) Expand sales teams (1K-2K hires) in high-growth markets (SMBs, mid-market, Japan). (2) Enhance Data Cloud/AI adoption. **Q: Current growth drivers and future plans?** A: **Focus:** SMB/mid-market strength; Japan and tech products (Data Cloud, AI). **Channels:** AWS Marketplace deals growing 3x YoY. **Product:** Simplified pricing/platform integration. **Q: Sales team expansion targets?** A: 22% capacity growth this FY, prioritizing SMB/mid-market (mid-to-high teens growth expected). **Q: Macro impact on customer behavior? RPO/pipeline health?** A: **Response:** Demand stable; diversified portfolio mitigates risks. **Metrics:** RPO and pipeline show double-digit growth, aligning with targets. **Q: How will Tableau/Informatica integrations boost competitiveness?** A: **Tech:** Tableau + Data Cloud + metadata enable unified analytics. **Synergy:** MuleSoft (APIs), Data Cloud (activation), Tableau (insights), and Informatica (governance) form a trusted platform for Agentforce. **Q: Leading indicators for Agentforce/Data Cloud growth?** A: **Adoption:** 8K customers (4K paid) in 8 months. **Synergy:** Each deal drives 4+ product sales. **Platform:** ADAM framework integrates data, analytics, and Agents. **Q: How does Agentforce ROI manifest? Data Cloud's role?** A: **Use cases:** Fujitsu building enterprise Agentic layers; SmartSheet embeds Agentforce. **Data Cloud:** Unifies data for accurate AI responses. **Strategy:** Scale in Japan/LatAm; balance growth/profitability. **Q: Barriers to Agentforce adoption? Scaling from 4K to 100K customers?** A: **Challenges:** Data governance complexity; compliance (e.g., finance). **Solutions:** Data Cloud + MuleSoft + Tableau integration; sales team expansion (20%+). **Q: When will Informatica close and contribute?** A: **Timing:** Target Feb 2026 close; positive impact by FY28. **Integration:** Tech alignment + customer migration (leveraging Slack playbook). **Q: Balancing AI automation with human roles?** A: **Approach:** AI handles low-value tasks (40% fewer support agents); humans focus on innovation. **Ethics:** Human oversight in decisions (e.g., Tableau approvals). **Disclosures:** [Dolphin Research Disclaimer](https://support.longbridge.global/topics/misc/dolphin-disclaimer) ### Related Stocks - [CRM.US - Salesforce](https://longbridge.com/en/quote/CRM.US.md) --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.