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CEO Michael Intrator noted broad-based demand with 'green shoots' in finance, media, and healthcare, but confirmed large AI labs still dominate in scale. He highlighted that the Weights & Biases acquisition brought in 1,600 new enterprise clients. On debt costs, he credited the team's ability to make the infrastructure assets understandable and underwritable for debt markets, calling the recent 900 basis point reduction in borrowing cost a 'seismic level shift.'

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CEO Michael Intrator described broad-based demand, with large labs dominating in scale but significant 'green shoots' in finance, media, and healthcare, boosted by the Weights & Biases acquisition. He attributed the dramatically lower cost of debt to the team's proven ability to deliver high-quality, underwritable infrastructure, which has successfully attracted the largest pools of capital from the debt markets.

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CEO Michael Intrator explained that expansions are driven by clients' positive experiences on CoreWeave's purpose-built platform, leading them to layer new contracts. He noted a key trend is clients using new, state-of-the-art infrastructure for model training while repurposing their older contracted infrastructure for inference or training smaller models, providing a front-row seat to the entire AI development lifecycle.

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CEO Yamini Rangan highlighted strong momentum, with 4,000 customers using Customer Agent and achieving resolution rates consistently above 50%, with over 1 million ticket deflections. She noted that agents are delivering tangible work, such as deflecting support tickets, setting up meetings, and writing content. Rangan expressed excitement about the early traction and the shift from providing productivity software to delivering automated work for customers.

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CEO Yamini Rangan reported strong momentum, with 4,000 customers on Customer Agent and consistent resolution rates over 50%, with some reaching 70-80%. She noted a 6x increase in resolutions since January, surpassing one million ticket deflections. Rangan emphasized that agents are delivering tangible work, such as deflecting support tickets and setting up meetings, which is driving adoption and excitement.

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CEO Yamini Rangan emphasized that HubSpot's core competency is making complex technology easy to use for SMBs. She explained that while agents require data and context, the HubSpot platform is designed to provide this foundation. For customers with well-structured data, such as a documented knowledge base or support ticket history, deploying Customer Agent can take as little as 15 to 30 minutes. The platform-centric approach is designed to handle the complexity, making the experience seamless and consistent with HubSpot's brand promise.

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CFO Kathryn Bueker clarified that the 2-point sequential increase in net revenue retention to 104% was primarily driven by seat upgrades associated with the new pricing model. She stated that while downgrades have stabilized, the broader net upgrade motion remains a headwind due to persistent value-driven purchasing behavior, which would require a significant change in the macro environment to improve.

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CEO Yamini Rangan attributed the momentum to 'all of the above,' stating that multi-hub adoption is strong with both new customers and the installed base. She cited two key drivers: customers consolidating their tech stacks on HubSpot's platform and the accelerating pace of product innovation, particularly in Content Hub and Service Hub, which makes HubSpot the clear choice for consolidation.

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President Harley Finkelstein attributed the success to multiple factors rather than one change. He cited the superior product, high value-to-cost ratio, and the platform's ability to future-proof large retailers. He also highlighted Commerce Components, like Shop Pay, as a key on-ramp for initiating conversations with large brands, which is complemented by a strong partner ecosystem and the network effect of signing major logos.

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President Harley Finkelstein highlighted international as a key growth driver, with EMEA GMV growing 37% in Q4, led by the U.K., Germany, and France. He noted investments are product-led, including localized sign-ups, compliance, local payment methods like Klarna, and POS availability. CFO Jeff Hoffmeister added that same-store sales growth in Europe continues to outpace the broader e-commerce market in those countries.

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Chair and CEO Marc Benioff pointed to the rapid customer adoption (4,000 paid customers in months) and the pull-through effect on other clouds. President and CRO Miguel Milano added that AgentForce deals average four other clouds and that the company is focused on driving consumption, noting 30% of Q1 AgentForce bookings were expansions. President and Chief Engineering Officer Srini Tallapragada mentioned the use of 'forward deployed engineers' to accelerate customer success and product maturity.

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CEO Marc Benioff pointed to the unprecedented speed of adoption (4,000 paid customers in months) and the fact that AgentForce pulls through other clouds. CRO Miguel Milano added that the focus is now on consumption, with 30% of AgentForce bookings coming from expansions. Chief Engineer Srini Tallapragada described a tight customer feedback loop via 'forward deployed engineers' that is rapidly maturing the product.

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CEO Carl Eschenbach explained that Workday Go is a focused campaign for the medium and emerging enterprise market, featuring better pricing, packaging, and faster deployments (as little as 60 days) through partners. He stated this initiative is gaining early momentum. Regarding the macro outlook, Eschenbach noted no significant difference in tone or buying behavior between the CFO and HR buying centers, describing the current environment as 'the new norm.'

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CEO Carl Eschenbach detailed that 'Workday Go' is a focused campaign for the medium and emerging enterprise market, featuring better pricing, packaging, and faster deployments (as little as 60 days) via partners. He stated there was no discernible difference in the buying environment or tone between the CFO and HR buying centers, describing the current macro as the 'new norm'.

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CEO Carl Eschenbach acknowledged the large international opportunity and noted that while EMEA was a headwind for most of the year, the U.K. and Germany delivered their strongest quarter of the year in Q4. He highlighted major wins with Bayer and Henkel but cautioned one quarter is not a trend. CFO Zane Rowe added that the FY26 forecast does not assume a meaningful improvement in the European macro environment.

