Total Revenue

+7.6% (from $9,133M to $9,829M)

Robust recurring revenue growth in the CRM segment—mainly driven by subscription & support revenues, which grew by 8.3%—helped overcome a modest decline in professional services. This trend continues from previous periods where recurring revenue contributions have consistently strengthened overall revenue performance. " "

Subscription & Support Revenue

+8.3% (from $8,585M to $9,297M)

The increase reflects sustained customer demand for subscription-based CRM solutions. Building on last quarter’s momentum, the recurring revenue model continues to gain traction, thereby reinforcing the revenue base. " "

Professional Services Revenue

-2.9% (from $548M to $532M)

A slight decline indicates a strategic shift that reduces reliance on one-time or project-based revenue. This trend, observed in the previous period, suggests Salesforce is focusing more on recurring revenues and leveraging its partner ecosystem. " "

Americas Revenue

+6.7% (to $6,469M)

Growth in the Americas is bolstered by strong market penetration and sustained investments in sales and marketing. This performance is consistent with past quarter improvements, although the increase is slightly more modest relative to regions with higher growth rates. " " "

Europe Revenue

+8.9% (to $2,337M)

Enhanced market expansion and incremental investments in the European region have driven higher revenue. This upward trend continues from prior performance, reflecting successful regional strategies and improved customer uptake. " " "

Asia Pacific Revenue

+10.5% (to $1,023M)

The highest growth rate among the regions signals strong momentum in the APAC market. Building on previous period investments and enhanced local go‑to‑market strategies, Asia Pacific is exhibiting robust customer demand and accelerated adoption. " " "

Operating Income

+13.6% (from $1,709M to $1,942M)

Operating income gains outpaced revenue growth due to better operating leverage and margin improvement—driven by higher subscription revenue and controlled costs—echoing efficiency trends evident from the previous period. " "

Net Income

+0.5% (remained near $1,541M)

Although operating income improved considerably, net income stayed almost flat, suggesting that offsetting factors such as higher non-operational expenses (e.g., taxes or other charges) moderated the bottom-line benefit compared to previous quarters. " "

Operating Cash Flow

+3.7% (from $6,247M to $6,476M)

Despite solid operating performance, the modest increase in cash flow reflects the influence of working capital adjustments and non-cash expense items which moderated the cash conversion efficiency relative to the strong revenue and operating gains of the previous period. " "

Net Cash Used in Financing Activities

Deepened by 38.5% (to $(2,920)M)

The increased cash outflow in financing activities is primarily due to heightened capital return programs (such as share repurchases or dividend payments) relative to earlier periods, which consumed more cash even as operating performance improved. " "

Revenue guidance

FY 2026

$40.5B to $40.9B "

Raised guidance by $400M to $41.3B "

raised

Operating Cash Flow

FY 2026

Expected to grow approximately 10%–11% year-over-year "

$6.5 billion delivered "

no change

Non‐GAAP Margin

FY 2026

no prior guidance

32.3% non‐GAAP margin in the quarter "

no prior guidance

Remaining Performance Obligation (RPO)

FY 2026

no prior guidance

$60.9 billion, up 13% year‐over‐year "

no prior guidance

Agentforce Adoption

Described as generating rapid momentum—with 3,000 paying customers in Q4 2025, 200+ deals closed in Q3 2025, and early transformative potential in Q2 2025 " " " " " "

Now reported 4,000 paid customers, 7,000–8,000 deals, and $100 million in ARR, with deeper integration across Salesforce’s ecosystem " " "

Strong, sustained growth with deeper integration; adoption figures have consistently improved and become more embedded within broader product deals.

Digital Labor Adoption

Emphasized as a transformative opportunity in Q4 2025 with customer success examples, in Q3 2025 as a revolutionary component enabling scalable efficiency, and in Q2 2025 as part of digital transformation initiatives " " " " " " "

Highlighted with diverse customer case studies (e.g., an airline automating 80% of queries and a retail conglomerate expanding deals), reinforcing its critical role in automating customer service " "

Consistently positive; messaging is reinforcing its importance and broadening adoption, confirming digital labor as a core growth lever.

Consumption-Based Pricing

Discussed as a mix of pricing models in Q4 2025, with early usage-based examples in Q3 2025 (e.g. $2 per conversation) and similar emphasis in Q2 2025 integrated with Agentforce " " "

Introduced FlexCredits based on significant customer feedback, signalling further refinements and integration across finance, product, and go-to-market strategies " "

Evolution in messaging with continued focus on consumption; the transition is evolving but remains consistent in its importance across periods.

