Salesforce (Minutes): The foundation of technology and sales has been laid, looking forward to the harvest period
The following is a summary of the $Salesforce(CRM.US) FY26Q3 earnings call minutes organized by Dolphin Research. For earnings interpretation, please refer to the article《Salesforce: AI Agent 'Difficult Birth', Has the SaaS Leader Become a Value Stock?》
I. Review of Core Financial Information
Guidance: The company is still expected to reaccelerate revenue growth within 12 to 18 months.
Net New AOV Growth: Net new AOV growth in the second half of FY26 is expected to exceed AOV growth in the second half.
FY26 Full-Year Guidance:
FY26 organic total revenue guidance is narrowed to $41.15 billion - $41.25 billion, representing a year-over-year growth of approximately 9% at nominal exchange rates and 8% at constant exchange rates. The main reason for the upward revision compared to last quarter's guidance is the favorable impact of exchange rate tailwinds and the impact of on-premises business from Tableau and MuleSoft.
Informatica is expected to contribute approximately 80 basis points of growth, bringing total revenue for FY26 to $41.5 billion - $41.55 billion, representing a year-over-year growth of approximately 9%-10% at nominal exchange rates and approximately 9% at constant exchange rates.
Q4 cRPO Growth Guidance:
- Organic cRPO: 9% growth at constant exchange rates.
- Nominal cRPO (including Informatica contribution): Approximately 15% nominal growth (including $500 million in foreign exchange tailwinds), 13% growth at constant exchange rates.
2. Shareholder Returns: Over $4 billion was returned to shareholders in Q3. The stock repurchase plan will increase by 50% in the second half of this fiscal year.
II. Detailed Content of the Earnings Call
2.1 Key Information from Executive Statements
1. Agentforce:
a. Scale and Growth:
Agentforce & Datacloud's annualized revenue totals nearly $1.4 billion (up 114% year-over-year), with Agentforce ARR approximately $540 million (up 330% year-over-year).
- Transaction Volume: 18,500 Agentforce transactions completed within a year of launch, including 9,500 paid transactions, a 50% quarter-over-quarter growth.
- Large Deal Drivers: 6 out of the top 10 deals this quarter were driven by Agentforce transformation needs.
- Production Environment Adoption: The number of Agentforce customers in production environments increased by 70% quarter-over-quarter.
b. LLM Usage and Technical Advantages:
- LLM Calls: Agentforce has driven a total of 1.2 billion large language model calls (over 200 million in Q3 alone).
- Tokens Processed: Over 3.2 trillion tokens processed through the LLM gateway (nearly 540 billion tokens in October alone, a 25% quarter-over-quarter growth).
- Model Commercialization: The company is a top user of foundational models, able to select and switch models (such as OpenAI, Gemini, Anthropic) based on cost and demand through its LLM gateway, treating them as commodities.
- Hybrid Reasoning: Combining LLM-driven reasoning with deterministic accuracy (used for simple if-then logic) to optimize cost and efficiency.
2. Data Strategy and Ecosystem
a. Data 360 (formerly Data Cloud): Ingested 32 trillion records in Q3, up 119% year-over-year. Of these, 15 trillion records were ingested through zero-copy data integration, up 341% year-over-year.
b. Informatica Acquisition: Completed three months ahead of schedule, synergizing with Data 360 and MuleSoft to enhance data coordination, integration, and federation capabilities. These three are expected to become a $10 billion revenue business next year.
3. Product and Industry Expansion:
a. Core Applications: Agentforce Service, Agentforce Sales, and Slack form a powerful