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CEO Carl Eschenbach highlighted that 90% of wins in these verticals were for the full suite, as these customers tend to make platform-wide decisions. He cited the Workday Student product as a key differentiator in higher ed. He also pointed to Healthcare as another strong vertical, evidenced by a major win at Common Spirit Health that leveraged HCM, Financials, and supply chain products.

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CEO Carl Eschenbach confirmed that after a review, the company remains confident in its key growth initiatives, including financials, international expansion, and the partner community, and would not pull back on any. He stated these investments are already paying dividends. CFO Zane Rowe added that the outlook does not factor in any significant M&A.

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President, CPO and COO Amit Zavery stated that out-of-the-box agents can be running in weeks, while complex orchestrations may take a few months. Chairman and CEO William McDermott provided internal proof points, citing a 16x improvement in lead-to-sale conversion and an 86% deflection rate of manual tasks, demonstrating the rapid and scalable value of the agents.

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CEO Bill McDermott explained that the core workflows and agentic AI have a symbiotic relationship, each driving demand for the other. He asserted that ServiceNow has the 'best CRM solution' because it uniquely handles sell, fulfill, and service on one platform. He then detailed ServiceNow's internal use of its own AI, citing a 16x increase in prospect conversion and saving 400,000 labor hours, demonstrating the platform's transformative power.

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CFO Gina Mastantuono clarified that while total S&M headcount growth appears slower due to leverage in operational roles, the company is still strongly investing in quota-bearing sales reps. She emphasized that R&D has consistently been a primary investment area, especially with the focus on AI, and that headcount growth is prioritized for both engineering talent and feet-on-the-street sales to drive growth.

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CEO Allan Thygesen reported no material changes in trends for envelope volume, noting the company's diversification across sectors and geographies provides resilience. He explained that for the IAM solution sale, the company has freed up sales capacity by moving some accounts to self-serve, enabling smaller portfolios and deeper client engagement. He also highlighted significant investment in sales team upskilling and enablement.

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CFO Serge Tanjga clarified that it's a 'transition year' because major growth initiatives like application modernization and winning the AI stack are only expected to be incrementally beneficial to revenue in FY26, with more meaningful contributions in future years. CEO Dev Ittycheria added that new workload strength is being seen 'everywhere,' across both the high and low ends of the market.

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CEO Dev Ittycheria reported high demand and uptake for new products, citing strong reception for Atlas Search Nodes, high uptake for Vector Search, and significant interest in Stream Processing. He explained that Cedric Pech's promotion from CRO is an expansion of his role, designed to better align the organization to capture upmarket, app modernization, and AI opportunities.

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CEO Dev Ittycheria highlighted solid momentum in Search with its new 'Search Nodes' feature, growing adoption of Vector Search, and strong early interest in the recently launched Stream Processing. CFO Michael Gordon confirmed the Q2 consumption improvement was broad-based but cautioned it was within a normal range and not a clear sign of macro improvement.

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CEO Sasan Goodarzi reiterated that the end-to-end strategy, from marketing campaigns to the product experience, is building a strong customer funnel. He emphasized the campaign's focus on a superior virtual experience, immediate money access, and disruptive pricing. He highlighted a key shift in the full-service experience from a "software" to a "services" model, where experts now engage customers within minutes and complete returns rapidly, driving end-to-end strength in the assisted category.

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CEO Sasan Goodarzi outlined a multi-step progression. The current focus is using AI to drive new customer growth and adoption of existing services like payments and live experts. In the future, as the AI agent's capabilities expand, Intuit may test standalone SKUs where the AI does everything for the customer. He stressed that the key learning and competitive advantage is the difficulty of combining Intuit's vast, proprietary financial data with its GenAI platform (GenOS) to deliver accurate and cost-effective experiences, which is hard for others to replicate.

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CEO René Lacerte highlighted several areas showing 'green shoots' of success. He pointed to initiatives improving supplier engagement with products like virtual card and advanced ACH, the rollout of newer ad valorem products like Pay By Card and invoice financing, and strong progress in attracting larger, mid-market customers, noting a 30% year-over-year increase in average deal size for the Spend & Expense team.

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Chairman, CEO and Founder René Lacerte attributed the strength to progress across all three corporate priorities: enhancing the platform, expanding payments, and deepening the ecosystem (e.g., the Xero beta launch). President and CFO John Rettig noted seeing 'green shoots' in spend volume, especially from larger businesses. He highlighted that categories like real estate and facility spend, which are leading indicators, are now expanding after four straight quarters of contraction.

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CEO Satya Nadella described an adoption pattern that often starts in specific departments like sales or finance, where productivity gains are immediate. He explained that usage then spreads organically across the enterprise due to collaboration network effects, as employees 'think with AI and work with people.' He noted that the new Copilot Chat offering provides more flexibility for enterprises to deploy it ubiquitously.

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CEO Peter Gassner characterized the environment as 'stabilized' and 'a bit better' than a year ago, expressing encouragement from high-level customer discussions. He conveyed strong confidence in the Vault CRM replatforming, stating the product is at full functionality with live customers and that the team's progress over the past two years has been 'ecstatic'.

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CEO Sridhar Ramaswamy described excellent relationships with AWS and Azure and noted early progress with GCP, with EVP of Product Christian Kleinerman adding that Apache Iceberg is a key area of collaboration. CFO Mike Scarpelli stated that while he would not guide for next year, new products are becoming meaningful revenue contributors. He confirmed Snowpark is on track for 3% of revenue and that Dynamic Tables is gaining traction, promising more color on the Q4 call.

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