Unified Platform and Ecosystem Integration

In Q4 2025, it was portrayed as a deeply unified system tying together Sales Cloud, Service Cloud, Data Cloud, and Agentforce; Q3 2025 emphasized integration for AI via a unified “More Core” platform; Q2 2025 stressed combining acquisitions and core modules " " " " " "

Emphasized through the ADAM framework integrating Tableau, Data Cloud, MuleSoft, and the upcoming Informatica acquisition, further expanding the ecosystem " "

Consistently central with deepening integration; the strategy is maturing as additional components like Informatica are brought into the fold.

Data Integration and Harmonization

Q3 2025 discussed the challenges of harmonizing siloed data versus well-architected systems and Q2 2025 emphasized Data Cloud’s role in unifying data for AI " " " " "

Marc Benioff spotlighted the critical need to unify and harmonize enterprise data—highlighting key role of Informatica alongside Data Cloud and Tableau for AI transformation " " "

Increasing strategic focus; while earlier periods noted challenges, Q1 2026 shows a forward‐looking emphasis on addressing these gaps to fully enable AI capabilities.

Informatica Acquisition Integration Risk

Not mentioned in Q2, Q3, or Q4 earnings calls

Q1 2026 touched indirectly on risks with strong confidence in its integration, noting that Informatica “radically extends” the platform and is expected to be accretive within two years " " "

Newly introduced topic with cautious optimism; while integration risk isn’t deeply explored, it is acknowledged with high confidence in Salesforce’s integration playbook.

Leadership Turnover and Management Stability

Q2 2025 noted the CFO transition with Amy Weaver stepping down, and Q4 2025 detailed major turnover with departures of Amy Weaver and Brian Millham, though Q3 had no commentary " " " " "

Q1 2026 highlighted new leadership appointments (e.g. Robin as CofO, Miguel’s return, and Srini’s continued leadership), conveying a more stable and rebalanced management team " " "

From high turnover to stabilization; earlier transitions are now being consolidated into a more balanced and confident leadership team.

Competitive Dynamics and SaaS Disruption

Q4 2025 featured robust commentary on integrating apps, data, and agents to disrupt the traditional SaaS model and critiques of competitor approaches, while Q2 also touched on innovation and AI as competitive differentiators; Q3 did not have commentary "

Not explicitly discussed in Q1 2026 earnings call

Less emphasized in Q1 2026; while previous calls highlighted competitive positioning, Q1 2026 does not focus on this, suggesting a shift in narrative toward internal growth and integration.

Regional Revenue Constraints and Market Growth Uncertainty

All periods offered regional breakdowns: Q2 2025 gave detailed metrics across Americas, EMEA, and APAC; Q3 2025 noted strong performance in LATAM, Canada, and Australia with constraints in the U.S. and parts of EMEA; Q4 2025 highlighted constrained growth in EMEA and variability by industry " " " " "

Q1 2026 reported robust growth in regions like South Asia, APAC, Canada, France, and the U.K., while acknowledging that some regions show "measured performance" amid macro uncertainties "

Consistent regional challenges with targeted opportunities; continued focus on diversifying geographically to counter market uncertainties.

Distribution Expansion and Sales Force Growth

Q2 2025 emphasized international growth and channel diversification, Q3 2025 described aggressive hiring plans (1,000–2,000 new salespeople) and global AE expansions, and Q4 2025 detailed 10–20% overall sales force growth and multi-cloud momentum " " " " "

Q1 2026 described a robust plan for 22% capacity growth, with plans to hire an additional 1,000–2,000 salespeople, and integration of Tableau sales leaders into the main organization, supporting geographic expansion " "

Robust and consistent expansion; the distribution and sales force are scaling aggressively across periods, reflecting strong confidence in future demand.

Mixed Sentiment on Agentforce's Near-Term Financial Impact

Q3 2025 expressed mixed sentiment – while noting strong early traction (200+ deals in Q3) there was caution that Agentforce wasn’t yet a material contributor to CRPO; Q4 2025, however, was overwhelmingly optimistic; Q2 2025 did not mention mixed sentiment " "

Q1 2026 does not explicitly mention mixed sentiment. Instead, the focus is on rapid adoption, integration success, and consumption growth, implying a more positive outlook compared to the earlier mixed signals " " "

Shift from mixed to more positive sentiment; earlier concerns over near-term materiality appear to have been resolved by improved adoption and integration, leading to a more unified bullish tone in Q1 2026.