Salesforce, Inc.

Q1 revenue was $11.13 billion, up 13% year over year nominal and 12% in constant currency. Non-GAAP operating margin was 34.8%, up 250 basis points, and GAAP operating margin was 21.1%, up 130 basis points. cRPO was $33.6 billion, up approximately 14% nominal and 13% in constant currency. Operating cash flow was $6.7 billion. Management raised FY27 revenue guidance to $45.9 billion to $46.2 billion, reiterated non-GAAP operating margin guidance of 34.3%, and updated GAAP operating margin guidance to 20.6%. Q2 revenue guidance was $11.27 billion to $11.35 billion, or about 10% growth in constant currency. They said Q2 cRPO growth should be approximately 13% year over year in constant currency. They also updated operating cash flow and free cash flow growth guidance to 4% to 5% year over year, citing an approximately 5-point headwind from debt issuance tied to the $25 billion ASR.

Marc Benioff framed the quarter as a major inflection for Salesforce’s shift to an agentic AI platform, repeatedly calling the company the #1 agentic CRM. He highlighted customer examples from PenFed and UCLA Health and said Agentforce is now embedded across Salesforce’s apps, with Coworker and Headless 360 extending the platform into new workflows and surfaces. His tone was very upbeat and promotional, with a strong emphasis on product momentum, customer adoption, and Salesforce’s role in transforming how enterprises work.

Robin Washington emphasized that growth is being driven by Sales, Service, and Slack, which represented more than 60% of Q1 net new AOV, and said Agentforce ARR surpassed $1 billion. She noted that Q1 revenue beat the guide because of Informatica on-prem business and professional services timing, while cRPO was helped by Agentforce, Data 360, and Slack but partially offset by softness in commerce and Tableau. On capital allocation, she highlighted the $25 billion ASR, said it reduced Q1 diluted share count by 10% year over year and by 103 million shares, and noted it added $0.23 to non-GAAP EPS and $0.14 to GAAP EPS.

Analysts pressed on why strong Agentforce usage and token growth have not yet shown up more clearly in bookings and cRPO, and management replied that cRPO is still a leading indicator but the real thesis is net new AOV outpacing AOV in the first half and driving second-half revenue reacceleration. They also addressed concerns about Headless 360 and whether it could create value leakage; management said it instead expands Salesforce’s surface area, makes implementation easier, and lets customers use Salesforce in their workflow or through third-party agents while still relying on Salesforce’s trusted infrastructure. On monetization, the team said usage is being captured over time through consumption, Flex Credits, enterprise license agreements, and new workflows across Slack, Coworker, and MCP-enabled surfaces.