CRM: Positive on Agentforce, but Have Concerns Regarding the Performance of Core CRM and Management

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We recently completed an in-depth analysis of Agentforce ahead of Salesforce’s earnings announcement to assess its potential impact on FY26–27 revenues. After earnings , we spoke with several buy-side analysts about how they plan to position themselves regarding Salesforce (CRM) in the near term:

• Positive View on Agentforce: Forecasts suggest Agentforce may contribute around 1% of subscription revenue in FY26 and exceed 3% in FY27 (optimistic scenarios indicate up to 5%).

• Primary Concerns: Uncertainty around Salesforce’s core CRM revenue, management execution, and macro headwinds.

• Trading Perspective: While the company’s valuation multiples appear fair, many recommend waiting for a clear trend before initiating right-side trades.

KEY TAKEAWAYS: Q4 FY25 AND CALL HIGHLIGHTS

FY25 Q4 Performance

• FY26 Q1 Guidance: $9.71–9.76 billion (+7% cc), slightly below the +8–9% anticipated by the buy side.

• FY26 Full-Year Guide: $40.5–40.9 billion (+7–8% cc), versus prior years (FY25 at +8.7%, FY24 at +11%). The buy side was looking for ~+9%.

• cRPO & RPO: Surpassed expectations. FY25 Q4 cRPO came in at +11% cc (guidance was +9%, consensus was +10.5%), while FY26 Q1 cRPO is guided at +10% cc (above +9% consensus).