Salesforce, Inc. · CRM · FY2027 Q2 · Calendar Q3 2026

Salesforce Q2 FY2027: AI Adoption Accelerates, Guidance Raised

The quarter supports a constructive growth case: management linked accelerating AI usage, Agentforce ARR, Slack momentum, and higher guidance to continued platform expansion. The main test is converting pilots into paid deployments while protecting margins.

Reported After market closeNYSETechnology $194.86B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $5.90 Consensus $3.27
EPS surprise +80.4% Reported versus consensus
Reported revenue $11.35B Consensus $11.33B
Revenue surprise +0.1% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +22.6% Event window
SPY move +0.7% Same window
Abnormal move +21.9% Stock minus SPY
Volume 4.7× Versus trailing sessions
Subsequent drift -5.6% Up to 20 sessions
CRMSPY benchmark

Ask FN2 about CRM FY2027 Q2

Transcript, numbers and history already loaded
Why did CRM rise 22.6% after beating EPS estimates in FY2027 Q2?What changed in CRM's guidance and outlook in FY2027 Q2?Give me the bull and bear case for CRM after FY2027 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, Agentforce ARR moved from more than $1 billion to $1.5 billion, AI-driven usage grew 97% QoQ, guidance rose by $300 million, and management introduced Claudeforce with Anthropic.

Guidance delta

Management raised FY27 revenue guidance by $300 million to $46.1-$46.4 billion.

Key takeaways

  • Agentforce ARR reached $1.5 billion and AI-driven usage grew 97% QoQ.
  • Revenue was $11.35 billion, while free cash flow grew 81% year over year.
  • Slack recorded its fastest growth since acquisition, according to management.
  • Claudeforce, developed with Anthropic, expands Salesforce's AI product offering.
  • Low attrition and the strongest net-new AOV growth in four years support the re-acceleration case.

Management priorities

  • Launch Claudeforce and AIforce commercially in Q3.
  • Roll out Headless and premium bundles to accelerate adoption.
  • Close and integrate the planned Contentful and Fin acquisitions.
  • Expand sales and support across Europe, Japan, and Latin America.
  • Continue AI-powered product development ahead of Dreamforce.

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Earnings History

Estimate Beat Miss Match
CRM REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 2 future estimate-only quarters. Q3 '24 estimate $9B Q3 '24 actual $9B, match Q4 '24 estimate $9B Q4 '24 actual $9B, beat Q1 '25 estimate $9B Q1 '25 actual $9B, miss Q2 '25 estimate $9B Q2 '25 actual $9B, beat Q2 '26 estimate $10B Q2 '26 actual $10B, beat Q3 '26 estimate $10B Q3 '26 actual $10B, miss Q4 '26 estimate $11B Q4 '26 actual $11B, match Q1 '27 estimate $11B Q1 '27 actual $11B, beat Q2 '27 estimate $11B Q2 '27 actual $11B, beat Q3 '27 estimate $11B Q4 '27 estimate $12B
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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

$237.92Current
$119Low
$270.74Average
$675High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
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
RBC Capital Sector Perform Sector PerformMaintainSep 17, 2026
Show 92 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $237.92. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
D.A. DavidsonGil Luria$225$250.54 -5.4%Sep 17, 2026
Stifel NicolausParker Lane$275$248.02 +15.6%Sep 11, 2026
UBSKarl Keirstead$240$248.11 +0.9%Sep 11, 2026
Morgan StanleyAnalyst unavailable$315$258.11 +32.4%Sep 2, 2026
MonnessBrian White$266$249.5 +11.8%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
-0.8%FY2027 Q1 · Calendar Q2 2026

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
ADBE Adobe Inc. FY2026 Q3 · Calendar Q3 2026 +0.8% +1.4% Adobe raises FY26 outlook as AI strategy broadens
ORCL Oracle Corporation FY2027 Q1 · Calendar Q3 2026 +10.3% -1.7% Oracle raises FY27 outlook as AI demand accelerates cloud growth
SAIL SailPoint, Inc. FY2027 Q2 · Calendar Q3 2026 +13.8% -1.2% SailPoint pairs 25% ARR growth with accelerating AI-driven adoption
CIEN Ciena Corporation FY2026 Q3 · Calendar Q3 2026 +22.0% -10.4% Ciena raises outlook as AI networking demand lifts backlog
DOCU DocuSign, Inc. FY2027 Q2 · Calendar Q3 2026 +6.4% +3.7% DocuSign Q2 FY27: IAM momentum supports a raised outlook
IOT Samsara Inc. FY2027 Q2 · Calendar Q3 2026 +25.0% +3.7% Samsara: AI adoption expands as FY27 guidance holds

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-27T14:15:31.419473+00:00
  2. FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
  3. Polygon adjusted daily market bars · 2026-09-21T06:50:53.886964+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T06:50:53.884406+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 . For educational purposes only; not investment advice.