Salesforce’s first quarter was shaped by accelerating adoption of its AI-powered platform, particularly Agentforce, which management credits for major customer productivity gains and workflow automation. CEO Marc Benioff highlighted that customer deployments of agentic technology are transforming business operations, with PenFed and UCLA Health cited as examples. Management emphasized that the company’s suite of integrated applications—including Data 360 and Slack—are increasingly central to customer digital strategies, and that recent product launches have driven stronger cross-sell and expansion activity.
Is now the time to buy CRM? Find out in our full research report (it’s free for active Edge members).
Salesforce (CRM) Q1 CY2026 Highlights:
- Revenue: $11.13 billion vs analyst estimates of $11.05 billion (13.3% year-on-year growth, 0.8% beat)
- Adjusted EPS: $3.88 vs analyst estimates of $3.13 (24.1% beat)
- Adjusted Operating Income: $3.87 billion vs analyst estimates of $3.69 billion (34.8% margin, 4.9% beat)
- The company slightly lifted its revenue guidance for the full year to $46.05 billion at the midpoint from $46 billion
- Management raised its full-year Adjusted EPS guidance to $14.09 at the midpoint, a 7.1% increase
- Operating Margin: 21.1%, up from 19.8% in the same quarter last year
- Annual Recurring Revenue: $42.37 billion (13.9% year-on-year growth, beat)
- Billings: $7.18 billion at quarter end, up 4.3% year on year
- Market Capitalization: $164.5 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Salesforce’s Q1 Earnings Call
-
Brent Thill (Jefferies) asked about additional signals of customer adoption beyond Agentforce metrics. CEO Marc Benioff emphasized customer testimonials and highlighted rapid internal adoption of agentic technology within Salesforce’s own operations.
-
Keith Weiss (Morgan Stanley) questioned the timing and confidence behind the expected back-half revenue acceleration, especially given bookings trends. CFO Robin Washington pointed to strong net new annual order value and highlighted the alignment of incentives around customer success.
-
Gabriela Borges (Goldman Sachs) inquired about the Headless 360 strategy and potential risks of enabling customers to build more in-house. Chief Marketing Officer Patrick Stokes explained that headless tools expand how customers use Salesforce, not replace it, and outlined new monetization opportunities.
-
Brad Zelnick (Deutsche Bank) asked how surging Agentforce usage metrics translate into revenue and margins. Management explained that increased usage is driving higher customer spend and operating leverage, with AI-driven efficiencies offsetting potential cost pressures.
-
Kirk Materne (Evercore Partners) explored Slack’s role in driving broader agentic adoption. President and Chief Revenue Officer Miguel Milano described Slack as a key interface for both knowledge workers and developers, driving strong bookings and expansion.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will closely monitor (1) adoption rates and monetization of Agentforce and Headless 360 across both existing and new customers, (2) the pace at which Slack continues to drive deal activity and deepen customer engagement, and (3) the progress of Data 360 and Informatica integration in supporting advanced AI workloads. Trends in the marketing and commerce segments will also be important to track.
Salesforce currently trades at $198.86, up from $177.51 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).
Our Favorite Stocks Right Now
ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time.
Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.
