Salesforce, Inc. · CRM · FY2025 Q3 · Calendar Q4 2024

Salesforce Highlights Agentforce Traction and Raises FY25 Outlook

The supplied analysis supports a constructive operating thesis: early Agentforce traction, Data Cloud adoption, and multi-cloud expansion could strengthen Salesforce’s growth narrative, while adoption speed, pricing, and execution remain key tests.

Reported After market closeNYSETechnology $198.10B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $2.44
EPS surprise — Reported versus consensus
Reported revenue — Consensus $9.35B
Revenue surprise — Reported versus consensus

Market reaction

event-close to next-session close
Stock move +11.0% Event window
SPY move +0.6% Same window
Abnormal move +10.4% Stock minus SPY
Volume 3.6× Versus trailing sessions
Subsequent drift -9.5% Up to 20 sessions
CRMSPY benchmark

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What drove CRM's +11.0% move after FY2025 Q3 earnings?What changed in CRM's guidance and outlook in FY2025 Q3?Give me the bull and bear case for CRM after FY2025 Q3 earnings.

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Transcript intelligence

What changed

Relative to the prior analysis, Salesforce reported stronger Agentforce traction, introduced usage-based pricing at $2 per conversation, closed the Zoomin and Own Company acquisitions, and raised FY25 revenue and non-GAAP margin guidance.

Guidance delta

Management analysis says FY25 revenue guidance rose to $37.8–$38 billion and non-GAAP operating-margin guidance increased to 32.9%, versus $37.7–$38 billion and 32.8% in the prior analysis.

Key takeaways

  • Agentforce was described as the centerpiece of Salesforce’s AI strategy, with more than 200 deals closed in one week.
  • Data Cloud appeared in one-third of deals above $1 million, according to the supplied analysis.
  • Management emphasized multi-cloud contracts, partner distribution, and expanded sales capacity as growth levers.

Management priorities

  • Scale Agentforce across service, sales, and commerce.
  • Expand Data Cloud and the unified More Core platform.
  • Broaden distribution through partners, marketplaces, and 1,400 additional account executives.

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Earnings History

Estimate Beat Miss Match
CRM EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 2 future estimate-only quarters. Q3 '24 estimate $2.06 Q3 '24 actual $2.11, beat Q4 '24 estimate $2.27 Q4 '24 actual $2.29, beat Q1 '25 estimate $2.37 Q1 '25 actual $2.44, beat Q2 '25 estimate $2.35 Q2 '25 actual $2.56, beat Q2 '26 estimate $2.78 Q2 '26 actual $2.91, beat Q3 '26 estimate $2.86 Q3 '26 actual $3.25, beat Q4 '26 estimate $3.05 Q4 '26 actual $3.81, beat Q1 '27 estimate $3.13 Q1 '27 actual $3.88, beat Q2 '27 estimate $3.27 Q2 '27 actual $5.90, beat Q3 '27 estimate $3.45 Q4 '27 estimate $3.56
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Analyst Consensus ?

ConsensusBuy96 ratings
Bullish7477.1%
Neutral2020.8%
Bearish22.1%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$240.09Current
$119Low
$270.74Average
$675High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 19, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
B of A Securities Buy UnderperformUpgradeOct 12, 2026
Wells Fargo Equal Weight Equal WeightMaintainSep 18, 2026
Stephens & Co. Equal Weight Equal WeightMaintainSep 18, 2026
Citizens Market Outperform Market OutperformMaintainSep 18, 2026
Stifel Buy BuyMaintainSep 17, 2026
Show 92 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $240.08. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
D.A. DavidsonGil Luria$225$250.54 -6.3%Sep 17, 2026
Stifel NicolausParker Lane$275$248.02 +14.5%Sep 11, 2026
UBSKarl Keirstead$240$248.11 -0.0%Sep 11, 2026
Morgan StanleyAnalyst unavailable$315$258.11 +31.2%Sep 2, 2026
MonnessBrian White$266$249.5 +10.8%Aug 27, 2026
See 165 more

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Company context

Snapshot as of publication

Salesforce, Inc. is a leading provider of customer relationship management (CRM) solutions, dedicated to connecting businesses and their clientele on a global scale. At its core, the Customer 360 platform empowers organizations to create seamless, integrated experiences for their customers. The company's extensive suite of services encompasses a wide array of functionalities: Sales: Tools designed to manage sales pipelines, track leads, forecast opportunities, extract data-driven insights through analytics, and streamline the creation of quotes, contracts, and invoices. Service: Capabilities enabling companies to deliver highly personalized, trustworthy, and scalable customer support. Platform: A versatile development environment, featuring intuitive drag-and-drop tools, that allows businesses of diverse sizes, locations, and industries to build tailored applications, thereby strengthening customer relationships. Learning: An online educational platform providing accessible training to acquire sought-after Salesforce skills.…

Historical context

All CRM earnings
+22.6%FY2027 Q2 · Calendar Q3 2026-0.8%FY2027 Q1 · Calendar Q2 2026+4.0%FY2026 Q4 · Calendar Q1 2026

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
WIT Wipro Limited FY2027 Q2 · Calendar Q4 2026 -25.0% +3.9% Wipro: AI pipeline expands as Q3 guidance stays narrow
TSM Taiwan Semiconductor Manufacturing Company Limited FY2026 Q3 · Calendar Q4 2026 +3.4% -1.8% TSMC beats Q3 guidance as AI demand drives fab expansion
ERIC Telefonaktiebolaget LM Ericsson (publ) FY2026 Q3 · Calendar Q4 2026 +28.6% +11.8% Ericsson Q3: 7% organic growth, resilient margins and AI-led demand

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-19T00:04:21.083458+00:00
  3. Polygon adjusted daily market bars · 2026-10-19T16:40:43.936629+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-19T16:40:43.933905+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-19. For educational purposes only; not investment advice.