TLDR
- Salesforce’s Agentforce AI platform reached $800 million in annual recurring revenue, an 82% increase in six months.
- Full-year FY26 revenue increased 10% to $41.5 billion; Q4 revenue was up 12% to $11.2 billion.
- The combined ARR for Agentforce and Data Cloud reached $2.9 billion, growing more than 200%.
- Management raised its FY2030 revenue target to $63 billion and expanded a stock buyback program to $50 billion.
- CRM stock has fallen 25% this year, even with these strong AI growth figures.
Salesforce’s AI revenue is expanding rapidly, with figures that are difficult to overlook. Its Agentforce platform grew from $440 million in annual recurring revenue last July to $800 million by the close of the fourth quarter—an 82% surge in approximately half a year.
However, the $800 million remains a relatively small portion of Salesforce’s total operations. The company’s overall FY26 revenue was $41.5 billion, a 10% year-over-year gain. The fourth quarter alone generated $11.2 billion, representing a 12% increase.
Remaining performance obligations, a crucial forward-looking indicator, rose to $72 billion. This suggests a robust sales pipeline as the company enters FY27.
The combined annual recurring revenue for Agentforce and Data Cloud (now named Data 360) hit $2.9 billion, expanding over 200%. This growth is fueling some of the biggest enterprise agreements in the company’s history.
Management provided FY27 revenue growth guidance of 10% to 11% and increased its long-term FY2030 target to $63 billion. This represents a significant upward revision from previous outlooks.
Buybacks and Margin Story
Regarding capital returns, the company enlarged its share repurchase program to $50 billion and increased its dividend. Salesforce returned 99% of its FY26 free cash flow to shareholders—a statistic that typically captures Wall Street’s interest.
Profit margins are gradually improving, although some investors are monitoring legacy segments such as Marketing Cloud, Commerce Cloud, and Tableau, which have displayed some weakness. There is also prudence regarding the company’s plan to alter how it reports cloud-level data in the future.
Nevertheless, analysts generally view the AI upsell potential as an opportunity, not a threat. Salesforce possesses entrenched customer relationships, integrated workflows, and vast amounts of proprietary business data—advantages that are challenging for AI startups to quickly duplicate.
A wider concern affecting software stocks this year has been the narrative of AI disruption—the notion that AI agents could displace traditional seat-based software. Anthropic’s head of Americas conceded last month that “2025 was meant to be the year where AI agents transformed the enterprise. But the hype turned out to be mostly premature.”
OpenAI has made similar acknowledgments, stating that enterprise AI implementations require IT consulting and expertise they currently lack.
This environment has benefited established software providers like Salesforce, which already have the necessary enterprise relationships.
AI Adoption Still Climbing Slowly
Data from the U.S. Census indicates that only 18% of businesses were utilizing AI as of early 2026, though that figure climbs to 32% for companies with 250 or more employees. Adoption rates have been gradually rising since 2023.
Salesforce also recently prolonged its Formula 1 partnership through 2030, introducing an Agentforce-powered Fan Companion on F1.com. This launch is intended to clarify the extensive 2026 rule changes for fans. CRM stock gained approximately 3% on the day of that news.
Wall Street currently maintains a Moderate Buy rating on CRM, with analysts citing roughly 35% to 40% potential upside over the coming year. The stock is trading near one of its lowest historical forward valuation multiples.
CRM shares are down 25% since the start of the year.
