Salesforce（纪要）：中小企业需求强劲，继续发力 Agentforce

Below is the$Salesforce(CRM.US) FY26 Q1 earnings call minutes. For earnings analysis, please refer to《Salesforce: Is the AI Agent Dream Still 'Within Sight Yet Beyond Reach'?》

1. Key Earnings Highlights

1. FY 2026 Guidance:

(1) Full-year revenue guidance raised by $400 million to $41.3 billion (upper range), with the lower range also increased by $500 million, reflecting 8-9% YoY growth (8% growth at constant currency). Partly benefited from currency headwinds turning into tailwinds.

(2) Subscription and Support revenue growth: ~9.5% at constant currency (driven by Data Cloud and Agentforce).

(3) Operating margin: Maintained at 34% non-GAAP and 21.6% GAAP.

(4) Operating cash flow growth: 10-11%; Free cash flow growth: 9-10%, unchanged.

2. Q2 Guidance:

(1) Revenue forecast: $10.1-10.2 billion, up 8-9% YoY (7-8% at constant currency).

(2) CRPO growth: 10% YoY (9% at constant currency).

3. Capital Allocation:

Returned $3.1 billion to shareholders via stock buybacks and dividends in Q1. Cumulative returns since the capital return program launched exceeded $24 billion.

II. Detailed Earnings Call Content

2.1 Key Executive Remarks

1. Informatica Acquisition Progress:

(1) Strategic significance: Positioned as a "transformative move" to accelerate AI and data business growth.

(2) Financial impact: Expected to add value to non-GAAP operating margin, EPS, and free cash flow in the second year post-closing.

(3) Financing: Cash + debt (no equity dilution); Dividend and buyback plans unaffected.

(4) Integration: Combining Informatica's data capabilities with Salesforce's Data Cloud, Tableau, and metadata platform.

2. AI & Data Business Momentum:

Agentforce:

(1) Annual Recurring Revenue (ARR): Surpassed $100 million (fastest-growing product in company history).

(2) Customer adoption: 4,000 paying customers, 8,000+ total transactions (covering aviation, retail, etc.).

Data Cloud:

(1) Scale: Processed 22 trillion records (up 175% YoY); ARR ~$1 billion.

(2) Penetration: Included in 60% of top 100 deals; 50% of Q1 new orders from existing customer expansions.

3. Product & Platform Innovation:

(1) ATOM framework: Integrates Agents, data, apps, and metadata to drive enterprise AI transformation.

(2) Slack + Agentforce: Enables conversational AI via Slack (e.g., auto-summarizing meetings/channel content).

(3) Tableau Next: Next-gen analytics platform combining Data Cloud and Agentforce.

4. Customer Cases:

(1) Falabella: Expanded Agentforce via WhatsApp, transaction volume jumped from ~$300K to $1 million.

(2) PepsiCo: Unified 11 cloud systems via Data Cloud to build an AI layer.

(3) Life Sciences Cloud: Added 40+ global clients (Pfizer, Takeda, etc.), digitizing healthcare/commercial ops.

5. Operational Efficiency:

(1) Sales teams saved 44K+ hours/year via Slack Agents; Data Cloud cut lead assignment time from 20 mins to 19 secs.

(2) Agentforce handled 750K+ service cases, saving $50 million in labor costs.

(3) Ecosystem: AWS Marketplace contributed 2 of top 5 deals; partners involved in 7 of top 10 deals.

6. Regional & Industry Performance:

(1) Regions: Strong demand in UK, France, Canada, and APAC (especially Japan).

(2) Industries: Communications, media, and healthcare/life sciences outperformed; retail and public sector slowed.

2.2 Q&A

Q: How will Agentforce and Data Cloud accelerate Salesforce's overall growth?

A: Framework: Balance margins, cash flow, and M&A discipline. Drivers: (1) Expand sales teams (1K-2K hires) in high-growth markets (SMBs, mid-market, Japan). (2) Enhance Data Cloud/AI adoption.

Q: Current growth drivers and future plans?

A: Focus: SMB/mid-market strength; Japan and tech products (Data Cloud, AI). Channels: AWS Marketplace deals growing 3x YoY. Product: Simplified pricing/platform integration.

Q: Sales team expansion targets?

A: 22% capacity growth this FY, prioritizing SMB/mid-market (mid-to-high teens growth expected).

Q: Macro impact on customer behavior? RPO/pipeline health?

A: Response: Demand stable; diversified portfolio mitigates risks. Metrics: RPO and pipeline show double-digit growth, aligning with targets.

Q: How will Tableau/Informatica integrations boost competitiveness?

A: Tech: Tableau + Data Cloud + metadata enable unified analytics. Synergy: MuleSoft (APIs), Data Cloud (activation), Tableau (insights), and Informatica (governance) form a trusted platform for Agentforce.

Q: Leading indicators for Agentforce/Data Cloud growth?

A: Adoption: 8K customers (4K paid) in 8 months. Synergy: Each deal drives 4+ product sales. Platform: ADAM framework integrates data, analytics, and Agents.

Q: How does Agentforce ROI manifest? Data Cloud's role?

A: Use cases: Fujitsu building enterprise Agentic layers; SmartSheet embeds Agentforce. Data Cloud: Unifies data for accurate AI responses. Strategy: Scale in Japan/LatAm; balance growth/profitability.

Q: Barriers to Agentforce adoption? Scaling from 4K to 100K customers?

A: Challenges: Data governance complexity; compliance (e.g., finance). Solutions: Data Cloud + MuleSoft + Tableau integration; sales team expansion (20%+).

Q: When will Informatica close and contribute?

A: Timing: Target Feb 2026 close; positive impact by FY28. Integration: Tech alignment + customer migration (leveraging Slack playbook).

Q: Balancing AI automation with human roles?

A: Approach: AI handles low-value tasks (40% fewer support agents); humans focus on innovation. Ethics: Human oversight in decisions (e.g., Tableau approvals).

Disclosures: Dolphin Research Disclaimer